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Glossary

  • Advisory Investment Management
    This is a service which may be suitable for you if you have the time and wish to be actively involved with your investments, but would benefit from the skill and expertise that direct access to an experienced investment manager can provide. An investment manager would work with you to understand your needs and objectives and appetite for risk, and would provide guidance on the construction and ongoing maintenance of your portfolio. However, the decision to act on all or part of any recommendations rests with you.
  • Agreement
    A completed application form or agreement in respect of any service that we offer.
  • Alternative Investment Market (AIM)
    The Alternative Investment Market is a market for growing companies, with less stringent conditions for listing than those for the Main Market. AIM-listed stocks are considered higher risk than fully-listed shares due to the fact they are smaller companies and can be less liquid (i.e. fewer buyers and sellers).
  • Annual General Meeting (AGM)
    An AGM is a yearly meeting of the shareholders of a company.
  • Appropriateness
    The appropriateness test is a requirement introduced by MiFID which aims to increase investor protection in the non-advised market to seek whether the client has the knowledge and experience appropriate for the nature of the service and product, and is able to understand the risks involved in the transaction or service that is envisaged.
  • Asset Allocation
    Asset allocation is the implementation of an investment strategy. With our investment management services, asset allocation is adjusted to ensure we meet clients requirements exactly, whether that be higher or lower risk and whether the portfolio needs to meet specific income or growth objectives. Market conditions will also affect the underlying asset allocation.
  • At Best (or at 'Market') Instruction
    At Best (or at ‘Market’): This is by far the most common type of instruction which serves clients very well. What it means is that we will usually check the current market price while you are on the telephone, and deal as soon as possible. As market prices can change at any time, you accept that it is possible the price could have moved up or down since it was quoted to you.
  • BACS
    Bankers Automated Clearing System. This is our default method for paying money to clients.
  • Bargain
    Term used on the London Stock Exchange for a stocks or share trade (purchase or sale).
  • Bear
    An investor who sells a security in the hope of buying it back at a lower price, as they believe the market will go down. A bear market is a falling market in which bears would prosper.
  • Bed and ISA
    A Bed and ISA transaction is where a parcel of shares in the same company, held in an individual's own name and outside of an ISA, are sold and then bought back within an ISA. It is not possible under HM Revenue and Custom (HMRC) rules to put shares already owned directly into an ISA. This means that to put shares into an ISA they must be first sold, the cash transferred into the ISA and then the shares repurchased. The sale and repurchase are made at the same time to limit potential price movement. 
  • Bid Price
    The price at which investors can sell their shares.
  • Big Bang
    27th October 1986, when the London Stock Exchange’s new regulations took effect and the automated price quotation system was introduced to The City.
  • Blue Chip
    The term used to refer to larger, well-known companies which are generally lower risk and may provide a steady income.
  • Boiler Rooms
    Operations set up specifically to defraud unsuspecting individuals and often involving very large sums of money. Also refer to our FAQs.
  • Bonds
    Investors lend a company or government money for a set period in return for a fixed income, referred to as the coupon. This set income means bonds are often called ‘fixed interest’ investments. When the bond matures, you should get your original investment back.
  • Bonus Issue
    These are new shares issued by a company which do not require any payment from the shareholder. This has the effect of making the company’s shares more marketable because of the increased number available and the lower market price. Also known as a Capitalisation or Scrip Issue.
  • Bull
    An investor who buys a security in the hope of selling it at a higher price, as they believe the market will go up. A bull market is a rising market in which bulls would prosper.
  • CAC 40
    The top 40 companies listed on the French Stock Exchange, Euronext Paris.
  • Capital Gains Tax (CGT)
    The tax payable on profits from shares, after the current tax-free individual allowance of £3,000 has been utilised.
     
  • Capital Growth
    The increase in the value of shares or assets.
  • Cboe
    Cboe is an alternative group of indices, free-float weighted benchmarks that were first introduced in 2016. Cboe aims to offer a greater level of clarity than its peers owing to their transparency of calculation and methodology. Redmayne Bentley displays Cboe Indices and data on our website as our analysis has found that these benchmarks are highly correlated with comparable benchmarks, with which you may be more familiar.
     
  • Charting
    A method of technical analysis based on using charts to plot historical trends and to try and project future trends in markets. 
