Business / Finance Glossary

Australian Stock Exchange (ASX): Established in 1987 following the amalgamation of the six independent stock exchanges operating in the Australian state capitals. The ASX is the tenth-largest stock exchange in the world on . . . View Full Definition

Autex: Video communication network through which brokerage houses alert institutional investors of their desire to transact block business (a purchase or sale) in a given security. Indications tran . . . View Full Definition

Authentication: In the context of bonds, refers to the validation of a bond certificate.

Authority Bond: A bond issued by a government agency or a corporation created to manage a revenue-producing public enterprise. The difference between an authority bond and a municipal bond is that margin pr . . . View Full Definition

Authorized Shares: Number of shares authorized for issuance by a firm's corporate charter.

Autocorrelation: The correlation of a variable with itself over successive time intervals. Sometimes called serial correlation.

Automated Bond System (ABS): The computerized system that records bids and offers for inactively traded bonds until they are cancelled or executed on the NYSE.

Automated Clearing House (ACH): A collection of 32 regional electronic interbank networks used to process transactions electronically with a guaranteed one-day bank collection float.

Automated Customer Account Transfer (ACAT): For transfers of securities from a non-equity trading account to your equity trading account with your broker.

Automated Order System (AOS): Investment banks, computerized order entry system that sends single order entries to DOT (Odd-Lot) or to investment banks, floor brokers on the exchange. See: Round lot, GTC orders.

Automated Pit Trading (APT): Introduced in 1989, APT is the LIFFE screen-based trading system that replicates the open outcry method of trading on screen. A.P.T. is used to extend the trading day for the major futures c . . . View Full Definition

Automatic Extension: An automatic extension of time granted to a taxpayer to file a tax return.

Automatic Funds Transfer: A transfer of funds from one account or investment vehicle to another using electronic or telecommunications technology.

Automatic Investment Program: A program in which an investor can invest or withdraw funds automatically. A mutual fund, for example, automatically withdraw a pre determined specified amount from the investor's bank accou . . . View Full Definition

Automatic Stay: The restricting of liabilityholders from collection efforts related to collateral seizure. Automatically imposed when a firm files for bankruptcy under Chapter 11.

Automatic Withdrawal: A mutual fund that gives shareholders the right to receive a fixed payment from dividends on a quarterly or monthly basis.

Autoquote: Autoquote indicative prices are generated for many of the financial options contracts traded at LIFFE using standard mathematical models as derived by Black and Scholes and Cox, Ross, Rubins . . . View Full Definition

Autoregressive: Using past data or variable of interest to predict future values of the same variable.

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