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Area where received electronic messages are stored.


Large-scale computer normally used to process large volumes of data and electronic transactions like bank and airline-company transactions. Over time, manufacturers updated many of the mainframe’s basic characteristics, reducing its size and installation requirements (previously, they needed entire rooms with special conditions); with the rise of the concept of decentralized processing, or client/server, its operating systems were updated to be able to function as large servers for corporate networks, primarily in situations where security is a serious concern and needs to be readily available.

Majority Stockholders

The name given to the stockholders who own a quantity of shares with voting rights that gives them the share control of a company.

Management Fee

Amount paid by the shareholders of a fund to the manager as compensation for the services rendered.

Market Agent

In the case of an individual: one that operates in the financial and capital markets providing services to investors (broker, analyst, portfolio manager, autonomous agent, among others). In the case of a firm: Institutions that directly or indirectly have dealings with the financial and capital markets (banks, brokers, trade associations, stock exchanges, regulators, among others).

Market of Swaps

Swap contracts can include exchanging currencies, interest rates, or commodities. An interest rate swap can be used to transform a floating rate into a fixed rate, and vice versa. A currency swap can be used to transform a loan in foreign currency into one of another currency. It is a sophisticated operation and because of this it is the treasury departments of banks and investment fund managers who are the ones that most use the swap market. The idea is that two investors make investments that are "married" so that on the expiration date they will serve as protection of the money or even as speculation to increase capital.

Market Value

The value that a holder would receive for an asset if that asset were to be sold at today‘s date on the market.

Maturity Date of Option

The day that the right of an option ceases.


Minimum billing increments.


Multimedia communication service.


Means whereby information is perceived, expressed, transmitted or stored. This term alone should be avoided, and the context in which it is intended should always be identified. Humans perceive basically six types of media: text, print, image or figure (static, unmoving), sound, video (moving image) and animation (moving design).


Measurement unit of the transmission speed of digital information that corresponds to 1,024 Kb per second.


The process by which two or more companies join to form a new company, which will succeed the original companies in their rights and obligations.

Metro Ethernet

Use of ethernet networks for geographically spread-out metropolitan areas.

Minority Stockholders

Those who holds a non-significant amount of stock in a company.


Multichannel multipoint distribution service. System for signal distribution and communication used by pay-TV operators. MMDS uses higher frequencies, greater than 2 GHz, to send programming to subscribers’ homes through small land antennas for signal diffusion, which is different from the DBS or DTH systems that transmit directly from earth-orbiting satellites.


Multimedia message service - a service that combines text, image and sound, used in GPRS and 3G networks.


Equipment used to send data between two points by way of telephone line. The modem receives data through a serial port, modulates it (converts it from digital to analog) and then recovers it.

Monetary Base

Name given to the sum of currency in circulation in the country plus demand deposits with the monetary authorities.


Term given for extending the deadline for paying a debt granted by the creditor to his debtor. It can also be a unilateral declaration by the government that it will not honor its debts at maturity of the contracts.

Mortgage Note

A credit instrument issued by authorized institutions backed by a lien on mortgage loans and providing direct credit for its nominal value, adjusted for inflation, and determined interest.

MP 449

Provisional Measure No. 449 of December 3, 2008 in Brazil that by force of law established the Transitory Tax Regime for calculating taxable income, which addresses tax adjustments resulting from new accounting methods and criteria introduced by Law No. 11,638 and introduce certain changes to the Corporate Law. Provisional Measure No. 449 was converted into Law No. 11,941 on May 27, 2009.


Acronym for Monetary Policy Committee (COPOM in Portuguese). In Brazil this committee was set up on June 20, 1996 with the aim of establishing monetary policy guidelines and setting the basic interest rate. The Monetary Policy Committee decides on the Selic rate target that should apply in the period between its meetings.


Mobile termination rate for use of the operator’s cellular network that the fixed-line phone operator pays for a call from a fixed-line to a mobile phone (connection rate).

Multiple Access

Multiple calls sharing the same equipment.

Mutual Investiment Fund In Emerging Companies

Set up in the form of closed-end fund, it is a pooling of resources to be invested in a diversified portfolio of securities issued by emerging companies.

Mutual Stock Fund

Set of resources managed by a distributor of securities, broker, investment bank, or multiple service bank with an investment portfolio that invests in a diversified portfolio of stocks, distributing the results to the stockholders in proportion to the number of shares held.

Mutual Stock Fund – Open Porfolio

Set up in the form of an opened or closed-end fund, it is a pooling of resources to be invested in a diversified portfolio of securities. It should maintain on a daily basis at least 51% of its equity invested in shares issued by open capital companies, stock options, stock indexes, and options on stock indexes.


The MVNO is a wireless communications services provider that does not own a network or frequencies, so it uses the network of another provider