Industry WIKI

A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document. More specifically, it is a document contemplated by or consisting of a contract, which promises the payment of money without condition, which may be paid either on demand or at a future date. The term has different

A neobank is a type of direct bank that operates exclusively using online banking without traditional physical branches. In contrast to direct banks, in many cases, neobanks do not have their own banking licenses, and instead rely on partner banks. They typically have lower operational costs, which can sometimes result in lower fees and more competitive interest rates.

Net asset value (NAV) is the value of an entity's assets minus the value of its liabilities, often in relation to open-end, mutual funds, hedge funds, and venture capital funds. Shares of such funds registered with the U.S. Securities and Exchange Commission are usually bought and redeemed at their net asset value. It is also a key figure with regard to hedge funds and venture capital fu

In corporate finance, net operating profit after tax (NOPAT) is a company's after-tax operating profit for all investors, including shareholders and debt holders. NOPAT is used by analysts and investors as a precise and accurate measurement of profitability to compare a company's financial results across its history and against competitors.

Net volatility refers to the volatility implied by the price of an option spread trade involving two or more options. Essentially, it is the volatility at which the theoretical value of the spread trade matches the price quoted in the market, or, in other words, the implied volatility of the spread.

NextMedia Group was an out-of-home media company headquartered in Greenwood Village, Colorado. NextMedia owned and operated 33 AM and FM stations, 5,700 outdoor advertising display across several regions and markets, as well as an interactive division.

Nium is a Singapore-headquartered cross-border payments company. Initially founded by Prajit Nanu and Michael Bermingham, and launched as a consumer-remittance platform Instarem in 2014. In 2016, the company introduced its B2B payments platform and rebranded as Nium in 2019, subsequently elevating Pratik Gandhi to co-founder in 2021. However, Gandhi left Nium in October 2023, around the

"No Loan Again, Naturally" is the twelfth episode of the twentieth season of the American animated television series The Simpsons. It originally aired on Fox in the United States on March 8, 2009. "No Loan Again, Naturally" was written by Jeff Westbrook and directed by Mark Kirkland.

A non-banking financial institution (NBFI) or non-bank financial company (NBFC) is a financial institution that is not legally a bank; it does not have a full banking license or is not supervised by a national or international banking regulatory agency. NBFC facilitate bank-related financial services, such as investment, risk pooling, contractual savings, and market brokering. Examples

In finance, a non-deliverable forward (NDF) is an outright forward contract or futures contract in which counterparties settle the difference between the contracted NDF price or rate and the prevailing spot price or rate on an agreed notional amount. It is used in various markets such as foreign exchange and commodities. NDFs are also known as forward contracts for differences (FCD).

Nookazon () is a fan-made website that allows players of the 2020 video game Animal Crossing: New Horizons to trade and sell items in-game using their services. The website is named after Amazon, although it more closely resembles Craigslist and eBay.

Novalnet is a European payment service provider that provides e-commerce businesses with electronic and point-of-sale payment processing services. The Novalnet platform is designed to automate merchants' business processes across the e-commerce value chain, from checkout to debt collection.

An odd lotter is an investor who purchases shares or other securities in small or unusual quantities. Stocks are typically traded in increments of 100 shares, a quantity known as a round lot or board lot. The cost of 100 shares of a security may be beyond the means of an individual investor, or may represent a larger investment than the investor wishes to make. Thus, the investor purcha

Odeon Cinemas Limited, trading as Odeon (stylised in all caps), is a cinema brand name operating in the United Kingdom, Ireland, Norway and Greece, which along with UCI Cinemas, Cinesa and Nordic Cinema Group is part of the Odeon Cinemas Group subsidiary of AMC Theatres. It uses the famous name of the Odeon cinema circuit first introduced in Great Britain in 1930. As of 2016, Odeon is th

The Office of Financial Research (OFR) is an independent bureau reporting to the United States Department of the Treasury. Created in the aftermath of the 2008 financial crisis, the OFR monitors and collects data to identify risks across the financial system.

Oki Electric Industry Co., Ltd. (沖電気工業株式会社, Oki Denki Kōgyō Kabushiki-gaisha), commonly referred to as OKI (), is a Japanese information and communications technology company, headquartered in Toranomon, Minato-ku, Tokyo and operating in over 120 countries around the world.

