10-year moving average price/earnings
A price-to-earnings ratio in which the numerator (in a U.S. context) is defined as the real S&P 500 price index and the denominator as the moving average of the preceding 10 years of real reported earnings on the S&P 500.
The amount by which a security’s actual return differs from its expected return, given the security’s risk and the market’s return.
Accelerated book build
An offering of securities by an investment bank acting as principal that is accomplished in only one or two days.
An approach to investing in which the investor seeks to outperform a given benchmark.
The return on a portfolio minus the return on the portfolio’s benchmark.
Said of a market, a financial system, or an economy that promotes the allocation of resources to their highest value uses.
An order that includes the instruction to trade only if the trade fills the entire quantity (size) specified.
Alternative trading system
Trading venues that function like exchanges but that do not exercise regulatory authority over their subscribers, except with respect to the conduct of the subscribers’ trading in their trading systems.
American depository receipt
A U.S. dollar-denominated security that trades like a common share on U.S. exchanges.
American depository share
The underlying shares on which American depository receipts are based. They trade in the issuing company’s ...