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Occurs when new securities are posted for trading, and trading takes place before the closing (formal original issuance) of the prospectus. Also known as the “grey market”. The term is used only for listing of new securities, either on a listing of a new issuer, a supplemental listing, or an additional listing of existing listed securities. Settlement occurs on the closing of the prospectus. The time from posting for trading to closing is generally within a week.

An order to close out an existing open futures or options contract. A liquidating order involves the sale of a contract that has been purchased or purchase of a contract that has been sold.

The trading status of a class or series of an issuer’s listed securities, such that a class or series of listed securities of an issuer may be halted, suspended, or delisted from trading.

An exchange-traded, fixed income-like instrument consisting of a subordinated debt security and a share of common stock packaged together to form a tax-efficient delivery mechanism to distribute an issuer’s free cash flow to its investors. Investors are paid dividends from the common share component and interest from the subordinated debt.

A person employed by an investment dealer who provides investment advice to clients and executes trades on their behalf in securities and other investment products.

A measurement of the volatility of a stock. Current price rather than historical price is used. Generally, if the price of an option rises without a corresponding rise in the underlying equity, implied volatility is considered to have risen.

Commonly refers to the situation where the number of issued securities equals the number of outstanding securities. However, under certain corporate statutes in Canada, an issuer may have issued securities and then repurchased those securities without cancelling them. In that case, the securities are issued but are not outstanding. As a result, the number of issued securities does not equal the number of outstanding securities.

See Operating Income.

An organization, usually a stock brokerage firm, involved in taking a new company public (IPO), consulting on mergers and acquisitions, handling corporate borrowing, etc.

a measure of the number of shares, or dollar value of shares traded daily. Mutual funds and other institutional buyers prefer high liquidity stocks so they can easily move in and out of positions.