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accounts payable: money that a company owes to creditors for goods and services provided.
accrued interest: interest that is added to the current market price of a bond. This interest has accrued since the last coupon payment of the bond up to the settlement date.
all-or-none order: an order in which the broker is instructed to either execute completely or not execute at all.
arbitration: an alternative to suing in court to settle disputes with regard to securities transactions.
assets: anything having commercial or exchange value including cash, investments and property.
automated controlling system for trading in the stock market: a computer system developed by the New York Stock Exchange (NYSE). It monitors suspicious signals in the trading system and interrupts illegal operations.

basis point: smallest measure used in quoting yields on bills, notes and bonds. One basis point equals 0.0001 or 0.01% of yield or one one-hundredth of a percent of yield.
bear market: a state of the market when prices of stocks or bonds mainly fall.
bid-offer spread: in a quotation, the difference between the bid and offer.
blue chip stock: the issues of strong, well-established companies that have demonstrated their ability to pay dividends in good and bad times.
bond: an evidence of debt issued by corporations, municipalities and governments. The issuer has a debt toward the holder of the bond. bonds usually pay interest annually or semi-annually. The original outstanding principal of the bond corresponds to the face value of the debt which is repaid according to a certain maturity structure.
bond refinancing: when a new bond is issued, the proceeds of which are used to refinance an existing issue prior to the existing issue's maturity.
bought deal: an offering in which the lead underwriter buys all the securities from a company and becomes financially responsible for selling them. This is also called a firm commitment.
broker: an individual or firm that charges a fee or commission for acting as a licensed intermediary between a buyer and seller and executing buy and sell orders submitted by another individual or firm. A broker can offer advice on capital investments.
budget deficit: excess of spending over income for an individual, corporation or government entity over a specific period of time. Corporate budget deficits must be reduced or eliminated by increasing sales and reducing expenditures; otherwise, the company faces bankruptcy in the long run.
bull market: state of the market when prices of stocks or bonds mainly grow over a prolonged period; bull markets are characterised by large trading volumes.

callable bond: a type of bond issued with an option allowing the issuer to redeem the bond prior to maturity at a predetermined price. Usually, bonds are called when interest rates fall so significantly that the issuer can save money by floating new bonds are lower rates.
callable preferred stock: a type of preferred stock linked to an option that gives the corporate the right to call in the stock at a certain price.
capital: money necessary to start or expand a business. It also includes machinery, instruments and other materials that companies utilise for their operations.
capital expenditure (investments): money spent to acquire or improve capital assets such as building and machinery.
capital gain: difference between an asset's purchase price and selling price resulting from the sale of shares at a price higher than the price at which they were bought.
capital market: market where debt instruments and equity are traded.
cash account: an account in which a client is obliged to pay in full for securities purchased within a defined time range as distinguished from a margin account.
cash flow: when actual payments occur; the amounts that are transferred are called cash flows.
certificate of deposit (CD): debt instrument issued by a bank stipulating that a depositor makes a deposit in a bank for a certain period of time and at the end of this period, the depositor receives his/her money together with a certain amount of accumulated interest.
chart: a graphical form of displaying price information of a security; charts are used by technical as well as fundamental analysts.
clearing house: an agency of an exchange, through which transactions are settled, guaranteed, offset and filled. The main purpose of the clearing house is to act as the intermediary between the two sides of a trade, receiving and delivering payments and securities.
commission: a fee charged by the broker for executing clients' orders. Commissions are based on the number of shares traded or the dollar amount of the trade and are added to amounts payable when buying, and subtracted from the amount the investor receives when selling a security.
common share (common stock): an equity security that represents the ownership in a corporation. Owners typically are entitled to vote on the selection of directors (and other important matters) and to receive dividends on their shareholdings.
confirmation: a formal memorandum or confirmation of trade from a broker that is sent to the client on or before the settlement date of a transaction giving details of the securities transaction
corporate bond: a bond (debt obligation) issued by a company as distinct from a bond issued by a government agency or municipality.
counterpart: when an investor enters a trade, the institution that takes the other side of his trade is called his counterpart. When trades are done via official exchanges, the clearing house becomes the counterpart for the individual investors.
coupon bond: a bond without the name of the owner printed on the face of the bond and with detachable coupons that must be presented to the paying agent or the issuer for interest paid annually or semi-annually. So called "bearer bonds" so whoever presents the coupon is entitled to the interest.
credit risk: financial and moral risk that an obligation will not be paid and a loss occur..
custodian: bank or other financial institution that protects the property or keeps custody of stock certificates and other assets of a corporate client, individual or mutual fund.

