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Odd lot （零股） A trading order for less than 100 shares of stock. Compare round lot. Odd-lot dealer （零股交易商） A broker who combines odd lots of securities from multiple buy or sell orders into round lots and executes transactions in those round lots. Odd-lot theory （零股理论） The theory that profits can be made by making trades contrary to odd-lot trading patterns, since odd-lot investors have poor timing. This theory is no longer popular. Off-balance-sheet
financing （表外负债） Off-board （场外的） Used for listed equity securities. Transacted away from a national securities exchange even though the stock itself is listed, such as on the NYSE, and instead of on the OTC market, a regional exchange, or in the third or fourth markets (between customers directly). After 9:30 a.m., if the stock has not opened due to the exchange's discretion, trading can occur elsewhere, but the trader must assume the role of a quasi-specialist in the process. Off-floor order Used for listed equity securities. (1) Order to buy or sell a security that originates off the floor of an exchange; customer orders originating with brokers, as distinguished from orders placed by floor members trading for their own accounts. Exchange rules require that an off-floor order be executed before orders initiated on the floor. Upstairs order. Antithesis of on-floor order; (2) order not handled on the floor but instead upstairs. Offer（卖价） Indicates a willingness to sell at a given price. Offer for sale(公开让售) Offering circular（上市通告） Offering
memorandum (募股备忘录） Official list(正式牌价) Official receiver(官方破产接管人) Official reserves(官方储备) Holdings of gold and foreign currencies by official monetary institutions. Offset
（抵消） Offshore finance subsidiary （离岸金融子公司） A wholly owned affiliate incorporated overseas, usually in a tax haven country, whose function is to issue securities abroad for use in either the parent's domestic or foreign business. Off-the-run issues(失宠债券) Oligopoly (供过于求的市场） A Market characterized by a small number of producers who often act together to control the supply of a particular good and its market price. Oligopsony （买方寡头） A Market characterized by a small number of large buyers who control all purchases and therefore the market price of a good or service. On-floor order Used for listed equity securities. Security order originating with a member on the floor of an exchange when dealing with his or her own account, versus an upstairs order. On
the money（平价） On-the-run bond(流行债券) The most recently issued (and typically the most liquid) government bond in a particular maturity range. Open-end funds(开放式基金） Used in the context of general equities. Mutual fund that continually creates new shares on demand. Mutual fund shareholders buy the funds at net asset value and may redeem them at any time at the prevailing market prices. Antithesis of closed-end fund. Open interest The total number of derivatives contracts traded that have not yet been liquidated either by an offsetting derivative transaction or by delivery. Open-market operation （公开市场操作） Purchase or sale of government securities by the monetary authorities to increase or decrease the domestic money supply. Open-outcry （公开叫价） The method of trading used at futures exchanges, typically involving calling out the specific details of a buy or sell order, so that the information is available to all traders. Open position （有风险的头寸） A net long or short position whose value will change with a change in prices. Open repo （活期回购） A repurchase agreement with no definite term. The agreement is made on a day-to-day basis, and either the borrower or the lender may choose to terminate. The rate paid is higher than on overnight repo and is subject to adjustment if rates move. Opening （开盘） The period at the beginning of the trading session officially designated by an exchange, during which all transactions are considered made "at the opening." Opening price （开盘价） The range of prices at which the first bids and offers are made or the first transactions are completed on an exchange. Operating cash flow （营运现金流量） Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. Operating
cycle(运行周期) The length of time from the commitment of cash for purchases until the collection of receivables resulting from the sail of goods or services. Operating lease(运营（经营）租赁) Short-term, cancelable lease. A type of lease in which the contact period is shorter than the life of the equipment, and the lessor pays all maintenance and servicing costs. Operating leverage(运营杠杆) The use of fixed operating costs by the firm. Opportunity
cost(机会成本 The difference in the performance of an actual investment and a desired investment adjusted for fixed costs and execution costs. When not all desired trades can be implemented. Most valuable alternative that is given up.
Optimal
capital structure(最优资本结构) The capital structure that minimizes the firm's cost of capital and thereby maximizes the value of the firm. Option-adjusted spread (OAS) （期权调整价差） (1) The spread over an issuer's spot rate curve, developed as a measure of the yield spread that can be used to convert dollar differences between theoretical value and market prices. (2) The cost of the implied call embedded in an MBS, defined as additional basis-yield spread. When added to the base yield spread of an MBS without an operative call produces the option-adjusted spread. Option price （期权价格） Also called the option premium; the price the buyer of the options contract pays for the right to buy or sell a security at a specified price in the future. Option series （系列期权） A group of options on the same underlying security with the same exercise price and maturity month. Option spread （期权价差） The trading of options of the same class at the same time in order to profit from changes in the size of the spread between different options. Optional redemption(提前赎回的选择权) Options Clearing Corporation (OCC) (期权清算公司） Applies to derivative products. Financial institution that is the actual issuer and guarantor of all listed option contracts. Order point（订货点） The quantity to which inventory must fall in order to signal that an order must be placed to replenish an item. Ordinary shares （普通股） Apples mainly to international equities. Shares of non-U.S. companies traded in their individual home markets. Usually cannot be delivered in the U.S. Organization
of Petroleum Exporting Countries (OPEC) （石油输出国组织） Original issue discount debt (OID debt) （折价发行债券） Debt that is initially offered at a price below par. Original
margin（初始保证金） Original maturity （初始到期日） Maturity at issue. For example, a five-year note has an original maturity of five years; one year later it has a maturity of four years. Outsourcing(外部采购 subcontracting a certain business operation to an outside firm instead doing it "in-house." A call option is out of the money if the strike price is greater than the market price of the underlying security. That is, you have the right to purchase a security at a price higher than the market price, which is not valuable. A put option is out of the money if the strike price is lower than the market price of the underlying security.
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