Stock-in-trade meaning in english
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This is probably the first clash in 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. Junior Corporation A young company in the early stages of operations and growth. 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. For any other listed security, the last sale price equals the last board lot sale price of the security on the exchange, in the regular trading session.
Last Trading Day The last day on which a futures or option contract may be traded. Liabilities 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. Limit Order 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. Liquidating Order 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. Liquidity 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. Listed Stock 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.
Listing Application 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. Long A term that refers to ownership of securities.
Low Price The lowest price at which a board lot trade was executed during a period of time. Mm Margin Account 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. Market 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. Market Capitalization 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. Market Maker 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.
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.
Market Order An order to buy or sell stock immediately at the best current price. 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. Material Change 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. Minimum Fill Order 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, shares with a minimum volume of 2, shares can only trade if 2, or more shares become available. 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. Minimum Price Fluctuation The minimum price change or tick on a futures contract. Mixed Lot or Broken Lot An order with a volume that combines any number of board lots and an odd lot.
Money Market 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. 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. These orders are guaranteed a complete fill at the opening price to offset expiring options. They must be ordered between 4: Mutual Fund 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. Nn Naked Writer A seller of an option contract who does not own a position in the underlying security.
Net Change The difference between the previous day's closing price and the last traded price. Net Worth The difference between a company's or individual's total assets and its total liabilities. Also known as shareholders' equity for a company. New Issue 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.
New Issuer Listing 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. These applications in themselves provide prospectus-level disclosure; however, often the listing application is accompanied by an offering document or a prospectus.
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. The offering is often made in conjunction with an issuer's initial application for listing on an exchange.
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:. 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.
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. New Listing 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. They are identified with an extension of "H" added to their stock symbol. Non-Certificated Issues An issue that is recorded on the transfer agent's electronic book rather than being held as a physical note.
Non-Client Order 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. Non-Exempt Issuer A listed issuer that is subject to special reporting rules. Non-Net Order 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.
Non-Resident Order A special term order when one or more participants in the trade is not a Canadian resident.
Oo Odd Lot 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 shares, an odd lot would be 99 or fewer shares. One-Sided Market A market that has only buy orders or only sell orders booked for a particular security.
An on-stop order becomes a limit order once a trade at the trigger price has occurred. Ontario Securities Commission 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.
Open Order An order that remains in the system for more than a day. Open-End Investment Fund An investment fund that continuously offers its securities to investors and stands ready to redeem its securities at all times.
Examples of an open-end fund are traditional mutual funds and exchange-traded funds ETFs. Option 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. Option Class All options of the same type, either calls or puts, that have the same underlying security. Option Holder The buyer of an option contract who has the right to exercise the option during its lifetime.
Option Writer 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. Order Number An eight or nine-digit number assigned to every order entered into the system. 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.
Pp Par Value A security's nominal face value. Partial Fill An order receives a partial fill when it trades only part of its total committed volume. 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.
Portfolio Holdings of securities by an individual or institution. A portfolio may include various types of securities representing different companies and industry sectors. Position Limit The maximum number of futures or options contracts any individual or group of people acting together may hold at one time.
They are investment vehicles that have underlying businesses that are utilities, power generation companies, or pipeline companies. Preferred Share 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.
Pre-Opening Session A session from 7: ET when orders can be entered into the Toronto Stock Exchange's systems. Tradable orders will be queued until after 9: This ratio shows you how many times the actual or anticipated annual earnings a stock is trading at. Principal Trade A trade when a Participating Organization is either buying from, or selling to its client. Priority 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. Private Placement The private offering of a security to a small group of buyers. Resale of the security is limited. 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.
Profit 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. Prospectus 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.
Push-Out 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. Put Option 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. Rr Rally 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.
Redeemable Security 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. Registered Traders 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.
Their duties include providing a minimum guaranteed fill, maintaining minimum spread and ensuring orderly trading. Retractable Security A security that features an option for the holder to require the issuer to redeem it, subject to specified terms and conditions. Rights 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. It is market capitalization weighted, with weights adjusted for available share float, and includes securities of 60 issuers balanced across ten economic sectors.
It is the leading benchmark used to measure the price performance of the broad, Canadian, senior equity market. This index does not have a fixed number of constituents. Seat 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.
It is the stated prospectus price multiplied by the "number of securities issued under the offering plus the over allotment".
Securities Transferable certificates of ownership of investment products such as notes, bonds, stocks, futures contracts and options. Securities Commission 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. Members include banks, brokers, dealers and mutual fund companies. 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.
