Glossary

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52 week high
The highest price for a security over the last 52 weeks.

52 week low
The lowest price for a security over the last 52 weeks.

975 Tax Certificate
(Formally referred to as a Section 352 Tax Certificate)

The Section 975 Tax Certificate includes the following information:

• Gross amount of Interest (before deduction of tax) paid in the tax year.
• Amount of tax deducted.
• Net amount of interest after deduction of tax.

The certificate may help you complete your income tax return, and it will be accepted by HM Revenue & Customs (HMRC) as evidence of tax deducted if you claim back tax.

352 Tax Certificate
Please see 975 Tax certificate

A

Account linking
Do you have more than one account? You can link your TD Waterhouse accounts and then access them from one username and login and receive one consolidated statement for your accounts. It's easy to do online, login with your single account details (it's not possible to link from a joint account). Then go to Account Administration/Link My Accounts.

Account management fee
We make an account maintenance charge, the Account Management Fee, for the supply of account services. This fee is applicable to accounts where we provide nominee and/or cash management facilities, but is only levied against accounts that have not traded in the previous quarter and that have a cash and/or stock balance of less than £5,000. This fee is £10 + VAT per quarter.

Acquisitions
One company takes over another by purchasing its assets and/or shares.

AIM
Alternative Investment Market. The London Stock Exchange's global market for smaller and growing companies.

Annual General Meeting (AGM)
An annual meeting called by the directors of a company that allow shareholders to stay informed and involved with company decisions and workings.

Asset transfer form
This is a TD Waterhouse form that will allow you to transfer shares that you hold with another broker to TD Waterhouse.

At best order
Any order to buy or sell a specified number of shares, which may be executed either in part or in full, at the prevailing prices in the market at the time the order is executed.

B

BACS
Bankers' Automated Clearing Services, can be used to withdraw funds from your Account by phone, the TD Waterhouse website or in writing.

Bed & ISA
If you wish to transfer existing share holdings into an ISA this cannot be done directly, but we can help you sell them and re-purchase them within the ISA wrapper; this is called Bed & ISA. For further details call our Customer Services Team on 0845 607 6002.

Best bid
The highest price any buyer has declared that they are willing to pay for a specific security at a given time, determined by the current quotes and orders in the trading system.

Best execution
When a broker deals for a client at the best available price for the size and kind of transaction concerned.

Best offer
The lowest price any seller has declared that they are willing to accept for a specific security at a given time, determined by the current quotes and orders in the trading system.

Bid offer spread
The difference between the buying and selling prices of a security.

Bid Situation
This security is currently engaged in a bid situation.

Blue chip
A publicly traded company known for the quality and wide acceptance of its products, services and management, and for its ability to profit and pay dividends to shareholders.

Bond price
The market price of a bond depends on the coupon rate, the market interest rate and the number of years to maturity. Bond prices are inversely related to interest rates.

Bonds
Debt securities issued by governments and companies as a means of raising capital which generally entitle the holder to a fixed-rate of interest during their life and repayment of the amount of the bond at maturity.

Bonus issue
The issue by a company of new shares which do not require any payment to be made by the shareholder. This has the effect of making the company's shares more marketable because of the increased number available and the lower market price.

Bonus shares
The issue of new fully paid-up shares to existing shareholders on a pro-rata basis. The impact of a bonus issue is to reduce the share price as the same market capitalisation of the company is spread over a larger number of shares, which in turn benefits the liquidity of the scrip.

Book cost
The original cost of an investment generally used to compare against the current market value.

C

Capital Gains Tax (CGT)
A tax on profit made from the disposal of assets over and above their CGT exemption in any one year.

Capitalisation Issue
Money from a company's reserves is converted into issued capital, which is then distributed to shareholders in place of a cash dividend. Also known as a bonus or scrip issue.

Cash Management
"Cash Management Services" (CMS) is a TD Waterhouse service offered alongside our Trading Account, which allows you to deposit funds and then manage your cash held with us both in relation to our stock broking services and otherwise.

Certificated Trade
A Certificated Trade means that shares purchased are represented in the form of paper certificates in the name of the shareholder rather than in electronic format in the nominee name of a broker. A share certificate is registered and issued to the shareholder directly from the company's registrar.

(CFD) Contracts for Difference Account
A CFD is a Contract For Difference. The contract is an agreement between broker and a trader to exchange the difference between the share price at the opening and the share price at the closing of a particular trade, so resulting in either a profit or loss.

