Opções de termos do mercado de ações

Terminologia do mercado de ações.
Como com qualquer outra coisa, dominar o mercado de ações significa dominar a linguagem - e para os traders, isso pode ser um pouco confuso no começo. Abaixo, você encontrará uma lista de terminologia do mercado de ações, incluindo os termos de ações mais comuns e suas definições para uma melhor compreensão das operações do mercado de ações.
Perguntar - O preço que um vendedor está disposto a aceitar por uma parte do estoque; quanto vai custar para você comprar ações.
Back testing - Aplicando uma estratégia aos dados históricos para ver se é válida.
Bear Market - Um período de declínio no valor das ações, geralmente acompanhado de pessimismo do investidor. O Grupo Vanguard define um mercado de baixa como uma queda de preço de 20% ou mais em pelo menos um período de dois meses.
Block Trade - compra ou venda de uma grande quantidade de ações; o mínimo é de 10.000 ações, mas a maioria das negociações em bloco é muito maior.
Blue Chip - Uma empresa estabelecida com uma reputação nacional ou internacional de estabilidade, rentabilidade e valor.
Bull Market - Um período de aumento do valor das ações, geralmente acompanhado pelo otimismo dos investidores.
Bid - O preço que um comprador está disposto a pagar; quanto você vai ganhar quando vender.
Fechar - O preço das ações no final do dia de negociação.
Dividendo - Um pagamento feito dos lucros da empresa para seus acionistas.
Dow Jones Industrial Average - O principal índice do mercado de ações nos EUA; calcula a média do valor de 30 estoques de componentes (blue chip stocks)
Lucro por ação (EPS) - Lucro da empresa dividido pelo número médio de ações em circulação, ou ações atualmente no mercado; dá uma ideia do valor da ação.
Rede de Comunicação Eletrônica (ECN) - Sistema de computação que facilita a negociação de ações fora de uma bolsa de valores.
Fill Or Kill (FOK) - Quando você quer que todo o seu pedido seja preenchido imediatamente ou nenhum; Por exemplo, se você quiser comprar 100 ações a US $ 10, uma ordem FOK significa que você quer todas as 100 ações a esse preço ou nenhuma.
Análise Fundamental - Examinando a saúde financeira e a força de uma empresa para determinar o preço de suas ações, valor futuro e expectativas de lucro.
Good ‘Til Canceled (GTC) - Quando o seu pedido é válido até você cancelá-lo; fazer um pedido para comprar 100 ações a $ 10 GTC significa que é uma ordem permanente até que você diga ao sistema para matá-lo.
Cobertura - Limite suas perdas ou reduza riscos, colocando ordens para cobrir dois ou mais eventos possíveis no mercado.
Oferta pública inicial (IPO) - A primeira vez que as ações de uma empresa estão disponíveis ao público em uma troca.
Ordem Limitada - Quando você quer comprar ou vender uma ação a um preço específico ou melhor.
Liquidez - Ser capaz de vender ou comprar ações em uma ação sem que a transação afete seriamente o preço da ação; também se refere a como é fácil comprar ou vender ações.
Margem - Emprestar dinheiro para negociar mais do que você tem em sua conta.
Chamada de margem - quando a quantia de dinheiro que você tem na sua conta de margem cai abaixo da exigência de margem mínima do corretor, ou o valor mais baixo que você deve ter em sua conta.
Capitalização de mercado - uma medida do valor de uma empresa; o preço de uma ação multiplicado pelo número de ações atualmente no mercado.
Ordem de Mercado - Quando você quer comprar ou vender uma ação a seu preço atual.
Média móvel - A média do preço de uma ação durante um período de tempo, ajustado diariamente; dá uma ideia da tendência de uma ação.
Open-high-low-close (OHLC) - Um tipo de gráfico que mostra o preço de abertura, alta, baixa e fechamento de uma ação por um período de tempo; Um gráfico candlestick é um gráfico OHLC.
Relação preço / lucro (Relação P / L) - Quanto custa uma ação em relação a quanto a empresa ganha por ação; calculado dividindo o preço da ação pelo lucro por ação da empresa (EPS)
Cotação - A oferta, o pedido e o último preço de uma ação em um determinado ponto durante o dia de negociação.
Venda a descoberto - Quando um comerciante toma emprestado ações de uma corretora, vende-as, depois as compra de volta quando as ações são mais baratas, devolvendo-as ao corretor e embolsando a diferença (o lucro); usado quando você acha que o preço de uma ação vai diminuir. Por exemplo, o ABC está em US $ 10. Você empresta 100 ações e as vende por US $ 1.000. O preço desce para $ 9. Você compra 100 ações da ABC por US $ 900 e as devolve ao corretor, assim embolsando um lucro de US $ 100 (US $ 1.000 menos US $ 900)
Spread - A diferença entre o preço de compra e venda.
Parar Pedido - Quando você deseja comprar ou vender uma ação após atingir determinado preço; nesse momento, o pedido se transforma em uma ordem de mercado. Usado frequentemente para limitar perdas ou proteger lucros (também conhecido como ordem stop-loss)
Análise técnica - Análise do preço de uma ação por meio do uso de métricas, indicadores, dados passados ​​e outras técnicas para identificar tendências.
Uptick - Quando o preço de um estoque aumenta.
Volatilidade - Quanto o preço de uma ação sobe ou desce durante um período de tempo; uma ação altamente volátil terá seu preço subindo e descendo drasticamente durante um período de tempo, enquanto um estoque estável tem baixa volatilidade.
Volume - A quantidade de ações negociadas em um determinado ponto no tempo; isso dá uma idéia de quanto interesse existe no estoque.
Rendimento - A porcentagem do preço de uma ação que é pago em um dividendo; Por exemplo, uma ação que vale US $ 50 por ação e paga um dividendo de US $ 5 por trimestre tem um rendimento trimestral de 10%

Opções de termos do mercado de ações
O que esses números significam para o futuro do TSLA.
Como Investir Fundamentos de Investimento Broker Comparison Glossary Stocks Mutual Funds.
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Opção de ações.
O que é uma 'Stock Option'?
Uma opção de compra de ações é um privilégio, vendido por uma parte a outra, que dá ao comprador o direito, mas não a obrigação, de comprar ou vender uma ação a um preço acordado dentro de um determinado período de tempo. As opções americanas, que compõem a maioria das opções de ações negociadas em bolsa, podem ser exercidas a qualquer momento entre a data da compra e a data de vencimento da opção. Por outro lado, as opções européias, também conhecidas como "opções de ações" no Reino Unido, são ligeiramente menos comuns e só podem ser resgatadas na data de vencimento.
QUEBRANDO PARA BAIXO 'Stock Option'
O contrato de opção de compra de ações é entre duas partes autorizadas e as opções normalmente representam 100 ações de uma ação subjacente.
Colocar e chamar opções.
Uma opção de ações é considerada uma chamada quando um comprador celebra um contrato para comprar uma ação a um preço específico em uma data específica. Uma opção é considerada uma colocação quando o comprador da opção tira um contrato para vender uma ação a um preço acordado em ou antes de uma data específica.
A ideia é que o comprador de uma opção de compra acredite que o estoque subjacente aumentará, enquanto o vendedor da opção pensa o contrário. O detentor da opção tem o benefício de comprar a ação com desconto em relação ao seu valor de mercado atual se o preço da ação aumentar antes da expiração. Se, no entanto, o comprador acreditar que uma ação diminuirá de valor, ele entrará em um contrato de opção de venda que lhe dará o direito de vender a ação em uma data futura. Se o estoque subjacente perder valor antes do vencimento, o detentor da opção poderá vendê-lo por um prêmio a partir do valor de mercado atual.
O preço de exercício de uma opção é o que determina se ela é valiosa ou não. O preço de exercício é o preço predeterminado em que o estoque subjacente pode ser comprado ou vendido. Os detentores de opções de compra lucram quando o preço de exercício é menor do que o valor de mercado atual. Coloque o lucro dos detentores de opções quando o preço de exercício for maior que o valor de mercado atual.
Opções de ações do empregado.
As opções de ações dos funcionários são semelhantes às opções de compra ou venda, com algumas diferenças importantes. As opções de ações dos funcionários normalmente são adquiridas em vez de ter um prazo especificado até o vencimento. Isso significa que um empregado deve permanecer empregado por um período de tempo definido antes que ele ganhe o direito de comprar suas opções. Há também um preço de subsídio que toma o lugar de um preço de exercício, que representa o valor atual de mercado no momento em que o empregado recebe as opções.

Opções de termos do mercado de ações
Bem-vindo ao glossário do mercado de ações da Firstrade. Faça toda a pesquisa que você quiser. Use este glossário para procurar qualquer termo financeiro.
Não exercitar ou vender uma opção. Um investidor geralmente escolhe o abandono quando a opção está fora do dinheiro na data de vencimento.
O preço atual acima do valor de face. Isso geralmente ocorre quando o cupom pago sobre o título é maior do que a taxa de juros de mercado para títulos semelhantes. Se o investidor comprou o título acima do par, ele / ela sofrerá uma perda de capital no vencimento do título, uma vez que será resgatado apenas pelo valor de face.
A responsabilidade atual da empresa pertence aos credores por bens e serviços obtidos durante o curso normal dos negócios.
Ativo circulante devido à empresa por serviços ou mercadorias vendidas a crédito.
A diferença entre o valor nominal de uma garantia de cupom zero e seu preço de compra original. Também conhecido como desconto de emissão original.
Um título que é vendido com um desconto profundo ao seu valor nominal e não paga cupons. Os bônus de acumulação tendem a ser ilíquidos e muito sensíveis a mudanças nas taxas de juros. Embora não exista um fluxo de caixa real de juros, os juros imputados em uma obrigação de acumulação são tributáveis ​​à medida que são acumulados nas leis tributárias dos EUA.
O montante de juros que o comprador deve ao vendedor em transações de títulos de renda fixa, como a maioria dos títulos e notas.
Um título vendido a um preço abaixo do seu valor de face e que pode ser resgatado pelo valor de face quando é vencido. Também chamado de bônus de desconto.
O ato de adquirir o controle de outra corporação, seja por compra de ações ou troca. Isto pode ser conseguido através de meios hostis ou amigáveis.
A supervisão constante das participações de uma carteira para maximizar os ganhos. O gerenciamento ativo por gerentes de fundos é um dos benefícios de um fundo mútuo.
O endereço da sede da empresa, conforme previsto nos últimos registros da SEC.
Estratégias de opções complexas. Veja Ordem de Spread, Straddle, Strangle, Buy / Write, Sell / Write e Unwind.
A empresa é a principal responsável pela operação diária de um fundo.
Os títulos de compra e venda quando os principais mercados estão fechados. Negociações fora do expediente já foram um privilégio de investidores institucionais, os investidores individuais podem agora participar. Os estoques são negociados após o expediente nas ECNs, que combinam compradores e vendedores com um sistema de computador para executar negociações.
Mercados em que um investidor compra um título de outros investidores em vez do emissor, após a emissão original no mercado primário. Também chamado de mercado secundário.
As contas, notas e títulos emitidos por agências do governo federal.
Os fundos de investimento que se concentram em ações de pequenas empresas, o alto nível de risco do fundo é justificado pelo potencial de ganhos acelerados.
O tipo de pedido instruindo a execução de toda a quantidade do pedido no preço declarado (ou melhor), ou nenhum deles. Isso evita pedidos parcialmente preenchidos. A diferença entre All-or-None e Fill-or-Kill é que a ordem AON é deixada em aberto se a quantidade total da ordem não puder ser preenchida, enquanto a ordem FOK será cancelada.
A medida do retorno ajustado ao risco de um fundo. O alfa é derivado da comparação entre os retornos reais do fundo e os retornos esperados, conforme determinado pelo seu nível de risco (beta). Um alfa positivo indica que o fundo teve um desempenho melhor que o esperado, enquanto um alfa negativo indica que o fundo teve um desempenho inferior ao esperado.
American Depositary Receipt (ADR)
Os certificados negociáveis ​​mantidos em um banco dos EUA representando ações de uma ação estrangeira negociada em uma bolsa de valores dos EUA.
American Depositary Share (ADS)
As ações emitidas sob um acordo de ADR, que é realmente negociado.
Bolsa de Valores Americana (AMEX)
Uma grande bolsa de ações e opções localizada em 86 Trinity Place, Nova York.
Um contrato de opção que pode ser exercido a qualquer momento entre a data da compra e a expiração. A maioria das opções negociadas em bolsa é de estilo americano.
A eliminação gradual de um passivo, em pagamentos regulares durante um período de tempo especificado. Esses pagamentos devem ser suficientes para cobrir tanto o principal quanto os juros.
O custo total de um empréstimo por ano, incluindo juros e a maioria ou todas as taxas.
Rendimento anual percentual (APY)
O rendimento total que um investimento ganha por ano. O APY geralmente representa os ganhos totais de uma conta em dinheiro, como um fundo do mercado monetário ou uma conta de poupança, ou faz parte dos retornos de ações e títulos, que também podem ter um crescimento de capital.
O relatório auditado dos resultados financeiros e operações de final de ano de uma empresa arquivado anualmente na SEC. O relatório contém informações sobre a situação financeira da empresa, responsabilidades legais e planos futuros. Os acionistas podem obter uma cópia gratuita do Relatório Anual da corporação.
Um relatório que fornece uma visão geral do desempenho e das operações do fundo. A SEC exige fundos para distribuir o relatório aos acionistas pelo menos semestralmente.
O retorno de um investimento em um determinado número de anos, calculado como o que um investidor teria recebido a cada ano se o retorno acumulado fosse distribuído uniformemente ao longo de cada ano dentro do período de tempo especificado.
Tipos de fundos que investem em ações cujo valor deve aumentar significativamente.
Lucrando com as diferenças no preço de um título negociado em vários mercados.
Índice de Armas - TRading INdex (TRIN)
Um indicador de mercado usado na análise técnica, calculado da seguinte forma: Índice de Armas = ((# de questões que avançam / # de problemas de declínio) / (volume total para cima / volume total para baixo)). Um valor menor que 1 é considerado otimista, maior que 1 descendente.
Os juros de mora ou dividendos de um título ou ação preferencial.
Um fundo que visa principalmente as ações de empresas localizadas na Ásia. Esses fundos atraem os investidores que estão otimistas com o potencial das empresas asiáticas e querem aproveitar esse crescimento.
Uma opção cujo pagamento depende do valor médio de um título subjacente durante um período especificado.
O menor preço do lote redondo em que um corretor venderá um título.
Também conhecido como preço de oferta, o preço de venda é o preço pelo qual as ações de um fundo mútuo podem ser compradas. O preço pedido é calculado adicionando o valor atual do ativo líquido de um fundo por ação aos seus encargos de venda, se houver.
O recebimento de um aviso de exercício por um escritor de opções que exige que ele venda (no caso de uma chamada) ou compre (no caso de uma venda) a garantia subjacente no preço de exercício especificado.
Obrigações municipais usadas para projetos específicos, a serem pagas usando os recursos fiscais coletados daqueles que se beneficiam do projeto. Também chamado de vínculo de propósito especial.
Fundos que procuram fornecer um mix ideal de ações, títulos e dinheiro a qualquer momento.
Uma opção é a dinheiro se o preço de exercício da opção for igual ao preço de mercado do título subjacente. Por exemplo, se as ações de uma empresa estão sendo negociadas a US $ 68, a opção de US $ 68 da empresa é no dinheiro.
A emissão de novos títulos do Tesouro, notas e títulos em intervalos estabelecidos pelo Federal Reserve.
Um mercado em que compradores e vendedores fazem lances e ofertas simultaneamente, como a Bolsa de Valores de Nova York.
