| X |
|
| Xa |
Another way of writing ex all. This means that shares bought in a company are without entitlement to current dividends, rights issues or scrip issues. Such entitlement remains with the seller of the shares. |
| Xc |
Another way of writing ex scrip or ex capitalisation. Shares bought in a company are without entitlement to current scrip issues. Such entitlement remains with the seller of the shares. |
| Xd |
Another way of writing ex dividend. Shares bought in a company are without entitlement to current dividends. Such entitlement remains with the seller of the shares. |
| Xr |
Another way of writing ex rights. Shares bought in a company are without entitlement to current rights issues. Such entitlement remains with the seller of the shares. |
| Xw |
(US) Another way of writing ex warrants. Shares bought in a company that are without entitlement to warrants. |
| Y |
|
| Yankee |
A foreign bond issued in the United States. |
| Yankee CD |
A foreign certificate of deposit issued in the United States. |
| Year end dividend |
An additional dividend, based on company profits, paid at the end of the trading year. |
| Yearling |
A local authority bond normally issued for one year. |
| Yellow Book |
A yellow binder where the listing rules of the London Stock Exchange are issued. |
| Yellow strip |
The screen used by brokers which displays the highest bid and the lowest offered prices that competing market makers are offering in a share. They are known colloquially as the 'touch' or 'yellow strip' prices. |
| Yield |
The annual rate of return on an investment. |
| Yield curve |
A graph that has the yield to maturity of a particular set of securities on one axis and time to maturity on the other. |
| Yield curve risk |
Term structure risk. |
| Yield gap |
A comparison between the average yield from shares (dividend yield) and the average current yield from long dated gilts (15 years or more to redemption). |
| Yield to call |
A rate of return measuring the performance of a callable bond, from the time of purchase to its call date. |
| Yield to maturity |
A rate of return measure that shows the average rate of return on a security if it is held to maturity. See 'redemption yield'. |
| Yield to worst |
The minimum of several metrics of yield. |
| YTM |
Yield to maturity. |
| Z |
|
| Z bond |
A type of CMO bond, also called an accrual bond. |
| Zero |
Zero-coupon bond. |
| Zero coupon bond |
A bond that pays no coupons, pays its par value at maturity and is issued at a discount. |
| Zero dividend preference shares (zeros) |
(UK) Preference shares which receive no dividends but pay a fixed known amount at maturity. |
| Zero rated |
(UK) A term relating to value added tax (VAT). It refers to goods which are taxable but at a zero rate. |
| Zero-coupon Treasury security |
Treasury strip. |
| Zoning |
City or county laws specifying how property may be used in specific areas. |