With a CFD, you receive many of the benefits of share ownership (such as dividends and price performance) but you don't actually own the share. A CFD is a derivative product.

Change on the day
The difference between the previous days closing price and the current price.

CHAPS
Clearing House Automated Payment Service allows you to make a same day withdrawal from your TD Waterhouse Account, providing the request is received before 12:00pm. CHAPS is subject to a charge as displayed on the TD Waterhouse rate card.

Closing Price
The mid price at the time of the close on the previous trading day.

Commission
The fee that a broker may charge clients for dealing on their behalf.

Commodity
Any item that can be bought and sold. Taken to refer to Exchange-traded items, including sugar, wheat, coffee, tin etc.

Consideration
The money value of a transaction (number of shares multiplied by the price) before adding or deducting commission, stamp duty etc.

Consolidated Tax Certificate (CTC)
A Consolidated Tax Certificate (CTC) details all dividend payments received between the period of April 6th to April 5th of the following year.

Consolidated Tax Voucher (CTV)
Please see Consolidated Tax Certificate.

Consolidations
When a company reduces the number of shares it has in circulation by consolidating its share capital.

Contract Note
A contract note details the full title of stock, price, stamp duty (if applicable), consideration, commission, time of deal etc, and is sent no later than the next working day after a transaction is made.

Corporate Actions
A corporate action is an event initiated by a company that affects the shares issued by the company. This includes a wide range of corporate actions, including takeovers, rights issues, demergers, scrip dividends and conversions.

Counterparty
The participant with whom a trade is being transacted.

Coupon
This is a regular payment received by the bondholder over the lifetime of the bond. The coupon rate is expressed as a percentage of the face value of the bond.

Covered warrant
A security issued by a party other than the issuer or originator of the underlying asset, giving the holder the right (but not an obligation) to acquire a share or bond at a specific price and date.

CREST
CREST is the UK and Ireland's electronic registration and settlement system for equity share trading. CREST matches trades against payments and tells the company's registrars what names to add to the share register and which ones to delete. It means there is no need for the shuttling of paper share certificates.

Crest transfer form
This is an official form to be used for transferring certificated holdings to a CREST member such as a broker to be held by that CREST member in an electronic format.

Cum
Latin for 'with'. Used to indicate that the buyer of a security is entitled to the next dividend payment. So: 'Cum Dividend'.

D

Daily high
The highest price reached by a security or index during the day.

Daily low
The lowest price reached by a security or index during the day.

Dealer
Dealers buy and sell securities on behalf of the broking firm (or investment bank).

Dealing Password
A password issued by TD Waterhouse required when transferring funds and placing trades online. If you have lost or forgotten your Dealing Password, please call us on 0845 607 6002.

Debentures
A type of long-term unsecured bond (loan), taken out by a company, which it agrees to repay at a specified future date. Usually secured against specific assets (mortgage debentures) or through a floating charge on the firms assets.

The investor must still pay tax annually on his or her dividend income, whether it is received or reinvested.

Derivatives
A derivative is an instrument whose value depends on the performance of an underlying asset or security, which may be a commodity or a financial instrument.

Dividend
The part of a company's profits after tax, which are distributed to shareholders.

Direct debit
A payment system in which the payer authorises the payee to take funds from their bank account.

Drip dividend
A dividend reinvestment plan (DRIP) is an option offered by the underlying company which lets the investor automatically reinvest in the underlying equity rather than receive a quarterly dividend payment.

E

Entitlement Issue (Open Offer)
Shareholders are given the right to subscribe for the new fully paid share. The new shares are not issued in nil paid form.

EPIC
Exchange Price Input Computer (EPIC) code. A memorable code used to identify UK listed securities. For example the code for "Marks and Spencer Group Plc Ordinary 25p" shares is "MKS".

EPS
Earnings Per Share calculated as the net income attributable to ordinary shares for a specific period divided by the number of outstanding ordinary shares. Companies usually use a weighted average number of shares outstanding over reporting term.

Equities
Ownership interest in a company in the form of common stock or preferred stock.

eServices
eServices is the online access area for TD Waterhouse customers to view their Contract Notes, Statements and Corporate Actions. eServices allows you to conveniently access these documents online and therefore helps to reduce the amount of paper documents you receive altogether. To switch your documents to eServices rather than post, simply go to Account Administration / Document Preferences.

