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Glossary

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  28. 0-9
Ordinary share
The most common form of share or stock. A certificate that represents share ownership in a corporation.
Out trade
A trade that cannot be reconciled in the clearing process.
Out-of-the-money
A call option is out-of-the-money if the price of the underlying instrument is lower than the exercise/strike price. A put option is out-of-the-money if the price of the underlying instrument is above the exercise/strike price.
Over-the-counter (OTC)
In the US, a market where small capitalisation stocks (and some large capitalisation stocks as well), shell companies, inactively traded and unregistered stocks trade. The pink sheets and the OTC Bulletin Board (OTCBB) are the only places left in the US where unregistered stocks trade.
Par
(i) Price of 100%.
(ii) The principal amount at which the issuer of a debt security contracts to redeem at maturity.
(iii) The nominal value of a security.
Par value
The amount, exclusive of interest or premium, due to a security holder at maturity. The face value (par value) of a security is shown on the face of the security's certificate.
Partizipationsscheine
On Swiss exchanges, a bearer security incorporating the same rights as the dividend-right certificate and thus similar to that. It is issued for the purpose of raising capital, and its nominal value is part of the equity of the company.
Passive managers
Fund managers who do not attempt to beat the market. Instead, they try to mirror the performance of a selected market index.
Payment date
The date on which a dividend or bond interest payment is scheduled to be paid.
Penny stocks
Low-priced stocks selling at less than USD1 a share, often highly speculative.