Taking a view

Taking a view

Taking a view

A London expression for forming an opinion as to where market prices are headed and acting on it.

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Take-up fee

Take-up fee

Take-up fee

A fee paid to an underwriter in connection with an underwritten rights offering or an underwritten forced conversion as compensation for each share of common stock he underwriter obtains and must resell upon the exercise of rights or conversion of bonds.

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Take-out

Take-out

Take-out

A cash surplus generated by the sale of one block of securities and the purchase of another, e.g. selling a block of bonds at 99 and buying another block at 95. Also, a bid made to a seller of a security that is designed (and generally agreed) to take him out of the market.

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Take-or-pay contract

Take-or-pay contract

Take-or-pay contract

A contract that obligates the purchaser to take any product that is offered to it (and pay the cash purchase price) or pay a specified amount if it refuses to take the product.

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Take

Take

Take

(1) A dealer or customer who agrees to buy at another dealer’s offered price is said to take that offer. (2) Also, Euro bankers speak of taking deposits rather than buying money.

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Tail

Tail

Tail

(1) The difference between the average price in Treasury auctions and the stopout price. (2) A future money market instrument (one available some period hence) created by buying an existing instrument and financing the initial portion of its life with a term repo. (3) The extreme end under a probability curve. (4) The odd amount in a MBS pool.

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