Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Arbitration of exchange
the simultaneous buying and selling of bills of exchange in different international markets, with the hope of profiting from the price difference of the currencies in those markets. See arbitrage; draft (i).
Chicago Board Options Exchange
The predominant organized marketplace in the United States for trading options. - Abbr. CBOE.
Exchange
n. 1. The act of transferring interests, each in consideration for the other. 2. The payment of a debt using a bill of exchange or credit rather than money. 3. An organization that brings together buyers and sellers of securities, commodities, and the like to promote uniformity in the customs and usages of merchants, to facilitate the speedy adjustment of business disputes, to gather and disseminate valuable commercial and economic information, and to secure to its members the benefits of cooperation in the furtherance of their legitimate pursuits. ( The best-known exchanges are stock, produce, livestock, cotton, and grain exchanges. 4. The building or hall where members of an exchange meet every business day to buy and sell for themselves, or as brokers for their customers, for present and future delivery. See SECURITIES EXCHANGE. - exchange, ub.
Exchange Act
See SECURITIES EXCHANGE ACT OF 1934.
New York Stock Exchange
An unincorporated association of member firms that handle the purchase and sale of securities both for themselves and for customers. 0 This exchange, the dominant one in the United States, trades in only large companies having at least one million outstanding shares. - Abbr. NYSE.
Reexchange
n. 1. A second or new exchange. 2. The process of recovering the expenses that resulted from the dishonor of a bill of exchange in a foreign country. 3. The expenses themselves.
Securities Exchange Act of 1934
The federal law regulating the public trading of securities. This law provides for the registration and supervision of securities exchanges and brokers, and regulates proxy solicitations. The Act also established the SEC. 15 USCA §§ 78a et seq. - Also termed Exchange Act; 1934 Act. This law provides for the registration and supervision of securities exchanges and brokers, and regulates proxy solicitations. The Act also established the SEC. 15 USCA §§ 78a et seq. - Also termed Exchange Act; 1934 Act.
Securities and Exchange Commission
The federal agency that regulates the issuance and trading of securities in an effort to protect investors against fraudulent or unfair practices. ( The Commission was established by the Securities Exchange Act of 1934. - Abbr. SEC.
american stock exchange
an organized stock exchange and self-regulating organization under the securities exchange act of 1934, located in new york city and engaged in national trading of corporate stocks. ( it often trades in the securities of young or small companies because its listing requirements are less strict than those of the new york stock exchange. - abbr. amex; ase.
bill of exchange.
See DRAFT (1).
dry exchange
Something that pretends to pass on both sides of a transaction, but passes on only on side Dry exchange seems to be a subtil term invents disguise usury, in which something is pretended to on both sides, whereas in truth nothing passes o: one side." Termes de la Ley 185 (1st Am. ed. 1812) DRY EXCHANGE . . . . A euphemism applied to coverture' or colouring' of the stringent statutes p~ during the tudor period against usury . . . . Usury, "was condemned by religion and law alike during middle ages, was from the middle of the 16th centui. longer to be confounded with the legitimate employs of capita
exchange broker
One who negotiates money or merchandise transactions for others.
exchange rate
The ratio for converting one country's money into another country's money. See FOREIGN EXCHANGE.
exchange ratio
The number of shares that an acquiring company must give for each share of an acquired company.
first of exchange.
Archaic. The first in a series of drafts (bills of exchange) drawn in duplicate or triplicate for safety in their delivery, the intention being that the acceptance and payment of any one of them, usu. the first to arrive, cancels the others in the set. first offender. See OFFENDER.
foreign bill of exchange
See foreign draft under DRAFT.
foreign exchange
1. The process of making international monetary transactions; esp., the conversion of one currency to that of a different country. 2. Foreign currency or negotiable instruments payable in foreign currency, such as traveler's checks.
foreign-exchange rate
The rate at which the currency of one country is exchanged for the currency of another country.
inland bill of exchange
See domestic bill (2) under BILL (6).
interinsurance exchange
See RECIPROCAL EX. CHANGE.
international bill of exchange.
