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Options that can be exercised only on their expiration date.

The holder of shares purchased ex dividend is not entitled to an upcoming already-declared dividend, but is entitled to future dividends.

The holder of shares purchased ex rights is not entitled to already-declared rights, but is entitled to future rights issues.

Ex-dividend/distribution date. The date that the buyer of a stock is not entitled to the upcoming declared dividend/distribution, because the buyer will not be a holder of record. The ex-d date is two clearing days before the record date. The exchange that the issue is listed on sets the ex-d date.

The day after dividends are paid.

Electronic Communication Network. ECNs are expected to supplement or even replace conventional stock exchanges over the next one to two years.

Developing countries.

Investment vehicles that may engage in the development, acquisition, and/or production of oil and gas reserves. The trust receives royalty income from producing properties (essentially, net cash flow) and then sells interests in the trust (called trust units) to investors. Conventional oil and gas royalty trusts are actively managed portfolios holding assets of mature producing properties. Substantially all of the cash flow generated by the oil and gas assets, net of certain deductions, such as administrative expenses and management fees, is passed on to the unit holders as royalty income. Capital expenses may also be deducted, but are usually subject to restrictions on the amount. The distributions are highly dependent upon the cash flow generated by the trust. In general, the largest variable in determining the level of cash flow is the price of crude oil and natural gas. Royalty trusts provide an alternative (from owning the shares of individual companies) for investors to participate in the oil and gas sector.

Earnings per share.

Common and preferred stocks, which represent a share in the ownership of a company.