Dr. Harvey's Financial Glossary

Wednesday, May 21, 2008

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Winnipeg Commodity Exchange: Canada's only agricultural futures and options exchange, located in Manitoba.
Wire house: A firm operating a private wire to its own branch offices or to other firms, commission houses, or brokerage houses.
Wire room: A department within a brokerage firm that receives customers' orders and transmits the orders to the exchange floor or the firm's trading department.
Wire transfer: Electronic transfer of funds; usually involves large dollar payments.
With Average (W.A.): Marine cargo insurance coverage providing for partial loss or damage to goods, either with or without a deductible. Also called With particular average.
With dividend: Purchase of shares that entitle the buyer to the forthcoming dividend. Related: Ex-dividend.
With ice: When issued.
With Particular Average: See: With Average
With rights: Shares sold accompanied by entitlement the buyer to buy additional shares in the company's rights issue.
Withdrawal plan: Agreement that a mutual fund will disburse automatic periodic redemptions to the investor.
Withholding: Used in the context of securities, the illegal practice of a public offering participant keeping some shares in a private account or with a family member, employee, or dealer to profit from the higher market price of a hot issue.
Used in the context of taxes, the withholding by an employer of a certain amount of an employee's income in order to cover the employee's tax liability. Also used to refer to the withholding by corporations and financial_institution of a flat 10% of interest and dividend payments due to security holders.
Withholding tax: A tax levied by a country of source on income paid, usually on dividends remitted to the home country of the firm operating in a foreign country.
Without: Indicates a one-way market if 70 were bid in the market and there was no offer, the quote would be "70 bid without.".
Without recourse: Giving the lender no right to seek payment or seize assets in the event of nonpayment from anyone other than the party specified in the debt contract (such as a special-purpose entity).
Without Recourse Financing: Financing in which the right of recourse to the party receiving funds is forfeited to the party advancing funds. This may be evidenced by conditions added to the endorsement of a draft being sold by an exporter in order to protect the exporter, if the instrument is not paid at maturity by the original obligor.
Woody: Slang to describe a market moving strongly upward, as in, "This market has a woody."
Working: Attempting to complete the remaining part of a trade, by finding either buyers or sellers for the rest.
Working away: Transacting with another broker /dealer.
Working capital: Defined as the difference between current assets and current liabilities. There are some variations in how working capital is calculated. Variations include the treatment of short-term debt. In addition, current assets may or may not include cash and cash equivalents, depending on the company.
Working capital management: The deployment of current assets and current liabilities so as to maximize short-term liquidity.
Working capital ratio: Working capital expressed as a percentage of sales.
Working control: Control of a corporation by a shareholder or shareholders having less than 51% voting_rights because of the wide dispersion of share ownership.
Working order: Standing order in the marketplace, through which a broker bids or offers to fill the order in a series of lots at opportune times in hopes of obtaining the best price.
Workout: Informal repayment or loan forgiveness arrangement between a borrower and creditors.
Workout market: Market indicating prices at which it is believed a security can be bought or sold within a reasonable length of time.

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