     
  • Child Trust Fund (CTF)
    A tax-efficient savings and investment account for children born on or after 1st September 2002 and before 3rd January 2011. You can no longer apply for or subscribe to a CTF with Redmayne Bentley but can apply for a Junior ISA (JISA) instead.
  • Client Money Rules
    Introduced by the Financial Conduct Authority, the client money rules are designed to protect client money. They ensure a clear separation between money that belongs to our clients and money that belongs to the firm.
  • Collective Investments
    Collective Investments all have the common objective of providing exposure to a diversified group of investments, but can have a variety of investment aims and risk profiles. There are several types of collective investments including:
    • Investment trusts
    • Unit trusts
    • Open Ended Investment Companies (OEICs)
    • Exchange Traded Funds (ETFs)
  • Commission
    The fee that a stockbroker charges clients for dealing on their behalf.
  • Commodity
    A basic good used in commerce that is interchangeable with other commodities of the same type. When traded on an exchange, commodities must also meet specified minimum standards, also known as a basis grade. Some traditional examples of commodities include grains, gold, beef, oil and natural gas. More recently, the definition has expanded to include financial products such as foreign currencies and indexes.
  • Complex Instruments
    Securities which may contain a higher degree of risk and complexity. This includes derivatives, futures, warrants and certain other investments.
  • Contract Note
    A contract note is confirmation of stock market transactions. It details include the date and time of deal, the stock, price, commission, any government taxes and duties, the total consideration, etc. Contract notes should be retained for tax purposes.
  • Corporate Action
    This is the name given to a company event such as takeover, rights issue, demerger, scrip dividend or conversion.
  • Credit Rating
    A credit rating is an evaluation of the credit worthiness of a debtor, especially a business (company) or a government, but not individual consumers. For more information, please refer to our Credit Ratings Fact Sheet.
  • CREST
    The paperless share settlement system through which trades executed on the London Stock Exchange’s markets and elsewhere can be settled. CREST was introduced in 1996 and is operated by Euroclear UK & Ireland.
  • DAX
    The major companies listed on the German Stock Exchange.
  • Day Trader
    Someone who trades, buying and selling, stocks with a trading day, hoping to profit from small price movements.
  • Dealing Hours
    Currently 0800 to 1630 Monday to Friday, excluding Bank Holidays. 
  • Demutualisation
    The process by which a mutually owned building society or life office becomes a public limited company. Members of the former mutual usually receive windfall or free shares.
  • Deposit Account
    An account opened and operated by us with a UK bank or building society for use in connection with your account.
  • Derivative
    A security whose price is dependent upon or derived from one or more underlying assets. The derivative itself is merely a contract between two or more parties.
  • Discount (trading at a discount)
    If the share price is lower than the value per share, this is known as buying or selling the shares at a discount.
  • Discretionary Investment Management
    An investment manager oversees an investment portfolio on your behalf, having fully understood your objectives and requirements. 
  • Dividend
    The part of a company’s profits after tax which is distributed to shareholders.
  • Dividend Allowance
    The Dividend Allowance means that you won’t have to pay tax on the first £500 of dividend income you receive. You will, however, pay tax on any dividend income you receive over the value of £500. The rate of dividend tax that you will pay is based on your income tax band (after adding your total dividend income to other income you receive). As tax works in bands you could pay different rates of tax in each band:

    • 8.75% on dividend income within the basic rate Income Tax band
    • 33.75% on dividend income within the higher rate Income Tax band
    • 39.35% on dividend income within the additional rate Income Tax band
  • Dividend Yield
    A method of assessing the income from an investment. It is the annual gross dividends (as currently declared or forecast) expressed as a percentage of the current market price.
  • Dow Jones
    The top companies on the New York Stock Exchange (often regarded as the more established American companies).
  • Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
    EBITDA is created by considering a company's earnings before interest payments, tax, depreciation, and amortization are subtracted for any final accounting of its income and expenses. The EBITDA of a company gives an indication of the current operational profitability of the business.
  • Equity
    The term used to describe a shareholder’s stake in a company.
  • Euroclear
    The centralised system for the settlement of securities traded on the London Stock Exchange.
  • Eurotop 100
    The top 100 companies across Europe (including UK).
