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An investment fund that continuously offers its securities to investors and stands ready to redeem its securities at all times. Transactions in shares/units of mutual funds are based on their net asset value (NAV), determined at the close of each business day. Examples of an open-end fund are traditional mutual funds and exchange-traded funds (ETFs).

Debt instruments. Preferred shareholders are paid ahead of common stock holders in the event the corporation is liquidated. Convertible preferred shares can be converted into common stock according to predetermined conditions.

A TSX report that ranks each Participating Organization’s/Member’s trading activity relative to the total market and the other POs/Members. It is produced monthly for each TSX Group PO/Member.

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

Trades based on signals from computer programs. These are usually entered directly from the traders computer to the market’s computer system. Program trading accounts for an increasingly larger and larger portion of all trades throughout the day. Additionally, these large trades may be hedged by an offsetting position in index futures.

Costs of developing new products and services. 

The market opens at 9:30 a.m. ET each business day.

A price gap describes the situation where a stock opens at a price either higher or lower than the closing price the day before. This usually happens when some news affecting the value of the stock is announced after the market closes, e.g., positive or negative earnings, a buy-out, etc. Stocks that gap at the open often move back toward the previous close before moving again, but not always. Strong news such as projected higher earnings from the company tend to drive the stock without the pull back.

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 legal document describing securities being offered for sale to the public. It must be prepared in accordance with provincial securities commission regulations. Prospectus documents usually disclose pertinent information concerning the company’s operations, securities, management and purpose of the offering.