Nå for mer. Velkommen til R. J. OBrien R. J. OBrien fortsetter å vokse i Storbritannia og er stolt over å kunne tjene deg gjennom både våre R. J. OBrien Storbritannia og R. J. OBrien Limited (tidligere The Kyte Group Limited) divisjoner Gjennom samarbeidet mellom disse to gruppene, sammen med støtte fra USAs motpart, gir vi deg enda bredere tilgang til markedene, samt ressursene til vårt dedikerte globale team. Introdusere Broker Gå med RJO UK for rask pålitelig markedsadgang og personlig service. Institusjonelle Stol på RJOs tilpassede tjenester, fokusert utelukkende på bedriftens handelsbehov. Dra nytte av noen av de tetteste sprekker i virksomheten. Individuell Trader Gå med RJO UK for rask og pålitelig markedstilgang og høyhastighets tjenester. Fra tilpasningsprisen for å gi til modenhet og alt i mellom, er vår omfattende ordliste for investeringsbetingelser og definisjoner stor som en grunnleggende for bransjelingo eller bare en hurtigreferanseverktøy. a b c d e f g h i j k lm n o p q r s u v w x y z 10 K En revidert rapport av et selskaps årsskiftet finansielle resultater og operasjoner arkivert årlig med SEC. 12b-1 Avgift En gjensidig fondskostnad som reklame, PR og distribusjonskostnader som betales av aksjonærer. 401 (k), 403 (b) og 457 Employer-sponsede pensjonsordninger oppkalt etter de respektive Internal Revenue Code-seksjoner der de vises. en forlat Handlingen til en opsjonshaver ved valg ikke å utøve eller oppveie et alternativ. ACAT For overføring av verdipapirer fra en ikke-egenkapital trading konto til egenkapital trading konto med megleren. Kontantverdi Markedsverdien av likvidasjonsverdien av kontoen din, som inkluderer kreditt fra eventuelle kontanter eller pengemarkedsmidler, minus eventuelle forpliktelser inkludert korte stillinger og debetbeløp. Actuals Den fysiske eller kontante varen, så forskjellig fra råvare futures kontrakter. Legg til person i kontoen din På grunn av USAs regjeringers innsats for å bekjempe terrorisme og svindel, har amerikanske meglerhus fått plikt til å innhente, verifisere og registrere informasjon om personer som åpner kontoer, som er kontotegner (når det gjelder Entity Accounts) eller er Personer som er autorisert til å handle (LTA) på vegne av kontoer, blant andre personer knyttet til meglingskonto. Justert Strike Price Endringen i strykeprisen på en opsjonsavtale som skyldes en tilsvarende endring i underliggende. Når det gjelder et aksjeopsjon, når en aksje gjør en 2-for-1-splittelse, vil opsjonsprisen endres for å gjenspeile den reviderte aksjekursen. De resulterende strekkprisene, i dette tilfellet, vil ikke falle i standard 5 trinn. For eksempel, hvis du eier 100 aksjer på 100 aksjer, og det gjør en 2-for-1-splitt, vil du da eie 200 aksjer i samme aksje nå verdsatt til 50 per aksje. På samme måte, hvis du eide en 55 samtale før aksjesplittet, ville du eie to 22 12 samtaler etterpå. I begge tilfeller forblir verdien av stillingen uendret. Sammensetning Politikken der alle futuresstillinger eid eller kontrollert av en næringsdrivende eller en gruppe handelsmenn kombineres for å fastslå rapporterbare stillinger og spekulative grenser. Alle Kan Begrepet brukes til å henvise til en ordre som bare er delvis utført. Ofte gjelder dette begrepet en grenseordre som ikke kunne fylles fullstendig på grunn av mangel på andre parter i handelen som er villig til å kjøpe eller selge til den prisen. All-Or-None Order (AON) En All-Or-None-bestilling tillater en næringsdrivende å kjøpe eller selge et spesifisert antall kontrakter til en enkelt pris. Antall kontrakter må oppfylle eller overstige et forhåndsbestemt grenseverdienivå, og disse ordrene må utføres under pit-handel. Alle eller Ingen bestillinger blir rutet til primærutvekslingen hvor de holdes og utføres manuelt når de er kvalifisert. Videre er disse ordrene ikke reflektert i tilbudspesentatene. Generelt anbefales ikke AON på bestillinger på mindre enn 20 kontrakter, da ordrebekreftelse kan bli påvirket. American Stock Exchange (eller Amex eller AMEX) Stiftet i 1842 i New York City, er den amerikanske børsen en av de tre største børsene i USA sammen med New York Børs og Nasdaq. Det handler også et bredt utvalg av egenkapital - og indeksalternativer. American Style Option En kontrakt som kan utøves når som helst før utløpet. De fleste aksjeopsjoner faller inn i denne kategorien. Årlig prosentsats (APR) Kostnad på et lån som inkluderer renter, avgifter og andre kostnader. Uttrykt som en årlig rente. Årlig Prosentavkastning (APY) Årlig avkastning på en investering som tar hensyn til sammensetning. Arbitrage En teknikk som nesten utelukkende brukes av gulvhandlere og andre fagfolk til å kapitalisere på små prisavvik. Spør eller Spør Pris Den nåværende laveste viste prisen der en selger ville være villig til å selge en gitt aksje - eller opsjonsavtale. Spørprisen er også kjent som tilbudet. Spør Størrelse Antall kontrakter eller opsjoner som tilbys til en viss pris. Oppdrag Prosessen som en opsjons selger er varslet av Option Clearing Corporation (OCC) at personen som kjøpte en opsjonsavtale, har bestemt seg for å utøve seg retten til å kjøpe eller selge aksjer til strike-prisen. Ved varsel er opsjons selgeren forpliktet til å levere eller motta aksjer i henhold til kontraktsbetingelsene. Siden ikke alle kontrakter utøves, behandler OCC på en tilfeldig basis oppgaver. Tilknyttet person (AP) En person som søker ordrer, kunder eller kundefonde på vegne av en Futures Commission Merchant, en innledende megler, en handelsvarerådgiver eller en Commodity Pool Operator, og som er registrert hos Commodity Futures Trading Commission. Mens mange av optionsXpress kundeservicerepresentanter er lisensierte AP-er, krever de aldri bestillinger, gir handel anbefalinger, kommenterer bestemte handelsstrategier, eller gir skatt, juridisk eller regnskapsrådgivning. På-markedet Enhver handel utført på det gjeldende bud eller tilbud. For eksempel, hvis budspredningen på et alternativ er 5,30 - 5,50, mottar en kunde som plasserer en markedsordre for å selge alternativet det nåværende budet på 5,30. På samme måte vil en kunde som ønsker å kjøpe opsjonen betale 5,50. På-pengene En opsjon sies å være penger når strekkprisen er den samme som dagens markedspris på aksjen eller underliggende instrumentet. For eksempel vil en 75-samtale og en 75-sats være med penger ved aksjemarkedet på 75. Auto-Likvidasjon Når en optionsXpress-kunde tillater at kontiene likviderer verdien for å nå et så lavt nivå at optionsXpress er fryktelig for kontoen vil bli en usikret debetbalanse, kan noen eller alle stillingene bli kompensert uten varsel. Denne prosessen refereres til som en automatisk likvidasjon, fordi optionsXpress-systemet genererer automatisk avregningsordrene når den oppdager en farlig underskuddskonto. Automated Clearing House (ACH) En samling av 32 regionale elektroniske interbanknettverk som brukes til å behandle transaksjoner elektronisk. Automatisk øvelse Også kjent som øvelse ved unntak. Prosedyren implementert av Options Clearing Corporation (OCC) for å beskytte kunder mot å miste egenverdien av alternativer de glemmer å trene. OCC utfører automatisk alle aksjeopsjoner som har minst 0,01 av egenverdien eller et indeksalternativ med en egenverdi. b Backend Load En salgsavgift betales når aksjefondseier selges. Det kan også kalles utsatt salgsavgift. Back Months Disse futures levering måneder med utløp eller levering datoer lengst inn i fremtiden med andre ord, futures levering måneder annet enn stedet, eller i nærheten, levering måned. Backspread En spredestrategi der nettoposisjonen har mer lange alternativer enn korte. Hvis du vil opprette et tilbakekallingsanrop, kan du selge ett lavere streikanrop og kjøpe to høyere streikanrop. Denne posisjonen gir begrenset risiko og ubegrenset profitt. Det er også verdt å merke seg at backspreads ofte er initiert som delta nøytralposisjoner. Backwardering Et futuresmarked hvor forholdet mellom to leveringsmåneder av samme vare er unormalt. Det motsatte av Contango. Se også omvendt marked. Basisvaluta Vanligvis er basisvalutaen den valutaen som en investor eller utsteder opprettholder sin bok av kontoer. I valutamarkedet betraktes amerikanske dollar normalt som quotbasequot-valutaen for sitater, noe som betyr at sitater uttrykkes som en enhet på 1 USD per den andre valutaen som er oppgitt i paret (f. eks. USDJPY). De primære unntakene til denne regelen er det britiske pundet, euroen og den australske dollar (ex. EURUSD). Grunnpunktsforskjell over eller under en bestemt fremtid hvor en kontantvare av en bestemt beskrivelse selges eller siteres. Basispunkt Avser å gi avkastning på obligasjoner. Det er ett hundre prosentpoeng (0,01). Eksempel: Hvis satser endres med 25 basispunkter, betyr det at satsen har endret seg med .25. Bear Spread En posisjon bestående av flere alternativer som drar nytte av en nedgang i aksjekursen. Stillingen kan inneholde lager samt opsjoner. Bear Call Spread Denne strategien innebærer å selge et anrop med lavere streik og kjøpe et anrop med en høyere streik. Maksimal fortjeneste oppnås når aksjen handler på eller under den nederste streiken. Bear Put Spread Denne strategien innebærer å kjøpe et sett med en høyere slagpris og selge et sett med lavere pris. I dette tilfellet oppnås maksimalt overskudd til eller under lavere strykpris. Bearish Begrepet brukes til å beskrive markedssentimentet av folk som forventer en generell nedgang i markedet. Best Ask eller Best Offer Det laveste tilbudet fra alle konkurrerende markeds beslutningstakere å selge en bestemt sikkerhet til enhver tid. Beste bud Det høyeste siterte budet for alle konkurrerende markeds beslutningstakere å kjøpe en bestemt sikkerhet til enhver tid. Bud Prispunktet hvor en kjøper er villig til å kjøpe en gitt aksje - eller opsjonsavtale. Budstørrelse Antallet futures eller opsjoner kontrakter bud til en viss pris. Black-Scholes Model En matematisk formel gir teoretiske verdier for opsjoner gitt de ulike faktorene som påvirker en opsjonspris (dvs. strike-prisen, prisen på den underliggende, gjeldende rente, gjenværende tid til utløp, utbytte og volatilitet ). Obligasjon En sikkerhet som representerer gjeld til et selskap, kommune eller annen enhet. Bokført verdi per aksje Bokført verdi av et selskap dividert med antall utestående aksjer. Boks