Delayed Delivery Order

A special term order in which there is a clear understanding between the buying and selling parties that the delivery of the securities will be delayed beyond the usual three-day settlement period to the date specified in the order.

Debt Volume

The number of debt instruments traded on one side of the transaction for a specified period multiplied by the face value of the debt instrument.

Defensive Stock

A stock purchased from a company that has maintained a record of stable earnings and continuous dividend payments through periods of economic downturn.

Debt Value

The total dollar value of volume traded on one side of the transaction for a specified period. It equals price multiplied by volume divided by 100.

Debenture

A long-term debt instrument issued by corporations or governments that is backed only by the integrity of the borrower, not by collateral. A debenture is unsecured and subordinate to secured debt. A debenture is unsecured in that there are no liens or pledges on specific assets.