Um serviço de acionistas que permite a transferência periódica de um valor pré-definido da conta bancária do acionista em sua conta de fundo mútuo.
Também conhecido como índice, é o cálculo matemático que indica o valor de um grupo de títulos. Algumas das mais famosas médias incluem o Dow Jones Industrial Average (DJI), o Standard & Poor's (S & P) 500 e o New York Stock Exchange Composite.
Uma estimativa do prazo até o vencimento para um pool de títulos lastreados em hipotecas.
O tempo médio de vencimento dos títulos detidos por um fundo mútuo. Mudanças nas taxas de juros têm maior impacto nos fundos com uma vida média mais longa.
O volume médio é calculado dividindo-se o volume total dos três meses anteriores pelo número de dias de negociação no período. Compare esse número com o volume diário para ver se o interesse na segurança aumentou ou diminuiu.
Em uma ordem de limite, uma ordem de compra que é inferior ao preço de mercado atual ou uma ordem de venda superior ao preço de mercado atual. Essas ordens são mantidas para serem executadas posteriormente, a menos que sejam do tipo preencher ou matar.

Termos do mercado de ações.
Fale a língua do mercado de ações - consulte nossos Termos de Mercado para obter um glossário de termos e vocabulário que pode ajudá-lo a entender melhor o mercado de capitais. NOTA: Algumas das definições são específicas do TSX e, como resultado, podem diferir das definições gerais padrão.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z.
Empresas listadas na TSX Venture Exchange que atendem aos requisitos mais altos de ativos, valor de mercado e distribuição de acionistas do que aquelas classificadas como empresas de risco. Essa classificação está relacionada ao status TSX Venture Exchange Tier 1.
Uma empresa de valores mobiliários é classificada como um agente quando atua em nome de seus clientes como comprador ou vendedor de um título. O agente não possui a segurança a qualquer momento durante a transação.
Comissão de Valores Mobiliários de Alberta (ASC)
A agência reguladora provincial responsável pela supervisão do mercado de capitais em Alberta.
Uma ordem que deve ser preenchida completamente ou a negociação não ocorrerá.
Opções que podem ser exercidas a qualquer momento durante sua vida. Estes também são conhecidos como opções abertas.
Uma publicação, incluindo demonstrações financeiras e um relatório de operações, emitido por uma empresa aos seus acionistas no final do ano fiscal da empresa.
Permite que as Organizações Participantes retenham voluntariamente suas identidades verdadeiras de corretor ao inserir ordens e negociações nos sistemas de negociação TSX.
A compra simultânea de um título em um mercado de ações e a venda do mesmo título em outro mercado de ações a preços que geram lucro.
O menor preço pelo qual alguém está disposto a vender o título. Quando combinada com a informação do preço de oferta, ela forma a base de uma cotação de ações.
O tamanho agregado dos lotes mais recentes pede para vender um determinado título.
Tudo o que uma empresa ou pessoa possui, incluindo dinheiro, títulos, equipamentos e imóveis. Os ativos incluem tudo o que é devido à empresa ou pessoa. Os ativos são listados no balanço de uma empresa ou na declaração de patrimônio líquido de um indivíduo.
A notificação ao vendedor de uma opção pela empresa de compensação de que o comprador da opção está aplicando os termos do contrato da opção.
Quando o preço do patrimônio, índice ou mercadoria subjacente é igual ao preço de exercício da opção.
Ferramentas estatísticas que medem o estado do mercado acionário ou da economia, com base no desempenho de ações, títulos ou outros componentes. Exemplos são o S & amp; P / TSX Venture Composite Index, o S & amp; P / TSX Composite Index, o Dow Jones Industrial Average e o Consumer Price Index.
Comprando mais de uma segurança a um preço que é inferior ao preço pago pelo investimento inicial. O objetivo de reduzir a média é reduzir o custo médio por unidade do investimento.
Um centésimo de um ponto percentual. Por exemplo, a diferença entre 5,25% e 5,50% é de 25 pontos base.
Um mercado no qual os preços das ações estão caindo.
Um tipo de subscrição em que a empresa de investimento atua como um agente. A empresa concorda em usar seus melhores esforços para vender a nova emissão de títulos, mas não garante à empresa emissora que os títulos a serem emitidos serão vendidos.
Uma medida da relação entre o preço de uma ação e o movimento de todo o mercado.
Um pedido com um preço limite melhor que o melhor preço do lado oposto do mercado. Uma ordem de compra com melhor preço tem um preço limite superior à melhor oferta. Uma ordem de venda com um preço melhor tem um preço limite inferior ao melhor lance. Estes estão disponíveis apenas na abertura.
O preço mais alto que um comprador está disposto a pagar por uma ação. Quando combinado com a informação de preço de venda, forma a base de uma cotação de ações.
O tamanho agregado em lotes do último lance para comprar um determinado título.
Um modelo matemático usado para calcular o preço teórico de uma opção.
Ações de empresas líderes e conhecidas nacionalmente que oferecem um registro de pagamentos contínuos de dividendos e outras fortes qualidades de investimento.
Uma unidade de negociação padrão, conforme definido em UMIR (Universal Market Integrity Rules). O tamanho do lote da diretoria de uma garantia na Bolsa de Valores de Toronto ou na TSX Venture Exchange depende do preço de negociação da garantia, como segue:
O preço de negociação por unidade é inferior a US $ 0,10 - o tamanho do lote é 1.000 unidades O preço por unidade é de US $ 0,10 a US $ 0,99 - o tamanho do lote é de 500 unidades O preço unitário é de US $ 1,00 ou mais.
Notas promissórias emitidas por uma corporação ou governo para seus credores, geralmente com um valor específico de juros por um período de tempo especificado.
Um registro eletrônico de todas as ordens pendentes de compra e venda de uma determinada ação.
Ordens que não são negociadas imediatamente após a entrada. Essas ordens também são conhecidas como ordens pendentes.
Um tipo de subscrição em que a corretora atua como principal. A corretora arrisca seu próprio capital para comprar todos os títulos a serem emitidos. Se o preço dos títulos diminuir antes que a corretora tenha a chance de revender os títulos a seus clientes, a empresa absorverá a perda.
Centro Internacional de Arbitragem Comercial da Columbia Britânica (BCICAC)
Um centro de arbitragem estabelecido para resolver disputas comerciais que não foram resolvidas por meio de canais normais. Como parte de seus serviços, o centro aceitará pedidos de até US $ 50.000 de clientes dos membros participantes da Associação de Revendedores de Investimentos do Canadá (Pacific Division) e da TSX Venture Exchange.
Comissão de Valores Mobiliários da Columbia Britânica (BCSC)
A agência do governo provincial responsável por administrar e fazer cumprir o Securities Act e o Commodity Contract Act da British Columbia.
Corretora ou Corretora.
Uma empresa de valores mobiliários ou um consultor de investimentos registrado afiliado a uma empresa. Os corretores são o elo entre os investidores e o mercado de ações. Ao atuar como corretor para a compra ou venda de ações listadas, o consultor de investimentos não possui os valores mobiliários, mas atua como um agente para o comprador e vendedor e cobra uma comissão por esses serviços.
Um mercado no qual os preços das ações estão subindo.
Qualquer dia, de segunda a sexta-feira, excluindo feriados obrigatórios.
Um trust que geralmente gera fluxos de caixa de uma empresa ou empresa operacional, ao contrário de um fundo de investimento, que gera receita de um pool ou portfólio diversificado. O fideicomisso detém os interesses de dívida e patrimônio de um negócio operacional. As empresas que exibem essas características podem optar por uma estrutura de confiança sobre uma estrutura corporativa para aproveitar a eficiência tributária.
Se uma corretora não entregar títulos vendidos a outra corretora na data de liquidação, a corretora receptora poderá comprar os títulos ao preço de mercado atual da ação e cobrar do corretor entregante a diferença de custo de tal compra.
Um tipo de pedido que é preenchido apenas em um mercado visível ("iluminado"). Um pedido de bypass ignora pools escuros e pedidos não exibidos.
Uma opção que dá ao titular o direito, mas não a obrigação, de comprar uma quantia fixa de uma determinada ação a um preço especificado dentro de um tempo especificado. As chamadas são compradas por investidores que esperam um aumento de preço.
Depositário Canadense de Valores Mobiliários Limitados (CDS)
CDS Clearing e Depository Services Inc. (CDS) é o centro nacional de depósito, compensação e liquidação de títulos do Canadá. A CDS apóia os mercados acionários, de renda fixa e monetários do Canadá, e é responsável pela custódia e movimentação segura de títulos, manutenção precisa de registros, processamento de transações pós-negociação e cobrança e distribuição de direitos relativos aos títulos que foram depositados. pelos participantes.
Corporação Canadense de Compensação de Derivativos (CDCC)
A central de compensação designada para opções e negociação de futuros na Bourse de Montréal. Anteriormente conhecido como Trans Canada Options Inc. (TCO).
Fundo Canadense de Proteção ao Investidor (CIPF)
Um fundo criado para proteger os clientes em caso de insolvência de um membro de qualquer uma das seguintes organizações auto-reguladoras patrocinadoras: a Bourse de Montréal, a Toronto Stock Exchange, a TSX Venture Exchange e a Investment Dealers Association of Canada.
Instituto Canadense de Valores Mobiliários (CSI)
Organização nacional de educação do setor de valores mobiliários patrocinada pela Associação de Concessionários de Investimento do Canadá, Bolsa de Valores de Toronto, Bolsa de Valores de Montreal e TSX Venture Exchange.
Para um economista, capital significa máquinas, fábricas e estoques necessários para produzir outros produtos. Para investidores, capital significa seu caixa mais os ativos financeiros que investiram em títulos, sua casa e outros ativos fixos.
Lucro ou prejuízo resultante da venda de certos ativos classificados na legislação do imposto de renda federal como ativos de capital. Isso inclui ações e outros investimentos, como propriedades de investimento.
Distribuição de ganhos de capital.
Uma distribuição tributável de ganhos tributáveis ​​realizados pelo emissor. Geralmente é pago aos detentores de títulos de confiança, parcerias e fundos. Como todas as distribuições, pode ser pago em títulos ou dinheiro. O montante, a data de pagamento e a data de registro são estabelecidos pelo emissor. A troca na qual a emissão é listada define a data ex-dividendo / distribuição (ex-d) para titularidade.
O programa TSX Venture Exchange Capital Pool Company (CPC) oferece uma oportunidade de listagem única que traz equipes de gerenciamento experientes com comprovada capacidade de financiamento público junto com empresas em fase de desenvolvimento que precisam de capital e experiência em administração. Ao contrário das empresas públicas tradicionais, os pools de capital listam e começam a negociar sem um negócio operacional. A natureza de seus negócios é encontrar e adquirir um empreendimento promissor em estágio inicial, e seus tesouros são financiados expressamente para o processo de busca e due diligence.
Todas as ações representando a propriedade de uma empresa, incluindo ações preferenciais e ordinárias.
Uma forma de fideicomisso financeiro que difere de outros fideicomissos na medida em que se parece mais com um instrumento de renda fixa do que com uma emissão de ações. Os trusts de capital são geralmente emitidos por bancos ou outros intermediários financeiros. Esses veículos de investimento negociam como um instrumento de dívida com valor nominal de $ 1.000 e negociam com juros acumulados.
Qualquer alteração nos títulos cotados emitidos e em circulação de um emitente. Essa alteração pode envolver a emissão, recompra ou cancelamento de valores mobiliários listados ou valores mobiliários que sejam emissíveis quando da conversão ou troca de outros valores mobiliários de um emissor.
Data efetiva de capitalização.
A data em que a alteração de capitalização é refletida no registro de ações do emissor, independentemente de quando é relatada ao Exchange.
Capitalização ou Estrutura de Capital.
A quantia total em dinheiro de todo o dinheiro investido em uma empresa, como dívida, ações preferenciais e ordinárias, contribuiu para lucros excedentes e retidos de uma empresa.
Índices para os quais existe um peso relativo máximo por capitalização de mercado para qualquer um dos constituintes. Qualquer constituinte individual do índice pode representar não mais do que uma porcentagem especificada do índice. Os constituintes individuais dos índices S & amp; P / TSX Composto encapsulado e S & amp; P / TSX com encapsulamento 60 são limitados a 10%, enquanto os constituintes individuais dos índices do setor S & amp; P / TSX são limitados a 25%.
Um termo especial anexado a uma ordem de patrimônio que exige que a negociação seja liquidada no mesmo dia ou no dia útil seguinte por dinheiro.
Dividendo / Distribuição em Dinheiro.
Um dividendo / distribuição que é pago em dinheiro.
Liquidação de um contrato de opção não pela entrega das ações subjacentes, mas por um pagamento em dinheiro da diferença entre o preço de exercício ou de exercício e o preço de liquidação subjacente.
O documento físico que mostra a propriedade de um título, ação ou outra segurança.
Qualquer modificação na lista de emissões negociáveis ​​de uma troca. Essas modificações incluem: novas listagens, listagens de segurança complementares, listagens de substituição, exclusões, alterações de nome e alterações nos símbolos de ações.
O TSX Venture Level 1 (CL1) é um serviço em tempo real para ações júnior listadas que fornece negociações, cotações, ações corporativas e informações de índice da TSX Venture Exchange.
O TSX Venture Level 2 (CL2) é um serviço em tempo real para ações juniores que mostra todos os pedidos e negociações comprometidos para cada segurança listada do TSX Venture Exchange em tempo real.
Qualquer dia útil em que a corporação de compensação esteja aberta para efetuar a compensação e liquidação do negócio.
O número de negociação da Organização Participante de Compensação ou Membro.
Um pedido de um cliente de varejo de uma organização participante.
O preço do último lote de papel cartão executado no fechamento da negociação. Veja também: Board Lot.
Fundo de Investimento Fechado.
Um fundo de investimento que emite um número fixo de títulos negociados em bolsa de valores ou no mercado de balcão. Os activos de um fundo fechado são geridos profissionalmente de acordo com os objectivos e políticas de investimento do fundo e podem ser investidos numa vasta gama de instrumentos / activos financeiros. Como outros títulos negociados publicamente, o preço de mercado dos títulos de fundos fechados flutua e é determinado pela oferta e demanda no mercado.
Uma ordem para fechar um contrato existente de futuros ou opções.
A taxa cobrada por um consultor ou corretor de investimento para comprar ou vender valores mobiliários como um agente em nome de um cliente.
Produtos utilizados para comércio que são negociados em uma bolsa de mercadorias autorizada e separada. Commodities incluem produtos agrícolas e recursos naturais, como madeira, petróleo e metais. Commodities são a base para contratos futuros negociados nessas bolsas.
Ações Ordinárias ou Ações Ordinárias.
Valores mobiliários que representam parte de uma empresa e geralmente têm privilégios de voto. Os acionistas ordinários podem receber dividendos, mas somente após os acionistas preferenciais serem pagos. Os acionistas ordinários são os últimos da fila, depois que credores, detentores de dívida e acionistas preferenciais reivindicam qualquer ativo de uma empresa em caso de liquidação.
Quando um pedido negocia todo o volume especificado.
Aplicativo de Listagem Condicional (CLA)
Quando uma empresa se candidata a uma listagem na Bolsa de Valores de Toronto, o CLA consiste no contrato de listagem da Bolsa de Valores de Toronto e no prospecto da empresa.
Relatório Consolidado de Posição Curta.
Um relatório consolidado que inclui o total de ações a descoberto (a partir da data de negociação) e a alteração líquida do relatório anterior, tanto para as questões listadas na TSX quanto na TSX Venture Exchange. Sob a regra UMIR 10.10, todas as Organizações Participantes e Membros TSX e TSX Venture Exchange devem reportar a posição vendida da empresa semestralmente à TSX Datalinx. As firmas não compensadoras podem relatar através da empresa que é responsável por sua compensação.
