BANK WIRE Definition

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BANK WIRE is an electronic message network developed by an association of banks to communicate information between members of the association. It speeds and facilitates the transfer of funds and reporting of security transactions, quotes the payment and nonpayment of items and gives credit information on individuals and organizations. Unlike the Fed Wire System, it is not used to send actual payments, but rather to inform banks in the association about the movement of certain funds affecting a particular bank's account.

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STRAPS is Stated Term Rate Auction Preferred Stock; issues having a fixed dividend rate, usually for three to five years. After this period, the security becomes an auction-rate preferred and the holder can sell the stock at par on the date of the first auction. STRAPs trade like and are com­pared to a short-term sinking fund preferred stock.

CONVERSION COSTS is Direct Labor + Manufacturing Overhead.

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