A market composite made up of all the A-shares and B-shares that trade on the Shanghai Stock Exchange. The index is calculated by using a base period of 100; the first day of reporting was July 15, 1991. The composite figure can be calculated by using the formula: Taobiz explains SSE Composite The SSE Composite is a good way to get a broad overview of the performance of companies listed on the Shanghai exchange. More selective indexes, such as the SSE 50 Index and SSE 180 Index, show market leaders by market capitalization. Over time, it is likely that the SSE Composite will closely resemble the overall economy of China; there are still many large, state-run companies that have yet to go public in sectors such as banking, energy and healthcare.
1. The difference between the bid and the ask price of a security or asset. 2. An options position established by purchasing one option and selling another option of the same class but of a different series. Taobiz explains Spread 1. The spread for an asset is influenced by a number of factors: a) Supply or "float" (the total number of shares outstanding that are available to trade) b) Demand or interest in a stock c) Total trading activity of the stock 2. For a stock option, the spread would be the difference between the strike price and the market value.
An indicator based on the nationality of the model on the cover of the Sports Illustrated swimsuit edition. The Sports Illustrated Swimsuit Issue Indicator attempts to provide insight into stock market returns for that year. The indicator suggests that when the cover model is from the U.S., the S&P 500 will generate a return above its historical rate, while a non-American cover model leads to underperformance by the S&P 500 for the year. Taobiz explains Sports Illustrated Swimsuit Issue Indicator Between 1978 and 2008, the average return of the S&P 500 was 10.5%; when the cover model was American, the average annual return of the S&P 500 was 13.9%. When the cover model was non-American, the average annual return for the S&P 500 was 7.2%. For example, the S&P 500 was up 34.1% in 1997 when Tyra Banks graced the Sports Illustrated cover. The indicator was first coined by the Bespoke Investment Group.
A slang term for an S&P 500 contract that trades on the Chicago Mercantile Exchange (CME). The S&P 500 contracts trade on the CME independent of the S&P 500 index itself, and expire quarterly in the months of March, June, September and December. The word originated in the XMI pit on the America Stock Exchange (AMEX) in New York. It comes from the symbol for the September contract: "SPU". Even though the name is based on the September contract symbol, the term is used to describe contracts of all expiries. When somebody speaks of the spoo, they are referring to the current, most active month trading. Taobiz explains Spoo Trading a spoo is a bet on where the S&P 500 index will be at some point in the future, so these securities almost always trade at a premium to the fair value of the index. This is because of the assumption that the value of equities will rise as time progresses.
1. In the context of stocks, an influential investor who creates demand for a security because of their positive outlook on it. 2. In the context of mutual funds, an underwriting company that offers shares in its mutual funds. 3. In the context of exchange-traded funds (ETFs), the fund manager or other entity who files the needed regulatory materials with the SEC to create an ETF. The sponsor also solicits and approves an authorized participant to create and redeem ETF shares. Taobiz explains Sponsor 1. Many investors look for wide sponsorship in a stock before investing, believing that the endorsement of well-known investors add a measure of safety to their investment decisions. 2. An underwriter must sponsor a mutual fund issue for investors to have access to it. 3. The sponsor of an ETF is essentially the managerial body of the ETF and brings together the needed parties and regulatory framework to establish the ETF.
An American depositary receipt (ADR) that is issued in co-operation with the underlying foreign company whose equity shares will underly the ADR shares. With the corporation's sponsorship, the ADRs created in the issue usually afford their owners the same rights normally given to stockholders, such as voting rights. Taobiz explains Sponsored ADR For an ADR issue to become listed and trade on a major U.S. exchange, it must be sponsored by the underlying corporation. If not, the ADR issue is likely to be traded over the counter.
A type of corporate reorganization whereby the stock of a subsidiary is exchanged for shares in a parent company. Taobiz explains Split-Off This is a somewhat rare situation. For example, Viacom announced a split off of its interest in Blockbuster in 2004 whereby Viacom offered its shareholders stock in Blockbuster in exchange for an appropriate amount of Viacom stock.
The act of dividing a large order of financial securities into several smaller lots in order to allow each portion to be traded at different prices. The ultimate effect of using a split block pricing method is that the trader will receive the order at a price equaling the weighted average price of each block traded. Taobiz explains Split Block Pricing In some cases, split block pricing would be used on a large trade order in order to match smaller positions desired by counter-parties to the transaction. For example, a trader wants to sell 1,000 call options of XYZ corp, assuming that the only two buyers of the XYZ options want to buy 600 options at $5.00 and 400 options at $5.05; the order will be split into two blocks of 600 and 400 contracts (each representing 100 shares), respectively and the selling trader would receive proceeds of $502,000 ((400 x $5.05 x 100) + (600 x $5.00 x 100)).
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