A obrigação permanente de uma empresa de informar o público sobre eventos corporativos significativos, tanto favoráveis ​​quanto desfavoráveis.
Um título de um emissor (por exemplo, títulos, debêntures ou ações preferenciais) que pode ser convertido em outros títulos desse emissor, de acordo com os termos do recurso de conversão. A conversão geralmente ocorre por opção do detentor dos títulos, mas pode ocorrer por opção do emissor.
Uma forma de organização empresarial criada sob leis provinciais ou federais que tem uma identidade legal separada de seus proprietários. Os acionistas são os donos da corporação e são responsáveis ​​pelas dívidas da corporação apenas até o montante de seu investimento. Isso é conhecido como responsabilidade limitada.
Uma negociação que ocorre quando duas contas dentro da mesma Organização / Membro Participante desejam comprar e vender a mesma garantia a um preço e volume acordados. Com algumas exceções aprovadas, os cruzamentos só podem ocorrer dentro do lance atual e solicitar o estoque.
Após o encerramento do dia de negociação regular, as cruzes podem ser executadas entre as 16h10. e 17:00 ET ao último preço de venda da ação.
Com dividendo. O proprietário das ações compradas com direito a dividendo tem direito a um próximo dividendo já declarado. O oposto disso é ex dividendo.
Com direitos. O proprietário das ações compradas cum direitos tem direito a direitos futuros já declarados. O oposto disso é ex direitos.
O dia de negociação antes da data ex-dividendo / distribuição (ex-d). É o último dia em que os títulos podem ser negociados e em que o comprador tem direito ao dividendo / distribuição.
CUSIP & copy; (Comitê de Uniform Security Security Identification Procedures) é um sistema padrão de identificação de valores mobiliários e descrição de valores mobiliários, que é usado no processamento eletrônico e registro de transações de títulos na América do Norte. Como uma agência de serviços para a indústria financeira canadense, a CDS INC., Uma subsidiária da CDS, atua como ligação entre a Standard & amp; Pobre (S & P) e as empresas emissoras para a atribuição de números e descrições CUSIP. Um número CUSIP identifica com exclusividade uma questão de segurança canadense ou americana e seu emissor.
Um estoque de uma empresa em um setor industrial que é particularmente sensível a oscilações nas condições econômicas.
O preço máximo antecipado ou declínio permitido para um contrato de futuros em um pregão em comparação com o preço de ajuste do dia anterior.
Um pedido que é válido apenas para o dia em que é inserido. Se o pedido ainda estiver pendente quando o mercado fechar, ele será purgado durante a noite.
Um instrumento de dívida de longo prazo emitido por empresas ou governos que é apoiado apenas pela integridade do mutuário e não por garantias. Uma debênture não é garantida e está subordinada à dívida garantida. Uma debênture não tem garantia de que não há ônus ou penhor sobre ativos específicos.
O preço pago por US $ 100 do valor de face de um instrumento de dívida foi negociado. Um instrumento de dívida negociado ao par teria um preço de US $ 100. Um preço abaixo do valor de face (por exemplo, $ 99,1) indica que o instrumento da dívida foi negociado com desconto. Um preço acima do valor de face (por exemplo, $ 101,1) indica que o instrumento da dívida foi negociado a um prêmio.
O valor total em dólares do volume negociado em um lado da transação por um período especificado. É igual ao preço multiplicado pelo volume dividido por 100.
O número de instrumentos de dívida negociados em um lado da transação por um período especificado multiplicado pelo valor de face do instrumento da dívida.
Um estoque comprado de uma empresa que manteve um registro de lucros estáveis ​​e pagamentos contínuos de dividendos em períodos de retração econômica.
Uma ordem especial em que haja um entendimento claro entre as partes compradoras e vendedores de que a entrega dos títulos será adiada para além do período normal de três dias até a data especificada no pedido.
A remoção da listagem de um título em uma bolsa de valores. Isso é feito quando a segurança não existe mais, a empresa está falida, a distribuição pública da segurança caiu para um nível inaceitavelmente baixo ou a empresa não cumpriu os termos de seu contrato de listagem.
O status de uma segurança que não está mais listada no Exchange. A segurança poderia negociar em outro mercado.
Um emissor cujos títulos não estejam mais listados na Toronto Stock Exchange ou TSX Venture Exchange. Um emissor listado é excluído quando o último título listado do emissor é excluído.
A oferta e recebimento da mercadoria subjacente ou o pagamento ou recebimento de dinheiro na liquidação de um contrato de futuros aberto.
O mês de calendário em que um contrato de futuros pode ser satisfeito por fazer ou receber entrega.
Um índice que mede o movimento de preço de uma opção em comparação com o movimento de preço dos juros subjacentes. Os valores delta têm um intervalo de 0 a 1. As opções de dinheiro profundo têm deltas que se aproximam de 1.
O desejo combinado, capacidade e vontade por parte dos consumidores para comprar bens ou serviços. A demanda é determinada pelo rendimento e pelo preço, que são, em parte, determinados pela oferta.
Uma conta de títulos criada quando um cliente dá a um sócio, diretor ou gerente de carteira qualificado de uma Organização Participante autorização específica por escrito para selecionar títulos e executar negociações em nome do cliente.
A parcela do patrimônio do emissor é paga diretamente aos detentores de títulos. Geralmente é pago aos detentores de títulos de confiança, parcerias e fundos. O emissor ou seu representante fornece o valor, a frequência (mensal, trimestral, semestral ou anual), a data de pagamento e a data de registro. A troca na qual a emissão é listada define a data ex-dividendo / distribuição (ex-d) para titularidade.
Limitar o risco de investimento através da compra de diferentes tipos de títulos de diferentes empresas representando diferentes setores da economia.
A parcela do patrimônio do emissor é paga diretamente aos acionistas. Geralmente é pago em ações ordinárias ou preferenciais. O emissor ou seu representante fornece o valor, a frequência (mensal, trimestral, semestral ou anual), a data de pagamento e a data de registro. A troca na qual a emissão está listada define a data ex-dividendo / distribuição (ex-d) para titularidade. Um emissor não tem obrigação legal de pagar dividendos preferenciais ou ordinários.
Plano de Reinvestimento de Dividendos.
Um meio de reinvestir dividendos, que de outra forma seriam pagos ao acionista em dinheiro, em ações adicionais da empresa.
Igual à taxa de dividendo anual indicada por ação dividida pelo preço do título. Por exemplo, se a taxa de dividendos indicada for $ 1,00 e o preço de fechamento for $ 50,00, $ 1 dividido por $ 50,00 é igual a 2%.
Dividendo / Data de Distribuição a Pagar.
A data definida pelo emissor na qual o dividendo / distribuição será pago.
Data de registro de dividendos / distribuição.
A data em que um detentor de valores mobiliários deve ser registrado como titular de uma emissão para receber o dividendo / distribuição.
Investir uma quantia fixa de dólares em uma garantia específica em intervalos regulares definidos durante um período de tempo. A média do custo do dólar resulta em um menor custo médio por ação, em comparação com a compra de um número constante de ações em intervalos definidos. O investidor compra mais ações quando o preço é baixo e compra menos ações quando o preço é alto.
Média Industrial Dow Jones (DJIA)
Média composta por 30 ações negociadas ativamente. O DJIA é calculado adicionando os preços de cada um dos 30 estoques e dividindo por um divisor. O DJIA é uma das médias do mercado de ações mais citadas na mídia.
Um trade está em baixa quando o último trade ocorreu a um preço menor que o anterior.
Veículos de investimento que podem participar do desenvolvimento, aquisição e / ou produção de reservas de petróleo e gás. O trust recebe a receita de royalties da produção de propriedades (essencialmente, o fluxo de caixa líquido) e, em seguida, vende juros no trust (chamados trust units) para os investidores. Trusts de royalties de petróleo e gás convencionais são carteiras ativamente gerenciadas com ativos de propriedades de produção madura. Substancialmente todo o fluxo de caixa gerado pelos ativos de óleo e gás, líquido de certas deduções, como despesas administrativas e taxas de administração, é repassado aos detentores dos títulos como receita de royalties. As despesas de capital também podem ser deduzidas, mas geralmente estão sujeitas a restrições sobre o valor. As distribuições são altamente dependentes do fluxo de caixa gerado pela confiança. Em geral, a maior variável na determinação do nível de fluxo de caixa é o preço do petróleo bruto e do gás natural.
Ações ordinárias e preferenciais, que representam uma participação na propriedade de uma empresa.
O valor em dólar dos títulos emitidos de acordo com uma transação aprovada pela TSX ou TSX Venture Exchange. O valor é igual ao número de títulos multiplicado pelo preço da oferta. As várias formas de instrumentos financeiros podem ter um efeito na determinação do preço ou do número de títulos.
Um contrato de opção que concede ao titular o direito de comprar ou vender um número específico de ações em um determinado preço durante um período de tempo específico.
O preço por ação negociado.
O valor total em dólares do volume negociado em um lado da transação por um período especificado. É igual ao preço multiplicado pelo volume.
The total number of shares traded on one side of the transaction.
The outstanding securities of an issuer that are not freely tradable, because they are subject to an escrow agreement that restricts the ability of certain security holders of that issuer from trading or otherwise dealing in those securities until certain conditions are satisfied.
Options that can be exercised only on their expiration date.
The holder of shares purchased ex dividend is not entitled to an upcoming already-declared dividend, but is entitled to future dividends.
The holder of shares purchased ex rights is not entitled to already-declared rights, but is entitled to future rights issues.
Exchange Offering Prospectus (EOP)
A form of prospectus that allows a company to conduct a prospectus offering through the facilities of a stock exchange, rather than issuing them directly to the public. The company then applies to list the securities on the exchange.
A security of an issuer that is exchangeable for securities of another issuer (usually a subsidiary) in accordance with the terms of the exchange feature. The exchange may be at the option of the holder or at the option of the issuer of the securities.
A special type of financial trust that allows an investor to buy an entire basket of stocks through a single security, which tracks and matches the returns of a stock market index. ETFs are considered to be a special type of index mutual fund, but they are listed on an exchange and trade like a stock. Also known as an index participation unit (IPU).
Ex-dividend/distribution date. The date that the buyer of a stock is not entitled to the upcoming declared dividend/distribution, because the buyer will not be a holder of record. The ex-d date is two clearing days before the record date. The exchange that the issue is listed on sets the ex-d date.
A listed issuer that has satisfied listing requirements as outlined in Section 502 of the Listing Requirements Manual. An exempt issuer is not subject to special reporting rules. This status is generally reserved for senior listed issuers.
The act of an option holder who chooses to take delivery (calls) or make delivery (puts) of the underlying interest against payment of the exercise price.
The date at which an option contract expires. This means that the option can't be exercised after that date.
Extra Dividend / Distribution.
A dividend/distribution paid in addition to the regularly established dividend/distribution of the issuer. Like all dividends/distributions, it may be paid in securities or cash and the amount, payable date, and record date are established by the issuer. The exchange that the issue is listed on sets the ex-dividend/distribution (ex-d) date for entitlement. Extra dividends/distributions are sometimes referred to as special dividends/distributions.
The cash denomination of the individual debt instrument. It is the amount of money that the holder of a debt instrument receives back from the issuer on the debt instrument's maturity date. Face value is also referred to as par value or principal.
A disclosure document submitted by a listed company to outline material changes in its affairs. Filing statements are not used for the purposes of a financing.
Is eligible to receive a full fill and if not fully filled is cancelled immediately.
Float Quoted Market Value (QMV)
The last price multiplied by the number of outstanding shares. For the S&P/TSX index, the QMV is based on float shares, not on total outstanding shares. Float shares are total outstanding shares less any control block position, as defined by the Standard & Poor's index methodology.
A security whose interest rate or dividend changes with specified market indicators. A floating rate is one that is based on an administered rate, such as a prime rate.
Flow-Through Shares Financing.
The dollar value of flow-through shares issued in accordance with a TSX or TSX Venture Exchange approved transaction. The price is determined by the policies of the TSX Company Manual or TSX Venture Corporate Finance Manual; the price is not adjusted for the value of the flow-through tax benefit available to the security holder. It can be an initial public offering (IPO), secondary offering, or private placement.
An interruption in trading on a stock, triggered when an order violates parameters set by TSX.
Frequency refers to the given time period on an intraday, daily, weekly, monthly, quarterly or yearly perspective. Typically, choosing a weekly or monthly perspective when looking at several years of data makes it easier to identify long-term trends. Daily charts are useful for active traders and short-term time period charts.
The closest month to expiration for a futures or option contract.
Contracts to buy or sell securities at a future date.
The Global Industry Classification Standard (GICS®) is a consistent set of global economic sector and industry definitions. GICS are used to classify the constituents of many indices worldwide. GICS is a four-level classification system. The four levels are: sector, industry group, industry, and sub-industry. Standard & Poor's and Morgan Stanley Capital International (MSCI), two providers of global indices, jointly launched GICS in 1999.
The term used to describe a security that is in proper form to transfer title, which means that the registered owner has endorsed it. To settle a sale, the certificate must be surrendered on good delivery by the seller. A certificate that bears a share transfer restriction will not constitute good delivery.
A GTC order will remain in the system until the date that it is filled or until a maximum of 90 calendar days from date of entry, whichever happens first. This type of order is also referred to as an open order. A Participating Organization can cancel a GTC order at any time.
A GTD order will remain in the system until it is either filled or until the date specified, at which time it is automatically cancelled by the system. This is another kind of open order. A Participating Organization can cancel a GTD order at any time.
The shares of companies that have enjoyed better-than-average growth over recent years and are expected to continue their climb.
Guaranteed Investment Certificate (GIC)
A deposit instrument most commonly available from trust companies or banks requiring a minimum investment at a predetermined rate of interest for a stated term, such as one or five years. GICs are generally non-redeemable and non-transferable before maturity.
A temporary stoppage of trading of the listed securities of an issuer, which may be imposed by the Exchange, its agent (Market Regulation Services Inc. (RS)), or voluntarily requested by the issuer. Usually an issuer's listed securities are halted pending a public announcement of material information about the issuer, but the Exchange or RS may also impose a halt if the issuer is not in compliance with Exchange requirements or if the Exchange determines that it is in the public interest to do so.
A strategy used to limit investment loss by making a transaction that offsets an existing position.
High Speed Data Feed is a real-time broadcast of market data related to Toronto Stock Exchange and TSX Venture Exchange markets.
The highest price at which a board lot trade on a security was executed during a trading session. See also: Board Lot.
An order that either raises the bid price or lowers the offering price is said to be improving the market. The market improves because the spread between the bid and offer decreases.
Income Deposit Security (IDS)
An exchange-traded, fixed income-like instrument consisting of a subordinated debt security and a share of common stock packaged together to form a tax-efficient delivery mechanism to distribute an issuer's free cash flow to its investors. Investors are paid dividends from the common share component and interest from the subordinated debt. The structure was created for U. S.-based companies to replicate the economic attributes of the Canadian income trust structure - providing steady, high-yield returns to U. S. and Canadian investors in U. S. companies. IDSs do not use the trust structure. Also known as income participating securities (IPS).
Income Participating Security (IPS)
See Income Deposit Security (IDS).
A security with a solid record of dividend payments and which offers a dividend yield higher than the average common stock.
Also called income funds. Income trusts are trusts structured to own debt and equity of an underlying entity, which carries on an active business, or has royalty revenues generated by the assets of an active business. By owning securities or assets of an underlying business, an income trust is structured to distribute cash flows, typically on a monthly basis, from those businesses to unit holders in a tax-efficient manner. The trust structure is typically utilized by mature, stable, sustainable, cash-generating businesses that require a limited amount of maintenance capital expenditures. An income trust is an exchange-traded equity investment that is similar to a common share.
