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Day around order |
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Day around orderA day order that supersedes (cancels and ../../finance-glossary/s) the previous order by altering its size or price limit.Day around order Similar MatchesWraparoundWraparoundA financing device that permits an existing loan to be refinanced and new money to be advanced at an interest rate between the rate charged on the old loan and the current market interest rate. The creditor combines or "wraps" the remainder of the old loan with the new loan at the intermediate rate. Wraparound annuityWraparound annuityAn investment that allows the annuitant the choice of underlying investments tax-deferred. All inclusive Trust Deed (wrap around mortgage)All inclusive Trust Deed (wrap around mortgage)A financing technique which involves the creation of a new trust deed which includes the balance due on the existing note plus any new funds advanced. Wrap Around MortgageWrap Around MortgageA second or junior mortgage with a face value of both the amount it secures and the balance due under the first mortgage. The mortgagee under the wrap-around collects a payment based on its face value and then pays the first mortgagee. It is most effective when the first has a lower interest rate than the second, since the mortgagee under the wrap-around gains the difference between the interest rates, or the mortgagor under the wrap-around may obtain a lower rate then if refinancing. Designated order turnaround system (DOT)Designated order turnaround system (DOT)Computerized order entry system that allows orders to buy or sell large baskets of stock to be transmitted immediately to the specialist on the exchange, where execution will occur quickly, depending on the basket size. Also used for odd-lot transactions to occur at the prices and quantities available. See: AOS. Further SuggestionsSuper Designated Order Turnaround SystemWraparound mortgage Around us Turnaround Wraparound mortgage Turnaround time |
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