The division of the outstanding shares of a corporation usually into a larger number of shares.
Spot commodity
The actual physical commodity, as opposed to the futures contract.
Spot month
The contract month closest to delivery or expiry.
Spot price
The price at which the spot or cash commodity is currently trading in the spot market.
Spread
(i) The difference between the bid and ask price of a security. (ii) The difference between the price of two related futures contracts. iii) For options, transactions involving two or more option series on the same underlying security.
Stag
One who applies for a new issue in the hope of being able to sell the shares alloted to him/her at a profit as soon as dealing starts.
Stammaktie
German for ordinary share.
Stamp duty
In the UK, a tax levied on the purchase of shares.
Statistical arbitrage
Refers to mean-reversion strategies involving large numbers of securities – hundreds to thousands, depending on the amount of capital – with very short holding periods, often measured in days or seconds.
