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An IPO trading below its issue price in the aftermarket.

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

A special term attached to an equity order that requires the trade to be settled either the same day or the following business day for cash.

A tradable limit order marked “FOK” will trade as much stock as possible upon entry, but will immediately cancel or kill any unfilled volume.

Developing countries.

Federal Reserve Board.

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

The price per share traded.

The combined desire, ability and willingness on the part of consumers to buy goods or services. Demand is determined by income and by price, which are, in part, determined by supply.

Option arbitrage in which a profitable position is established with no risk. One spread is established with call options. The other spread is established using put options.