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.

Spread

The spread is the gap between bid and ask prices of a stock, option, or other security. This term is also used to generally describe a number of strategies that make use of different spreads between calls, puts and the underlying stock, e.g., Bull Spread with Calls, Bull Spread with Puts, Bear Spread with Puts, Bear Spread with Calls, Butterfly Spread, Calendar Spread, Ratio Call Spread.

Stock Dividend/Distribution

A dividend/distribution paid in securities of the same issue or a different issue of the same issuer or another issuer. A stock dividend/distribution can be used as a means to list a new issuer. The issuer or its representative provides the amount, payable date, and record date. The exchange that the issue is listed on sets the ex-dividend/distribution (ex-d) date for entitlement.

Stock List Deletion

A security issue that is removed or delisted from the list of tradable security issues of an exchange. It is usually accompanied with a reason for deletion and the deletion date.

Stock Price Index

A statistical measure of the state of the stock market, based on the performance of certain stocks. Examples include the S&P/TSX Composite Index and the S&P/TSX Venture Composite Index.