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Glossary of Terms

A person or a business entity who is allowed to deal in securities that may not be registered with financial authorities. They are entitled to such privileged access if they satisfy one (or more) requirements regarding income, net worth, asset size, governance status or professional experience. See also Eligible Contract Participant (ECP).

A financial asset that does not fall into one of the conventional investment categories.

A digital currency created in January 2009 following the housing market crash. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.

Bitcoin mining is performed by high-powered computers that solve complex computational math problems in order to produce new bitcoin and to verify transactions.

The record-keeping technology behind the Bitcoin network

When the reward for mining Bitcoin transactions is cut in half

Call overwriting involves selling a call option on an asset that an investor currently owns where the strike price of the call option is typically higher than the current price of the asset.  The term overwriting refers to an options strategy involving the writing of a call option against a long position. Overwriting an option allows an investor to generate additional income from assets they own and reduce the impact of price volatility.

An individual, a public or private group, or a financial institution that makes funds available to another with the expectation that the funds will be repaid. Repayment will include the payment of any interest or fees.

An offline wallet used for storing bitcoins. With cold storage, the digital wallet is stored on a platform that is not connected to the internet, thereby protecting the wallet from unauthorized access, cyber hacks and other vulnerabilities to which a system that is connected to the internet is susceptible.

A popular financial strategy to limit an uncertain variable’s potential outcomes to an acceptable range or band

The possibility of a loss resulting from a borrower’s failure to repay a loan or meet contractual obligations

A digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

Assets not traded on or cleared at a regulated exchange

A financial security with a value that is reliant upon or derived from, an underlying asset or group of assets

China’s new digital currency

Is an entity or individual allowed to engage in certain financial transactions that are not open to the average investor. ECPs are often corporations, partnerships, organizations, trusts, brokerage firms, or investors that have total assets in the millions.

A structured deposit product with floating returns

Government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it.

A Series fund structure where the client is the sole owner of the fund

An investment to reduce the risk of adverse price movements in an asset.

A combination of a fixed rate loan and an adjustable rate mortgage

Is for any quantum of value to be exchanged as quickly and fluidly as information is today

Type of loan secured by collateral. Lenders of non-recourse loans, are prohibited from going after a borrower’s other assets even if there’s an outstanding balance after the collateral is sold

An asset whose value isn’t tied to larger fluctuations in the traditional markets

A term often used to value the underlying asset in a derivatives trade

Allows for managed trades of more than one person, and allows for anonymity of the persons in the account.

A decentralized market in which market participants trade stocks, commodities, currencies or other instruments directly between two parties and without a central exchange or broker.

A management style that harmonizes an investor’s separately managed accounts.

A financial institution that holds customers’ securities for safekeeping in order to minimize the risk of their theft or loss. A custodian holds securities and other assets in electronic or physical form.

Rehypothecation is a practice whereby banks and brokers use, for their own purposes, assets that have been posted as collateral by their clients.

The range of expected returns on an investment period. These bands can be variable i.e. 4 – 5% or fixed i.e. 12%.

An investment portfolio owned by an investor and managed by a professional investment firm

The length of time remaining before a financial contract expires.

A variable margin payment made by clearing members, such as a futures broker, to their respective clearing houses based on adverse price movements of the futures contracts these members hold.

Wholesale lending defines the process of a lender providing the credit decision as well as the funding of a loan. Wholesale lenders have the underwriting authority and funds available to lend.

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