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Tuesday, October 07, 2008
Fidelity To Join Treasury's Guarantee Program
Sue Chang
MarketWatch Pulse
SAN FRANCISCO -- Fidelity Investments's retail and institutional money market mutual funds will participate in the Temporary Guarantee Program offered by the Treasury Department, Fidelity said late Tuesday. "Even though it is highly unlikely that the insurance will be needed for any of our funds, we expect the program to reassure our investors that their money market funds will continue to provide safety and liquidity for their cash investments," said Fidelity. The Treasury's program, which is in effect for three months, provides coverage to shareholders for amounts that they held in participating funds as of Sept. 19.
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A specialist is a member of a stock exchange who works as an auctioneer for a specific stock and/or stocks. It can be an individual, partnership, corporation or group of firms.
The specialist works to maintain a "fair and orderly market" for respective stocks, matching up buyers and sellers by displaying the best "bid" and "ask" prices at its trading post. If buys are not equal to sells, the specialist evens the scale by buying or selling shares, accordingly. However, they cannot make their own transactions until all investor orders have been placed.
Gauging supply and demand, the specialist sets an opening price for the stocks in its domain. If a price has not been set by the time the market opens, the specialist can delay that particular stock's opening.
Specialists make money off the "spread," which is the difference between bid and ask prices on orders.
