WORD OF THE DAY: RESIDUAL - a term used to mean any of the following: (1) For sequential-pay CMO structures, a residual tranche is the CMO tranche that receives the excess cash flow that remains after all of the payments due to ... More
1. ) A lower limit for a variable, such as the lower limit on an interestrate paid or received in a transaction. It can also mean the area of an organized exchange where securities are traded. Customer orders are transferred to the floor, where they are executed by members of the exchange.
Fund Letters
