Dr. Harvey's Financial Glossary

Sunday, May 11, 2008

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Immediate family: Term used in the NASD rules of fair practice to refer to one's parents, brothers, sisters, children, relatives supported financially, father-in-law, mother-in-law, sister-in-law, and brother-in-law.
Immediate or canceled order (IOC order): Market or limited price order that is to be executed in whole or in part as soon as such order is represented in the crowd_trading. The portion not executed is to be treated as canceled. A stop is considered an execution in this context. See: all_or_none_order, FOK order.
Immediate payment annuity: An annuity contract paid by a single payment and with a specified payment plan that starts immediately after the contract is purchased.
Immediate settlement: Delivery and settlement of securities within five business days.
Immunization: The construction of an asset and a liability match that benefits from offsetting changes in value.
Immunization strategy: A bond portfolio strategy whose goal is to eliminate the portfolio's risk, in case of a general change in the rate of interest, through the use of duration.
Impaired capital: When a company's total capital is less than the par value of all its capital stock.
Impaired credit: Result of a borrower's reduced credit rating.
Imperfect market: Economic environment in which the costs of labor and other resources used for production encourage firms to use substitute inputs that less costly.
Implicit Bankruptcy Costs: Opportunity costs incurred prior to the bankruptcy process such as the loss of sales or financing.
Implicit tax: Lower or higher before-tax required returns on assets that are subject to lower or higher tax rates.
Implied call: The right of the homeowner to prepay, or call, a mortgage at any time.
Implied repo rate: The rate that a seller of a futures contract can earn by buying an issue and then delivering it at the settlement date. Related: Cheapest to deliver issue.
Implied volatility: The expected volatility in a stock's return derived from its option price, maturity date, exercise price, and riskless rate of return, using an option_price model such as Black-Scholes.
Import Quota: Puts limits on the quantity of certain products that can be legally imported into a particular country during a particular time frame. There is a Fixed quota, which is a maximum quantity not to be exceeded, and tariff rate surcharge, which permits additional quantities but at much higher duty.
Import substitution development strategy: A development strategy followed by many Latin American countries and other LDCs that emphasize import substitution-accomplished through protectionism-as the route to economic growth.
Import/export letters of credit: Bank or financial institution issuance's of funds in a certain amount provided to facilitate international trade.
Imputation tax system: Arrangement by which investors who receive a dividend also receive a tax credit for corporate taxes that the firm has paid.
Imputed interest: Used in accounting to refer to interest that has effectively been paid to a bondholder, even though no money has actually been paid.
Imputed value: Refers to the value of an asset, service, or company that is not physically recorded in any accounts but is implicit in the product, e.g., the opportunity cost of cash remaining in a savings account and not invested.
IN: The ISO 3166 country code for INDIA.
In & out: Refers to over-the-counter trading. Trade in which the trader has both the buyers and sellers lined up for a clean trade. See: Cross
In between: Used in the context of general equities. Priced higher than the bid price but lower than the offer price. See Also: In the middle
In competition: Indication that the customer has revealed trading interest to multiple brokers and that the trade will take place with the firm having the highest bid or lowest offer. Antithesis of exclusive.
In hand: Used in the context of general equities. Firm indicating control of a bid, offer, or order.

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