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Glossary

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  28. 0-9
Mark-to-market
The daily adjustment of an account to reflect accrued profits and losses.
Material news
News released by a public company that might reasonably be expected to affect the value of a company's securities or influence investors' decisions. Material news includes information regarding corporate events of an unusual and non-recurring nature, news of tender offers, unusually good or bad earnings reports, and a stock split or stock dividend. (See Trading halt)
Maturity date
Date on which a bond matures, at which time the face value will be returned to the purchaser. Sometimes the maturity date is not one specified date but a range of dates during which the bond may be repaid.
Maximum on-line publication level
On the London Stock Exchange, the maximum size of bargain in each SEAQ security which will be published on-line on SEAQ, immediately following trade reporting.
Member firm
A trading firm on the London Stock Exchange which may act as an agency broker on behalf of clients or a principal.
Mercato ristretto
Italian regulated market for unlisted securities.
Mid-price
The price half-way between the 2 prices shown on the London Stock Exchange’s daily official list under quotation, or the average of both buying and selling prices offered by the market-makers.
Minimum price fluctuation
The smallest increment of market price movement possible in a given futures contract.
Minimum quote size
On the London Stock Exchange, the minimum number of shares in which market-makers are obliged to display prices on SEAQ for securities in which they are registered.
Modaraba
Modaraba is an Arabic word which means a business (project) in which capital is provided by one party (a company or individual) while effort and skill are contributed by the other party (beneficiary, entrepreneur or borrower). During the lifetime of the project the lender is the sole owner of the project and the borrower is the manager. In a Modaraba arrangement financial losses have to be borne exclusively by the lender. In Pakistan, the sponsor of a Modaraba has to be a company which must be registered under the Modaraba Companies and Modaraba (Flotation and Control Ordinance 1980).