Options trading vocabulary

Options Terms Nilai total pasar dolar dari semua saham beredar perusahaan. Kapitalisasi pasar dihitung dengan cara mengalikan. Frexit pendek untuk quotFrench exitquot adalah spinoff Prancis dari istilah Brexit, yang muncul saat Inggris memilih. Perintah ditempatkan dengan broker yang menggabungkan fitur stop order dengan pesanan limit. Perintah stop-limit akan. Ronde pembiayaan dimana investor membeli saham dari perusahaan dengan valuasi lebih rendah daripada valuasi yang ditempatkan pada. Teori ekonomi tentang pengeluaran total dalam perekonomian dan pengaruhnya terhadap output dan inflasi. Ekonomi Keynesian dikembangkan. Kepemilikan aset dalam portofolio. Investasi portofolio dilakukan dengan harapan menghasilkan laba di atasnya. Opsi Group. CME Group ini pada Panduan Berjangka Dasar Dasar, Strategi dan Kosakata Pilihan Pasar CME Grup keluarga besar dan pilihan kontrak opsi futures dapat membantu Anda melakukan diversifikasi portofolio sambil membantu mengurangi risiko downside Anda. Panduan pendahuluan ini akan memandu Anda melalui dasar-dasar dasar, strategi dan kosa kata dari pasar opsi kami, memberikan basis pengetahuan yang solid yang akan membuat Anda siap menghadapi peluang ini. Pilihan tersedia di semua kelas aset utama, termasuk pada suku bunga, indeks ekuitas, valuta asing, energi, komoditas pertanian, logam, cuaca dan real estat. Panduan pengantar kami mencakup daftar kontrak opsi paling aktif yang diperdagangkan di futures di CME Group. Daftar ini tidak lengkap dari semua produk pilihan, namun merupakan representasi yang bagus dari jenis opsi yang ditawarkan CME Group. Selain itu, Options on Futures Guide kami mencakup semua hal yang Anda butuhkan untuk memahami dan memanfaatkan kontrak ini: Kosakata Kosa kata dasar pilihan mengenai futures Pricing Fundamentals - Bagaimana pilihan premi (atau harga) ditentukan Aritmatika Perhitungan dasar yang Anda butuhkan untuk memahami matematika kompleks adalah Tidak diperlukan Konsep Penting Definisi ringkas Nilai Uang In-the-money, At-the-money, Out-of-the-money, Time Decay Value, Delta and Performance Bond Strategi Dasar Contoh dari lusinan strategi pilihan mungkin diberikan fleksibilitas pilihan. Tinjau Pertanyaan Pertanyaan untuk menguji pemahaman Anda tentang opsi Tentang CME Group Sebagai pasar derivatif terdepan dan paling beragam di dunia, CME Group adalah tempat dunia menghadapi risiko. Terdiri dari empat bursa - CME, CBOT, NYMEX dan COMEX - kami menawarkan rangkaian produk benchmark global terluas di semua kelas aset utama, membantu bisnis di mana pun mengurangi berbagai risiko yang mereka hadapi dalam ekonomi global yang tidak menentu. Ikuti kami untuk berita ekonomi dan keuangan global. Pusat Langganan Kirim Kami Tanggapan Siapa Kami CME Group adalah pasar derivatif terdepan dan paling beragam di dunia. Perusahaan ini terdiri dari empat Ditunjuk Kontrak Pasar (DCMs). Informasi lebih lanjut tentang setiap peraturan bursa dan daftar produk dapat ditemukan dengan mengklik link ke CME. CBOT. NYMEX dan COMEX. CME Group Chicago HQ Telepon: 1 312 930 1000 Bebas Pulsa (Khusus di AS): 1 866 716 7274 Terhubung Dengan Kami 2017 CME Group Inc. Semua hak dilindungi undang-undang. Stock Market Terms Ucapkan bahasa pasar saham - lihat Persyaratan Pasar Saham kami untuk Daftar istilah dan kosa kata yang bisa membantu Anda lebih memahami pasar modal. CATATAN: Beberapa definisi spesifik TSX dan, sebagai hasilnya, mungkin berbeda dari definisi umum standar. Perusahaan yang Terdaftar Perusahaan yang terdaftar di TSX Venture Exchange yang memenuhi persyaratan distribusi aset, pasar dan distribusi pemegang saham yang lebih tinggi daripada yang tergolong perusahaan ventura. Klasifikasi ini terkait dengan status TSX Venture Exchange Tier 1. Agen Sebuah perusahaan sekuritas diklasifikasikan sebagai agen saat bertindak atas nama kliennya sebagai pembeli atau penjual barang keamanan. Agen tidak memiliki keamanan setiap saat selama transaksi berlangsung. Alberta Securities Commission (ASC) Badan pengawas provinsi yang bertanggung jawab untuk mengawasi pasar modal di Alberta. All-or-None Order Perintah yang harus diisi sepenuhnya atau trade tidak akan terjadi. American-Style Pilihan Pilihan yang bisa dilakukan kapan saja selama masa hidup mereka. Ini juga dikenal sebagai pilihan terbuka. Laporan Tahunan Publikasi, termasuk laporan keuangan dan laporan operasi, dikeluarkan oleh perusahaan kepada pemegang sahamnya pada akhir tahun fiskal perusahaan. Izin Perdagangan Anonim Organisasi yang Berpartisipasi untuk secara sukarela menahan identitas broker sebenarnya saat memasuki pesanan dan perdagangan pada sistem perdagangan TSX. Arbitrase Pembelian sekuritas secara simultan pada satu pasar saham dan penjualan keamanan yang sama di pasar saham lain dengan harga yang menghasilkan keuntungan. Tanya atau Tawarkan Harga terendah di mana seseorang bersedia menjual keamanan. Bila dikombinasikan dengan informasi harga penawaran, ini akan menjadi dasar penawaran saham. Tanyakan Ukuran Ukuran agregat di papan banyak permintaan terbaru untuk menjual keamanan tertentu. Aset Segala sesuatu yang dimiliki perusahaan atau orang, termasuk uang, sekuritas, peralatan dan real estat. Aset mencakup segala sesuatu yang terutang kepada perusahaan atau orang. Aset tercantum di neraca perusahaan atau pernyataan kekayaan bersih individu. Penugasan Pemberitahuan kepada penjual opsi oleh perusahaan kliring bahwa pembeli opsi tersebut menerapkan persyaratan kontrak pilihan. At-the-Money Bila harga ekuitas, indeks atau komoditas yang mendasari sama dengan harga strike dari opsi tersebut. Rata-rata dan Indeks Alat statistik yang mengukur keadaan pasar saham atau ekonomi, berdasarkan kinerja saham, obligasi atau komponen lainnya. Contohnya adalah Indeks Komposit Saham SampPTSX, Indeks Komposit SampPTSX, Dow Jones Industrial Average dan Indeks Harga Konsumen. Averaging Down Membeli lebih banyak keamanan dengan harga yang lebih rendah dari harga yang dibayarkan untuk investasi awal. Tujuan rata-rata adalah mengurangi biaya rata-rata per unit investasi. Titik Dasar Seperatus dari satu persentase poin. Misalnya, selisih antara 5,25 dan 5,50 adalah 25 basis poin. Bear Market Pasar di mana harga saham jatuh. Best-Efforts Underwriting Jenis underwriting dimana perusahaan investasi bertindak sebagai agen. Perusahaan setuju untuk menggunakan usaha terbaiknya untuk menjual sekuritas baru, namun tidak menjamin perusahaan penerbit bahwa surat berharga yang akan diterbitkan akan dijual. Beta Sebuah pengukuran hubungan antara harga saham dan pergerakan keseluruhan pasar. Better-Price-Limit Orders Perintah dengan harga limit lebih baik dari harga terbaik di sisi berlawanan dari pasar. Order pembelian dengan harga lebih baik memiliki harga yang lebih tinggi daripada penawaran terbaik. Order jual dengan harga lebih murah memiliki harga lebih rendah dari harga penawaran terbaik. Ini hanya tersedia pada saat pembukaan. Tawaran Harga tertinggi pembeli bersedia membayar untuk saham. Bila dikombinasikan dengan informasi harga ask, itu menjadi dasar penawaran saham. Ukuran Tawaran Ukuran agregat di papan banyak tawaran terbaru untuk membeli keamanan tertentu. Model Black-Scholes Model matematis digunakan untuk menghitung harga teoritis suatu opsi. Blue Chip Stocks Saham perusahaan terkemuka dan nasional yang menawarkan catatan pembayaran dividen terus menerus dan kualitas investasi yang kuat lainnya. Board Lot Unit perdagangan standar seperti yang didefinisikan dalam UMIR (Universal Market Integrity Rules). Ukuran lot board keamanan di Toronto Stock Exchange atau TSX Venture Exchange bergantung pada harga perdagangan keamanan, sebagai berikut: Harga perdagangan per unit kurang dari 0,10 - ukuran lot board adalah 1.000 unit Harga perdagangan per unit adalah 0,10 sampai 0,99. - Ukuran lot board adalah 500 unit Harga jual per unit adalah 1.00 atau lebih - ukuran lot board adalah 100 unit Obligasi Promissory notes yang dikeluarkan oleh perusahaan atau pemerintah kepada pemberi pinjamannya, biasanya dengan jumlah bunga tertentu untuk jangka waktu tertentu. Buku Catatan elektronik tentang semua pesanan beli dan jual yang tertunda untuk saham tertentu. Pesanan Pemesanan Dipesan yang tidak segera diperdagangkan saat masuk. Pesanan ini juga dikenal sebagai pesanan yang beredar. Dibeli-Deal Underwriting Jenis underwriting dimana perusahaan pialang bertindak sebagai principal. Perusahaan pialang ini memiliki modal sendiri untuk membeli semua sekuritas yang akan diterbitkan. Jika harga sekuritas turun sebelum perusahaan pialang memiliki kesempatan untuk menjual kembali sekuritas tersebut kepada kliennya, perusahaan tersebut menyerap kerugian tersebut. Pusat Arbitrase Komersial Internasional British Columbia (BCICAC) Pusat arbitrase didirikan untuk menyelesaikan perselisihan bisnis yang belum diselesaikan melalui jalur normal. Sebagai bagian dari layanannya, pusat tersebut akan menerima klaim hingga 50.000 dari klien anggota Asosiasi Investasi Dealer Kanada (Divisi Pasifik) dan TSX Venture Exchange. British Columbia Securities Commission (BCSC) Instansi pemerintah provinsi yang bertanggung jawab untuk mengelola dan menerapkan Securities Act dan Commodity Contract Act British Columbia. Broker atau Brokerage Firma Perusahaan sekuritas atau penasihat