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1英语名词解释目录AAnnuity年金Itisoftendescribedasamutualfundinaninsurancewrapper.Itistreatedasaninsuranceproductandasaresultreceivesapreferentialtaxtreatment.Specifically,theincomeandrealizedgainsarenottaxableifnotwithdrawnfromtheannuityproduct.Itcanbeeitherfixed,orvariable.Authorizedparticipants拥有许可权的投资者ForETCs,individualsdonotdealdirectlywiththeprovideroftheETF.Thatprivilegeisreservedforafewverylargeinvestorscalledauthorizedparticipants(AP)whoarearbitragers.Aspotcontractrepresentsabindingcommitmentforanexchangeoffunds,withnormalsettlementanddeliveryofbankbalancesfollowingintwobusinessdays,oronedayinthecaseofNorthAmericancurrencies(Canadiandollar).Ineconomicsandfinance,arbitrageisthesimultaneous,ornearlysimultaneous,purchaseofsecurities(onecurrency)inonemarketforsaleinanothermarketwiththeexpectationofarisk-freeprofit.Amarketmakerisacompany,oranindividual,thatquotesbothabuyandasellpriceinafinancialinstrumentorcommodityheldininventory,hopingtomakeaprofitonthebid-offerspread,orturn.[Inforeignexchange(orFX)trading,wheremostdealsareconductedover-the-counterandare,therefore,completelyvirtual,themarketmakersellstoandbuysfromitsclientsandiscompensatedbymeansofpricedifferentialsfortheserviceofprovidingliquidity,reducingtransactioncostsandfacilitatingtrade.AEurobondisaninternationalbondthatisdenominatedinacurrencynotnativetothecountrywhereitisissued.Eurobondsarefinancedbylong-termfundsintheEurocurrencymarkets.Theyareunderwrittenbyamultinationalsyndicateofbanksandplacedincountriesotherthantheoneinwhosecurrencytheyaredenominated.Abalancesheet:Infinancialaccounting,abalancesheet(orstatementoffinancialposition)isasummaryofaperson„sororganization’sbalances资产负债表：财务会计，资产负债表（或财务状况表）是一个人或组织的结余摘要Annuity年金Itisoftendescribedasamutualfundinaninsurancewrapper.Itistreatedasaninsuranceproductandasaresultreceivesapreferentialtaxtreatment.Specifically,theincomeandrealizedgainsarenottaxableifnotwithdrawnfromtheannuityproduct.Itcanbeeitherfixed,orvariable.Automatictransferservices自动转账业务：Anautomatictransferserviceaccountisadepositaccountthatallowsthetransferoffundsfromasavingsaccounttoacheckingaccountinordertocoveracheckwrittenortomaintainaminimumbalance.Withthisfacilityinwhichdepositedfundscanbeautomaticallytransferred,thecustomerswouldenjoyahigherdegreeofconveniencewithoutanyworryaboutoverdrawing.Simultaneouslycommercialbankscanexpandtheirbusiness.Accountreceivablefinancing应收账款融资：Atypeofasset-financingarrangementinwhichacompanyusesitsreceivables-whichismoneyowedbycustomers-ascollateralinafinancingagreement.Thecompanyreceivesanamountthatisequaltoareducedvalueofthereceivablespledged.Thistypeoffinancinghelpscompaniesfreeupcapitalthatisstuckinaccountsreceivables.Accountsreceivablefinancingtransfersthedefaultriskassociatedwiththeaccountsreceivablestothefinancingcompany;thistransferofriskcanhelpthe2companyusingthefinancingtoshiftfocusfromtryingtocollectreceivablestocurrentbusinessactivities.Incaseofadefault,thelenderhastherighttocollectreceivablesdirectlyfromthenameddebtorsofthefirm.Asymmetricinformation信息不对称Investorsandmanagershaveunevenaccesstoorunevenpossessionofinformation.Agencyproblem代理问题Thefirm’smanagerswhoactasagentsforinvestors,mayactintheirownintereststothedisadvantageoftheinvestors.Asset/Liabilitymanagement资产/负债管理ThenatureoftheliabilitiesdictatestheinvestmentstrategyafinancialinstitutionwillpursueAbsolutereturn绝对收益ItissimplythereturnrealizedAnnuity年金Itisoftendescribedasamutualfundinaninsurancewrapper.Itistreatedasaninsuranceproductandasaresultreceivesapreferentialtaxtreatment.Specifically,theincomeandrealizedgainsarenottaxableifnotwithdrawnfromtheannuityproduct.Itcanbeeitherfixed,orvariable.Administrator-TheAdministratoristheheadoftheregulatorybodyinNewBrunswick.BBankassurance银行保险Insurancecompaniesareattractedbycommercialbankcustomercontacts.Asaresult,commercialbankdistributionofinsurancecompanyproductshasgrownconsiderably.Back-endload后端费用Itisimposedatthetimefundsharesaresoldorredeemed.ItisaContingentdeferredsalescharge(CDSC).Thisapproachimposesagraduallydecliningloadonwithdrawal.Breakpoint分界点Thesaleschargeforafundappliestomost,evenverysmall,investments.Forlargeinvestment,however,thesaleschargemaybereduced.Theamountofinvestmentneededtoobtainareductioninthesaleschargeiscalledabreakpoint.Boardofdirectors董事会Theroleofboardofdirectorsistorepresentthefundshareholders.Theboardiscomposedofboth“interested”(or“inside”)directorswhoareaffiliatedwiththeinvestmentcompany(currentorpreviousmanagement)and“independent”(or“outside”)directorswhohavenoaffiliationwiththeinvestmentcompany.Amajorityoftheboardmustbeoutsidedirectors.BOP:Inageneralsense,thebalanceofpaymentsisastatisticalstatementthatsystematicallyrecordsalltheeconomictransactionsbetweenresidentsofacountry(CentralGovernment,monetaryauthority,banks,othersector)andnonresidentsforaspecifictimeperiod.B/L:waybillorconsignmentnote,andreceipt(inpostalorcourierdelivery)arecollectivelyknownasthetransportdocuments.提单（billoflading）：提单或运单，及收据（在邮局或快递公司送达）被统称为运输单证。Bankers‟acceptances:Abankers'acceptance(orBA)isash