What Is an Irrevocable Letter of Credit (ILOC)? An irrevocable letter of credit (ILOC) is an official correspondence from a bank that guarantees payment for goods or services being purchased by the individual or entity, referred to as the applicant, that requests the letter of credit from an issuing bank. An irrevocable letter of credit
What Is the ILS? ILS is the international three-letter abbreviation for the Israeli new shekel, the currency of Israel since 1986. The new shekel replaced the hyper-inflated original shekel at a ratio of 1000 to 1. At the time, it was identified by the abbreviation NIS to distinguish it from the old shekel. As of
What Is an Imbalance of Orders? An imbalance of orders exists when there are too many orders of a listed security that cannot be fully matched by the opposite order on an exchange. This applies to either buy, sell, or limit orders. An imbalance of orders is also referred to as an “order imbalance.” Key Takeaways An
What Is the International Monetary Fund (IMF)? The International Monetary Fund (IMF) is an international organization that promotes global economic growth and financial stability, encourages international trade, and reduces poverty. Quotas of member countries are a key determinant of the voting power in IMF decisions. Votes comprise one vote per 100,000 special drawing rights (SDR)
What Is the International Monetary Market? The International Money Market or IMM is a division of the Chicago Mercantile Exchange (CME) that deals with the trading of currency and interest rate futures and options. Trading on the IMM started in May 1972, when the CME and the IMM merged. International Monetary Market Explained The IMM
What Is an Immediate Beneficiary? An immediate beneficiary, commonly referred to as a primary beneficiary, refers to any individual or organization that receives immediate benefits from a trust’s assets. Similarly, it also describes which parties get an immediate benefit from any charitable gift-giving. The most basic type of immediate beneficiary in this case is a
What Is Immediate Family? Most of us know how we define “immediate family” in our own minds, but our views of the matter may not matter when it comes to its definition in the fine print of legal documents or company policies. The definition of an immediate family can affect whether a person can use
What Is an Immediate or Cancel Order (IOC)? An immediate or cancel order (IOC) is an order to buy or sell a security that attempts to execute all or part immediately and then cancels any unfilled portion of the order. An IOC order is one of several “duration,” or time in force orders, that investors
What Is an Immediate Payment Annuity? An immediate payment annuity is a contract between an individual and an insurance company that pays the owner, or annuitant, a guaranteed income starting almost immediately. It differs from a deferred annuity, which begins payments at a future date chosen by the annuity owner. An immediate payment annuity is
What Is Immunity? Immunity is an exemption from a legal requirement, prosecution, or penalty granted by statute or government authorities. Key Takeaways Immunity is an exemption from a legal requirement, prosecution, or penalty granted by government authorities or statute.The main types of immunity are witness immunity, public officials immunity from liability, sovereign immunity, and diplomatic
