|
All-or-none
All or none (AON) is a finance term used in investment banking or securities transactions that refers to "an order to buy or sell a stock that must be executed in its entirety, or not executed at all". Partial execution is not acceptable; the order will execute "only if there are enough shares available in a single transaction to cover it". An all-or-none clause in an underwriting contract or investment prospectus gives a securities issuer the right to cancel an issue in its entirety if the underwriting is not fully subscribed. AON orders are similar to fill or kill (FOK) orders, but the former focuses on "complete vs. partial fulfillment", whereas the latter hinges on the immediacy of the transaction. Example If you place an AON order requesting 100 shares of JKL Co. at $2, your stockbroker will not fill that order unless they can obtain the entire 100 shares at $2; if JKL Co. shares are in such high demand that there are only 50 shares available for purchase, then y ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Underwriting Contract
In investment banking, an underwriting contract"The Investment Banking Handbook" by J. Peter Williamson, 1988, ""Underwriting Contracts", p. 128/ref> is a contract between an underwriter and an issuer of securities. The following types of underwriting contracts are the most common: * In the ''firm commitment contract,'' the underwriter guarantees the sale of the issued stock at the agreed-upon price. For the issuer, it is the safest but the most expensive type of the contracts, since the underwriter takes the risk of sale. * In the ''best efforts contract,'' the underwriter agrees to sell as many shares as possible at the agreed-upon price. * Under the ''all-or-none contract'', the underwriter agrees either to sell the entire offering or to cancel the deal. ''Stand-by underwriting'', also known as ''strict underwriting'' or ''old-fashioned underwriting'' is a form of stock insurance: the issuer contracts the underwriter for the latter to purchase the shares the issuer failed to se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Investment Banking
Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by underwriting or acting as the client's agent in the issuance of debt or equity securities. An investment bank may also assist companies involved in mergers and acquisitions (M&A) and provide ancillary services such as market making, trading of derivatives and equity securities, FICC services ( fixed income instruments, currencies, and commodities) or research (macroeconomic, credit or equity research). Most investment banks maintain prime brokerage and asset management departments in conjunction with their investment research businesses. As an industry, it is broken up into the Bulge Bracket (upper tier), Middle Market (mid-level businesses), and boutique ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security (finance)
A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any form of financial instrument, even though the underlying legal and regulatory regime may not have such a broad definition. In some jurisdictions the term specifically excludes financial instruments other than equities and Fixed income instruments. In some jurisdictions it includes some instruments that are close to equities and fixed income, e.g., equity warrants. Securities may be represented by a certificate or, more typically, they may be "non-certificated", that is in electronic ( dematerialized) or "book entry only" form. Certificates may be ''bearer'', meaning they entitle the holder to rights under the security merely by holding the security, or ''registered'', meaning they entitle the holder to rights only if they appear on a secur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Order (exchange)
An order is an instruction to buy or sell on a trading venue such as a stock market, bond market, commodity market, financial derivative market or cryptocurrency exchange. These instructions can be simple or complicated, and can be sent to either a broker or directly to a trading venue via direct market access. There are some standard instructions for such orders. Market order A market order is a buy or sell order to be executed immediately at the ''current'' ''market'' prices. As long as there are willing sellers and buyers, market orders are filled. Market orders are used when certainty of execution is a priority over the price of execution. A market order is the simplest of the order types. This order type does not allow any control over the price received. The order is filled at the best price available at the relevant time. In fast-moving markets, the price paid or received may be quite different from the last price quoted before the order was entered. A market order may be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stock
In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company is divided, or these shares considered together" "When a company issues shares or stocks ''especially AmE'', it makes them available for people to buy for the first time." (Especially in American English, the word "stocks" is also used to refer to shares.) A single share of the stock means fractional ownership of the corporation in proportion to the total number of shares. This typically entitles the shareholder (stockholder) to that fraction of the company's earnings, proceeds from liquidation of assets (after discharge of all senior claims such as secured and unsecured debt), or voting power, often dividing these up in proportion to the amount of money each stockholder has invested. Not all stock is necessarily equal, as certain classe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prospectus (finance)
{{unreferenced, date=October 2015 A prospectus, in finance, is a disclosure document that describes a financial security for potential buyers. It commonly provides investors with material information about mutual funds, stocks, bonds and other investments, such as a description of the company's business, financial statements, biographies of officers and directors, detailed information about their compensation, any litigation that is taking place, a list of material properties and any other material information. In the context of an individual securities offering, such as an initial public offering, a prospectus is distributed by underwriters or brokerages to potential investors. Today, prospectuses are most widely distributed through websites such as EDGAR and its equivalents in other countries. United States In a securities offering in the United States, a prospectus is required to be filed with the Securities and Exchange Commission (SEC) as part of a registration statement. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Issuer
