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* A *
Shares: Shares which are normally the same as ordinary shares but which do not carry the right to vote.
AAA: The highest rating for corporate securities such as bonds; it reflects the unquestioned solidarity of the instrument. The rating is issued by Standard and Poors and Moody's, two US credit rating agencies.
Above / below the line: Entries in the profit either before or after the tax charge.
Accrual Rate: The rate at which money builds up in a scheme.
Accrued Interest: The interest that a bond has earned since its most recent coupon was paid. The price for bonds ignores this element and quotes the price of bonds without accrued interest. However a buyer would have to pay for the interest that has accrued.
After hours trading: Trading that takes place outside the normal hours of the Exchange and does not appear in the closing prices. It is reported to the Exchange Authorities the next day.
Alpha: Alpha is an estimate of the return that can be expected from a share's fundamental characteristics, such as earnings growth.
Alternative Investments: The term alternative investment is used to refer to investing money in something other than gilts or shares. Examples would be, putting money into stamps, antiques or art.
Annuity: The income received either for a specific period or for life by the payment of an initial lump sum. Often used as a basis of a pension scheme. Income will depend on the prevailing interest rates and the expected life span of the recipient.
APR: The Annual Percentage Rate of interest charged on loans etc. defined by the Consumer Credit Act.
Arbitrage: The concept of making a profit without risk and without any net outlay of capital. The arbitrageur will simultaneously buy and sell the same asset or two bundles of assets that amount to the same and profit from the difference in price.
Asset: Within a portfolio shares, bonds and property are known as assets. Generally the term asset refers to something that has a realizable value or will generate net revenues greater than the cost of the item itself. Otherwise it is a liability.
At the money: A call option in which the exercise price is the same as the market price of the underlying security.
Authorized share capital: The amount of shares that a company is allowed to issue. Specified in the memorandum of association and requires a shareholder meeting to change the amount. Not all of the authorised share capital has to be issued.
ACH - Automated Clearing House (ACH): Electronic installation which enables to operate transfers on bank accounts, either debit or credit.
ATM - Automatic Teller Machine: ATMs are brought into service by banks or other financial institutions. ATMs supply cash in local currency to debit card holders. These machines are located in the OECD countries.
Averaging: If the price of a share falls below the purchase price, an investor can buy more shares and therefore reduce the average cost per share. This is called pound cost averaging.
Avoidance: The traditional meaning of avoidance by the tax authorities is the legal non payment of tax by making maximum use of provisions and loopholes in the legislation to reduce the amount of tax payable.
* B *
BA CS - Bank Automated Clearing System: Electronic system used by banks in the United-Kingdom to make direct transfers to credit or debit a customer's account.
Banker's Draft: Correspond to a cheque GB. It's a mean of payment drown by a bank to guarantee payment.
Banking secrecy:Extreme confidentiality from the bank towards their clients’ accounts. Banks don’t give any information about their clients’ business and accounts to fiscal administration, it’s written in the law. Banking secrecy can be broken only in case of crime.
Base rate: The lowest rate of interest that banks will charge for loans and deposits. It is related to the money markets which are in turn influenced by the minimum lending rate. The interest rate on most loans can be quoted as a percentage over base rate.
Basis: The difference in price between a futures price and the value of the underlying asset.
Bear market: A bear market is where prices have been falling for some time.
Bellwether stock: Bellwether Stock is one that is supposed to lead a market. They are generally stocks with a big capitalisation and also reflect the signs of which way the economies in which they trade are heading.
Beta coefficient: Used to measure a share's volatility or how much more or less a share's price moves compared with the market as a whole.
BIC - Bank Identifier Code: Unique address which enables to identify financial transactions. The BIC code is made off 8 or 11 characters including: the bank code, the country code, the location code and sometimes the agency code. BIC codes are allocated and managed by the SWIFT Company.
Bid: The price at which a market maker is prepared to buy stock. The opposite is the offer price which is the price at which he is prepared to sell stock. Hence the expression "the bid-offer spread".
Bill broker: One who trades in bills of exchange, either acting for themselves or as an intermediary for another.
Bills: Short-term fixed interest loan stock. Commonly issued by governments or very large corporations.
Bond: Bonds are securities that pay a fixed rate of interest issued by companies and governments. The repayment of the principal is due at a pre-determined date called maturity.
