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Accounting & Investement Dictionary

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An alphabetical listing of General terms and items.

 
GAAP   Dico Tools
(generally accepted accounting principles): Authoritative guidelines that define accounting practice at a particular time.


GAAS   Dico Tools
(Generally accepted auditing standards): Auditing standards developed by the AICPA.


Gaijin   Dico Tools
Japanese term used to describe a nonJapanese investor in Japan.


Gap Opening   Dico Tools
In the context of general equities, opening price that is substantially higher or lower than the previous day's closing price, usually because of some extraordinarily positive or negative news.


Garbatrage   Dico Tools
Rising stock prices and increased market activity in an entire sector caused by a psychology change stemming from a major takeover involving two companies in the sector. Speculators feel other takeovers are likely in the sector. See: Rumortrage.


Garman-Kohlhagen Option Pricing Model   Dico Tools
A model widely used to price foreign currency options.


Garnishment   Dico Tools
A court order requesting that an employer deduct a percentage of the employee’s paycheck and send it to the creditor before the paycheck is given to the employee.


Gather In The Stops   Dico Tools
A market strategy in which investors sell stocks to drive prices to a level that breaks through stop orders known to exist. Once the price is low enough, the stop orders become market orders and are executed, to create snowballing.


GDP Implicit Price Deflator   Dico Tools
An economic technique used to account for inflation by comparing the current-dollar gross domestic product GDP to constant-dollar GDP as a ratio. The ratio accounts for price changes of goods and services that make up GDP and changes in the composite of GDP.


General Account   Dico Tools
Federal Reserve Board's term for a margin account provided to a customer by a brokerage firm. Governed by Regulation T of the FED.


General Agreement On Tariffs And Trade   Dico Tools
A treaty adopted by the United Nations aimed at elimination of international trade barriers between member countries.


General Cash Offer   Dico Tools
A public offering made to investors at large.


General Ledger   Dico Tools
Accountint records that show all the financial statement accounts of a business.


General Ledger (GL)   Dico Tools
The general ledger: is a main Account (book) in the chart of account, sometimes known as the nominal ledger, is the main accounting record of a business which uses double-entry bookkeeping. It will usually include accounts for such items as current assets, fixed assets, liabilities, revenue and expense items, gains and losses. Each General Ledger is divided into two sections. The left hand side lists debit transactions and the right hand side lists credit transactions. This gives a 'T' shape to each individual general ledger account


General Lien   Dico Tools
An attachment that gives the lender the right to seize the personal property of a borrower who has not fulfilled the obligations of the loan, but prevents the lender from seizing real property.


General Loan And Collateral Agreement   Dico Tools
The agreement governing the broker-dealer's borrowing against listed securities from a bank for the purpose of carrying on business and making transactions. See: Broker loan rate.


General Mortgage   Dico Tools
A type of obligation that covers all a borrower's mortgageable properties, not just one specific property.


General Obligation Bonds   Dico Tools
Municipal securities secured by the issuer's pledge of its full faith, credit, and taxing power.


General Partner   Dico Tools
A participant who has unlimited liability for the obligations of a partnership.


General Partnership   Dico Tools
A partnership in which all participants are general partners.


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General Revenue   Dico Tools
The sum of taxes, charges, and miscellaneous income taken in at the state and local level while neglecting overlapping revenue which may be erroneously counted twice.


General-purpose Financial Statements   Dico Tools
The financial reports intended for use by a variety of external groups; they include the balance sheet, the income statement, and the statement of cash flows.


Generally Accepted Accounting Principals   Dico Tools
The overall conventions, rules, and procedures that define accepted accounting practice at a particular time in the U.S.


Generally Accepted Accounting Principles   Dico Tools
(GAAP): Authoritative guidelines that define accounting practice at a particular time.


Generally Accepted Auditing Standards   Dico Tools
(GAAS): Auditing standards developed by the AICPA.


Generation-skipping Transfer Or Trust   Dico Tools
A trust in which a principal amount is placed in a trust on the death of person A and is transferred to A's grandchildren when A's children die. The income from the trust goes to the children of person A while they survive.


Geographic Risk   Dico Tools
Risk that arises when an issuer issues policies concentrated within certain geographic areas, such as the risk of damage from a hurricane or an earthquake.