ETC
An Exchange Traded Commodity (ETC) is an investment vehicle that tracks the performance of an underlying commodity or group of commodities. It is a variation on the Exchange Traded Fund (ETF) and is traded just like normal shares.

ETF (Exchange traded fund)
A collective investment vehicles which track indices. They can allow low cost exposure to the performance of an index as quickly and efficiently as the most liquid UK stocks.

EUR
Euro - common currency of the European union.

Ex (Ex Dividend)
The opposite of 'cum', literally 'without'. Used to indicate that the buyer is not entitled to the next dividend payment. Thus ex Dividend or ex Rights.

Ex Rights
Trading has previously commenced "ex" rights on this stock.

Exchange
An exchange is an organised market place that provides access to capital and facilitates securities dealing through speedy and innovative trading platforms and services.

Exchange Market Size (EMS)
Exchange Market Size (EMS) is the maximum number of shares that the market makers are obliged to quote for a particular security. EMS is based on a percentage of the share's average daily turnover in the previous year.

Execution only
An execution only broker merely buys and sells shares on the instructions of the client.

Extended Settlement
Settlements periods that are above a T+3 settlement are considered as "extended settlements" which can carry a premium from the market.

F

Fill or Kill Order
An order which must be executed immediately at a specified price or better. If this order cannot be dealt in the market your order will be cancelled.

Final Dividend
The dividend paid by a company at the end of the financial year.

Financial year
The year for which corporate tax rates apply. It runs from April 1 of one year to March 31 of the next year.

Firm quote
A quote whose price is guaranteed. That is, market participants are obliged to deal at the displayed prices or volumes, when their quotes are firm. Firm quotes are displayed during the mandatory quote period.

Foreign Exchange
With a TD Waterhouse Trading Plus Account you can hold and change funds from one currency to another. The TD Waterhouse Trading Plus Account allows you to hold GBP Sterling, US Dollars, Euros and Canadian Dollars.

Forex
An over the counter market where traders conduct foreign exchange transactions. Forex is also known as the foreign exchange market.

FSA
An independent body which regulates the financial services industry in the UK.

(FSB) Financial Spread betting Account
A Financial Spread Betting Account allows a customer to place an agreement with a provider to exchange the difference between the open and closing value of the bet. With Financial Spread Betting, you are simply speculating on the direction of the future price movements in an underlying instrument; you specify an amount you want to bet on each point movement.

FTSE™ 100
An index of the share prices of the UK's 100 largest companies (by market capitalisation).

FTSE™ MID 250 Index (FTSE 250)
Financial Times Stock Exchange Mid 250 Index comprises the share prices of the 250 companies that follow the top 100 (comprising the FTSE 100).

Fund supermarket
TD Waterhouse customers can trade within the TD Waterhouse Fund Supermarket which gives you access to over 400 Unit Trusts and OEICs from the UK's top fund providers.

Funds
A fund is a collective investment scheme where money is pooled, which is invested in a portfolio of securities with a common investment purpose.

Futures
Securities or goods bought or sold at a fixed price for future delivery. There may be no intention to take them up but to rely upon price changes in order to sell at a profit before delivery.

G

GBP
Pound Sterling

GBX
Pence Sterling

Gilts or Gilt-Edged Securities
Debt securities issued on behalf of the Government.

Gross
The total amount before deductions (e.g. before tax deductions).

H

Hedging
A hedge is typically accomplished by making approximately offsetting transactions that will largely eliminate one or more types of risk. Hedging Investors can use derivatives and covered warrants to hedge investments.

High
The highest price that a security traded at during a certain time period.

I

Index
A statistical measure of the changes in a portfolio of stocks representing a portion of the overall market. For instance, the FTSE 100 and the S&P500 are examples of indices.

Indicative Quote
A quote whose price and volume are not guaranteed. Indicative quotes are displayed during the pre-mandatory quote period, and market participants are not obliged to deal at these prices.

International order book (IOB)
An order-driven trading service for international equities.

International Retail Service (IRS)
An order and quote-driven trading service for international equity market securities.

Investment trusts
An Investment Trust is a company quoted on the London Stock Exchange whose main activity is to invest in the shares of other companies on behalf of a client.

ISA transfer form
Allows you to transfer your existing ISA to TD Waterhouse

ISIN
International Securities Identification Number (ISIN). International code for a listed security.

Insolvency
The inability of a person (or a company) to settle debts.

J

K

L

Last trade price
The most recent price at which a specific security was traded.