Bonus Issues: Also known as a capitalisation issue or Scrip issue is the issue of additional shares by a company to its shareholders at no cost.
Breakout: A price move that dynamically breaks through the current support or resistance level to signal a possible continuing move in that direction.
Bridging Loan: A short term loan that bridges the period between an immediate need and the time when a proper long-term facility can be arranged.
Broker: Professionals who buy and sell shares on behalf of their clients.
Bull markets: bull market is one where share prices generally have been rising across the whole market for some time.
Buy and hold strategy: A strategy that entails purchasing a company's shares and holding on to them over the long term as opposed to the more active strategies of trading in and out of shares on a frequent basis.
* C *
Call option: Call Option Is the right but not the obligation to buy and asset for a specific price usually within a specific period. Although just on a specific date if it is a European style option.
Cap: Fixing a maximum dealing price. Bluffers point out that the opposite, a collar or minimum price stops you risking your neck when dealing.
Capital Asset Pricing Model: A model used for valuing portfolios based upon market risk.
Capital gains: The increase in the capital value of investments.
Capital loss: A loss realised on the investment or an asset when it is sold.
Capitalisation issue: Also known as a scrip issue, a bonus issue a free issue or a gratis issue. It is the issue of new fully paid shares in a company to existing shareholders for free a basis pro-rata to existing holdings.
Capitalisation: The total number of shares issued by a company multiplied by its share price i.e. the total value put on the company by the market. This can also be applied to a market sector by adding the market caps of all the companies in the sector or, indeed, a market as a whole, by adding the market caps of all the stocks in that market.
Cash dividends: When a cash payment is made to holders of stock as a share of the company's after tax profits.
CHAPS - Clearing House Automated Payment System: Electronic system to make payments in Sterling or Euros the very same day.
Churning: A stockbroker advising his client to trade in order to generate commissions for a stockbroker regardless of the benefit to the portfolio is engaging in churning.
Circuit Breaker: A regulation used by the Stock Exchange to limit or delay trading because of sharp falls in the cash or futures markets.
Cirrus debit card: International bank card which can only be use to withdraw money at a cash point. This card may be anonymous in some banks. In this case, there's no name printed on the card and no connections with the cardholder can be made.
Close company: The legal definition of a closed company is one that is controlled by no more than five people who hold more than half the shares. A closed company must distribute a minimum percentage of profits as dividends. If it does not it will face tax penalties.
Closed-end fund, closed-end investment company: Regulated Investment Company which issues a fixed number of shares listed on its domestic market.
Conglomerate: A company that has many business activities and is not confined to one type or sector of business.
Consolidation: This is when a company proportionally increases the nominal value of each share whilst decreasing the number of shares in the issue.
Convertibles: Securities issued by a company to raise funds which can be converted at some point in the future into either preference or ordinary shares in that company.
Corporate bond: A form of loan where companies issues bonds to raise the loan and pay interest on the bonds to holders. Usually bonds expire on a fixed date, when the company repays the loan.
Coupon: The fixed rate at which interest is paid on a bond.
Credit card: The funds on this bank card are provided by the bank. A credit which has been negotiated with your banker is at your disposal and you can use it as u wish. It is therefore really a credit with a variable rate generally between 9.9% and 26.9%.
Current assets: The assets of a company that will be received as cash within a year.
* D *
Day Trading: A trading strategy that involves liquidating all positions before the end of the day to avoid risking any overnight losses.
Debenture: A fixed interest stock (bond) secured on the assets of a company. In the event of the liquidation of the company, the owners of the debentures would be paid before the holders of loan stock, preference shares and ordinary shares.
Debit card: The funds on this bank card are directly debited from your account and are subject to sufficient funds.
Deferred Shares: Part of the ordinary capital of a company, these shares have exactly the same rights as ordinary shares with the exemption that they do not get a dividend until certain conditions are met; for example, until after a specified date in the future or unless a certain level of profitability is reachable.
Deflation: Deflation is a downward trend in the measure of the retail prices index. It is the opposite of inflation.
Delta: This is the amount by which the price of an option should change against a given change in the value of the underlying instrument.
Dematerialisation: This is when share certificates held in paper form are converted so that the details are held electronically instead.
Depreciation: The concept that the cost of capital equipment should be written off over its useful life and not during the year in which the cost incurred.
