M 

Fifth letter of a Nasdaq stock symbol specifying that the issue is the company's fourth class of preferred shares. 

Macaroni  defense 

A tactic used by a corporation that is the target of a hostile takeover bid involving the issue of a large number of bonds that must be redeemed at a higher value if the company is taken over. 

Macaulay duration (麦克雷久期）

The weighted-average term to maturity of the cash flows from a bond, where the weights are the present value of the cash flow divided by the price. 

Magic of diversification （多样化魔术）
The effective reduction of risk (variance) of a portfolio, achieved without reduction to expected returns through the combination of assets with low or negative correlations (covariances). 

Mail float （邮寄浮游量）
Time period that checks for payment spend in the postal system. 

Mail Transfer (M/T)（信汇）

Maintenance margin requirement (额外保证金要求）

A sum, usually smaller than but part of the original margin, that must be maintained on deposit at all times. If a customer's equity in any futures position drops to or below, the maintenance margin level, the broker must issue a margin call for the amount at money required to restore the customer's equity in the account to the original margin level. 

Majority-rule voting（少数服从多数投票制）

A method of electing corporate directors. where each common share held carries one vote for each director position that is open; also called statutory voting.

Make-up day(报表编制日)

Make a market （做市）

Dealers are said to make a market when they quote bid and offered prices at which they stand ready to buy and sell. 

Management buy-in (MBI)(外部管理层收购）

Management buy-out (MBO)(内部管理层收购）

A leveraged buyout (LBO) in which pre-buyout management ends up with a substantial equity position. 

Management fee (管理费）
An investment advisory fee charged by the financial adviser to a fund typically on the basis of the fund's average assets, but sometimes determined on a sliding scale that declines as the dollar amount of the fund increases. 

Management group(承销管理集团)

Managerial (real) option(实际期权（管理期权))

Management flexibility to make future decisions that affect a project's expected cash flows, life, or future acceptance. 

Managed floating (dirty floating)管理浮动(肮脏浮动)

Mandate(委托书)

Mandatory convertibles （强制转换证券）
A debt instrument that is exchangeable at some point for equity in the form of common stock or a new issue.

Mandatory redemption schedule （强制赎回计划）
Schedule according to which bond sinking fund payments must be made. 

Mandatory quoted period(强制报价时间)

Manipulation （操纵）

Dealing in a security to create a false appearance of active trading, in order to bring in more traders. Illegal. 

Manual Sign(手签)

Maple Leaf （枫叶）
A gold, silver, or platinum coin minted in Canada that usually trades at slightly more than its current bullion value. 

Margin（保证金）

Allows investors to buy securities by borrowing money from a broker. The margin is the difference between the market value of a stock and the loan a broker makes. 

Margin account (stocks) （保证金账户）

A leverageable account in which stocks can be purchased for a combination of cash and a loan. The loan in the margin account is collateralized by the stock; if the value of the stock drops sufficiently, the owner will be asked to either put in more cash, or sell a portion of the stock. Margin rules are federally regulated, but margin requirements and interest may vary among broker/dealers. 

Margin call （追加保证金）

A demand for additional funds because of adverse price movement. Maintenance margin requirement, security deposit maintenance. 

Marginal cost （边际成本）

The increase or decrease in a firm's total cost of production as a result of changing production by one unit. 

Margin of safety （安全边际）

With respect to working capital management, the difference between (1) the amount of long-term financing and (2) the sum of fixed assets and the permanent component of current assets. 

Marginal tax rate （边际税率）

The tax rate that would have to be paid on any additional dollars of taxable income earned. 

Marginal utility （边际效用）

The change in total satisfaction as a result of consuming one additional unit of a specific good or service. 

Markdown （减价）

The amount subtracted from the selling price of securities when they are sold to a dealer in the OTC market. Also, the discounted price of municipal bonds after the market has shown little interest in the issue at the original price. 

Mark-to-market （调至市价）

Adjustment of the book value or collateral value of a security to reflect current market value. 

Market auction rate preferred stock(市场拍卖利率优先股)

Market capitalization (资本总市值）

The total dollar value of all outstanding shares. Computed as shares times current market price. Capitalization is a measure of corporate size. 

Market maker （做市商）

Used in the context of general equities. One who maintains firm bid and offer prices in a given security by standing ready to buy or sell round lots at publicly quoted prices. 

Market-on-Close (MOC) order 

An order to trade stocks, options, or futures as close as possible to the market close. 

Market segmentation theory （市场分割理论）

A biased expectations theory that asserts that the shape of the yield curve is determined by the supply of and demand for securities within each maturity sector. 

Market timing （市场调整）

Asset allocation in which investment in the equity market is increased if one forecasts that the equity market will outperform T-bills and is decreased when the market is anticipated to underperform. 

Market-if-touched (MIT) 

A price order, below market if a buy or above market if a sell, that automatically becomes a market order if the specified price is reached. 

Market value（市场价值）

(1) The price at which a security is trading and could presumably be purchased or sold. (2) What investors believe a firm is worth; calculated by multiplying the number of shares outstanding by the current market price of a firm's shares. 

Marketability (or liquidity)(市场能力（流动能力）)

The ability to sell a significant volume of securities in a short period of time in the secondary market without significant price concession.

