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Long End of the Market

The furthest or far-way time horizon of a market for a specific investment/ security, commodity, etc. Generally speaking, it is...

Bid-Ask Spread

The difference between bid and offer prices (ask prices) for securities trading on exchanges or other types of venues. In...

SPT

An acronym for sub-penny trading; a trading practice where brokers and dealers post orders in dark (invisible) venues and unregulated...

Sub-Penny Trading

A trading practice where brokers and dealers post orders in dark (invisible) venues and unregulated markets in increments small than...

Sub-Penny Jumping

A jargon term (coined in the early 1990s) that surfaced in the market in the aftermath of changing the minimum...

Penny Jumping

A jargon term (coined in the early 1990s) that surfaced in the market in the aftermath of changing the minimum...

Pegging Algorithm

A trading algorithm that pegs its "floating" execution price to the movements of a reference price. It enables traders to...

Price Capture

A trading algorithm that capitalizes on minimization of implementation shortfall (IS). To that end, it balances the trade-off between market...

Dark Would MAQ

A minimum acceptable quantity (MAQ) order that is subject to "I would" levels to finish the order at a user-specific...

Lit Would MAQ

A minimum acceptable quantity (MAQ) order that is subject to "I would" levels to finish the order at a user-specific...