Super Finance Glossary
Over 10,000 financial glossary terms...
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Browsing by the letter "L"
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Loan Crowd
Definition: Historical term. In the 1920's and 1930's, it refers to the group of member firms that lend or borrow securities needed to cover the positions of customers who have sold short securities. The crowd could be found around the loan post.
Definition: Historical term. In the 1920's and 1930's, it refers to the group of member firms that lend or borrow securities needed to cover the positions of customers who have sold short securities. The crowd could be found around the loan post.
Loan Preference Principle
Definition: The theory that a covered loan is less expensive when its cost is calculated in one currency, it will also be less expensive in all other currencies.
Definition: The theory that a covered loan is less expensive when its cost is calculated in one currency, it will also be less expensive in all other currencies.
Loan Value
Definition: The maximum percentage of the value of securities that a broker can lend to a margin account customer, as dictated by the Federal Reserve Board in Regulation T.
Definition: The maximum percentage of the value of securities that a broker can lend to a margin account customer, as dictated by the Federal Reserve Board in Regulation T.
Loan-to-value Ratio (LTV)
Definition: The ratio of money borrowed on a property to the property's fair market value.
Definition: The ratio of money borrowed on a property to the property's fair market value.
Loaned Flat
Definition: Securities lent interest-free between brokers to cover customers' short sale positions.
Definition: Securities lent interest-free between brokers to cover customers' short sale positions.
Lobbyist
Definition: A person who represents the concerns or special interests of a particular group or organization in meetings with lawmakers. Lobbyists work to persuade lawmakers to change laws in the group's favor.
Definition: A person who represents the concerns or special interests of a particular group or organization in meetings with lawmakers. Lobbyists work to persuade lawmakers to change laws in the group's favor.
Local
Definition: A futures exchange member who trades securities for his or her own account.
Definition: A futures exchange member who trades securities for his or her own account.
Local Expectations Hypothesis (LEH)
Definition: Theory that bonds similar in all aspects except maturity will have the same holding-period rate of return.
Definition: Theory that bonds similar in all aspects except maturity will have the same holding-period rate of return.
Local Expectations Theory
Definition: A form of the pure expectations theory that suggests that the returns on bonds of different maturities will be the same over a short-term investment horizon.
Definition: A form of the pure expectations theory that suggests that the returns on bonds of different maturities will be the same over a short-term investment horizon.
Local Taxes
Definition: Property, sewer, school, or other community paid to a locality. Local taxes are usually deductible for federal income tax purposes.
Definition: Property, sewer, school, or other community paid to a locality. Local taxes are usually deductible for federal income tax purposes.
Location-specific Advantages
Definition: Advantages (natural and created) that are available only or primarily in a particular place.
Definition: Advantages (natural and created) that are available only or primarily in a particular place.
Locational Arbitrage
Definition: Attempt to exploit discrepancies in exchange rates between banks.
Definition: Attempt to exploit discrepancies in exchange rates between banks.
Lock
Definition: Used in the context of general equities. Make a market both ways (bid andoffer) either on the bid, offering, or an in-between price only. Locking on the offering occurs to attract a seller, since the trader is willing to pay (and ask) the offering side when others only ask it. Locking on the bid side attracts buyers for similar reasons. Typically, the sell side requires a plus tick to comply with short sale rules.
Definition: Used in the context of general equities. Make a market both ways (bid andoffer) either on the bid, offering, or an in-between price only. Locking on the offering occurs to attract a seller, since the trader is willing to pay (and ask) the offering side when others only ask it. Locking on the bid side attracts buyers for similar reasons. Typically, the sell side requires a plus tick to comply with short sale rules.
Lock In
Definition: To ensure that an individual transacts all his or her business with a sole broker by providing superior services, such as accommodating block buy and sell needs or preparing excellent research (soft-dollar lock). This usually guarantees a certain volume of business.
Definition: To ensure that an individual transacts all his or her business with a sole broker by providing superior services, such as accommodating block buy and sell needs or preparing excellent research (soft-dollar lock). This usually guarantees a certain volume of business.
Lock-out
Definition: With PAC bond CMO classes, the period before the PAC sinking fund becomes effective. With multifamily loans, the period of time during which prepayment is prohibited.
Definition: With PAC bond CMO classes, the period before the PAC sinking fund becomes effective. With multifamily loans, the period of time during which prepayment is prohibited.
Lock-up CDs
Definition: CDs that are issued with the tacit understanding that the buyer will not trade the certificate. Quite often, the issuing bank will insist that it hold the certificate for safekeeping by it to ensure that the buyer holds the understanding.
Definition: CDs that are issued with the tacit understanding that the buyer will not trade the certificate. Quite often, the issuing bank will insist that it hold the certificate for safekeeping by it to ensure that the buyer holds the understanding.
Lockbox
Definition: A collection and processing service provided to firms by banks, which collect payments from a dedicated postal box to which the firm directs its customers to send payment to. The banks make several collections per day, process the payments immediately, and deposit the funds into the firm's bank account.
Definition: A collection and processing service provided to firms by banks, which collect payments from a dedicated postal box to which the firm directs its customers to send payment to. The banks make several collections per day, process the payments immediately, and deposit the funds into the firm's bank account.
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