Level 2 prices
Level 2 is professional information that brokers and city traders use. It shows the inner workings of the stock market by revealing market maker order books, and allows you to view live prices without the need to refresh the screen.

Limit order
An order to buy or sell a stock at a price you specify (the limit) or better. A limit order to buy would be executed at the limit or lower, while a limit order to sell would be executed at the limit or higher. You always place a buy limit order below the current stock price, and a sell limit order above the current stock price.

Liquidity
The ease with which a security can be traded on the market, usually defined by turnover.

Listed company
A company whose securities have been admitted to the UKLA's Official List and admitted to trading on the London Stock Exchange.

Long
A long position in the stock market means that an investor has purchased an underlying instrument with the expectation that its price will rise.

Lot size (Australia)
There are no lot sizes for the Australian Stock Exchange

Lot size (Hong Kong)
There are three different types of lot size;

Please note that each stock listed on the Hong Kong Stock Exchange has a different lot size. Details of these can be found at www.hkex.com.hk

• All purchases must be made in board lots
• All mixed and odd lot purchase lots will be rejected
• Sales can be placed in mixed and odd lots
• The sale of an odd lot will be made in the end of day auction which could affect the price.
• In the case of mixed lots the available board lot will be traded with the remainder treated as an odd lot.

Lot size (Singapore)
Singapore stocks can only be traded in lots of 1,000.

Low
The lowest price a security reached in a certain period of time. Opposite of high.

M

Margin
1. The difference between the cost price of a product and the selling price.
2. The amount deposited with a broker in order to obtain credit for purchase of shares or derivatives.

Market Abuse
A conduct that adversely affects a financial market and falls below the standards expected by the regular user of that market. The Financial Services Authority (FSA) can enforce disciplinary action against those who commit such abuses.

Market maker
A Securities firm which is obliged to offer to buy and sell securities in which it is registered throughout the mandatory quote period.

Market order
An unpriced order submitted to an order book to deal in a specified number of shares. Unexecuted portions of a market order are added to the order book.

Market price
The price of a security. For shares, there are two prices quoted on the exchange - bid price and offer price.

Market research tools
Our research centre focuses on key areas allowing you to find the information you need quickly and easily. Key areas include: Market News, Prices and Indices, Company Data and Charts, and Company Research.

Mergers
In a merger, two companies come together to become one. The shareholders of the merging companies often become joint owners of the combined entity.

Mid price
A price between the offer and bid price. The mid price is equal to the sum of the best bid price and the best offer price divided by two, and rounded up to be consistent with the relevant price format.

Mutual fund
A collective investment scheme in the US that pools investors' money to be invested in stocks, bonds and other securities.

N

NASDAQ
National Association of Securities Dealers Automated Quotation (NASDAQ) - the first electronic stock market.

Nominee
"Nominee" means the Broker's nominee, that is TD Waterhouse Nominees (Europe) Limited (registered number 979423) whose registered office is at Exchange Court, Duncombe Street, Leeds LS1 4AX.

NYSE
The New York Stock Exchange (NYSE), the world's largest stock exchange, with a combined market capitalisation of £6 trillion in 2002.

O

OEIC's
OEIC stands for Open Ended Investment Companies, their business is investment in securities on behalf of a client.

Options
The right (but not the obligation) to buy or sell securities at a fixed price within a specified period.

Order
An offer to buy or sell a tradable instrument with a variety of conditions attached. See limit, at best, fill or kill, execute and eliminate and market orders.

Order book
An automatic execution facility operated by the Exchange. Order books facilitate the trading of order book securities.

Order book security
A security that is admitted to trading on the order book.

Ordinary shares
The most common form of share. Holders may receive dividends in line with the company's profitability and recommendation of its directors.

Over the counter (OTC) contracts
OTC contracts are off-exchange futures contracts that are individually negotiated. These are tailor-made and illiquid.

P

Partial execution
When only a part of an order is executed.

Percentage (%) change
The percentage change in the price of a security, i.e. the percentage of change between the last trade and the previous day's closing price.

Pending Order
Indicates that an order which has been placed

Personal trading level (PTL)
Your personal trading level is allocated to you by TD Waterhouse and lets you trade up to a certain amount immediately without needing the cash in your account before hand, so giving you the time to transfer money into your account and allowing it to clear for when payment is due.

Pink sheets
Pink Sheets are the leading provider of pricing and financial information for the over - the - counter (OTC) securities markets in the U.S. They provide market maker quotations, historical prices and corporate information about OTC issues and issuers.