Marketplace price efficiency （市场价格效率）

The degree to which the prices of assets reflect the available marketplace information. Marketplace price efficiency is sometimes estimated as the difficulty faced by active management of earning a greater return than passive management would, after adjusting for the risk associated with a strategy and the transactions costs associated with implementing a strategy. 

Marking to market(盯市）

In future markets ,each trader's margin account is adjusted daily depending on how the price of the underwriting asset changes during the day. This procedure where gains and losses are accounted for daily is called  “Marking-to-market”.

Markowitz diversification （马克维茨分散化投资）

A strategy that seeks to combine in a portfolio assets with returns that are less than perfectly positively correlated, in an effort to lower portfolio risk (variance) without sacrificing return. Related: Naive diversification. 

Markowitz efficient frontier （马克维茨有效性边界）

The graphical depiction of the Markowitz efficient set of portfolios representing the boundary of the set of feasible portfolios that have the maximum return for a given level of risk. Any portfolios above the frontier cannot be achieved. Any below the frontier are dominated by Markowitz efficient portfolios. 

Matador market （斗牛士市场)

The foreign market in Spain. 

Match-fund （配合基金）

A bank is said to match-fund a loan or other asset when it does so by buying (taking) a deposit of the same maturity. The term is commonly used in the Euromarket. 

Matched book (轧平账）

A bank runs a matched book when the of maturities of its assets and liabilities is distribution equal. 

Matched maturities （到期日匹配）

The coordination by a financial institution of the maturities of its assets (loans) and liabilities (deposits) in order to enable it to meet its obligations at the required times. 

Matched  repos(轧平回购交易）

Matched  sale(轧平卖出）

Maturity(到期期限)

The life of a security; the amount of time before the principal amount of a security becomes due.

Maturity date (到期日)  

Usually used for bonds. Date that the bond finishes and is paid off. Date on which the principal amount of a note, draft, acceptance, bond, or other debt instrument becomes due and payable. 

Market Risk Premium（市场风险溢价）

Maximum price fluctuation （最大价格波动限制）

The greatest amount by which the contract price can change, up or down, during one trading session, as fixed by exchange rules in the contract specification.

Medium-term note (MTN)(中期债券)

A corporate or government debt instrument that is offered to investors on a continuous basis. Maturities range from nine months to 30 yean (or more). 

Membership or seat on an exchange（交易所的会员或席位）

A limited number of exchange positions that enable the holder to trade for the holder's own accounts and charge clients for the execution of trades for their accounts.

Merchant bank （商人银行）

A British term for a bank that specializes not in lending its own funds, but in providing various financial services such as accepting bills arising out of trade, underwriting new issues, and providing advice on acquisitions, mergers, foreign exchange, or `portfolio management. 

Merger(合并)

(1) Acquisition in which all assets and liabilities are absorbed by the buyer. (2) More generally, any combination of two companies. The firm's activity in this respect is sometimes called M&A (merger and acquisition) 

Mezzanine bracket（中层成员）

The members of an underwriting group with involvement large enough to be just below the top tier. 

Mezzanine financing （中楼融资）

The stage of financing that follows venture capital financing. 

Middle rate(中间汇率)

Minimum price fluctuation （最小价格波动限制）

Smallest increment of price movement possible in trading a given contract. Also called point or tick. 

Minimum-variance portfolio（最小方差资产组合）

Minimum quote size(最低报价股数）

Modern portfolio theory （现代资产组合理论）

Principles underlying the analysis and evaluation of rational portfolio choices based on risk-return trade-offs and efficient diversification. 

Money market(货币市场)

The market for short-term (less than one year original maturity) government and corporate debt securities. It also includes government securities originally issued with maturities of more than one year but that now have a year or less until maturity.

money market instruments(货币市场工具）

(Broadly defined). All government securities and short-term corporate obligations.

Money market mutual funds (MMFs)(货币市场共同基金)

Mutual funds that utilize pools of investors' funds to invest in large-denomination money market instruments. 

Money market preferred stock (MMP)(货币市场优先股)

Preferred stock having a dividend rate that is reset at auction every 49 days. 

Monetary policy（货币政策）

Mortgage-backed securities (MBS) （抵押担保证券）

Investment instruments backed by a pool of mortgage loans. 

Mortgage banker(抵押银行)

A financial institution 'that originates (buys) mortgages primarily for resale. 

Mortgage bond(抵押债券)

A bond issue secured by a mortgage on the issuer's property

Mortgage pass-through security （抵押转手证券）

Also called a pass-through, a security created when one or more mortgage holders form a collection (pool) of mortgages and sells shares or participation certificates in the pool. The cash flow from the collateral pool is "passed through" to the securityholder as monthly payments of principal, interest, and prepayments. This is the predominant type of MBS traded in the secondary market. 

Multicurrency clause （多元货币条款）

An agreement in the case of a Euro loan that permits the borrower to switch from one currency to another currency on a rollover date.

Multicurrency loans （多元货币贷款）

Give the borrower the flexibility of drawing a loan in different currencies. 

Multilateral netting(多边冲销）

Multinational company(跨国公司 )

A company that does business and has assets in two or more countries.

Municipal bonds(市政债券）

A municipal bond is a promissory note issued by a state or local government.

Mutually exclusive project(互斥方案)

A project whose acceptance precludes the acceptance of one or more alternative project.

Mutual funds(共同基金)

A agency to accumulate and manage the investors' capital.

Mutual offset system(相互对冲系统）