Business / Finance Glossary

Window Contract: A brokerage firm's cashier department, where delivery of securities and settlement of transactions take place.

Window Dressing: A guaranteed investment contract purchased with deposits over some future designated time period (the 'window'), usually between 3 and 12 months. All deposits made are guaranteed the same cr . . . View Full Definition

Winners Curse: Trading activity near the end of a quarter or fiscal year that is designed to improve the appearance of a portfolio to be presented to clients or shareholders. For example, a portfolio manag . . . View Full Definition

Winnipeg Commodity Exchange: Problem faced by uninformed bidders. For example, in an initial public offering uninformed participants are likely to receive larger allotments of issues that informed participants know are . . . View Full Definition

Wire House: Canada's only agricultural futures and options exchange, located in Manitoba.

Wire Room: A firm operating a private wire to its own branch offices or to other firms, commission houses, or brokerage houses.

With Dividend: A department within a brokerage firm that receives customers' orders and transmits the orders to the exchange floor or the firm's trading department.

With Ice: Purchase of shares that entitle the buyer to the forthcoming dividend. Related: Ex-dividend.

With Rights: When issued.

Withdrawal Plan: Shares sold accompanied by entitlement the buyer to buy additional shares in the company's rights issue.

Withholding: Agreement that a mutual fund will disburse automatic periodic redemptions to the investor.

Withholding Tax: Used in the context of securities, the illegal practice of a public offering participant keeping some shares in a private account or with a family member, employee, or dealer to profit from . . . View Full Definition

Without: A tax levied by a country of source on income paid, usually on dividends remitted to the home country of the firm operating in a foreign country.

Without Recourse: Indicates a one-way market if 70 were bid in the market and there was no offer, the quote would be '70 bid without.'.

Woody: Giving the lender no right to seek payment or seize assets in the event of nonpayment from anyone other than the party specified in the debt contract (such as a special-purpose entity).

Working: Slang to describe a market moving strongly upward, as in, 'This market has a woody.'

Working Away: Attempting to complete the remaining part of a trade, by finding either buyers or sellers for the rest.

Working Capital: Transacting with another broker/dealer.

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