MONEY MARKET CERTIFICATE is a security issued by commercial banks and savings and loan associations. Money market certificates pay a yield often based on the going Treasury bill rate. Interest rates on certificates normally remain fixed over their maturity and investors face an interest penalty for early withdrawal.
CASH SETTLEMENT, in short-term securities, is payment and delivery made on the same day as the trade date.
SUBORDINATED DEBENTURE, in securities, is a debt issue whose claim on assets is subordinated to that of general creditors in the event of a liquidation, as stated in the bond indenture.
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