When dealers give prices to traders who sell them. The price takes into consideration the supply and demand on the market. Refer to dealer and orderdriven market.

The difference between the bid and offer amount. The transaction has not yet occured. Refer to effective and realized spread.

An agreement where an insurer agrees to absorb loss at a percent rather than a specified cash amount. Refer to surplus share.

When a company cannot share any news because it is registering a new issue.

A companies ability to use its near cash and quick assets to absorb liabilities.

The amount of a firms most liquid assets. They include stock, cash, accounts recievable, and securities. It is a measure of the current assets minus inventory. Refer to quick ratio.

An arbitrage that uses internal funds instead of external funds. Refer to pure arbitrage.

An options whose profits are from derivative into foreign currency. The investor can participate in the foreign markets and still be protected from risk. AKA guaranteed exchange rate option and quantity adjusted option.

An audit done by a third party because the company is holding back important information. The financial statements cant be verified becasue of this. Refer to adverse and unqualified option.

An investor allowed to trade privately securities not offered on the public market. It adds liquidity by getting rid of unmarketable securities. These sales are allowed by the US as long as the contract agreed upon is met.

a schedule filed by an insurer with the state, listing the insurer’s business expenses. This listing is required by the New York State code