A statistical measure of the state of the stock market, based on the performance of stocks. Examples are the S&P/TSX Composite Index and the S&P/TSX Venture Composite Index.
Index Participation Unit (IPU)
See Exchange-Traded Fund (ETF).
Indicated Annual Dividend/Distribution.
For an issue with a committed dividend/distribution policy, the indicated annual dividend/distribution (IAD) equals the most recent dividend/distribution multiplied by the payment frequency. For example, if an issuer pays $0.04 quarterly, then the indicated rate is $0.04 X 4 or $0.16. In the case of issuers with no committed policy, the IAD is obtained by adding the dividend/distribution amounts paid in the last 12-month period. Indicated annual dividend/distribution is also referred to as indicated rate.
Indicative Calculated Closing Price (ICCP)
A feature of Market On Close (MOC), a TSX electronic call market facility, the Indicative Calculated Closing Price (ICCP) provides a preliminary indication of what the calculated closing price for a MOC security would be assuming the regular trading session had ended at the time of calculation. The ICCP is calculated without reference to volatility parameters. The ICCP for each MOC security will be broadcast to the trading community at 3:50 PM ET on each trading day, 10 minutes prior to the actual Market On Close execution. A key objective of broadcasting the ICCP is to provide market participants with an early indication of potentially large price movements at the close. The ICCP for all MOC securities will be included in the MOC Imbalance Report that is made available on tmxmoney.
An overall increase in prices for goods and services, usually measured by the percentage change in the Consumer Price Index.
Oferta Pública Inicial (IPO)
A company's first issue of shares to the general public.
Non-public information pertaining to the business affairs of a corporation that could affect the company's share price should the information be made public.
All directors and senior officers of a company, and those who are presumed to have access to inside information concerning the company. An insider is also anyone owning more than 10% of the voting shares of a company.
There are two types of insider trading. The first type occurs when insiders trade in the stock of their company. Insiders must report these transactions to the appropriate securities commissions. The other type of insider trading is when anyone trades securities based on material information that is not public knowledge. This type of insider trading is illegal.
For TSX reporting purposes, interlisted is defined as any issue listed on TSX or TSX Venture Exchange and also listed on a U. S. exchange or NASDAQ.
Intermarket Surveillance Group (ISG)
An international committee comprised of members from 31 exchanges around the world, including every major stock exchange. Membership in the ISG allows all members to share surveillance and investigative information to ensure that each regulator has access to the necessary information to effectively regulate its marketplace. The ISG promotes effective market surveillance among international exchanges and RS involvement helps ensure they are continually in touch with other regulators and part of the development of international best practices.
International Securities Identification Number (ISIN)
The international standard that is used to uniquely identify securities. It consists of a two-character alphabetic country code specified in ISO 6166, followed by a nine-character alphanumeric security identifier (assigned by a national security numbering agency), and then an ISIN check-digit.
The difference between the current market value of the underlying interest and the strike price of an option. In-the-money is a term used when the intrinsic value is positive.
The purchase or ownership of a security in order to earn income, capital or both. Investments may also include artwork, antiques and real estate.
A person employed by an investment dealer who provides investment advice to clients and executes trades on their behalf in securities and other investment products.
Initial investment capital necessary for starting a business. Investment capital usually consists of inventory, equipment, pre-opening expenses and leaseholds.
A specialist in the investment industry paid by fee to provide advice and research to investors with large accounts.
Securities firms that employ investment advisors to work with retail and institutional clients. Investment dealers have underwriting, trading and research departments.
Investment Dealers Association of Canada (IDA)
The national self-regulatory organization of the securities industry. The Association's role is to foster efficient capital markets by encouraging participation in the savings and investment process and by ensuring the integrity of the marketplace.
A closed-end fund that offers investors the ability to buy a security that represents a portfolio of investments with a specific investment strategy. These products use funds raised through a public offering to invest in a portfolio of securities, which are actively managed to create income streams for investors, typically through a combination of dividends, capital gains, interest payments, and in some cases, income from derivative investment strategies. These funds are not directly related to an operating business. Some examples are: funds of income funds, senior loan funds, mortgage-backed security funds, and commodity funds.
A corporate function, combining finance, marketing and communications, to provide investors with accurate information about a company's performance and prospects.
The dollar value of initial public offering (IPO) securities issued in accordance with a TSX or TSX Venture Exchange approved transaction. It is the stated prospectus price multiplied by "the number of securities issued under the IPO plus the over allotment".
Any of a company's securities or the act of distributing the securities. Issued shares refer to the portion of a company's shares that have been issued for sale. A company does not have to issue the total number of its authorized shares.
The trading status of a class or series of an issuer's listed securities, such that a class or series of listed securities of an issuer may be halted, suspended, or delisted from trading.
Issued and Outstanding Securities.
Commonly refers to the situation where the number of issued securities equals the number of outstanding securities. However, under certain corporate statutes in Canada, an issuer may have issued securities and then repurchased those securities without cancelling them. In that case, the securities are issued but are not outstanding. As a result, the number of issued securities does not equal the number of outstanding securities.
The trading status of a listed or formerly listed issuer. Issuer status types include: delisted, listed, suspended, and trading.
The execution and clearing of orders by one member of a stock exchange for the account of another member. For example, investment dealer A is a small firm whose volume of business is not sufficient to maintain a trader on the exchange. Instead, investment dealer A gives its orders to investment dealer B, a larger organization which is a member of the exchange, for execution. Investment dealer A pays a reduced percentage of the normal commission.
A young company in the early stages of operations and growth.
For a Market On Close (MOC)-eligible security, the last sale price equals the calculated closing price. If the MOC closing price acceptance parameters are exceeded, it equals the last board lot sale price of the security on the exchange in the regular trading session.
The last day on which a futures or option contract may be traded.
The debts and obligations of a company or an individual. Current liabilities are debts due and payable within one year. Long-term liabilities are those payable after one year. Liabilities are found on a company's balance sheet or an individual's net worth statement.
An order to buy or sell stock at a specified price. The order can be executed only at the specified price or better. A limit order sets the maximum price the client is willing to pay as a buyer, and the minimum price they are willing to accept as a seller.
An order to close out an existing open futures or options contract. A liquidating order involves the sale of a contract that has been purchased or purchase of a contract that has been sold.
This refers to how easily securities can be bought or sold in the market. A security is liquid when there are enough units outstanding for large transactions to occur without a substantial change in price. Liquidity is one of the most important characteristics of a good market. Liquidity also refers to how easily investors can convert their securities into cash and to a corporation's cash position, which is how much the value of the corporation's current assets exceeds current liabilities.
An issuer that has at least one class of securities listed on Toronto Stock Exchange or TSX Venture Exchange.
Shares of an issuer that are traded on a stock exchange. Issuers pay fees to the exchange to be listed and must abide by the rules and regulations set out by the exchange to maintain listing privileges.
The document that an issuer completes and submits to an exchange when it applies to list its shares on the exchange. The issuer must disclose its activities, plans, management and finances in the application.
A term that refers to ownership of securities. For example, if you are long 100 shares of XYZ, this means that you own 100 shares of XYZ company.
The lowest price at which a board lot trade was executed during a period of time. See also: Board Lot.
A client account that uses credit from the investment dealer to buy a security. A client needs to deposit a margin amount with the balance advanced by the investment dealer against collateral such as investments. The investment dealer can make a margin call, which means the client must deposit more money or securities if the value of the account falls below a certain level. If the client does not meet the margin call, the dealer can sell the securities in the margin account at a possible loss to cover the balance owed. The investment dealer also charges the client interest on the money borrowed to buy the securities.
The place where buyers and sellers meet to exchange goods and services. It also represents the actual or potential demand for a product or service.
The number of issued and outstanding securities listed for trading for an individual issue multiplied by the board lot trading price. Should a trading price not be available, a bid price, a price on another market, or if applicable, the price for an issue of the same issuer which the first issue is convertible into, may be used. Total market capitalization for a market is obtained by adding together all individual issue market capitalizations (warrants and rights excluded). Escrowed shares are excluded from TSX Venture market capitalization.
A trader employed by a securities firm who is required to maintain reasonable liquidity in securities markets by making firm bids or offers for one or more designated securities up to a specified minimum guaranteed fill. Market makers for the stock of issuers listed on Toronto Stock Exchange are referred to as Registered Traders.
A TSX electronic call market facility, which establishes the closing price for certain TSX-listed securities. MOC accepts confidential market orders from before the open and throughout the trading session, maintaining them in time priority. Twenty minutes before the close of the trading session, MOC publicly broadcasts an imbalance of buy and sell MOC market orders and asks for limit MOC orders to offset the imbalance. Ten minutes before the close of the trading session, MOC publicly broadcasts an Indicative Calculated Closing Price (ICCP) that provides market participants with an indication of what the calculated closing price would be assuming the regular trading session had ended at that time (see Indicative Calculated Closing Price for more details). At the close, MOC matches orders, from the MOC and continuous market books, at a calculated closing price (which assures the most matches closest to the last sale price), and allocates the fills according to price and time priority.
An order to buy or sell stock immediately at the best current price.
A real-time data feed that puts the order book directly on the customer's screen. This information product shows the committed, tradable volume of the top 5 bids and asks for each Toronto Stock Exchange or TSX Venture Exchange-listed stock.
A change in an issuer's affairs that could have a significant effect on the market value of its securities, such as a change in the nature of the business or control of the issuer. Under the principle of continuous disclosure, a listed issuer must issue a news release and report to the applicable self-regulatory organization as soon as a material change occurs.
See Participating Organizations (POs) and Members.
A special term order with a minimum fill condition will only begin to trade if its first fill has the required minimum number of shares. For example, an order to buy 5,000 shares with a minimum volume of 2,000 shares can only trade if 2,000 or more shares become available.
Minimum Guaranteed Fill (MGF) Orders.
These orders are guaranteed a complete fill upon entry. A Registered Trader will provide the stock should the book be below the required limit. To be eligible for MGF, an order has to be a tradable client order with a volume less than or equal to the MGF size, which varies from stock to stock.
Flutuação Mínima de Preço.
The minimum price change or tick on a futures contract.
An order with a volume that combines any number of board lots and an odd lot.
Part of the capital market established to buy and sell short-term financial obligations. These include federal government treasury bills, short-term Government of Canada bonds, commercial paper, bankers' acceptances and guaranteed investment certificates. Longer-term securities are also traded in the money market when their term shortens to three years.
Multijurisdictional Disclosure System (MJDS)
A disclosure system that facilitates certain Canadian-U. S. cross-border securities offerings, issuer bids and takeover bids. It is intended to reduce costly duplication of disclosure requirements and other filings when issuers from one country register securities offerings in the other. Under the rules, eligible cross-border offerings are governed by the disclosure requirements of the issuer's home country.
Orders placed before the market opens to buy or sell shares of stocks when their options expire. These orders are guaranteed a complete fill at the opening price to offset expiring options. They must be ordered between 4:15 p. m. e 17:00 on the Thursday before the third Friday of each month.
A fund managed by an expert who invests in stocks, bonds, options, money market instruments or other securities. Mutual fund units can be purchased through brokers or, in some cases, directly from the mutual fund company.
A seller of an option contract who does not own a position in the underlying security.
The difference between the previous day's closing price and the last traded price.
The difference between a company's or individual's total assets and its total liabilities. Also known as shareholders' equity for a company.
A stock or bond issue sold by a company for the first time. Proceeds may be used to retire the company's outstanding securities, or be used for a new plant, equipment or additional working capital. New debt issues are also offered by governments.
Occurs concurrently with the posting of the new issuer's securities for trading. The preconditions for listing include the acceptance by the Exchange that all listing requirements and conditions have been satisfied. The effective listing date is the date when the listed securities open for trading.
New Issuer Listing - Application.
An issuer whose application for listing was based on the TSX listing application or the TSX Venture Exchange listing application form. These applications in themselves provide prospectus-level disclosure; however, often the listing application is accompanied by an offering document or a prospectus.
New Issuer Listing - Graduate.
An issuer, previously listed on TSX Venture Exchange (including NEX), that applied for and was approved for listing on TSX. The issuer's security would be delisted from TSX Venture Exchange and listed on TSX at the same time, permitting continuous listing of the securities on contiguous exchanges.
New Issuer Listing - IPO (Initial Public Offering)
An IPO (initial public offering) is an issuer's first offering of its securities made to the public in accordance with a prospectus. The offering is often made in conjunction with an issuer's initial application for listing on an exchange.
New Issuer Listing - Plan of Arrangement.
An issuer listing as a result of a plan of arrangement. A plan of arrangement is a form of corporate reorganization that must be approved by a court and by the corporation's shareholders or others affected by the proposed arrangement, all as prescribed by corporate legislation. A plan of arrangement can take various forms, including:
An amalgamation of two or more corporations A division of the business of the corporation A transfer of all or substantially all of the property of the corporation to another corporation An exchange of securities of the corporation held by security holders of the corporation for other securities, money, or other property that is not a takeover bid A liquidation or dissolution of the corporation A compromise between the corporation and its creditors or holders of its debt Any combination of the foregoing.
New Issuer Listing - Spin-Off.
A reorganization that usually results in a newly listed issuer acquiring a business division or assets as its principal operating asset from another issuer (the reorganized issuer), with security holders of the reorganized issuer holding securities in both issuers, following completion of the reorganization.
New Issuer Listing - Transfer.
An issuer previously listed on TSX that applied for and was approved for listing on TSX Venture Exchange. The issuer's security would be delisted from TSX and listed on TSX Venture Exchange at the same time, permitting continuous listing of the securities on contiguous exchanges.
A security issue that is newly added to the list of tradable security issues of an exchange. It is accompanied with a new listing date.
A separate board of TSX Venture Exchange. NEX was launched by TSX Group, effective August 18, 2003, to trade as an open, continuous auction market, on the same TSX Venture trading engine, and to be governed by identical trading rules. NEX provides a trading forum for issuers that have fallen below TSX Venture's continuing listing requirements. They are identified with an extension of "H" added to their stock symbol.
An issue that is recorded on the transfer agent's electronic book rather than being held as a physical note.
An order from a Participating Organization or an order a firm is executing on behalf of an institution, such as a mutual fund. An "N" denotes a non-client order in the book.
A listed issuer that is subject to special reporting rules.
A special-term order when there is a clear understanding between the buying and selling parties that they will settle the trade directly with each other.
A special term order when one or more participants in the trade is not a Canadian resident.
Sistema Norte Americano de Classificação Industrial (NAICS)
A system for classifying business establishments. It was developed by the Economic Classification Policy Committee (ECPC) on behalf of the U. S. Office of Management and Budget (OMB), in cooperation with Statistics Canada and Mexico's Instituto Nacional de Estadistica, Geografia e Informatica (INEGI) to provide comparable statistics across the three countries. Launched in 1997, it is the replacement for the 1987 Standard Industrial Classification (SIC) codes.
A number of shares that are less than a board lot, which is the regular trading unit decided upon by the particular stock exchange. An odd lot is also an amount that is less than the par value of one trading unit on the over-the-counter market. For example, if a board lot is 100 shares, an odd lot would be 99 or fewer shares.
To liquidate or close out an open futures or option contract.
A market that has only buy orders or only sell orders booked for a particular security.
A special-term order placed with the intention of trading at a later date when the price of the stock reaches the specified stop price. An on-stop order becomes a limit order once a trade at the trigger price has occurred.
Comissão de Valores Mobiliários de Ontário.
The government agency that administers the Securities Act (Ontario) and the Commodity Futures Act (Ontario) and regulates securities and listed futures contract transactions in Ontario.