Geometric Mean Return   Dico Tools
Also called the time-weighted rate of return, a measure of the compound rate of growth of the initial portfolio market value during the evaluation period, assuming that all cash distributions are reinvested in the portfolio. It is computed by taking the geometric average of the portfolio subperiod returns.


Gestation Repo   Dico Tools
A reverse repurchase agreement between mortgage firms and securities dealers. Under the agreement, the firm sells federal agency-guaranteed MBS and simultaneously agrees to repurchase them at a future date at a fixed price.


Get Hit   Dico Tools
Go lower in price, when bids in the stock or market are hit, causing those bids to vanish and be replaced by lower ones. Come in. Antithesis of on the take.


Get Out   Dico Tools
Used in the context of general equities. Sell interest ("We could get out big size in Humana.")


Ghosting   Dico Tools
The illegal practice that one firm drives a stock's price higher or lower, while other conspiring firms follow its lead to influence up the price of the stock.


GIC   Dico Tools
See: Guaranteed Investment Contract


Gift Inter Vivos   Dico Tools
A piece of property or asset given from one living person to another.


Gift Splitting   Dico Tools
A technique used to avoid a gift tax in which a large sum of money to be given by two parents to a child is halved and given to the child separately For example, a husband and wife each donate $10,000 to their child rather than one parent donating $20,000.


Gift Tax   Dico Tools
A tax assessed on the giver of a property or asset as a gift. A $10,000 federal gift tax exemption exists per recipient. See: Gift splitting.


Gilt-edged Securities   Dico Tools
British and Irish government securities. Blue Chip.


Gilts   Dico Tools
British and Irish government securities. Blue Chip.


Ginnie Mae   Dico Tools
See: Government National Mortgage Association


Ginnie Mae Pass-through   Dico Tools
A security guaranteed by the Government National Mortgage Association that is backed by a collection of mortgages, in which the investor receives the interest and principal payments of participating homeowners.


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Give Up   Dico Tools
Used for listed equity securities. (1) Term used in a securities transaction involving three brokers, as follows: Broker A, a floor broker, executes a buy order for broker B (a member firm broker who has too much business at the time to execute the order). The broker with whom broker A completes the transaction (the sell-side broker) is broker C. Broker A "gives up" the name of broker B, so that the record shows a transaction between broker B and broker C even though the trade is actually executed between broker A and broker C; (2) distribution of commissions to brokerage houses not participating in a trade. This is a grey area of the law governing reimbursement of a broker for services (e.g., research). See: Directed brokerage.


Glamor Stock   Dico Tools
A popular stock characterized by high earnings growth rate and a price that rise is faster than the market average in a bull market.


Glass-Steagall Act   Dico Tools
1933 legislation prohibiting commercial banks to own, underwrite, or deal in corporate stock and corporate bonds.


Global Bonds   Dico Tools
Bonds designed to qualify for immediate trading in any domestic capital market and in the Euromarket.


Global Depository Receipt   Dico Tools
A receipt denoting ownership of foreign-based corporation stock shares which are traded in numerous capital markets around the world.


Global Fund   Dico Tools
A mutual fund that can invest anywhere in the world, including the U.S.


GMC   Dico Tools
See: Guaranteed Mortgage Certificate


GNMA Midget   Dico Tools
A GNMA pass-through certificate backed by fixed-rate mortgages with a 15-year maturity. GNMA Midget is a dealer term and is not used by GNMA in the formal description of its programs.


GNMA-I   Dico Tools
Mortgage-backed securities (M.B.S.) on which registered holders receive separate principal and interest payments on each of their certificates, usually directly from the servicer of the M.B.S. pool. GNMA-I mortgage-backed securities are single-issuer pools.


GNMA-II   Dico Tools
Mortgage-backed securities (M.B.S.) on which registered holders receive an aggregate principal and interest payment from a central paying agent on all their certificates. Principal and interest payments are disbursed on the 20th day of the month. GNMA-II M.B.S. are backed by multiple-issuer pools or custom pools (one issuer but different interest rates that may vary within one percentage point). Multiple-issuer pools are known as "jumbos." Jumbo pools are generally longer and offer certain mortgages that are more geographically diverse than single-issuer pools. Jumbo pool mortgage interest rates may vary within one percentage point.


Gnomes   Dico Tools
Freddie Mac's 15-year fixed-rate pass-through securities issued under its cash program.


