Business / Finance Glossary

Wraparound Mortgage: An investment that allows the annuitant the choice of underlying investments tax-deferred.

Wrinkle: A second mortgage that leaves the original mortgage in force. The wraparound mortgage is held by the lending institution as security for the total mortgage debt. The borrower makes payments . . . View Full Definition

Write: A feature of a new product or security intended to entice a buyer.

Write Out: Sell an option. Applies to derivative products.

Write-Down: The procedure used when a specialist makes a trade involving his own inventory, on one hand, and a floor broker's order, on the other. The broker must first complete the trade with the speci . . . View Full Definition

Write-Off: Reducing the book value of an asset if its is overstated compared to current market values.

Writer: Charging an asset amount to expense or loss, such as through the use of depreciation and amortization of assets.

Writing Cash-Secured Puts: The seller of an option, usually an individual, bank, or company that issues the option and consequently has the obligation to sell the asset (if a call) or to buy the asset (if a put) on wh . . . View Full Definition

Writing Puts To Acquire Stock: An option strategy to avoid using a margin account. Instead of depositing margin with a broker, a put writer can deposit a cash balance equal to the option exercise price, and can avoid addi . . . View Full Definition

Written-Down Value: Selling a put option at an exercise price that would represent a good investment by an option writer who believes a stock's value will fall, so that the writer cannot lose. If the stock pric . . . View Full Definition

X: A double bottom pattern in a price history that looks like the letter W. See: Technical analysis.

X Or XD: Fifth letter of a Nasdaq stock symbol indicating that listing is a mutual fund.

XMI: Symbol that indicating that stock is trading ex-dividend, with no dividend.

XR: Applies to derivative products. Quotron symbol for the Major Market Index (MMI).

XW: Symbol indicating that a stock is trading ex-rights, with no rights attached.

Y: Symbol indicating that a stock is trading ex-warrants, with no warrants attached.

Yankee Bonds: Fifth letter of a Nasdaq stock symbol specifying that it is an ADR

Yankee CD: Foreign bonds denominated in U.S. dollars and issued in the United States by foreign banks and corporations. These bonds are usually registered with the SEC. Such as, bonds issued by origina . . . View Full Definition

Yankee Market: A CD issued in the domestic market, typically New York, by a branch of a foreign bank.

Yard: The foreign market in the United States.

Year-End Dividend: Slang for one billion currency units. Used particularly in currency trading, e.g., for Japanese yen since one billion yen equals approximately US$10 million. It is clearer to say, 'I'm a buy . . . View Full Definition

Year-To-Date (YTD): A special dividend declared at the end of a fiscal year that usually represents distribution of higher-than-expected company profits.

Yellow Sheets: The period beginning at the start of the calendar year up to the current date.

Yen Bond: Sheets published by the National Quotation Bureau that detail bid and ask prices, plus those firms that are making a market in over-the-counter corporate bonds.

Yield: Any bond denominated in Japanese yen currency.

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