Devaluation: A reduction in the value of currency against other currencies.
Derivates:Derivatives are financial instruments whose value is derived from the value of something else. The main types of derivatives are futures, forwards, options, and swaps.
Discount: The margin by which a share stands below its net asset value, particularly investment trusts which are often judged on this basis.
Diversification: Reducing risk by spreading investments among different investments, sectors, markets and instruments.
Dividend: The cash sum paid periodically on a company security, such as a share. Ordinary share dividends are more variable since the shares represent the risk capital in a business and the dividend is only paid after prior claims have been met.
Dividend cover: The number of times a company's available profits cover the money needed to pay dividends.
Dividend Yield: The dividend paid on a share expressed as a percentage of its share price.
Dow Jones: The stock market indicator for the New York Stock Exchange is updated every minute while the New York Stock Exchange is trading and is the most widely used measure of value of American corporate.
Downgrade: The reduction of the forecast profits or earnings for a company or the prospects for the share price or the reduction of a credit rating for a bond.
Downtrend: A succession of lower lows and lower highs on a bar chart.
* E *
Efficient frontier: The line on a chart that marks out the best combination of risk and return available to investors in a particular market.
Efficient portfolio: A portfolio which provides the best possible return for a given level of risk, or which offers the least risk for a given return.
Emerging market: An emerging market is the stock exchange of a country with a low income per capita but where industry is developing in such a manner that the country can be expected to have a greater influence on the world economy.
Enhanced scrip dividend: A corporate action in which a company extends voting rights to a non-voting or restricted voting class of shares, like those of the ordinary or other voting shares.
Equity: The value of a company, which is the property of its shareholders in the form of stocks as opposed to bonds hence these shares are commonly called equities.
ERM: Exchange Rate Mechanism where participating countries agree to uphold the value of their own currencies through intervention.
Euro Bond: A Bond which is issued by a Government or international corporation outside its country of origin and issued on the Eurobond market. This is an important source of capital for international corporations and governments.
Eurodollar: A U.S currency held in a U.S bank outside of the U.S.A, The first participants were in Europe hence the term Eurodollar although now dealing takes place in most parts of the world.
Ex-Warrant: Stock sold with the buyer no longer entitled to the warrant attached to the stock.
Ex-dividend: The purchaser of a security that is ex-dividend would not be entitled to the imminent dividend payment which will be paid to the seller of the shares.
Exchange rate: The price at which one country's currency can be exchanged for another.
Execution only service: Service which executes buy and sell orders for clients, but does not offer any investment advice or portfolio management.
Exercise Price: The price of an option contract at which the underlying stock or commodity can be bought (call) or sold (put) over the specified period of the contract.
* F *
Face Value: The face value is the nominal value that is put on each share in a company.
Failed signal: When the market fails to go in the direction of a technical analysis chart signal.
Fair Value: When an option or warrant is priced at the same level as an outcome of an options pricing model.
Fiduciary: Service Company generally located in Switzerland or Lichtenstein which provides legal, fiscal or counselling services.
Fiduciary portage: Operation by which the billing of a service can be made by a third party business mandated by the provider. More often the business is located in a different country that of the provider.
FIFO- first in, first out: First in, first out. A method of accounting for stocks, where the costs of the oldest stocks are deducted from revenues in computing profits.
Financial future: A futures contract where the underlying asset is a financial instrument such as a currency or an interest rate.
Fiscal year: Twelve-month period on which taxes are calculated, in the U.K. April 6th to April 5th but a company may use any twelve-month period after which the books are closed and profit or loss is established.
Fixed assets: Property, machinery and any other physical assets.
Flat market: Usually a period of low activity when the market is portrayed by horizontal price movement.
Flotation: The issue of shares in a company for the first time on a stock exchange or unlisted securities market.
Forward market: Currencies, commodities and securities can be dealt with either for immediate delivery known as the Spot Market or at sometime in the future on the price agreed now, forward market.
Free Cash Flow: The cash generated by a business that is left over after the prior claims needed to keep the business running have been met.
Funds to funds: Investments funds of which the placement is strategically limited to taking shares in other funds. The finality of these funds is to widen their diversity with regards to traditional investments.
Futures contacts: A contract to buy or sell a specified quantity of a particular commodity or instrument at a named date at some point in the future.
Futures Option: An option that gives its holder the right to buy a futures contract.