investasi terdaftar yang berafiliasi dengan perusahaan. Pialang adalah penghubung antara investor dan pasar saham. Ketika bertindak sebagai perantara untuk pembelian atau penjualan saham yang tercatat, penasehat investasi tidak memiliki sekuritas namun bertindak sebagai agen untuk pembeli dan penjual dan mengenakan komisi untuk layanan ini. Bull Market Pasar di mana harga saham naik. Hari Kerja Setiap hari dari Senin sampai Jumat, tidak termasuk hari libur resmi. Business Trust Kepercayaan yang biasanya menghasilkan arus kas dari satu bisnis atau perusahaan operasi, tidak seperti dana investasi, yang menghasilkan pendapatan dari kolam atau portofolio yang terdiversifikasi. Kepercayaan tersebut memiliki kepentingan hutang dan ekuitas dari bisnis operasi. Bisnis yang menunjukkan karakteristik ini dapat memilih struktur kepercayaan di atas struktur perusahaan untuk memanfaatkan efisiensi pajak. Buy-In Jika broker gagal menyerahkan surat berharga yang dijual ke broker lain pada tanggal penyelesaian, broker penerima dapat membeli sekuritas dengan harga pasar saat ini dan menagih pialang pengiriman selisih biaya pembelian tersebut. Bypass Order Jenis pesanan yang terisi hanya di pasar yang terlihat (terang). Perintah bypass mengabaikan kolam gelap dan perintah yang tidak terlihat. Call Option Opsi yang memberi pemegang hak, namun bukan kewajiban, untuk membeli sejumlah tertentu saham tertentu pada harga tertentu dalam waktu yang ditentukan. Panggilan dibeli oleh investor yang mengharapkan kenaikan harga. Cadangan Kliring dan Penyimpanan Kanada Inc. (CDS) adalah penyimpanan deposit, kliring dan penghimpunan cadangan nasional Canadas. CDS mendukung saham Canadas, pendapatan tetap dan pasar uang, dan bertanggung jawab atas hak asuh dan pergerakan sekuritas, pencatatan yang akurat, pemrosesan transaksi pasca-perdagangan, dan pengumpulan dan pendistribusian hak yang berkaitan dengan sekuritas yang telah disimpan. Oleh peserta. Canadian Derivatives Clearing Corporation (CDCC) Perusahaan kliring pusat yang ditunjuk untuk opsi dan perdagangan berjangka di Bourse de Montral. Sebelumnya dikenal sebagai Trans Canada Options Inc. (TCO). Dana Perlindungan Investor Kanada (CIPF) Sebuah dana yang dibuat untuk melindungi pelanggan jika terjadi kebangkrutan anggota salah satu organisasi pengawas mandiri berikut: Bourse de Montral, Bursa Efek Toronto, TSX Venture Exchange dan Asosiasi Dealer Investasi Kanada. Canadian Securities Institute (CSI) Organisasi pendidikan nasional dari industri sekuritas yang disponsori oleh Asosiasi Dealer Investasi Kanada, Bursa Efek Toronto, Bourse de Montral dan TSX Venture Exchange. Modal Bagi seorang ekonom, modal berarti mesin, pabrik dan persediaan yang dibutuhkan untuk menghasilkan produk lainnya. Bagi investor, modal berarti uang tunai mereka ditambah dengan aset keuangan yang mereka investasikan di sekuritas, rumah mereka dan aset tetap lainnya. Keuntungan atau Kerugian Modal Keuntungan atau kerugian akibat penjualan aset tertentu yang diklasifikasikan dalam undang-undang pajak penghasilan federal sebagai aset modal. Ini termasuk saham dan investasi lainnya seperti properti investasi. Capital Gain Distribution Distribusi kena pajak dari kenaikan kena pajak yang direalisasikan oleh penerbit. Hal ini umumnya dibayarkan kepada pemegang kepercayaan, kemitraan, dan dana keamanan. Seperti semua distribusi, itu mungkin dibayar dalam bentuk sekuritas atau uang tunai. Jumlah, tanggal hutang, dan tanggal rekaman ditetapkan oleh penerbit. Pertukaran bahwa masalah ini tercantum dalam menetapkan tanggal ex-dividenddistribution (ex-d) untuk mendapatkan hak. Perusahaan Pool Capital Program TSX Venture Exchange Capital Pool Company (CPC) menawarkan kesempatan listing unik yang membawa tim manajemen berpengalaman dengan kemampuan pembiayaan publik yang telah terbukti dan perusahaan-perusahaan tahap pengembangan yang membutuhkan keahlian modal dan manajemen. Tidak seperti perusahaan publik tradisional, daftar modal renang dan mulai trading tanpa bisnis operasi. Sifat bisnis mereka adalah menemukan dan memperoleh usaha tahap awal yang menjanjikan, dan harta mereka didanai secara jelas untuk proses pencarian dan due diligence. Modal Saham Semua saham mewakili kepemilikan perusahaan, termasuk saham preferen dan umum. Capital Trust Suatu bentuk kepercayaan finansial yang berbeda dengan kepercayaan lainnya karena terlihat seperti instrumen pendapatan tetap daripada masalah ekuitas. Modal trust umumnya dikeluarkan oleh bank atau perantara keuangan lainnya. Perdagangan kendaraan investasi ini seperti instrumen hutang dengan nilai nominal 1.000 dan perdagangan dengan bunga yang masih harus dibayar. Tujuan bisnis dari trust modal adalah untuk memperoleh dan menahan aset yang akan menghasilkan laba bersih untuk didistribusikan ke pemegang unit. Aset trust dapat terdiri dari hipotek perumahan, kepemilikan bersama hipotek, surat berharga berbasis mortgage, investasi lain yang memenuhi syarat, dan kewajiban hutang berkualitas lainnya. Aset kepercayaan modal biasanya diperoleh dari dan dilayani oleh lembaga penerbit dan atau afiliasinya. Perubahan Kapitalisasi Perubahan dalam sekuritas emiten yang diterbitkan dan beredar. Perubahan ini mungkin melibatkan penerbitan, pembelian kembali, atau pembatalan surat berharga atau surat berharga terdaftar yang diterbitkan pada saat konversi atau pertukaran efek lain dari penerbit. Kapitalisasi Tanggal Efektif Tanggal perubahan kapitalisasi tercermin dalam daftar saham emiten, terlepas dari kapan dilaporkan ke Bursa. Kapitalisasi atau Struktur Modal Total jumlah dolar dari semua uang yang diinvestasikan dalam perusahaan, seperti hutang, saham preferen dan saham biasa, memberikan kontribusi surplus dan laba ditahan perusahaan. Indeks Induk yang dibatasi yang memiliki bobot relatif maksimum dengan kapitalisasi pasar untuk satu konstituen. Setiap konstituen individu dari indeks dapat mewakili tidak lebih dari persentase indeks tertentu. Gabungan masing-masing komposit SamppTSX Capped Composite dan SampPTSX Capped 60 ditutup pada level 10, sementara konstituen individu dari indeks sektor SampcmarkX Capped dibatasi pada 25. Kas Suatu istilah khusus yang melekat pada orde keadilan yang mengharuskan perdagangan harus diselesaikan baik Hari yang sama atau hari kerja berikutnya dengan uang tunai. Distribusi Dividen Tunai Dividenddistribusi yang dibayarkan secara tunai. Setelmen Setelmen Kas dari kontrak opsi bukan dengan penyerahan saham yang mendasarinya, namun dengan pembayaran tunai selisih antara strike atau exercise price dan underlying settlement price. Sertifikat Dokumen fisik yang menunjukkan kepemilikan obligasi, saham atau keamanan lainnya. Perubahan Daftar Saham Setiap modifikasi pada daftar masalah pertukaran yang dapat diperdagangkan. Modifikasi ini meliputi: daftar baru, daftar keamanan tambahan, daftar substitusi, penghapusan, perubahan nama, dan perubahan simbol saham. CL1 TSX Venture Level 1 (CL1) adalah layanan real-time untuk ekuitas junior terdaftar yang menyediakan perdagangan, kutipan, tindakan korporasi dan informasi indeks dari TSX Venture Exchange. CL2 TSX Venture Level 2 (CL2) adalah layanan real-time untuk ekuitas junior yang menunjukkan semua perintah dan perdagangan berkomitmen untuk setiap penyimpanan TSX Venture Exchange yang tercatat secara real time. Hari Kliring Setiap hari kerja dimana perusahaan kliring terbuka untuk melakukan kliring dan penyelesaian perdagangan. Nomor Kliring Nomor perdagangan dari Organisasi Peserta Kliring atau Anggota. Order Klien Perintah dari pelanggan ritel dari sebuah Organisasi yang Berpartisipasi. Close Price Harga perdagangan lot terakhir terakhir dieksekusi pada penutupan perdagangan. Lihat juga: Board Lot. Dana Investasi Tertutup-End Kepercayaan investasi yang menerbitkan sejumlah sekuritas tertentu yang diperdagangkan di bursa saham atau di pasar bebas. Aset dana tertutup dikelola secara profesional sesuai dengan tujuan investasi dan kebijakan dana dan dapat diinvestasikan dalam berbagai instrumen instrumen keuangan. Seperti sekuritas lain yang diperdagangkan di bursa, harga pasar sekuritas sekuritas tertutup berfluktuasi dan ditentukan oleh penawaran dan permintaan di pasar. Transaksi Penutup Perintah untuk menutup kontrak berjangka atau opsi terbuka yang ada. Komisi Biaya yang dikenakan oleh penasihat investasi atau broker untuk membeli atau menjual sekuritas sebagai agen atas nama klien. Produk Komoditi yang digunakan untuk perdagangan yang diperdagangkan di bursa komoditas resmi yang terpisah. Komoditas meliputi produk pertanian dan sumber daya alam seperti kayu, minyak dan logam. Komoditas merupakan basis kontrak berjangka yang diperdagangkan di bursa ini. Saham Biasa atau Efek Biasa yang merupakan bagian kepemilikan di perusahaan dan umumnya memiliki hak suara. Pemegang saham biasa dapat membayar dividen, namun hanya setelah pemegang saham preferen dibayar. Pemegang saham umum terakhir sejalan dengan kreditur, pemegang hutang dan pemegang saham preferen untuk mengklaim aset perusahaan jika terjadi likuidasi. Isi Lengkap Saat pesanan memperdagangkan semua volume yang ditentukan. Permohonan Pendaftaran Bersyarat (Conditional Listing Application / CLA) Ketika sebuah perusahaan mengajukan daftar di Toronto Stock Exchange, sebuah CLA terdiri dari perjanjian