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BIS
See: Bank for International Settlements
Black market
An illegal market.
Black-Scholes option-pricing model
A model for pricing call options based on arbitrage arguments. Uses the stock price, the exercise price, the
risk-free interest rate, the time to expiration, and the expected standard deviation of the stock return.
Invented by Fischer Black and Myron Scholes in 1973.
Blanket inventory lien
A secured loan that gives the lender a lien against all the borrowers inventories.
Block
Large quantity of stock or large dollar amount of bonds held or traded. As a rule of thumb, 10,000 sharesor
more of stock and $200,000 or more worth of bonds would be described as a block.
Block call
Used in the context of general equities. Conference meeting during which customer indications and orders,
along with the traders own buy/sell preferences, are highlighted to the entire organization. See block list.
Blocked currency
A currency that is not freely convertible to other currencies due to exchange controls.
Block house
Brokerage firms that help to find potential buyers or sellers of large block trades.
Block list
Used in the context of general equities. Listing of stock the investment bank is looking for (wants to buy) or
in touch with (want to sell) at the beginning of the day, whether on an agency or principal basis. Input on the
previous days trading, objectives for the coming trading session, and information throughout the trading day
is received from O.T.C., international arbitrage, listed, and convertible traders, for review and discussion
during a block call.
Block trade
A large trading order, defined on the New York Stock Exchange as an order that consists of 10,000 shares
of a given stock or a total market-value of $200,000 or more.
Block trader
A dealer who will take a position in the block transactions to accommodate customer buyers and sellers of
blocks. See dealer, market maker, principal.
Block voting
A group of shareholders banding together to vote their shares in a single block.
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