It is also not about whether online buyers owe tax on their Net purchases.
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Central bank net purchases of any asset, or services for that matter, tend to create money.
The net purchases by central banks are a reversal from the not-too-distant past.
In September, net purchases of shares by investment trusts fell by more than 80% from their peak in March.
It's a low-margin but steady business: DTCC charges six-tenths of a cent per trade to net out purchases and sales.
The build-up in excess reserves reduced the money creation that would normally have accompanied net open market purchases of assets.
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This will be a big change of habit: according to Morgan Stanley, America's net Treasury-bond purchases, outside those by the finance industry, have been zero since 1992.
Free cash flow is calculated as GAAP net cash provided by operating activities less purchases of property and equipment and intangible assets.
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He wants new purchases to deliver operating margins (net before depreciation, interest and taxes) of 25% within four years.
However, this is a net figure: the gross figures might be purchases of foreign assets of 10% of GDP, and sale of British assets of 4% of GDP.
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But data from the Investment Company Institute, a mutual-fund trade group, show that net U.S.-stock mutual-fund purchases in March have been inconsistent and weak, raising questions about how enthusiastic the public really is.
Analysts said the initial spike in prices was due to purchases by government-backed local funds, which were net sellers over the past few months ahead of the election.
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