Open outcry is a method of communication between professionals on a stock exchange or futures exchange, typically on a trading floor. It involves shouting and the use of hand signals to transfer information primarily about buy and sell orders. The part of the trading floor where this takes place is called a pit.

Open road tolling (ORT), also called all-electronic tolling, cashless tolling, or free-flow tolling, is the collection of tolls on toll roads without the use of tollbooths. An electronic toll collection system is usually used instead. The major advantage to ORT is that users are able to drive through the toll plaza at highway speeds without having to slow down to pay the toll. In some in

In financial markets, an option naming convention is a method of identifying which of many possible options is being quoted or traded.

In finance, the time value (TV) (extrinsic or instrumental value) of an option is the premium a rational investor would pay over its current exercise value (intrinsic value), based on the probability it will increase in value before expiry. For an American option this value is always greater than zero in a fair market, thus an option is always worth more than its current exercise value.

Option strategies are the simultaneous, and often mixed, buying or selling of one or more options that differ in one or more of the options' variables. Call options, simply known as Calls, give the buyer a right to buy a particular stock at that option's strike price. Opposite to that are Put options, simply known as Puts, which give the buyer the right to sell a particular stock at the

An order book is the list of orders (manual or electronic) that a trading venue (in particular stock exchanges) uses to record the interest of buyers and sellers in a particular financial instrument. A matching engine uses the book to determine which orders can be fully or partially executed.

Over-the-counter (OTC) or off-exchange trading or pink sheet trading is done directly between two parties, without the supervision of an exchange. It is contrasted with exchange trading, which occurs via exchanges. A stock exchange has the benefit of facilitating liquidity, providing transparency, and maintaining the current market price. In an OTC trade, the price is not necessarily pub

A pairs trade or pair trading is a market neutral trading strategy enabling traders to profit from virtually any market conditions: uptrend, downtrend, or sideways movement. This strategy is categorized as a statistical arbitrage and convergence trading strategy. Pair trading was pioneered by Gerry Bamberger and later led by Nunzio Tartaglia's quantitative group at Morgan Stanley in the

The Pan-African Payment and Settlement System (PAPSS) is a Pan-African real-time gross settlement (RTGS) infrastructure for cross-border payments in distinct local currencies. It was publicly launched on January 13, 2022 by the African Union (AU) and the African Export-Import Bank (Afreximbank) to compliment trading under the African Continental Free Trade Area (AfCFTA) with further roll

Pari passu is a Latin phrase that literally means "with an equal step" or "on equal footing". It is sometimes translated as "ranking equally", "hand-in-hand", "with equal force", or "moving together", and by extension, "fairly", "without partiality".

In finance, partial return reverse swap (PRRS) is a type of derivative swap, a financial contract that transfers a percentage of both the credit risk and market risk of an underlying asset, usually half, while also transferring all of the ownership liabilities for estate planning, tax purposes, and insider trading rules.

Participation banking is a name given to Islamic banks mainly in Turkey, as well as in the broader MENA region. There are participation banks in Turkey, Pakistan, Bangladesh, Indonesia, Saudi Arabia, Malaysia, the UAE and other Gulf countries.

Patron Capital Partners ("Patron") is a European private equity real estate fund with its main investment advisor, Patron Capital Advisers LLP based in London, United Kingdom. Patron Capital Partners represents approximately €4.0 billion of equity across several funds and related co-investments.

A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, payment instruments such as payment cards, people, rules, procedures, standards, and technologies that make its exchange possible. A payment system is an operational network which links bank accounts and provides for monetary exchange using bank dep

Payoneer Global Inc. is an American financial services company that provides online money transfer, digital payment services and provides customers with working capital.

PayPoint plc is a British company that provides multichannel payment and retail services across the United Kingdom. Founded in 1996, the company facilitates payments through a nationwide network of convenience stores and offers services including bill payment, mobile phone top-ups, parcel delivery and collection, and Open Banking integrations.