Portfolio
The Portfolio page shows all stock purchased within an account. The Portfolio page also shows 15 minute delayed prices and the gain/loss on a stock, calculated using the book cost for the stock. You can access the Portfolio page by logging in to your account and going to Accounts / Portfolio.

Preference Shares
These are normally fixed-income shares whose holders have the right to receive dividends before ordinary shareholders but after debenture and loan stock holders have received their interest.

ProTrader®
ProTrader® is a TD Waterhouse service designed for frequent traders, which includes the following features and benefits:

1. View streaming live Level II prices without the need to refresh the screen - so They can see the bid/offer price in real time.
2. View the order book at the LSE so They can better assess the direction in which the market is moving.
3. Build real-time lists of their target stocks.
4. See Their portfolio holdings and valuations move in real time.
5. View an integrated cockpit display, enabling Them to trade and view live market data simultaneously.
6. Stock prices available from a range of service providers.

Protrader® is subject to the charges displayed in the TD Waterhouse rate card.

Premium
When dealing on an extended settlement period of longer than T+10 the Retail Service Providers are not obliged to offer the displayed price and may add a funding charge of up to 1%. This additional funding charge is known as a premium.

Public offer
It is a method of flotation in which a company issues shares to the public at large, including private and institutional investors.

Publish Limit Order
Publishing Limit Orders means that your Limit Order will be made publicly visible to other market participants to facilitate earlier execution.

Q

Quote
An offer to buy or sell a quote driven security. Quotes are displayed by market makers that are registered in that security.

R

REIT's
REIT stands for Real Estate Investment Company and operates like an Investment Trust. It is a quoted company that owns and manages income-producing property, either commercial or residential, and is designed to offer investors income and capital growth from rented property assets in a tax efficient way.

Record date
The date, set by the company in question, on which an individual must own shares in order to be eligible to receive a declared dividend.

Registrar
An organisation responsible for maintaining a company's share register.

Rights issue
An invitation to existing shareholders to purchase additional shares in the company.

Rights shares
Companies issue more shares at a later stage to fund further projects. These are issued to existing shareholders on a pro-rata basis. Shareholders have an opportunity to subscribe to these shares at a price lower than the prevailing market price.

Redemption Date
The date on which a security (usually a fixed interest stock) is due to be repaid by the issuer at its full face value. The year is included in the title of the security; the actual redemption date being that on which the last interest is due to be paid.

Regular Investment Account (RIA)
This is a TD Waterhouse service. The Regular Investment Account or Regular Investment ISA is an online monthly investment service, which lets you either make small monthly payments to an ISA or a Trading Account, or you can also purchase stocks on a monthly basis for just £1.50 commission.

Retail Service Provider (RSP)
An RSP is a firm that provides the price feed for the online electronic quoting system similar to a computerised market maker. TD Waterhouse use a number of RSP's to help execute your order at the best price available electronically from an RSP.

Rollover
The transferring of funds from one investment to another such as rolling over the proceeds from a bond which has matured into another bond.

S

S&P 500
Standard & Poors Composite Index - an index comprising shares of 500 US companies reflecting the general trend in the US stock market.

Scheme of Arrangement
A non-optional event proposed by a company on its share capital.

Scrip dividend
An issue of shares available to shareholders that replaces a dividend payment. Shareholders have the option to forgo their dividend for the share alternative.

SEAQ
The Stock Exchange Automated Quotations system for UK securities.

SEATS PLUS
SEATS PLUS is a hybrid market model combining market maker quotes and an order book. All AIM and some Main Market listing securities are traded on SEATS PLUS.

Security Suspended
This security has been suspended from trading by the Exchange.

Securities
The general name for all types of stocks and shares.

SEDOL
Stock Exchange Daily Official List code, a 7 digit alphanumeric reference for a listed security.

SETS
Stock Exchange Electronic Trading Service (SETS), an order-driven trading service.

Settlement
The process of transferring stock from seller to buyer and arranging the corresponding movement of money between the two parties.

(SIPP) Self Invested Pension Plan
The TD Waterhouse SIPP offers all the tax advantages of a personal pension scheme but with the added benefit of substantially greater flexibility. You control the pension instead of the company managing the pension scheme, which means you choose where, how and when to invest your savings for retirement.

Sharegift
Sharegift allows you to donate shares that are of little or no value to charity free of charge.

Shareholder
A shareholder is an individual or organization owning stock in a company.

