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Investment and Trading Glossary

A B C D E F G H I J K L M N O P  Q  R S T U V W X Y Z

 

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ODD LOT

An amount of a security that is less than the normal unit of trading for that security. Generally, an odd lot is fewer than 100 shares of stock or five bonds.

OMNIBUS ACCOUNT

An account opened in the name of an investment adviser or a broker-dealer for the benefit of its customers. The firm carrying the account does not receive disclosure of the individual customers´ names or holdings and does not maintain records for the individual customers.

OPTION

A security that represents the right to buy or sell a specified amount of an underlying investment instrument ---a stock, bond, futures contract, etc.--- at a specified price within a specified time. The purchaser acquires a right, and the seller assumes an obligation.
OR BETTER ORDER (OB)

See limit order.

ORDER DEPARTMENT

The department within a brokerage firm that transmits orders to the proper market for execution and returns confirmations to the appropriate representative.

ORDER MEMORANDUM

The form completed by a registered rep that contains customer instructions regarding the placement of an order. The memorandum contains such information as the customer´s name and account number, a description of the security, the type of transaction and any special instructions.

Syn. order ticket.

ORDINARY INCOME

Earning other that capital gain.

OTC

Over the counter.

 

The term used to describe a security that is traded though the telephone -and computer- connected OTC market rather than through an exchange.

OTC MARGIN SECURITY

A security that is not traded on a national exchange but that has been designated by the Federal Reserve Board as eligible for trading on margin. The Fed publishes a list of such securities.

See also margin security.

OUT-OF-THE-MONEY

The term used to describe an option that has no intrinsic value, such as a call option when the stock is selling below the exercise price or a put option when the stock is selling above the exercise price.

See also at-the-money; in-the-money; intrinsic value.

OUTSTANDING STOCK

Equity securities by a corporation and in the hand of the public; issued stock that has not been reacquired by the issuers.

OVERBOUGHT

A technical analysis term for a market in which more and stronger buying has occurred that the fundamentals justify.

OVERSOLD

A technical analysis for a market in which more and stronger selling has occurred that the fundamental justify.

OVER THE COUNTER

See OTC
OVERTRADING

See churning.