There are various types of Pensions in Armenia, including social pensions (granted to all individuals who reach the age of 63, both for laborers and not), mandatory funded pensions (a return on investment from mandatory funded pensions), or voluntary funded pensions (payments of supplementary pension collected over the years from income as well as insurance fees). Currently, Amundi-ACBA

Pepperstone is an Australian forex and CFD broker that provides trading services in forex, shares, commodities and other asset classes across multiple jurisdictions. The company was founded in 2010 in Melbourne, Australia, by Owen Kerr and Joe Davenport. The group operates internationally through regulated entities in jurisdictions including the UK, Germany, Cyprus, Kenya, Bahamas, and t

In economics, specifically general equilibrium theory, a perfect market, also known as an atomistic market, is defined by several idealizing conditions, collectively called perfect competition, or atomistic competition. In theoretical models where conditions of perfect competition hold, it has been demonstrated that a market will reach an equilibrium in which the quantity supplied for ev

In finance, perpetual futures, also known as perpetual swaps or colloquially as perps, are contract agreements to non-optionally buy or sell an asset at an unspecified point in the future. Perpetual futures are cash-settled, and they differ from regular futures in that they lack a pre-specified delivery date and can thus be held indefinitely without the need to roll over contracts as the

PetSmart is an American chain of pet superstores, which sell pet products, services, and small pets. As of 2020, PetSmart has more than 1,650 stores in the United States and Canada. PetSmart stores sell pet food, pet supplies, pet accessories, and small pets. Stores also provide services including grooming, dog daycare, dog and cat boarding, veterinary care via in-store third-party clin

Physical capital represents in economics one of the three primary factors of production. Physical capital is the apparatus used to produce a good and services. Physical capital represents the tangible man-made goods that help and support the production. Inventory, cash, equipment or real estate are all examples of physical capital.

Pacific Investment Management Company LLC (PIMCO) is an American investment management firm. While it has a specific focus on active fixed income management worldwide, it manages investments in many asset classes, including fixed income, equities and other financial assets across public and private markets. PIMCO is one of the largest investment managers, actively managing more than $2 t

Pin risk occurs when the market price of the underlier of an option contract at the time of the contract's expiration is close to the option's strike price. In this situation, the underlier is said to have pinned. The risk to the writer (seller) of the option is that they cannot predict with certainty whether the option will be exercised or not. So the writer cannot hedge their position

The Plaza Accord was a joint agreement signed on September 22, 1985, at the Plaza Hotel in New York City, between France, West Germany, Japan, the United Kingdom, and the United States, to depreciate the U.S. dollar in relation to the French franc, the German Deutsche Mark, the Japanese yen and the British pound sterling by intervening in currency markets. The U.S. dollar depreciated sig

Political interpretations of The Wonderful Wizard of Oz include treatments of the modern fairy tale (written by L. Frank Baum and first published in 1900) as an allegory or metaphor for the political, economic, and social events of America in the 1890s. Scholars have examined four quite different versions of Oz: the novel of 1900, the Broadway play of 1902, the Hollywood film of 1939, an

Polkadot is a decentralized, nominated proof-of-stake blockchain with smart contract functionality. The cryptocurrency native to the blockchain is the DOT.

In finance, a position is the amount of a particular security, commodity or currency held or owned by a person or entity.

A dual-currency note (DC) pays coupons in the investor's domestic currency with the notional in the issuer's domestic currency. A reverse dual-currency note (RDC) is a note which pays a foreign interest rate in the investor's domestic currency. A power reverse dual-currency note (PRDC) is a structured product where an investor is seeking a better return and a borrower a lower rate by tak

Precision marketing is a marketing technique that suggests successful marketing is to retain, cross-sell, and upsell existing customers.

In finance and mathematics, predictive modelling is the use of statistics to predict outcomes. Most often the event one wants to predict is in the future, but predictive modelling can be applied to any type of unknown event, regardless of when it occurred. For example, predictive models are often used to detect crimes and identify suspects, after the crime has taken place.

A preferential creditor (in some jurisdictions called a preferred creditor) is a creditor receiving a preferential right to payment upon the debtor's bankruptcy under applicable insolvency laws.