  • Exchange Traded Funds (ETFs)
    ETFs provide a way to invest in a specific market or sector without being exposed to individual companies. Each ETF invests in all of the companies in the given sector - for example a FTSE 100 ETF will have units in all of the FTSE 100 companies in the appropriate proportions. ETFs pay out the dividends paid by underlying stocks held, usually as a quarterly payment.
  • Exchange Traded Products (ETPs)
    Exchange Traded Products (ETPs), such as Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETCs), are listed exchange traded securities on the London Stock Exchange’s Main Market, and track the performance of underlying indices or commodities. ETPs can be physical or synthetic: a physical ETP is backed by the underlying assets, whereas a synthetic ETP does not hold a physical underlying asset.
  • Ex-dividend
    When a share is ex-dividend it means all registered shareholders on that date are entitled to the dividend the company is paying. When a share goes ex-dividend the share price will generally fall by the amount of the dividend to be paid. The same effect is true when a share is ex-rights, in that all registered shareholders on that date are entitled to participate in the rights issue.
  • Execution-Only
    This stockbroking service provides you with direct access to UK and overseas equity markets and various asset classes. You can talk to a qualified stockbroker before executing a trade, but you will not be given any advice and any investment decisions will be your own. Investment management is an alternative to execution-only.
  • Extraordinary General Meeting (EGM)
    An EGM is a meeting of the shareholders of a company, which falls at an irregular time, i.e. not at the time of the AGM, to discuss a particular matter which has arisen.
  • FCA
    The Financial Conduct Authority is an independent, non-governmental body that regulates the financial services industry in the UK.
  • Financial Services Compensation Scheme (FSCS)
    The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of authorised financial services firms. The Financial Services Compensation Scheme (FSCS) can pay compensation if a firm is unable, or likely to be unable, to pay. For further information please see Protection of Client Assets.
  • Fixed Interest Stocks
    A fixed interest security is basically a loan to the government or a company. With most, you receive interest payments for as long as you hold the security. The amount of interest you will receive (called the coupon) is expressed as a percentage of the nominal value. If you hold a fixed interest security to the end of its term, you should get back the nominal value as long as the issuing company doesn't run into financial difficulty. 
  • Flotation
    When a company’s shares obtain a listing from the UK Listing Authority and trade on the Exchange. For more information see New Issues and IPOs.
  • FTSE 100
    The listing for the largest 100 companies in the UK, based on market capitalisation.
  • FTSE 250
    The 250 next largest listed companies after the FTSE 100.
  • FTSE 350
    The top 350 listed companies (FTSE 100 and FTSE 250 combined).
  • FTSE AIM 100
    The top 100 companies on AIM, a market which enables smaller companies to raise finance without the onerous requirements and regulations of the main market.
  • FTSE All-Share
    All companies listed in the UK on the main market.
  • Gearing
    This is the ratio between a company's share capital and its borrowings. High gearing means a proportionally large amount of debt and low gearing means a small amount of debt.
  • Gilts
    Bonds issued by the UK Government. Conventional gilts pay a fixed percentage of the nominal price. Index-linked gilts rise each year by a fixed percentage above the rate of inflation.
  • Gross Interest
    Gross interest is the annual rate paid to investors on cash or an investment, before taxes or other charges are deducted.
  • Hang Seng
    The major companies listed in Hong Kong.
  • Income Payment
    The payment by a company of income arising in the form of a dividend, interest or distribution.
  • Individual Savings Accounts (ISAs)
    Tax-efficient investment accounts which can support medium and long-term savings and investments. The annual allowance for a Stocks and Shares ISA is £20,000 for the current tax year.
  • Infrastructure
    The basic physical systems of a business or nation. Transportation, communication, sewage, water and electric systems are all examples of infrastructure. These systems tend to be high-cost investments, however, they are vital to a country's economic development and prosperity. Infrastructure projects may be funded publicly, privately or through public-private partnerships.
  • Initial Public Offering (IPO)
    A method of bringing a company to the market. The public can apply for shares directly at a fixed price. For more information see New Issues and IPOs.
  • Interest
    A calculation based on the Sterling base rate as defined by the Bank of England.
  • Investment Trusts
    A collective investment fund in the form of a listed company investing in shares of other companies and/or other investments.
  • Jobbers
    The old name given to dealers prior to the ‘Big Bang’ in October 1986.
