Does anyone know what Bank of NY Mellon's EB DLs are?
ACWI refers to a fund that tracks the MSCI All Country World Index, which is  A market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world. The MSCI ACWI is maintained by Morgan Stanley Capital International, and is comprised of stocks from both developed and emerging markets.  The ex-US in the name implies exactly what it sounds; this fund probably invests in stock markets (or stock market indexes) of the countries in the index, except the US. Brd Mkt refers to a Broad Market index, which, in the US, means that the fund attempts to track the performance of a wide swath of the US stock market (wider than just the S&P 500, for example). The Dow Jones U.S. Total Stock Market Index, the Wilshire 5000 index, the Russell 2000 index, the MSCI US Broad Market Index, and the CRSP US Total Market Index are all examples of such an index. This could also refer to a fund similar to the one above in that it tracks a broad swath of the several stock markets across the world. I spoke with BNY Mellon about the rest, and they told me this: EB - Employee Benefit (a bank collective fund for ERISA qualified assets) DL - Daily Liquid (provides for daily trading of fund shares) SL - Securities Lending (fund engages in the BNY Mellon securities lending program) Non-SL - Non-Securities Lending (fund does not engage in the BNY Mellon securities lending program) I'll add more detail. EB (Employee Benefit) refers to plans that fall under the Employee Retirement Income Security Act, which are a set a laws that govern employee pensions and retirement plans. This is simply BNY Mellon's designation for funds that are offered through 401(k)'s and other retirement vehicles. As I said before, DL refers to Daily Liquidity, which means that you can buy into and sell out of the fund on a daily basis. There may be fees for this in your plan, however. SL (Securities Lending) often refers to institutional funds that loan out their long positions to investment banks or brokers so that the clients of those banks/brokerages can sell the shares short. This SeekingAlpha article has a good explanation of how this procedure works in practice for ETF's, and the procedure is identical for mutual funds: An exchange-traded fund lends out shares of its holdings to another party and charges a rental fee. Running a securities-lending program is another way for an ETF provider to wring more return out of a fund's holdings. Revenue from these programs is used to offset a fund's expenses, which allows the provider to charge a lower expense ratio and/or tighten the performance gap between an ETF and its benchmark.
&gt; … Sycamore lined up financing from **UBS Group AG, Bank of America Corp.’s Merrill Lynch, Deutsche Bank AG, Credit Suisse Group AG, Royal Bank of Canada, Jefferies Group LLC, Wells Fargo &amp; Co. and Fifth Third Bank. Merrill Lynch and Deutsche Bank** …  &gt; Staples, meanwhile, got financial advice on the deal from **Barclays Plc and Morgan Stanley** …   Any banks in the world missing? This depends on the practise and applications available with the Beneficiary Bank. For a corporate customer, the details are show. For Retail customers they are generally not shown. Basically, you answer client questions on the valuation, generally speaking the P/L values for liquid equities you won't have much problems with, however for credit is where all the fun is as its OTC especially OTC derivatives. You're gonna argue with a lot of hedge funds over CDS prices and illiquid credit.  Hedge fund A will call you: Yo, why are you booking a loss of -50 bps on bond X.  You: Our end market median price of (10 providers) @ 4pm is 101.5.  Hedge fun A: Post market its at 102.  You: Sorry, can't help you as the NAV is out at 4pm.  A lot of fund managers will rage at you guys over these things as it fucks up their NAV's.  disclaimer: I used to be in the position of hedge fund A. If this is true, can you explain to me how this deal came to originate itself?  My thoughts are like this:   Tim's looking to expand and grow their company and market share, looking to join or merge into a company.    RBC and Citi step in and help Tim's find the perfect pairing with respect to their priority as a company.  RBC and Citi then help Tim's sell themselves TO BK?  The real question is: since 3G Capital are really the ones that are pulling the strings on this deal, are they just outsourcing all the analysis work to Lazard JP and Wells Fargo?   P.S I would really like to know more on how deals like these are handled and who does the advising/analysis for who, and etc. There's a primer on valuing community banks by oddball Stocks, an investor who specializes in that kind of stuff. I can't link it cause I'm on my phone, but just search it up on Google and I'm sure you'll find it. you could try [FRED](http://research.stlouisfed.org/fred2/graph/?g=HO7), or maybe try the CME and ICE's websites for some decent data.. haven't looked just suggestions - pretty sure the symbol for the Libor futures is EM, you could approximate from that so long as it's not a doctoral thesis I doubt it, they never knew who those loans belonged to even a decade ago . .there is no way the underlying assets even if identifiable will be performing or marketable.  It was a simple bank fraud, where banks bundled up all their worthless shit in alphabet soup and the rating agencies rated it aaa and it blew up . . its still the same worthless shit "I've looked around for a while and found one at Broadway Federal Bank. I opened one up last year and will most likely be renewing it if the rates stay fairly competitive. Here are the features: I think it's a great alternative to a savings account because the ability to withdraw at any time defeats the purpose of ""saving"". By getting penalized to withdraw with this CD, you are discouraged from withdrawing and hence, actually save. The biggest downside is that they are a fairly small community bank and only have branches in Los Angeles. They also only have three branches in total and do not have ATM's that you can make deposits into aside from the ones outside of their branches.However, you can open an account online and and make electronic deposits. Hope this helps.I included their website below. www.broadwayfederalbank.com" That looks very much like an S&P 500 E-Mini index future.  