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San Leandro Investment Policy Statement Page 13 of 13 <br /> Appendix B (continued) <br /> Glossary of Technical Terms <br /> Secondary Dealer- Securities dealers who purchase and sell securities that have been <br /> previously issued. <br /> Secondary Market — The market where securities are purchased and sold after they <br /> have been issued. <br /> Securities and Exchange Commission (SEC) — A federal agency created by <br /> congress to protect investors in securities transactions by administering securities <br /> legislation. <br /> Treasury Bills (T-Bills) — A non-interest bearing discount security issued by the U.S. <br /> Treasury to finance the national debt. Most bills are issued to mature in three months, <br /> six months or one year. <br /> Treasury Bonds — Long-term coupon-bearing U.S. Treasury securities having initial <br /> maturities of more than ten years. <br /> Treasury Notes — Medium-term coupon-bearing U.S. Treasury securities having initial <br /> maturities of two to ten years. <br /> Uniform Net Capital Rule — Securities and Exchange Commission requirement that <br /> member brokers and dealers maintain a maximum ratio of indebtedness to liquid capital <br /> of fifteen to one. Indebtedness includes all money owed to other entities including loans <br /> and commitments to purchase securities. Liquid capital includes cash and other assets <br /> easily converted to cash. <br /> Yield — The rate of annualized income return on a security, expressed as a percentage <br /> of the security's purchase price. <br />