Business / Finance Glossary

Montreal Exchange-Bourse De Montreal: The oldest stock exchange in Canada trading stocks, bonds, futures, and options. The Canadian Market Portfolio Index (XXM) tracks the market performance of the 25 highest-capitalization stoc . . . View Full Definition

Moodys Investment Grade: A rating of one through four assigned by Moody's Investor Service to municipal short-term bonds.

Moodys Investors Service: A security and bond rating agency publishing bond manuals and a common stock handbook annually.

Moral Hazard: The risk that the existence of a contract will change the behavior of one or both parties to the contract, e.g., an insured firm will take fewer fire precautions.

Moral Obligation Bond: A tax-exempt bond issued by a municipality or a state financial intermediary that is backed by the moral, but not legal, obligation of a state government to appropriate funds in case of default.

More Behind It: Used in the context of general equities. More stock exists to be bought or sold by the same buyer or seller, respectively. Often, the buyer or seller does not disclose the full size of its b . . . View Full Definition

Morgan Stanley Capital International (MSCI): Publisher of a number of well-known benchmarks, such as the MSCI World Index.

Morningstar Rating System: A proprietary ranking of mutual funds and annuities issued by Morningstar Inc. of Chicago.

Mortality Tables: Tables of probability that individuals of various ages will die within one year.

Mortgage: A long-term debt instrument for the purchase of property by which the borrower uses the property itself for collateral.

Mortgage Banker: A company or individual that originates mortgage loans and sells them to investors, while taking care of borrowers' loan payments, records, taxes, and insurance.

Mortgage Bond: A bond whose issuer has granted bondholders a lien against pledged assets. See: Collateral trust bonds.

Mortgage Broker: A company or individual that places mortgage loans with lenders, but does not originate or service loans like a mortgage banker.

Mortgage Duration: A modification of standard duration to account for the impact on duration of MBS of changes in prepayment speed resulting from changes in interest rates.

Mortgage Interest Deduction: A federal tax deduction for interest paid on a mortgage used to acquire, construct, or improve a residence.

Mortgage Life Insurance: A life insurance policy that pays off the remaining balance of the insured person's mortgage at death.

Mortgage Pass-Through Security: Also called a pass-through, a security created when one or more mortgage holders form a collection (pool) of mortgages and sells shares or participation certificates in the pool. The cash fl . . . View Full Definition

Mortgage Pipeline: The period from the taking of applications from prospective mortgage borrowers to the marketing of the loans.

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