It means that an instrument increases in value when interest rates fall more than they lose when rates rise by a similar amount is just as plain vanilla bonds do.

DAO is a class that usually has the CRUD operations like save, update, delete.

Whereas the DTO is just an object that holds data. It is really a glorified JavaBean with instance variables and setter and getters. Usually it is the DTO that is passed to the save method of a DAO.

http://www.coderanch.com/t/99834/patterns/difference-between-DTO-DAO

US$ 3x9 – 3.25/3.50%p.a.

means deposit interest starting 3 months from now for 6 month is 3.25% and borrowing interest rate starting 3 months from now for 6 month is 3.50%.

Macaulay duration and modified duration are both termed “duration” and have the same (or close to the same) numerical value, but it is important to keep in mind the conceptual distinctions between them. Macaulay duration is a time measure with units in years, and really makes sense only for an instrument with fixed cash flows. For a standard bond the Macaulay duration will be between 0 and the maturity of the bond. It is equal to the maturity if and only if the bond is a zero-coupon bond.

Modified duration, on the other hand, is a derivative or price sensitivity and measures the percentage rate of change of price with respect to yield. (Price sensitivity with respect to yields can also be measured in absolute (dollar) terms, and the absolute sensitivity is often referred to as dollar duration, DV01, PV01, or delta (δ or Δ) risk.) The concept of modified duration can be applied to interest-rate sensitive instruments with non-fixed cash flows, and can thus be applied to a wider range of instruments than can Macaulay duration.

from Wikipedia