In December the Social Security Administration published a page illustrated explanation of the procedures it used to maintain Social Security records on the nation's covered workers. This booklet is a fascinating glimpse at the world of automated data processing circa the mids. The various pieces of equipment used in the processing of Social Security records are illustrated by "cutesy" drawings, which "personalize" in some way each of the major pieces of equipment. Interestingly, with the exception of the electronic "Brain," the equipment and procedures in use at the end of had changed very little from those first put in place in the Candler Building in the Fall of
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When used by academics, an arbitrage is a transaction that involves no negative cash flow at any probabilistic or temporal state and a positive cash flow in at least one state; in simple terms, it is the possibility of a risk-free profit after transaction costs. For example, an arbitrage opportunity is present when there is the possibility to instantaneously buy something for a low price and sell it for a higher price. In principle and in academic use, an arbitrage is risk-free; in common use, as in statistical arbitrage , it may refer to expected profit, though losses may occur, and in practice, there are always risks in arbitrage, some minor such as fluctuation of prices decreasing profit margins , some major such as devaluation of a currency or derivative. In academic use, an arbitrage involves taking advantage of differences in price of a single asset or identical cash-flows ; in common use, it is also used to refer to differences between similar assets relative value or convergence trades , as in merger arbitrage. The term is mainly applied to trading in financial instruments , such as bonds , stocks , derivatives , commodities , and currencies. Arbitrage has the effect of causing prices of the same or very similar assets in different markets to converge. If the market prices do not allow for profitable arbitrage, the prices are said to constitute an arbitrage equilibrium , or an arbitrage-free market.
What are US “Treasury zeros” (STRIPS)?
These would enable the RBNZ to restrict bank lending to borrowers seeking a lot of debt relative to their income. So, pretending we could fine tune for a particular set or groups comes with great challenge and implications. Asked whether he would consider giving the RBNZ DTIs on the condition they are only applied to investors, Robertson said that was one of the issues he was getting advice on.
Separate Trading of Registered Interest and Principal Securities STRIPS was created to provide investors with another alternative in the fixed-income arena that could meet certain investment objectives that were difficult to achieve using traditional bonds and notes. However, they are only available as single securities that pay both interest and principal. A new type of bond was eventually introduced that separated the repayment of the principal from the interest payments. The disadvantages of bearer bonds, such as the investor being unable to receive an interest payment if the coupon was lost or stolen, leading to issuing STRIPS in electronic book-entry form. As is stated in the acronym, STRIPS are simply bonds that have had the interest payments stripped away and sold separately, while the principal amount is still paid out at maturity.