  • Junior ISA (JISA)
    A JISA is a tax efficient savings and investments account that allows parents, other family members and friends to contribute, save and invest for a child. There is a contribution allowance for each tax year up until the child reaches 18 years of age. The contribution allowance for a JISA in the current tax year is £9,000.
  • Key Investor Information Document (KIID)
    KIIDs are provided by fund managers to help investors make an informed investment decision about the funds they may wish to purchase. A KIID provide key facts about the way the fund works, costs and charges and the investment risks. If you wish to purchase an Undertaking for Collective Investment in Transferable Securities (UCITS) fund through Redmayne Bentley we have a regulatory requirement to provide you with access to it KIID. Key Information Documents (KIDs) are similar documents for Packaged Retail and Insurance-based Investment Products (PRIIPs).
  • Leverage
    The use of various financial instruments e.g. warrants, rights or derivatives or borrowed capital, to increase the potential return or loss of an investment.
  • Limit Order
    An order to buy or sell shares at a certain price or better. This is on a 'best endeavours' basis, attracts an additional charge and isn't available for all types of securities.
  • Liquidity
    The ease with which a security can be traded in the stock market.
  • LSE
    The London Stock Exchange.
  • Managed Portfolio Service (MPS)
    Redmayne Bentley's Managed Portfolio Service (MPS) is an online, discretionary managed service for clients that have £20,000 or more to invest (or £9,000 in a JISA).
  • Market Capitalisation
    This is a measurement of a company's size and is calculated by muliplying the share price by the number of shares in issue.
  • Mergers
    In a merger, two companies come together to become one. The shareholders of the merging companies often become joint owners of the combined entity.
  • Mid Price
    The mid point between the buying (offer) price and the selling (bid) price.
  • MiFID/MiFID II
    Markets in Financial Instruments Directive. This directive governs much of the way we deal with investments for our clients.
  • Minor
    Any person who is under the age of full legal responsibility.
  • Money Laundering
    The process of concealing the origins of money which has been obtained illegally and creating the appearance it is from a legitimate source.
  • Multilateral Trading Facility
    A regulated market operating in accordance with the provisions of the regulations as defined under MiFID.
  • myRB

    myRB is Redmayne Bentley’s online portal. If you’re a client this enables you to:

    • View all portfolio balances, holdings, valuations, activity and performance.
    • Send secure messages to your Redmayne Bentley executive or office.
    • View portfolio documents, including contract notes and statements.
    • Access Corporate Action event details, view the current election status and also submit elections (Stockbroking portfolios only).
    • Make secure payments to your portfolio(s).
    • View securities and create watchlists.

    If you are a client and don’t have access to myRB, please contact your usual Redmayne Bentley executive or office and ask them to register you.

  • NASDAQ
    An American stock market with a bias to technology and smaller companies.
  • Nationalisation
    The act by which a nation takes possession of assets without requiring the owner's consent, with or without payment of compensation.
  • Negligible Value
    Shares in companies which have gone bust and which the HM Revenues and Customs recognises as a capital loss.
  • Net Asset Value (NAV)
    This provides a value of a fund per share. It is calculated by dividing the total value of all the assets, less any liabilities, by the number of shares.
  • New Issues
    An issue of shares when a company either comes to the market for the first time or issues extra shares.
  • Nikkei
    The Nikkei is a stock market index listed on the Tokyo Stock Exchange.
  • Nominee
    Stocks and shares are typically bought and held electronically via a Nominee account.
  • Offer Price
    The price at which investors can buy a share.
  • Open-Ended Investment Companies (OEICs)
    First launched in 1996, OEICs are similar to unit trusts but have a corporate structure and a single price rather than a bid/offer spread. These funds have no limit to the number of units (or shares) they can issue.
  • Optional Corporate Action
    A company event which requires action from the shareholder, for example a rights issue or an open offer. Shareholders are given the option to participate in an event or not. A mandatory corporate action may also have embedded options for shareholders, for example a takeover which provides shareholders with the option of a cash or share alternative. 
  • Ordinary Shares
    The most common form of share. Holders may receive dividends in line with the company’s profitability and recommendation of its directors.
  • PIBs
    Permanent Interest Bearing shares. A share issued by building societies which pay a fixed rate of interest rather than a dividend.
  • Portfolio
    A collection of investments owned by an investor.
