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Glossary: S


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S&P 500

Standard & Poor’s Composite Index – an index comprising shares of 500 US companies reflecting the general trend in the US stock market.

 

SAUC

Auction Execution

 

Scheme of Arrangement

A non-optional event proposed by a company on its share capital.

 

Scrip dividend

An issue of shares available to shareholders that replaces a dividend payment. Shareholders have the option to forgo their dividend for the share alternative.

 

Scrip issue

The issue by a company of new shares which do not require any payment to be made by the shareholder. This has the effect of making the company's shares more marketable because of the increased number available and the lower market price. A Scrip Issue is

 

SEAQ

The Stock Exchange Automated Quotations system. SEAQ is a continuously updated electronic notice board containing price quotations of UK securities. Market makers use the system to display the prices at which they are prepared to buy or sell shares of a p

 

SEAQ Crosses

SEAQ Crosses supplements SEAQ (market maker quote-driven system) by providing an alternative order-driven execution mechanism.
SEAQ International  The Stock Exchange Automated Quotations system for international equities.

 

SEAQ Trade

This is used for the single uncrossing trade, detailing the total executed volume and uncrossing price as a result og a SEAQ auction.

 

Secondary market

Marketplace for trading in securities.

 

Securities

General name for stocks and shares of all types.

 

Securities Management

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

 

Securities Masterfile (SMF)

SMF provides up-to-date information on securities traded on UK and International markets.

 

Securities trading

Investment banks offer securities trading by maintaining broker-dealer operations. Many investment banks also provide market making for securities.

 

Security Suspended

This security has been suspended fromtrading by the Exchange.

 

SEDOL

Stock Exchange Daily Official List code, a 7 digit alphanumeric reference for a listed security.

 

Sell note

Published by a brokerage/research firm, a sell note is a report that recommends the selling of a particular stock. On the other hand, a ‘buy note’ recommends the buying of a particular stock.

 

SEOD

Special End of ODRH

 

Serious Fraud Office (SFO)

An independent government department that investigates and prosecutes serious fraud.

 

SETS

Stock Exchange Electronic Trading Service (SETS), an order-driven trading service.

 

SETS participant

A partnership, corporation, legal entity or sole practitioner approved by the Exchange to trade in order book securities only.

 

Settlement

The process of transferring stock from seller to buyer and arranging the corresponding movement of money between the two parties.

 

SFA (Securities and Futures Authority)

Now included within the FCA, the Securities and Futures Authority (SFA) was the Self Regulating Organisation responsible for regulating the conduct of brokers and dealers in securities, options and futures - including most member firms of the Exchange.

 

SFST

SETS Fast Index Expiry

 

Share

The authorised share capital of a company is divided into a number of equal parts. Each part is called a share. See Ordinary shares, Preference shares, Securities.

 

Shares in public hands

A company seeking admission to the Official List must have at least 25% of its shares in public hands where they are held by a director of the company or its subsidiaries, individuals connected with the directors and any person holding 5% or more of the s

 

Short

A short position is when someone sells a warrant or the underlying asset. Contrasts with Long position.

 

SIMQ

Special End of IMQP

 

Single Protected Trade

the trade was reported as a result of a single protected transaction.

 

SMQP

Special End of MQP

 

SOBT

Special End Order Book Trading

 

Sole trader

The sole promoter has unlimited liability. In other words, the sole promoter is fully liable for the debts of the business.

 

Specialist securities

Securities, which, because of their nature, are normally bought and traded by a limited number of investors who are particularly knowledgeable in investment matters.

 

Speculation

The process of selecting a high-risk investment to profit from an anticipated price movement.

 

Sponsor

A company’s adviser who is approved by the UKLA. The role of a sponsor is to ensure that the company is suitable for listing.

 

SPT1

Start of Pre Trading Period

 

SPT2

Start of Pre Trading Period

 

SPTP

Start of Pre Trading period

 

SQAL

Mandatory Quote period with Auction Call

 

SSPD

Segment Suspended

 

Stabilisation

A stabilisation may occur after a new issue in accordance with FCA rules. It will entail the stabiliing manager buying shares in the market to counter selling pressure in the initial market.  This stabilisation period must be fully disclosed by way of a daily notice and last for a maximum of 30 days.

 

Stamp duty

A government tax levied on share dealing.

 

STBY

Standby

 

Stock Situation Notices (SSNs)

Stock Situation Notices which contain extensive details of a corporate action.

 

Stockbroker

A securities firm which provides advice and dealing services to the public and which can deal on its own account.

 

Stock-settlement

The warrant holder receives the underlying if the warrant can be exercised profitably at expiry.

 

Strike price - covered warrant

The price at which the investor may buy or sell the underlying during (if American style) or at the end (if European style) of the expiry period. Also referred to as 'expiry price' and 'exercise price'. It is known when the warrant is issued.

 

Subdivisions

When a company increases the number of shares it has in circulation by subdividing its share capital e.g. shareholders would receive 2, 25p shares for every 1, 50p share held.

 

SUS1

Security Suspended 1

 

SUSP

Security Suspended

 

Suspension of trading

Any cessation of trading imposed by the Exchange, including a trading halt.

 

Swaps

Complex derivative products which are cash settled.

 

SWIFT

Society for Worldwide Interbank Financial Telecommunications. International body which sets protocols and standards for international payment systems, such as electronic money transfers.

 

Syndication

In a public offer, usually, a syndicate of investment banks is formed to underwrite the issue. Each member of the syndicate is assigned a certain amount of liability and (number or quota of) shares to sell.

 

SYSP

LSE System Problem

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