A price ceiling or price cap is a government- or group-imposed price control, or limit, on how high a price is charged for a product, commodity, or service. Governments impose price ceilings to protect consumers from conditions that could make commodities prohibitively expensive. Economists generally agree that consumer price controls do not accomplish what they intend to in market econo

Price discrimination, known also by several other names, is a microeconomic pricing strategy whereby identical or largely similar goods or services are sold at different prices by the same provider to different buyers, based on which market segment they are perceived to be part of. Price discrimination is distinguished from product differentiation by the difference in production cost for

A good's price elasticity of demand (

The Price Revolution, sometimes known as the Spanish Price Revolution, was a series of economic events that occurred in the second half of the 16th century, and most specifically linked to the high rate of inflation that occurred during this period across Western Europe. Prices rose on average roughly sixfold over 150 years. This level of inflation amounts to 1.2% per year compounded, a

A price signal is information conveyed to consumers and producers, via the prices offered or requested for, and the amount requested or offered of a product or service, which provides a signal to increase or decrease quantity supplied or quantity demanded. It also provides potential business opportunities. When a certain kind of product is in shortage supply and the price rises, people w

In economics, a price system is a system through which the valuations of any forms of property (tangible or intangible) are determined. All societies use price systems in the allocation and exchange of resources as a consequence of scarcity. Even in a barter system with no money, price systems are still utilized in the determination of exchange ratios (relative valuations) between the pr

Packaged retail investment and insurance products (PRIIPs) is European Union regulatory term to encompass a range of investment products that banks or other financial institutions offer to consumers. It was first used in regulation (EU) No 1286/2014, known as the PRIIPs regulation, the aim of which was to improve the transparency and comparability of investment products across the EU th

The primary market is the part of the capital market that deals with the issuance and sale of securities to purchasers directly by the issuer, with the issuer being paid the proceeds. A primary market means the market for new issues of securities, as distinguished from the secondary market, where previously issued securities are bought and sold. A market is primary if the proceeds of sal

Private banking is a general description for banking, investment and other financial services provided by banks and financial institutions primarily serving high-net-worth individuals (HNWIs) – those with very high income or substantial assets. Private banking is presented by those who provide such services as an exclusive subset of wealth management services, provided to particularly af

In finance, the Private Equity Secondary Market (also often called Private Equity Secondaries or Secondaries) refers to the buying and selling of pre-existing investor commitments to private equity and other alternative investment funds or the underlying private equity assets (e.g., credit secondaries). Unlike public markets, private-equity interests lack an established trading exchange,

Product information management (PIM) is the process of managing all the information required to market and sell products through distribution channels. This product data is created by an internal organization to support a multichannel marketing strategy. A central hub of product data can be used to distribute information to sales channels such as e-commerce websites, print catalogues, on

Product life-cycle management (PLM) is the succession of strategies by business management as a product goes through its life-cycle. The conditions in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages. The economist Theodore Levitt referred to the concept in a 1965 Harvard Business Review article, where he

The Profit Impact of Market Strategy (PIMS) program is an empirical research initiative that analyzes the relationship between business strategy and performance outcomes. Launched at General Electric in the 1960s, the program maintains a database of 4,300 Strategic Business Units ("SBU") across multiple industries and geographies, yielding 12,600 observations (3-year snapshots) and over

A property derivative is a financial derivative whose value is derived from the value of an underlying real estate asset. In practice, because individual real estate assets fall victim to market inefficiencies and are hard to accurately price, property derivative contracts are typically written based on a real estate property index. In turn, the real estate property index attempts to a

Prophet is an American growth consulting firm specializing in strategy, transformation, innovation, branding, marketing, and design. Founded in 1992 and headquartered in San Francisco, Prophet serves Fortune 500 companies and leading growth-stage organizations across North America, Europe, and Asia.

Proprietary trading (also known as prop trading) occurs when a trader trades stocks, bonds, currencies, commodities, their derivatives, or other financial instruments with the firm's own money (instead of using customer funds) to make a profit for itself.

Prosus N.V. is a Dutch investment group that invests and operates across sectors and markets with long-term growth potential. It is among the largest technology investors in the world.

Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court, but before the court hears and determines the petition, the court may appoint a liquidator on a "provisional" basis. (The provisional liquidator is appointed to safeguard t

Public capital is the aggregate body of government-owned assets that are used as a means for productivity. Such assets span a wide range including: large components such as highways, airports, roads, transit systems, and railways; local, municipal components such as public education, public hospitals, police and fire protection, prisons, and courts; and critical components including wate

In the context of stock markets, the public float or free float represents the portion of shares of a corporation that are in the hands of public investors as opposed to shares held by promoters, company officers, controlling interest investors, or governments. This number is sometimes seen as a better way of calculating market capitalization, because it provides a more accurate reflecti

A public offering is the offering of securities of a company or a similar corporation to the public. Generally, the securities are to be publicly listed. In most jurisdictions, a public offering requires the issuing company to publish a prospectus detailing the terms and rights attached to the offered security, as well as information on the company itself and its finances. Many other reg

The Public Works Loan Board (PWLB) (Welsh: Bwrdd Benthyciadau Gwaith Cyhoeddus) was a statutory body of the UK Government that provided loans to public bodies from the National Loans Fund. In 2020, the PWLB was abolished as a statutory organisation, and its functions were allocated to HM Treasury, where they are discharged through the UK Debt Management Office. The members of the PWLB we

Pump and dump (P&D) is a form of securities fraud that involves artificially inflating the price of an owned stock through false and misleading positive statements (pump), in order to sell the cheaply purchased stock at a higher price (dump).

In finance, a put or put option is a derivative instrument in financial markets that gives the holder (i.e. the purchaser of the put option) the right to sell an asset (the underlying), at a specified price (the strike), by (or on) a specified date (the expiry or maturity) to the writer (i.e. seller) of the put. The purchase of a put option is interpreted as a negative sentiment about th

Qualtrics, LLC is an American experience management company, with co-headquarters in Seattle, Washington, and Provo, Utah. The company was founded in 2002 by Scott M. Smith, Ryan Smith, Jared Smith, and Stuart Orgill.

Questionnaire construction refers to the design of a questionnaire to gather statistically useful information about a given topic. When properly constructed and responsibly administered, questionnaires can provide valuable data about any given subject.

In finance, quote stuffing refers to a form of market manipulation employed by high-frequency traders (HFT) that involves quickly entering and withdrawing a large number of orders in an attempt to flood the market. This can create confusion in the market and trading opportunities for high-speed algorithmic traders. The term is relatively new to the financial market lexicon and was coined

In finance, a Rainbow option is a derivative whose payoff depends on multiple underlying risky assets. Each underlying asset is referred to as a color of the rainbow. It contrasts with a simple option that is exposed to one source of uncertainty, such as the price of underlying asset.

The Rapid Pass is a smart card automated fare collection system based on near-field communication (NFC) technology used on participating public transit systems in Dhaka, the capital of Bangladesh. Rapid Pass card readers were implemented on a trial basis in 2017. Full implementation began in January 2018 and it was rolled out across rapid transit stations, railway stations, bus stops and

A ratio spread or frontspread is a multi-leg options position. Like a vertical, the ratio spread involves buying and selling options on the same underlying security with different strike prices and the same expiration date. In this spread, the number of option contracts sold is not equal to a number of contracts bought. An unequal number of options contracts gives this spread certain u

Rav-Kav (Hebrew: רב-קו, lit. "multi-line") is a reusable contactless stored value smart card for making electronic payments as a joint fare collection system for the different public transportation operators across Israel.

Real-time gross settlement (RTGS) systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a "real-time" and on a "gross" basis to avoid settlement risk. Settlement in "real time" means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. H

Rebranding is a marketing strategy (often called relabeling) in which a new name, term, symbol, design, concept or combination thereof is created for an established brand with the intention of developing a new, differentiated identity in the minds of consumers, investors, competitors, and other stakeholders. Often, this involves radical changes to a brand's logo, name, legal names, image

In law, receivership is a situation in which an institution or enterprise is held by a receiver – a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights" – especially in cases where a company cannot meet its financial obligations and is said to be insolvent. The receivership remedy is an equitable remedy that emerg

In finance, recovery swaps, recovery locks, or recovery default swaps (RDS) are derivative contracts related to credit default swaps, and reference a bond issuance as its underlying. They are designed to provide a hedge against the uncertainty of recovery in default.

