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X

Fifth letter of a Nasdaq stock symbol indicating that listing is a mutual


fund.
XAF
The ISO 4217 currency code for the CFA Franc.
XBA
The ISO 4217 currency code for the European Composite Unit (EURCO).
XBB
The ISO 4217 currency code for the European Monetary Unit (EMU).
XCD
The ISO 4217 currency code for the East Caribbean Dollar.
XDR
The ISO 4217 currency code for the Special Drawing Rights (SDR).
XEU
The ISO 4217 currency code for the European currency Unit (ECU).
XMI
Applies to derivative products. Quotron symbol for the Major Market
Index (MMI).
XOF
The ISO 4217 currency code for the CFA Franc.
XPF
The ISO 4217 currency code for the CFP Franc.
X or XD
Symbol that indicating that stock is trading ex-dividend, with no
dividend.
XR
Symbol indicating that a stock is trading ex-rights, with no rights
attached.
XW
Symbol indicating that a stock is trading ex-warrants, with no warrants
attached.

Y
Fifth letter of a Nasdaq stock symbol specifying that it is an ADR
YE
The two-character ISO 3166 country code for YEMEN.
YER
The ISO 4217 currency code for the Yemen Rial.
YT
The two-character ISO 3166 country code for MAYOTTE.
YU
The two-character ISO 3166 country code for YUGOSLAVIA.
YUM
The ISO 4217 currency code for the Yugoslavia New Dinar.
Yankee bonds
Foreign bonds denominated in U.S. dollars and issued in the United
States by foreign banks and corporations. These bonds are usually
registered with the SEC. Such as, bonds issued by originators with
roots in Japan are called Samurai bonds.
Yankee CD
A CD issued in the domestic market, typically New York, by a branch of
a foreign bank.
Yankee market
The foreign market in the United States.
Yard
Slang for one billion currency units. Used particularly in currency
trading, e.g., for Japanese yen since one billion yen equals
approximately US$10 million. It is clearer to say, "I'm a buyer of a yard
of yen," than to say, "I'm a buyer of a billion yen," which could be
misheard as "I'm a buyer of a million yen."
Year-end dividend
A special dividend declared at the end of a fiscal year that usually
represents distribution of higher-than-expected company profits.
Year-to-date (YTD)
The period beginning at the start of the calendar year up to the current
date.
Yellow sheets
Sheets published by the National Quotation Bureau that detail bid and
ask prices, plus those firms that are making a market in over-the-
counter corporate bonds.
Yen bond
Any bond denominated in Japanese yen currency.
Yield
The percentage return paid on a stock in the form of dividends, or the
effective rate of interest paid on a bond or note.
Yield advantage
The advantage gained by purchasing convertible securities instead of
common stock, which equals the difference between the rates of
return of the convertible security and the common shares.
Yield burning
A municipal bond financing method. Underwriters in advance
refundings add large markups on US Treasury bonds bought and held
in escrow to compensate investors while waiting for repayment of old
bonds after issuance of the new bonds. Since bond prices and yields
move in opposite directions, when the bonds are marked up, they
"burn down" the yield, which may violate federal tax rules and
diminishes tax revenues.
Yield curb
Applies mainly to convertible securities. Difference in current yield
between the convertible and the underlying common.
Yield curve
The graphic depiction of the relationship between the yield on bonds of
the same credit quality but different maturities. Related: Term
structure of interest rates. Harvey (1991) finds that the inversions of
the yield curve (short-term rates greater than long term rates) have
preceded the last five US recessions. The yield curve can accurately
forecast the turning points of the business cycle.
Yield curve option-pricing models
Models that can incorporate different volatility assumptions along the
yield curve, such as the Black-Derman-Toy model. Also called
arbitrage-free option-pricing models.
Yield curve strategies
Investments that position a portfolio to capitalize on expected changes
in the shape of the Treasury yield curve.
Yield differential/pickup
Mainly applies to convertible securities. Graph showing the term
structure of interest rates by plotting the yield of all bonds of the same
quality with maturities ranging from the shortest to the longest
available.
Yield equivalence
The interest rate at which a tax-exempt bond and a taxable security of
similar quality give the investor the same rate of return.
Yield ratio
The quotient of two bond yields.
Yield spread
The difference in yield between different security issues usually
securities of different credit quality.
Yield spread strategies
Investments that position a portfolio to capitalize on expected changes
in yield spreads between sectors of the bond market.
Yield to average life
A yield calculation in which bonds are retired routinely during the life of
the issue. Since the issuer buys its own bonds on the open market
because of sinking fund requirements, if the bonds are trading below
par, this action provides automatic price support for these bonds and
they will usually trade on a yield to average life basis.
Yield to call
The percentage rate of a bond or note if the investor buys and holds
the security until the call date. This yield is valid only if the security is
called prior to maturity. Generally bonds are callable over several
years and normally are called at a slight premium. The calculation of
yield to call is based on coupon rate, length of time to call, and market
price.
Yield to maturity
The percentage rate of return paid on a bond, note, or other fixed
income security if the investor buys and holds it to its maturity date.
The calculation for YTM is based on the coupon rate, length of time to
maturity, and market price. It assumes that coupon interest paid over
the life of the bond will be reinvested at the same rate.
Yield to warrant call
Applies mainly to convertible securities. Effective yield of usable or
synthetic convertible bonds determined against the first date at which
the warrants can be called.
Yield to warrant expiration
Applies mainly to convertible securities. Effective yield of usable
convertible bonds determined by the expiration date of the applicable
warrants.
Yield to worst
The bond yield computed by using the lower of either the yield to
maturity or the yield to call on every possible call date.
Yo-yo stock
A highly volatile stock that moves up and down like a yo-yo.