VWAP - 'volume-weighted average price' - represents the total value of shares traded in a particular stock on a given day, divided by the total volume of shares traded in that stock on that day. Calculation techniques vary: some will use data from all markets or just the primary market and may or may not adjust for resubmits and other error corrections. VWAP is a method of pricing transactions and also a benchmark to measure the efficiency of institutional trading or the performance of traders themselves.
Warrant
A certificate giving the holder the long-term and at times perpetual privilege but not the obligation of purchasing securities at a specified price.
Wash trade
A matched deal which produces neither a gain nor a loss.
Wertpapierkennummer
Security code number on German stock exchanges. The German securities identification number is a 6-digit numeric code. Codes up to 499,999 are allocated to fixed-interest securities, codes from 500,000 are allocated to shares, warrants and unit trusts.
When issued
A transaction made conditionally in a security authorised but not yet issued.
White knight
A company which rescues another which is in financial difficulty, especially one which saves a company from an unwelcome takeover bid.
Yield
The percentage rate of return computed by dividing a security's annual dividend by its current market price.
Zaraba
A method of trading employed on Japanese exchanges. Under the zaraba method, transactions are consummated by auction based on (i) price priority in that the selling (buying) order with the lowest (highest) price takes precedence over other orders, and (ii) time priority in that an earlier order takes precedence over other orders at the same price.
Zero coupon bonds
Zero coupon bonds are corporate or municipal debt securities that trade at a deep discount from the face value, as the bond pays no interest to the bondholders during its lifetime.
