A slang term for short-term speculator. In other words, a stag is someone who trades frequently and tries to make quick profits in a short amount of time.
A type of speculation that involves taking a bet on the price movement of a security. A spread betting company quotes two prices, the bid and offer price (also called the spread), and investors bet whether the price of the underlying stock will be lower than the bid or higher than the offer. The investor does not own the underlying stock in spread betting, they simply speculate on the price movement of the stock. For example, assume that a spread-betting company quotes a bid of $200 and an offer of $203 for ABC stock and you believe that the price for ABC will be lower than $200. Since you believe that the price of the stock would be go below $200, you could "bet" $2 for every dollar that ABC falls below $200. Therefore, if the stock price after a week came to $190 you would receive $20, but if the price was $215 you would end up losing $30.
The firms that hire the specialists to represent companies listed on certain exchanges. Companies listed on certain exchanges will interview employees of the specialist firms, seeking out suitable people to represent them by holding inventories of the companies' stocks. In the 1980s, there were upwards of 50 specialist firms, and most were family-owned businesses. In 2008 there were 10, due to decades of mergers and acquisitions; seven of them being stock specialist firms, while the other 3 specializing in ETFs.
A special account where excess margin generated from a client's margin account is deposited. Also known as "special miscellaneous account". The purpose of an SMA is to lock in any gains realized in a client's margin account. Consider the situation where stock within a client's margin account realizes a capital gain and creates excess margin. If this excess amount is held in the account and the stock position produces a capital loss at a later date, the client would lose his or her gain entirely. An SMA can also hold interest and dividend payments from long positions and proceeds from closing out a securities position. Clients can use funds in their SMA to purchase additional securities for their margin account.
A bid that can be entered in the Nasdaq system to stabilize the price of a Nasdaq security prior to the date of a secondary offering. A secondary offering increases the float. Therefore, stock prices of that security may fluctuate; a syndicate bid tries to stabilize this.
1. In mutual funds, the process of transferring an investment from one fund to another. 2. In securities, the process of liquidating a position in exchange for other securities with better prospects for growth, yields or capital gains. 1. Investors may switch their assets between funds in the same family or into a different family entirely. Generally, no-load funds do not charge for these transactions. However, some brokerages may charge a commission. 2. When investors switch securities, they essentially use the cash received from the liquidation of their initial securities to purchase new securities. In futures, an investor will switch futures contracts by closing an open position and simultaneously entering a new, similar futures contract with a longer maturity.
One of three key market participants on the New York Stock Exchange (NYSE). Supplemental Liquidity Providers (SLPs) are market participants that use sophisticated high-speed computers and algorithms to create high volume on exchanges in order to add liquidity to the markets. As an incentive for providing liquidity, the exchange pays the SLP a rebate or fee, which was 0.15 cents as of 2009. The Supplemental Liquidity Provider (SLP) program was introduced shortly after the collapse of Lehman Brothers. The collapse of Lehman Brothers in 2008 caused major concerns about liquidity in markets, which led to the introduction of the SLP to attempt to alleviate the crisis. The other two key market participants are Designated Market Makers (DMMs) and Trading Floor Brokers.
A fully integrated order entry and execution system used by Nasdaq for all securities' transactions. The SuperMontage system has replaced the SuperSoes and SOES systems as it is more accurate and efficient.
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