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Partner
Business associate who shares equity in a firm.
Partnership
Shared ownership among two or more individuals, some of whom may, but do not necessarily, have limited liability with respect to obligations of the group.
Passive Bond
A bond without any interest yield.
Passive Management
A money management approach where the investor does not actively look for trading possibilities and therefore does not attempt to outperform the market. Opposite of active management.
Payment System
The system used to achieve settlement of the cash (funds) side of a securities transaction.
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