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A common stock’s 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.

A trade when a Participating Organization is either buying from, or selling to its client.

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.

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.

Earnings without considering certain expenses such as inventory write downs, severance pay, depreciation and amortization charges, or just about anything else the company feels like excluding to make its earnings look better. Also known as core earnings, ongoing earnings, earnings excluding special items, or operating earnings. 

An order receives a partial fill when it trades only part of its total committed volume.

With respect to stocks split or dividends, a pay date is the date that a company pays a dividend or stock split out, which is usually the day before the ex-dividend date.

A payment made by a market maker to a broker as a thank you for directing your stock trade to that market maker.

Percentage of earnings paid out in dividends.

Price to earnings ratio divided by the forecast annual earnings growth rate. Traditionally, stocks were said to be fairly valued when the p/e and the forecast growth rate were equal.