CME Term SOFR serves as global benchmark for new U.S. dollar lending. Replaces USD LIBOR for business loans and legacy LIBOR as fallback rate. As of April 2024, $5.7T in loans and $2.1T in OTC derivatives
Derivatives market trades financial instruments derived from other assets. Market divided into exchange-traded and over-the-counter derivatives. European derivatives market has €660 trillion notional amount
Saudi Aramco leads with $120.55 billion TTM net income as of November 2024. Six U.S. companies make up the top 10, with China and Saudi Arabia following. Net income is used as the primary measure of corporate success
Q4 is the last quarter of the financial year for corporations. Most companies follow calendar year, starting October 1 and ending December 31. Nike's financial year ends May 31, starting Q4 on March 1
Net debt-to-EBITDA ratio measures company leverage by dividing total debt minus cash by EBITDA. Ratio shows years needed to pay back debt with constant net debt and EBITDA. Can be negative if company has more cash than debt
Segregation separates individuals or groups from larger groups. Common in brokerage industry to prevent asset commingling. Became rule in securities industry late 1960s