The net open positions of a futures or option contract.
An order that remains in the system for more than a day. See Good-Till-Cancelled or Good-Till-Date .
An investment fund that continuously offers its securities to investors and stands ready to redeem its securities at all times. Transactions in shares/units of mutual funds are based on their net asset value (NAV), determined at the close of each business day. Examples of an open-end fund are traditional mutual funds and exchange-traded funds (ETFs).
The market opens at 9:30 a. m. ET each business day.
The right, but not the obligation, to buy or sell certain securities at a specified price within a specified time. A put option gives the holder the right to sell the security, and a call option gives the holder the right to buy the security.
All options of the same type, either calls or puts, that have the same underlying security.
A set pattern of months when a class of options expires.
The buyer of an option contract who has the right to exercise the option during its lifetime.
An individual option contract for a given security.
A call or put contract.
The seller of an option contract who may be required to deliver (call option) or to purchase (put option) the underlying interest covered by the option, before the contract expires.
An eight or nine-digit number assigned to every order entered into the system.
Original Listing/Initial Listing.
A listing is designated as an original listing on TSX or initial listing on TSX Venture Exchange, if it satisfies the following three conditions:
It meets listing requirements. It pays applicable listing fees. It is described in the exchange bulletin as an original listing by TSX or a new listing by TSX Venture Exchange.
Typical examples of original/initial listings include:
An initial public offering (IPO) Transfer from another exchange A new entity created by a spin-off (such as a division, from an existing issuer, becoming its own publicly traded entity)
OTC (over-the-counter) foreign trading refers to UMIR Rule 6.4 (e), which permits a trade to be executed off the Exchange, if one or both Participating Organization/Member client accounts are outside of Canada, provided such trades are reported within a specific time frame to the Exchange for public dissemination of the transaction.
The market maintained by securities dealers for issues not listed on a stock exchange. Almost all bonds and debentures, as well as some stocks, are traded over-the-counter in Canada. An OTC market is also known as an unlisted market.
A security's nominal face value.
An order receives a partial fill when it trades only part of its total committed volume.
Participating Organizations (POs) and Members of TSX.
Firms that are entitled to trade through the facilities of TSX. However, only POs are also involved in all aspects of the securities business, including underwriting new issues and other financings, and assisting companies in the initial public offering (IPO) process.
Participating Organizations (POs) and Members of TSX Venture Exchange.
Firms entitled to trade through the facilities of TSX Venture Exchange. However, only POs of TSX and Members of TSX Venture Exchange are permitted to act as sponsors for listed issuers or issuers proposing to be listed on TSX Venture Exchange.
Low-priced speculative issues of stock selling at less than $1.00 a share.
Holdings of securities by an individual or institution. A portfolio may include various types of securities representing different companies and industry sectors.
The maximum number of futures or options contracts any individual or group of people acting together may hold at one time.
Power, Pipeline & Utility Trusts.
A type of income trust. They are investment vehicles that have underlying businesses that are utilities, power generation companies, or pipeline companies.
A class of share capital that entitles the owner to a fixed dividend ahead of the issuer's common shares and to a stated dollar value per share in the event of liquidation. It usually does not have voting rights, unless a stated number of dividends have been omitted.
An option contract's price.
A session from 7:00 a. m. to 9:30 a. m. (ET) when orders can be entered into the Toronto Stock Exchange's systems. Tradable orders will be queued until after 9:30 a. m. when the market opens.
A common stock's last closing market price per share divided by the latest reported 12-month earnings per share. This ratio shows you how many times the actual or anticipated annual earnings a stock is trading at.
A trade when a Participating Organization is either buying from, or selling to its client.
If there are several orders competing for a stock at the same price, a priority determines when one of these orders will be filled before any other at this price. Priority is based on the time at which the order is received into the system.
The private offering of a security to a small group of buyers. Resale of the security is limited. See Best Efforts and Bought Deal Underwriting .
Private Placement Financing.
The dollar value of privately placed securities issued in accordance with a TSX or TSX Venture Exchange approved transaction. The price is determined in accordance with the policies of the TSX Company Manual or TSX Venture Corporate Finance Manual. The number of securities is the actual number issued. The composition of the financing could take the form of units comprised of multiple securities.
Professional and Equivalent Real-Time Data Subscriptions.
The total number of professional accesses to real-time products of TSX and TSX Venture Exchange, as well as non-professional accesses that are priced the same or at a minimal discount to the professional access rate for the same product.
What is left over for the owners of a business after all expenses have been deducted from revenues. Gross profit is the profit before corporate income taxes. Net profit is the final profit of the business after taxes have been paid.
A legal document describing securities being offered for sale to the public. It must be prepared in accordance with provincial securities commission regulations. Prospectus documents usually disclose pertinent information concerning the company's operations, securities, management and purpose of the offering.
A push-out occurs during a stock split when new shares are forwarded to the registered holders of old share certificates, without the holders having to surrender the old shares. Both the old and new shares have equal value.
A put option is a contract that gives the holder the right to sell a specified number of shares at a stated price within a fixed time period. Put options are purchased by those who think a stock may decline in price.
See Market Capitalization .
A brisk rise in the general price level of the market or price of a stock.
Real Estate Investment Trust (REIT)
Typically, a closed-end investment fund that trades on an exchange and uses the pooled capital of many investors to purchase and manage income properties. Equity REITs primarily own commercial real estate, such as shopping centres, apartments, and industrial buildings. By taking advantage of the trust structure, REITs offer tax advantages (beyond traditional common equity investments) to investors and provide a liquid way to invest in real estate, which otherwise is an illiquid market.
See Dividend/Distribution Record Date .
A security that carries a condition giving the issuer a right to call in and retire that security at a certain price and for a certain period of time.
A trader employed by a securities firm who is required to maintain reasonable liquidity in securities markets by making firm bids or offers for one or more designated securities up to a specified minimum guaranteed fill.
Relative Position Report.
A TSX report that ranks each Participating Organization's/Member's trading activity relative to the total market and the other POs/Members. It is produced monthly for each TSX Group PO/Member.
Responsible Registered Trader.
The Registered Trader assigned by the Selection Committee to act as market maker in a security. Their duties include providing a minimum guaranteed fill, maintaining minimum spread and ensuring orderly trading.
A security that features an option for the holder to require the issuer to redeem it, subject to specified terms and conditions.
The total amount of funds generated by a business.
Reverse Takeover (RTO)/Backdoor Listing.
A transaction or series of transactions that includes a securities issuance made by a listed issuer to parties vending securities or other assets into the listed issuer (the new security's holders), such that after completion of the transaction(s), the new security's holders will own more than 50% of the outstanding voting securities of the listed issuer, with an accompanying change of control of the listed issuer. A reverse takeover (RTO)/backdoor listing can be completed through various transactions, including a business or asset acquisition, an amalgamation, a plan of arrangement, or other form of reorganization. The listing of securities of an issuer formed in accordance with an RTO/backdoor listing is treated as a new listing.
A temporary privilege that lets shareholders purchase additional shares directly from the issuer at a stated price. The price is usually less than the market price of the common shares on the day the rights are issued. The rights are only valid within a given time period.
The future chance or probability of loss.
Includes all of the constituents of the S&P/TSX 60 Index. The relative weight by market capitalization of any single index constituent is capped at 10%.
An index of large, liquid, Canadian issuers listed on Toronto Stock Exchange. It is market capitalization weighted, with weights adjusted for available share float, and includes securities of 60 issuers balanced across ten economic sectors. Inclusion in the S&P/TSX Composite is a prerequisite to inclusion in the S&P/TSX 60 Index.
Includes all of the constituents of the S&P/TSX Composite Index. The relative weight by market capitalization of any single index constituent is capped at 10%.
Comprises the majority of market capitalization for Canadian-based, Toronto Stock Exchange listed companies. It is the leading benchmark used to measure the price performance of the broad, Canadian, senior equity market. It was formerly known as the TSE 300 Composite Index.
An index of mid-sized Canadian issuers that have been included in the S&P/TSX Composite Index but are not members of the S&P/TSX 60 Index. It is market capitalization weighted, with weights adjusted for available share float, and includes securities of 60 issuers balanced across ten economic sectors.
An index of smaller Canadian issuers that are included in the S&P/TSX Composite Index, but have not been added to the S&P/TSX 60 Index or the S&P/TSX MidCap Index. When a new issuer qualifies to be included in the S&P/TSX Composite, it is automatically added to the S&P/TSX SmallCap Index. This index does not have a fixed number of constituents.
Launched December 10, 2001, it is the leading benchmark used to measure the price performance of the Canadian public venture capital equity market.
The traditional term for membership on a stock exchange. An investment dealer or brokerage buys a seat on the exchange and one employee is designated as the seat holder. As Toronto Stock Exchange is now demutualized, there are no longer seats on the exchange.
Secondary Offering Financing.
The dollar value of secondary offering securities issued in accordance with a TSX or TSX Venture Exchange approved transaction. It is the stated prospectus price multiplied by the "number of securities issued under the offering plus the over allotment".
Transferable certificates of ownership of investment products such as notes, bonds, stocks, futures contracts and options.
Securities and Exchange Commission (SEC)
The federal regulatory body for interstate securities transactions in the United States.
Each province has a securities commission or administrator that oversees the provincial securities act. This act is a set of laws and regulations that set down the rules under which securities may be issued or traded in that province.
Securities Industry Association (SIA)
The trade association representing more than 600 securities firms throughout Canada and the United States. Members include banks, brokers, dealers and mutual fund companies.
The System for Electronic Document Analysis and Retrieval. SEDAR is an electronic filing system that allows listed companies to file prospectuses and continuous disclosure documents. The Canadian Securities Administrators, Canadian Depository for Securities Limited and the filing community developed it, with co-operation from legal firms and stock exchanges.
*SEDAR is a trademark of the Canadian Securities Administrators.
The shares or stock sold by a company to provide start-up capital before carrying out an initial public offering (IPO).
An organization recognized by securities administrators as having powers to establish and enforce industry regulations to protect investors and to maintain fair, equitable and ethical practices in the securities industry. Examples include Toronto Stock Exchange and the Investment Dealers Association.
The process that follows a transaction when the seller delivers the security to the buyer and the buyer pays the seller for the security.
The date when a securities buyer must pay for a purchase or a seller must deliver the securities sold. Settlement must be made on or before the third business day following the transaction date in most cases.
The price used to determine the daily net gains or losses in the value of an open futures or options contract.
A paper certificate that represents the number of shares an investor owns.
The selling of a security that the seller does not own (naked or uncovered short) or has borrowed (covered short). Short selling is a trading strategy. Short sellers assume the risk that they will be able to buy the stock at a lower price, cover the outstanding short, and realize a profit from the difference.
Orders which must trade under special conditions. For example, a cash order will be settled sooner than the usual three-day settlement period.
A session during which trading in a listed security is limited to the execution of transactions at a single price.
Someone prepared to accept calculated risks in the marketplace for attractive potential returns.
Capital and preferred shares issued by a split-share corporation. A split-share corporation holds common shares of one or more companies. The corporation then issues two classes of shares - capital shares and preferred shares. The objective is to generate fixed, cumulative, preferential dividends for the holders of preferred shares and to enable the holders of the capital shares to participate in any capital appreciation (or depreciation) in the underlying common shares.
Sponsor, TSX Venture Issuers.
A Participating Organization of TSX or a Member of TSX Venture Exchange that is qualified to carry out a due-diligence review of an issuer and prepare a sponsor report, which provides an opinion on the suitability of that issuer for listing or continued listing on TSX Venture Exchange.
The difference between the bid and the ask prices of a stock.
Committees formed for the purpose of assisting in decision-making on an ongoing basis.
A dividend/distribution paid in securities of the same issue or a different issue of the same issuer or another issuer. A stock dividend/distribution can be used as a means to list a new issuer. The issuer or its representative provides the amount, payable date, and record date. The exchange that the issue is listed on sets the ex-dividend/distribution (ex-d) date for entitlement.
Futures contracts which have a stock index as the underlying interest.
A security issue that is removed or delisted from the list of tradable security issues of an exchange. It is usually accompanied with a reason for deletion and the deletion date.
A statistical measure of the state of the stock market, based on the performance of certain stocks. Examples include the S&P/TSX Composite Index and the S&P/TSX Venture Composite Index.
Stock Price Index Value (SPIV)
The number that is usually quoted as the value of an index. SPIV is based on the aggregate, float quoted market value of the index constituents and is calculated for all S&P/TSX indices. SPIV is calculated at the end of the trading session for all S&P/TSX indices and throughout the trading session for certain S&P/TSX indices.
A corporate action that increases the number of securities issued and outstanding, without the issuer receiving any consideration for the issue. Approval by security holders is required in many jurisdictions. Each security holder gets more securities, in direct proportion to the amount of securities they own on the record date; thus, their percentage ownership of the issuer does not change. For example, a two-for-one stock split involves the issuance of two new securities for every old security.
A one-character to three-character, alphabetic root symbol, which represents an issuer listed on Toronto Stock Exchange or TSX Venture Exchange.
The character or characters that may follow the stock symbol to uniquely identify a listed security. It can be a single alphabetic character, two alphabetic characters, or a combination of two plus one characters with a maximum of eight characters for the stock symbol, extension and separator dots in between. For example, BMO. PR. U. Currently, they include:
A-B - class of shares DB - debenture E - equity dividend H - NEX market IR - installment receipts NO, NS, NT - notes P - Capital Pool Company PR - preferred R - subscription receipts RT - rights S - special U. S. terms U, V - U. S. funds UN - units W - when issued WT - warrants.
These are certificates registered in the name of a securities firm rather than the owner of the security. This makes the certificate easily transferable to a new owner.
The price the owner of an option can purchase or sell the underlying security. The purchases and sales are also known as calls and puts.
Closed-end or open-end investment funds, which provide innovative and flexible investment products designed to respond to modern investor needs, such as yield enhancement, risk reduction, or asset diversification. Structured products allow investors to buy a single unit/share of a fund that represents an interest in the investment portfolio. Based on the investment strategy, the portfolio can purchase a basket of securities, track an index, or hold a specific type of security or portion of a security.
A broad category of transactions that involves one security on the stock list being replaced by another security or securities.
A type of listing transaction, made after an issuer's original listing, that involves the listing and posting for trading of a new issue of securities. Typically, this involves the listing of preferred shares, rights, warrants, or debentures. Supplemental also covers the additional listing of when-issued shares through a secondary offering of an issue that is already listed.
Supplemental Listing Financing.
The dollar value of supplemental securities issued in accordance with a TSX or TSX Venture Exchange approved transaction. It is the stated prospectus price multiplied by the "number of securities issued under the supplemental listing plus the over allotment".
The status of a listed security of an issuer whose trading privileges have been revoked by the Exchange. All securities of the issuer remain suspended until trading privileges have been reinstated, or the issuer is delisted.
An issuer whose trading privileges for a listed security or securities have been revoked by Toronto Stock Exchange or TSX Venture Exchange. The listed issuer remains suspended until trading privileges have been reinstated, or the listed issuer is delisted.
A change in a listed issuer's stock symbol, which may be required by the Exchange in the context of an issuer's reorganization or may be made at the request of the issuer. A requested symbol is available for use if it is appropriate for the type of security and the issuer's voting structure.
A market that occurs when there are comparatively few bids to buy or offers to sell, or both. The phrase may apply to a single security or to the entire stock market. In a thin market, price fluctuations between transactions are usually larger than when the market is liquid. A thin market in a particular stock may reflect lack of interest in that issue, or a limited supply of the stock.
Slang used for minimum spread. Depending on the stock price it could be a half-cent, one cent or five cents.
Each time a stock is bought and sold, it is displayed on an electronic ticker tape. It is a record of current trading activity on an exchange.