Boston Options Exchange. Bryt En rask og kraftig prisfall. Break-even aksjekursen (eller priser) hvor en opsjonsposisjon hverken vil gjøre eller tape penger. Brytepunkt Reduserte salgsbelastninger på fond for større investeringer. Jo større investering, desto lavere blir avgiftene. Breakpoints er etablert av fondforetaket. Meldingsrentefrekvens Meldersamtalen er renten som bankene belaster meglerforetak for å dekke sikkerhetsstillingene til meglingens kunder. De fleste meglerhusene vil belaste deg litt over dette beløpet når du låner på margin. Vanligvis er satsen omtrent et prosentpoeng høyere enn Federal Funds Rate. Buffered limit Ønsket grenseverdi vil bli brukt som en offset til det utløste tilbudet, når bestillingen sendes til utvekslingen. Bull Spread En posisjon bestående av flere alternativer som drar nytte av en økning i aksjekursen. Stillingen kan inneholde lager samt opsjoner. Bull Call Spread Denne strategien innebærer å kjøpe et anrop med lavere streik og selge en samtale med høyere streik. Maksimal fortjeneste oppnås når aksjen handler på eller over den høyere streiken. Bull Put Spread Denne strategien innebærer å selge et sett med en høyere streik og kjøpe et sett med lavere streik. Igjen er det maksimale overskuddet oppnådd til eller over høyere strykpris. Bullish Begrepet brukes til å beskrive markedssentimentet av folk som forventer at det generelle markedet øker. Butterfly Spread En begrenset risiko, begrenset belønning strategi som involverer 4 alternativer (alle samtaler eller alle setter) til 3 forskjellige strike priser. For eksempel, for å kjøpe en sommerfugl, kan du kjøpe en samtale ved lavere streik, selge to samtaler ved midtstrekk, og kjøpe en samtale ved høyere streik. I dette tilfellet er de høyeste og laveste streikene quotwingsquot mens midtstreken utgjør kvotens kvotekvoter. Kjøp for å lukke En ordre er angitt for å lukke en kort posisjon. Vanligvis brukt i futuresoptions investerer å skille mellom etablering vs lukking av en stilling. Kjøp for å åpne En ordre er inngått for å etablere en ny, lang posisjon. Vanligvis brukt i futuresoptions investerer å skille mellom etablering vs lukking av en stilling. Kjøp-skriv se Dekket samtal. Kjøpe Hedge En sikring initiert ved å ta en lang posisjon i futures markedet lik mengden av kontanter som etter hvert trengte. c CBOE Chicago Board Options Exchange. Kalender Spread Også kjent som en tid eller horisontal spredning. Spredningen består av kjøp og salg av opsjoner med ulike utløp, men samme utsalgspris. Anropsmulighet Ved en aksjeopsjon, en kontrakt som gir kjøperen rett, men ikke forpliktelsen, å kjøpe et bestemt antall aksjer (vanligvis 100 aksjer) til en forutbestemt pris når som helst før kontrakten utløper (American Style-alternativ) eller bare ved utløpet (europeisk stilopsjon). Den forutbestemte prisen er kjent som streikprisen. Bæremegler Et medlem av en futuresutveksling, vanligvis et clearinghusmedlem, der et annet firma, megler eller kunde velger å rydde alle eller noen handler. RJ OBrien fungerer som optionsXpress bære megler. Bærekostnad Kostnaden for lagring av en fysisk vare, for eksempel korn eller metaller, over en tidsperiode. Bærekostnaden inkluderer forsikring, lagring og renter på de investerte midlene, samt andre tilfeldige kostnader. I rente futures markeder, refererer det til differansen mellom avkastningen på et kontantinstrument og kostnaden av midlene som er nødvendige for å kjøpe instrumentet. Også omtalt som Cost of Carry. Bærekostnad Rentekostnadene påløpt når lånte penger brukes til å finansiere en aksje - eller opsjonsposisjon. Bærekostnaden kan også betraktes som mulighetskostnaden ved en investering i forhold til hva samme kontanter ville ha tjent til nåværende rentesatser. Cash Commodity Den faktiske fysiske varen som skiller seg fra futures kontrakten basert på den fysiske varen. Også omtalt som Actuals. Kontantmarked Et sted hvor folk kjøper og selger instrumentet som ligger til grunn for en futureskontrakt, for eksempel en verdipapirutveksling. Vilkårene quotpotquot og quotspot pricequot refererer vanligvis til kontantmarkedsprisen for det underliggende instrumentet som er tilgjengelig for umiddelbar levering. Kontantpris Prisen på den faktiske underliggende varen som en futureskontrakter er basert på. Kontantoppgjør Typisk knyttet til indeksopsjoner, er dette prosessen gjennom hvilken opsjonsinnehavere mottar egenverdien av opsjonene i kontanter ved utløp. I dette tilfellet er opsjons selgere ansvarlig for kontant betaling. Dette står i motsetning til egenkapitalopsjoner der aksje utveksles ved utløp i stedet for kontanter. Innskuddssertifikat (CD) Et tidsinnskudd i en bank som betaler en viss interesse for innskyteren. CFTC Commodity Futures Trading Commission. Kjede Se alternativkjede. Chicago Board of Trade (CBOT) Verdens største futures utveksling, ble grunnlagt i 1848. Chicago Mercantile Exchange (CME) Verdens største husdyrutveksling, den sporer sin opprinnelse til en gruppe landbrukshandlere som dannet Chicago Produce Exchange i 1874. Det ble gitt sitt nåværende navn i 1919. Circuit Breaker Et system med samordnet handel stopper på aksjer og aksjer derivater markeder designet for å gi en avkjølingsperiode under store intraday prisbevegelser. Stoppene utløses av en spesifisert tilbakegang i en bred aksjeindeks som Dow Jones Industrial Average eller SampP 500. Klar Prosessen hvor et clearinghouse opprettholder rekord av alle bransjer og avgjør marginalstrøm på en daglig mark-til - markedsgrunnlag for sine clearingmedlemmer. Klasse av opsjoner Anrop eller setter relatert til det samme underliggende instrumentet. Lukk En periode på slutten av handelssessionen når alle bestillinger er fylt innen lukkingsområdet. Avslutte fond Et fond som ikke utsteder nye aksjer eller aksepterer nye penger etter det opprinnelige offentlige tilbudet. Stengte verdipapirer kan kjøpes i det åpne markedet, akkurat som en aksje. Close-out Last Trade Ved å sjekke denne boksen kan Xecutereg vite at du ønsker å delta i avsluttende bransjer når disse varslene mottas fra din rådgivende tjeneste. Fjern avkryssing i denne boksen lar Xecutereg vite at du ønsker å avslutte din Xecutereg-stilling på egen hånd. Sluttpris Prisen på den siste transaksjonen for en bestemt opsjonskontrakt ved slutten av handelsdagen. Dette kan eller ikke være det samme som oppgjørsprisen som brukes av OCC for å fastslå slutten av dagkontoverdiene. Lukkingsområde En rekke nærtstående priser der transaksjoner finner sted ved avslutning av markeds - og salgsordrer ved avslutningen, kan være fylt på noe tidspunkt innenfor et slikt omfang. Lukk Transaksjon Kjøpet eller salg av et alternativ som kompenserer en eksisterende åpen posisjon. For eksempel, hvis din første handel er å kjøpe et alternativ, anses denne kontrakten for å være åpen og inngår i åpen interesse til du selger den. På samme måte, hvis du solgte kontrakten som åpningshandel, ville du ha en åpen, kort stilling til du kjøpte kontrakten i en avsluttende transaksjon. Krage Denne strategien innebærer kjøp av lager og salg av en samtale mot det aktuelle lageret (dekket samtale), mens du kjøper et puteringsalternativ på samme lager (beskyttelsessett). Også kjent som en quotfencequot eller quotcylinderquot. Bruk primært for å beskytte en eksisterende lagerposisjon. Sikkerheter Alle marginale verdipapirer (for eksempel aksjer, kontanter) benyttet grunnlag for å låne penger. Hvis verdien av verdipapirene (mot hvilket lånet ble gjort) dyper betydelig, kan investor bli tvunget til å gi ytterligere sikkerhet eller likvidere en del av stillingen for å tilbakebetale lånet. Kombinasjonsspredning Et bredt begrep som brukes til å beskrive posisjoner som består av like mange lange samtaler og korte sett eller lange setter og korte samtaler. Kombinasjoner har ofte forskjellige streikpriser og - utløp. Kommersiell papir Er en usikret gjeld utstedt av selskaper for å finansiere sine kortsiktige behov. Modenhet varierer fra 2 til 270 dager. Varegruppe Et generelt futuresmarked, uten referanse til en bestemt leveringsmåned. For eksempel, Corn, den kanadiske dollar og SampP 500 refereres til som varer. En leveringsmåned brukt i forbindelse med en vare indikerer en spesifikk kontrakt, for eksempel desember Gold eller March Sugar. Commodity Pool Et foretak hvor midler bidratt av en rekke personer er kombinert med det formål å handle futures eller opsjoner kontrakter. Konseptet ligner et fond i verdipapirindustrien. Også omtalt som et basseng. Commodity Pool Operator (CPO) En person eller organisasjon som driver eller krever penger til et råvarebasseng. En CPO er vanligvis pålagt å være registrert hos CFTC. Commodity Trading Advisor (CTA) En person som, for kompensasjon eller fortjeneste, direkte eller indirekte råder andre om at det er hensiktsmessig å kjøpe eller selge terminer eller råvarer. Å gi råd inkluderer å utøve handelsmyndighet over en kundekonto. En CTA er vanligvis pålagt å være registrert hos CFTC. Sammensatt rente Renter opptjent på både en opprinnelig investering og renter som allerede er påløpt. Condor En begrenset risiko, begrenset belønningsstrategi med fortjeneste-egenskaper som ligner en sommerfugl. I dette tilfellet brukes 4 alternativer til 4 strykepriser. Som sommerfuglen gjør de ytre streikprisene kvotene. I motsetning til sommerfuglens kvotekvot, som består av to alternativer ved midtstreien, består condor quotaquot av ett alternativ ved hver av to midtstreker. Bekreftelseserklæring En uttalelse sendt av en Futures Commission-selger til en kunde når en futures - eller opsjonsposisjon er innledet. Oppgaven viser prisen og antall kontrakter som er kjøpt eller solgt. Noen ganger kombinert med en kjøps - og salgserklæring. Contango En tilstand preget av futuresprisen er over forventet fremtidig spotpris. Følgelig vil prisen falle til spotprisen før leveringsdatoen. Eventuelle Orderstrade Ordrer som fungerer basert på en forhåndsinnstilt tilstand. Kontingent Tid Timene som en betinget ordre vil være i kraft. Hvis du vil bruke denne funksjonen i seg selv, stiller du kontingentprisen til mer enn 1. Kontingentstoppstopp En kvotrailingstoppekvotering vil kun bli plassert dersom markedsprisen for den angitte sikkerheten (lager) oppfyller kriteriene (større enn eller mindre enn en pris oppgitt ). Dette betyr at