Super Finance Glossary

Finance

Over 10,000 financial glossary terms...

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One-way Market
Definition: (1) A market in which only one side, the bid or asked, is quoted or firm. (2) A market that is moving strongly in one direction.
OPD
Definition: Tape symbol showing either the first transaction of the day in a security after a delayed opening or the opening transaction in a security whose price has experienced a large rise or fall from the previous day's closing price.
Open
Definition: Used in the context of general equities. Having either buy or sell interest at the indicated price level and side of a preceding trade. "Open on the buy/sell side" means looking for buyers/sellers (for someone who is a seller/buyer). Antithesis of clean.
Open Account
Definition: Arrangement whereby sales are made with no formal debt contract. The buyer signs a receipt, and the seller records the sale in the sales ledger.
Open Bank Assistance (OBA)
Definition: A resolution method in which an insured bank in danger of failing receives assistance in the form of a direct loan, an assisted merger, or a purchase of assets. OBA usually entails a change in bank management and requires substantial dilution of shareholder interest in the troubled institution. Originally, as provided in the FDI Act, the FDIC could grant open bank assistance only if the institution's continued operation was deemed "essential." With the passage of the Garn-St Germain Depository Institutions Act of 1982, an institution could receive assistance if the cost of the assistance was less than the cost of liquidating the institution. When FDICIA was enacted in 1991, OBA had to be deemed least costly to the insurance fund of all possible resolution methods. A later amendment to FDICIA prohibited providing assistance to the shareholders of a troubled institution.
Open Book
Definition: See: Unmatched book
Open Contracts
Definition: Contracts that have been bought or sold without completion of the transaction by subsequent sale or purchase, or by making or taking actual delivery of the financial instrument or physical commodity.
Open Depending On The Floor
Definition: Used for listed equity securities. Having room for a customer buyer or seller contingent on the results of a trade being executed on the floor (i.e., satisfying the specialist book and the orders the trader opened up). See: Open on the print, subject.
Open Interest
Definition: The total number of derivatives contracts traded that have not yet been liquidated either by an offsetting derivative transaction or by delivery. Related: Liquidation.
Open On The Print
Definition: Used in the context of general equities. Block trader's term for a block trade that has been completed with an institutional client and printed on the consolidated tape, but leaves the block trader with stock available (because the trader has taken a long or short position to complete the trade) for new customers who are on the opposite side of the market to the initiating customer.
Open Order (good-till-cancelled, GTC Order)
Definition: Order to buy or sell a security that stays active until it is completed or the investor cancels it.
Open Order (or Orders)
Definition: An order that remains in force until it is canceled or until the futures contracts expire. See Good 'Till Canceled and Good This Week orders.
Open Outcry
Definition: A method of public auction, common to most US commodity exchanges, where trading occurs on a trading floor and traders may bid and offer simultaneously either for their own accounts or for the accounts of customers. Transactions may take place simultaneously at different places in the trading pit or ring. At most exchanges outside the US, open outcry has been replaced by Electronic Trading Platforms. See Specialist System.
Open Policy
Definition: A marine cargo insurance policy issued to cover various unspecified exports over the life of the policy.
Open Position
Definition: A net long or short position whose value will change with a change in prices.
Open Repo
Definition: A repurchase agreement with no definite term. The agreement is made on a day-to-day basis, and either the borrower or the lender may choose to terminate. The rate paid is higher than on overnight repo and is subject to adjustment if rates move.
Open Trade Equity
Definition: The unrealized gain or loss on open futures positions.
Open Up
Definition: Used in the context of general equities. Disclose more information (e.g., the exact price and quantity of one's potential interest). See: Put pants on it.
Open-end Credit
Definition: Revolving line of credit that is extended with every purchase or cash advance.
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