Go Along   Dico Tools
Used for listed equity securities. Buy or sell at prices that randomly occur on the floor, participating in what trades the specialist and other players will allow.


Go Around   Dico Tools
Describes the N.Y. Federal Reserve Bank's trading desk practice of communicating with primary dealers to establish a market of bids and offers on behalf of the Federal Open Market Committee.


Go To   Dico Tools
Used in the context of general equities. Sell interest ("we've got 50 IBM to go".).


Go-go Fund   Dico Tools
A type of mutual fund in highly aggressive growth stocks. The fund has high levels of risk and potential return.


Godfather Offer   Dico Tools
An aggressive takeover technique in that the proposed offer of the acquiring company is so large that management of the target company cannot refuse, out of fear of lawsuits or shareholder revolt.


Goes   Dico Tools
Used in the context of general equities. (1) Trades ("10 IBM goes on at 115 "); see Print; (2) indicates a change in the stock's inside market ("Apple goes 3/4 bid").


Going Ahead   Dico Tools
A broker-dealer trades in a personal account prior to filling the orders of his or her clients. Prohibited by the NASD rules of fair practice.


Going Away   Dico Tools
The type of bond purchased by dealers for immediate resale to investors, as opposed to purchasing bond, to hold for some amount of time, and then reselling it at a future date.


Going Concern   Dico Tools
The idea that an accounting entity will have a continuing existence for the foreseeable future.


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Going Into The Trade   Dico Tools
Used in the context of general equities. 1) Condition of the traders position in the security and expectations of stock placement with accounts just prior to taking an order to the exchange floor for execution; 2) On the way in. Antithesis of come out of the trade.


Going Long   Dico Tools
The investor's purchase of a security for investment or speculation that the price will rise resulting in a profit once the security is sold. See:: long position. Antithesis of going short.


Going Out   Dico Tools
Used in the context of general equities. Soliciting/advertising over the SS1, NASDSAQ, or Autex.


Going Private   Dico Tools
When publicly owned stock in a firm is replaced with complete equity ownership by a private group. The firm is delisted on stock exchanges and can no longer be purchased in the open markets.


Going Public   Dico Tools
When a private company first offers shares to the public market and investors. See: IPO.


Going Short   Dico Tools
Selling stock that an investor does not own by borrowing shares from a broker. The assumption is that the price will fall. The investor then buys (covers the short) the shares at a lower price than what they were sold for, recognizing the difference as a profit. Antithesis of going long.


Going-concern Value   Dico Tools
The value of a company to another company or individual in terms of an operating business. The difference between a company's going-concern value and its asset or liquidation value is deemed goodwill and plays a major role in mergers and acquisitions.


Gold Bars   Dico Tools
Bars with a minimum content of 99.5% gold, which may be held by central banks or traded by investors.


Gold Bond   Dico Tools
Bonds issued by gold-mining companies and backed by gold. The bonds make interest payments based on the level of gold prices.


Gold Bullion   Dico Tools
Investment-grade, pure gold, which may be smelted into gold coins or gold bars.


Gold Certificate   Dico Tools
Certificate of an investor, that shows proof of ownership of gold bullion.


Gold Coins   Dico Tools
Coin minted in gold, such as the American Eagle or the Canadian Maple Leaf.


Gold Exchange Standard   Dico Tools
A fixed exchange rate system adopted in the Bretton Woods agreement. It required the U.S. to peg the dollar to gold and other countries to peg their currencies to the dollar.


Gold Fixing   Dico Tools
The process of determining the price of gold based on supply and demand forces of the market; which occurs twice daily in London.


Gold Mutual Fund   Dico Tools
A mutual fund that primarily invests in gold-mining companies' stock.


Gold Standard   Dico Tools
An international monetary system in which currencies are defined in terms of their gold content, and payment imbalances between countries are settled in gold. It was in effect from about 1870 to 1914.


Goldbug   Dico Tools
Analysts who recommends gold as an investment/hedge.


Golden Handcuffs   Dico Tools
A contract that binds a broker to a brokerage firm by offering the broker commissions and bonuses, but penalizes the broker if he or she goes to work for another firm.


Golden Handshake   Dico Tools
A large payment to a senior employee who is forced into retirement or fired as a result of a takeover or simular development.


