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Markets in which the prevailing price is determined through the free interaction of prospective buyers and
sellers, as on the floor of the stock exchange.
Auction rate preferred stock (ARPS)
Floating rate preferred stock, the dividend on which is adjusted every seven weeks through a Dutch auction.
Auditors report
A section of an annual report containing the auditors opinion about the veracity of the financial statements.
Australian Stock Exchange (ASX)
Established in 1987 following the amalgamation of the six independent stock exchanges operating in the
Australian State capitals. The A.S.X. is the tenth largest stock exchange in the world on the basis of
domestic capitalization.
Autex
Used in context of general equities. Video communication network through which brokerage houses alert
institutional investors of their desire to transact block business (a purchase or sale) in a given security.
Indications transmit small, medium, and large sizes only, with occasional limits mentioned. Supers are
messages with specific size and price included. Both indications and supers can only be seen by customers
(institutional subscribers to Autex). Trade recaps, advertised block trades entered by the dealer/subscribers,
are also displayed, but can be seen by both institutions and dealers. See: expunge, size.
Authorized shares
Number of shares authorized for issuance by a firms corporate charter.
Autocorrelation
The correlation of a variable with itself over successive time intervals. Sometimes called serial correlation
Automated Clearing House (ACH)
A collection of 32 regional electronic interbank networks used to process transactions electronically with a
guaranteed one-day bank collection float.
Automated Order System (AOS)
Investment banks computerized order-entry system which sends single order entries to D.O.T. (Odd-Lot) or
to investment banks floor brokers on the exchange. (Round lot, G.T.C. orders)
Automated Pit Trading (APT)
Introduced in 1989, A.P.T. is the L.I.F.F.E. screen-based trading system that replicates the open outcry
method of trading on screen. A.P.T. is used to extend the trading day for the major futures contracts as well
as to provide a daytime trading environment for non-floor trading products.
Automatic stay
The restricting of liability holders from collection efforts related to collateral seizure. Automatically imposed
when a firm files for bankruptcy under Chapter 11.
Autoquote
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