“Bank Identifier Code” (BIC) means the unique identification code given to all banks – internationally it is known as a SWIFT code “Benefit Statement” means a document giving details of the benefits accruing under a pension plan “Balloon Payment” means a material final payment due at the end of hire purchase or mortgage agreements “Balance Transfer” means the transfer of debt from one credit card to another “Balance of Trade” total exports less total imports of merchandise trade “Balance of Payments” total receipts less total costs of ALL economic activity “Back Testing” is a risk model calculation using historical data “Average Clause” describes a condition included in insurance policies that limits a potential claim where the asset is under-insured “At-The-Money Option” is an option where the strike price equals the price of the underlying asset “Asset Class” is a classification of securities that have similar characteristics “Arbitrageur” is an individual engaging in arbitrage “Arbitrage” a trading strategy that takes advantage of two or more securities being mispriced relative to each other “Approved Retirement Fund (ARF)” is a personal pension fund that continues to be invested as a lump sum after retirement “Annuity” means a contract with a life assurance company that will pay a guaranteed, regular pension income for life in return for a pension fund on retirement The APR is used to facilitate a comparison between different loan rates It takes account of all the costs involved over the term of the loan, such as any set-up charges and the interest rate. “Annual Percentage Rate” (APR) is the annual rate of interest charged on a loan. Compound Annual Rate (CAR) is normally used for investment products “Annual Equivalent Rate” (AER) is the interest on a savings account expressed as what it would be if the interest was compounded and paid out each year (instead of monthly or other period of time).
“Amortizing Swap” a swap where the notional principal decreases in a predetermined way as time passes “American Option” an option that can be exercised at any time during its life For example, an allocation rate of 97% means that for every €100 invested, €97 (97%) is actually used to buy units and €3 (3%) is taken in charges “Allocation Rate” is the amount of money that is used to buy units in a pension or other type of investment fund.
“Advisory Service” is a service where regulated firms provide financial advice to consumers in return for a fee All regulated firms must provide details of administration and other fees payable by consumers in advance “Administration Fee” is a fee payable to a financial services company for a service or product. MMPI will make reasonable efforts to advise you of disclosed third-party charges in advance. All such fees & charges, where applicable, are notifiable to you by the institution concerned. Where transactions are undertaken in currencies other than your home currency, additional currency-conversion fees may be charged. There may be additional costs or taxes payable by you (levied by banks insurance companies and/or other financial institutions) that are not paid by nor imposed by MMPI. MMPI is not market-facing in any of its activities and acts solely as a financial intermediary. Where payable, the MMPI Financial Advice Fee will be invoiced to you (including VAT as applicable) and will be payable by return. These arrangements will be advised to you in advance. banks, insurance companies, stockbrokers, etc.). * The MMPI Financial Advice Fee is determined in advance and will not become payable where MMPI receives compensatory referral fees from third-parties (e.g. N/A – MMPI does not handle irregular transactionsĬharge for carrying out instruction(s) on your behalf MMPI Standardised Costs for Retail Clients Popular NameĬharge for providing you with financial adviceĬharge for providing you with a statement of your affairsĬharge for providing you with a duplicate statement of your affairsĬharge for providing you with copies of legal documentsĬharge for referring matters to a Senior Manager in MMPIĬharge for issuing a stop-payment instructionĬharge for handling irregular transactions
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