Business / Finance Glossary

SLD Last Sale: A mortgage contract clause giving borrowers the right to skip payments if they are ahead of schedule.

Sleeper: Shortened version of 'sold last sale,' which shows up on the consolidated tape when a large change (one point for lower priced securities and two points for higher-priced securities) occurs . . . View Full Definition

Sleeping Beauty: Stock in which there is little investor interest but that has significant potential to gain in price once its attractions are recognized. Antithesis of high flyer.

Slippage: Often used in risk arbitrage. Potential takeover target that has not yet been approached by an acquirer. Such a company usually has particularly attractive features, such as a large amount o . . . View Full Definition

Slump: The difference between estimated transactions costs and actual transactions costs. The difference usually represents revisions to price difference or spread and commission costs.

Small Investor: A temporary fall in performance, often describing consistently falling security prices for several weeks or months.

Small Issues Exemption: An individual person investing in small quantities of stock or bonds. This group of investors makes up a minimal fraction of total stock ownership.

Small Order Execution System (SOES): Securities issues that involve less than $1.5 million are not required to file a registration statement with the SEC. Instead, they are governed by Regulation A, for which only a brief offer . . . View Full Definition

Small-Cap: Three-tiered system of automatic execution of an order at the best price. Size is either 200, 500, or, most often, 1000 shares.

Small-Firm Effect: A stock with a small capitalization, meaning a total equity value of less than $500 million.

Smart Money: The tendency of small firms (in terms of total market capitalization) to outperform the stock market (consisting of both large and small firms).

Smidge: Investors who make consistent profits in the market, regardless of the investing environment, by making wise, educated moves.

Smithsonian Agreement: Small amount of price, usually +/- 1/8 or 1/4.

Snowballing: A revision to the Bretton Woods international monetary system that was signed at the Smithsonian Institution in Washington, D.C., in December 1971. Included were a new set of par values, wid . . . View Full Definition

Social Security Disability Income Insurance: Used in the context of general equities. Process by which the exercise of stop orders in a declining or advancing market causes further downward or upward pressure on prices, thus triggering . . . View Full Definition

Socially Conscious Mutual Fund: Program financed by the Social Security tax to provide assistance to disabled individuals with disabilities expected to last at least one year, to compensate for lost income.

Society For Worldwide Interbank Financial Telecommunications (SWIFT): A mutual fund that does not invest in companies that have interests in socially unacceptable markets or produce harmful products or by-products, such as high levels of environmental pollution.

Soft Capital Rationing: A dedicated computer network to support funds transfer messages internationally between over 900 member banks world-wide.

Soft Currency: Constraints on spending that under certain circumstances can be violated or even viewed as constituting targets rather than absolute limits.

Soft Dollars: A money of a country that is expected to drop in value relative to other currencies.

Soft Landing: The value of research services that brokerage houses supply to investment managers 'free of charge' in exchange for the investment manager's business commissions.

Soft Market: A term describing a growth rate high enough to keep the economy out of recession, but also slow enough to prevent high inflation and interest rates.

Soft Spot: A buyer's market in which supply exceeds demand, causing little trading activity and wide bid-ask spreads.

Softs: Stocks or groups of stocks that remain weak in a strong market.

Sold Away: Tropical commodities such as coffee, sugar, and cocoa.

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