What Is a Bill of Lading? A bill of lading is a legal document issued by a carrier to a shipper that details the type, quantity, and destination of the goods being carried. The bill of lading acts as a document of titlea receipt for shipped goods, and a contract between a carrier and shipper. The…
What is a Brokered Market? A brokered market involves agents or intermediaries in purchase and sale transactions to facilitate price discovery and transacting the execution. Brokered markets often exist in areas of the economy where there is a certain level of expertise required to complete a transaction. In cases where members of the general public…
What is the International Petroleum Exchange (IPE)? The International Petroleum Exchange (IPE), established in 1980, was a London-based exchange for futures and options on several energy-related commodities. It has been a subsidiary of the Intercontinental Exchange (ICE) since being purchased in 2001 and is now known as ICE Futures. Key Takeaways International Petroleum Exchange (IPE) was…
What Are Transfer Procedures? Transfer procedures are the means by which the ownership of a stock (or other security) moves from one party to another. This process is effected by a transfer agentwho follows a detailed, documented series of steps governed by the securities and exchange commission (SEC) to ensure that a transaction has been…
What is a Prepaid Cards Processor? A prepaid cards processor is a company that processes transactions for prepaid payment cards. Prepaid card processors are responsible for processing transactions for prepaid credit or debit cardsgift cards, payroll cardsand other payment cards that are considered secured by the front-loading of money. Key Takeaways A prepaid cards processor…
What Is Wildcat Banking? Wildcat banking refers to the banking industry in parts of the United States from 1837 to 1865, when banks were established in remote and inaccessible locations. During this period, banks were chartered by state law without any federal oversight. Less stringent regulations on the banking industry at the time led to…
What is a Combined Statement? A combined statement includes information on a customer’s various retail banking accounts onto a single periodic statement. Banks and financial institutions offer combined statements for the convenience of the customer and cost efficiency of the bank. Businesses and individuals may request to receive combined statements. Key Takeaways The combined accounting…
What is a BAX Contract? A BAX contract is a short-term investment instrument that tracks the nominal value of a Canadian bankers’ acceptance (BA). The specific BA behind the contract has a nominal value of C$1 million and a maturity of three months. They were first launched in 1988 by the Montreal Exchange and has since gained traction…
What Are Match-Rate Funds? Match rate funds are loan funds which have their interest rates matched (or extremely close) to the interest rate on the source of the funds loaned out. This term is especially used in the European banking system to describe the relationship between the deposits a bank is currently holding and its…