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Any business day on which the clearing corporation is open to effect trade clearing and settlement.

Selling stock you don’t own. You hope it drops in price so you can buy it back later at a lower price. You must have a margin account with your broker to sell short.

The trading number of the clearing Participating Organization or Member.

An order from a retail customer of a Participating Organization.

A short sale squeeze occurs when there are many short sale positions on a stock the stock begins to increase. As the stock price rises, the short sellers scramble to cover their short positions, i.e., buying the stock they have sold back. This creates demand for the stock above that which caused the stock price to start rising in the first place, and can lead to rapid price appreciation.

The selling of a security that the seller does not own (naked or uncovered short) or has borrowed (covered short). Short selling is a trading strategy. Short sellers assume the risk that they will be able to buy the stock at a lower price, cover the outstanding short, and realize a profit from the difference.

Investors buy shares from other share holders, and sell shares to other investors. Share price is determined by supply and demand for fund shares (as opposed to Net Asset Value for open-end Funds). 

A sharp move up in stock price forcing short sellers to liquidate their positions. 

An investment trust that issues a fixed number of securities that trade on a stock exchange or in the over-the-counter market. Assets of a closed-end fund are professionally managed in accordance with the fund’s investment objective and policies and may be invested in a wide range of financial instruments/assets. Like other publicly traded securities, the market price of closed-end fund securities fluctuates and is determined by supply and demand in the marketplace.

Borrowings that must be repaid within one-year.