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Financial Glossary

A complete Financial Glossary from one of the most respected names in the industry, Professor Campbell Harvey. 6,000 definitions and 15,000 internal links. Understand financial terms, clarify their meanings, explore the internal links and find out how these terms relate to each other.

Q

Fifth letter of a Nasdaq stock symbol specifying that it is in bankruptcy proceedings.

Q ratio or Tobin's Q ratio

Market value of a firm's assets divided by replacement value of the firm's assets. Named after James Tobin of Yale University.

Quadratic programming

Variant of linear programming in which the objective function is quadratic rather than linear. In portfolio selection, we often minimize the variance of the portfolio (which is a quadratic function) subject to constraints on the mean return of the portfolio.

Qualification period

A period of time during the first few months or weeks of a new policy when an insurance company will not reimburse a policyholder for a claim in order to allow the insurance company time to find any fraudulent information in the application.

Qualified Domestic Relations Order (QDRO)

A judgment, decree, or order that gives a pension plan participant access to retirement assets that must be used to pay an ex-spouse or dependent children.

Qualified endorsement

A signature on the back of a negotiable instrument transferring the amount to some other party but that includes wording that limits the endorser's liability.

Qualified opinion

An auditor's opinion expressing certain limitations of an audit.

Qualified plan or trust

A tax-deferred plan allowing employer and employee contributions that build up savings, which are paid out at retirement or on termination of employment. Tax is paid only when amounts are drawn from the trust.

Qualified retirement plan

A retirement plan established by employers for their employees that meets the requirements of Internal Revenue Code Section 401(a) or 403(a) and is eligible for special tax considerations. The plan may provide for employer contributions, as in a pension or profit-sharing plan, as well as employee contributions. Employers can deduct plan contributions made on behalf of eligible employees on the business's tax return as business expenses. Plan earnings are not taxed to the employee until withdrawn.

Qualified Terminable Interest Property Trust (Q-TIP)

A trust that allows a surviving spouse to receive income generated from the trust, while the actual distribution of the trust's assets is made to other beneficiaries such as the grantor's children.

Qualified total distribution

A payment representing an employee's interest in a qualified retirement plan. The payment must be prompted by retirement (or other separation from service), death, disability, or attainment of age 59-1/2. Payment can be in installments as long as the complete distribution is made within a single tax year.

Qualifying annuity

An annuity allowable as investment for a qualified plan or trust.

Qualifying share

Shares of common stock that a person must hold in order to qualify as a director of the issuing corporation.

Qualifying stock option

A benefit granted by a corporation that allows employees to purchase shares at a discount price.

Qualitative analysis

An analysis of the qualities of a company that cannot be measured concretely, such as management quality or employee morale.

Qualitative research

Traditional analysis of firm-specific prospects for future earnings. It may be based on data collected by the analysts, there is no formal quantitative framework used to generate projections.

Quality of earnings

Increased earnings due to increased sales and cost controls, as compared to artificial profits created by inflation of inventory or other asset prices.

Quality option

Gives the seller choice of deliverables in Treasury bond and Treasury note futures contracts. Also called the swap option. Related: Cheapest to deliver issue.

Quantitative analysis

An assessment of specific measurable securities or investment factors, such as cost of capital, value of assets; and projections of sales, costs, earnings, and profits. Combined with more subjective or qualitative considerations (such as management effectiveness), quantitative analysis can enhance investment decisions and portfolios.

Quantity risk

Occurs when the quantity of an asset to be hedged is uncertain.

Quality spread

Difference between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating. For instance, the difference between yields on Treasuries and those on single A-rated industrial bonds. Also called credit spread.

Quant

A person with numerical and computer skills who carries out quantitative analyses of companies.

Quantize

To convert an asset or liability into a currency other than the regular trading currency.

Quantitative analysis

An analysis of the mathematically measurable figures of a company, such as the value of assets or projected sales.

Quantitative research

Use of advanced econometric and mathematical valuation models to identify the firms with the best possible prospectives. Antithesis of qualitative research.

Quanto swap

See: Differential swap

Quantos

Currency options with a guaranteed exchange rate that enable buyers who like an asset, German bonds for example, but not the asset's pricing currency, to arrange payment in a different currency for a fee.

Quarter stock

Stock with a par value of $25 per share.

Quarterly

Occurring every three months.

Quarterly financing

February 15, May 15, August 15 and November 15, or next working day offerings of several "coupon" security issues. Quarterly issues currently consist of a 3-year note, a 10-year note, and a 30-year bond. The Treasury sometimes offers additional amounts of outstanding long-term notes or bonds, rather than selling new security issues. See: Reopening.

Quasi-public corporation

A corporation that is operated privately, but is supported by the government in its operations and that often traded publicly.

Quick assets

Current assets minus inventories.

Quick ratio

Indicator of a company's financial strength (or weakness). Calculated by taking current assets less inventories, divided by current liabilities. This ratio provides information regarding the firm's liquidity and ability to meet its obligations. Also called the Acid test ratio.

Quid pro quo

An arrangement allowing a firm to use research from another firm at no cost in exchange for executing all of its trades with the firm that provides the research.

Quiet period

Time period an issuer is "in registration" with the SEC and may not promote its forthcoming issue.

Quorum

The minimum number of people who must be present or must provide a proxy to vote at a meeting in order to make a valid decision.

Quotation

Highest bid and lowest offer (asked) price currently available on a security or a commodity.

Quotation board

The electronic board at a brokerage firm displaying prices other financial data.

Quote rule

Rule requiring market makers to publish quotations for any listed security when a quotation represents more than 1% of the aggregate trading volume for that security.

Receive fixed counterparty

The transactor in an interest rate swap who receives payments based on the fixed rate and makes payments based on the floating rate.

Quoted price

The price at which the last trade of a particular security or commodity took place.

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*Costs and expenses vary, and may include a sales load, deferred sales charge, and transaction fees. Each individual investor should consider the investment objectives, risks, and charges and expenses of the investment company before investing. The prospectus contains this and other information about the investment company. A prospectus can be obtained by calling or writing to StockCross Financial Services or the website of the fund family. Please read the Mutual Fund Disclosure and Prospectus carefully before investing.

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Investors should consider the investment objectives, risks, charges and expenses carefully before investing. The prospectus and, if available, the summary prospectus contain this and other information about the investment company.  To obtain a prospectus contact StockCross at 800.225.6196. Read the prospectus carefully before investing.

Options involve risk and are not suitable for all investors. Detailed information on our policies and the risks associated with options can be found in the StockCross Options Application and Agreement, Customer Agreement, and by downloading the Characteristics and Risks of Standardized Options, and 2012 Supplements from The Options Clearing Corporation, or by requesting a copy from StockCross free of charge. 

Margin trading involves interest charges and risks, including the potential to lose more than deposited or the need to deposit additional collateral in a falling market. The Margin Disclosure Statement and Agreement (PDF) is available for download, or by requesting a copy from StockCross free of charge. 

Testimonials may not be representative of the experience of other clients and are no guarantee of future performance or success.

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