pencatatan saham Toronto Stock Exchange dan prospektus perusahaan. Laporan Posisi Pendek Konsolidasi Laporan konsolidasi yang mencakup jumlah saham pendek (pada tanggal perdagangan) dan perubahan bersih dari laporan sebelumnya, untuk kedua TSX dan TSX Venture Exchange yang terdaftar. Di bawah peraturan UMIR 10.10, semua Organisasi dan Anggota Peserta TSX dan TSX Venture Exchange harus melaporkan posisi pendek perusahaan secara semi bulanan ke TSX Datalinx. Perusahaan tanpa kliring dapat melaporkan melalui perusahaan yang bertanggung jawab atas kliring mereka. Pengungkapan Terus-menerus Kewajiban perusahaan yang terus berlanjut untuk menginformasikan kepada publik tentang kejadian perusahaan yang signifikan, menguntungkan dan tidak menguntungkan. Convertible Security Keamanan dari penerbit (misalnya - obligasi, surat hutang, atau saham preferen) yang dapat dikonversi ke sekuritas lain dari penerbit tersebut, sesuai dengan persyaratan fitur konversi. Konversi biasanya terjadi pada pilihan pemegang sekuritas, namun mungkin terjadi atas pilihan penerbit. Perusahaan atau Perusahaan Suatu bentuk organisasi bisnis yang dibuat berdasarkan undang-undang provinsi atau federal yang memiliki identitas hukum terpisah dari pemiliknya. Pemegang saham adalah pemilik perusahaan dan bertanggung jawab atas hutang perusahaan hanya sampai jumlah investasi mereka. Ini dikenal sebagai tanggung jawab terbatas. Cross A trade yang terjadi ketika dua akun dalam Participating OrganizationMember yang sama ingin membeli dan menjual keamanan yang sama dengan harga dan volume yang disepakati. Dengan beberapa pengecualian yang disetujui, persilangan hanya dapat terjadi dalam penawaran saat ini dan meminta persediaan. Sesi Crossing Setelah penutupan hari perdagangan reguler, persilangan bisa dilakukan antara pukul 4:10 pagi. Dan jam 5:00 malam ET pada harga jual terakhir dari saham. Cum Dividen Dengan dividen. Pemilik saham yang dibeli cum dividen berhak atas dividen yang telah diumumkan sebelumnya. Kebalikan dari hal ini adalah ex dividend. Hak Cum Dengan hak. Pemilik saham yang membeli hak cum berhak atas hak yang telah diumumkan. Kebalikan dari ini adalah hak ex. Cum-DividendDistribution Date Hari perdagangan sebelum tanggal ex-dividenddistribution (ex-d). Ini adalah hari terakhir dimana sekuritas dapat diperdagangkan dan dimana pembeli berhak atas pembagian dividen. Salinan CUSIP CUSIP (Komite Uniform Security Identification Procedures) adalah sistem standar identifikasi sekuritas dan deskripsi sekuritas, yang digunakan dalam pemrosesan elektronik dan pencatatan transaksi efek di Amerika Utara. Sebagai biro layanan untuk industri keuangan Kanada, CDS INC merupakan anak perusahaan CDS, bertindak sebagai penghubung antara Standard amp Poors (SampP) dan perusahaan penerbit untuk penugasan nomor dan deskripsi CUSIP. Nomor CUSIP secara unik mengidentifikasi masalah keamanan Kanada dan Amerika dan penerbitnya. Cyclical Stock Saham perusahaan di sektor industri yang sangat sensitif terhadap ayunan kondisi ekonomi. Batas Harga Harian Kemajuan harga maksimum atau penurunan diperbolehkan untuk kontrak berjangka dalam satu sesi perdagangan dibandingkan dengan harga settlement hari sebelumnya. Day Order Perintah yang berlaku hanya untuk hari itu dimasukkan. Jika pesanan masih beredar saat pasar tutup, maka akan dibersihkan semalam. Debenture Instrumen hutang jangka panjang yang dikeluarkan oleh perusahaan atau pemerintah yang hanya didukung oleh integritas peminjam, bukan oleh agunan. Debenture tidak aman dan tunduk pada hutang terjamin. Debenture tidak dijamin karena tidak ada hak gadai atau janji atas aset tertentu. Harga Hutang Harga yang dibayarkan per 100 instrumen utang menghadapi nilai tukar. Perdagangan instrumen hutang secara nominal akan memiliki harga 100. Harga di bawah nilai nominal (misalnya, 99,1) menunjukkan bahwa instrumen hutang telah diperdagangkan dengan harga diskon. Harga di atas nilai nominal (misalnya, 101.1) menunjukkan bahwa instrumen hutang telah diperdagangkan pada premi. Nilai Utang Nilai total dolar dari volume diperdagangkan di satu sisi transaksi untuk jangka waktu tertentu. Ini sama dengan harga dikalikan dengan volume dibagi 100. Volume Utang Jumlah instrumen hutang yang diperdagangkan di satu sisi transaksi untuk periode tertentu dikalikan dengan nilai nominal instrumen hutang. Saham Defensif Stok dibeli dari perusahaan yang mempertahankan rekor pendapatan stabil dan pembayaran dividen terus menerus melalui periode penurunan ekonomi. Delayed Delivery Order Order khusus yang di dalamnya ada pemahaman yang jelas antara pihak jual beli bahwa pengiriman sekuritas akan tertunda di luar periode permukiman tiga hari yang biasa sampai tanggal yang ditentukan dalam pesanan. Delist Penghapusan daftar keamanan di bursa saham. Hal ini dilakukan ketika keamanan sudah tidak ada lagi, perusahaan bangkrut, distribusi keamanan publik turun ke tingkat yang tidak dapat diterima rendah, atau perusahaan tersebut telah gagal memenuhi persyaratan dalam perjanjian pencatatannya. Delisting Issue Status keamanan yang tidak lagi tercantum di Exchange. Keamanan bisa diperdagangkan di pasar lain. Emiten Delapan Emiten yang sekuritasnya tidak lagi tercatat di Bursa Toronto atau TSX Venture Exchange. Emiten yang terdaftar dicabut saat keamanan terdaftar yang terdaftar terakhir dikeluarkan. Pengiriman Pelelangan dan penerimaan pokok atau pembayaran atau penerimaan uang tunai dalam penyelesaian kontrak berjangka terbuka. Bulan Pengiriman Bulan kalender dimana kontrak berjangka dapat dipenuhi dengan membuat atau menerima pengiriman. Rasio Delta A yang mengukur pergerakan harga opsi dibandingkan dengan pergerakan harga underlying interest. Nilai Delta memiliki kisaran 0 sampai 1. Pilihan in-the-money yang mendalam memiliki delta yang mendekati 1. Permintaan Gabungan keinginan, kemampuan dan kemauan dari konsumen untuk membeli barang atau jasa. Permintaan ditentukan oleh pendapatan dan harga, yang sebagian ditentukan oleh pasokan. Discretionary Account Rekening efek dibuat saat klien memberi mitra, direktur, atau manajer portofolio yang berkualitas dari otorisasi tertulis khusus dari Organisasi yang Berpartisipasi untuk memilih sekuritas dan melakukan perdagangan atas nama kliennya. Distribusi Bagian ekuitas emiten dibayarkan langsung ke pemegang keamanan. Hal ini umumnya dibayarkan kepada pemegang kepercayaan, kemitraan, dan dana keamanan. Emiten atau perwakilannya menyediakan jumlah, frekuensi (bulanan, kuartalan, setengah tahunan, atau tahunan), tanggal hutang, dan tanggal pencatatan. Pertukaran bahwa masalah ini tercantum dalam menetapkan tanggal ex-dividenddistribution (ex-d) untuk mendapatkan hak. Diversifikasi Membatasi risiko investasi dengan membeli berbagai jenis efek dari berbagai perusahaan yang mewakili berbagai sektor ekonomi. Dividen Bagian ekuitas emiten dibayarkan langsung kepada pemegang saham. Hal ini umumnya dibayarkan pada saham biasa atau saham preferen. Emiten atau perwakilannya menyediakan jumlah, frekuensi (bulanan, kuartalan, setengah tahunan, atau tahunan), tanggal hutang, dan tanggal pencatatan. Pertukaran bahwa masalah ini tercantum dalam menetapkan tanggal ex-dividenddistribution (ex-d) untuk mendapatkan hak. Penerbit tidak memiliki kewajiban hukum untuk membayar dividen preferen atau umum. Rencana Investasi Kembali Dividen Suatu cara menginvestasikan kembali dividen, yang seharusnya dibayarkan kepada pemegang saham secara tunai, sebagai tambahan saham perusahaan. Hasil Dividen Sama dengan tingkat dividen tahunan yang ditunjukkan per saham dibagi dengan harga sekuritas. Misalnya, jika tingkat dividen yang ditunjukkan adalah 1.00 dan harga penutupan adalah 50,00, 1 dibagi dengan 50,00 sama dengan 2. Tanggal Hutang DividendDistribusi Tanggal yang ditetapkan oleh penerbit dimana dividen akan dibayarkan. DividendDistribution Record Date Tanggal dimana pemegang keamanan harus terdaftar sebagai pemegang masalah untuk menerima pembagian dividen. Dollar Cost Averaging Berinvestasi dalam jumlah tertentu dalam keamanan tertentu pada interval reguler selama periode waktu tertentu. Dollar cost averaging menghasilkan biaya rata-rata per saham yang lebih rendah, dibandingkan dengan membeli sejumlah saham konstan pada interval yang ditentukan. Investor membeli lebih banyak saham saat harga rendah dan membeli lebih sedikit saham saat harga tinggi. Dow Jones Industrial Average (DJIA) Rata-rata terdiri dari 30 saham yang diperdagangkan secara aktif. DJIA dihitung dengan menambahkan harga masing-masing dari 30 saham dan membagi dengan pembagi. DJIA adalah salah satu pasar saham yang paling banyak dikutip di media. Downtick Sebuah perdagangan sedang downtick ketika perdagangan terakhir terjadi pada harga yang lebih rendah dari yang sebelumnya. Energy atau Royalty Trust Investasi kendaraan yang dapat terlibat dalam pengembangan, akuisisi, andor produksi cadangan minyak dan gas bumi. Kepercayaan tersebut menerima pendapatan royalti dari penghasil properti (pada dasarnya, arus kas bersih) dan kemudian menjual kepentingan kepercayaan (disebut unit kepercayaan) kepada investor. Perwalian royalti minyak dan gas konvensional merupakan portofolio yang dikelola secara aktif yang memegang aset properti produksi yang matang. Sebagian besar seluruh arus kas yang dihasilkan oleh aset