Glossary
Multilateral Trading Facility (MTF)
An electronic platform that aggregates and matches orders from multiple participants for the buying and selling of financial instruments (such as shares, bonds, and derivatives), providing an efficient and transparent trading mechanism outside regulated exchanges. In accordance with the Markets in Financial Instruments Act, it is organized and operated by an investment intermediary or market operator and is subject to licensing by the Financial Supervision Commission.
Multi-Level Marketing (MLM)
A business model in which independent distributors sell products and recruit other participants, earning commissions both from their own sales and from the sales of their network. It is also referred to as network marketing or direct selling. MLM can be a legitimate business model, where companies primarily focus on selling products to real consumers, maintain reasonable startup costs, and provide transparent information about potential earnings. More questionable MLM practices emphasize recruiting new participants rather than actual sales and often require significant purchases to maintain an “active” status. In such schemes, the vast majority of participants earn very little, and some even incur losses after deducting expenses.
Municipal Bonds
Debt securities issued by local authorities, often in connection with financing large infrastructure projects.
Municipality - glossary for children
An organization that manages a town and nearby villages, and provides important services such as schools, streets, and parks.
Mutual (Contractual) Fund
A type of collective investment scheme in which multiple investors pool their funds into a shared investment portfolio managed by a licensed management company. The fund does not have separate legal personality and operates on the basis of a contract between the management company and the investors, who own shares representing proportional participation in the fund’s assets. The pooled funds are invested in various assets such as stocks, bonds, money market instruments, and others, with the goal of achieving returns while spreading risk. Also referred to as common contractual fund.
Needs
Basic necessities without which a person cannot live a normal life. essential for survival, health, and everyday living. Examples include food, water, shelter, clothing, healthcare, education, and transportation to work.
Needs - glossary for children
The most essential goods and services that a person cannot live without, such as food, water, clothing, housing, medical care, and education.
Net Monthly Income
The disposable monthly income of an individual after deductions for mandatory social insurance contributions, taxes, and other statutory obligations.
Net Salary (Take-Home Pay)
The amount of salary that an employee actually receives for their work, after deducting the applicable taxes and social security contributions from the gross salary.
Partners
