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Superglossary - Finance Category: Economy and Finance > Finance Date & country: 16/12/2013, USA Words: 5410

Open Contracts
Contracts that have been bought or sold without completion of the transaction by subsequent sale or

Open Depending On The Floor
Used for listed equity securities. Having room for a customer buyer or seller contingent on the resu

Open Interest
The total number of derivatives contracts traded that have not yet been liquidated either by an offs

Open On The Print
Used in the context of general equities. Block trader's term for a block trade that has been complet

Open Position
A net long or short position whose value will change with a change in prices.

Open Repo
A repurchase agreement with no definite term. The agreement is made on a day-to-day basis, and eithe

Open Up
Used in the context of general equities. Disclose more information (e.g., the exact price and quanti

Open-End Credit
Revolving line of credit that is extended with every purchase or cash advance.

Open-End Fund
Used in the context of general equities. Mutual fund that continually creates new shares on demand.

Open-End Lease
A lease agreement that provides for an additional payment at the expiration of the lease to adjust f

Open-End Mortgage
Mortgage against which additional debts may be issued. Related

Open-Market Operation
Purchase or sale of government securities by the monetary authorities to increase or decrease the do

Open-Market Purchase Operation
A systematic program of repurchasing shares of stock in market transactions at current market prices

Open-Market Rates
Interest rates that are determined in the open market by supply and demand, as opposed to being set

Open-Outcry
The method of trading used at futures exchanges, typically involving calling out the specific detail

Opening
The period at the beginning of the trading session officially designated by an exchange, during whic

Opening Price
The range of prices at which the first bids and offers are made or the first transactions are comple

Opening Purchase
Creation of or increase in a long position in a given series of options.

Opening Sale
Creation of or increase in a short position in a given series of options.

Opening Transaction
Applies to derivative products. (1)Buy or sell transaction that creates a position out of a flat one

Operating Cash Flow
Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting

Operating Cycle
The average time between the acquisition of materials or services and the final cash realization fro

Operating Expenses
All expenses related to the ongoing operations of a company, including research and development, sal

Operating Exposure
Degree to which exchange rate changes, in combination with price changes, will alter a company's fut

Operating In The Red
Doing business while losing money.

Operating Income
Sales revenue minus cost of sales and operating expenses. Similar to earnings before interest and ta

Operating Lease
Short-term, cancelable lease. A type of lease in which the contact period is shorter than the life o

Operating Lease
A type of lease, normally involving equipment, classified as a rental not as a purchase over time. A

Operating Leverage
Fixed operating costs, which are characterized as leverage because they accentuate variations in pro

Operating Profit
Another term for operating income.

Operating Profit (Or Loss)
Revenue from a firm's regular activities less costs and expenses and before income deductions.

Operating Profit Margin
The ratio of operating profit to net sales.

Operating Rate
The percentage of total production capacity of a company, industry, or country that is being used.

Operating Ratio
A ratio that measures a firm's operating efficiency.

Operating Risk
The inherent or fundamental risk of a firm, without regard to financial risk. The risk that is creat

Operationally Efficient Market
Market in which investors can obtain transactions services that reflect the true costs associated wi

Opinion Shopping
Attempts by a corporation to attain reporting objectives by following questionable accounting princi

OPM
Stands for 'other people's money,' which refers to borrowed funds used to increase the return on inv

Oporto
Portugal's derivatives exchange (Bolsa de Derivados do Oporto) trading futures on the ten-year gover

Opportunity Cost Of Capital
Expected return that is forgone by investing in a project rather than in comparable financial securi

Opportunity Costs
The difference in the performance of an actual investment and a desired investment adjusted for fixe

Opportunity Set
The possible expected return and standard deviation pairs of all portfolios that can be constructed

Optimal Contract
The contract that balances the three types of agency costs (contracting, monitoring, and misbehavior

Optimal Portfolio
An efficient portfolio most preferred by an investor because its risk/reward characteristics approxi

Optimal Redemption Provision
Provision of a bond indenture that governs the issuer's ability to call the bonds for redemption pri

Optimization Approach To Indexing
An approach to indexing that seeks to optimize some objective, such as to maximize the portfolio yie

Optimum Capacity
The amount of manufacturing output that creates the lowest cost per unit.

Option
Gives the buyer the right, but not the obligation, to buy or sell an asset at a set price on or befo

Option Account
A brokerage account that is approved to hold option positions or trades.