minyak dan gas bumi, setelah dikurangi potongan tertentu, seperti biaya administrasi dan biaya pengelolaan, diteruskan ke pemegang unit sebagai pendapatan royalti. Biaya modal juga dapat dikurangkan, namun biasanya dikenai pembatasan jumlah tersebut. Distribusi sangat bergantung pada arus kas yang dihasilkan oleh kepercayaan. Secara umum, variabel terbesar dalam menentukan tingkat arus kas adalah harga minyak mentah dan gas alam. Royalty trust memberikan alternatif (dari kepemilikan saham perusahaan individu) bagi investor untuk berpartisipasi dalam sektor minyak dan gas bumi. Ekuitas Saham biasa dan preferen, yang mewakili bagian kepemilikan perusahaan. Pembiayaan Ekuitas Nilai dolar dari sekuritas yang diterbitkan sesuai dengan TSX atau TSX Venture Exchange menyetujui transaksi. Nilai tersebut sama dengan jumlah surat berharga yang dikalikan dengan harga penawaran. Berbagai bentuk instrumen keuangan mungkin berpengaruh pada penentuan harga atau jumlah sekuritas. Opsi Ekuitas Suatu kontrak opsi yang memberi pemegang hak untuk membeli atau menjual sejumlah saham tertentu pada harga tertentu selama periode waktu tertentu. Harga Ekuitas Harga per saham yang diperdagangkan. Equity Value Nilai total dolar dari volume diperdagangkan di satu sisi transaksi untuk jangka waktu tertentu. Ini sama dengan harga dikalikan dengan volume. Volume Ekuitas Jumlah saham yang diperdagangkan di satu sisi transaksi. Escrowed Securities Efek luar biasa dari penerbit yang tidak dapat diperdagangkan secara bebas, karena tunduk pada perjanjian escrow yang membatasi kemampuan pemegang keamanan tertentu dari penerbit tersebut untuk melakukan perdagangan atau transaksi efek-efek tersebut sampai kondisi tertentu terpenuhi. Pilihan Opsi Gaya Eropa yang bisa dilakukan hanya pada tanggal kadaluarsa. Ex Dividen Pemegang saham yang dibeli ex dividen tidak berhak atas dividen yang telah diumumkan, namun berhak atas dividen masa depan. Ex Right Pemegang saham yang dibeli ex rights tidak berhak atas hak yang telah diumumkan, namun berhak atas masalah hak-hak masa depan. Prospektus Penawaran Tukar (EOP) Suatu bentuk prospektus yang memungkinkan perusahaan melakukan penawaran prospektus melalui fasilitas bursa saham, bukan menerbitkannya langsung ke publik. Perusahaan kemudian mengajukan daftar efek di bursa. Keamanan Tukar Keamanan dari penerbit yang dapat ditukar dengan sekuritas dari penerbit lain (biasanya anak perusahaan) sesuai dengan persyaratan fitur pertukaran. Pertukaran mungkin atas pilihan pemegang atau opsi penerbit surat berharga. Exchange-Traded Fund (ETF) Jenis kepercayaan keuangan khusus yang memungkinkan investor membeli sekeranjang saham melalui satu keamanan tunggal, yang melacak dan mencocokkan imbal hasil indeks pasar saham. ETF dianggap sebagai jenis reksa dana indeks khusus, namun terdaftar pada bursa dan perdagangan seperti saham. Juga dikenal sebagai index participation unit (IPU). Tanggal ex-D Ex-dividenddistribution. Tanggal dimana pembeli saham tidak berhak atas pembagian dividen yang diumumkan, karena pembeli tidak akan menjadi pemegang catatan. Tanggal ex-d adalah dua hari kliring sebelum tanggal rekaman. Pertukaran bahwa masalah ini tercantum pada set tanggal ex-d. Emiten Tidak Diperoleh Emiten yang terdaftar yang memenuhi persyaratan pencatatan sebagaimana diuraikan dalam Bagian 502 dari Manual Persyaratan Pencatatan. Penerbit yang dikecualikan tidak tunduk pada peraturan pelaporan khusus. Status ini umumnya diperuntukkan bagi emiten senior. Latihan Tindakan pemegang opsi yang memilih untuk menerima pengiriman (panggilan) atau melakukan pengiriman (menempatkan) bunga yang mendasar terhadap pembayaran harga pelaksanaan. Tanggal Kadaluarsa Tanggal dimana suatu kontrak opsi berakhir. Ini berarti opsi tersebut tidak dapat digunakan setelah tanggal tersebut. Distribusi Dividen Tambahan Dividenddistribusi dibayarkan di samping dividen yang dikeluarkan oleh penerbit secara reguler. Seperti semua kontribusi dividen, mungkin akan dibayarkan dalam bentuk sekuritas atau uang tunai dan jumlah, tanggal hutang, dan tanggal rekaman ditetapkan oleh penerbit. Pertukaran bahwa masalah ini tercantum dalam menetapkan tanggal ex-dividenddistribution (ex-d) untuk mendapatkan hak. Dividen tambahan terkadang disebut sebagai pembagian dividen khusus. Nilai nominal Denominasi tunai instrumen hutang individu. Ini adalah jumlah uang yang diterima pemegang instrumen hutang dari penerbit pada tanggal jatuh tempo instrumen hutang. Nilai nominal juga disebut sebagai nilai nominal atau pokok. Pernyataan Pengarsipan Dokumen pengungkapan yang diajukan oleh perusahaan publik untuk menjelaskan perubahan material dalam urusannya. Pernyataan pengarsipan tidak digunakan untuk keperluan pembiayaan. Fill or Kill (FOK) Order Is eligible to receive a full fill and if not fully filled is cancelled immediately. Float Quoted Market Value (QMV) The last price multiplied by the number of outstanding shares. For the SPTSX index, the QMV is based on float shares, not on total outstanding shares. Float shares are total outstanding shares less any control block position, as defined by the Standard Poors index methodology. Floating Rate Security A security whose interest rate or dividend changes with specified market indicators. A floating rate is one that is based on an administered rate, such as a prime rate. Flow-Through Shares Financing The dollar value of flow-through shares issued in accordance with a TSX or TSX Venture Exchange approved transaction. The price is determined by the policies of the TSX Company Manual or TSX Venture Corporate Finance Manual the price is not adjusted for the value of the flow-through tax benefit available to the security holder. It can be an initial public offering (IPO), secondary offering, or private placement. Freeze An interruption in trading on a stock, triggered when an order violates parameters set by TSX. Frequency Frequency refers to the given time period on an intraday, daily, weekly, monthly, quarterly or yearly perspective. Typically, choosing a weekly or monthly perspective when looking at several years of data makes it easier to identify long-term trends. Daily charts are useful for active traders and short-term time period charts. The Daily, 1-Minute, 5-Minute, 15-Minute and Hourly frequency are used for intraday charts and the remaining choices are applicable to end-of-day charts. This term refers to a TSX Group Historical Performance charting feature. Front Month The closest month to expiration for a futures or option contract. Futures Contracts to buy or sell securities at a future date. GICS The Global Industry Classification Standard (GICS) is a consistent set of global economic sector and industry definitions. GICS are used to classify the constituents of many indices worldwide. GICS is a four-level classification system. The four levels are: sector, industry group, industry, and sub-industry. Standard Poors and Morgan Stanley Capital International (MSCI), two providers of global indices, jointly launched GICS in 1999. Good Delivery The term used to describe a security that is in proper form to transfer title, which means that the registered owner has endorsed it. To settle a sale, the certificate must be surrendered on good delivery by the seller. A certificate that bears a share transfer restriction will not constitute good delivery. Good-Till-Cancelled (GTC) Order A GTC order will remain in the system until the date that it is filled or until a maximum of 90 calendar days from date of entry, whichever happens first. This type of order is also referred to as an open order. A Participating Organization can cancel a GTC order at any time. Good-Till-Date (GTD) Order A GTD order will remain in the system until it is either filled or until the date specified, at which time it is automatically cancelled by the system. This is another kind of open order. A Participating Organization can cancel a GTD order at any time. Growth Stock The shares of companies that have enjoyed better-than-average growth over recent years and are expected to continue their climb. Guaranteed Investment Certificate (GIC) A deposit instrument most commonly available from trust companies or banks requiring a minimum investment at a predetermined rate of interest for a stated term, such as one or five years. GICs are generally non-redeemable and non-transferable before maturity. Halted Issue A temporary stoppage of trading of the listed securities of an issuer, which may be imposed by the Exchange, its agent (Market Regulation Services Inc. (RS)), or voluntarily requested by the issuer. Usually an issuers listed securities are halted pending a public announcement of material information about the issuer, but the Exchange or RS may also impose a halt if the issuer is not in compliance with Exchange requirements or if the Exchange determines that it is in the public interest to do so. Hedge A strategy used to limit investment loss by making a transaction that offsets an existing position. HSDF High Speed Data Feed is a real-time broadcast of market data related to Toronto Stock Exchange and TSX Venture Exchange markets. High Price The highest price at which a board lot trade on a security was executed during a trading session. See also: Board Lot. Improving the Market An order that either raises the bid price or lowers the offering price is said to be improving the market. The market improves because the spread between the bid and offer decreases. Income Deposit Security (IDS) An exchange-traded, fixed income-like instrument consisting of a subordinated debt security and a share of common stock packaged together to form a tax-efficient delivery mechanism to distribute an issuers free cash flow to its investors. Investors are paid dividends from the common share component and interest from the subordinated debt. The structure was created for U. S.