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Transferable certificates of ownership of investment products such as notes, bonds, stocks, futures contracts and options.

Each province has a securities commission or administrator that oversees the provincial securities act. This act is a set of laws and regulations that set down the rules under which securities may be issued or traded in that province.

The shares or stock sold by a company to provide start-up capital before carrying out an initial public offering (IPO).

An analyst employed by a brokerage house such as Merrill Lynch.

The date when a securities buyer must pay for a purchase or a seller must deliver the securities sold. Settlement must be made on or before the third business day following the transaction date in most cases.

Latest share price divided by 12-month sales per share.

A common stock’s last closing market price per share divided by the latest reported 12-month earnings per share. This ratio shows you how many times the actual or anticipated annual earnings a stock is trading at.

A trade when a Participating Organization is either buying from, or selling to its client.

If there are several orders competing for a stock at the same price, a priority determines when one of these orders will be filled before any other at this price. Priority is based on the time at which the order is received into the system.

The private offering of a security to a small group of buyers. Resale of the security is limited. See Best Efforts and Bought Deal Underwriting.