The simultaneous purchase/sale of both call and put options for the same share, exercise/strike price and expiry date.
Strike price
Also called exercise price. The price at which an options holder can buy or sell the underlying instrument.
Strip
For futures, buying (selling) the strip involves the simultaneous purchase (sale) of contracts of 4 or 6 consecutive delivery months in the same futures contract. For options, a stock option contract made up of 2 puts and one call.
Subscription warrant
A type of security that entitles the holder to purchase a specified number of shares at a fixed price within a fixed- or perpetual-time period. The conversion price per share at which the warrants are exercised is adjusted in the event of a rights issue or a stock split.
Sukuk
Tradable asset-backed financial certificates, designed to be compliant with Shari'ah. Can be regarded as an Islamic equivalent of a bond.
SuperMontage
The next-generation electronic trading system in both order display and execution for Nasdaq securities, launched by The Nasdaq Stock Market in 2002.
Swap
A forward type of contractual agreement to exchange one type of cash flow or asset for another, according to predetermined rules.
Swiss certificate (schweizer zertifikat)
Original share certificate of a foreign company, mainly originating in the US, the UK or Canada, which is quoted on a Swiss Stock Exchange and is registered in the nominee name of a specified Swiss nominee endorsed in blank. For dividend payments or participation in corporate actions it must be stamped by the nominee company.
Swiss Index
The most relevant indices of SWX Swiss Exchange are: the Swiss Market Index
(SMI) which comprises 20 blue chips, the SLI Swiss Leader Index (SLI), which comprises the 30 biggest stocks traded on the Swiss market and the Swiss Performance Index (SPI) which comprises all listed stocks except investment firms and companies with less than 20 percent free float.
Tap stocks
UK Government stocks which the government broker will supply at a given price. The price chosen provides a means of influencing interest rates in general.