Golden Hello   Dico Tools
A bonus a securities firm pays to attract an employee from a competing firm.


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Golden Parachute   Dico Tools
Compensation paid to top-level management by a target firm if a takeover occurs.


Goldilocks Economy   Dico Tools
A term developed in the mid 1990s to describe the positive performance of the economy as "not too hot, not too cold; just right."


Good 'til Cancelled Order   Dico Tools
An order to buy or sell stock that is good until you execute or cancel it. Brokerages usually set a limit of 30-60 days, at which the G.T.C. order expires if not restated. (Different from a day order.)


Good Delivery   Dico Tools
A delivery in which everything - order-endorsement, any necessary attached legal papers.


Good Delivery And Settlement Procedures   Dico Tools
Refers to PSA Uniform Practices such as cutoff times on delivery of securities and notification, allocation, and proper endorsement.


Good Faith Deposit   Dico Tools
Used in the context of commodities. Refers to the initial margin account deposit needed when buying or selling a futures contract; approximately 2%-10% of the contract value.


Good Money   Dico Tools
Federal funds that clear on the same day, unlike clearinghouse funds, which require three days to clear.


Good Through/until Date Order   Dico Tools
Used in the context of general equities. Market or limited price order that remains viable for a stated period of time unless cancelled, executed, or changed, after which such order or the portion thereof not executed is to be treated as cancelled.


Good-this-Month Order   Dico Tools
An order to buy or sell securities that continues to be a valid order until the end of the current month.


Goodwill   Dico Tools
An intangible asset that exists when a business is valued at more than the fair market value of its net assets, usually due to strategic location, reputation, good customer relations, or similar factors; equal to the excess of the purchase price over the fair market value of the net assets purchased.


Government Bond   Dico Tools
See: Government securities


Government National Mortgage Association   Dico Tools
A wholly owned U.S. government corporation within the Department of Housing & Urban Development. Ginnie Mae guarantees the timely payment of principal and interest on securities issued by approved servicers that are collateralized by FHA-issued, VA-guaranteed, or Farmers Home Administration (FmHA)-guaranteed mortgages.


Government Obligations   Dico Tools
U.S. government-backed debt instruments, which are considered among the safest investments possible, including Treasury bonds, bills, and notes, and savings bonds.


Government Securities   Dico Tools
Negotiable U.S. Treasury securities.


Government Sponsored Enterprises   Dico Tools
Privately owned, publicly chartered entities, such as the Student Loan Marketing Association, created by Congress to reduce the cost of capital for certain borrowing sectors of the economy including farmers, homeowners, and students.


Government Transfer Payment   Dico Tools
Payments by governments, such as social security, veterans’ benefits, and welfare, to people who do not supply current goods, services, or labor in exchange for these payments.


Governments   Dico Tools
U.S. government-issued securities, such as Treasury bills, bonds, and notes, and savings bonds. Governments are considered among the safest investments available as they are backed by the U.S. government.


GPM   Dico Tools
See: Graduated Payment Mortgages


Grace Period   Dico Tools
A time period during which a borrower can pay the full balance of credit due and not incur any finance charges.


Graduated Call Writing   Dico Tools
Selling covered call options at incrementally rising exercise prices, so that as the price of the underlying stock rises and the options are exercised, the seller receives a higher average price than the original exercise price.


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Graduated Lease   Dico Tools
A type of long-term lease whose payments are variable rather than fixed, and depend upon a benchmark rate, such as changes in the consumer price index.


Graduated Security   Dico Tools
A security that has moved from listing on an exchange of less prominence to one of more prominence.


Graduated-payment Mortgage   Dico Tools
A type of stepped-payment loan in which the borrower's payments are initially lower than those on a comparable level-rate mortgage. The payments gradually increase over a predetermined period (usually 3, 5, or 7 years), and then are fixed at a level-pay schedule, which will be higher than the level-pay amortization of a level-pay mortgage originated at the same time. The difference between what the borrower actually pays and the amount required to fully amortize the mortgage is added to the unpaid principal balance.


Graham And Dodd Method Of Investing   Dico Tools
An investment strategy based on security analysis and identification. Investors buy stocks with undervalued assets speculating that these assets will appreciate to their true value.


