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Deferred charge
An expenditure treated as an asset that carries forward until it becomes pertinent to the business at hand, e.g., the underwriting fees on a corporate bond issue, which the corporation capitalizes as a deferred charge and then amortizes over the life of the bond issue.
Deferred compensation
An amount that has been earned but is not actually paid until a later date, typically through a payment plan, pension, or stock option plan.
Deferred equity
A common term for convertible bonds, which recognizes their equity component and the expectation that the bond will ultimately be converted into shares of common stock.
Deferred futures
The most distant months of a futures contract.
Deferred interest bond
A bond that pays interest at a later date, usually in one lump sum, effectively reinvesting interest earned over the life of the bond. See: Zero coupon bond.
Deferred nominal life annuity
A monthly fixed-dollar payment beginning at retirement age. It is nominal because the payment is fixed in a dollar amount at any particular time, up to and including retirement.
Deferred payment annuity
An annuity that stipulates payments be made to the annuitant at a later date, such as when the annuitant reaches a certain age.
Deferred tax expense
A non-cash expense that provides a source of free cash flow. Amount allocated during the period to cover tax liabilities that have not yet been paid.
Deficiency
The amount by which a project's cash flow is not adequate to meet debt service.
Deficiency Agreement
An agreement that calls on the sponsor or another party to provide the shortfall when cash flow, working capital, or revenues are below agreed levels or are insufficient to meet debt service.
Deficiency letter
Notification from the SEC to a prospective issuer of securities that revisions or additions need to be made to the preliminary prospectus.
Deficit
An excess of liabilities over assets, of losses over profits, or of expenditure over income.
Deficit spending
When government spending overwhelms government revenue resulting in government borrowing.
Defined asset fund
A unit investment trust consisting of a fixed portfolio of securities, including blue chips, REITs, or high-yielding stocks on a major exchange such as the NYSE or FTSE.
Defined benefit plan
A pension plan obliging the sponsor to make specified dollar payments to qualifying employees at retirement. The pension obligations are effectively the debt obligation of the plan_sponsors. Related: Defined contribution plan
Defined contribution plan
A pension plan whose sponsor is responsible only for making specified contributions into the plan on behalf of qualifying participants. Related: Defined benefit plan
Defined event
The definition applicable to the trigger of a loss in an insurance policy, particularly political risk insurance.
Deflation
Decline in the prices of goods and services. Antithesis of inflation.
Deflator
A statistical factor used to convert current dollar purchasing power into inflation-adjusted purchasing power. Enables the comparison of prices while accounting for inflation in two different time periods.
Delayed issuance pool
Refers to mortgage backed securities (MBS) that at the time of issuance were collateralized by seasoned loans originated prior to the MBS pool issue date.
Delayed opening
Postponement of the start of trading in a stock until correction of a gross imbalance_of_orders in buy and sell orders. Such an imbalance is likely to follow on the heels of a significant event such as a takeover offer. See: Suspended trading.
Delayed settlement/delivery
In the context of general equities, transaction in which a contract is settled in excess of five full business days. Seller's option. See: Dividend play, settlement.
Delinquency
Failure to make a payment on a debt or obligation by the specified due date.
Delisting
Removal of a company's security from listing on an exchange because the firm has not abided by specific regulations.
Deliver
The sale of a futures or forward contract may require the seller to deliver the commodity during the delivery month, if the short position is not offset prior to that time.
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