du kan utløse en quotrailing stopquot-ordre, en stoppordre som beveger seg sammen med en gunstig bevegelse i en sikkerhet, når en aksje eller indeks når et ønsket prisnivå basert på sikkerheten siste handelspris. Kontrakt I futures-markeder, et standardisert handlet instrument som spesifiserer kvantitet og kvalitet på en vare (eller finansiell eiendel) for levering (eller kontantoppgjør) på en angitt fremtidig dato. Konvergens Tendensen til priser på fysiske råvarer og futures å nærme seg hverandre, vanligvis i løpet av leveringsmåneden. Også kalt en kvotering av basis. quot Convertible Bond En gjeldssikkerhetsfunksjon som lar innehaveren konvertere til et annet problem. Bedriftsobligasjoner Gjeldsforpliktelser som utstedes av selskaper. Kostnad ved transport Se transportkostnad. Kupongrente Prosentandelen i rentepapirer. Kupongavkastning Er en obligasjons kupongbetaling dividert med pålydende. Cover Et begrep som brukes til å beskrive handlingen med innkjøpsmuligheter for å lukke en eksisterende kort posisjon. I dette tilfellet er kjøpet også en avsluttende transaksjon. Coverdell Education Savings Account En konto designet for å hjelpe til med å finansiere et barns utdanning. Bidrag er beskattet, men inntektene som brukes til kvalifiserende utdanningskostnader er skattefrie. Hele kontoen må utbetales før mottakerne 30-årsdagen. Eventuelle uttak etter denne dato vil være gjenstand for inntektsskatt og en straff. Kontoen kan overføres til et annet familiemedlem. Dekket Call A short call option posisjon mot en lang posisjon i en underliggende aksje eller futures. Dekket kombinasjon Se dekket bølle. Dekket alternativ Et alternativ som selger har nok sikkerhet (enten i kontanter eller aksjer) for å oppfylle kontrakten i tilfelle oppdrag. Dekket anrop - et anropsalternativ anses å være dekket når forfatteren (selgeren) av opsjonen allerede eier aksjene og ikke må foreta et åpent markedskjøp dersom det skal oppstå et oppdrag. Dekket Put - Et puteringsalternativ anses å være dekket når selger har nok penger på kontoen for å kjøpe aksjene til strykekurs dersom opsjonsinnehaveren har rett til å selge aksjen til denne prisen. Dekket Strangle En kort samtale og et kort sett med samme utløp, men forskjellige streikpriser kombinert med en lang lagerposisjon. Teknisk sett, for å beskrive dette som quotcoveredquot, er det litt av en feilmelding fordi bare den korte samtale er dekket av den lange aksjen. For at den korte skal bli dekket, må det være nok penger på kontoen for å dekke kjøp av aksjen til utsalgsprisen i tilfelle en oppgave. Kreditt En økning i kontantbalansen på en konto som følge av salg eller innskudd. Kredittfordeling (også LimitCredit) Forskjellen i verdi mellom to alternativer, hvor verdien av den korte posisjonen overstiger verdien av den lange posisjonen. Bære samtalespreder og tullspredninger er eksempler på kredittspreads. Cross-Hedging Sikring av en kontantvare ved bruk av en annen men relatert terminkontrakt når det ikke foreligger futureskontrakt for kontantvarevaren som sikres, og kontant - og futuresmarkedet følger lignende prisutviklinger (for eksempel ved bruk av soyabønne futures til sikring av fiskemel). Cross-Marginering En prosedyre for marginerelaterte verdipapirer, opsjoner og futures kontrakter i fellesskap når ulike clearinghus fjerner hver side av posisjonen. Cross Rate Valutakursen mellom to valutaer som anses som ikke-standard i landet der valutaparet er sitert. For eksempel i USA vil et GBPJPY sitat betraktes som en kryssfrekvens, mens det i både Storbritannia eller Japan vil være en av de primære valutaparene som handles. Nåværende posisjonsverdi Summen av nåværende markedsverdi av marginale aksjer, obligasjoner og verdipapirfond som benytter sanntidsdata. En kort posisjon trekkes fra denne summen, og dermed er et negativt beløp tilsvarende mer kort verdi enn lang verdi. Nåværende Avkastningskupongrente dividert med markedsprisen på obligasjonen. CUSIP A CUSIP er en unik identifikator som er tildelt en obligasjon på tidspunktet den er utstedt. Vaktkonto En konto opprettet til fordel for en mindreårig som forvaltes av en voksen som vaktmester. Custodial IRA-konto En konto opprettet til fordel for en mindreårig som forvaltes av en voksen som depot og begrenset av reglene knyttet til tilsvarende IRA-konto. Se også tradisjonell IRA og Roth IRA. Kundeavgrensede fond Se Segregated Account. Syklus Utløpsmåneder knyttet til en bestemt serie alternativer. d Datert dato Det er den første dagen interessen begynner å påløpe på nyutstedte obligasjoner. Dagordre En ordre om å utføre en handel som automatisk blir kansellert ved slutten av handelsdagen dersom den ikke er fylt ut. Day Trade Enhver stilling startet og stengt samme dag. Debenture Bond En gjeldsemisjon av et selskap og støttet av selskapets gode navn. Debit En nedgang i kontantbalansen på en konto som følge av et kjøp eller tilbaketrekking. Debitsspredning (også LimitDebit) En handel som reduserer kontosaldoen til en konto fordi kostnaden for de kjøpte alternativene (lang stilling) overstiger provenuet fra salget av korte alternativer. Bull call spreads og bear put spreads er eksempler på debet spreads. Gjeldsverdi En måling av selskapets innflytelse, beregnet ved å dele langsiktig gjeld med felles egenkapital, vanligvis ved bruk av data fra foregående regnskapsår. Forfall Også kjent som tidsforfall. Måten som den teoretiske verdien av et alternativ avtar når tiden går. Den spesifikke måling av opsjonsendringen i verdi over tid er representert av det greske bokstaven theta. Den rate som et alternativ taper sin verdi øker raskere i løpet av de siste 30 dagene av opsjonslivet. Utsatt Leveringsmåned De fjerne leveringsmånedene i hvilken futures trading finner sted, så forskjellig fra den nærliggende futures leveringsmåneden. Levering (futures) Overføring av kontantvare fra selger av en futuresavtale til kjøper av en futureskontrakt. Hver futuresutveksling har spesifikke prosedyrer for levering av kontanter. Noen futureskontrakter, som for eksempel aksjeindekskontrakter, er kontantregulert. Levering (opsjoner) Handlingen om å oppfylle en kontrakts forpliktelser ved oppdrag. For en samtaleforfatter skjer levering når aksjene overføres til anropsholderen til strykprisen angitt i kontrakten. For en satt forfatter skjer levering når opsjonsforfatteren betaler avtalt pris for aksjen og mottar deretter aksjene. Leveringsmåned Se Kontraktsmåned. Leveringsmelding En melding om clearingmedlemmers intensjoner om å levere en oppgitt mengde av en vare med hensyn til oppgjør av en futureskontrakt. Delta Sensitiviteten til en opsjon teoretisk verdi til en endring i prisen på den underliggende (futures kontrakt eller 100 aksjer på lager). Spesielt forventet endring i en opsjonspris gitt en enhetsendring i prisen på den underliggende. Et anropsalternativ delta varierer fra 0 til 1,00, mens et put-alternativ delta varierer fra -1,00 til 0. En futureskontrakt eller 100 aksjer i aksjene har et delta på 1,00. Delta Neutral Prosessen der profesjonelle handelsfolk oppveier opsjonsstillinger med lager for å skape en posisjon som har 0 deltakere. En null delta stilling, per definisjon, er verken lang eller kort. Derfor har stillingen teoretisk begrenset risiko. Derivat En finansiell kontrakt hvis verdi er quotedivedotot fra en annen sikkerhet, som for eksempel aksjer, obligasjoner, varer eller en markedsindeks som SampP 500 eller Wilshire 5000. De vanligste typer derivater er opsjoner, futures og pantsikrede verdipapirer . Diagonal Spread En posisjon der selgeren kjøper og selger alternativer med ulike streikpriser og utløp. For eksempel kan en diagonal spredning opprettes ved å kjøpe en 75 juli samtale og selge en 70 juni samtale. DIAMONDs Aksjer i en ETF, Diamonds Trust Series I, som sporer Dow Jones Industrial Average. Fondet er strukturert som en investeringsfond. Rabat (1) Beløpet en pris ville bli redusert for å kjøpe en vare av lavere klasse (2) noen ganger brukt til å referere til prisforskjellene mellom futures for ulike leveringsmåneder, som i uttrykket quotJuly handler med rabatt til mai, citerer noe som indikerer at prisen på juli-fremtiden er lavere enn i mai (3), gjelder for kontantkorns priser som ligger under terminsprisen. Utbyttesats Fast eller justerbar rente betalt på aksjeselskap eller foretrukket lager. Dow Jones Industrial Average (DJIA) Den eldste og mest kjente indeksen på det amerikanske aksjemarkedet representerer Dow prisbevegelsene til de 30 selskapene som, ifølge revisjonen til The Wall Street Journal, mest representerer den amerikanske økonomien. Nedslag Når den siste handel for et bestemt instrument skjer til en lavere pris enn handelen som ligger umiddelbart før den. e Tidlig utøvelse Rett gitt av amerikanske opsjoner som tillater innehaveren å kjøpe eller selge aksjer til løpskurs før utløpsdato. Resultat per aksje En selskaps totale inntekter dividert med antall utestående aksjer. Aksjeopsjon En kontrakt som gjør det mulig for innehaveren å kjøpe eller selge aksjer i en børsnotert aksje til en forutbestemt pris. Europeisk alternativ En kontrakt som kun kan utøves på utløpsdatoen, ikke før. Exchange-traded Fund (ETF) Et fond bestående av en kurv av verdipapirer som er laget for å spore en indeks og handler som en ordinær aksje. Exchange for Physical En transaksjon som vanligvis brukes av to sikringsselskaper som ønsker å bytte futures for kontantposisjoner. Også referert til som quotagainst aktualsquot eller quotversus cash. quot Ex-dividend date Datoen før investorene må eie aksjer for å være berettiget til å motta det utbytte som er blitt erklært. På den dagen en aksje går utbytte, faller aksjekursen med utbyttet, siden folk som kjøper etter det punktet, ikke vil motta utbyttet. Dette er veldig viktig når du er i en spredt posisjon. It is not uncommon for the short call to be assigned the day before Ex-Dividend day ( with notification coming on Ex-Dividend day ). This means that the spread holder will be responsible for the dividend. Execution The process of completing an order to buy or sell securities. Once a trade is executed, it is reported by a Confirmation. Also known as a quotFillquot. Exercise To invoke the right associated with a particular option contract. When exercising a call option, the holder buys stock at a predetermined price (strike) from the option seller. In the case of a put, the holder of the option sells the stock to the option seller at the strike price. Exercise by Exception Also known as Automatic Exercise. The procedure implemented by the Options Clearing Corporation (OCC) to protect customers from losing the intrinsic value of options they forget to exercise. The OCC automatically exercises all stock option that have at least 0.05 of intrinsic value or an index option worth 0.01 or more. Exercise Price Also known as Strike Price. The price specified by the option contract at which the holder can buy or sell the underlying stock. Expense Ratio The percentage of total assets used to pay for fund expenses. Expiration Date Generally the last date on which an option may be exercised. It is not uncommon for an option to expire on a specified date during the month prior to the delivery month for the underlying futures contracts. Extrinsic Value Also known as time value. The amount by which the current price of an option exceeds its intrinsic value. The price of out-of-the-money and at-the-money options is made up exclusively extrinsic value. f Face Value The dollar value of a U. S. Treasury Bill at maturity. T-Bills are issued at a discount to face value and gradually increase in value until reaching the full face value on the maturity date. Fair Value When the market price of an option is in line with its theoretical value as predicted by a formula such as Black-Scholes. Fast Market A market in which the bids and offers change so quickly that the difference between what is quoted and where a trade actually takes place may be significant. In a fast market, it often happens that customers dont get filled on orders where they might expect. When this occurs during a fast market, brokers generally cant be held responsible. Federal funds rate The interest rate that is charged by banks on overnight loans to other banks. Fill See Execution. Fill Or Kill An order that must be filled immediately or canceled. FINRA The Financial Industry Regulatory Authority (Formerly referred to as NASD), is the largest non-governmental regulator for all securities firms doing business in the United States. First Notice Day (FND) The first day on which notice of intent to deliver a commodity in fulfillment of an expiring futures contract can be given to the clearinghouse by a seller and assigned by the clearinghouse to a buyer. Varies from contract to contract. Floor Broker A trader on the exchange floor who executes customer orders. Floor Trader A person on the exchange floor who buys and sells contracts for his or her own account. In this capacity, the person acts as a market maker. Foreign Exchange The foreign exchange market. This is the cash market for foreign currencies. Trade does not occur on centralized contract markets but rather, over-the-counter in an international network of dealers. Forex See Foreign Exchange. Forward (Cash) Contract A contract which requires a seller to agree to deliver a specified cash commodity to a buyer sometime in the future. All terms of the contract are customized, in contrast to futures contracts whose terms are standardized. Forward contracts are not traded on exchanges. Free Riding The practice of buying shares or other securities without actually having the funds to cover the trade. This typically occurs when one closes out a position prior to funds being settled. Free Riding Violation An account that engages in free riding is considered to be in violation, and the account runs the risk of being put on trade restriction. This trade restriction does not prevent an account from trading, but does prevent an account from utilizing unsettled funds to initiate a trade. A free-riding violation restriction lasts 90 days. Fund Assets Amount of assets currently in the fund. Funds Available to Withdraw Estimated based on cash available and for margin accounts, it is based on the leverage from your current marginable securities. Requests to withdraw funds may be effected by the pricing of positions and the settlement of transactions. Withdrawal is subject to approval and may be delayed or refused due to the processing of trades, other withdrawals or position risk. Fund Name The official name of the fund, i. e. AIM Balanced Fund. Fundamental Analysis The practice of evaluating the attractiveness of a particular stock using financial information (e. g. revenue, profit, and management performance) as it relates to the current stock price. See Technical Analysis. Fungibility The ability to trade the same instrument interchangeably across exchanges or other marketplaces. Futures Contract A firm commitment to make or accept delivery of a specified quantity and quality of a commodity during a specific month in the future at a price agreed upon at the time the commitment was made. Futures Cash Total required segregated funds after a futures position is initiated. Funds must remain segregated until the position is closed. FX See Foreign Exchange. g Gamma The Greek letter used to represent the rate of change of an option delta as the underlying price changes. This information is primarily only helpful to professional traders who manage large positions. Globex The Chicago Mercantile Exchanges electronic trading platform. Some futures contracts are available for trading on Globex only during the U. S. evening hours, while others - such as the very popular E-mini contracts - trade electronically nearly around-the-clock. Good-Until-Cancelled (GTC) An order to execute a trade that remains open until the trade is completed or the customer cancels the order. Unlike a day order, which expires at the end of a trading day, a GTC order will remain in effect until it is filled or cancelled. The Greeks A term that refers to the analytical tools used by traders to manage risk. These include: Delta, Gamma, Theta, Vega and Rho. h Hedge A trade initiated for the primary purpose of protecting an established position (e. g. the purchase of puts to protect a long stock position). Hedge Ratio See Delta (2) and Delta Neutral. High-Yield Bond A bond with a credit rating Ba (Moodys) or BB (SampP) or lower. Historical Volatility A measurement of the actual movement of stock price over a specific period of time. This number can be plugged into an option pricing formula like Black-Scholes to determine if current option prices are high or low relative to the stocks past performance. See Implied Volatility. Holder The person who currently owns calls, puts or stock. Horizontal Spread Also known as a time or calendar spread. This spread is established by buying and selling options with different expirations but the same strike price. For example, if you bought the July 45 call and sold the June 45 call, youd be long the calendar. i ISE International Stock Exchange. The ISE is a completely electronic exchange. Implied Volatility The amount of movement expected in the stock given the current price of the options. Index As it relates to stocks, an index is created by combining multiple stocks and monitoring their performance as a group. A change in the index, therefore, represents the cumulative change of all individual components. The SampP 100 is an index that tracks the performance of 100 top companies. Index Option An option based on an index, such as the SampP 100, rather than an individual stock. These options are typically cash-settled because it would be too cumbersome to buy or sell all of the stocks that make up the index in the event of an assignment. Indicated Annual Dividend Represents the amount paid to a shareholder during the course of a year, based upon the current indicated periodic dividend (usually quarterly). Individual Account Account ownership by a single individual in their legal name only which, upon death of the owner, the account typically passes to the control of his or her estate. Individual Retirement Account (IRA) A tax-deferred retirement account set up with a financial institution such as a bank, broker, or mutual fund in which contributions may be invested in many types of securities such as stocks, bonds, money market funds, CDs, etc. Also known as a quotTraditionalquot IRA. For other types of IRAs, see Keogh plan, Simplified Employee Pension (SEP) plan, 401(k), Roth, or Rollover IRA. In-the-Money An option with intrinsic value because its strike price is below (in the case of a call) or above (in the case of a put) the current market price of the underlying stock. Initial Margin The amount a futures market participant must deposit into his margin account at the time he places an order to buy or sell a futures contract. Also referred to as original margin. See also maintenance margin. Intermarket Spread A spread between commodities that are traded on more than one market. For example, a typical intermarket spread might be made between Chicago wheat and Kansas City wheat. Intermediary Bank The intermediary bank is the bank that your financial institution uses to accept wires. Intrinsic Value The portion of an options price that can be account for by the amount the option is in-the-money. For example, with the stock at 74, a 70 call trading at 5.25 has 4 of intrinsic value (74-70) and 1.25 of extrinsic or time value (5.25-4). Inverted Market See Backwardation. Iron Butterfly A limited risk, limited reward strategy with the same general profit graph as a butterfly, but created using a combination of puts AND calls (unlike the butterfly which is ALL puts or ALL calls). In this case, the body of the iron butterfly is created by a long (or short) straddle. The wings are created using a short (or long) strangle. To create an iron butterfly, if you sell the straddle, you buy the strangle and vice versa. j Joint Tenants with Rights of Survivorship Account ownership by two or more people in which, upon death of an owner, the surviving account owners automatically retain ownership of the account. Joint Tenants in Common Account ownership by two or more people in which, upon death of an owner, a proportional percentage of the account typically passes to his or her estate. k Keogh A U. S. tax-deferred qualified retirement plan for self-employed individuals and unincorporated businesses also known as a self-employed pension. l Last Trading Day (LTD) The final