The administrative fee charged for each trade.
The TSX Venture Exchange market has two tiers where securities are listed and traded. Tier 1 is for advanced companies with a certain level of net tangible assets and earnings. Tier 2 is for more junior venture companies.
Time refers to the time period you would like to see charted from the drop-down menu box labelled "Time". These options give you a choice of intraday pricing data ("Daily", "1-Minute", "5-Minute", "15-Minute" and "Hourly") options. The additional options refer to end-of-day pricing data. This term refers to a TSX Group Historical Performance charting feature.
The difference between an option's premium and its intrinsic value.
Timely Disclosure Policy.
This policy requires all listed companies to publicly disclose material information in a timely manner.
Toronto Level 1 (TL1) is a real-time service for listed senior equities that provides trades, quotes, corporate actions and index information from TSX.
Toronto Level 2 (TL2) is a real-time service for senior equities that shows all of the committed orders and trades for each TSX listed security in real time.
Canada's national stock exchange, which serves the senior equity market.
The total number of issued and outstanding shares for the security.
Total Return Index Value (TRIV)
Similar to the stock price index value (SPIV), except that the TRIV is based on the aggregate, float quoted market value of the index constituents (SPIV) plus their paid dividends/distributions. TRIV is calculated only at the end of the trading session for all S&P/TSX indices.
A trading halt is imposed by the exchange, usually due to the dissemination of news that might impact a stock's price.
The status of a listed security of an issuer whose trading privileges are active on the Exchange.
An issuer that has at least one class of securities whose trading privileges are active on Toronto Stock Exchange or TSX Venture Exchange.
The unique, 3-digit number assigned to each Participating Organization and Member to identify it for market transparency.
The period during which the Exchange is open for trading.
The total dollar value of shares traded during a trading session.
Trailing Twelve Months Earnings Per Share (TTM EPS)
Trailing, twelve-months earnings per share (TTM EPS), reported by TSX for listed issuers, is an annualized EPS calculation, based on EPS as presented by the issuer, from their latest annual financial statements and the latest subsequent interim financial statements, if any. It includes special items, such as extraordinary items or discontinued operations. It indicates the issuer's annualized earnings for the latest financial reporting period. It is also used to calculate the issuer's price/earnings (P/E) ratio that is reported on tmxmoney.
The date when the purchase or sale of a security takes place.
As reported in exchange trading statistics, represents the total number of trades for a specified period.
A trust company appointed by a listed company to keep a record of the names, addresses and number of shares held by its shareholders. Frequently, the transfer agent also distributes dividend cheques to the company's shareholders.
A security that can be transferred from one party holder to another without restrictions, provided that all proper documentation is included.
Includes all issuers that are not classified as mining or oil and gas.
TSX Industrial, Mines and Oil & Gas Categories (IMO)
The broad classification of issuers into an industrial, mining, or oil and gas category. The classification is done at the review of the original listing application or at a later review of the listed issuer. The classification determines which listing standard is to be applied to the issuer.
TSX Marker for U. S. or Non-U. S. Foreign Incorporated Issuer.
A marker used by TSX to classify trading (including interlisted shares) and market capitalization by domestic, U. S., and non-U. S. foreign issuers. The data source is the original listing bulletin, which includes a notation on the laws or jurisdiction the issuer was incorporated under. Non-U. S., foreign issuer data is not broken down by country of incorporation.
Mining issuers that have proven or probable reserves and are either in production or have made a production decision. Mineral exploration and development issuers that have a planned work program of exploration or development.
Includes oil and gas companies that have proven and developed reserves and ongoing operations.
Canada's national stock exchange, which serves the public, venture equity market.
The specific security, commodity, index or financial instrument that an option or futures contract is traded.
The purchase for resale of a new issue of securities by an investment dealer or group of dealers who are also known as underwriters. The formal agreements for these transactions are called underwriting agreements.
A security not listed on a stock exchange, but traded on the over-the-counter market.
A stock is said to be on an uptick when the last trade occurred at a higher price than the one before it.
Money raised by companies to finance new ventures.
A classification of TSX Venture Exchange-listed companies that are in the early stages of development and meet the minimum asset, market value and shareholder distribution requirements for Tier 2 listing.
A statistical measure of changes in price over a period of time.
See Debt Volume and Equity Volume .
Volume-weighted, average trading price of the listed securities, calculated by dividing the total value by the total volume of securities traded for the relevant period. Where appropriate, TSX may exclude internal crosses and certain other special terms trades from the calculation. This definition is generally used by listed issuers to price their shares.
A transaction for the purpose of executing a trade at a volume-weighted average price of a security traded for a continuous period, on or during a trading day on the Exchange. Marked as a specialty-priced cross, a VWAP cross may be executed outside the quote, will not set the last sale price, and is not subject to interference by other orders on the book. VWAP crosses may be executed in the post open and special trading sessions.
A security giving the holder the right to purchase securities at a stipulated price within a specified time limit. Exercise of the warrant is solely at the discretion of the holder. Warrants are not exercisable after the expiry date. A warrant is often issued in conjunction with another security as part of a financing. A warrant may be traded as a listed security or it may be held privately.
Occurs when the security has been listed and posted for trading, but the certificate representing the security itself is not yet issued and available for settlement. The exchange bulletin issued on listing of the security indicates if the trading will be done on a when-issued basis. In this case, the issuance of the security is guaranteed and the delay in issuance is often due to factors relating to the printing and distribution of the security. The period for when-issued trading is usually less than one week.
World Federation of Exchanges (WFE)
The World Federation of Exchanges (WFE) is a global trade association for the exchange industry. The membership is comprised of more than 50 regulated exchanges from all regions of the world. Together, these exchanges account for over 95% of world stock market capitalization, and most of its exchange-traded futures, options, listed investment funds, and bonds. TSX is a member of WFE, and is on the Federation's Board of Directors.
The seller of an option. The writer has an obligation associated with the contract to either purchase or sell a specified number of shares at the strike price on or before expiry.
Index Level 1 is a feed service that provides index and constituent data for the equity S&P/TSX indices. Current day constituent data is broadcast before market open. Complete index and constituent data is delivered at end of day.
This is the measure of the return on an investment and is shown as a percentage. A stock yield is calculated by dividing the annual dividend by the stock's current market price. For example, a stock selling at $50 and with an annual dividend of $5 per share yields 10%. A bond yield is a more complicated calculation, involving annual interest payments, plus amortizing the difference between its current market price and par value over the life of the bond.

Options Glossary.
Ajustes
A change to contract terms due to a corporate action (e. g., a merger or stock split). Depending on the corporate action, different contract terms (including strike price, deliverable, expiration date, multiplier etc.) could be adjusted. An adjusted option may cover more or less than the usual 100 shares. For example, after a 3-for-2 stock split, the adjusted option will represent 150 shares. For such options, the premium must be multiplied by a corresponding factor. Example: buying 1 call (covering 150 shares) at 4 would cost $600.
All-or-none order (AON)
A type of option order which requires that the order be executed completely or not at all. An AON order may be either a day order or a GTC (good-‘til-cancelled) order.
American-style option.
An option that can be exercised at any time prior to its expiration date. See also European-style option.
A trading technique that involves the simultaneous purchase and sale of identical assets or equivalent assets in two different markets with the intent of profiting by the price discrepancy.
Ask / Ask price.
The price at which a seller is offering to sell an option or a stock. See also Assignment.
Assigned (an exercise)
Received notification of an assignment by OCC. See also Assignment.
Tarefa.
Notification by OCC to a clearing member that an owner of an option has exercised their rights. For equity and index options, OCC makes assignments on a random basis. See also Delivery and Exercise.
At-the-money / At-the-money option.
A term that describes an option with a strike price that is equal to the current market price of the underlying stock.
Averaging down.
Buying more of a stock or an option at a lower price than the original purchase to reduce the average cost.
Backspread.
A Delta-neutral spread composed of more long options than short options on the same underlying instrument. This position generally profits from a large movement in either direction in the underlying instrument.
Cboe Bats BZX Options Exchange.
Bear (or bearish) spread.
One of a variety of strategies involving two or more options (or options combined with a position in the underlying stock) that can potentially profit from a fall in the price of the underlying stock.
Bear spread (call)
The simultaneous writing of one call option with a lower strike price and the purchase of another call option with a higher strike price. Example: writing 1 XYZ May 60 call and buying 1 XYZ May 65 call.
Bear spread (put)
The simultaneous purchase of one put option with a higher strike price and the writing of another put option with a lower strike price. Example: buying 1 XYZ May 60 put and writing 1 XYZ May 55 put.
An adjective describing the opinion that a stock, or a market in general, will decline in price; a negative or pessimistic outlook.
A measure of how closely the movement of an individual stock tracks the movement of the entire stock market.
Bid / Bid Price.
The price at which a buyer is willing to buy an option or a stock.
Black-Scholes formula.
The first widely used model for option pricing. This formula is used to calculate a theoretical value for an option using current stock prices, expected dividends, the option's strike price, expected interest rates, time to expiration and expected stock volatility. While the Black-Scholes model does not perfectly describe real-world options markets, it is often used in the valuation and trading of options.
BOX Options Exchange.
Box spread.
A four-sided option spread that involves a long call and a short put at one strike price in addition to a short call and a long put at another strike price. Example: buying 1 XYZ May 60 call and writing 1 XYZ May 65 call; simultaneously buying 1 XYZ May 65 put and writing 1 May 60 put.
Break-even point(s)
The stock price(s) at which an option strategy results in neither a profit nor a loss. While a strategy's break-even point(s) are normally stated as of the option's expiration date, a theoretical option pricing model can be used to determine the strategy's break-even point(s) for other dates as well.
A person acting as an agent for making securities transactions. An account executive or a broker at a brokerage firm who deals directly with customers. A floor broker on the trading floor of an exchange actually executes someone else's trading orders.
Bull (or bullish) spread.
One of a variety of strategies involving two or more options (or options combined with an underlying stock position) that may potentially profit from a rise in the price of the underlying stock.
Bull spread (call)
The simultaneous purchase of one call option with a lower strike price and the writing of another call option with a higher strike price. Example: buying 1 XYZ May 60 call and writing 1 XYZ May 65 call.
Bull spread (put)
The simultaneous writing of one put option with a higher strike price and the purchase of another put option with a lower strike price. Example: writing 1 XYZ May 60 put, and buying 1 XYZ May 55 put.
An adjective describing the opinion that a stock, or the market in general, will rise in price; a positive or optimistic outlook.
Butterfly spread.
A strategy involving three strike prices with both limited risk and limited profit potential. Establish a long call butterfly by buying one call at the lowest strike price, writing two calls at the middle strike price and buying one call at the highest strike price. Establish a long put butterfly by buying one put at the highest strike price, writing two puts at the middle strike price and buying one put at the lowest strike price. For example, a long call butterfly might include buying 1 XYZ May 55 call, writing 2 XYZ May 60 calls and buying 1 XYZ May 65 call.
A covered call position that includes a stock purchase and an equivalent number of calls written at the same time. This position may be a combined order with both sides (buying stock and writing calls) executed simultaneously. Example: buying 500 shares XYZ stock and writing 5 XYZ May 60 calls. See also Covered call / Covered call writing.
Cboe C2 Options Exchange.
Propagação do calendário.
An option strategy that generally involves the purchase of a longer-termed option(s) (call or put) and the writing of an equal number of nearer-termed option(s) of the same type and strike price. Example: buying 1 XYZ May 60 call (far-term portion of the spread) and writing 1 XYZ March 60 call (near-term portion of the spread). See also Horizontal spread.
Opção de chamada.
An option contract that gives the owner the right but not the obligation to buy the underlying security at a specified price (its strike price) for a certain, fixed period (until its expiration). For the writer of a call option, the contract represents an obligation to sell the underlying product if the option is assigned.
Carry / Carrying cost.
The interest expense on money borrowed to finance a securities position.
Cash settlement amount.
The difference between the exercise price of the option being exercised and the exercise settlement value of the index on the day the index option is exercised. See also Exercise settlement amount.
Cboe Board Options Exchange.
Class of options.
A term referring to all options of the same type (either calls or puts) covering the same underlying stock.
Close / Closing transaction.
A reduction or an elimination of an open position by the appropriate offsetting purchase or sale. A selling transaction closes an existing long option position. A purchase transaction closes an existing short option position. This transaction reduces the open interest for the specific option involved.
Preço final.
The final price of a security at which a transaction was made. See also Settlement price.
A protective strategy in which a written call and a long put are taken against a previously owned long stock position. The options typically have different strike prices (put strike lower than call strike). Expiration months may or may not be the same. For example, if the investor previously purchased XYZ Corporation at $46 and it rose to $62, the investor could establish a collar involving the purchase of a May 60 put and the writing of a May 65 call to protect some of the unrealized profit in the XYZ Corporation stock position. The investor may also use the reverse (a long call combined with a written put) if he has previously established a short stock position in XYZ Corporation. See also Fence.
Garantia.
Securities against which loans are made. If the value of the securities (relative to the loan) declines to an unacceptable level, this triggers a margin call. As such, the investor is asked to post additional collateral or the securities are sold to repay the loan.
Combination.
An arrangement of options involving two long, two short, or one long and one short positions. The positions can have different strikes or expiration months. The term combination varies by investor. Example: a long combination might be buying 1 XYZ May 60 call and selling 1 XYZ May 60 put.
Condor spread.
A strategy involving four strike prices with both limited risk and limited profit potential. Establish a long call condor spread by buying one call at the lowest strike, writing one call at the second strike, writing another call at the third strike, and buying one call at the fourth (highest) strike. This spread is also referred to as a flat-top butterfly.
Contingency order.
An order to execute a transaction in one security that depends on the price of another security. An example might be to sell the XYZ May 60 call at $2.00, contingent upon XYZ stock being at or below $59.
Contract size.
The amount of the underlying asset covered by the option contract. This is 100 shares for 1 equity option unless adjusted for a special event. See also Adjustments.
Conversão.
An investment strategy in which a long put and a short call with the same strike price and expiration combine with long stock to lock in a nearly riskless profit. For example, buying 100 shares of XYZ stock, writing 1 XYZ May 60 call and buying 1 XYZ May 60 put at desirable prices. The process of executing these three-sided trades is sometimes called conversion arbitrage. See also Reversal / Reverse conversion.
To close out an open position. This term most often describes the purchase of an option or stock to close out an existing short position for either a profit or loss.
Covered call / Covered call writing.
An option strategy in which a call option is written against an equivalent amount of long stock. Example: writing 2 XYZ May 60 calls while owning 200 shares or more of XYZ stock. See also Buy-write and Overwrite.
Covered combination.
A strategy in which one call and one put with the same expiration, but different strike prices, are written against each 100 shares of the underlying stock. Example: writing 1 XYZ May 60 call and writing 1 XYZ May 55 put, and buying 100 shares of XYZ stock. In actuality, this is not a fully covered strategy because assignment on the short put requires purchase of additional stock.
Opção coberta.
An open short option position completely offset by a corresponding stock or option position. A covered call could be offset by long stock or a long call, while a covered put could be offset by a long put or a short stock position. This insures that if the owner of the option exercises, the writer of the option will not have a problem fulfilling the delivery requirements. See also Uncovered call option writing and Uncovered put option writing.
Covered put / Covered cash-secured put.
The cash-secured put is an option strategy in which a put option is written against a sufficient amount of cash (or Treasury bills) to pay for the stock purchase if the short option is assigned.
Covered straddle.
An option strategy in which one call and one put with the same strike price and expiration are written against each 100 shares of the underlying stock. Example: writing 1 XYZ May 60 call and 1 XYZ May 60 put, and buying 100 shares of XYZ stock. In actuality, this is not a fully covered strategy because assignment on the short put requires purchase of additional stock.