-based companies to replicate the economic attributes of the Canadian income trust structure - providing steady, high-yield returns to U. S. and Canadian investors in U. S. companies. IDSs do not use the trust structure. Also known as income participating securities (IPS). Income Participating Security (IPS) See Income Deposit Security (IDS). Income Stock A security with a solid record of dividend payments and which offers a dividend yield higher than the average common stock. Income Trust Also called income funds. Income trusts are trusts structured to own debt and equity of an underlying entity, which carries on an active business, or has royalty revenues generated by the assets of an active business. By owning securities or assets of an underlying business, an income trust is structured to distribute cash flows, typically on a monthly basis, from those businesses to unit holders in a tax-efficient manner. The trust structure is typically utilized by mature, stable, sustainable, cash-generating businesses that require a limited amount of maintenance capital expenditures. An income trust is an exchange-traded equity investment that is similar to a common share. There are four categories of income trusts: business trusts real estate investment trusts (REITs) energy trusts and power, pipeline, and utility trusts. Index A statistical measure of the state of the stock market, based on the performance of stocks. Examples are the SampPTSX Composite Index and the SampPTSX Venture Composite Index. Index Participation Unit (IPU) See Exchange-Traded Fund (ETF). Indicated Annual DividendDistribution For an issue with a committed dividenddistribution policy, the indicated annual dividenddistribution (IAD) equals the most recent dividenddistribution multiplied by the payment frequency. For example, if an issuer pays 0.04 quarterly, then the indicated rate is 0.04 X 4 or 0.16. In the case of issuers with no committed policy, the IAD is obtained by adding the dividenddistribution amounts paid in the last 12-month period. Indicated annual dividenddistribution is also referred to as indicated rate. Indicative Calculated Closing Price (ICCP) A feature of Market On Close (MOC), a TSX electronic call market facility, the Indicative Calculated Closing Price (ICCP) provides a preliminary indication of what the calculated closing price for a MOC security would be assuming the regular trading session had ended at the time of calculation. The ICCP is calculated without reference to volatility parameters. The ICCP for each MOC security will be broadcast to the trading community at 3:50 PM ET on each trading day, 10 minutes prior to the actual Market On Close execution. A key objective of broadcasting the ICCP is to provide market participants with an early indication of potentially large price movements at the close. The ICCP for all MOC securities will be included in the MOC Imbalance Report that is made available on tmxmoney. Inflation An overall increase in prices for goods and services, usually measured by the percentage change in the Consumer Price Index. Initial Public Offering (IPO) A companys first issue of shares to the general public. Inside Information Non-public information pertaining to the business affairs of a corporation that could affect the companys share price should the information be made public. Insider All directors and senior officers of a company, and those who are presumed to have access to inside information concerning the company. An insider is also anyone owning more than 10 of the voting shares of a company. Insider Trading There are two types of insider trading. The first type occurs when insiders trade in the stock of their company. Insiders must report these transactions to the appropriate securities commissions. The other type of insider trading is when anyone trades securities based on material information that is not public knowledge. This type of insider trading is illegal. Interlisted For TSX reporting purposes, interlisted is defined as any issue listed on TSX or TSX Venture Exchange and also listed on a U. S. exchange or NASDAQ. Intermarket Surveillance Group (ISG) An international committee comprised of members from 31 exchanges around the world, including every major stock exchange. Membership in the ISG allows all members to share surveillance and investigative information to ensure that each regulator has access to the necessary information to effectively regulate its marketplace. The ISG promotes effective market surveillance among international exchanges and RS involvement helps ensure they are continually in touch with other regulators and part of the development of international best practices. International Securities Identification Number (ISIN) The international standard that is used to uniquely identify securities. It consists of a two-character alphabetic country code specified in ISO 6166, followed by a nine-character alphanumeric security identifier (assigned by a national security numbering agency), and then an ISIN check-digit. Intrinsic Value The difference between the current market value of the underlying interest and the strike price of an option. In-the-money is a term used when the intrinsic value is positive. Investment The purchase or ownership of a security in order to earn income, capital or both. Investments may also include artwork, antiques and real estate. Investment Advisor A person employed by an investment dealer who provides investment advice to clients and executes trades on their behalf in securities and other investment products. Investment Capital Initial investment capital necessary for starting a business. Investment capital usually consists of inventory, equipment, pre-opening expenses and leaseholds. Investment Counsellor A specialist in the investment industry paid by fee to provide advice and research to investors with large accounts. Investment Dealer Securities firms that employ investment advisors to work with retail and institutional clients. Investment dealers have underwriting, trading and research departments. Investment Dealers Association of Canada (IDA) The national self-regulatory organization of the securities industry. The Associations role is to foster efficient capital markets by encouraging participation in the savings and investment process and by ensuring the integrity of the marketplace. Investment Fund A closed-end fund that offers investors the ability to buy a security that represents a portfolio of investments with a specific investment strategy. These products use funds raised through a public offering to invest in a portfolio of securities, which are actively managed to create income streams for investors, typically through a combination of dividends, capital gains, interest payments, and in some cases, income from derivative investment strategies. These funds are not directly related to an operating business. Some examples are: funds of income funds, senior loan funds, mortgage-backed security funds, and commodity funds. Investor Relations A corporate function, combining finance, marketing and communications, to provide investors with accurate information about a companys performance and prospects. IPO Financing The dollar value of initial public offering (IPO) securities issued in accordance with a TSX or TSX Venture Exchange approved transaction. It is the stated prospectus price multiplied by the number of securities issued under the IPO plus the over allotment. Issue Any of a companys securities or the act of distributing the securities. Issued shares refer to the portion of a companys shares that have been issued for sale. A company does not have to issue the total number of its authorized shares. Issue Status The trading status of a class or series of an issuers listed securities, such that a class or series of listed securities of an issuer may be halted, suspended, or delisted from trading. Issued and Outstanding Securities Commonly refers to the situation where the number of issued securities equals the number of outstanding securities. However, under certain corporate statutes in Canada, an issuer may have issued securities and then repurchased those securities without cancelling them. In that case, the securities are issued but are not outstanding. As a result, the number of issued securities does not equal the number of outstanding securities. Issuer Status The trading status of a listed or formerly listed issuer. Issuer status types include: delisted, listed, suspended, and trading. Jitney Order The execution and clearing of orders by one member of a stock exchange for the account of another member. For example, investment dealer A is a small firm whose volume of business is not sufficient to maintain a trader on the exchange. Instead, investment dealer A gives its orders to investment dealer B, a larger organization which is a member of the exchange, for execution. Investment dealer A pays a reduced percentage of the normal commission. Junior Corporation A young company in the early stages of operations and growth. Last Sale Price For a Market On Close (MOC)-eligible security, the last sale price equals the calculated closing price. If the MOC closing price acceptance parameters are exceeded, it equals the last board lot sale price of the security on the exchange in the regular trading session. 