A security or asset whose price is quoted without any rights, benefits, or other privileges. For example, an xa share is one that is quoted ex all, i.e., excluding such rights and benefits. A share may be sold without the right to receive a dividend, rights issue, or any other current issue.

In general, “xa” denotes anything (particularly, instruments or securities such as stocks or bonds) that comes without any accrued supplementary values, rights, or privileges (such as the right to receive the maturing dividend). The seller retains all rights and advantages relating to that security.

Xa is also referred to as ex-all.