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HMRC internal manual

VAT Finance Manual

Glossary of terms: M

Management Buy Out (MBO) Involves all or part of the share capital of a company being acquired by its own directors/senior executives.
Mandatory Quote Period The period of time Monday to Friday when all registered market makers in a security must display their prices. For SEAQ the period is from 8.30am - 4.30pm, and for SEAQ International, 9.30am - 3.30pm.
Margin Payment The amount deposited with the Clearing House in a futures trade to provide protection to both parties.
Market Maker A London Stock Exchange member firm which is obliged to offer to buy and sell securities in which it is registered throughout the mandatory quote period.
Also a foreign exchange dealer who quotes buy and sell prices in each currency.    
  Marking Name Fees UK residents owning American or Canadian shares often use a company who act as a ‘recognised marking name’ (normally the registered holder of the security - to whom dividends are sent). The recognised marking name receives (collects) dividends and pays them out to the appropriate holders of the shares, charging a fee for this service.
  Member Firm A trading firm of the London Stock Exchange which may deal in shares on behalf of its clients or on behalf of the firm itself.
  Mezzanine Finance The provision of second stage financing to new businesses.
  Mid Price The price half-way between the two prices shown in the Daily Official list under ‘Quotation’, or the average of both buying and selling prices offered by the market makers. The prices found in newspapers are normally the mid-price.
  Minimum Lending Rate The lowest rate of interest at which the Bank of England will lend to other British banks.
  Minimum Quote Size (MQS) The minimum number of shares in which market makers are obliged to display prices on SEAQ for securities in which they are registered.
  Money At Call Loans made by banks, usually to other banks or financial institutions, which are repayable on demand.
  Money brokers Agents in the Money Market who match those who have money with those who need money.
  Money Market A market consisting of financial institutions and dealers in money and credit who either want to lend or borrow money.
  Mortgage The conveyance of a legal/equitable interest in property as security for a debt (e.g. a loan).