Glossary
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| 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.
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| 9:30X | 9:30X is the time at which the primary market disseminates the first print after the 9:30 am ET market
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| 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.
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| 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
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| accredited investor | has a net worth of $1 million or more, excluding home equity;
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| 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;
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| accredited investor | is an officer or director of the issuer; or is an institutional investor
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| 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.
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| accrual accounting | A method of reporting income when earned and expenses when incurred, as opposed to reporting income when received and expenses when paid.
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| accumulation account | An account established to hold securities pending their deposit into a municipal securi- ties unit investment trust.
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| accumulation stage | The period during which contribu- tions are made to an annuity account
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| 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.
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| ACES | A subscription service that allows order entry firms to route orders to their preferred market makers’ internal trading systems.(Advanced Computerized Execution Service)
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| ACT | Compares trade information provided by market participants and submits locked-in trades for clearance and settlement
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| Act of 1933 |
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| Act of 1934 |
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| active, competitive market | A market where no market maker dominates trading activity and where interdealer trades occur at competitive prices
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| 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
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| administrator | An official or agency that administers the securities laws of a state
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| ADF | alternative display facility.
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| ACT | Automated Confirmation Transaction Service
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| 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
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| 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
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