Graham-Harvey Measure 1   Dico Tools
Performance measure developed by John Graham and Campbell Harvey. The idea is to lever a fund's portfolio to exactly match the volatility of the S&P 500. The difference between the fund's levered return and the S&P 500 return is the performance measure.


Graham-Harvey Measure 2   Dico Tools
Performance measure developed by John Graham and Campbell Harvey. The idea is to lever the S&P 500 portfolio to exactly match the volatility of the fund. The difference between the fund's return and the levered S&P 500 return is the performance measure.


Grandfather Clause   Dico Tools
A provision included in a new rule or regulation that exempts a business that is already conducting business in the area addressed by the regulation from penalty or restriction.


Grantor Retained Income Trust   Dico Tools
A tax-saving trust in which a grantor transfers property to a beneficiary, but receives income until termination, at which time the beneficiary begins receiving the income.


Grantor Trust   Dico Tools
A mechanism of issuing MBS wherein the mortgages' collateral is deposited with a trustee under a custodial or trust agreement.


Graveyard Market   Dico Tools
Bear market in which investors who sell are faced with substantial losses, while potential investors prefer to stay liquid; that is, to keep their money in cash or cash equivalents until market conditions improve.


Gray Knight   Dico Tools
In a merger or acquisitions, a gray knight is an acquiring company that outbids a white knight in pursuit of its own best interests, although it is friendlier than a hostile bidder.


Gray List   Dico Tools
Formal roster of stocks that can be traded by the block desks, but not in risk arbitrage because an investment bank is involved with the company on nonpublic activity (e.g., mergers and acquisitions defense). A stock's presence on this list should never be conveyed to anyone outside the trading area, much less outside the firm. See: Restricted list.


Gray Market   Dico Tools
Describes the sale of securities that have not officially been issued to firms other than the underwriting syndicate. This type of market serves as a good indicator of demand for a new issue in the public market.


Great Call   Dico Tools
Used in the context of general equities. Potential customer who may have an interest in participating in a particular trade if customer's past inquiry or activity is any indication.


Greater Fool Theory   Dico Tools
An investment notion that even when a stock is fully valued by conventional standards, there is room for upward movement because there are enough buyers to push prices farther upward purely on speculation or hype.


Greenshoe Option   Dico Tools
Option that allows the underwriter for a new issue to buy and resell additional shares.


Gross Domestic Product   Dico Tools
The market value of goods and services produced over time including the income of foreign corporations and foreign residents working in the U.S., but excluding the income of U.S. residents and corporations overseas.


Gross Earnings   Dico Tools
A person's total taxable income prior to adjustments. See: adjusted gross income.


Gross Estate   Dico Tools
The total value of a person's property and assets before accounting for debts, taxes, and liabilities.


Gross Income   Dico Tools
The taxable portion of a taxpayer's gross receipts.


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Gross Income -   Dico Tools
A person's total income prior to exclusions and deductions.


Gross Interest   Dico Tools
Interest earned before taxes are deducted.


Gross Lease   Dico Tools
A type of property lease in which the lessor (owner of the property being leased) pays expenses associated with ownership such as damages, taxes, and insurance.


Gross Margin   Dico Tools
The excess of net sales revenue over the cost of goods sold.


Gross Margin Method   Dico Tools
A procedure for estimating the amount of ending inventory; the historical relationship of cost of goods sold to sales revenue is used in computing ending inventory.


Gross National Product   Dico Tools
Measures and economy's total income. It is equal to G.D.P. plus the income abroad accruing to domestic residents minus income generated in domestic market accruing to non-residents.


Gross Parity   Dico Tools
Applies mainly to convertible securities and international equities. Antithesis of net parity. For the price of a convertible, including accrued interest. For the price of international security, including commissions, fees, stamp duty, and other transaction costs, translated into U.S. dollar amounts.


Gross Per Broker   Dico Tools
The dollar amount of commissions generated by a broker or registered representative over a specific period.


Gross Profit   Dico Tools
Sales minus the cost of goods sold.


Gross Profit Margin   Dico Tools
Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold.


Gross Sales   Dico Tools
Total recorded sales before deducting any sales discounts or sales returns and allowances.


Gross Spread   Dico Tools
The fraction of the gross proceeds of an underwritten securities offering that is paid as compensation to the underwriters of the offering.


Gross Tax Liability   Dico Tools
The amount of tax computed by multiplying the tax base (taxable income) by the appropriate tax rates.