day in which trading may occur for a particular delivery month. After the last trading day, any remaining commitment must be settled for delivery. LEAPSreg Long-term Equity Anticipation Securities, or LEAPSreg, are long-term stock or index options that expire more than 9 months in advance, and can last as long as 2 years. LEAPS trade like normal options but allow investors to benefit from the appreciation of equities while placing a lot less money at risk than is required to purchase stock. Leg Part of a larger position consisting of multiple options. By legging into a spread, a trader does part of the spread at one price and hopes the market will move so the rest of the spread can be completed at a better price. Leverage A characteristic of options that makes it possible for option holders to realize a greater percentage of profit and loss than they would with a long or short position in the same underlying stock. For example, a 5 move in the stock might increase (or decrease) the value of the option position by 50. Level-Load Funds Mutual funds that charge a high 12b-1 fee over the life of the fund. These funds do not charge any other sales fee. Limit Order To buy or sell a predetermined number of shares at a specified price (or better than specified price, if available). Limit orders guarantee a price (or better price than specified), but do not guarantee an execution. Liquid Market A high volume trading environment in which buyers and sellers benefit from narrow bid-ask spreads. Under these conditions, large orders can be executed without significantly impacting the market price. Liquidity A measure of how quickly a security can be sold at a fair price and converted to cash. Illiquid securities are ones that dont trade in high volume. For example, having too many shares of a stock that doesnt trade frequently would make for a position that cannot necessarily be sold. Listed Option An exchange traded put or call contract issued by the OCC with standardized strike prices and expiration dates. Load A sales commission paid when purchasing shares of a mutual fund (called a front-end load) or when redeeming shares of a mutual fund (called a back-end load). For example, if the fund has a front-end load of 5, for every 100 you place into the fund, only 95 is invested, with 5 going to the salesperson andor mutual fund company. Long Position 1) A position that results from an initial purchase of stock or options, i. e. long calls, long puts, long stock 2) a position in which the holder expects to benefit from an increase in the price of the underlying, i. e. long stock, long call, short put. Lot A unit of trading. In the futures market, one lot refers to one futures or options contract. In the forex market, one lot is equivalent to 100,000 units of a particular foreign currency. m Management fee The money paid to the manager(s) of a mutual fund, annuity subaccount, or other type of professionally managed investment. Also called an advisory fee. Maintenance Margin A sum, usually smaller than the initial margin, which must remain on deposit in the customers account for any position. A drop in funds below this level requires a deposit back to initial margin levels. Margin The amount of collateral or equity required to borrow money for investing purposes. Traders who buy on margin borrow a percentage of the purchase price from their brokerage firm. Margin Balance For cash accounts including IRAs the quotmargin locationquot is used by our system in order to custodize spread transactions and positions eligible for spread transactions. Use of the margin location in cash accounts results in custody of balances in quotmarginquot but does not indicate an extension of credit. Margin Call A brokerage firms demand that a customer deposit enough money or securities to bring a margin account back up to the minimum maintenance amount. Margin Equity Percentage Calculates the value of your securities in relation to the money you have borrowed. Keep in mind, a negative margin balance does not necessarily indicate borrowed funds. Market-If-Touched (MIT) Order An order placed much like a Limit order (buy orders should be placed below the current market price sell orders above the current market price), but when the market touches the specified price, the order immediately converts to a Market order. MIT order are used by traders who definitely want to be filled if the market touches the specified order price. Market Maker A floor trader who provides two-sided markets (bid-ask) and takes the opposite side of a customer trade. In this capacity, market makers provide liquidity in the market. Market makers may trade for their own accounts or they may represent a proprietary trading firm. Market Maker System A competitive trading environment where floor traders create efficiency and liquidity by competing with each other to provide the best bids and offers. Mark-to-Market The process of valuing an account at the end of the day based on the settlement prices of the securities. Market-Not-Held-Order An order issued by a customer allowing the floor broker to use his or her best judgment regarding the price and timing of the trade. Market-on-Close (MOC) Order An order to buy or sell a futures or options contract at the prevailing market price during the closing range (usually, the last 30-60 seconds of trading). Similar to a market order in that no price is specified during order entry. This order is ideal for a trader who wishes to offset an existing position by the close but doesnt wish to wait to the last minute to enter a market order. Market Order A customer order that is to be executed as quickly as possible at the prevailing market price. Married Put Strategy The practice of simultaneously buying stock and buying puts to limit downside risk. MIT See Market-if-Touched Order. MOC See Market-on-Close Order. Money Market Funds A type of mutual fund contains securities such as T-bills and commercial paper. Most of these funds invest in short-term debt instruments with no longer than a 90 day duration. Money Purchase Plan A Trust in which a defined portion or percentage of the account is distributed to the trustee(s) on a defined basis whether the account is profitable or not. Mortgage-Backed Securities A number of mortgages bundled together into a single security to be sold. Municipal Bond A bond that is issued by a state or local government. Historically, the interest paid on these bonds has been exempt from federal, state and local taxes in the state of issuance. Municipal Securities Rulemaking Board (MSRB) An independent self-regulatory organization in charge of establishing rules and regulations in trading of municipal securities. Mutual Fund An open-end investment company that invests the money of thousands of people in a number of securities to achieve a specific objective over time. Mutual Fund Category A number of mutual funds specialized to a certain type of investment objective, carrying similar levels of risks and returns. Mutual Fund Exchange Switching on mutual fund investment from one fund to a different fund within the same mutual fund family. Mutual Fund Family A group of mutual funds managed by a single company. n Naked Option Options that are sold on securities when the seller does not actually own shares of the underlying securities or options. Nasdaq (National Association of Securities Dealers Automated Quotations) A computerized system that stores and displays up-to-the-second price quotations for securities traded over the counter. National Best Bid or Offer (NBBO) A term applying to the SEC requirement that brokers make their best effort to offer customers the best available ask price when they buy securities and the best available bid price when they sell securities. NBBO See National Best Bid or Offer. NBBO Spread Quote An NBBO Spread Quote reflects the best quotes printed from participating exchanges on each leg of the spread or other combination combined. For a long leg, the NBBO single leg quotaskquot quote will be used, while short leg quotes will use the NBBO quotbidquot quote to combine for a synthetic NBBO combination trade quote. Nearby Delivery Month The futures contract month closest to expiration. Also referred to as the Spot Month. Net asset value (NAV) The price of each share of a mutual fund. It is calculated by subtracting the funds liabilities from its total assets, and dividing that figure by the number of shares outstanding. The NAV is the amount of money that an investor would receive for each share if the mutual fund sold all of its assets, paid off all of its outstanding debts, and distributed the proceeds to shareholders. Net income Gross income minus total expenses gives you net income. Youll find this information on the income statement. Net investment Gross, or total, investment minus depreciation. Net profit The bottom line. This is how much money the company made in profits. It can also refer to net profit margin, which is a percentage telling you how many cents on each dollar is pure profit. Net profit margin Net income as a percentage of sales. You get this by dividing net income by sales. Since its a percentage, it tells you how many cents on each dollar of sales is pure profit. New Next Trade Checking this box lets Xecutereg know that you wish to participate in the next new trade recommended by your advisory service. Unchecking this box lets Xecutereg know that you do not wish to participate in the next new trade recommended by your advisory service. New York Mercantile Exchange (NYMEX) Founded in 1872 as a market for cheese, butter, eggs, its principle commodities today include heating oil and petroleum products. New York Stock Exchange (NYSE) The oldest and largest stock exchange in the United States. No-load fund A mutual fund that does not charge a sales commission. Non-Acat An account transfer that is done manually because the delivering firm is not a member of the ACAT system, or you are requesting a partial transfer, which requires a manual process. When the transfer is done manually the request is physically forwarded to the delivering firm and upon their receipt they have up to 30 business days to act on it. Non-callable A security, such as a note or bond, that cannot be called prior to its