Gross parity

GROSS PARITY - Applies mainly to convertible securities and international equities. Antithesis of net p...
GROSS PAY - employee salary prior to the application of taxes and other deductions.

Antithesis of gross parity.
Convertibles: Price of a convertible security including accrued interest.
International: Price of international security including commissions, fees, stamp duty, and other transaction costs, translated into U.S.

Net parity Antithesis of gross parity.
Convertibles: Price of a convertible security including accrued interest.

Discount Convertible: Difference between gross parity and a given convertible price. Most often invoked when a redemption is expected before the next coupon payment, making it liable for accrued interest. Antithesis of premium.

See: Gross parity, net parity. (4) For futures, excess of fair value of future over the spot index, which in theory will equal the Treasury bill yield for the period to expiration minus the expected dividend yield until the future's expiration.

See also: Convertible securities, Inside market, Banks, Stock symbol, Funding