  • Pound Cost Averaging
    Investing small amounts on a regular basis e.g. monthly. This results in fewer shares bought when prices are high and more shares when prices are low. Over time, investing in this manner means the average purchase price paid will be lower than the arithmetical average of the market price.
  • Preference Shares
    These are normally fixed-income shares whose holders have the right to receive dividends before ordinary shareholders. If a company were to go into liquidation, preference shareholders would rank above ordinary shareholders for the repayment of their investment. Normally these shares do not carry voting or pre-emptive rights.
  • Premium (trading at a premium)
    If the share price is higher than the value per share, this is known as buying or selling the shares at a premium.
  • Price/Earnings Ratio (P/E Ratio)
    The P/E ratio is a measure of the level of confidence investors have in a company (rightly or wrongly). Generally, the higher the figure, the higher the confidence. It is calculated by dividing the current share price by the last published earnings per share (net profit divided by the number of ordinary shares).
  • Privatisation
    Conversion of a state-run company to public limited company status – often accompanied by a sale of its shares to the public.
  • Proxy Voting
    A vote cast on behalf of another person. As a shareholder, you have the option to vote on corporate matters. However, since many shareholders do not attend the AGMs at which the voting takes place, companies provide shareholders with the option to cast a proxy vote.
  • PTM Levy
    £1 is charged on all stock market transactions over £10,000 in value. The government uses this as a contribution towards the costs of the Panel on Takeovers and Mergers.
  • Qualifying Investment
    Stocks and shares and/or cash which can be held in an approved tax-efficient vehicle, such as an ISA, JISA and a Child Trust Fund (CTF) in accordance with the regulations. Stocks and shares means United Kingdom (UK), European Community (EC) and certain other Foreign equities officially listed on a recognised stock exchange. Qualifying investment trusts, unit trusts, open ended investment company (OEIC), gilts, corporate bonds and convertibles are officially listed on a recognised stock exchange.
  • Real Estate Investment Trusts (REITs)
    Real Estate Investment Trusts (REITs) offer a more simplified method of investing in UK commercial property. The aim of REITs is to provide an opportunity for investors to invest in property in a highly tax- efficient manner, while being highly liquid and operating under strong corporate governance.
  • Registrar
    Listed companies are required to maintain an accurate record of their shareholders and most employ the services of a registrar. The responsibilities of a registrar include registering the sale and purchase of shares through the CREST share settlement system, issuing share certificates, divident and interest payments and administering corporate actions such as takeovers and rigts issues. They also deal with shareholder correspondence and enquiries, for example if you bought shares and held them in certificated form (rather than a nominee account) and then lost that certificate you would need to contact the registrar and arrange for a letter of indemnity as you cannot sell your shares if you have lost your certificate.
  • Retail Client
    As defined under the Financial Conduct Authority rules, a client who is not a market counterparty or an intermediary customer.
  • Rights Issue
    An invitation to existing shareholders to purchase additional shares in the company (normally at a discount to the current share price) and therefore raise additional funds.
  • ROCE (Return on Capital Employed)
    The ROCE is calculated by expressing the operating profit before tax as a percentage of the year-end capital employed.
  • S&P 500
    The top 500 (mainly industrial) US companies (includes some from both Dow Jones and NASDAQ).
  • Scrip Dividend
    An issue of shares available to shareholders that replaces a dividend payment. Shareholders have the option to forgo their dividend for the share alternative.
  • Securities
    General name for stocks and shares of all types.
  • Senior Debt
    Borrowed money that a company must repay first if it goes out of business. If a company goes bankrupt, senior debtholders, who are often bondholders or banks that have issued revolving credit lines, are most likely to be repaid. Senior debt is secured by collateral, and that collateral can be sold to repay the senior debt holders. As such, senior debt is considered lower risk and carries a relatively low interest rate. Even though senior debtholders are the first in line to be repaid, they will not necessarily receive the full amount they are owed in a worst-case scenario.
  • Settlement
    The process of transferring stock from seller to buyer and arranging the corresponding movement of money between the two parties. 
  • Share Capital
    Share capital is the funds raised by a company from issuing shares in return for cash.