Shorting
Shorting a stock or going short is the selling of something not yet owned. People with often go short if they think the price of the underlying instrument is likely to decrease.

Stamp duty
A government tax levied on share dealing.

Stock
Stock is ownership, or equity, in a company. Investors buy stock in the form of shares, which represent a portion of a company's assets and earnings (capital).

Stockbroker
A securities firm which provides advice and dealing services to the public and which can deal on its own account.

Stockwatch
A tool allowing customers to build a virtual portfolio to build confidence and familiarise them with the processes and procedures when trading with TD Waterhouse.

Stop-Loss order
A stop-loss is an order which is placed at a price below the current price trading in the market. If the price hits the stop-loss limit your order will be triggered and traded at the best available price.

Suspension of trading
Any cessation of trading imposed by the Exchange, including a trading halt.

T

T+
The term T+ is used to denote the settlement date of any given trade, where T stands for trading day and the number represents how many days after the purchase or sale the trade settles.

Takeover
The acquisition of one business or company by another.

Third party
A person other than the named account holder who has access to and authority to deal on the account.

Tick size (Australia)

Tick size (Hong Kong)

Tick size (Singapore)

Touch
The best buying and selling prices available on SETS or from a market maker on SEAQ or SEAQ International in a given security at any one time.

Tolerance levels (Australia)
A BUY limit order can be placed up to a maximum of 20 ticks or 5% (whichever is smaller) above the last traded price. If a BUY limit order is placed greater than 20 ticks or 5% (whichever is smaller) above the last traded price, the order will be rejected by the market/exchange.

A SELL limit order can be placed up to a maximum of 20 ticks or 5% (whichever is smaller) below the last traded price. If a SELL limit order is placed greater than 20 ticks or 5% (whichever is smaller) below the last traded price, the order will be rejected by the market/exchange.

Tolerance levels (Hong Kong)
A BUY limit order must be placed at the current offer price or down to a maximum of 20 ticks below the current offer price. If a BUY limit order is placed above the current offer price or greater than 20 ticks below the current offer price, the order will be rejected by the market/exchange.

A SELL limit order must be placed at the current bid price or up to a maximum of 20 ticks above the current bid price. If a SELL limit order is placed below the current bid price or greater than 20 ticks above the current bid price, the order will be rejected by the market/exchange.

Tolerance levels (Singapore)
A BUY limit order must be placed at the current offer price or down to a maximum of 6 ticks below the current offer price. If a BUY limit order is placed above the current offer price or greater than 6 ticks below the current offer price, the order will be rejected by the market/exchange.

A SELL limit order must be placed at the current bid price or up to a maximum of 6 ticks above the current bid price. If a SELL limit order is placed below the current bid price or greater than 6 ticks above the current bid price, the order will be rejected by the market/exchange.

Trade
A trade is a deal made on the London Stock Exchange. Sometimes referred to as a 'bargain'.

Trading platform
A trading platform is the technology infrastructure in a stock exchange that is used to support one or more trading services.

U

Unit trusts
These are open-ended funds where private investors pool their money to be invested in a portfolio of securities. Unit trusts issue units to investors.
Unit trusts issue units in response to demand. Being open-ended, unit price is closely aligned to the net asset value (NAV) of the fund.

Upgrade form
A form allowing you to upgrade your current TD Waterhouse account to gain access to a whole range of convenient services and new markets.

USD
US Dollars

Username
Your TD Waterhouse username allows you to log into your account online and pass telephone authentication. For accounts opened since February 2003, your username will be the same as your seven-digit account number. For accounts opened prior to February 2003, please call 0845 607 6001 and we will be able to assist you.

V

virt-x
A cross-border stock exchange for European blue chips.

Volatility
A measure of the amount of movement in the price of an instrument.

Volume
The daily cumulative volume for each security.

Voting rights
The entitlement of ordinary shareholders to vote in person or by proxy at annual meetings or annual general meetings.

W

w8 ben form
enables you to trade in international equities on Trading, trading ISA, and SIPP accounts. Obtaining this documentation ensures that we can give you any appropriate tax relief on income paid to you from US stocks and shares.

Warrants
Securities giving the holder a right to subscribe to a share or a bond at a given price and from a certain date.

X

Y

Z

Zero coupon bonds
Zero coupon bonds are corporate or municipal debt securities that trade at a deep discount from the face value, as the bond pays no interest to the bondholders during its lifetime.