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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). 

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.

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

Indices for which there is a maximum relative weight by market capitalization for any one constituent. Any individual constituent of the index can represent no more than a specified percent of the index. The individual constituents of the S&P/TSX Capped Composite and S&P/TSX Capped 60 indices are capped at 10%, while the individual constituents of the S&P/TSX Capped sector indices are capped at 25%.

Profiting on interest rate differentials. For instance, borrowing money at a relatively low short-term rate and lending it out a higher long-term rates. 

A special term attached to an equity order that requires the trade to be settled either the same day or the following business day for cash.

Cash in bank and all securities that can readily be converted to cash within three months or less. 

A dividend/distribution that is paid in cash.