maturity. Non-equity Option An option that has an underlying security other than stock, e. g. futures, commodities. Not Held An order submitted to a brokerage firm with the understanding that it will use its best efforts to execute the order according to the customers instructions, but the broker may not be held responsible or liable for any lost profits, trading losses, or damages resulting from the manner in which the order is handled. optionsXpress accepts contingent orders strictly on a quotNot Heldquot basis. o One Cancels Otherreg (OCO) A qualifier used when multiple orders are entered and the execution of one order cancels a second or alternate order. For example, with OCO you can place two orders linked to each other, allowing you to place a stop loss order on the same option. One Triggers Otherreg (OTO) An optionsXpress qualifier used when multiple stock or option orders are entered and the execution of one order submits a second or alternate order. Open-End Fund A mutual fund that continues to sell shares to investors, and will buy back shares when investors wish to sell. Opening Range Range of closely related prices at which transactions took place at the opening of the market buying and selling orders at the opening might be filled at any point within such a range. Opening Transaction A trade that creates a new position or adds to an existing one. The new position can consist of either short or long options or stock. Open Interest The number of contracts, either long or short, traded on a particular option that have not been offset by a closing transaction. A closing transaction lowers open interest while an opening transaction increases open interest. Open Outcry The term used to describe the pit-trading environment in which market makers compete for trades. Option A contract that grants the holder the right, but not the obligation, to buy or sell a particular security at a predetermined price for a set period of time. Conversely, the seller of the option has an obligation to fulfill the terms of the contract in the event of exercise by the option buyer. Option Buying Power Calculated based upon account equity less any requirements and pending purchases. Option Chain A way of quoting options prices through a list of all of the options for a given security, including the various strike prices, expiration dates, and whether they are calls or puts. Option Period The time from the creation of an option to its expiration. Option Clearing Corporation (OCC) The firm responsible for issuing and standardizing all exchange traded options. The OCC, which serves as an intermediary between buyers and sellers, guarantees that all option contracts are honored and executed according to their terms. Option Requirements The balance you must maintain based upon the risk of the options positions in your account. Please review our margin guidelines for more information. Option Writer The person who sells an option in an opening transaction thereby creating the obligation to meet the terms of the contract in the event of assignment. Original Issue Discount (OID) An original issue discount bond is a bond issued at a price below par value. A zero-coupon bond is an example of an OID. Out-of-the-Money An option that has no intrinsic value because its strike price is above (in the case of a call) or below (in the case of a put) the current market price of the underlying. Extrinsic or time value is the only component of an out-of-the-money options price. Over-the-Counter Market (OTC) A market where products such as foreign currencies are bought and sold by telephone and other electronic means of communication rather than on a designated futures exchange. p Pacific Exchange PCX Located in San Francisco, an exchange that trades equities and options. Pair Trading Commonly refers to buying one stock and selling another related stock against it. Parity The term used to describe an in-the-money option with a price that is the same as its intrinsic value. For example, with a stock at 50, a 40 call trading at 10 would be trading at parity because its price does not include any extrinsic or time value. In contrast, a 40 call trading at 10.25 would not be considered at parity because it includes a .25 of time value. Partial Fill A partial fill is when part of a limit order has been filled. A partial fill may be completed in the same day and then subsequently cancelled or the remainder may be filled. A day limit order that is partially filled will have the remainder cancelled at the end of the day if it has not been entirely filled. A partial fill on a GTC order may be carried over to the next market day until it is cancelled or filled in its entirety. Note: If a Good-Until-Cancelled (GTC) order is partially filled one day and the balance of the order is filled on another day, you will be charged two separate commissions. If you do not want to accept a partial fill for an order, you may indicate it is an quotAll-or-Nonequot order, however All-or-none orders have unique risks. See also All-or-None, GTC, split fill. Also, an order that is partially filled during the day but then modified (cancelled and replaced) will create a separate commission charge since this is a new order in the marketplace. Price-to-earnings ratio (PE) The share price of a stock, divided by its per-share earnings over the past year. PE (Forward) Priceearnings ratio, using earnings estimates for the next four quarters. PEG Ratio A stocks priceearnings ratio divided by its year-over-year earnings growth rate. Pending Purchases The current market costs and any potential margin requirements, based on real-time data, for the orders you have open. This sum includes OCO (quotone cancels otherquot) orders it does not include open contingent orders. Philadelphia Stock Exchange (PHLX) The Philadelphia Stock Exchange (PHLX) was founded in 1790. The PHLX trades stocks, equity options, index options and currencies. Physical Settlement The process of settling a futures contract at the expiration date by delivering the underlying instrument. Pin Risk When an underlying security settles at the options strike price. The risk results from short option holders not knowing if they will be assigned. Pips Slang forex reference to digits added to or subtracted from the fourth decimal place in a quoted currency rate, i. e. 0.0001. See also Points. Pit The area at an exchange where traders meet to buy and sell specific contracts (e. g. 30-year bond options, IBM options, DELL options). Points Predominately a forex term used to describe digits added to or subtracted from the fourth decimal place in a quoted currency rate, i. e. 0.0001. Pool See Commodity Pool. Portfolio All the securities held by an individual, institution, or mutual fund. Position The net of all open long and short contracts in a specific trading account. Position Limits Set by an exchange, this is the number of option contracts (or deltas) that an individual trader cannot exceed. The specifics of this limit differ by exchange and option type. Premium The extent to which an option price exceeds its intrinsic value. 2) the total price of an option including both intrinsic and extrinsic or time value. Price to Book Ratio A stocks capitalization divided by its book value. Price to Cash Flow Ratio A stocks capitalization divided by its cash flow for the latest fiscal year. Price to Sales Ratio A stocks capitalization divided by its sales over the trailing 12 months. Primary Market In cases where the same contract is traded on multiple exchanges, the exchange that handles the most volume is considered the primary market. This can change day to day. Profit Sharing Plan Trust A Trust in which a defined portion or percentage of the account profits are shared with the trustee(s) on a defined basis. Purchase and Sale Statement (PampS) A statement sent by a Futures Commission Merchant to a customer when a futures or options position has been liquidated or offset. The statement shows the number of contracts bought or sold, the prices at which the contracts were bought or sold, the gross profit or loss, the commission charges and the net profit or loss on the transaction. Sometimes combined with a Confirmation Statement. PutCall ratio A ratio of the trading volume of put options to call options. It is used to gauge investor sentiment. For example, a high volume of puts compared to calls indicates a bearish sentiment in the market. Put Option In the case of an equity option, a contract that gives the holder the right, but not the obligation, to sell a stock at a set price for limited period of time. The seller or writer of the option is obligated to buy the stock at the strike price in the event that the option is assigned. Pyramiding The practice of using accrued paper profits to margin additional trades. r Range The difference between the highest and lowest prices recorded during a given trading session, week, month, or year. Ratio Calendar Spread A strategy in which more options are bought or sold at one expiration than another. Ratio Spread 1) Any option strategy in which the number of contracts purchased is greater or less than the number sold. 2) a strategy in which the number of options traded against a stock are not in a 1:1 proportion with the stock. Ratio Write A partially covered position in which the options sold represent more shares than are covered by the corresponding stock position (e. g. long 100 shares of stock, short 2 out-of-the-money calls). If the stock price rises and the options are assigned, this person will have to turn over 200 shares at the strike price. However, since the person only has 100 shares, the potential loss on the position is unlimited because one of the calls is uncovered. Realized Profit amp Losses The profit or loss that results from closing a position. Redemption Fee Fee levied for selling shares of your index fund. Usually a fixed percentage of the total value of your fund. Refunding The retiring of a bond by issuing a new bond. Repair Strategy A stockoption strategy designed to compensate for a losing long stock position. In this case, an in-the-money call is purchased and two out-of-the-money calls are sold. The credit received effectively lowers the break-even point of the stock thereby covering some of the