Issuer is a legal entity that develops, registers, and sells securities for the purpose of financing its operations. Issuers may be governments, corporations, or investment trusts. Issuers are legally responsible for the obligations of the issue, and for reporting financial conditions, material developments, and any other operational activities as required by the regulations of their jurisdictions. The most common types of securities issued are equities: common and preferred stocks, and debt: bonds, notes, debentures, and bills. In the United States, the term "issuer" is defined by Section 2(4) of the Securities Act of 1933 as follows: The term "issuer" means every person who issues or proposes to issue any security; except that with respect to certificates of deposit, voting-trust certificates, or collateral-trust certificates, or with respect to certificates of interest or shares in an unincorporated investment trust not having a board of directors (or persons performing s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Black's Law Dictionary
''Black's Law Dictionary'' is the most frequently used legal dictionary in the United States. Henry Campbell Black (1860–1927) was the author of the first two editions of the dictionary. History The first edition was published in 1891 by West Publishing, with the full title ''A Dictionary of Law: containing definitions of the terms and phrases of American and English jurisprudence, ancient and modern, including the principal terms of international constitutional and commercial law, with a collection of legal maxims and numerous select titles from the civil law and other foreign systems''. A second edition was published in 1910 as ''A Law Dictionary''. Black died in 1927 and future editions were titled ''Black's Law Dictionary''. The sixth and earlier editions of the book additionally provided case citations for the term cited, which was viewed by lawyers as its most useful feature, providing a useful starting point with leading cases. The invention of the Internet made legal res ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fill Or Kill
A fill or kill (FOK) order is "an order to buy or sell a stock that must be executed immediately"—a few seconds, customarily—in its entirety; otherwise, the entire order is cancelled; no partial fulfillments are allowed. Characterized as "extreme orders", FOK orders are "most commonly used when your order is for a large quantity of stock and is usually a market or limit order that requires immediate execution". They are also used when several unlinked markets are available for the same asset, in which case the trader will try to get the whole order filled in each market sequentially, without having to manually cancel each order if it is unfilled. See also * All or none (AON) * Immediate or cancel An immediate or cancel (IOC) order, also known as an "accept order", is a finance term used in investment banking or securities transactions that refers "an order to buy or sell a stock that must be executed immediately". In case the entire order i ... (IOC) – allow partial executi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation
In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of inflation is deflation, a sustained decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. As prices do not all increase at the same rate, the consumer price index (CPI) is often used for this purpose. The employment cost index is also used for wages in the United States. Most economists agree that high levels of inflation as well as hyperinflation—which have severely disruptive effects on the real economy—are caused by persistent excessive growth in the money supply. Views on low to moderate rates of inflation are more varied. Low or moderate inflation may be attri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fill Or Kill
A fill or kill (FOK) order is "an order to buy or sell a stock that must be executed immediately"—a few seconds, customarily—in its entirety; otherwise, the entire order is cancelled; no partial fulfillments are allowed. Characterized as "extreme orders", FOK orders are "most commonly used when your order is for a large quantity of stock and is usually a market or limit order that requires immediate execution". They are also used when several unlinked markets are available for the same asset, in which case the trader will try to get the whole order filled in each market sequentially, without having to manually cancel each order if it is unfilled. See also * All or none (AON) * Immediate or cancel An immediate or cancel (IOC) order, also known as an "accept order", is a finance term used in investment banking or securities transactions that refers "an order to buy or sell a stock that must be executed immediately". In case the entire order i ... (IOC) – allow partial executi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Immediate Or Cancel
An immediate or cancel (IOC) Order (exchange), order, also known as an "accept order", is a finance term used in investment banking or Security (finance), securities transactions that refers "an Order (exchange), order to buy or sell a stock that must be executed immediately". In case the entire order is not available at that moment for purchase a partial fulfillment is possible, but any portion of an IOC order that cannot be filled immediately is cancelled, eliminating the need for manual cancellation. This "partial fulfillment" aspect is what differentiates IOC orders from all or none (AON) and fill or kill (FOK) orders, but the terms might be used interchangeably in some markets. Benefits It is considered a "clean, quick, and easy way to acquire securities or goods [that] can save time and money" and the "chances of receiving at least a portion of the order within the time frame required is very good". IOC orders are generally employed when ordering "large quantities of stock". T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
.jpg "Click for more on -> Investment Banking")
.jpg "Click for more on -> Security (finance)")
