Business / Finance Glossary

Medium-Term Note: A corporate debt instrument that is continuously offered to investors over a period of time by an agent of the issuer. Investors can select from maturity bands of: 9 months to 1 year, more t . . . View Full Definition

Meff Renta Fija: The derivatives exchange in Barcelona, Spain, listing futures and options on fixed interest securities and on interest rates, including the MIBOR (Madrid Interbank Offered Rate).

Meff Renta Variable: Spain's screen-based trading of stock index and equity derivatives market in Spain trading futures and options on the Iberian Exchange (IBEX)-35 index and on individual stocks.

Member Bank: A national- or state-chartered bank that is a member of the Federal Reserve System.

Member Firm: Used for listed equity securities. Brokerage firm that has at least one membership on a major stock exchange even though, by exchange rules, the membership is in the name of an employee and . . . View Full Definition

Member Short Sale Ratio: The total shares sold short by NYSE members divided by total short sales, which is used to analyze market expectations and bullish or bearish trends.

Membership Or A Seat On The Exchange: A limited number of exchange positions that enable the holder to trade for the holder's own accounts and charge clients for the execution of trades for their accounts. Related: Member firm.

Menu: Used in the context of general equities. Hierarchy of choices concerning price and volume of bids or offers proposed to a customer (e.g., menu of offerings to a customer buyer: (1) 10m @ 24 . . . View Full Definition

Mercantile Agency: An organization that supplies credit ratings and reports on firms that are prospective customers.

Mercato Italiano Futures (MIF): The Italian futures market trading Italian Treasury bond (BTF) futures.

Merchandise: All movable goods such as cars, textiles, or appliances.

Merchant Bank: A British term for a bank that specializes not in lending its own funds, but in providing various financial services such as accepting bills arising out of trade, underwriting new issues, an . . . View Full Definition

Merger: (1) Acquisition in which all assets and liabilities are absorbed by the buyer. (2) More generally, any combination of two companies. The firm's activity in this respect is sometimes called M . . . View Full Definition

Mexican Stock Exchange: The only stock exchange in Mexico. The Indice de Precios y Cotizaciones, or IPC index, consists of the 35 most representative stocks chosen every two months.

Mezzanine Bracket: The members of an underwriting group with involvement large enough to be just below the top tier.

Mezzanine Financing: The stage of financing that follows venture capital financing.

Mezzanine Level: The period in a company's development just before it goes public.

Microeconomics: Analysis of the behavior of individual economic units such as companies, industries, or households.

Midcap: A stock with a capitalization of usually between $1 billion and $5 billion.

Midcap Spdrs: This is the same as a SPDR, except that the index it tracks is Standard & Poor's Midcap 400. This SPDR also trades on the AMEX, under the symbol MDY.

Milan Stock Exchange: The largest regional stock exchange in Italy, facilitating more than 90% of the country's trading volume.

Miller, Merton: Nobel Laureate and co-author of the famous Miller-Modigliani theorems. Finance professor at the University of Chicago.

Mimic: An imitation that sends a false signal.

Mini-Manipulation: Trading in the underwriting security of an option contract in order to manipulate its price so that the options will become in the money.

Minimum Maintenance: The lowest required equity level that must be held with a broker in a margin account. See: Margin call.

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