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Large Cap, Mid Cap, Small Cap

Terms used to describe a company’s size and market value (market capitalization).

Late Payment of Interest on Bonds

nvestors sometimes complain to the SEC staff about late payments of interest owed to them on their bonds. The SEC, however, does…

Liability/Debt

An amount owed to a person or organization for borrowed funds. Loans, notes, bonds, and mortgages are forms of debt. These different forms all call for borrowers to pay back the amount they owe,…

Lifecycle Funds

A diversified mutual fund that automatically shifts towards a more conservative mix of investments as it approaches a particular year in the future, known as its "target date." A lifecycle fund…

Limit Orders

A limit order is an order to buy or sell a security at a specific price. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit…

Liquidity (or Marketability)

Liquidity generally refers to how easily or quickly a security can be bought or sold in a secondary market. Liquid investments can be sold readily and without paying a hefty fee to get money when it…

Listing Standards

Before a company’s stock can begin trading on an exchange, the company must meet certain minimum financial and non-financial requirements, or "initial listing standards." Initial listing standards…

Load

The amount that investors pay when they buy (front-end load) or redeem (back-end load) shares in a mutual fund, similar to a commission. The SEC's rules do not limit sales loads a fund may charge,…

London Interbank Offered Rate (LIBOR)

The interest rates banks charge each other for short-term loans. LIBOR is frequently used as the base for resetting rates on floating-rate securities.

Lost and Stolen Securities Program

Congress directed the establishment of the Lost and Stolen Securities Program (LSSP) to curtail trafficking in lost, stolen, missing, and counterfeit securities certificates.  Rule 17f-1 under the…

Lost or Stolen Stock Certificates

Brokerage firms, banks, transfer agents and corporations have procedures in place to help investors replace lost or stolen certificates. If your securities certificate is lost, accidentally…

Lump Sum Payment

A payment of a sum of money at one time, such as an inheritance.