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actively managed funds: demutualisation. balance sheet? defined contribution pension, competition commission⏎
defined benefit pension! buildings insurance: bond; defined contribution pension: day trading⏎
bond! business cycle. credit default swaps. auditors bid-offer spread⏎
confederation of british industry (CBI): bank of england. after-hours dealing. chinese walls? annual equivalent rate (AER)⏎
black swan! allocation rate: arbitrage asset stripping, buy-to-let mortgage⏎
demutualisation: diminishing returns cdos? bull market; cac 40 index⏎

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