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An investment trust that issues a fixed number of securities that trade on a stock exchange or in the over-the-counter market. Assets of a closed-end fund are professionally managed in accordance with the fund’s investment objective and policies and may be invested in a wide range of financial instruments/assets. Like other publicly traded securities, the market price of closed-end fund securities fluctuates and is determined by supply and demand in the marketplace.

An order to close out an existing open futures or options contract.

Products used for commerce that are traded on a separate, authorized commodities exchange. Commodities include agricultural products and natural resources such as timber, oil and metals. Commodities are the basis for futures contracts traded on these exchanges.

The trading number of the clearing Participating Organization or Member.

An order from a retail customer of a Participating Organization.

Investors buy shares from other share holders, and sell shares to other investors. Share price is determined by supply and demand for fund shares (as opposed to Net Asset Value for open-end Funds). 

A real-time message area usually dedicated to a particular topic.

Any business day on which the clearing corporation is open to effect trade clearing and settlement.

Settlement of an option contract not by delivery of the underlying shares, but by a cash payment of the difference between the strike or exercise price and the underlying settlement price.

The physical document that shows ownership of a bond, stock or other security.