See foreign draft under DRAFT.
letter of exchange
See DRAFT (1;
like-kind exchange
An exchange of trade, business, or investment property (except inventory or securities) for property of the same kind, class, or character. ( Such an exchange is not taxable unless cash or other property is received. IRC (26 USCA) § 1031.
listed security exchange
An organized secondary security market operating at a designated location, such as the New York Stock Exchange.
loan for exchange
A contract by which a lender delivers personal property to a borrower who agrees to return similar property, usu. without compensation for its use.
local-exchange carrier
Telecommunications law. An entity that provides telephone service, usu. on a local basis, through a local-exchange network. 47 USCA § 153(26). - Abbr. LEC. See LOCAL-EXCHANGE NETWORK.
local-exchange network
Telecommunications law. A system for providing telephone service on a local basis. ( A local-exchange network usu. consists of such elements as switches, local loops, and transport trunks, and capabilities such as billing databases and operator services. Switches are pieces of equipment that direct calls to the appropriate destination. Local loops are the wires that connect telephones to the switches. Transport trunks are the wires that carry calls from switch to switch. All the elements of a local-exchange network are often referred to as a bundle, and there are federal requirements that a local-exchange carrier who controls a local-exchange network permit competition by selling some access, including unbundled access, to its local-exchange network. 47 USCA § 251(c). See LOCAL-EXCHANGE CARRIER; UNBUNDLING RULES.
medium of exchange
Any commodity generally accepted as payment in a transaction and recognized as a standard of value <money is a medium of exchange>. See LEGAL TENDER.
par of exchange
The equality of a given sum of one country's currency and the like sum of money of a foreign country into which it is to be exchanged.
public-exchange offer
A takeover attempt in which the bidder corporation offers to exchange some of its securities for a specified number of the target corporation's voting shares. Cf. TENDER OFFER.
reciprocal exchange
An association whose members exchange contracts and pay premiums through an attorney-in-fact for the purpose of insuring themselves and each other. 0 A reciprocal exchange can consist of individuals, partnerships, trustees, or corporations, but the exchange itself is unincorporated. - Also termed interinsurance exchange; reciprocal insurance exchange; reciprocal interinsurance exchange. See reciprocal insurance under INSURANCE.
reciprocal insurance exchange
See RECIPROCAL EXCHANGE.
reciprocal interinsurance exchange
See RECIPROCAL EXCHANGE.
regional securities exchange
A securities exchange that focuses on stocks and bonds of local interest, such as the Boston, Philadelphia, and Midwest stock exchanges.
sale or exchange
1. Tax. A voluntary transfer of property for value (as distinguished from a gift) resulting in a gain or loss recognized for federal tax purposes. 2. A transfer of property; esp., a situation in which proceeds of a sale are to be vested in another estate of the same character and use.
securities exchange
1. A marketplace or facility for the organized purchase and sale of securities, esp. stocks. 2. A group of people who organize themselves to create such a marketplace. - Often shortened to exchange. - Also termed stock exchange.
set of exchange. Commercial law
A single bill of lading drawn in a set of parts, each of which is valid only if the goods have not been delivered against any other part. ( Bills may be drawn in duplicate or triplicate, the first part being "first of exchange," the second part being "second of exchange," and so on. When one part has been paid, the other parts become void.Setoff n. 1. A defendant's counterdemand against the plaintiff, arising out of a transaction independent of the plaintiff's claim. 2. A debtor's right to reduce the amount of a debt by any sum the creditor owes the debtor; the counterbalancing sum owed by the creditor. -Also written set-off. - Also termed (in civil law) compensation; stoppage. -
stock exchange
See SECURITIES EXCHANGE.
tax-free exchange
A transfer of property that the tax law specifically exempts from incometax consequences. ( For example, a transfer of property to a controlled corporation under IRC (26 USCA) § 351(a) and a like-kind exchange under IRC (26 USCA) § 1031(a).