PICKUP Definition

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PICKUP, in securities, is the higher yield obtained in a swap transac­tion-that is, the improved yield on the item being purchased relative to the selling yield on the security being liquidated.

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BASIS POINTS is 0.01% in yield. For example, in increasing from 5.00% to 5.05%, the yield increases by five basis points.

E&O INSURANCE is an errors and omissions, or E&O, liability policy (often called malpractice insurance) covers liability for negligent acts, errors and omissions committed by professionals, including physicians, accountants, lawyers, etc.

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