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 companys balance sheet or an individuals 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 corporations cash position, which is how much the value of the corporations current assets exceeds current liabilities. Listed Issuer An issuer that has at least one class of securities listed on Toronto Stock Exchange or TSX Venture Exchange. 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. For example, if you are long 100 shares of XYZ, this means that you own 100 shares of XYZ company. Low Price The lowest price at which a board lot trade was executed during a period of time. See also: Board Lot. 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. Market On Close (MOC) A TSX electronic call market facility, which establishes the closing price for certain TSX-listed securities. MOC accepts confidential market orders from before the open and throughout the trading session, maintaining them in time priority. Twenty minutes before the close of the trading session, MOC publicly broadcasts an imbalance of buy and sell MOC market orders and asks for limit MOC orders to offset the imbalance. Ten minutes before the close of the trading session, MOC publicly broadcasts an Indicative Calculated Closing Price (ICCP) that provides market participants with an indication of what the calculated closing price would be assuming the regular trading session had ended at that time (see Indicative Calculated Closing Price for more details). At the close, MOC matches orders, from the MOC and continuous market books, at a calculated closing price (which assures the most matches closest to the last sale price), and allocates the fills according to price and time priority. Market Order An order to buy or sell stock immediately at the best current price. Market-by-Price A real-time data feed that puts the order book directly on the customers screen. This information product shows the committed, tradable volume of the top 5 bids and asks for each Toronto Stock Exchange or TSX Venture Exchange-listed stock. Material Change A change in an issuers 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. 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. For example, an order to buy 5,000 shares with a minimum volume of 2,000 shares can only trade if 2,000 or more shares become available. Minimum Guaranteed Fill (MGF) Orders These orders are guaranteed a complete fill upon entry. A Registered Trader will provide the stock should the book be below the required limit. To be eligible for MGF, an order has to be a tradable client order with a volume less than or equal to the MGF size, which varies from stock to stock. 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. Multijurisdictional Disclosure System (MJDS) A disclosure system that facilitates certain Canadian-U. S. cross-border securities offerings, issuer bids and takeover bids. It is intended to reduce costly duplication of disclosure requirements and other filings when issuers from one country register securities offerings in the other. Under the rules, eligible cross-border offerings are governed by the disclosure requirements of the issuers home country. Must-Be-Filled (MBF) Order Orders placed before the market opens to buy or sell shares of stocks when their options expire. These orders are guaranteed a complete fill at the opening price to offset expiring options. They must be ordered between 4:15 p. m. Dan jam 5:00 malam on the Thursday before the third Friday of each month. 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. 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 days closing price and the last traded price. Net Worth The difference between a companys or individuals 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 companys 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 issuers securities for trading. The preconditions for listing include the acceptance by the Exchange that all listing requirements and conditions have been satisfied. The effective listing date is the date when the listed securities open for trading. New Issuer Listing - Application An issuer whose application for listing was based on the TSX listing application or the TSX Venture Exchange listing application form. These applications in themselves provide prospectus-level disclosure however, often the listing application is accompanied by an offering document or a prospectus. New Issuer Listing - Graduate An issuer, previously listed on TSX Venture Exchange (including NEX), that applied for and was approved for listing on TSX. The issuers security would be delisted from TSX Venture Exchange and listed on TSX at the same time, permitting continuous listing of the securities on contiguous exchanges. New Issuer Listing - IPO (Initial Public Offering) An IPO (initial public offering) is an issuers first offering of its securities made to the public in accordance with a prospectus. The offering is often made in conjunction with an issuers initial application for listing on an exchange. New Issuer Listing - Plan of Arrangement An issuer listing as a result of a plan of arrangement. A plan of arrangement is a form of corporate reorganization that must be approved by a court and by the corporations shareholders or others affected by the proposed arrangement, all as prescribed by corporate legislation. A plan of arrangement can take various forms, including: An amalgamation of two or more corporations A division of the business of the corporation A transfer of all or substantially all of the property of the corporation to another corporation An exchange of securities of the corporation held by security holders of the corporation for other securities, money, or other property that is not a takeover bid A liquidation or dissolution of the corporation A compromise between the corporation and its creditors or holders of its debt Any combination of the foregoing. New Issuer Listing - Spin-Off A reorganization that usually results in a newly listed issuer acquiring a business division or assets as its principal operating asset from another issuer (the reorganized issuer), with security holders of the reorganized issuer holding securities in both issuers, following completion of the reorganization. New Issuer Listing - Transfer An issuer previously listed on TSX that applied for and was approved for listing on TSX Venture Exchange. The issuers 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. NEX A separate board of TSX Venture Exchange. NEX was launched by TSX Group, effective August 18, 2003, to trade as an open, continuous auction market, on the same TSX Venture trading engine, and to be governed by identical trading rules. NEX provides a trading forum for issuers that have fallen below TSX Ventures continuing listing requirements. They are identified with an extension of H added to their stock symbol. Non-Certificated Issues An issue that is recorded on the transfer agents 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. North American Industry Classification System (NAICS) A system for classifying business establishments. It was developed by the Economic Classification Policy Committee (ECPC) on behalf of the U. S. Office of Management and Budget (OMB), in cooperation with Statistics Canada and Mexicos Instituto Nacional de Estadistica, Geografia e Informatica (INEGI) to provide comparable statistics across the three countries. Launched in 1997, it is the replacement for the 1987 Standard Industrial Classification (SIC) codes. 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 100 shares, an odd lot would be 99 or fewer shares. Offset To liquidate or close out an open futures or option contract. One-Sided Market A market that has only buy orders or only sell orders booked for a particular security. On-Stop (OS) Order A special-term order placed with the intention of trading at a later date when the price of the stock reaches the specified stop price. An on-stop order becomes a limit order once a trade at the trigger price has occurred. 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 Interest The net open positions of a futures or option contract. Open Order An order that remains in the system for more than a day. See Good-Till-Cancelled or Good-Till-Date . Open-End Investment Fund An investment fund that continuously offers its securities to investors and stands ready to redeem its securities at all times. Transactions in sharesunits of mutual funds are based on their net asset value (NAV), determined at the close of each business day. Examples of an open-end fund are traditional mutual funds and exchange-traded funds (ETFs). Opening The market opens at 9:30 a. m. ET each business day. 