Accredited Investors
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Institutional investors as well as individuals who have met a financial test
- Net worth of $1,00,000 excluding primary residence
- Annual income of $200,000 in each of the last 2 years, $300,000 for
married couples
,Investment Company Act of 1940
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Congressional legislation regulating companies that invest and reinvest in
securities. The act requires an investment company engaged in interstate
commerce to register with the SEC.
Municipal Bonds underwriting forming a syndicate
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Is formed when a manager invites other B/D's to participate and share
liability by sending a syndicate letter
indicates
- size and type of offering
- Percentage required to participate
- Responsibility for unsold bonds
Fully Disclosed
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- Specific information about each individual client is given to the clearing
firm
Clearing firms are responsible for:
-Maintaining clients assets
- Sending confirmations, statements and checks
,If limits exceed in SIPC customer becomes
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General Creditor
Investment Advisers Act of 1940
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An Investment Advisor is defined as any person (firm) that meets the A-B-C
test
A-advice= provides advice about securities, including asset allocation
B-business= as a regular business
C- Compensation- received compensation for the advice
The IA definition includes firms that manage wrap account (ex: they collect
a single fee for providing advice and executing trades).
For corporate and municipal bonds, a bonds price may also be expressed in terms of
points
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- Each point is equal to 1% of the bonds par value, or $10
- Corporate and municipal bonds trade in increments of 1/8 or a point, or
$1.25
, Pricing of government securities
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Government bonds such as t-notes, t-bonds and agency securities trade in
increments of 1/32 of a point
Double-Barreled Bonds
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Revenue bonds that have characteristics of GO bonds. Interest and
principal are paid from a specified facility's earnings, but bonds are also
backed by taxing power of the state or municipality.
Bid
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Represents a clients selling price
- This is the price at which the MM will buy
Zero-coupon bond
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Institutional investors as well as individuals who have met a financial test
- Net worth of $1,00,000 excluding primary residence
- Annual income of $200,000 in each of the last 2 years, $300,000 for
married couples
,Investment Company Act of 1940
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Congressional legislation regulating companies that invest and reinvest in
securities. The act requires an investment company engaged in interstate
commerce to register with the SEC.
Municipal Bonds underwriting forming a syndicate
Give this one a try later!
Is formed when a manager invites other B/D's to participate and share
liability by sending a syndicate letter
indicates
- size and type of offering
- Percentage required to participate
- Responsibility for unsold bonds
Fully Disclosed
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- Specific information about each individual client is given to the clearing
firm
Clearing firms are responsible for:
-Maintaining clients assets
- Sending confirmations, statements and checks
,If limits exceed in SIPC customer becomes
Give this one a try later!
General Creditor
Investment Advisers Act of 1940
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An Investment Advisor is defined as any person (firm) that meets the A-B-C
test
A-advice= provides advice about securities, including asset allocation
B-business= as a regular business
C- Compensation- received compensation for the advice
The IA definition includes firms that manage wrap account (ex: they collect
a single fee for providing advice and executing trades).
For corporate and municipal bonds, a bonds price may also be expressed in terms of
points
Give this one a try later!
- Each point is equal to 1% of the bonds par value, or $10
- Corporate and municipal bonds trade in increments of 1/8 or a point, or
$1.25
, Pricing of government securities
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Government bonds such as t-notes, t-bonds and agency securities trade in
increments of 1/32 of a point
Double-Barreled Bonds
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Revenue bonds that have characteristics of GO bonds. Interest and
principal are paid from a specified facility's earnings, but bonds are also
backed by taxing power of the state or municipality.
Bid
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Represents a clients selling price
- This is the price at which the MM will buy
Zero-coupon bond
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