Glossary: I

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IMQ1

IMQP No Automatic Execution

 

IMQP

Indq Quote MQP

 

In the money

Options and covered warrants have a ‘positive intrinsic value’. In a call option / warrant, the underlying asset price exceeds the exercise price. In a put option / warrant, the underlying asset price is less than the exercise price. For a Call covered warrant, this is where the strike price is less than the price of the underlying. For a Put covered warrant, this is where the strike price is greater than the price of the underlying.
Intrinsic value A term used in options and covered warrants. For a call option / warrant, a ‘positive intrinsic value’ denotes the difference between the current underlying asset price and the exercise price. For a put option / warrant, a ‘positive intrinsic value’ denotes the difference between the exercise price and the underlying asset price

 

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.

 

Index fund (see Tracker fund)

 

Index futures

Index futures are based on the projected movement of a share price index, such as the FTSE 100.

 

Indicative Auction Price

The price at which the orders participating in an auction will be executed, if the auction match were to occur at that point.

 

Indicative Quote

A quote whose price and volume are not guaranteed. That is, market participants are not obliged to deal at the displayed prices or volumes, when their quotes are indicative. Indicative quotes are displayed during the pre-mandatory quote period.

 

Individual Turnover Report (ITR)

The Exchange's Individual Turnover Report (ITR) provides historic turnover data for individual Equity and Fixed interest securities, in a report format, on a daily, monthly or yearly basis.

 

INDQ

Indicative

 

Initial Public Offering (IPO)

Also known as flotation, it is the company’s first offer of shares in the stock market. The shares may be offered at face value or at a premium. Also see Offer for sale.

 

INQ1

Indicative

 

INQ2

Indicative

 

International order book (IOB)

An order-driven trading service for international equities.

 

International Petroleum Exchange

The world's second largest and Europe's leading energy futures and options exchange.

 

International Retail Service (IRS)

An order and quote-driven trading service for international equity market securities.

 

Introduction

Introduction is a process that allows a company to join a stock exchange without raising capital. A company does not issue any fresh shares; it merely introduces its existing shares in the market.

 

ISIN

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

 

Insider dealing

The purchase or sale of securities by someone who possesses 'inside' information affecting securities which has not yet been made available to the market and which, if made available, would significantly affect the share price. In the UK such deals are a criminal offence.

 

Insolvency

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

 

Issued capital

Issued share capital is the total number of shares subscribed to by the shareholders.

 

Issuer

Any company or other legal person or undertaking (including a public sector issuer) any class of whose securities has been admitted or is, or is proposed to be, the subject of an application for admission to trading.

 

Issuer Implementation team

The Exchange’s department responsible for dealing with applications for admission to trading.

 

Investment bank

An investment bank is a financial intermediary that offers a range of services and advice to its clients. The role of an investment bank includes corporate finance, securities trading, research, investment management and international finance.

 

Investment trust

A collective investment fund in the form of a listed company which holds a portfolio of securities on behalf of its own shareholders. Because an investment trust is itself a listed company, its shares can be bought and sold in the usual way.

 

Investor relations

A department in most medium and large public companies that provide investors with an accurate account of the company.