Special Terms

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

Speculator

Someone prepared to accept calculated risks in the marketplace for attractive potential returns.

Split Shares

Capital and preferred shares issued by a split-share corporation. A split-share corporation holds common shares of one or more companies. The corporation then issues two classes of shares – capital shares and preferred shares. The objective is to generate fixed, cumulative, preferential dividends for the holders of preferred shares and to enable the holders of the capital shares to participate in any capital appreciation (or depreciation) in the underlying common shares.

Relative Position Report

A TSX report that ranks each Participating Organization’s/Member’s trading activity relative to the total market and the other POs/Members. It is produced monthly for each TSX Group PO/Member.