dealer: role of a brokerage firm when it acts as a principal in a particular securities transaction.
debenture: a debt obligation backed by the general credit of the issuing corporation; an unsecured bond is a debenture.
debt: money, goods or services that a company or an individual is obligated to pay another in accordance with an expressed or implied agreement (1). Forms of paper such as bonds, notes, mortgages evidencing amounts owed and payable on specified dates or on demand. (2).
discount bond: bonds selling below its redemption value.
dividend: company profits distributed to shareholders in an amount as decided at the shareholders meeting. The amount of the dividend is expressed either as a fixed sum per share or as a percentage of nominal value of the stock. The return derived from dividend payments, when calculated in relation to the stock price, is called dividend yield.
due diligence: the process of investigation, performed by investors, into the details of a potential investment, such as an examination of operations, management and risks and the verification of material facts.

equity: securities evidencing the holders' interests in an enterprise (stock corporation). The principal rights of shareholders are the right to share in the company's profits and the right to vote at shareholders' meetings.
equity financing: a method of raising money by issuing shares of common or preferred stock. The shareholder holds an equity in the corporation.
exchange: a market where buyers and sellers of securities meet and search for a better transaction price.
exchange-listed security: in order for a security to be traded by exchange members on an exchange, it has to be listed on that exchange. Once it is accepted for listing, it is admitted to full trading privileges on that exchange.

factoring: factoring involves a special business buying out accounts receivable from a company for a fee.
fill-or-kill order: an order to buy or sell a particular security that obliges the broker to fill immediately and entirely or otherwise cancel the order entirely.
financial analyst: a person that has specialised in analysing financial markets. Various methods of analysis exist and are deployed by analysts. usually analysts specialise in certain markets, like bond, stock or commodity markets.
fundamental analyst: fundamental analysts try to evaluate the intrinsic value of a particular stock or groups of stocks to assess whether they are overvalued or undervalued in order to forecast their future stock price movements. Fundamental analysis includes a study of the overall economy, industry conditions, and financial condition and management of the company.

going public: the first issuance and sale of stock of a private company to the public. In doing so, the firm's ownership shifts from the hands of private shareholders to a base that include public shareholders. It involves compliance with the disclosure requirements of national laws.
good-till-cancelled order: an order that is left in force until it is executed or cancelled.
government bond: a bond issued by government.
growth stock: stock of a corporation exhibiting faster than average gains in earnings over the last few years and expected to outperform other stocks. A riskier investment than average stock often paying low or no dividends and expected to show high levels of profit growth.
guaranteed bond: a debt obligation in which a company other than the issuing company guarantees payment of the interests and principal.

income bond: bonds that are issued by a corporation and pay interest only if the corporation's earnings are sufficient to meet the interest payment from year to year.
income statement (profit and loss statement): summary of the company's revenues, costs and expenses during an accounting period.
index of shares: a benchmark measuring the performance of a group of shares within a market over a predefined period. It reflects market prices and the number of shares outstanding for companies in the index.
inflation: an increase in the price of goods and services as a result of too much money chasing too few goods.
inflation rate: rate of change in prices.
institutional investor: an organisation that trades securities in large share quantities and in doing so qualifies for preferential treatment and lower commissions.
investment bank: an intermediary between a corporation that issues new securities and potential owners of these papers. An investment bank would usually buy new issue of shares and bonds, break them into smaller packages and then sell them to individuals and companies.
investment company: a firm engaged in investing in different securities from pooled funds from small investors in accordance to its stated investment objectives. An investment company offers participants more diversification, liquidity and professional management service than would normally be available to them as individuals.
investor: a market participant, and individual or an institutional investor, who puts money at risk by investing in different securities.
issuer: a corporation, municipality or government having, as a legal entity, the power to issue and distribute equity or debt securities in order to raise money.

leasing: leasing is a form of financing when a company (lessee) uses certain equipment against promises to make a series of payments to the owner of the assets (lessor). Lease is a rental agreement for capital equipment. Used as an alternative to buying assets.
leverage: measured by the debt/equity ratio. It shows the use of borrowed money to enhance the return on owners' equity. A higher ratio allows investors to participate in profits and losses of substantially larger amounts of money than they originally own. Also called gearing.
liability: a debt or claim on the assets of a company or individual.
limit order: a customer's order with instructions to buy or sell a specific security at a specific price or better. The broker will execute the trade only within the price restrictions specified.
liquidation: a process where all assets that belong to a bankrupt company are transferred into cash and distributed to individuals and legal entities with outstanding claims.
liquidity: refers to how easily assets may be converted into cash. Liquid assets include blue-chip stocks that are actively traded and therefore the stock price will not be dramatically moved by a few buy/sell orders; liquid accounts include checking accounts, passbook accounts, and treasury bills.
liquidity ratios: measure of a company's ability to meet maturing short-term obligations. Liquidity ratios include the following:
current ratio = current assets/current liabilities
acid test = (current assets - stock)/current liabilities
debtor days = (receivables x 365)/annual credit sales
creditor days = (accounts payable x 365)/annual credit purchases
stock turnover = (average stock x 365)/costs of goods sold
liquidity risk: the risk that an asset can not be sold within a reasonable period of time (at reasonable prices). This may become a problem in cases of shares with a narrow market liquidity, in particular, equities traded on an unregulated market.
listing: the process of meeting requirements for having a security traded on a stock exchange.
loan: a method to obtain necessary capital. One type of loan is when an individual or a company (the borrower) requests a bank (the lender) to grant them a certain amount of money for a certain period of time; the borrower promises to return the loan after a specified period with an interest payment for its use.

