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The trading number of the clearing Participating Organization or Member.

This is an abbreviation of a stock’s price-to-earnings ratio. The price-to-earnings ratio is a stock’s share price divided by earnings per share for the company’s most recent four quarters. A projected P/E divides the share price by estimated earnings per share for the coming four quarters.

An order from a retail customer of a Participating Organization.

A security’s nominal face value.

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

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.

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

A form of financial trust that differs from other trusts in that it looks more like a fixed income instrument than an equity issue. Capital trusts are generally issued by banks or other financial intermediaries. These investment vehicles trade like a debt instrument with $1,000 face value and trade with accrued interest.The business objective of capital trusts is to acquire and hold assets that will generate net income for distribution to unit holders. The trust’s assets may consist of residential mortgages, mortgage co-ownership interests, mortgage-backed securities, other eligible investments, and other qualified debt obligations. Capital trust assets are usually acquired from and serviced by the issuing institution and/or its affiliates.

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