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Good delivery and settlement procedures
Refers to PSA Uniform Practices such as cutoff times on delivery of securities and
notification, allocation, and proper endorsement.
Secured bond
A bond backed by the pledge of collateral, a mortgage, or other lien, as opposed to an
unsecured bond, called a debenture .
Intellectual property rights
Patents, copyrights, and proprietary technologies and processes that may be the basis of a
company's competitive advantage.
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Boutique
A small, specialized brokerage firm that offers limited services and products to a limited
number of clients. Antithesis of financial supermarket.
Lending securities
Securitiesborrowed from a broker'sinventory, from another customer's margin account, or
from another broker, when a customer is required to deliver on a short sale.
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Federal National Mortgage Association (Fannie Mae)
A publicly owned, government-sponsoredcorporationchartered in 1938 to purchase mortgages
from lenders and resell them to investors. Known by the nickname Fannie Mae, it packages
mortgages backed by the Federal Housing Administration, but also sells some
nongovernment-backed mortgages.
White-shoe firm
Broker-dealer firms that disdain practices such as hostile takeovers.
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Incremental internal rate of return
Internal rate of return (I.R.R.) on the incremental investment from choosing a larger instead of
a smaller project.
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