* G *
Gearing: The ratio of borrowings to ordinary shares. A highly geared company will have a high proportion of borrowings whose claims are prior to the ordinary shares.
Gold standard: A form of international exchange in which units of currency are convertible into fixed amounts of gold.
Good till cancelled: An order given to a broker usually at a particular price which remains in place until executed or cancelled by the customer.
Goodwill: The value of a company that a purchaser would be prepared to pay above its net asset value.
Grey market: Trading taking place between the launch of a new share issue and the arrival of official notification of the allotment of shares to applicants.
Guaranteed Stock: This is a bond, which is issued perhaps by a public body where the investor is given the comfort of knowing that a third party is guaranteeing the issue.
* H *
Hedge: Strategy to offset investment risk using any combination of long and/or short positions taken in securities, options or commodities in which one position reduces the risk of another.
Hedge fund: Fund which is usually formed as a partnership or an offshore investment corporation, open to a small number of wealthy investors which invests in many markets often taking large risks on speculative strategies.
Horizon Premium: The excess return that investors seek for holding comparatively risky long-term bonds as opposed to comparatively safe short-term ones.
Hostile takeover: Take over of a company where the board of the company are opposed to it and recommend to the shareholders that they reject the offer.
* I *
Immunisation: An investment strategy to protect the bond portfolio against the risk of rising interest rates.
IBAN - International Bank Account Number: Series of alphanumerical characters which identifies the account of a customer all around the world.
Implied Volatility: The figure derived from the market price of an option, it can be thought of as a measure of the risk of an instrument or portfolio at present as opposed to some period in the past, which is known as historic volatility.
Inflation: The term used to describe rising prices and the amount by which money loses it purchasing power.
Initial margin: A deposit required by an exchange as a 'good faith' guarantee against a loss from adverse market movements.
Initial public offer: Intangible assets are assets that have no physical form but which are separately identified from a company are other assets and to which a revenue stream can be attributed.
Intangible Assets: This is when share certificates held in paper form are converted so that the details are held electronically instead.
Interest Payment: A benefit distribution in which a cash payment is made to holders of certain types of loan stock issued by the company.
Interest cover: An accounting ratio, measuring the level of a company's profits relative to its interest charge in the profit and loss account.
Investment Fund:Fund which goal is to invest on financial markets and aims at giving a good profitability to the sharers who invested in the funds buying shares. The fund is constituted by a multitude of sharers in order to increase the investment capacities.
Investment Trust: Financial institution selling shares to individuals and investing in shares other companies have put forward.
IPO - International Payment Order: International payment made by banks. You must fill-in a transfer order which allows you to transfer capital from your account to that of the payee in a foreign bank.
Intrinsic value: The difference between the exercise price of an option and the market value of the underlying instrument.
Issuing House: As the name suggests Issuing Houses issue shares on behalf of companies trying to raise capital.
* L *
Laundering: The process of shifting illegally gained cash through accounts or transactions to disguise its source.
Level effect: The lever effect consists of buying items and paying some or the whole value of it by means of a loan.
LIFO: Last In First Out, It's a method of accounting whereby the cost of goods sold is higher and therefore the profit is lower.
Limit order: An order where the buyer or seller of a security or commodity has a set limit on the price or the time allowed for the contract to be completed.
Liquid market: A market, which permits relatively easy entry and exit of large orders because there are so many buyers and sellers.
Liquidity: The amount of a company's assets that can be easily converted into cash.
Loan stock: A fixed interest stock that may or may not be secured against all or a specific part of the assets of a company. The interest will be paid whether the company is profitable or not.
Local: Member of a futures exchange who trades for his or her own account, as opposed to a broker who executes orders on behalf of clients.
London Stock Exchange:The London Stock Exchange or LSE is a stock exchange located in London, England, United Kingdom. Founded in 1801, it is one of the largest stock exchanges in the world, with many overseas listings as well as British companies. The LSE is part of the London Stock Exchange Group plc.
Long: A trader or investor who holds a particular stock or commodity would be known as long in that stock.
* M *
Maestro debit card: International bank card which can be used to debit your account and to pay your purchases in shops showing the maestro logo. Unlike visa delta or MasterCard, the amount is debited from your account the same day.
Market value: The market value of a fund represents the value of its net actives. We calculate the market value of a fund by adding the valuing of each of the securities he holds in his portfolio deducting from this amount the expenses and the charges of the fund and by dividing it by the number of shares.