The Red House eviction defense was an occupation protest at a foreclosed house on North Mississippi Avenue in the Humboldt neighborhood in the Albina district, a historically Black district of Portland, Oregon, United States.

Red Lobster Hospitality LLC is an American casual dining restaurant chain headquartered in Orlando, Florida. The company has operations across most of the United States (including Puerto Rico), and Canada, as well as in Ecuador, Japan, Mexico, and Thailand. Golden Gate Capital was Red Lobster's parent company after it was acquired from Darden Restaurants on July 28, 2014. Seafood supplie

Relationship marketing is a form of marketing developed from direct response marketing campaigns that emphasizes customer retention and satisfaction rather than sales transactions. It differentiates from other forms of marketing in that it recognises the long-term value of customer relationships and extends communication beyond intrusive advertising and sales promotional messages.

A repurchase agreement, also known as a repo, RP, or sale and repurchase agreement, is a form of secured short-term borrowing, usually, though not always, using government securities as collateral. A contracting party sells a security to a lender and, by agreement between the two parties, repurchases the security back shortly afterwards, at a slightly higher contracted price. The differe

Reputation capital is the quantitative measure of some entity's reputational value in some context – a community or marketplace. In the world of Web 2.0, what is increasingly valuable is trying to measure the effects of collaboration and contribution to community. Reputation capital is often seen as a form of non-cash remuneration for their efforts, and generally generates respect within

Restricted stock, also known as restricted securities, is stock of a company that is not fully transferable (from the stock-issuing company to the person receiving the stock award) until certain conditions (restrictions) have been met. Upon satisfaction of those conditions, the stock is no longer restricted, and becomes transferable to the person holding the award. Restricted stock is of

Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking (corporate banking).

Retail foreign exchange trading is a small segment of the larger foreign exchange market where individuals speculate on the exchange rate between different currencies. This segment has developed with the advent of dedicated electronic trading platforms and the internet, which allows individuals to access the global currency markets. As of 2016, it was reported that retail foreign exchang

Returns-based style analysis (RBSA) is a statistical technique used in finance to deconstruct the returns of investment strategies using a variety of explanatory variables. The model results in a strategy's exposures to asset classes or other factors, interpreted as a measure of a fund or portfolio manager's investment style. While the model is most frequently used to show an equity mutu

Revenue management (RM) is a discipline that aims to maximize profit primarily by adjusting pricing and managing occupancy. The strategy is used in hotel management, selling event tickets and airfare, retail promotions, software licensing, and other industries. It is seen by some as synonymous with yield management.

In finance, a reverse stock split or reverse split is a process by which shares of corporate stock are effectively merged to form a smaller number of proportionally more valuable shares.

Ria Money Transfer (Ria) is an American financial services company which specializes in customer-to-customer international money transfers. It is a subsidiary of Euronet Worldwide, Inc. (NASDAQ: EEFT) and operates as part of its Cross-Border payments segment.

In economics and finance, risk aversion is the tendency of people to prefer outcomes with low uncertainty to those outcomes with high uncertainty, even if the average outcome of the latter is equal to or higher in monetary value than the more certain outcome.

In finance, risk reversal (also known as a conversion when an investment strategy) can refer to a measure of the volatility skew or to a trading strategy.

Risk-adjusted return on capital (RAROC) is a risk-based profitability measurement framework for analysing risk-adjusted financial performance and providing a consistent view of profitability across businesses. The concept was developed by Bankers Trust and principal designer Dan Borge in the late 1970s. Note, however, that increasingly return on risk-adjusted capital (RORAC) is used as a

Rmetrics is a free and open-source software project designed for teaching computational finance. Rmetrics is based primarily on the statistical R programming language, but does contain contributions in other programming languages, such as Fortran, C, and C++. The project was started in 2001 by Diethelm Wuertz, based at the Swiss Federal Institute of Technology in Zurich.

R.R. Donnelley & Sons Co. (styled RR Donnelley) or RRD is an American integrated communications company that provides marketing and business communications, commercial printing, and related services. Its corporate headquarters are located in Chicago, Illinois, United States. In 2007, R.R. Donnelley was the world's largest commercial printer. In 2021, it was referred to as North America's