標售利率型證券（auction-rate security; auction-rate securities）

* These securities have interest rates set by an auction process. If the auction fails (which it does when there are insufficient orders to purchase the securities), the interest rate is set at the maximum rate allowed per the offering documents, and this increase in the interest rate can cause the fair value of the security in question to decline if the maximum rate happens to be below prevailing market rates. In late 2007, the auction process failed in numerous instances and consequently led to such write-downs.(08-0370-A-Current Developments for Directors 2-28.indd)