Mark Berch:Duration matching strategy

Split-fee option
An option on an option. The buyer generally executes the split fee with first an initial fee, with a window period at the end of which (upon payment of a second fee) the original terms of the option may be extended to a later predetermined final notification date.

S Corporation
A corporation that elects not to be taxed as a corporation. That is, the corporation does not directly pay federal income tax on its earnings. Similar to a partnership, it passes its income or losses and other tax items on to its shareholders.

T+3
The settlement date for securitiestransactions such as a stock sale. It refers to the obligation in the brokerage business to settle securities trades by the third day following the trade date. The settlement occurs when the seller receives the sales price (the broker's commission) and the buyer receives the shares.

Mark Berch:Duration matching strategy
An immunization technique that matches assetduration with the duration of the liabilities.

Lehman Brothers Government Bond Index
A benchmarkindex made up of the Treasury Bond Index and the Agency Bond Index as well as the 1-3 Year Government Index and the 20+ Year Treasury Index.

Automated Export System
Electronic filing of Shippers Export Declaration (SEDs) with US Customs prior to departure. Mark Berch

Passive investment strategy
See: Passive investment management.