Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

DAY TRADE

Buying and selling the same position the same day. AKA daylight trade.

DAY TRADER

A party that takes a position and sells it in the same day.

DAY TRADING

he process of actively buying and selling securities throughout the day but holding little or no open position at market close; the practice was initially popularized by the advent of ELEC- TRONIC

DAYBOOK

When data is entered on the day it occurs to be posted later in the ledgers.

DAYCOUNT

How the days for interest are decided. A month has 30 days and a year is 360 days. Actual 60 is the days in a month but a 360 day yar. An

DAY-END CLOSING

The way an accountant makes sure that day’s business is recorded in the correct day. It is a part of operations. Refer to monthend closing and yearend closing.

DAYLIGHT OVERDRAFT

An intraday LOAN created when a BANK transfers funds in excess of its balance held in a reserve account with the CENTRAL BANK. Overdrafts may also occur in the accounts of interbank

DAYLIGHT RISK

The RISK of loss arising from failure by a party to a contract to receive, within the same business day, cash or ASSETS after it has already delivered assets or cash to

DAYLIGHT SAVING TIME

Adjusting clocks forward to make working hours start early and end early. More daylight is left for business and spending.

DAYPART

The division of time in radio and tv. A 24 hour day is broken up into sectins. The radio times are as follows:The morning drive is 6am to 10am. Daytime is 10am

DAYS DATE

The date after a date by a set period. A bank must honor the draft against the letter of credit.

DAYS SIGHT

The date a bank must honor a draft against a letter of credit.

DE FACTO CORPORATION

A firm that isn’t de jure corporation. It can be treated as such due to promoters that attempt to incorporate.

DE FACTO DIRECTOR

A party that is not a de jure director but performs their duties. They are a director in law.A director that is not technically a director. They have the rights of the

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