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The total amount of funds generated by a business.

The average market capitalization of stocks owned by a mutual fund.

Services and products sold by a company. Sales and revenues mean the same thing.

A special type of financial trust that allows an investor to buy an entire basket of stocks through a single security, which tracks and matches the returns of a stock market index. ETFs are considered to be a special type of index mutual fund, but they are listed on an exchange and trade like a stock. Also known as an index participation unit (IPU).

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

This is where a company reduces the number of outstanding shares by decreasing the number of available shares and combining their value into the fewer shares. This has the effect of increasing the stock’s par value. This is often used by companies whose stock is about to be delisted from an exchange because of its low price.

Annual sales divided by the number of shares outstanding.

See Participating Organizations (POs) and Members

A security of an issuer that is exchangeable for securities of another issuer (usually a subsidiary) in accordance with the terms of the exchange feature. The exchange may be at the option of the holder or at the option of the issuer of the securities.

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.