• A run consists of a series of bid and asked quotes for different securities or maturities. Dealers give to and ask for runs from each other.

• A run consists of a series of bid and offer quotes for different securities or maturities. Dealers give to and ask for runs from each other.

 Embedded terms in definition
 Referenced Terms
 Bane: In the words of Warren Buffet, Bill Bane Sr., is, a great American and one of the last real traders around. I like to call him 'Salvo.' His wife, Carol, is a huge NASCAR fan, and in her own words delights in pulling the legs off central bankers. Cooper Bane, son number two, is a thriving artiste who specializes in making art that is much better than the stuff most folks are doing. Jackson, son number three, is a world renowned master chef and plans on opening a restaurant. Bill Bane Jr., son number one, plans on giving Mr. Monroe Trout a Run for his money. [Bill Bane, Jr. helped Professor Harvey put the hypertextual glossary together while an MBA student at Duke University.]

 Branch: A business Run by an MNC that is operated directly within a foreign country without incorporating; it is not separate from the parent, but part of the same entity.An operation in a foreign country incorporated in the home country.

 Daylight overdraft: Being overdrawn (OD) in a deposit account during some of a day's business hours. Foreign banks typically Run big daylight overdrafts with their U.S. correspondent bank. A daylight overdraft exposes the institution that extends it to a credit risk.

 Euro feds: Eurodollars transmitted over the Fed wire instead of through CHIPS. Normally Euro Feds move from a foreign branch of one U.S. bank to a foreign branch of another U.S. bank, for example, from Citi Nassau to Morgan London. Foreign banks use CHIPS, not the Fed wire, to pay and receive Euros because they may not Run daylight overdrafts at the Fed.

 Expense ratio: The percentage of the assets that were spent to Run a mutual fund (as of the last annual statement). This includes expenses such as management and advisory fees, overhead costs and 12b-1 (distribution and advertising) fees. The expense ratio does not include brokerage costs for trading the portfolio, although these are reported as a percentage of assets to the SEC by the funds in a Statement of Additional Information (SAI). The SAI is available to shareholders on request. Neither the expense ratio nor the SAI includes the transaction costs of spreads, normally incurred in unlisted securities and foreign stocks. These two costs can add significantly to the reported expenses of a fund. The expense ratio is often termed an Operating Expense Ratio (OER).

 Related Terms
 Commission run
Equity run
Long run
Off the run
Off the run issue
On the run
Short run operating activities

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