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 Cycle A set pattern of months when a class of options expires. Option Holder The buyer of an option contract who has the right to exercise the option during its lifetime. Option Series An individual option contract for a given security. Option Type A call or put contract. 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. Original ListingInitial Listing A listing is designated as an original listing on TSX or initial listing on TSX Venture Exchange, if it satisfies the following three conditions: It meets listing requirements. It pays applicable listing fees. It is described in the exchange bulletin as an original listing by TSX or a new listing by TSX Venture Exchange. Typical examples of originalinitial listings include: An initial public offering (IPO) Transfer from another exchange A new entity created by a spin-off (such as a division, from an existing issuer, becoming its own publicly traded entity) OTC Foreign Trading OTC (over-the-counter) foreign trading refers to UMIR Rule 6.4 (e), which permits a trade to be executed off the Exchange, if one or both Participating OrganizationMember client accounts are outside of Canada, provided such trades are reported within a specific time frame to the Exchange for public dissemination of the transaction. Over-The-Counter (OTC) Market The market maintained by securities dealers for issues not listed on a stock exchange. Almost all bonds and debentures, as well as some stocks, are traded over-the-counter in Canada. An OTC market is also known as an unlisted market. Par Value A securitys nominal face value. Partial Fill An order receives a partial fill when it trades only part of its total committed volume. Participating Organizations (POs) and Members of TSX Firms that are entitled to trade through the facilities of TSX. However, only POs are also involved in all aspects of the securities business, including underwriting new issues and other financings, and assisting companies in the initial public offering (IPO) process. Participating Organizations (POs) and Members of TSX Venture Exchange Firms entitled to trade through the facilities of TSX Venture Exchange. However, only POs of TSX and Members of TSX Venture Exchange are permitted to act as sponsors for listed issuers or issuers proposing to be listed on TSX Venture Exchange. Penny Stock Low-priced speculative issues of stock selling at less than 1.00 a share. 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. Power, Pipeline Utility Trusts A type of income trust. They are investment vehicles that have underlying businesses that are utilities, power generation companies, or pipeline companies. Preferred Share A class of share capital that entitles the owner to a fixed dividend ahead of the issuers 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. Premium An option contracts price. Pre-Opening Session A session from 7:00 a. m. to 9:30 a. m. (ET) when orders can be entered into the Toronto Stock Exchanges systems. Tradable orders will be queued until after 9:30 a. m. when the market opens. Price-Earnings (PE) Ratio A common stocks last closing market price per share divided by the latest reported 12-month earnings per share. This ratio shows you how many times the actual or anticipated annual earnings a stock is trading at. 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. See Best Efforts and Bought Deal Underwriting . Private Placement Financing The dollar value of privately placed securities issued in accordance with a TSX or TSX Venture Exchange approved transaction. The price is determined in accordance with the policies of the TSX Company Manual or TSX Venture Corporate Finance Manual. The number of securities is the actual number issued. The composition of the financing could take the form of units comprised of multiple securities. Professional and Equivalent Real-Time Data Subscriptions The total number of professional accesses to real-time products of TSX and TSX Venture Exchange, as well as non-professional accesses that are priced the same or at a minimal discount to the professional access rate for the same product. 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 companys 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. Quoted Market Value (QMV) See Market Capitalization . 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. Record Date See DividendDistribution Record Date . 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. Relative Position Report A TSX report that ranks each Participating OrganizationsMembers trading activity relative to the total market and the other POsMembers. It is produced monthly for each TSX Group POMember. Responsible Registered Trader The Registered Trader assigned by the Selection Committee to act as market maker in a security. Their duties include providing a minimum guaranteed fill, maintaining minimum spread and ensuring orderly trading. Retractable Security A security that features an option for the holder to require the issuer to redeem it, subject to specified terms and conditions. Revenue The total amount of funds generated by a business. Reverse Takeover (RTO)Backdoor Listing A transaction or series of transactions that includes a securities issuance made by a listed issuer to parties vending securities or other assets into the listed issuer (the new securitys holders), such that after completion of the transaction(s), the new securitys holders will own more than 50 of the outstanding voting securities of the listed issuer, with an accompanying change of control of the listed issuer. A reverse takeover (RTO)backdoor listing can be completed through various transactions, including a business or asset acquisition, an amalgamation, a plan of arrangement, or other form of reorganization. The listing of securities of an issuer formed in accordance with an RTObackdoor listing is treated as a new listing. 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. Risk The future chance or probability of loss. SampPTSX 60 Capped Index Includes all of the constituents of the SampPTSX 60 Index. The relative weight by market capitalization of any single index constituent is capped at 10. SampPTSX 60 Index An index of large, liquid, Canadian issuers listed on Toronto Stock Exchange. It is market capitalization weighted, with weights adjusted for available share float, and includes securities of 60 issuers balanced across ten economic sectors. Inclusion in the SampPTSX Composite is a prerequisite to inclusion in the SampPTSX 60 Index. SampPTSX Capped Composite Index Includes all of the constituents of the SPTSX Composite Index. The relative weight by market capitalization of any single index constituent is capped at 10. SampPTSX Composite Index Comprises the majority of market capitalization for Canadian-based, Toronto Stock Exchange listed companies. It is the leading benchmark used to measure the price performance of the broad, Canadian, senior equity market. It was formerly known as the TSE 300 Composite Index. SampPTSX MidCap Index An index of mid-sized Canadian issuers that have been included in the SampPTSX Composite Index but are not members of the SampPTSX 60 Index. It is market capitalization weighted, with weights adjusted for available share float, and includes securities of 60 issuers balanced across ten economic sectors. SampPTSX SmallCap Index An index of smaller Canadian issuers that are included in the SampPTSX Composite Index, but have not been added to the SampPTSX 60 Index or the SampPTSX MidCap Index. When a new issuer qualifies to be included in the SampPTSX Composite, it is automatically added to the SampPTSX SmallCap Index. This index does not have a fixed number of constituents. SampPTSX Venture Composite Index Launched December 10, 2001, it is the leading benchmark used to measure the price performance of the Canadian public venture capital equity market. 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. Secondary Offering Financing The dollar value of secondary offering securities issued in accordance with a TSX or TSX Venture Exchange approved transaction. It is the stated prospectus price multiplied by the number of securities issued under the offering plus the over allotment. Securities Transferable certificates of ownership of investment products such as notes, bonds, stocks, futures contracts and options. Securities and Exchange Commission (SEC) The federal regulatory body for interstate securities transactions in the United States. 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. Securities Industry Association (SIA) The trade association representing more than 600 securities firms throughout Canada and the United States. Members include banks, brokers, dealers and mutual fund companies. SEDAR The System for Electronic Document Analysis and Retrieval. SEDAR is an electronic filing system that allows listed companies to file prospectuses and continuous disclosure documents. The Canadian Securities Administrators, Canadian Depository for Securities Limited and the filing community developed it, with co-operation from legal firms and stock exchanges. SEDAR is a trademark of the Canadian Securities Administrators. 