SPECIAL MEMORANDUM ACCOUNT Definition

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SPECIAL MEMORANDUM ACCOUNT (SMA) is a sub-account of a margin account for excess equity. It can be withdrawn or used to buy more securities.

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RATE BASE is the value of a regulated public utility and its operations as defined by its regulators and on which the company is allowed to earn a particular rate of return.

NEGOTIABLE CERTIFICATE OF DEPOSIT is a security generally issued in increments of $1 million and, if created in good delivery form, salable in the national market through a securities dealer or a bank investment depart­ment prior to maturity.

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