Annuity年金It is often described as a mutual fund in an insurance wrapper. It is treated as an insurance product and a s a result receives a preferential tax treatment. Specifically, the income and realized gains are not taxable if not withdrawn from the annuity product. It can be either fixed, or variable. Authorized participants拥有许可权的投资者For ETCs, individuals do not deal directly with the provider of the ETF. That privilege is reserved for a few very large investors called authorized participants (AP) who are arbitragers. A spot contract represents a binding commitment for an exchange of funds, with normal settlement and delivery of bank balances fol lowing in two business days, or one day in the case of North American currencies(Canadian dollar).In economics and finance, arbitrage is the simultaneous, or nearly simultaneous, purchase of securities( one currency) in one market for sale in another market with the expectation of a risk-free profit.A market maker is a company, or an individual, that quotes both a buy and a sell price in a financial instrument or commodity held in inventory, hoping to make a profit on the bid-offer spread, or turn.[In f oreign exchange (or FX) trading, where most deals are conducted over-the-counter and are, therefore, c ompletely virtual, the market maker sells to and buys from its clients and is compensated by means of pr ice differentials for the service of providing liquidity, reducing transaction costs and facilitating trade.A Eurobond is an international bond that is denominated in a currency not native to the country where i t is issued. Eurobonds are financed by long-term funds in the Eurocurrency markets. They are underwritt en by a multinational syndicate of banks and placed in countries other than the one in whose currency t hey are denominated.A balance sheet: In financial accounting, a balance sheet (or statement of financial position) is a summar y of a person…s or organization’s balances资产负债表：财务会计，资产负债表（或财务状况表）是一个人或组织的结余摘要 Annuity年金It is often described as a mutual fund in an insurance wrapper. It is treated as an insurance product and a s a result receives a preferential tax treatment. Specifically, the income and realized gains are not taxable if not withdrawn from the annuity product. It can be either fixed, or variable. Automatic transfer service s自动转账业务：An automatic transfer service account is a deposit account that allows the transfer of funds from a saving s account to a checking account in order to cover a check written or to maintain a minimum balance. Wit h this facility in which deposited funds can be automatically transferred, the customers would enjoy a hig her degree of convenience without any worry about overdrawing. Simultaneously commercial banks can expand their business.Account receivable financing应收账款融资：A type of asset-financing arrangement in which a company uses its receivables - which is money owed by customers - as collateral in a financing agreement. The company receives an amount that is equal to a re duced value of the receivables pledged. This type of financing helps companies free up capital that is stu ck in accounts receivables. Accounts receivable financing transfers the default risk associated with the ac counts receivables to the financing company; this transfer of risk can help thevoid function(e,t){for(var n=t.getElementsByTagName("img"),a=+new Date,i=[],o=function(){this.removeEventListener&&this.removeEventListener("load",o,!1),i.push({img:this,time:+new Date})},s=0;s<n.length;s++)!function(){var e=n[s];e.addEventListener?!plete&&e.addEventListener("load",o,!1):e.attachEvent&&e.attachEven t("onreadystatechange",function(){"complete"==e.readyState&&o.call(e,o)})}();alog("speed.set",{fsItems :i,fs:a})}(window,document);2company using the financing to shift focus from trying to collect receivables to current business activities . In case of a default, the lender has the right to collect receivables directly from the named debtors of th e firm. Asymmetric information信息不对称Investors and managers have uneven access to or uneven possession of information. Agency problem代理问题The firm’s managers who act as agents for investors, may act in their own interests to the disadvantage of the inv estors. Asset/Liability management资产/负债管理The nature of the liabilities dictates the investment strategy a financial institution will pursue Absolute re turn绝对收益It is simply the return realized Annuity年金It is often described as a mutual fund in an insurance wrapper. It is treated as an insurance product and a s a result receives a preferential tax treatment. Specifically, the income and realized gains are not taxable if not withdrawn from the annuity product. It can be either fixed, or variable.Administrator - The Administrator is the head of the regulatory body in New Brunswick.BBankassurance 银行保险Insurance companies are attracted by commercial bank customer contacts. As a result, commercial bank distribution of insurance company products has grown considerably. Back-end load后端费用It is imposed at the time fund shares are sold or redeemed.It is a Contingent deferred sales charge (CDSC). This approach imposes a gradually declining load on with drawal.Breakpoint分界点 The sales charge for a fund applies to most, even very small, investments. For large investment, howe ver, the sales charge may be reduced. The amount of investment needed to obtain a reduction in the sal es charge is called a breakpoint. Board of directors董事会The role of board of directors is to represent the fund shareholders. The board is composed of both “inte rested” (or “inside”) directors who are affiliated with the investment company (current or previous mana gement) and “independent” (or “outside”) directors who have no affiliation with the investment compan y. A majority of the board must be outside directors.BOP: In a general sense, the balance of payments is a statistical statement that systematically records all the economic transactions between residents of a country(Central Government, monetary authority, ban ks, other sector) and nonresidents for a specific time period.B/L: waybill or consignment note, and receipt (in postal or courier delivery) are collectively known as the transport documents.提单（bill of lading）：提单或运单，及收据（在邮局或快递公司送达）被统称为运输单证。