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drawdown The reduction in account equity as a result of a trade or series of trades. Opposite of accumulation. |
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earnings per share (EPS) The portion of a company's profit paid on each share of common stock. EPS is calculated after paying taxes and preferred shareholders and bondholders. |
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earnings report An official quarterly or annual financial document published by a public company, showing earnings, expenses, and net profit. An accounting of all of a company's income, expenses, profits, and loses. It is used as a measure of a company's fundamental soundness. |
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electronic communication network (ECN) A computer system that accepts buy and sell orders from users and tries to match those buy and sell orders whenever possible. ECNs are useful both as a place to send "lay off" limit orders and as a place to find "take out" liquidity. The Fifth Market. |
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equities markets Entities organized to facilitate the buying and selling of equity securities, such as NYSE, Nasdaq, AMEX, and the ECNs. |
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equity Ownership. The value of the common shareholders' equity in a company as listed on the balance sheet. Also, the value of one's trading account. |
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exchange The marketplace in which shares, options, and futures on stocks, bonds, commodities, and indexes are traded. Principal United States stock exchanges are: New York Stock Exchange (NYSE), American Stock Exchange (AMEX), and the National Association of Securities Dealers Automated Quotation (Nasdaq). |
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execution The process of completing an order to buy or sell securities. Once a trade is executed, it is reported by a confirmation report; settlement (payment and transfer of ownership) occurs in the United States between one (mutual funds) and five (stocks) days after an order is executed. Settlement times for exchange-listed stocks are in the process of being reduced to three days in the United States. |
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exposure The condition of being subjected to a source of risk. |
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Fifth Market The trading of Nasdaq stocks through ECNs instead of directly through Nasdaq. |
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fill An executed order; sometimes the term refers to the price at which an order is executed. A partial fill occurs when a buyer will not take all the stock offered or the seller does not have enough shares to fill a buyer's order. |
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fill-or-kill An order that instructs the floor broker to fill the entire order immediately or cancel the entire ordera partial fill is not acceptable. |
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filled-at-next-level (FANL) An event in which a trader's order is executed at a price level higher than the expected buy entry, or lower than the expected sell level. This occurs most often when a market order gets issued when stocks or markets are fast moving. |
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financial instrument A document containing some legal right or obligation having monetary value or recording a monetary transaction. |
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