margin: the amount of equity as a percentage of current market value. Derivative products are often traded on margin.
margin account: an account with a brokerage firm allowing the client to buy securities with money borrowed from the broker and in effect lending the client part of the purchase price of the traded securities.
market maker: a dealer willing to accept the risk of holding securities to facilitate trading in a given security and maintain firm bid and offer prices by standing ready to buy or sell round lots at publicly quoted prices.
member: any broker or dealer admitted to membership on an exchange.
member firm: a firm in which at least one of the principal officers is a member of an exchange, a self-regulatory organisation or a clearing corporation.
money market: market for short-term debt instruments.
money market fund: a fund investing in money market products that are highly liquid and safe securities including commercial paper, banker's acceptances, reputes agreements, government securities, and certificates of deposits and paying money market rates of interest.
municipal bonds: bonds (debt obligations) issued by a city or a region.
mutual fund: a type of investment company that offers for sale, or has outstanding, securities that it has issued that are redeemable on demand at current net asset value.

net asset value (NAV): (1) the value of a mutual fund share, calculated by deducting the fund's liabilities from the total assets and dividing this value with the number of circulating certificates
(2) book value of a company's shares. Calculated by deducting the company's liabilities from the total assets and dividing this value by the number of outstanding shares.

offer: a volume of, for instance, shares offered for sale in the market in a limited quantity (1); price at which an owner of a security offers to sell it (2).
over the counter (OTC): a security that is not listed or traded on a exchange (1); the non-exchange market for securities (2). Both listed and unlisted securities can be traded in the OTC market. OTC trading takes place over computer and telephone networks that link brokers and dealers around the world.

par value: the par value equals the nominal value or face value of a security.
partnership: contract between two or more people who agree to pool their funds and share risks and profits associated with operating a joint business.
position: the current inventory of investments that a company or person holds.
pre-emptive right: the legal right of existing shareholders to purchase shares of a new issue in proportion to their holdings before it is offered to others.
preferred shares (preferred stock): shares that pay dividends at a specified rate and have preference over common shares in the payment of dividends and the liquidation of assets but normally not carrying voting rights as do common shares.
premium value: bonds sold above their par value are sold at a premium value.
primary market: market for new issues of securities as opposed to the secondary market where previously issued securities are bough and sold.
profitability and return ratios: these include the following:
gross profit margin = (Turnover - cost of sales)/turnover
return on capital employed = (gross profit - expenses)/turnover
net profit margin = profit before interest and tax/(fixed assets + net current assets - long term liabilities)
Return on equity (ROE) = Net profit after tax / equity
prospectus: a formal written offer to sell securities that presents the facts concerning a proposed business enterprise or an existing one so that investors can take an informed decision. It is a legal document that must be given to an investor who purchases a registered security.

quotation: if the securities of a company is officially traded on an exchange, it is said to be quoted; it then has an official quotation.

rating: a rating represents the probability at which an issuer will be able to meet the interest payments and the redemption of the principal. According to the creditworthiness of an issuer, the bonds of the issuer are rated by rating agencies.
retained earnings: after tax and dividend profits that a company retains to use in its financial operations.

secondary market: a market for shares and bonds bought and resold subsequent to the original securities issuance on the primary market. The major part of securities transactions takes place in the secondary market and the proceeds accrue to the selling dealers and investors and not to the companies that originally issued the securities.
secured bonds: bonds issued by corporations which are backed by certain collaterals. in the event of default, the collateral's are used to meet the outstanding interest payments and the redemption of the bond.
security: any piece of a securitised paper that can be traded for value; another name for shares and bonds.
share: a security and unit of equity ownership that grants its owner with the right to be a co-owner of the respective company. Companies issue shares to increase their capital.
shareholder: an individual that owns one or more shares in a company as an investment of his/her capital.
syndicate: a group of investment banks that is formed to handle the distribution and sale of an issuers' security. The typical syndicate has several firms managing the underwriting effort. each of the members are assigned responsibility for the sale and distribution of a portion of the issue.

technical analyst: a financial analyst that uses the means of charts to predict future price movements only using past price movements.
term maturity: a type of maturity in which the entire principal of the bond is redeemed at the maturity date.
third market: the trading of listed securities in the over-the-counter market. Institutional investors are the primary users of the third market.

voting right: right possessed by owners of common shares to vote at shareholders meetings or in proxy on the election of directors and on corporate resolutions. The number of votes of a shareholder depends on the number of shares he/she possesses.

yield: normally the annual rate of return on an investment expressed as a percentage rate of the current price.
yield curve: a graphic representation of current yields of fixed income securities of different maturities at a given time.
yield to maturity: the yield an investor will receive when he buys a bond at the current market price and holds the bond up to the maturity date.