A large trade that is intentionally publicized as an invitation to market participants to deal. Execution of the deal will...

A trading algorithm that is used by electronic traders to execute orders at a constant participation rate in sync with...

A component of execution costs; in turn, price impact cost consists of two components: bid-ask spread and price concession. It...

A type of price or trading transparency that involves providing information about prices at which trades at certain volumes may...

A type of price or trading transparency whereby a trading venue, out of its obligation, provides regulators and market participants...

A provisional certificate, usually issued by a firm, that entitles the holder to receive a fractional share of stock. This...

A placeholder quote for stocks that is used by a market maker that wants to quote one side of a...

A client order that is resident in the internal book of a broker/ dealer with a duplicate that has an...

An order (buy or sell order) that is placed by an investor seeking to establish or offset a position by...

A price distortion in asset markets that results from using prices that are stale because of infrequent trading or lack...