  • Share Certificate
    Most share purchases are conducted via a nominee account where the shares are held electronically, however, it is still possible to hold some securities in certificated form. A share certificate is issued by the company certifying that the buyer is now the registered owner of the shares bought. The key information on the certificate is the name and address of the shareholder and the amount of shares held.
  • Short Selling
    This is a technique that sees investors borrow an asset, such as shares, currencies or oil contracts, from another investor and then sell that asset in the relevant market hoping the price will fall. The aim is to buy back the asset at a lower price and return it to its owner, pocketing the difference. Please note Redmayne Bentley does not permit short selling.
  • SIPP
  • Stamp Duty/Stamp Duty Reserve Tax (SDRT)
    A government tax levied on share dealing, currently 0.5% on purchases of UK stocks and 1% on purchased of Irish stocks.
  • Stockbroker
    An Exchange member firm that provides stockbroking services to the public.
  • Subordinated Debt
    A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. In the case of default, creditors with subordinated debt wouldn't get paid out until after the senior debtholders were paid in full. Therefore, subordinated debt is more risky than unsubordinated debt.
  • T+2
    T+2 is the standard settlement period under which transactions are normally entered into. This means settlement is due two working days after the trade date. The settlement date can be agreed at the time of dealing and extended depending on circumstances. 
  • Tax Liability
    Tax liability is the amount of tax that an individual is legally obligated to pay to an authority.
  • Tax Year
    A period commencing on 6th April in each calendar year and ending on 5th April in the following calendar year.
  • Tax-Efficient Investments
    Investments which offer an element of tax exemption, reduction or deferral. The main UK investments that fall into this category are pensions, ISAs and National Savings Certificates.
  • Techmark 100
    The top 100 technology-based companies in the UK.
  • Tracker Fund
    A tracker fund is an investment fund which follows the movement of a group of shares or investments such as a stock market index or sector.
  • Trade
    A deal made on the London Stock Exchange. 
  • Treating Customers Fairly
    This is a FCA initiative that ensures you receive clear information and suitable advice to ensure you feel confident dealing in investments. For more information view our Treating Customers Fairly section.  
  • UCITS
    Undertakings for Collective Investment in Transferable Securities. This is a European Directive governing the pan-European promotion and structure of certain funds.
  • Unit Trust
    A unit trust offers investors a way to diversify their investments by pooling their resources with those of other investors. A fund manager will then invest the money in a particular area, for example small emerging companies. Units are issued or cancelled depending on whether investors want to add or reduce their funds invested. The units will rise or fall in value, dependent on how the fund performs. 
  • Unregulated Collective Investment Scheme (UCIS)
    An unauthorised or unrecognised collective investment scheme which does not meet the FCA’s requirements. A collective investment scheme is a fund which enables a number of investors to contribute and share the profits or income.
  • Unsubordinated Debt
    A loan or security that ranks above other loans or securities with regard to claims on assets or earnings. Also known as a senior security. In the case of default, creditors with unsubordinated debt would get paid out in full before the junior debt holders. Therefore, unsubordinated debt is less risky than subordinated debt.
  • Volatility
    Volatility is the rate at which the price of a stock or index increases or decreases over time.
  • Volume
    The cumulative number of shares traded over the course of the day. Some investors use volume figures to make decisions on transactions.
  • Wall Street
    As it has been for over a century, Wall Street in New York remains the financial capital of the USA and the world. It is the base for the New York Stock Exchange as well as the Headquarters of many leading US investment banks.
  • Warrants
    Securities which give the holder a right to subscribe for a share or bond at a given price and from, or on, a certain date.
  • Windfall
    Share payments, where free shares in the new company were given to existing savers and borrowers.
  • XD (Ex-Dividend)
    When a share is ex-dividend, all registered shareholders on that date are entitled to the dividend the company is paying. When a share goes ex-dividend the share price will generally fall by the amount of the dividend to be paid. 
  • Yellow Strip
    The yellow band on the trade screen which displays the highest bid and the lowest offered prices that competing market makers are making in a security. Also known as the ‘Touch’ price.
  • Yield
    The return earned on an investment taking into account the annual income and its present capital value. There are a number of different types of yield, and in some cases different methods of calculating each type. 
  • Yield Curve
    A yield curve is a line on a graph which plots the yield of fixed-interest securities against their maturities.
  • Zero Dividend Preference
    Income generated by a trust which is rolled up and paid out on a pre-determined date in the future.