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O -
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Odd
Lot:
Any
number of securities that represents less than a board lot.
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Open-end
Fund:
An
open-end mutual fund continuously issues and redeems units, so the
number of units outstanding varies from day to day. Most mutual
funds are open-ended.
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Open
Mortgage:
A
mortgage that can be paid-off, refinanced, or renewed at any time,
without any penalty. Also known as a open-end mortgage.
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Open
Order:
An
order to buy or sell a security at a specific price, which is valid
until filled by the trader or cancelled by the client.
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Option:
A
device used to speculate or hedge in securities markets. Buying
a "call" option gives an investor the right to buy 100 shares of
a stock at a certain price within a specified time; buying a "put"
option allows an investor to sell as tock under the same conditions.
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Over
The Counter:
This
is the market for securities not listed on one of the exchanges.
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Out-of-the-Money:
The difference
between the market price of the underlying security and the option's
strike price. A call is out-of-the-money if the market price of
the security is below the strike price while a put is out-of-the-money
if the market price of the underlying security is above the strike
price.
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