Option Agreement
A form that an options investor opening an option account fills out guarantees the investor will fol

Option Cycle
The cycle of option expiration months. The most common cycles are

Option Elasticity
The percentage increase in an option's value, given a 1 percentage point change in the value of the

Option Holder
A person who has an option that has not been exercised.

Option Margin
The margin requirement for options described in Regulation T and in brokers' individual policies.

Option Mutual Fund
A mutual fund that buys and sells options for aggressive or conservative investment.

Option Not To Deliver
In the mortgage pipeline, an additional hedge placed in tandem with the forward or substitute sale.

Option Premium
The option price.

Option Price
Also called the option premium; the price the buyer of the options contract pays for the right to bu

Option Seller
Also called the option writer; the party who grants a right to trade a security at a given price in

Option Series
A group of options on the same underlying security with the same exercise price and maturity month.

Option Spread
The trading of options of the same class at the same time in order to profit from changes in the siz

Option-Adjusted Spread (OAS)
(1) The spread over an issuer's spot rate curve, developed as a measure of the yield spread that can

Optional Dividend
A dividends that the shareholder can elect to receive either in cash or in stock.

Optional Payment Bond
A bond whose principal and/or interest may be paid in foreign or domestic currency at the discretion

Options Clearing Corporation (OCC)
Applies to derivative products. Financial institution that is the actual issuer and guarantor of all

Options Contract
A contract that, in exchange for the option price, gives the option buyer the right, but not the obl

Options Contract Multiple
A constant, set at $100, that when multiplied by the cash index value gives the dollar value of the

Options On Physicals
Interest rate options written on fixed income securities, as opposed to those written on interest ra

Or Better
Used in the context of general equities. Indication on the order ticket of a limit order to buy or s

Oral Contract
A contract not recorded on paper or on computer, buy made vocally which is usually enforceable.

Order
Instruction to a broker/dealer to buy, sell, deliver, or receive securities or commodities that comm

Order Imbalance
Orders of one kind for a stock not offset by the opposite orders, which causes a wide spread between

Order Room
The brokerage firm department receives and processes all orders to buy and sell securities.

Order Splitting
Breaking up orders so that they can be processed as small orders for execution by SOES. Prohibited b

Order Ticket
A form detailing an order instruction that a customer gives an account executive.

Ordinary Income
The income derived from the regular operating activities of a firm or individual.

Ordinary Interest
Interest based on a 360-day year instead of a 365-day year, resulting in what can be a significant d

Ordinary Shares
Apples mainly to international equities. Shares of non-U.S. companies traded in their individual hom

Organization Chart
A chart showing the hierarchical interrelationships of positions within an organization.

Organized Exchange
A securities marketplace where purchasers and sellers regularly gather to trade securities according

Original Face Value
The principal amount of a mortgage as of its issue date.

Original Margin
The margin needed to cover a specific new position. Related

Original Maturity
Maturity at issue. For example, a five-year note has an original maturity of five years; one year la

Origination
The making of mortgage loans.

Originator
A bank, savings and loan, or mortgage banker that initially made a mortgage loan that is part of a p

Orphan Stock
A stock that is ignored by research analysts and as a result may be trading at low price earnings ra

Oslo Stock Exchange
An exchange founded in 1819 and trading stocks, bonds, and stock options that is considered the opti

OTC Bulletin Board
An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requi

OTC Margin Stock
Shares traded over-the-counter that can be used as margin securities under Regulation T.

Other Assets
Assets exclusive of current assets and property, plant and equipment. Other assets can include intan

Other Capital
In the balance of payments, other capital is a residual category that groups all the capital transac

Other Current Assets
Value of noncash assets, including prepaid expenses and accounts receivable, due within one year.

Other Expenses
Expenses due to activities outside the normal operations of the business, for example, loss from for

Other Income
Income from activities that are not undertaken in the ordinary course of a firm's business.

Other Income
Income due to activities outside the normal operations of the business, for example, dividends from

Other Liabilities
Liabilities other than debt, line of credit, and accounts payable, for example, deferred taxes, accr

Other Long-Term Liabilities
Value of leases, future employee benefits, deferred taxes, and other obligations not requiring inter

Other Sources
Amount of funds generated during the period from operations by sources other than depreciation or de

Out
Used in the context of general equities. (1) No longer obligated to an order, as it has already been

Out Of Line
A stock price that is too high or too low in comparison with similar-quality stocks in the same indu