Business / Finance Glossary

Clean: The division of stock into more than one class of common stock, usually called Class A and Class B. The specific features of each class, which are set out in the charter and bylaws, usually . . . View Full Definition

Clean Opinion: In the context of general equities, block trade that matches buy or sell orders/interests, sparing the block trader any inventory risk (no net position and hence none available for additiona . . . View Full Definition

Clean Price: An auditor's opinion reflecting an unqualified acceptance of a company's financial statements.

Clean Up: Bond price excluding accrued interest.

Clean Your Skirts: In the context of general equities, purchase/sale of all the remaining supply of stock, or the last piece of a block, in a trade-leaving a net zero position.

Clear: In the context of general equities, 'make all your obligated calls'; check with all prior obligations in a security. Often preceded by 'subject to.'

Clear A Position: To settle a trade is settled out by the seller delivering securities and the buyer delivering funds in the proper form. A trade that does not clear is said to fail. Comparison of the details . . . View Full Definition

Clear Title: To eliminate a long or short position, leaving no ownership or obligation.

Clearing Corporations: Title to ownership that is untainted by any claims on the property or disputed interests, and therefore available for sale. This is usually checked through a title search by a title company.

Clearing House Automated Payments System (CHAPS): Organizations that are affiliated with exchanges and are used to complete securities transactions by taking care of validation, delivery, and settlement.

Clearing House Electronic Subregister System (CHESS): A computerized clearing system for sterling funds that began operations in 1984. It includes 14 member banks, nearly 450 participating banks, and is one of the clearing companies within the . . . View Full Definition

Clearing House Funds: CHESS is the automatic transfer and settlement system for the majority of Australian Stock Exchange (ASX) listed securities.

Clearing House Interbank Payments System (CHIPS): Funds from the Federal Reserve System, requiring three days to clear, that are passed to and from banks.

Clearing Member: An international wire transfer system for high-value payments operated by a group of major banks.

Clearinghouse: A member firm of a clearing house. Each clearing member must also be a member of the exchange. Not all members of the exchange, however, are members of the clearing organization. All trades . . . View Full Definition

Clientele Effect: An adjunct to a futures exchange through which transactions executed on its floor are settled by a process of matching purchases and sales. A clearing organization is also charged with the p . . . View Full Definition

Clone Fund: Describes the tendary of funds or investments to be followed by groups of investors who have a simular preferences that the firm follow a particular financing policy, such as the amount of l . . . View Full Definition

Close: A new fund set up in a fund family to emulate another successful fund.

Close A Position: The close is the period at the end of the trading session. Sometimes used to refer to closing price. Related: Opening.

Close Market: In the context of general equities, eliminate an investment from one's portfolio, by either selling a long position or covering a short position.

Closed Corporation: An active market in which there is a narrow spread between bid and offer prices, due to a high volume of trading and many competing market makers.

Closed Fund: A corporation whose shares are owned by just a few people, having no public market.

Closed Out: A mutual fund that is no longer issuing shares, mainly because it has grown too large.

Closed-End Fund: Position that is liquidated when the client does not meet a margin call or cover a short sale.

Closed-End Management Company: An investment company that sells shareslike any other corporation and usually does not redeem its shares. A publicly traded fund sold on stock exchanges or over the counter that may trade ab . . . View Full Definition

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