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Glossary

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  28. 0-9
Program trade
Program trading is defined as a wide range of portfolio trading strategies involving the purchase or sale of 15 or more stocks having a total market value of USD1 million or more.
Prospectus
A document giving the details that a company is required to make public, to support a new issue of shares.
Proximity hosting
The term "co-location/proximity hosting services" means space, power, telecommunications, and other ancillary products and services made available to market participants for the purpose of enabling them to position their computer systems/servers in close proximity to the derivatives transaction execution facility's trade and execution systems. Co-location allows trading firms to place their trading systems next to an exchange’s servers, giving them the ability to execute strategies at high speed through computer algorithms.
Proxy
A form which, when completed by the shareholder, grants another person the authorisation or power to vote on his/her behalf at company meetings.
Public Limited Company (PLC)
In the UK, a public company limited by shares and having a share capital, and which may offer shares for purchase by the general public. Only PLCs may qualify for listing or trading on the London Stock Exchange.
Put option
A put option confers the right but not the obligation to sell stock, shares or futures at the option exercise price within a predetermined time period.
Quotation
The price quoted by a market-maker at which he/she will trade.
Quotation size
The maximum number of shares per order of a particular security that a Market Maker is willing to buy or sell at his or her current price.
Quote-driven system
A service that does not allow automatic execution. Trading of quote-driven securities is conducted via telephone dealing.
Range
The difference between the highest and lowest price of a future recorded during a given trading session.