What Is an Itemized Statement? An itemized statement is a document issued by a financial institution, such as a bank, credit card company, or brokerage firm, to its customers detailing all account activity for a specific period. Statements can be issued in paper form and mailed to a customer, but are commonly sent electronically and
What Is the Iterated Prisoner’s Dilemma? The iterated prisoner’s dilemma is an extension of the general form except the game is repeatedly played by the same participants. An iterated prisoner’s dilemma differs from the original concept of a prisoner’s dilemma because participants can learn about the behavioral tendencies of their counterparty. The iterated prisoner’s dilemma
What Are Ithaca HOURS? The Ithaca HOUR is a local currency issued and used in Ithaca, NY. It is designed to encourage patronage of local businesses in Ithaca and surrounding communities and to prevent that money from leaving the local economy. The value of one HOUR is pegged at $10 and is a time-based currency
What Is an Individual Transfer Quota (ITQ)? An Individual Transfer Quota (ITQ) is a quota imposed on individuals or firms by a governing body that limits the production of a good or service. If the holder of a quota does not produce the maximum amount as set out by the quota, they may transfer the
What Is iTraxx? iTraxx is a group of international credit derivative indices that investors can use to gain or hedge exposure to the credit markets underlying the credit derivatives. The credit derivatives market that iTraxx provides allows parties to transfer the risk and return of underlying assets from one party to another without actually transferring
What Are the iTraxx LevX Indexes? The iTraxx LevX are a pair of two tradable indexes that hold credit default swaps (CDSs) representing a diversified basket of the 40 (formerly 35) most liquid European companies that have tradable debt offerings in the secondary market. The LevX indices track what are known as leveraged loan credit
What Is Implied Volatility (IV)? The term implied volatility refers to a metric that captures the market’s view of the likelihood of changes in a given security’s price. Investors can use implied volatility to project future moves and supply and demand, and often employ it to price options contracts. Implied volatility isn’t the same as
Ivan Boesky is a renowned American arbitrageur who came to epitomize the motto “greed is good” during the financial excess of the 1980s. A major player in the hostile takeover and junk bond craze, his words partly inspired the fictional character Gordon Gekko in Oliver Stone’s movie, Wall Street. In 1987, Boesky was sentenced to
What Is an Implied Warranty of Habitability? An implied warranty of habitability is an unstated guarantee that a rental property meets basic living and safety standards before occupation and will continue to meet them for the duration of the occupancy. It only applies to leases or rentals for residential properties, not commercial properties, as tenants
What Is an Interest Shortfall? An interest shortfall is the accrued interest due that remains after a borrower has made their monthly payment. This can lead to negative amortization on some adjustable rate loans. Negative amortization is a financial term referring to an increase in the principal balance of a loan caused by a failure to cover
