On the London Stock Exchange, dealings done after the MQP. Such dealings are treated as dealings done on the following business day. In general, trading after the hours a stock market has closed. (For all major US stock markets, after-hours trading is 16:00-18:30 Eastern Standard Time). After-hours trading often takes place after the release of news that could make the price of a stock rise or fall sharply after the close of trading. Participation in the after-hours market is strictly voluntary and may offer less liquidity and inferior prices.
After market
Agency cross
A trade in which a single broker acts as the agent for both the buyer and seller. This can occur when a member firm simultaneously receives a buy and a sell order from two different customers but for the same number of shares in the same stock. When these orders reach the floor broker, he can easily cross them and complete the transaction, but only after going to the designated trading post for that stock and announcing the bid in case another broker is prepared to offer a better price.
Agency order
An order that a broker/dealer executes for the account of a customer with another professional or retail investor and for which a commission is typically charged.
Aktie
German for share.
Algorithmic trading
Trading in which buy or sell orders of a defined quantity are determined by a quantitative model that automatically generates the timing of orders and the size of orders based on goals specified by the parameters and constraints of the algorithm.
All or none (AON)
A condition that the full amount of an order to buy or sell is executed at an agreed price; a lesser amount is unacceptable.
Allotment letter
Alpha
The Alpha is a measure of how much a stock has risen or fallen over a one-year period.
Alternative trading system (ATS)
Non-traditional, computerised trading systems that compete with or supplement dealer markets and traditional exchanges. These private trading systems; facilitate electronic trading in millions of shares of public issues every day, but do not provide a listing service. ECNs are alternative trading systems; however, not all ATSs are ECNs. (See Electronic communications network)
