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A listed issuer that has satisfied listing requirements as outlined in Section 502 of the Listing Requirements Manual. An exempt issuer is not subject to special reporting rules. This status is generally reserved for senior listed issuers.

An order that either raises the bid price or lowers the offering price is said to be improving the market. The market improves because the spread between the bid and offer decreases.

Used instead of earnings to evaluate real estate investment trusts (REITs). Depreciation of real estate that was deducted from earnings is added back in to calculate FFO. Any gains or losses from the sale of real estate is also removed. 

Trades executed outside normal market hours. 

An order placed with a broker meaning that it is good until either filled or canceled. In practice, this order has to be re-confirmed twice annually.

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.

Exponential moving averages place more weight upon the later moves in the time period than the earlier moves. We use exponential on our short-term moving averages (10 and 18) as we are using them as indicators for short term plays and want to see the latest trend in movement the best we can. It is also known as “exponentially weighted moving average”.

A dividend/distribution paid in addition to the regularly established dividend/distribution of the issuer. Like all dividends/distributions, it may be paid in securities or cash and the amount, payable date, and record date are established by the issuer. The exchange that the issue is listed on sets the ex-dividend/distribution (ex-d) date for entitlement. Extra dividends/distributions are sometimes referred to as special dividends/distributions.

A private-sector index (1992=100) that attempts to predict the direction of inflation over the next 6 to 12 months.

A GTC order will remain in the system until the date that it is filled or until a maximum of 90 calendar days from date of entry, whichever happens first. This type of order is also referred to as an open order. A Participating Organization can cancel a GTC order at any time.