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Series 24

Glossary

TermDefinition
30-second update requirement Requires that market makers update their quotes to reflect customer limit orders. This must be done within 30 seconds of receiving an order under normal market conditions.
9:30X 9:30X is the time at which the primary market disseminates the first print after the 9:30 am ET market
12(b)-1 Fee Fee assessed shareholders by an open-ended management company for promotional expenses. The fee must be registered as such with the SEC and be disclosed to investors.
accredited investor As defined in Rule 502 of Regulation D, any institution or individual meeting minimum net worth req for the purchase of securities qualifying under Reg D registration exemption
accredited investor has a net worth of $1 million or more, excluding home equity;
accredited investor has had an annual income of $200,000 or more in each of the two most recent years (or $300,000 jointly with a spouse) and who has a reasonable expectation of reaching the same income level in the current year;
accredited investor is an officer or director of the issuer; or is an institutional investor
accretion of bond discount An accounting process whereby the initial cost of a bond purchased at a discount is increased annually to reflect the basis of the bond as it approaches maturity.
accrual accounting A method of reporting income when earned and expenses when incurred, as opposed to reporting income when received and expenses when paid.
accumulation account An account established to hold securities pending their deposit into a municipal securi- ties unit investment trust.
accumulation stage The period during which contribu- tions are made to an annuity account
accumulation unit An accounting measure used to determine an annuitant’s proportionate interest in the insurer’s separate account during an annuity’s accumu- lation (deposit) stage.
ACES A subscription service that allows order entry firms to route orders to their preferred market makers’ internal trading systems.(Advanced Computerized Execution Service)
ACT Compares trade information provided by market participants and submits locked-in trades for clearance and settlement
Act of 1933
Act of 1934
active, competitive market A market where no market maker dominates trading activity and where interdealer trades occur at competitive prices
ADF A security created by a US bank that evidences ownership to a specified number of shares of a foreign security held in a depositary in the country of the issuing company
administrator An official or agency that administers the securities laws of a state
ADF alternative display facility.
ACT Automated Confirmation Transaction Service
ACT Also disseminates last sale information to the public. The FINRA/Nasdaq TRF operates on the ACT technology platform. Upload functionality for the ACT platform is available through the Nasdaq Workstation/Weblink ACT
ADR (American Depositary Receipt) ADRs are nearly identical to US securities and facilitate lower transaction costs as well as dividend distribution.Similar to GDR (Global Depositary Receipt), which is traded outside the United States
Created by: itzmeef