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A block of stock consisting of less than 100 shares. When odd lots trade, a premium is usually tacked on by the specialist or market maker. These receive the least favorable price and trade last.

A special-term order placed with the intention of trading at a later date when the price of the stock reaches the specified stop price. An on-stop order becomes a limit order once a trade at the trigger price has occurred.

A market that has only buy orders or only sell orders booked for a particular security.

The government agency that administers the Securities Act (Ontario) and the Commodity Futures Act (Ontario) and regulates securities and listed futures contract transactions in Ontario.

This is the price at which a security opens for the trading day. A stock can open at the previous closing price, gap up or gap down.

Investors buy shares directly from fund, and sell shares directly to fund. Share price is Net Asset Value (NAV).

An order that remains in the system for more than a day. See Good-Till-Cancelled or Good-Till-Date.

A disclosure system that facilitates certain Canadian-U.S. cross-border securities offerings, issuer bids and takeover bids. It is intended to reduce costly duplication of disclosure requirements and other filings when issuers from one country register securities offerings in the other. Under the rules, eligible cross-border offerings are governed by the disclosure requirements of the issuer’s home country.

Orders placed before the market opens to buy or sell shares of stocks when their options expire. These orders are guaranteed a complete fill at the opening price to offset expiring options. They must be ordered between 4:15 p.m. and 5:00 p.m. on the Thursday before the third Friday of each month.

A seller of an option contract who does not own a position in the underlying security.