Jerome Kerviel
DefinitionJérôme Kerviel is a French trader who was convicted in the 2008 Société Générale trading loss for breach of trust, forgery and unauthorized use of the bank's computers, resulting in losses valued at €4.9 billion. Jerome Kerviel What is 'Jerome Kerviel' A trader for French securities firm Société Générale that was charged with losing more than $7...
John Bates Clark Medal
DefinitionThe John Bates Clark Medal is awarded by the American Economic Association to "that American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge". According to The Chronicle of Higher Education, it "is widely regarded as one of the field's most prestigious awards...second only to the Nobel Memorial...
Jitney
What is 'Jitney' A situation in which one broker who has direct access to a stock exchange performs trades for a broker who does not have access. A fraudulent activity in the penny stock market involving two brokers trading a stock back and forth to rack up commissions and give the impression of trading volume. ...
Joint Return
What is 'Joint Return' A U.S. income tax return filed on behalf of a married couple, resulting in a combined tax liability. Married taxpayers can choose to file two separate tax returns or a joint tax return. The joint return is often referred to as married filing jointly (MFJ). In order to file a joint return in...
Job Hunting Expenses
What is 'Job Hunting Expenses' Costs that individuals may be allowed to deduct on their federal tax returns to reduce their total taxable income. Job hunting expenses, officially called job search expenses, are deductible if you are searching for a job in the same line of work. Qualifying job hunting expenses include fees paid to employment and...
National Securities Markets Improvement Act (NSMIA)
What is 'National Securities Markets Improvement Act - NSMIA' Passed by the U.S. Congress in 1996, the NSMIA was an attempt to update and amend previous security acts and create one uniform code that companies and regulators could follow. Explaining 'National Securities Markets Improvement Act - NSMIA' This bill deals with securities, brokers, advisors,...
Ultimate Oscillator
What is 'Ultimate Oscillator' A technical indicator invented by Larry Williams that uses the weighted average of three different time periods to reduce the volatility and false transaction signals that are associated with many other indicators that mainly rely on a single time period. Explaining 'Ultimate Oscillator' This is a range-bound indicator, which means the value fluctuates between 0 and 100. Similar...
Nasdaq SmallCap Market
What is 'Nasdaq SmallCap Market' The Nasdaq equity market for companies that have relatively small levels of market capitalization. Listing requirements for such "small cap" companies on the Nasdaq SmallCap Market are less stringent than for other Nasdaq markets that list larger companies with significantly higher market capitalization. In 2005, the Nasdaq SmallCap Market was renamed the...
Safe Deposit Box
DefinitionA safe deposit box, also known as a safety deposit box, is an individually secured container, usually held within a larger safe or bank vault. Safe deposit boxes are generally located in banks, post offices or other institutions. Safe deposit boxes are used to store valuable possessions, such as gemstones, precious metals, currency, marketable securities, important documents, or computer...
Targeted Amortization Class (TAC)
What is 'Targeted Amortization Class - TAC' A type of credit derivative that is similar to a planned amortization class (PAC) in that it protects investors from prepayment; however, it is structured differently than a PAC. TACs protect investors from a rise in the prepayment rate or a fall in interest rates. They do not protect from...