Seed Stock The shares or stock sold by a company to provide start-up capital before carrying out an initial public offering IPO. Self-Regulatory Organization 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. Settlement The process that follows a transaction when the seller delivers the security to the buyer and the buyer pays the seller for the security.
Settlement Date 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. Settlement Price The price used to determine the daily net gains or losses in the value of an open futures or options contract. Share Certificate A paper certificate that represents the number of shares an investor owns. Short Selling 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.
Special Terms Orders which must trade under special conditions. For example, a cash order will be settled sooner than the usual three-day settlement period. Special Trading Session A session during which trading in a listed security is limited to the execution of transactions at a single price. Speculator Someone prepared to accept calculated risks in the marketplace for attractive potential returns. Split Shares 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.
Standing Committees Committees formed for the purpose of assisting in decision-making on an ongoing basis. The issuer or its representative provides the amount, payable date, and record date. Stock Index Futures Futures contracts which have a stock index as the underlying interest.
Stock List Deletion 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. Stock Price Index A statistical measure of the state of the stock market, based on the performance of certain stocks. Stock Split 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. Stock Symbol Extension 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.
Street Certificate 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. Strike Price 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. Structured Products 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.
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. The subcategories under the structured products include: Substitutional Listing A broad category of transactions that involves one security on the stock list being replaced by another security or securities. Supplemental Listing 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. It is the stated prospectus price multiplied by the "number of securities issued under the supplemental listing plus the over allotment".
Suspended Issue 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.
The listed issuer remains suspended until trading privileges have been reinstated, or the listed issuer is delisted. Symbol Change 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. Tt Thin Market 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. Tick Slang used for minimum spread. Depending on the stock price it could be a half-cent, one cent or five cents. Ticker Tape 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. 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 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", "Minute" and "Hourly" options.
The additional options refer to end-of-day pricing data. Time Value 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.
TL1 Toronto Level 1 TL1 is a real-time service for listed senior equities that provides trades, quotes, corporate actions and index information from TSX.
TL2 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. Toronto Stock Exchange Canada's national stock exchange, which serves the senior equity market.
Total Number of Shares The total number of issued and outstanding shares for the security. Trading Halt A trading halt is imposed by the exchange, usually due to the dissemination of news that might impact a stock's price.
Trading Issue The status of a listed security of an issuer whose trading privileges are active on the Exchange. Trading Number The unique, 3-digit number assigned to each Participating Organization and Member to identify it for market transparency.
Traded Value The total dollar value of shares traded during a trading session. It includes special items, such as extraordinary items or discontinued operations. It indicates the issuer's annualized earnings for the latest financial reporting period.
Transaction Date The date when the purchase or sale of a security takes place. Transactions As reported in exchange trading statistics, represents the total number of trades for a specified period. Transfer Agent 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. Transferable Security A security that can be transferred from one party holder to another without restrictions, provided that all proper documentation is included. 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. Foreign Incorporated Issuer A marker used by TSX to classify trading including interlisted shares and market capitalization by domestic, U. The data source is the original listing bulletin, which includes a notation on the laws or jurisdiction the issuer was incorporated under. TSX Venture Exchange Canada's national stock exchange, which serves the public, venture equity market.
Uu Underlying Interest The specific security, commodity, index or financial instrument that an option or futures contract is traded. Underwriting 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. Unlisted A security not listed on a stock exchange, but traded on the over-the-counter market. Uptick A stock is said to be on an uptick when the last trade occurred at a higher price than the one before it. Vv Venture Capital Money raised by companies to finance new ventures. Venture Company 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.
Volatility A statistical measure of changes in price over a period of time. VWAP 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. VWAP Cross 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. Ww Warrant 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. When-Issued Trading 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. The membership is comprised of more than 50 regulated exchanges from all regions of the world.
Writer 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. Current day constituent data is broadcast before market open.
Complete index and constituent data is delivered at end of day. Yy Yield 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.
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. Stock Market Terms Speak the language of the stock market - consult our Stock Market Terms for a glossary of terms and vocabulary that may help you better understand the capital markets.
Bear Market A market in which stock prices are falling. Bull Market A market in which stock prices are rising. Business Day Any day from Monday to Friday, excluding statutory holidays. Complete Fill When an order trades all of its specified volume.
Equity Price The price per share traded. Futures Contracts to buy or sell securities at a future date. Member See Participating Organizations POs and Members Minimum Fill Order 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. 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.
Offset To liquidate or close out an open futures or option contract. Open Interest The net open positions of a futures or option contract.