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.
Stillhalter option
Swiss form of covered warrant.
Straddle
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.
