Dr. Harvey's Financial Glossary

Thursday, March 18, 2010

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O: Fifth letter of a Nasdaq stock symbol specifying that it is the company's second class of preferred shares.
O.K. to cross: Used for listed equity securities. "Legal to cross the buy and sell orders on the exchange floor because transactor is not a principal in the transaction."
OAS: See: Option adjusted spread
Oath of Inspectors: A sworn statement signed by the Inspectors of Election, usually notarized, wherein they swear they will impartially and faithfully execute their duties as Inspectors of Election at the annual or special meeting of shareholders.
Objective (mutual funds): The fund's investment strategy category as stated in the prospectus. There are more than 20 standardized categories. E.g. Aggressive growth mutual fund, balanced mutual fund.
Objective probability: The true unobservable underlying odds that something is so.
Obligation: A legal responsibility, such as to repay a debt.
Obligation bond: A municipal bond with a face value greater than the value of the underlying property. The difference is designed to compensate the lender for costs exceeding the mortgage value.
Obligor: A person who has an obligation to pay off a debt.
Observational Noise: The error between the true value in a system and its observed value due to imprecision in measurement. Also called Measurement Noise. See Also: Dynamical Noise
OCC: See: Options Clearing Corporation
Ocean bill of lading: Receipt for a shipment by boat, that includes freight charges and title to the merchandise.
Odd lot: A trading order for less than 100 shares of stock. Compare round lot.
Odd-Lot Buy Back: An offer made by the corporation or its agent to purchase shares from odd-lot shareholders.
Odd-lot dealer: A broker who combines odd lots of securities from multiple buy or sell orders into round lots and executes transactions in those round lots.
Odd-Lot Resale: An offer made by the corporation or its agent to purchase shares from odd-lot shareholders and immediately resell them in the market, usually in round-lots to institutions, thus saving the corporation the expense of merely buying shares back.
Odd-lot short-sale ratio: The percentage of total odd-lot sales that is composed of short sales.
Odd-lot theory: The theory that profits can be made by making trades contrary to odd_lot trading patterns, since odd_lot investors have poor timing. This theory is no longer popular.
OECD: See: Orgainization for Economic Cooperation and Development
OEX index: Applies to derivative products. Quotron symbol for the S&P 100 index option.
Off-balance-sheet financing: Financing that is not shown as a liability on a company's balance sheet.
Off-board: Used for listed equity securities. Transacted away from a national securities exchange even though the stock itself is listed_stocks, such as on the NYSE, and instead of on the OTC market, a regional_stock_exchanges, or in the third_market or fourth_market (between customers directly). After 9:30 a.m., if the stock has not opened due to the exchange's discretion, trading can occur elsewhere, but the trader must assume the role of a quasi-specialist in the process.
Off-budget Federal entities: Federally owned and controlled entities whose transactions are excluded from the budget totals under provisions of law. Their receipts, outlays, and surplus or deficit are not included in budget receipts, outlays or deficits. Their budget authority is not included in totals of the budget.
Offer: Indicates a willingness to sell at a given price. Related: Bid.
Offer price: See Also: Offer

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