Super Finance Glossary
Over 10,000 financial glossary terms...
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Browsing by the letter "L"
Displaying next 120 results of 371
Lending At A Rate
Definition: Interest paid to a customer on the credit balance received from a short sale.
Definition: Interest paid to a customer on the credit balance received from a short sale.
Lending Securities
Definition: Securities borrowed from a broker's inventory, from another customer's margin account, or from another broker, when a customer is required to deliver on a short sale.
Definition: Securities borrowed from a broker's inventory, from another customer's margin account, or from another broker, when a customer is required to deliver on a short sale.
Leptokurtosis
Definition: The condition of a probability density curve to have fatter tails and a higher peak at the mean than the normal distribution.
Definition: The condition of a probability density curve to have fatter tails and a higher peak at the mean than the normal distribution.
Less-developed Countries (LDCs)
Definition: Also known as emerging markets. Countries who's per capita GDP is below a World Bank-determined level.
Definition: Also known as emerging markets. Countries who's per capita GDP is below a World Bank-determined level.
Letter Of Administration
Definition: A certificate issued by the Court evidencing the appointment of the Administrator of an Estate.
Definition: A certificate issued by the Court evidencing the appointment of the Administrator of an Estate.
Letter Of Comment
Definition: A communication to the firm from the SEC that suggests changes to its registration statement.
Definition: A communication to the firm from the SEC that suggests changes to its registration statement.
Letter Of Credit (LOC)
Definition: A form of guarantee of payment issued by a bank on behalf of a borrower that assures the payment of interest and repayment of principal on bond issues.
Definition: A form of guarantee of payment issued by a bank on behalf of a borrower that assures the payment of interest and repayment of principal on bond issues.
Letter Of Guarantee
Definition: A letter from a bank to a brokerage firm which states that a customer (who has written a call option) does indeed own the underlying stock and the bank will guarantee delivery if the call is assigned. Thus the call can be considered covered. Not all brokerage firms accept letters of guarantee. Also: letter issued to Option Clearing Corporation by member firms covering a guarantee of any trades made by one of its customers, (a trader or broker on the exchange floor).
Definition: A letter from a bank to a brokerage firm which states that a customer (who has written a call option) does indeed own the underlying stock and the bank will guarantee delivery if the call is assigned. Thus the call can be considered covered. Not all brokerage firms accept letters of guarantee. Also: letter issued to Option Clearing Corporation by member firms covering a guarantee of any trades made by one of its customers, (a trader or broker on the exchange floor).
Letter Of Intent
Definition: An assurance by a mutual fund shareholder that a certain amount of money will be invested monthly, in exchange for lower sales charges. In mergers, a preliminary merger agreement between companies after significant negotiations.
Definition: An assurance by a mutual fund shareholder that a certain amount of money will be invested monthly, in exchange for lower sales charges. In mergers, a preliminary merger agreement between companies after significant negotiations.
Letter Of Testamentary
Definition: A certificate issued by the court evidencing the appointment of an executor of estate.
Definition: A certificate issued by the court evidencing the appointment of an executor of estate.
Letter Of Transmittal
Definition: A document used by security holder to accompany certificates surrendered in an exchange or other corporate action.
Definition: A document used by security holder to accompany certificates surrendered in an exchange or other corporate action.
Letter Of Wishes
Definition: A letter of wishes is a document that purportedly has no legal status. In fact the document is used to transmit the wishes of the creator or the alleged owner of the trust to the trustee. A letter of wishes is a separate document and not a part of the trust instrument. Letters of wishes are generally used by the beneficial owner of the trust assets to retain some control over the trust assets. Trustees normally welcome this tool. It enables them to exercise their discretion having in mind the wishes of the grantor. The trustee may consider the letter but is not bound or otherwise accountable by its terms. In reality the letter of wishes will be honored as if it were a binding legal document. Although a letter of wishes is frequently associated with abusive trusts, both domestic and offshore, it is also used as a part of normal estate planning and in other contexts for legitimate purposes.
Definition: A letter of wishes is a document that purportedly has no legal status. In fact the document is used to transmit the wishes of the creator or the alleged owner of the trust to the trustee. A letter of wishes is a separate document and not a part of the trust instrument. Letters of wishes are generally used by the beneficial owner of the trust assets to retain some control over the trust assets. Trustees normally welcome this tool. It enables them to exercise their discretion having in mind the wishes of the grantor. The trustee may consider the letter but is not bound or otherwise accountable by its terms. In reality the letter of wishes will be honored as if it were a binding legal document. Although a letter of wishes is frequently associated with abusive trusts, both domestic and offshore, it is also used as a part of normal estate planning and in other contexts for legitimate purposes.
Letter Stock
Definition: Privately placed common stock, so-called because the SEC requires a letter from the purchase stating that the stock is not intended for resale.
Definition: Privately placed common stock, so-called because the SEC requires a letter from the purchase stating that the stock is not intended for resale.
Level Debt Service
Definition: A municipal charter provision that debt payments must be relatively equal from year to year so that required revenue projections are easier.
Definition: A municipal charter provision that debt payments must be relatively equal from year to year so that required revenue projections are easier.
Level Load
Definition: A mutual fund that charges a permanent sales charge, usually at some fixed percentage. See: Front-end loads and back-end loads.
Definition: A mutual fund that charges a permanent sales charge, usually at some fixed percentage. See: Front-end loads and back-end loads.
Level Pay
Definition: Scheduling principal and interest payments (P&I) due under a mortgage so that total monthly payment of P&I is the same. Different from the typical mortgage for which the principal payment component of the monthly payment becomes gradually greater while the monthly interest component shrinks.
Definition: Scheduling principal and interest payments (P&I) due under a mortgage so that total monthly payment of P&I is the same. Different from the typical mortgage for which the principal payment component of the monthly payment becomes gradually greater while the monthly interest component shrinks.
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