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An order to close out an existing open futures or options contract.

Stocks and other liquid securities. 

Products used for commerce that are traded on a separate, authorized commodities exchange. Commodities include agricultural products and natural resources such as timber, oil and metals. Commodities are the basis for futures contracts traded on these exchanges.

This is the average stock price over a certain period of time.

Securities that represent part ownership in a company and generally carry voting privileges. Common shareholders may be paid dividends, but only after preferred shareholders are paid. Common shareholders are last in line after creditors, debt holders and preferred shareholders to claim any of a company’s assets in the event of liquidation.

Company with market capitalization less than $1 billion.

Shares of a publicly held corporation, usually includes voting rights. Common stock has lower priority in event of liquidation than preferred shares.

Orders which must trade under special conditions. For example, a cash order will be settled sooner than the usual three-day settlement period.

When an order trades all of its specified volume.

A session during which trading in a listed security is limited to the execution of transactions at a single price.