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. Examples include Toronto Stock Exchange and the Investment Dealers Association. 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. Sponsor, TSX Venture Issuers A Participating Organization of TSX or a Member of TSX Venture Exchange that is qualified to carry out a due-diligence review of an issuer and prepare a sponsor report, which provides an opinion on the suitability of that issuer for listing or continued listing on TSX Venture Exchange. Spread The difference between the bid and the ask prices of a stock. Standing Committees Committees formed for the purpose of assisting in decision-making on an ongoing basis. Stock DividendDistribution A dividenddistribution paid in securities of the same issue or a different issue of the same issuer or another issuer. A stock dividenddistribution can be used as a means to list a new issuer. The issuer or its representative provides the amount, payable date, and record date. The exchange that the issue is listed on sets the ex-dividenddistribution (ex-d) date for entitlement. 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. Examples include the SampPTSX Composite Index and the SampPTSX Venture Composite Index. Stock Price Index Value (SPIV) The number that is usually quoted as the value of an index. SPIV is based on the aggregate, float quoted market value of the index constituents and is calculated for all SampPTSX indices. SPIV is calculated at the end of the trading session for all SampPTSX indices and throughout the trading session for certain SampPTSX indices. 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 A one-character to three-character, alphabetic root symbol, which represents an issuer listed on Toronto Stock Exchange or TSX Venture Exchange. 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. For example, BMO. PR. U. Currently, they include: A-B - class of shares DB - debenture E - equity dividend H - NEX market IR - installment receipts NO, NS, NT - notes P - Capital Pool Company PR - preferred R - subscription receipts RT - rights S - special U. S. terms U, V - U. S. funds UN - units W - when issued WT - warrants 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. Structured products allow investors to buy a single unitshare of a fund that represents an interest in the investment portfolio. Based on the investment strategy, the portfolio can purchase a basket of securities, track an index, or hold a specific type of security or portion of a security. The subcategories under the structured products include: investment funds, ETFs, capital trusts, split share corporations, and mutual fund partnerships. 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 issuers original listing, that involves the listing and posting for trading of a new issue of securities. Typically, this involves the listing of preferred shares, rights, warrants, or debentures. Supplemental also covers the additional listing of when-issued shares through a secondary offering of an issue that is already listed. Supplemental Listing Financing The dollar value of supplemental securities issued in accordance with a TSX or TSX Venture Exchange approved transaction. It is the stated prospectus price multiplied by the number of securities issued under the supplemental listing plus the over allotment. 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. Suspended Issuer An issuer whose trading privileges for a listed security or securities have been revoked by Toronto Stock Exchange or TSX Venture Exchange. The listed issuer remains suspended until trading privileges have been reinstated, or the listed issuer is delisted. Symbol Change A change in a listed issuers stock symbol, which may be required by the Exchange in the context of an issuers 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 issuers voting structure. 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. Ticket Fee The administrative fee charged for each trade. Tier Structure The TSX Venture Exchange market has two tiers where securities are listed and traded. Tier 1 is for advanced companies with a certain level of net tangible assets and earnings. Tier 2 is for more junior venture companies. Time Time refers to the time period you would like to see charted from the drop-down menu box labelled Time. These options give you a choice of intraday pricing data (Daily, 1-Minute, 5-Minute, 15-Minute and Hourly) options. The additional options refer to end-of-day pricing data. This term refers to a TSX Group Historical Performance charting feature. Time Value The difference between an options 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 Canadas national stock exchange, which serves the senior equity market. Total Number of Shares The total number of issued and outstanding shares for the security. Total Return Index Value (TRIV) Similar to the stock price index value (SPIV), except that the TRIV is based on the aggregate, float quoted market value of the index constituents (SPIV) plus their paid dividendsdistributions. TRIV is calculated only at the end of the trading session for all SampPTSX indices. Trading Halt A trading halt is imposed by the exchange, usually due to the dissemination of news that might impact a stocks price. Trading Issue The status of a listed security of an issuer whose trading privileges are active on the Exchange. Trading Issuer An issuer that has at least one class of securities whose trading privileges are active on Toronto Stock Exchange or TSX Venture Exchange. Trading Number The unique, 3-digit number assigned to each Participating Organization and Member to identify it for market transparency. Trading Session The period during which the Exchange is open for trading. Traded Value The total dollar value of shares traded during a trading session. Trailing Twelve Months Earnings Per Share (TTM EPS) Trailing, twelve-months earnings per share (TTM EPS), reported by TSX for listed issuers, is an annualized EPS calculation, based on EPS as presented by the issuer, from their latest annual financial statements and the latest subsequent interim financial statements, if any. It includes special items, such as extraordinary items or discontinued operations. It indicates the issuers annualized earnings for the latest financial reporting period. It is also used to calculate the issuers priceearnings (PE) ratio that is reported on tmxmoney. 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 companys shareholders. Transferable Security A security that can be transferred from one party holder to another without restrictions, provided that all proper documentation is included. TSX Industrial Category Includes all issuers that are not classified as mining or oil and gas. TSX Industrial, Mines and Oil amp Gas Categories (IMO) The broad classification of issuers into an industrial, mining, or oil and gas category. The classification is done at the review of the original listing application or at a later review of the listed issuer. The classification determines which listing standard is to be applied to the issuer. TSX Marker for U. S. or Non-U. S. Foreign Incorporated Issuer A marker used by TSX to classify trading (including interlisted shares) and market capitalization by domestic, U. S. and non-U. S. foreign issuers. The data source is the original listing bulletin, which includes a notation on the laws or jurisdiction the issuer was incorporated under. Non-A. S. foreign issuer data is not broken down by country of incorporation. TSX Mines Category Includes: Mining issuers that have proven or probable reserves and are either in production or have made a production decision. Mineral exploration and development issuers that have a planned work program of exploration or development. TSX Oil amp Gas Category Includes oil and gas companies that have proven and developed reserves and ongoing operations. TSX Venture Exchange Canadas national stock exchange, which serves the public, venture equity market. 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. 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. 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. World Federation of Exchanges (WFE) The World Federation of Exchanges (WFE) is a global trade association for the exchange industry. The membership is comprised of more than 50 regulated exchanges from all regions of the world. Together, these exchanges account for over 95 of world stock market capitalization, and most of its exchange-traded futures, options, listed investment funds, and bonds. TSX is a member of WFE, and is on the Federations Board of Directors. 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. XL1 Index Level 1 is a feed service that provides index and constituent data for the equity SampPTSX indices. Current day constituent data is broadcast before market open. Complete index and constituent data is delivered at end of day. 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 stocks current market price. For example, a stock selling at 50 and with an annual dividend of 5 per share yields 10. A bond yield is a more complicated calculation, involving annual interest payments, plus amortizing the difference between its current market price and par value over the life of the bond.