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A security of an issuer that is exchangeable for securities of another issuer (usually a subsidiary) in accordance with the terms of the exchange feature. The exchange may be at the option of the holder or at the option of the issuer of the securities.

A listed issuer that has satisfied listing requirements as outlined in Section 502 of the Listing Requirements Manual. An exempt issuer is not subject to special reporting rules. This status is generally reserved for senior listed issuers.

Exponential moving averages place more weight upon the later moves in the time period than the earlier moves. We use exponential on our short-term moving averages (10 and 18) as we are using them as indicators for short term plays and want to see the latest trend in movement the best we can. It is also known as “exponentially weighted moving average”.

Trades executed outside normal market hours. 

A method of allocating shares in an IPO where you specify how much you’re willing to pay for how many shares.

After tax 12-month’s earnings divided by the number of shares outstanding. 

Earnings before interest and taxes. Also known as operating income. 

Earnings before interest, taxes, depreciation and amortization. Adds these items back to reported earnings to more accurately reflect real cash earnings of company. Similar to operating cash flow, except operating cash flow also considers changes in levels of inventories and receivables.

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

Developing countries.