MasterCard debit card: International bank card to withdraw money and to pay for your purchases in shops showing the MasterCard logo. Payment is deferred and the amount will be debited from your account only 2 to 3 days later.
Merchant account: Bank account exclusively for people who work in the retail business.
Margin call: Traders on future markets are obliged to put up relatively small collateral deposits called the margin. If the price moves against the dealer the broker will ask for additional funds to maintain the ratio, which is called a Margin Call.
Maturity: Repayment date for investment, applied to a bond or life insurance policy.
Merger: The joining of two or more separate companies into one. The term merger is used where both companies are roughly on equal terms, which is different from a take-over, which occurs either when the bidding company is much greater in size than the target.
Money market: Wholesale short-term market for debt instruments issued with a maturity of one year or less.
Money market fund: A mutual fund or unit trust that invests its capital into short term money market assets, such as bank certificates of deposit.
Mutual Fund: A mutual investment fund made of capital placed by several investors. It is managed by a third party who has the responsibility to, on request; buy back the shares at their market value.
* N *
NASDAQ: The National Association of Securities Dealers Automated Quotation System. NASDAQ is the World's fourth largest Stock Exchange, behind New York, Tokyo and London.
Net asset value: The realisable value of an i.e. the sum total of the assets at market value less the sum total of the liabilities.
Noise trader: A derogative term used describes a stock market trader who buys and sells for all the wrong reasons.
NOMAD: Nominated Advisor. Every company whose shares are traded on AIM must have a NOMAD, drawn from a list of advisors approved by the stock exchange.
Nominal value: The value ascribed to a share when it is first authorised and issued by a company. Bears no relation to a share's value.
* O *
Offer: The price at which a market maker is prepared to sell stock.
Offer price: The price at which a dealer will sell a security in the market.
Open offer: A benefit distribution in which existing shareholders are offered an entitlement to purchase shares in proportion to their shareholdings as at record date.
Open-end investment company – open-end fund: Investment Company regulated with a portfolio from which the capital is variable. The shares are regularly bought and sold at their market value.
Option: Purchasing an option gives the purchaser the right but not the obligation to buy or sell a security. A call option is the right to buy and a put option is the right to sell. The price of the transaction is agreed at the time and is known as the striking price or exercise price.
Out of the money option: A call option where the strike price is higher than the price of the underlying instrument is out of the money.
Overbought: A term describing a market where prices are thought to have risen too steeply considering the underlying factors and are expecting a downward correction is expected.
Oversold: A term describing a market where prices are thought to have fallen too far considering the underlying factors and are expecting an upward correction is expected.
Over the counter options: Products are not traded on investment exchanges but are traded directly between investment firms and their clients so they can be tailored to meet customers needs and are not subject to any exchange's regulations.
* P *
Pari Passu: A corporate action in which a line of stock is issued by a company which is identical to the existing class of security except that it does not qualify for the dividend or has some restriction.
Parity: A term used to denote that shares or commodities are the same price in different markets.
Payback period: The time it takes for an investment to generate sufficient returns to payback its cost.
Peg: Link between one currency and another.
Penny shares: Low cost shares, so every penny represents a high percentage of the share's value.
PMLA:Prevent of Money Laundering is an act under the European Commission's control which aims at preventing the money laundering making banks responsible for any crime or offense in case of money laundering from one of their clients.
PMT: Perfect Market Theory, Assumption that prices automatically finds their correct level.
PIA: Personal Investment Authority is a self-regulatory authority that is concerned with the regulation of all types of investment that is aimed at or marketed to private investors with a view to insuring that these investors are treated fairly.
PIT: The common name for the area where dealings take place in derivative markets.
PVI: The Positive Volume Index monitors whether volume has increased from the previous day.
Pre-emption Rights: The rights of existing shareholders to maintain their proportionate ownership of a company.
Price to book ratio: The ratio between the market price of an ordinary share and the book value of the share. High ratio would indicate a high market valuation of the company.
Put option: A put option gives the holder the right, but not the obligation, to sell an underlying asset at a predetermined price at or before a fixed date.
* Q *
Quotation: The price at which a market maker will trade securities.
Quote driven: A system used by the Stock Market, usually electronic, in which prices are initially determined by quotations of dealers, or market makers.
