Business / Finance Glossary

Speculative Demand (For Money): Purchasing risky investments that present the possibility of large profits, but also pose a higher-than-average possibility of loss. A profitable strategy over the long term if undertaken by . . . View Full Definition

Speculative Motive: The need for cash to take advantage of investment opportunities that may arise.

Speculative-Grade Bond: A desire to hold cash in order to be poised to exploit any attractive investment opportunity requiring a cash expenditure that might arise.

Speculator: Bond rated BA or lower by Moody's, or BB or lower by S&P, or an unrated bond.

Speed: One who attempts to anticipate price changes and, through buying and selling contracts, aims to make profits. A speculator does not use the market in connection with the production, processi . . . View Full Definition

Spike: Related: Prepayment speed

Spin-Off: Order ticket that shows the stock, price, number of shares, type, and account of the order. Origin: Practice of placing the ticket on a metal spike upon execution or cancellation.) Spike is . . . View Full Definition

Spins: A company can create an independent company from an existing part of the company by selling or distributing new shares in the so-called spin-off.

Split: Stands for Standard & Poor's 500 Index Subordinated Notes.

Split Commission: Sometimes, companies split their outstanding shares into more shares. If a company with 1 million shares executes a two-for-one split, the company would have 2 million shares. An investor wi . . . View Full Definition

Split Offering: A commission shared between a broker and a financial adviser or other professional who brought the customer to the broker.

Split Order: A municipal bond issue that is made up of serial bonds and term maturity bonds.

Split Print: A large securities transaction that is divided into smaller orders that are spread out over some period of time to avoid large fluctuations in the market price.

Split Rating: Block trade printed at two different prices. Often used in dividend rolls to get an average price equal to the dividend.

Split Stock: Two different ratings given to the same security by two important rating agencies.

Split-Coupon Bond: (1) Purchases or sales shared with others. (2) Division of the outstanding shares of a corporation into a large number of shares. Ordinarily, splits must be proposed by directors and approve . . . View Full Definition

Split-Fee Option: A bond that begins as a zero-coupon bond paying no interest and converts to an interest paying bond on a future date.

Split-Rate Tax System: An option on an option. The buyer generally executes the split fee with first an initial fee, with a window period at the end of which (upon payment of a second fee) the original terms of th . . . View Full Definition

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