The London Stock Exchange has classified its listed shares and USM-company shares that have a normal market size greater than 1,000 as liquid stocks.
Liquidity
The level of trading volume in a market.
Listed security
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.
