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.
LETTER OF CREDIT (LOC) is a legal document issued by a buyer's bank that upon presentation of required documents payment would be made. Usually confirmed by the sellers bank, protection is given to the seller that payment will be made if the goods are shipped correctly, and protection is given to the buyer that the goods will be shipped before payment is made.
OBJECTIVITY, of an internal auditor, is dependent upon the organizational status of the internal audit function, whether the internal auditor has direct access and reports regularly to the board, the audit committee, or owner-manager, and who oversees internal auditor employment decisions.
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