Found:  28 Items

S&P 500 Composite Index

Index of 500 widely held common stocks that measures the general performance of the market.

S&P Rating

Rating service provided by Standard and Poors that indicates the amount of risk involved with different securities.

Scrip Issue

(see Bonus Issue)


Any investment purchased with the expectation of making a profit. Securities include total or partial ownership of an asset, rights to ownership of an asset, and certificates of debt from an institution. Examples of securities include stocks, bonds, certificates of deposit, and options.

Security Analysis

An examination and evaluation of the various factors affecting the value of a security.

Self Regulatory Organisation

The organisations established under the Financial Services Act 1986 to deal with the day-to-day practicalities of authorising investment firms and monitoring their compliance with the regulatory requirements. The 1986 Actwas replaced by The Financial Services and Markets Act 2000 which introduced a new regulatory structure under the Financial Services Authority.

Self-Invested Personal Pension

This is a pension fund which is actively managed to the requirements of the pension holder. A SIPP can be used by both the self-employed and the employed (who are not members of an occupational scheme) to accumulate a tax-efficient investment portfolio which can provide a lump sum and future income on retirement.

Sell Out

Liquidation of a margin account after a customer has failed to bring an account to a required level by producing additional equity after a margin call. The selling of securities by a broker when a customer fails to pay for them. The complete sale of all securities in a new issue.

Sell Side

The retail brokers and research departments that sell securities and make recommendations for the brokerage firm's customers.

Seller's Market

Market in which demand exceeds supply. As a result, the seller can dictate the price and the terms of sale.

Sell-Side Analyst

An analyst employed by a brokerage firm or another firm that manages client accounts. Unlike that of the buy-side analysts employed by mutual funds, research produced by sell-side analysts is usually available to the public.


The conclusion of a securities transaction, as evidenced by the seller delivering the security and the buyer paying for it. Most securities, but not all, settle in three business days.

Settlement Risk

The risk that one party will deliver and the counterparty will not be able to pay and vice versa.

Share Price

The price quoted on a stock exchange at which the shares of a company are traded. The price may go up or down and reflects the outlook for that company in the eyes of the investment market.


Person or entity that owns shares or equity in a corporation.


Ability to meet obligations.

Special Situations

Companies where there is an unusual set of circumstances affecting future prospects. Some investment trusts have a portfolio emphasis on special situations, which may include recovery stocks, management buy-outs or companies which are expected to be takeover prospects.

Split Capital Trust

Investment trusts with more than one class of capital such as income and growth shares.

Stamp Duty

A tax payable on the purchase of ordinary shares, preference shares and convertible loan stocks (and on certain other transactions). Other loan stocks, including debentures, are exempt.

Stepped Interest Debenture Stock

A debenture stock on which the rate of interest payable by the lenders is increased by stages to a rate fixed until its final redemption.

Stepped Preference Shares

Preference shares whose dividend and/or capital entitlement increases annually by a predetermined amount. A feature of some split capital trust.

Stock Exchange Automated Quotation System

A system which provides electronic price displays for securities. SEAQ requires all competing market makers to quote buying and selling prices along with the number of shares in which they are prepared to deal at that price. These quotes are displayed on screens in brokers' offices. Dealing takes place by telephone and is subject to negotiation between the broker and the market maker.

Stock Exchanges

Formal organizations that are made up of members who use the facilities to exchange certain common stocks.

Stock Market

The market for trading equities. Also called the equity market. In other words, general an organized trading of stocks through exchanges and over-the-counter.


Broker who deals primarily with transactions involving stock.

Straight Through Processing

The generic term for the capability to electronically process a transaction or a piece of work through its administrative stages without the need for human intervention. In asset management - the investment process from order generation through to custodian reconciliation, where all steps of the process are controlled by inter-system communication.


An arrangement in which two entities lend to each other on different terms, e.g., in different currencies, and/or at different interest rates, fixed or floating.


A message writing system that connects worldwide participating banks. It is used primarily for the purpose of communicating payment information. Frequently, the SWIFT message is only part of an international payment process which might also employ a system such as CHIPS to fully implement the transaction.