unrealized losses. Resistance A price level at the top of a trading range that a stock has reached on several occasions but has not penetrated due to increased selling pressure at that price. This is a key concept of technical analysis. Retender In specific circumstances, some contract markets permit holders of futures contracts who have received a delivery notice through the clearinghouse to sell a futures contract and return the notice to the clearinghouse to be reissued another long others permit transfer of notices to another buyer. In either case, the trader is said to have retendered the delivery notice. Retracement A reversal within a major price trend. Revenue Bond A municipal bond issued to finance a specific public works project and is supported by the revenues of that project. Reversal A change of direction in market price. rho The Greek letter representing the expected change in an options price given a 1 move in interest rates. Rolling A strategy in which the trader closes one position and immediately opens another position at a different strike or expiration. Rollover Moving all or a portion of tax-deferred retirement plan savings into another plan (e. g. moving 401(k) assets into an IRA). Rollover IRA A traditional individual retirement account holding money from a qualified plan, such as a 401(k). Roth IRA A tax-deferred retirement account that permits a contribution up to 4,000 per year or 4,500 per year if over age 50 (2005). Contributions are subject to taxes. However, withdrawals, subject to certain rules, are tax exempt. Round Turn A round turn counts both the buy and the sell of a trade as one event. In a typical exchange volume measurement, a one-contract trade between a buyer and seller would be counted as one round turn. From the customers perspective, a round turn represents two filled orders from his or her brokerage firm - one to take a position and one to offset that position (i. e. same customer, different trades). See also side. s Scalper A floor trader who profits from the spread between the bid and the offer as well as from short-term price fluctuations. SEC (Securities and Exchange Commission) The federal agency charged with protecting investors and maintaining the integrity of the securities markets. Secondary market A market that provides liquidity for previously listed securities. Securities Assets such as shares of stock, bonds, or any kind of financial asset that can be traded. Securities Investor Protection Corporation (SIPC) The SIPC maintains a special reserve fund authorized by Congress to help investors with assets in the hands of bankrupt and otherwise financially troubled brokerage firms. SIPC either acts as trustee or works with an independent court-appointed trustee in a fraud case to recover funds. The statute that created SIPC rules provides that customers of a failed brokerage firm receive all non-negotiable securities that are already registered in their names or in the process of being registered. At the same time, funds from the SIPC reserve are available to satisfy the remaining claims of each customer up to a maximum of 500,000. This figure includes a maximum of 100,000 on claims for cash. Sell To Close An order entered to close a long position. Generally used in futuresoptions investing to distinguish between establishing vs. closing a position. Consequently, a quotbuy to openquot order is always used to open a long position. Sell To Open An order entered to establish a new short position. Generally used in futuresoptions investing to distinguish between establishing vs. closing a position. Consequently, a quotbuy to closequot order is always used to close a short position. SEP IRA Simplified Employee Pension Plan IRA. A retirement plan for self-employed people or owners of small companies which allows them to defer taxes on investments intended for retirement. Selling Hedge Selling futures contracts to protect against possible decreased prices of commodities which will be sold in the future. Series of Options Calls and puts based on the same underlying stock with the same strike and expiration. Settled Funds After a trade has cleared, proceeds are considered settled funds. Stock trades settle in T 3 business days. All option trades settle in T1 business days. Mutual Fund trades settle at various times - with some being same day, others T1, and others still T3. Bonds can also vary in terms of a settlement date. Settlement Price The price established by the Options Clearing Corporation at the end of the trading day as a standard to value the securities in individual trading accounts or in the morning in the case of some European Options. The settlement price is based on the opening prices of all the stocks in a particular Index. These figures are then used to find the settlement price. Short Position An option or stock position that will profit from a decrease in the price of the underlying (e. g. short stock, short call, long put). Short Stock Position A position initiated by selling stock in an opening transaction with the goal of buying it later at a lower price (i. e. sell high, buy low). To accomplish this, the stock must be borrowed from a broker-dealer before it can be sold. Side A side considers the buy and sell actions of a trade as separate events. Each matched trade, and each contract, has two sides - the buyer side and the seller side. Taken together, these two sides equal one round turn. Measuring matched trade volume quotper sidequot counts volume on each side of the trade. Simplified Employee Pension (SEP) plan A SEP is an easy method for a small employer to establish a retirement plan for employees without the complex administration and expense found in qualified retirement plans. In fact, an employer may establish a SEP only if that employer has no qualified retirement plan in effect. Under a SEP, the employer may make a contribution of up to the lesser of 15 or 30,000 of compensation to IRAs established in each employees name. SIPC See Securities Investor Protection Corporation. Speculator A market participant who tries to profit from buying and selling futures and options contracts by anticipating future price movements. Speculators assume market price risk and add liquidity and capital to the futures markets. Spot Delivery Month The nearest delivery month among all those traded at any point in time. The actual contract month represented by the spot delivery month is constantly changing throughout the calendar year as each contract month reaches its last trading day. See Also Nearby Delivery Month. Spot Price The price quoted for the actual commodity same same as cash commodity price. Spread 1) the difference between the bid and the offer (e. g. if the bid-ask is 5- 5.30, the spread is 0.30). 2) a limited risk, limited reward strategy established by combining options that would, if separate, profit from opposite moves in the price of the underlying. Spread Stop Order A contingency order to buy or sell an option spread when the market reaches a particular level. When the price reaches that level specified in the stop order, the stop order triggers a sellbuy to closeopen the spread at the customers predetermined price (Limit or Market). Standard amp Poors 500 Index An index of 500 of the biggest publicly traded companies in the United States. The SampP 500 is generally thought of as the best measurement of the overall U. S. stock market. Static Return The return that an investor would make on a particular position if the underlying were unchanged in price at the expiration of the options in the position. Stock Buying Power Your purchasing power for stock margin accounts show twice the stock purchasing power of cash accounts for stocks that trade over 5 dollars. Stop-Limit Order Like a stop order, this order will be triggered by a move up or down to a particular price level. Once that level is reached, the order becomes a limit order, which must be executed at a specific price. In contrast, a regular stop order will be executed at the market price rather than at a specified price. Stop Order A contingency order to buy or sell a stock when the market reaches a particular level. When the price reaches that level specified in the stop order, the stop order becomes a market order and is executed at the best possible price. Stop-with-Limit Order Used by the trader who wishes to give the floor broker a limit as to how far through the specified stop the order may be filled. Two prices must be stipulated when the order is placed -- the stop price and the limit price. When the stop is elected, the order will be filled if it is possible to do so without exceeding the limit price. If this isnt possible, the order becomes a working limit order. Also, a stop with limit order will be placed as a straight limit order if, when received by the exchange, the stop price already has been violated. Straddle An option position in which a call and a put with the same strike price and expiration are both bought (long straddle) or sold (short straddle). A long straddle has unlimited profit potential given a large move up or down. A short straddle has limited profit (if the stock remains stable) and unlimited risk (if the stock moves significantly in either direction. Strangle An option spread strategy involving a long put and a long call or a short put and a short call with different strikes but the same expiration. The most common strangles involve out-of-the-money options. Strike Price Also known as Exercise Price. The price, specified by the option contract, at which the holder can buy or sell the underlying stock. Strike Price Interval The standard price difference between consecutive options. For stocks over 25, the strikes generally occur at 5 intervals (e. g. 30,35,40). Stocks below 25 have options that trade at 2.50 intervals. Subordinated Debenture A debenture whose claim to interest and principal of the corporation comes after those of the regular debt securities. Support In a period of falling prices, the support level is a price below which the stock tends not to trade because of the reemergence of b uyers. For example, a stock that has fallen near 27 on several occasions only to reverse the trend and increase in price is said to have support at 27. Symbol Ticker