Money received in an account either from a deposit or from a transaction that results in increasing the account's cash balance.
Credit spread.
A spread strategy that increases the account's cash balance when established. A bull spread with puts and a bear spread with calls are examples of credit spreads.
A measure of the rate of change in an option's Delta for a one-unit change in the price of the underlying stock. See also Delta.
The expiration dates applicable to the different series of options. Traditionally, there were three cycles:
Today, most equity options expire on a hybrid cycle, which involves four option series: the two nearest-term calendar months and the next two months from the traditional cycle to which that class of options has been assigned. For example, on January 1, a stock in the January cycle will be trading options expiring in these months: January, February, April and July. After the January expiration, the months outstanding will be February, March, April and July.
A type of option order that instructs the broker to cancel any unfilled portion of the order at the close of trading on the day the order was first entered.
A position (stock or option) that is opened and closed on the same day.
Money paid out from an account from either a withdrawal or a transaction that results in decreasing the cash balance.
Spread de débito.
A spread strategy that decreases the account's cash balance when established. A bull spread with calls and a bear spread with puts are examples of debit spreads.
A term used to describe how the theoretical value of an option erodes or declines with the passage of time. Time decay is specifically quantified by Theta.
The process of meeting the terms of a written option contract when notification of assignment has been received. In the case of a short equity call, the writer must deliver stock and in return receives cash for the stock sold. In the case of a short equity put, the writer pays cash and in return receives the stock.
A measure of the rate of change in an option's theoretical value for a one-unit change in the price of the underlying stock.
Derivative / Derivative security.
A financial security whose value is determined in part from the value and characteristics of another security known as the underlying security.
Diagonal spread.
A strategy involving the simultaneous purchase and writing of two options of the same type that have different strike prices and different expiration dates. Example: buying 1 May 60 call and writing 1 March 65 call.
An adjective used to describe an option that is trading at a price less than its intrinsic value (i. e., trading below parity).
Discretion.
Freedom given by an investor to his or her account executive to use judgment regarding the execution of an order. Discretion can be limited, as in the case of a limit order that gives the floor broker price flexibility beyond the stated limit price to use his or her judgment in executing the order. Discretion can also be unlimited, as in the case of a market-not-held order.
Early exercise.
A feature of American-style options that allows the owner to exercise an option at any time prior to expiration.
Cboe EDGX Options Exchange.
In a margin account, equity is the difference between the securities owned and the margin loans owed. The investor keeps this amount after all positions are closed and all margin loans paid off.
Equity option.
An option on shares of an individual common stock or exchange traded fund.
Equivalent strategy.
A strategy that has the same risk-reward profile as another strategy. For example, a long May 60-65 call vertical spread is equivalent to a short May 60-65 put vertical spread. See also Synthetic position.
European-style option.
An option that can be exercised only during a specified period just prior to expiration. See also American-style option.
Ex-date / Ex-dividend date.
The day before the date that an investor must have purchased the stock in order to receive the dividend. On the ex-dividend date, the previous day's closing price is reduced by the amount of the dividend because purchasers of the stock on the ex-dividend date will not receive the dividend payment. This date is sometimes referred to simply as the ex-date, and can apply to other situations (e. g., splits and distributions). If you purchase a stock on the ex-date for a split or distribution, you are not entitled to the split stock or that distribution. However, the opening price for the stock will have been reduced by an appropriate amount, as on the ex-dividend date. Weekly financial publications, such as Barron's, often include a stock's upcoming ex-date as part of their stock tables.
Exchange traded funds (ETFs)
Exchange traded funds (ETFs) are index funds or trusts listed on an exchange and traded in a similar fashion as a single equity. The first ETF came about in 1993 with the AMEX's concept of a tradable basket of stocks — Standard & Poor's Depositary Receipt (SPDR). Today, the number of ETFs that trade options continues to grow and diversify. Investors can buy or sell shares in the collective performance of an entire stock portfolio (or a bond portfolio) as a single security. Exchange traded funds allow investors to enjoy some of the more favorable features of stock trading, such as liquidity and ease of equity style, in an environment of more traditional index investing.
To invoke the rights granted to the owner of an option contract. In the case of a call, the option owner buys the underlying stock. In the case of a put, the option owner sells the underlying stock.
Exercise by exception processing.
A procedure used by OCC as an operational convenience for clearing members. Under these proceedings, OCC assumes a clearing member tendered exercise notices for options that are in-the-money by threshold amounts, unless specifically instructed not to do so. This procedure protects the owner from losing the intrinsic value of the option because of failure to exercise. Unless instructed not to do so, all expiring equity options held in customer accounts are exercised if they are in-the-money by a specified amount.
Exercise price.
The price that the owner of an option can purchase (call) or sell (put) the underlying stock. Used interchangeably with strike or strike price.
Exercise settlement amount.
The difference between the exercise price of the option being exercised and the exercise settlement value of the index on the day the index option is exercised.
Expiration cycle.
The expiration dates applicable to the different series of options. Traditionally, there were three cycles:
Today, equity options expire on a hybrid cycle that involves four option series: the two nearest-term calendar months and the next two months from the traditional cycle to which that class of options has been assigned. For example, on January 1, a stock in the January cycle will be trading options expiring in these months: January, February, April and July. After the January expiration, the months outstanding will be February, March, April and July.
Data de validade.
The date that an option and the right to exercise it cease to exist.
Expiration Friday.
The last business day prior to the option's expiration date during which purchases and sales of options can be made. For equity options, this is generally the third Friday of the expiration month. If the third Friday of the month is an exchange holiday, the last trading day is the Thursday immediately preceding the third Friday.
Expiration month.
The month that the expiration date occurs.
A protective strategy in which a written call and a long put are added to a previously owned long stock position, also referred to as a collar. The options may have the same strike price or different strike prices. The expiration months may or may not be the same. For example, if the investor previously purchased XYZ Corporation at $46 and it rose to $62, an investor could establish a collar involving the purchase of a May 60 put and the writing of a May 65 call as a way of protecting some of the unrealized profit in the XYZ Corporation stock position. An investor might also use the reverse (a long call combined with a written put) if he has previously established a short stock position in XYZ Corporation.
Fill-or-kill order (FOK)
A type of option order that requires that the order be executed completely or not at all. A fill-or-kill order is similar to an all-or-none (AON) order. The difference is that if the order cannot be completely executed (i. e., filled in its entirety) as soon as it is announced in the trading crowd, it is killed (cancelled) immediately. Unlike an AON order, an FOK order cannot be used as part of a good-‘til-cancelled order.
FINRA (Financial Industry Regulatory Authority)
The largest independent regulator for all securities firms doing business in the United States.
Floor broker.
A trader on an exchange floor who executes trading orders for other people.
Floor trader.
An exchange member on the trading floor who buys and sells for their own account.
Analise fundamental.
A method of predicting stock prices based on the study of earnings, sales, dividends, and so on.
Fungibility.
Interchangeability resulting from standardization. Options listed on national exchanges are fungible, while over-the-counter options generally are not. Classes of options listed and traded on more than one national exchange are referred to as multiple-listed/multiple-traded options.
A measure of the rate of change in an option's Delta for a one-unit change in the price of the underlying stock. See also Delta.
Nasdaq GEMX, LLC.
Good-'til-cancelled (GTC) order.
A type of limit order that remains in effect until it is either executed (filled) or cancelled. This is unlike a day order, which expires if not executed by the end of the trading day. If not executed, a GTC option order is automatically cancelled at the option's expiration.
Hedge / Hedged position.
A position established with the specific intent of protecting an existing position. For example, an owner of common stock may buy a put option to hedge against a possible stock price decline.
Historic volatility.
A measure of actual stock price changes over a specific period. See also Standard deviation.
Any person who has made an opening purchase transaction, call or put, and has that position in a brokerage account.
Horizontal spread.
An option strategy that generally involves the purchase of a farther-term option (call or put) and the writing of an equal number of nearer-term options of the same type and strike price. Example: buying 1 XYZ May 60 call (far-term portion of the spread) and writing 1 XYZ March 60 call (near-term portion of the spread). See also Calendar spread.
Immediate-or-cancel order (IOC)
A type of option order that gives the trading crowd one opportunity to take the other side of the trade. After announcement, the order is either partially or totally filled with any remaining balance immediately cancelled. An IOC order, considered a type of day order, cannot be used as part of a good-‘til-cancelled order since it is cancelled shortly after being entered. The difference between fill-or-kill (FOK) orders and IOC orders is that an IOC order may be partially executed.
Volatilidade implícita.
The volatility percentage that produces the best fit for all underlying option prices on that underlying stock. See also Individual volatility.
In-the-money / In-the-money option.
A term used to describe an option with intrinsic value. For standard options, a call option is in-the-money if the stock price is above the strike price. A put option is in-the-money if the stock price is below the strike price.
A compilation of several stock prices into a single number. Example: the S&P 100 Index.
Index option.
An option whose underlying interest is an index. Generally, index options are cash-settled.
Individual volatility.
The volatility percentage that justifies an option's price, as opposed to historic volatility or implied volatility. A theoretical pricing model can be used to generate an option's individual volatility when the five remaining quantifiable factors (stock price, time until expiration, strike price, interest rates and cash dividends) are entered along with the price of the option itself.
Instituição.
A professional investment management company. Typically, this term describes money managers such as banks, pension funds, mutual funds and insurance companies.
Intrinsic value.
The in-the-money portion of an option's premium. See also In-the-money.
Iron butterfly.
An option strategy with limited risk and limited profit potential that involves both a long (or short) straddle, and a short (or long) strangle. An iron butterfly contains four options. It is equivalent to a regular butterfly spread that contains only three options. For example, a short iron butterfly might include buying 1 XYZ May 60 call and 1 May 60 put, and writing 1 XYZ May 65 call and writing 1 XYZ May 55 put.
ISE Gemini.
Nasdaq GEMX, LLC.
No J Options Glossary Items.
There are currently no glossary items for this letter.
A measure of the rate of change in an option's theoretical value for a one-unit change in the volatility assumption.
A measure of leverage. The expected percentage change in the value of an option for a 1% change in the value of the underlying product.
Último dia de negociação
The last business day before the option's expiration date during which purchases and sales of options can be made. For equity options, this is generally the third Friday of the expiration month. If the third Friday of the month is an exchange holiday, the last trading day is the Thursday immediately preceding the third Friday.
LEAPS® (Long-term Equity AnticiPation Securities) / Long-dated options.
Calls and puts with an expiration of over nine months when listed. Currently, equity LEAPS have two series at any time with a January expiration.
A term describing one side of a position with two or more sides. When a trader legs into a spread, they establish one side first, hoping for a favorable price movement in order to execute the other side at a better price. This is a higher-risk method of establishing a spread position.
A term describing the greater percentage of profit or loss potential when a given amount of money controls a security with a much larger face value. For example, a call option enables the owner to assume the upside potential of 100 shares of stock by investing a much smaller amount than that required to buy the stock. If the stock increases by 10%, for example, the option might double in value. Conversely, a 10% stock price decline might result in the total loss of the purchase price of the option.
Ordem limite.
A trading order placed with a broker to buy or sell stock or options at a specific price.
Liquidity / Liquid market.
Trading environments characterized by high trading volume, a narrow spread between the bid and ask prices, and the ability to trade larger sized orders without significant price changes.
Listed option.
A put or call traded on a national options exchange. In contrast, over-the-counter options usually have non-standard or negotiated terms.
Long option position.
The position of an option purchaser (owner) which represents the right to either buy stock (in the case of a call) or to sell stock (in the case of a put) at a specified price (strike price) at or before some date in the future (the expiration date). This position results from an opening purchase transaction (long call or long put).
Long stock position.
A position in which an investor has purchased and owns stock.
Margin / Margin requirement.
The minimum equity required to support an investment position. To buy on margin refers to borrowing part of the purchase price of a security from a brokerage firm.
Mark-to-market.
An accounting process by which the price of securities held in an account are valued each day to reflect the closing price or closing market quotes. As a result, the equity in an account is updated daily to reflect current security prices properly.
Ordem de mercado.
A trading order placed with a broker to immediately buy or sell a stock or option at the best available price.
Market quote.
Quotations of the current best bid/ask prices for an option or stock in the marketplace (an exchange trading floor). The investor usually obtains this information from a brokerage firm. However, for listed options and stocks, these quotes are widely disseminated and available through various commercial quotation services.
Market maker.
An exchange member on the trading floor who buys and sells options for their own account and who has the responsibility of making bids and offers and maintaining a fair and orderly market. See also Specialist / specialist group / specialist system.
Market maker system (competing)
A method of supplying liquidity in options markets by having market makers in competition with one another. As an alternative to a specialist system, they are also responsible for making fair and orderly markets in a given class of options.
Market-not-held order.
A type of market order that allows the investor to give discretion to the floor broker regarding the price and/or time of trade execution.
Market-on-close order (MOC)
A type of option order that requires that an order be executed at or near the close of trading on the day the order is entered.
Married put strategy.
The simultaneous purchase of stock and put options representing an equivalent number of shares. This is a limited risk strategy during the life of the puts because the stock can always be sold for at least the strike price of the purchased puts.
Miami Options Exchange.
A mathematical formula used to calculate the theoretical value of an option. See also Black-Scholes formula.
Multiple-listed / multiple-traded option.
Any option contract listed and traded on more than one national options exchange. See also Fungibility.
Naked or uncovered option.
A short option position that is not fully collateralized if notification of assignment is received. A short call position is uncovered if the writer does not have a long stock or deeper-in-the-money long call position. A short put position is uncovered if the writer is not short stock or long another deeper-in-the-money put.
A national securities exchange (Operated by Nasdaq OMX).
Net credit.
Money received in an account either from a deposit or a transaction that results in increasing the account's cash balance.
Money paid from an account either from a withdrawal or a transaction that results in decreasing the cash balance.
An adjective describing the belief that a stock or the market in general will neither rise nor decline significantly.
Neutral strategy.
An option strategy (Or stock and option position) expected to benefit from a neutral market outcome.
Ninety-ten (90/10) strategy.
A conservative option strategy in which an investor buys Treasury bills (or other liquid assets) with 90% of their funds, and buys call options (or put options or a mixture of both) with the balance. The proportions of this strategy are subject to change based on prevailing interest rates.
Non-equity option.
Any option that does not have common stock as the underlying asset. Non-equity options include options on futures, indexes, foreign currencies, Treasury security yields, etc.
Not-held order.
A type of order that releases normal obligations implied by the other terms of the order. For example, a limit order designated as not-held allows discretion to the floor broker in filling the order when the market trades at the limit price of the order. In this case, there is no obligation to provide the customer with an execution if the market trades through the limit price on the order. See also Discretion and Market-not-held order.
Nasdaq Options Market, LLC.
Mercado de Opções Nasdaq.
Mercado de Opções Nasdaq.
Mercado de Opções Nasdaq.
Mercado de Opções Nasdaq.
Please update the optionseducation site to reflect the new name changes on these pages:
From: Christine Stange.
Sent: Wednesday, March 08, 2017 3:08 PM.
Subject: RE: ISE exchanges name changes.
Obrigado pela informação! There were some emails floating around last week on ISE's name change. We'll have some development as well as content work to be done to accommodate the change.
With regards to NASDAQ vs. Nasdaq, the website uses both the exchange's legal name and trading facility names. The approved NASDAQ ones were originally provided to us by Legal back in 2012. We should reach out to Legal to have them revalidate the list. They had last reviewed and certified it in January 2017. I've attached the document that you were referring to in your email. I'm also attaching a spreadsheet where we (in conjunction with Product Development) track the exchange identifiers used on our various systems.​
Trading Facility Name & Acronym.