Quoted company: A company whose shares are listed on an official Stock Exchange
* R *
Rate of change: Rate of change is a momentum indicator; it compares the price today with the price 'n' days ago.
Receiver: A receiver is appointed by the creditors of a company in financial trouble when they believe the existing management no longer has the ability to prevent its financial situation deteriorating further.
Redemption: A corporate action in which a company pays repays the loan stock to stock holders. Also known as a "repayment".
Return on capital: One of the most useful ratios in assessing the performance of a company. It shows the returns that a company generates from the capital that it uses.
Rights issue: A rights issue is when a company raises new capital. Existing shareholders are entitled to buy additional shares, normally in proportion to their existing holdings.
* S *
SEAQ: The Stock Exchange Automated Quotation system is a computer based trading system that displays market makers buy and sell prices.
SETS: Stock Exchange Electronic Trading Service is an electronic system to match bargains between buyers and sellers, without using the market makers.
SFA: The Securities and Futures Authority is a self-regulatory authority that is responsible for the regulation of companies involved in the futures and securities sectors of the financial services industry with a view to safeguarding investor's rights.
Share certificate: This is a document conferring ownership of a shareholding.
Shares: Shares confer ownership of a portion of the company. Normally shareholders are entitled to receive the company's accounts, attend its general meetings and vote on proposals.
Small cap stock: companies with low stock market capitalisation.
Solo debit card: Bank card used to withdraw cash and make national payments. If the card shows the sign maestro, you can also make international withdrawals and payments.
SWIFT - Society for Worldwide Inter bank Financial Telecommunication: Network which enables to make intra-bank payments. The idea is based on sending an instant and secure email. This system is used by nearly 7 000 financial institutions in about 200 countries in the world.
* T *
Takeover: A corporate action in which a bidding company seeks to obtain a controlling interest in a target company
Tax planning: Procedure aiming towards optimizing ones income by legally minimising tax pressure on a moral or physical individual.
Traded option: A traded option is a quoted vehicle. The market makers formulate a series of options for a large variety of stocks and commodities expiring at different times.
Transaction costs: Normally the mark up charged by market makers, agents' fees, taxes on fees and possibly a charge levied by the stock exchange itself, along with stamp duty.
Treasury bonds: A fixed interest security issued by the US Treasury to meet its long term funding needs.
Trend: Refers to the direction of prices. An uptrend is a succession of higher highs and higher lows; a downtrend is a succession of lower highs and lower lows.
Trend lines: A straight line in technical analysis that connects a series of chart low points to define an uptrend or a series of chart high points to define a downtrend.
Trust: The Trust is a legal bond created when a person (settler) transfers a capital to one or several people (trustees). The trustee becomes the legal earner of the assets of the trust. He is in charge of managing and distributing the assets to a beneficiary appointed by the settler.
* U *
Umbrella Fund: Investment fund made out of different types of actives (shares, bonds, monetary product...) which are divided in sections. Each section is an independent legal entity in itself. This will enable the investor who has subscribed to the fund to go from one compartment to the other according to his aims without having to pay any charges or very few.
Unit Investment Trust: Investment fund similar to the « mutual fund » with a portfolio exclusively made of various shares. The main difference with the mutual fund concerns the much less active management of the investment.
* V *
Value investing: An approach whereby shares whose price is below the net asset value of a company are sought out or where there are unexploited or under valued assets.
Variance: A number defining the extent to which a series of numbers vary from their average.
Vega: Measures the effect that a change in implied volatility on the underlying instrument has on the options price.
VHF: Vertical/Horizontal Filter is a trend intensity indicator that tries to determine whether prices are currently following a trend or not to help someone to decide which indicators to use.
Visa: Visa International Service Association (beholders of VISA).
Visa Delta: International bank card which allows you to make purchases from shops showing the visa logo. The payment is deferred and your account is only debited after 2 or 3 days.
Volatility: The statistical measure of the price variation of an instrument. An instruments volatility rating is a calculation of how volatile an instrument is by calculating how much its performance is divergent from the normal pattern.
Volume: Total number of individual financial instruments traded in a particular period.
* W *
Wall of money: Enormous sums waiting to be invested in the markets.
Warrant: A warrant is similar to a call option in that gives the holder the right but not the obligation to subscribe for ordinary shares in a company.