Ground Lease   Dico Tools
A lease of land, as opposed to a lease of a building.


Group Insurance   Dico Tools
Insurance coverage for a group, which can usually be obtained at a cheaper rate than insurance for an individual.


Group Of Eight   Dico Tools
The G-7 countries plus Russia.


Group Of Five   Dico Tools
The five leading countries (France, Germany, Japan, the U.K., and the U.S.) that meet periodically to achieve some cooperative effort on international economic issues. When currency issues are discussed, the monetary authorities of these nations hold the meeting.


Group Of Seven   Dico Tools
The G-5 countries plus Canada and Italy.


Group Of Ten   Dico Tools
A group of the ten major industrialized countries whose mission is to create a more stable world economic trading environment through monetary and fiscal policies. The ten are Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, the United Kingdom, and the United States.


Group Rotation   Dico Tools
The tendency of stocks in one sector of the market to outperform and then underperform other industries, usually as a result of economic cycles or the conditions in a particular industry.


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Group Rotation Manager   Dico Tools
A top-down manager who deduces the phases of the business cycle and allocates assets accordingly.


Group Sales   Dico Tools
Block sale (of large amounts) of securities to institutional investors.


Group Universal Life Policy   Dico Tools
Universal life insurance on a group basis. See: Group insurance.


Growing Equity Mortgage   Dico Tools
Mortgage with a fixed interest rate and payments that increase throughout the term of the mortgage.


Growing Perpetuity   Dico Tools
A constant stream of cash flows without end that is expected to rise indefinitely.


Growth And Income Fund   Dico Tools
A mutual fund that invests primarily in stocks with a history of capital gains (growth) and consistent dividend payments (income).


Growth Fund   Dico Tools
A mutual fund that invests primarily in stocks with a history of and future potential for capital gains.


Growth Manager   Dico Tools
A money manager who seeks to buy stocks that typically sell at relatively high P/E ratios due to high earnings growth, with the expectation of continued high or higher earnings growth.


Growth Opportunity   Dico Tools
Opportunity to invest in profitable projects.


Growth Phase   Dico Tools
A phase of development during which a company experiences rapid earnings growth as it produces new products and expands market share.


Growth Rates   Dico Tools
Compound annual growth rate for the number of full fiscal years shown. If there is a negative or zero value for the first or last year, the growth is N.M. (not meaningful).


Growth Stock   Dico Tools
Common stock of a company that has an opportunity to invest money and earn more than the opportunity cost of capital.


GTC   Dico Tools
See: Good 'til cancelled order


Guarantee Letter   Dico Tools
A commercial bank's letter assuring payment of the exercise price of a client's put option.


Guaranteed Bond   Dico Tools
A type of bond for which a firm other than the issuer guarantees its interest and principal payments.


Guaranteed Insurability   Dico Tools
A life and health insurance policy feature that enables the insured to add coverage at future times and at fixed and agreed-upon rates regardless of health conditions.


Guaranteed Insurance Contract   Dico Tools
A contract promising a stated nominal interest rate over some specific time period, usually several years.


Guaranteed Investment Contract   Dico Tools
A pure investment product in which a life company agrees, for a single premium, to pay at a maturity date the principal amount of a predetermined annual crediting (interest) rate over the life of the investment.


Guaranteed Mortgage Certificates   Dico Tools
First issued by Freddie Mac in 1975, G.M.C.s, like PCs, represent undivided interest in specified conventional whole loans and participations previously purchased by Freddie Mac.


Guaranteed Renewable Policy Insurance   Dico Tools
A type of insurance policy that requires the insurer to renew the policy to an individual regardless of health changes. No changes may be made to an individual policyholder unless the same change is applied to all policyholders.


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Guaranteed Replacement Cost Coverage Insurance   Dico Tools
A policy that covers the full cost of replacing damaged property without any allowances or deductions, e.g., depreciation.


Guarantor Program   Dico Tools
Under the Freddie Mac program, the aggregation by a single issuer (usually an S&L) for the purpose of forming a qualifying pool to be issued as PCs under the Freddie Mac guarantee.


Gun Jumping   Dico Tools
In the context of securities trading, refers to trading in a security on the basis of information that has not been made available to the public. The illegal solicitation of buy orders in an underwriting before completion and finalization of Securities and Exchange Commission registration.



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