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Electronic Communication Network. ECNs are expected to supplement or even replace conventional stock exchanges over the next one to two years.

Developing countries.

Investment vehicles that may engage in the development, acquisition, and/or production of oil and gas reserves. The trust receives royalty income from producing properties (essentially, net cash flow) and then sells interests in the trust (called trust units) to investors. Conventional oil and gas royalty trusts are actively managed portfolios holding assets of mature producing properties. Substantially all of the cash flow generated by the oil and gas assets, net of certain deductions, such as administrative expenses and management fees, is passed on to the unit holders as royalty income. Capital expenses may also be deducted, but are usually subject to restrictions on the amount. The distributions are highly dependent upon the cash flow generated by the trust. In general, the largest variable in determining the level of cash flow is the price of crude oil and natural gas. Royalty trusts provide an alternative (from owning the shares of individual companies) for investors to participate in the oil and gas sector.

Earnings per share.

Common and preferred stocks, which represent a share in the ownership of a company.

The status of a security that is no longer listed on the Exchange. The security could trade on another market.

A listed issuer is delisted when the last listed security of the issuer is delisted.

The tender and receipt of the underlying commodity or the payment or receipt of cash in the settlement of an open futures contract.

The combined desire, ability and willingness on the part of consumers to buy goods or services. Demand is determined by income and by price, which are, in part, determined by supply.

Options and other instrument whose value depends on an underlying security. For instance, the value of a call option on Cisco Systems (derivative) fluctuates with the price of Cisco System’s stock.