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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.

The last price multiplied by the number of outstanding shares.

companies in related businesses.

A GTD order will remain in the system until it is either filled or until the date specified, at which time it is automatically cancelled by the system. This is another kind of open order. A Participating Organization can cancel a GTD order at any time.

The leverage ratio, which is total assets divided by shareholders’ equity, is an all-purpose debt gauge. A company with no debt would have a ratio of one, and the higher the ratio, the more debt.

The amount of a company’s shareholder’s equity that exceeds the value of its hard assets. 

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.

A security whose interest rate or dividend changes with specified market indicators. A floating rate is one that is based on an administered rate, such as a prime rate.

A company’s first issue of shares to the general public.

Financial statements including operating statement, balance sheet, and statement of cash flows.