A registered offering of a large block of a security that has been previously issued to the public. The blocks being offered may have been held by large investors or institutions, and proceeds of the sale go to those holders, not the issuing company. Also called secondary distribution.
Securities analyst
An individual who does investment research and makes recommendations to buy, sell, or hold. Most analysts specialize in a single industry or business sector.
Securitised derivative
Instruments that derive their value from another security (the underlying security), such as a share, share price index, currency or bond.
Security
Generic name for a stock or share. Stocks are fixed-interest securities and shares are the rest.
SEDOL code
The stock code used to identify all securities issued in the UK or Eire. The SEDOL code, which is the basis of the ISIN code for UK securities, consists of a 7-digit number allocated by the master file service of the London Stock Exchange.
Self-regulatory organisation (SRO)
In the UK a recognised controlling body which regulates a specified class of investment business.
Seller/grantor
Also known as the option writer. The seller of an option is subject to a potential obligation if the buyer chooses to exercise the option.
SEQUAL
The London Stock Exchange trade confirmation service.
Serial expiration
Options on the same underlying futures contract which expire in more than one month.
Series
All options of the same class which share a common strike price.