However, ES1 is a strange symbol.  Futures have the month of expiry encoded in their symbol as well:  http://commodities.about.com/od/understandingthebasics/ss/futurescontract_3.htm For example, the September 2011 future in this series would be ESU1. I'm not very familiar with Bloomberg so perhaps this is the front contract (i.e. the one that's closest to expiry (in the is case the September 2011 one)). Only problem is that prices don't exactly match what CME has (high of 1190 and low of 1186.25, for when this page gets out of date):  http://www.cmegroup.com/trading/equity-index/us-index/e-mini-sandp500.html  - but they are so close I suspect it must be some sort of S&P 500 index future. "This is the best tl;dr I could make, [original](https://www.nytimes.com/2017/07/17/business/dealbook/student-loan-debt-collection.html) reduced by 85%. (I'm a bot) ***** &gt; Other large student lenders, like Sallie Mae, also pursue delinquent borrowers in court, but National Collegiate stands apart for its size and aggressiveness, borrowers&amp;#039; lawyers say.  &gt; National Collegiate&amp;#039;s beneficial owner, Mr. Uderitz, hired a contractor in 2015 to audit the servicing company that bills National Collegiate&amp;#039;s borrowers each month and is supposed to maintain custody of many loan documents critical for collection cases.  &gt; A random sample of nearly 400 National Collegiate loans found not a single one had assignment paperwork documenting the chain of ownership, according to a report they had prepared.   ***** [**Extended Summary**](http://np.reddit.com/r/autotldr/comments/6o3vdd/student_loan_forgiveness_due_to_lost_paperwork/) | [FAQ](http://np.reddit.com/r/autotldr/comments/31b9fm/faq_autotldr_bot/ ""Version 1.65, ~169942 tl;drs so far."") | [Feedback](http://np.reddit.com/message/compose?to=%23autotldr ""PM's and comments are monitored, constructive feedback is welcome."") | *Top* *keywords*: **Borrower**^#1 **loan**^#2 **National**^#3 **case**^#4 **Collegiate**^#5" &gt;Which one is Citibank  I literally *just* told you retard.   &gt;Those CEO's (including this prick) were responsible for it.   No they werent. CDO's / MBS's are *not* from depository banks. The financial institutions that are responsible for the financial crisis are primarily Lehman Brothers, Bear Stearns and AIG. AKA 2 *investment* banks and an insurance firm. So as I've said, you don't understand the difference between a depository bank and an investment bank.   You also have 0 idea on how a collateral works.   And again, tax payers didn't lose a single cent.   You're brainless. DB runs hedge funds that own stock in both companies, has a US bank that lends to both companies, has a US equity division that trades the stock of both companies, is a prime broker to hedge funds that own stock in both companies. They are also a lender to private equity firms that own transportation and logistics companies.   However, I agree with the point you are trying to make about a person heard from another person who heard from another person "I'm *really* surprised to see Schwab as ""only"" #5.. They don't specialize in ""niche"" ETFs, but for the core ""lazy portfolio"" style ETFs, I've always considered them neck-and-neck with Vanguard.  That said - There's nothing wrong with obscure players in the market!  I'd rather they had more exposure and therefore lower ERs, but the fact that something like $BBC *can* exist makes me sooo happy!  That's pretty much my personal ""ultra high risk"" basket in one convenient form!" "I don't understand what the D, to the right of APPLE INC, means. This means the graph below is for the ""D"". There is selection at top and you can change this to Minutes [5,20,60,etc], Day, Week [W], Month [M] I'm not understanding how it can say BATS when in actuality AAPL is listed on the NASDAQ. Do all exchanges have info on every stock even from other exchanges and just give them to end-users at a delayed rate? BATS is an exchange. A stock can be listed on multiple exchange. I am not sure if AAPL is also listed on BATS. However looks like BATS has agreement with major stock exchanges to trade their data and supplies this to trading.com" "After the passage of the Emergency Economic Stabilization Act of 2008 and the implementation of the Troubled Asset Relief Program, the creation of an entirely new Office of Financial Stability in the treasury, the Term Asset-Backed Securities Loan Facility, the Public-Private Investment Program and the Legacy Loans and Legacy Securities Program, the Supervisory Capital Assessment Program, and the Housing and Economic Recovery Act of 2008,  I find it remarkable that anyone can seriously think that the US government is not signalling, if not actually doing, *everything* it can short of nationalization to not allow a systemically important bank to collapse.  This is to say nothing about the coining of an entirely new institution, the ""Too Big To Fail"" bank or ""Systemically Important Financial Institution"" (SIFI).  BTW and FYI, [here](http://www.scribd.com/doc/10940608/0116TARP) is the CBO:  &gt;This is the first of CBO’s statutory reports on the TARP’s transactions. Through December 31, 2008, those transactions totaled $247 billion. [...][The] CBO estimates that the **subsidy cost** of those transactions (broadly speaking, the difference between what the Treasury paid for the investments or lent to the firms and the market value of those transactions) amounts to **$64 billion**."