The securities of a private company or public body which is traded on a securities exchange and has signed a listing agreement with the stock exchange.
Lit order book
An order book in which all visible orders that are queued on a trading venue that are currently waiting to be executed are displayed.
Loan stock
Stock bearing a fixed rate of interest. Unlike a debenture, loan stock may be unsecured.
Local
A futures trader who normally trades on an exchange on his/her own account.
Locked market
For equities a market is locked when the bid price equals the asked price. In futures markets a locked market is one where trading is halted because prices have reached their daily limit move.
Long
Owning a security.
Maintenance margin
The minimum margin which an investor must keep on deposit in a margin account at all times.
Make-a-market
A dealer is said to make-a-market when he or she quotes bid and offer prices at which he or she stands ready to buy and sell.
Mandatory quote period (MQP)
On the London Stock Exchange, the period during which all registered market-makers are obliged to display prices.