symbol. Synthetic Positions Also known as an equivalent position. By using a combination of options or options and stock, traders can create positions that have the same riskreward characteristics of option only or stock only positions. The following summarizes the most common synthetic positions. Synthetic long stock A short put option and a long call option with the same strike and expiration. Synthetic short stock A long put option and a short call option with the same strike and expiration. Synthetic long call A long put and a long position in the underlying stock. Synthetic short call A short put and a short position in the underlying stock. Synthetic long put A long call and a short position in the underlying stock. Synthetic short put A short call and a long position in the underlying stock. t Technical Analysis An approach to analysis of futures markets which examines patterns of price change, rates of change, and changes in volume of trading, open interest and other statistical indicators. See also Charting. Theoretical Value The fair value of an option as predicted by a mathematical formula such as Black-Scholes. This takes into account the following factors: strike price, the current price of the underlying, interest rates, time remaining until expiration, dividends (if any), and volatility. Theta The Greek letter representing the change in an options value given a one-unit (day) change in time. Tick The smallest increment an option, stock, or commodity price can change. Time Decay The way in which an option naturally loses value as time passes. Time Spread Also known as a horizontal or calendar spread. This spread is established by buying and selling options with different expirations but the same strike price. For example, if you bought the July 45 call and sold the June 45 call, youd be long the calendar. Time Value Also known as extrinsic value. The amount by which the current price of an option exceeds its intrinsic value. The price of out-of-the-money and at-the-money options is made up exclusively of extrinsic value. Total Money Markets amp Cash Defined as the net sum of your balances held in cash, margin, and money market funds. This does not include your mutual funds balances. CashMarginMoney Market sweep movements update daily before the market opens. Trader 1) An exchange member who buys and sells contracts in the trading pit of an exchange. 2) an investor who holds positions for a short period of time in an effort to capitalize on market momentum. Trading Level Your trading level has been determined based on your trading experience, income level, age and overall knowledge of options. The table below outlines the various trades permitted at each trading level. Trading Level Basic Definitions Traditional IRA A tax-deferred retirement account that permits a contribution up to 4,000 per year or 4,500 per year if over age 50 (2005). Earnings are tax-deferred until withdrawals begin. Eligible withdrawals may begin at age 59 12 or later, a 10 penalty will apply for non-qualified withdrawals made prior to age 59 12. Eligible withdrawals will be taxed at the current tax rate. Trailing Stop A quottrailing stopquot order is a stop order that moves along with a favorable movement in a security. Trailing sell stop orders will move upward a defined distance as long as the security moves upward. Trailing buy stop orders will move downward a defined distance as long as the security moves downward. Trailing (Stop) Trigger The price at which a trailing stop will activate. Contingent Trigger On entry of the order the customer can choose bid, ask or last. If last is chosen, it will only be used if it is in between the consolidated bid and ask. Transaction Costs The fees related to initiating and maintaining a position. These include commissions, margin fees, and exchange fees. Treasury Auction Where new issues of Treasury bills, notes and bonds can be sold to the investing public. Treasury Bills (T-Bills) Obligations issued by the department of the Treasury maturing in 13, 26 or 52 weeks. Treasury Bond (T-Bond) A long term government debt security with maturity of 10 to 30 years. Treasury Note (T-Note) A medium term government debt security with maturity of 1 to 10 years. Trend The general direction, either upward or downward, in which prices have been moving. Trendline In charting, a line drawn across the bottom or top of a price chart indicating the direction or trend of price movement. If up, the trendline is called quotbullishquot if down, it is called quotbearish. quot Triple witching It occurs when the contracts for stock index futures, stock index options and stock options all expire on the same day. This happens four times a year: The 3rd Friday of March, June, September and December. Trust A legal arrangement in which an individual (Trustor) gives fiduciary control of the account to a person or institution (Trustee) for the benefit of their estate or beneficiaries. A trust can include a variety of entities. Type of Options There are two option types: puts and calls. u Unit Investment Trust (UIT) An SEC-registered investment company which purchases a fixed, unmanaged portfolio of income-producing securities and then sells shares in the trust to investors. The major difference between a Unit investment Trust and a mutual fund is that a mutual fund is actively managed, while a unit investment trust is not managed at all. Uncovered Option Also known as a naked option. A short position, not protected by offsetting options, in which the writer of the options lacks the stock or collateral that would be required upon assignment. For example, a naked call writer doesnt own the stock that would have to be sold at the strike price if the calls were exercised. Similarly, a naked put writer doesnt have the full amount in the account to buy the underlying shares at the strike price in the event of an exercise. For obvious reasons, naked option writing is a risky strategy. Underlying Security The stock, commodity, or other financial instrument on which an option contract is based. Unsettled Funds Funds that are not available to withdraw until specified settlement. Cash accounts can purchase additional positions using unsettled funds but cannot close out the position until trades settle. UPC 11830 In 1993, the U. S. Securities and Exchange Commission approved a new section of the Uniform Practice Code (UPC) requiring FINRA members to close out short sales in NASDAQreg securities that meet a certain clearing short position threshold. Both NASDAQ National Marketreg and NASDAQ Small Cap Market securities can be restricted under UPC 11830. Under the rules, the short sellers brokerdealer must close out short sale of specific securities 10 days after normal settlement date if delivery of security has not accrued and the transaction is not exempt. Securities subject to close-out requirement are those with an aggregate quotclearingquot short position of 10,000 shares or more that equals or exceeds one half of one percent of the total shares outstanding. The FINRA will identify these securities daily based on data from National Securities and Clearing Corporation and compile a quotrestricted list. quot Any subsequent short-sale transaction in a security on the list that is not completed by delivery of shares within the prescribed time frames will be subject to mandatory close-out if a quotfail-to-deliverquot situation exists 10 days after normal settlement date. The rule applies to customer and proprietary short sales, but exempts quotbona fidequot market making activities and short sales that results in a quotbona fidequot fully hedged or arbitraged position. For more information, please see FINRA Notice to Members 93-53. Uptick When the most recent trade for a particular instrument occurs at a higher price than the trade immediately preceding it. v Vega The Greek letter representing the change in an options theoretical value given a 1 change in the volatility of the underlying. Versus Cash See Exchange for Physicals. Versus Purchase Notes This note is used to specify the original shares of stock or a fund sold for tax recording purposes. In order to designate shares, please enter a note in the free text field (e. g. quotVs. 200sh. XYZ BOT 8304quot). The note will appear under the quotRemarksquot area of your confirmation. Vertical Spread A position in which the options bought and sold have the same expiration but different strike prices. Volatility The mathematical measure of stock price fluctuation over a period of time. See Implied Volatility. w Warehouse Receipt A document guaranteeing the existence and availability of a given quantity and quality of a commodity in storage commonly used as the instrument of transfer of ownership in both cash and futures transactions. Write To sell an option in an opening transaction. Writer A person who has sold an option in an opening transaction and is now short a contract that may or may not be offset by stock or other options. x Xspread Direct Quotes These spread quotes are retrieved directly from exchange liquidity providers and represent quotes with a potential for discount beyond a combination of single leg quotes on spreads. y Yield The percentage return on an investment. Yield to Call (YTC) The yield of a bond or note if you were to buy and hold the security until the call date. This yield is only valid if the security is called prior to maturity. Yield to Maturity (YTM) The yield of a bond or note if you were to buy and hold the security until maturity. YTM takes into account interest rate, length of time to maturity, price paid and assumes all interest received over the life of the security can be reinvested at the original purchase yield. Furk is your personal secure storage that fetches media files and lets you stream them immediately You can use it to stream video or listen to your music from PC, smartphone, HTPC or even a game console (XBOX, PS3). Service grenser: Båndbredde grense: opptil 250 GB per måned Disklagringsgrense: ubegrenset (så lenge filer er fra offentlige kilder) Furk er ikke en fil locker og støtter ikke filharing for profitt. Logg inn eller registrer deg Logg inn eller Opprett en konto med din favoritt sosiale identitet
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