Nasdaq GEMX, LLC.
Nasdaq BX Options.
Nasdaq PHLX LLC.
Nasdaq PHLX LLC.
The Nasdaq Stock Market LLC.
Please update the optionseducation site to reflect the new name changes on these pages:
From: Christine Stange.
Sent: Wednesday, March 08, 2017 3:08 PM.
Subject: RE: ISE exchanges name changes.
Obrigado pela informação! There were some emails floating around last week on ISE's name change. We'll have some development as well as content work to be done to accommodate the change.
With regards to NASDAQ vs. Nasdaq, the website uses both the exchange's legal name and trading facility names. The approved NASDAQ ones were originally provided to us by Legal back in 2012. We should reach out to Legal to have them revalidate the list. They had last reviewed and certified it in January 2017. I've attached the document that you were referring to in your email. I'm also attaching a spreadsheet where we (in conjunction with Product Development) track the exchange identifiers used on our various systems.​
Trading Facility Name & Acronym.
Nasdaq GEMX, LLC.
Nasdaq BX Options.
Nasdaq PHLX LLC.
Nasdaq PHLX LLC.
The Nasdaq Stock Market LLC.
A national securities exchange (Operated by NYSE Euronext).
NYSE American Options.
NYSE Arca Options.
Offer / Offer price.
The price at which a seller is offering to sell an option or a stock. Also known as ask or ask price.
One-cancels-other order (OCO)
A type of option order that treats two or more option orders as a package, whereby the execution of any one of the orders causes all the orders to be reduced by the same amount. For example, the investor would enter an OCO order if they wished to buy 10 May 60 calls or 10 June 60 calls or any combination of the two which when summed equaled 10 contracts. An OCO order may be a day order or a good-‘til-cancel order.
Interesse aberto.
The total number of outstanding option contracts on a given series or for a given underlying stock.
Abra o protesto.
The trading method by which competing market makers and floor brokers representing public orders make bids and offers on the trading floor.
Opening transaction.
An addition to, or creation of, a trading position. An opening purchase transaction adds long options to an investor's total position, and an opening sale transaction adds short options. An opening option transaction increases that option's open interest.
A contract that gives the owner the right, but not the obligation, to buy or sell a particular asset (the underlying stock) at a fixed price (the strike price) for a specific period of time (until expiration) . The contract also obligates the writer to meet the terms of delivery if the owner exercises the contract right.
Option period.
The time from when a buyer or writer of an option creates an option contract to the expiration date; sometimes referred to as an option's lifetime.
Option pricing curve.
A graphical representation of the estimated theoretical value of an option at one point in time, at various prices of the underlying stock.
Option pricing model.
The first widely used model for option pricing was the Black Scholes. This formula can be used to calculate a theoretical value for an option using current stock prices, expected dividends, the option's strike price, expected interest rates, time to expiration and expected stock volatility. While the Black-Scholes model does not perfectly describe real-world options markets, it is still often used in the valuation and trading of options.
Option writer.
The seller of an option contract who is obligated to meet the terms of delivery if the option owner exercises his or her right. This seller has made an opening sale transaction, and has not yet closed that position.
Optionable stock.
A stock on which listed options are traded.
Options Clearing Corporation (OCC)
OCC is the world's largest equity derivatives clearing organization. Founded in 1973, OCC operates under the jurisdiction of both the Securities and Exchange Commission (SEC) as a Registered Clearing Agency and the Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization. OCC provides central counterparty (CCP) clearing and settlement services to 16 exchanges and trading platforms for options, financial futures, security futures and securities lending transactions.
OTC option.
An over-the-counter option is traded in the over-the-counter market. OTC options are not listed on an options exchange and do not have standardized terms. These are to be distinguished from exchange-listed and traded equity options, which are standardized. See also Fungibility.
Out-of-the-money / Out-of-the-money option.
A term used to describe an option that has no intrinsic value. The option’s premium consists entirely of time value. For standard contracts, a call option is out-of-the-money if the stock price is below its strike price. A put option is out-of-the-money if the stock price is above its strike price. See also Intrinsic value and Time value.
Over-the-counter / Over-the-counter market.
A decentralized association of market participants, with many characteristics of an exchange, where trading takes place via an electronic network.
An option strategy involving the writing of call options (wholly or partially) against existing long stock positions. This is different from the buy-write strategy that involves the simultaneous purchase of stock and writing of a call. See also Ratio write.
Any person who has made an opening purchase transaction, call or put, and has that position in a brokerage account.
A term used to describe an option contract's total premium when that premium is the same amount as its intrinsic value. For example, an option is ‘worth parity’ when its theoretical value is equal to its intrinsic value. An option is said to be ‘trading for parity’ when an option is trading for only its intrinsic value. Parity may be measured against the stocks last sale, bid or offer.
Payoff diagram.
A chart of the profits and losses for a particular options strategy prepared in advance of the execution of the strategy. The diagram is a plot of expected profits or losses against the price of the underlying security.
Nasdaq PHLX, LLC.
Physical delivery option.
An option whose underlying entity is a physical good or commodity, like a common stock or a foreign currency. When its owner exercises that option, there is delivery of that physical good or commodity from one brokerage or trading account to another.
The risk to an investor (option writer) that the stock price will exactly equal the strike price at expiration (that option will be exactly at-the-money). The investor will not know how many of their written(short) options will be assigned or whether a last second move in the underlying will leave any long options in - or out-of-the-money. The risk is that on the following Monday the option writer might have an unexpected long (in the case of a written put) or short (in the case of a written call) stock position, and thus be subject to the risk of an adverse price move.
The combined total of an investor's open option contracts (Calls and/or puts) and long or short stock.
Negociação de posição.
An investing strategy in which open positions are held for an extended period.
1. Total price of an option: intrinsic value plus time value.
2. Often (Erroneously) this word is used to mean the same as time value .
Mercado Primário.
For securities traded in more than one market, the primary market is usually the exchange where trading volume in that security is highest.
Profit/loss graph.
A graphical presentation of the profit and loss possibilities of an investment strategy at one point in time (usually option expiration), at various stock prices.
Coloque a opção.
An option contract that gives the owner the right to sell the underlying stock at a specified price (its strike price) for a certain, fixed period (until its expiration). For the writer of a put option, the contract represents an obligation to buy the underlying stock from the option owner if the option is assigned.
No Q Options Glossary Items.
There are currently no glossary items for this letter.
Proporção de taxa.
A term most commonly used to describe the purchase of an option(s), call or put, and the writing of a greater number of the same type of options that are out-of-the-money with respect to those purchased. All options involved have the same expiration date. For example, buying 5 XYZ May 60 calls and writing 6 XYZ May 65 calls. See also Ratio write.
Ratio write.
An investment strategy in which stock is purchased and call options are written on a greater than one-for-one basis (more calls written than the equivalent number of shares purchased). For example, buying 500 shares of XYZ stock, and writing 6 XYZ May 60 calls. See also Ratio spread.
Realized gains and losses.
The net amount received or paid when a closing transaction is made and matched with an opening transaction.
Resistência.
A term used in technical analysis to describe a price area at which rising prices are expected to stop or meet increased selling activity. This analysis is based on historic price behavior of the stock.
Reversal / Reverse conversion.
An investment strategy used mostly by professional option traders in which a short put and long call with the same strike price and expiration combine with short stock to lock in a nearly riskless profit. For example, selling short 100 shares of XYZ stock, buying 1 XYZ May 60 call, and writing 1 XYZ May 60 put at favorable prices. The process of executing these three-sided trades is sometimes called reversal arbitrage. See also Conversion.
A measure of the expected change in an option's theoretical value for a 1% change in interest rates.
A trading action in which the trader simultaneously closes an open option position and creates a new option position at a different strike price, different expiration, or both. Variations of this include rolling up, rolling down, rolling out and diagonal rolling.
A Comissão de Valores Mobiliários e Câmbio. The SEC is an agency of the federal government that is in charge of monitoring and regulating the securities industry.
Mercado secundário.
A market where securities are bought and sold after their initial purchase by public investors.
Sector index.
An index that measures the performance of a narrow market segment, such as biotechnology or small capitalization stocks.
Secured put / Cash-secured put.
An option strategy in which a put option is written against a sufficient amount of cash (or Treasury bills) to pay for the stock purchase if the short option is assigned.
Series of options.
Option contracts on the same class having the same strike price and expiration month. For example, all XYZ May 60 calls constitute a series.
Assentamento.
The process by which the underlying stock is transferred from one brokerage account to another when equity option contracts are exercised by their owners and the inherent obligations assigned to option writers.
Preço de liquidação.
The official price at the end of a trading session. OCC establishes this price and uses it to determine changes in account equity, margin requirements and for other purposes. See also Mark-to-market.
Short option position.
The position of an option writer that represents an obligation on the part of the option's writer to meet the terms of the option if its owner exercises it. The writer can terminate this obligation by buying back (cover or close) the position with a closing purchase transaction.
Short stock position.
A strategy that profits from a stock price decline. It is initiated by borrowing stock from a broker-dealer and selling it in the open market. This strategy is closed (covered) later by buying back the stock and returning it to the lending broker-dealer.
Specialist / Specialist group / Specialist system.
One or more exchange members whose function is to maintain a fair and orderly market in a given stock or a given class of options. This is accomplished by managing the limit order book and making bids and offers for their own account in the absence of opposite market side orders. See also Market maker and Market maker system (competing).
A stock dividend issued by one company in shares of another corporate entity, such as a subsidiary corporation of the company issuing the dividend.
Spread / Spread order.
A position consisting of two parts, each of which alone would profit from opposite directional price moves. As orders, these opposite parts are entered and executed simultaneously in the hope of (1) limiting risk, or (2) benefiting from a change of price relationship between the two parts.
Desvio padrão.
A statistical measure of price fluctuation. One use of the standard deviation is to measure how stock price movements are distributed about the mean. See also Volatility.
Standardization.
Interchangeability resulting from standardization. Options listed on national exchanges are fungible, while over-the-counter options generally are not. Classes of options listed and traded on more than one national exchange are referred to as multiple-listed / multiple-traded options.
Stock dividend.
A dividend paid in shares of stock rather than cash. See also Spin-off.
Stock split.
An increase in the number of outstanding shares by a corporation through the issuance of a set number of shares to a shareholder for a set number of shares that the shareholder already owns. For example, a corporation might declare a 2-for-1 stock split. This means that for every share of stock an investor owns, he/she will be given another, thus owning two shares instead of one. There will be a corresponding reduction in equity value per share. In this case, the new shares (post-split) will be worth one-half their previous value but the investor will own twice as many shares.
Pare a ordem.
A type of contingency order, often erroneously known as a stop-loss order, placed with a broker. It becomes a market order when the stock trades, or is bid or offered, at or through a specified price. See also Stop-limit order.
Stop-limit order.
A type of contingency order placed with a broker that becomes a limit order when the stock trades, or is bid or offered, at or through a specific price.
A trading position involving puts and calls on a one-to-one basis in which the puts and calls have the same strike price, expiration and underlying stock. When both options are owned, the position is called a long straddle. When both options are written, it is a short straddle. Example: a long straddle might be buying 1 XYZ May 60 call and buying 1 XYZ May 60 put.
Strike / Strike price.
The price at which the owner of an option can purchase (call) or sell (put) the underlying stock. Used interchangeably with striking price or exercise price.
Strike price interval.
The normal price differential between option strike prices. Exchange rules for strike intervals have changed over the years, and many stocks are now listed in $1 increments or smaller. In general, strike intervals in equity options are listed in $2.50 increments for strikes under $50 and in $5 increments from $50 up to $200. Over $200, strikes are listed in $10 increments. As mentioned, many stocks are now exempt from standard listing procedures and strike increments will vary.
Suitability.
A requirement that any investing strategy fall within the financial means and investment objectives of an investor or trader.
A term used in technical analysis to describe a price area at which falling prices are expected to stop or meet increased buying activity. This analysis is based on previous price behavior of the stock.
Synthetic long call.
A long stock position combined with a long put of the same series as that call.
Synthetic long put.
A short stock position combined with a long call of the same series as that put.
Synthetic long stock.
A long call position combined with a short put of the same series.
Synthetic position.
A strategy involving two or more instruments that have the same risk-reward profile as a strategy involving only one instrument.
Synthetic short call.
A short stock position combined with a short put of the same series as that call.
Synthetic short put.
A long stock position combined with a short call of the same series as that put.
Synthetic short stock.
A short call position combined with a long put of the same series.
Análise técnica.
A method of predicting future stock price movements based on the study of historical market data such as the prices themselves, trading volume, open interest, the relation of advancing issues to declining issues, short selling volume and others.
Theoretical option pricing model.
A formula that can be used to calculate a theoretical value for an option using current stock prices, expected dividends, the option's strike price, expected interest rates, time to expiration and expected stock volatility.
Theoretical value.
The estimated value of an option derived from a mathematical model. See also Model and Black-Scholes formula.
A measure of the rate of change in an option's theoretical value for a one-unit change in time to the option's expiration date. See also Time decay.
The minimum price increment for an option's bid or ask.
Decaimento do tempo.
A term used to describe how the theoretical value of an option erodes or reduces with the passage of time. Time decay is specifically quantified by Theta.
Time spread.
An option strategy that generally involves the purchase of a farther-term option (call or put) and the writing of an equal number of nearer-term options of the same type and strike price. Example: buying 1 XYZ May 60 call (far-term portion of the spread) and writing 1 XYZ March 60 call (near-term portion of the spread). Also known as calendar spread or horizontal spread.
Time value.
The part of an option's total price that exceeds its intrinsic value. The premium of an out-of-the-money option consists entirely of time value.
1. Any investor who makes frequent purchases and sales.
2. A member of an exchange who conducts his or her buying and selling on the trading floor of the exchange.
Trading pit.
Um local específico no pregão de uma bolsa designada para a negociação de uma classe de opção ou ação específica.
Custos de transação.
All of the charges associated with executing a trade and maintaining a position. These include brokerage commissions, fees for exercise and/or assignment, exchange fees, SEC fees and margin interest. In academic studies, the spread between bid and ask is taken into account as a transaction cost.
Type of options.
The classification of an option contract as either a put or a call.
Uncovered call option writing.
A short call option position in which the writer does not own an equivalent position in the underlying security represented by his or her option contracts.
Uncovered put option writing.
A short put option position in which the writer does not have a corresponding short position in the underlying security or has not deposited, in a cash account, cash or cash equivalents equal to the exercise value of the put.
Segurança subjacente.
The security subject to being purchased or sold upon exercise of the option contract.
A measure of the rate of change in an option's theoretical value for a one-unit change in the volatility assumption. See also Kappa and Delta.
Vertical spread.
Most commonly used to describe the purchase of one option and writing of another where both are of the same type and of same expiration month, but have different strike prices. Example: buying 1 XYZ May 60 call and writing 1 XYZ May 65 call. See also Bull (or bullish) spread and Bear (or bearish) spread.
Volatilidade.
A measure of stock price fluctuation. Mathematically, volatility is the annualized standard deviation of a stock's daily price changes. See also Historic volatility, Individual volatility and Implied volatility.
Write / Writer.
To sell an option that is not owned through an opening sale transaction. While this position remains open, the writer is subject to fulfilling the obligations of that option contract; i. e., to sell stock (In the case of a call) or buy stock (In the case of a put) if that option is assigned. An investor who so sells an option is called the writer, regardless of whether the option is covered or uncovered.
XYZ / XYZ Corporation.
A fictitious company used as the underlying stock throughout the OIC website.
No Y Options Glossary Items.
There are currently no glossary items for this letter.
No Z Options Glossary Items.
There are currently no glossary items for this letter.
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