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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.

A security that carries a condition giving the issuer a right to call in and retire that security at a certain price and for a certain period of time.

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.

A special term order when one or more participants in the trade is not a Canadian resident.

The private offering of a security to a small group of buyers. Resale of the security is limited. See Best Efforts and Bought Deal Underwriting.

Holdings of securities by an individual or institution. A portfolio may include various types of securities representing different companies and industry sectors.

A trader employed by a securities firm who is required to maintain reasonable liquidity in securities markets by making firm bids or offers for one or more designated securities up to a specified minimum guaranteed fill.

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.

Profits a company can be expected to achieve taking out cyclical effects and unusual events such as one-time write-offs caused by late product releases, customer bankruptcies and the like. 

A special form of corporation that invests primarily in real estate. REITs do not pay federal income taxes as long as they pay out 90% of their earnings to shareholders in the form of dividends.