TEFRA Definition

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TEFRA is Tax Equity and Fiscal Responsibility Act of 1982.

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INVESTORS' COMPENSATION SCHEME is a statutory scheme operated by the UK Securities and Investment Board to give individual investors up to £48,000 protection if an authorized investment business collapses.

FUTURES CONTRACT is an agreement to buy or sell a specific amount of a commodity or financial instrument at a specified price on a specified future date. Futures con­tracts are traded on a commodity exchange and used both for speculation and hedging.

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