Secured Loans
Buyers and sellers seek each other directly and transact directly.
Direct stock-purchase programs
Investors purchase securities directly from the issuer.
Dirty float
A system of floating exchange rates in which the government occasionally
intervenes to change the direction of the value of the countrys currency.
Dirty price
Bond price including accrued interest, i.e., the price paid by the bond buyer.
Disbursement float
A decrease in book cash but no immediate change in bank cash, generated by
checks written by the firm.
DISC
See: Domestic International Sales Corporation
Disclaimer of opinion
An auditors statement disclaiming any opinion regarding the company's financial
condition.
Discount
Used in the context of general equities. Convertible: difference between gross
parity and a given convertible price. Most often invoked when a redemption is
expected before the next coupon payment, making it liable for accrued interest
for which he may never be compensated. Antithesis of premium. General:
information that has already been taken into account and is built into a stock or
market. Straight equity: price lower than that of the last sale or inside market.
Discount bond
Debt sold for less than its principal value. If a discount bond pays no coupon, it is
called a zero coupon bond.
