| Asset | Something of value that can be owned; a financial claim or property that serves as a store of value.
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| Asset-backed securities | Shares in the returns or payments arising from a specific asset or pool of assets, such as home mortgages or student loans.
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| Bond market | A financial market in which debt instruments with a maturity of more than one year are traded.
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| Centralized exchange | A financial market in which financial instruments are traded in a single physical location.
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| Collateral | Assets pledged to pay for a loan in the event that the borrower doesn't make the required payments.
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| Counterparty | The person or institution that is on the other side of a financial contract.
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| Debt market | A financial market where bonds, loans, and mortgages are traded.
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| Derivative instrument | A financial instrument, such as a futures contract or an option, whose value and payoff are "derived from" the behavior of underlying instruments.
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| Direct finance | Financing in which borrowers sell securities directly to lenders in the financial markets.
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| Equity market | A financial market where stocks are bought and sold.
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| Financial institutions | Firms, such as banks and insurance companies, that provide access to the financial markets, both to savers who wish to purchase financial instruments directly and to borrowers who want to issue them; also known as financial intermediaries.
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| Financial instrument | The written legal obligation of one party to transfer something of value (usually money) to another party at some future date, under certain conditions.
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| Financial market | The part of the financial system that allows people to buy and sell financial instruments quickly and cheaply.
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| Indirect finance | An institution like a bank stands between the lender and the borrower, borrowing from the lender and providing the funds to the borrower.
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| Liability | Something you owe.
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| Money market | A market in which debt instruments with a maturity of less than one year are traded.
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| Over-the-counter (OTC) market | A financial market in which trades occur through networks of dealers connected together electronically.
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| Portfolio | A collection or group of investments held by a person or company.
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| Primary financial market | A financial market in which a borrower obtains funds from a lender by selling newly issued securities.
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| Secondary financial market | A financial market in which previously issued securities are bought and sold.
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| Specialists | Individuals who oversee the trading of individual stocks in a centralized exchange.
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| Underlying instrument | A financial instrument used by savers/lenders to transfer resources directly to investors/borrowers; also known as a primitive security.
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