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A mathematical model used to calculate the theoretical price of an option.

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.

An order with a limit price better than the best price on the opposite side of the market. A better-priced buy order has a limit price higher than the best offering. A better-priced sell order has a limit price lower than the best bid. These are available only at the opening.

An organization, usually a stock brokerage firm, involved in taking a new company public (IPO), consulting on mergers and acquisitions, handling corporate borrowing, etc.

The highest price a buyer is willing to pay for a stock. When combined with the ask price information, it forms the basis of a stock quote.

Initial investment capital necessary for starting a business. Investment capital usually consists of inventory, equipment, pre-opening expenses and leaseholds.

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.

A longer period of time when prices in the market are generally declining. Bear markets typically are much shorter-lived than bull markets, but are usually more severe given the time period involved. We try to play corrections and bear markets to the downside as they can generate tremendous returns in a short time period.

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.

A false signal which indicates that the rising trend of a stock or index has reversed when in fact it has not.