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Glossary: L


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Last trade price

The most recent price at which a specific security was traded.

 

Late Reported Trade

The transaction was not reported in accordance with the Exchange's rules on trade reporting.

 

Leverage (see Gearing)

 

LIFFE (See Euronext.liffe)

 

Limit order

An order submitted to the electronic order book with a specified size and price which is either held on the order book or executes, either in part or full, against eligible orders with any remaining unexecuted portion being added to the order book.

 

Limited company

A limited company is privately owned with less than 50 shareholders having limited liability. Nearly all newly formed companies in the UK are incorporated as limited companies.

 

Limited liability

When the liability of the shareholders is limited to the nominal value of their shares, it is called limited liability.

 

Liquid security

A security that has a sufficient number of buyers and sellers. Liquid securities can be easily traded on the Exchange.

 

Liquidation

When a company becomes insolvent, it may go into liquidation, wherein all its assets are sold and the proceeds are distributed among the debtors and shareholders, in that order.

 

Liquidity

The ease with which a security can be traded on the market, usually defined by turnover.

 

Liquidity provider

A market participant that is obliged to buy and sell less liquid securities that it is registered in. In the process, it facilitates trading and improves liquidity in those securities.

 

Listed

Admitted to the Official List of the UKLA and ‘listing’ shall be construed accordingly.

 

Listed company

A company whose securities have been admitted to the UKLA’s Official List and admitted to trading on the London Stock Exchange.

 

Listing

The process of being listed.

 

Listing particulars

When a company applies for a listing of its securities, in some circumstances listing particulars (or a prospectus) are required in accordance with the UKLA’s Listing Rules, giving information on the company, its accounts, directors and the securities.

 

Listing Rules

The Listing Rules of the UKLA.

 

LMIL™

LMIL - London Market Information Link (LMIL™) was the legacy real-time information service, replaced by Infolect in September 2005

 

London International Financial Futures and Options Exchange (LIFFE)

A Recognised Investment Exchange (RIE) that deals with futures and options.

 

London Metal Exchange (LME)

An international market for the trading of non-ferrous metals (copper, aluminium, lead, nickel, tin and zinc).

 

Long

A long position is when someone buys (holds) a warrant or holds the underlying asset. Contrasts with Short position.

 

Low

The lowest price a security reached in a certain period of time. Opposite of high.

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