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January Break

The period of trading that follows the New Year's day and lasts until the end of January every year. Normally,...

January Effect

A seasonal rally in the broader market (especially of small loser stocks) that is caused, on the one hand, by...

Participate Algorithm

A trading algorithm that is used by electronic traders to execute orders at a constant participation rate in sync with...

Price Impact Cost

A component of execution costs; in turn, price impact cost consists of two components: bid-ask spread and price concession. It...

Pre-Trade Transparency

A type of price or trading transparency that involves providing information about prices at which trades at certain volumes may...

Post-Trade Transparency

A type of price or trading transparency whereby a trading venue, out of its obligation, provides regulators and market participants...

Non-Display Order

A trading order that is entered by market participants via computerized market systems (screen trading) as a bid or offer...

Cloaked Order

A trading order that is entered by market participants via computerized market systems (screen trading) as a bid or offer...

Sunshine Trade

A large trade that is intentionally publicized as an invitation to market participants to deal. Execution of the deal will...

Smart Order Router

A coding mechanism that slices a trading order according to the rules set out by an algo (algorithm) and then...