) (

: 0931www. SEBA .ir

-

) ( 1 2 3 4 5 6 Auction TOP (theoretical )opening price LOT : ) (TOP . : . : . : . : . . - : . . . : . . . : . : . : . . . : . . . . . : . . : . . . : .

Stop Order Limit order Market order

7

Market to limit order Market on opening order Stop loss order Stop limit order

8 9 01

11

Cross order

21

Iceberg order

31

fill & kill order

41 51

All or Non order Good Till Cancel

2 92

-

61 71 81 91 02 12 22 32 42

Good Till Date Sliding Validity Session Order Day Order Discount brokers Ex-date / Ex-dividend date )Fifo (First In First Out Market On Opening (MOO) Orders )Market to Limit (MTL Orders

: . : . . . . . ) ( . . . ) ( . : . . . : . . ( . . ( . . . : . . . -- . . : . / : . . . . .

Stop Limit Order 52 Trigger or Limit Prices

62 72 82 92 03 13 23

Fake-Market Order )Fill-And-Kill (FAK Limit Order Stop/Stop Loss Order )Good-Till-Date (GTD Session Order Good-Till-Cancelled )(GTC Minimum-Quantity Order

33

3 92

-

.

43

1) Immediate Or ;Cancel .2) Transient Orders

.

53 63 73 83 93 04 14 24 34 44 54 64

Market manipulation Fraud and Manipulation Wash sales Painting The Tape Matched Trades ;1) Wash sales .2) Constructive sales Rumormonger Marking the close or Ramping Window Dressing Cornering Bear raid Pump & Dump

) ( . . : . : . : . : . )( : . : . . . . . : . : . : . . . ) (Trading Halt ) (Trading Suspension

74

Trash & Cash

84 94 05

Hyping and Dumping Price manipulation ;1) Ware Housing .2) Parking

15

Suspension

4 92

-

) 2 ( ) (. . . . .

25

Delisting

35

Market Closure ;1) Circuit Breakers 2) Market-wide ;trading halt .3) Trading curb Transitory Volatility Tick Size Continues Trading Fairness and Orderly Market Bid-Ask spread Tightness Depth Resiliency Closing Auction Adverse Selection Risk Blue-Chip Shares Penny Stocks Free float Private Placement

45

. . . . . . . : .

55 65 75 85 95 06 16 26 36 46 56 66 76 86

5 92

-

96 07

Concentration of ownership ;1) Auction Market 2) Order driven .Market

: . . . . . ) ( . . . . . . . . ) ( . . . . . .

17

;1) Dealer Market 2) Quote-Driven .Market

27

Direct Market Access

37

Alternative trading )system (ATS

47

Electronic Communication )Networks (ECNs

57

1) Dork Pool of ;Liquidity ;2) Dark Pool ;3) Dark Liquidity .4) Upstairs Market

67 77 87 97

Market Impact Liquidity demand shocks Turnover velocity Intraday Auction

6 92

-

08 18 28 38 48 58 68

Materiality Cash equitizing Exposure Volatility Interrupter Trading Halts Price limits Trading Interruptions

. :

78 88 98 09 19 29 39 49 59 69 79 89

Horizontal Merger Vertical Merger Market Extension Merger Product Extension Merger Conglomeration Congeneric Merger/Concentric Merger Stock Consolidation Stock Split or Stock Subdivision Entitlement Actions Right Issue Bonus Issue Cash Bonus

. . . . . . . . . . . . ) ( . .

99

Open Offer

7 92

-

: .

;100 1) Acquisition .2) Buyout 101 Target Company 102 Merge 103 Demerge 104 Distribution in Specie

105 Institutional Broker

106 Institutional Investor

107 Specialist

: . . : . . . : . . .

108 Market Authorities 109 Informed trader

8 92

-

) (011 111 211

Last Trading Day Clearing House Margin Call 1) Futures Contract Market Value 2) Futures Contract Value Based on The Last Daily Settlement Price Value of Trade Futures Trading Notification 1) Corporate ;Action 2) Corporate .events ;3) Contract Size 4) Contract .Multiplier First Trading Day Futures Market Buy-In-Market Spot Market Custodian Bank ;1) Offset Position 2) Close-Out .Position Exchange Mark-to-Market Risk Disclosure Physical Settlement

311

411 511

611

711 811 911 021 121 221 321 421 521 621 721

9 92

-

821 921 031 131 231 331 431 531 631 731 831 931 041 141 241 341 441 541 641 741 841 941 051

Cash Settlement Futures Contract Adjustment Adjusted last settlement price Adjusted Contract Size Trading Session Tick Size Minimum Margin Broker's Operational Account Buyer (Long )Position Taker Penalty Daily Price Limit Daily Clearing Period Delivery Period Trading Period 1) Delivery Notice ;Day .2) Declaration Day Order Order Limit Market-Wide Position Limit Open Position Limit Client Records Underlying Stock Seller (Short )Position Taker Client-Broker Agreement

) ( ) ( -

01 92

-

151

1) Single Stock ;Futures 2) Equity Futures .Contracts Daily Settlement Price Base Price Futures Contract Price & Settlement Delivery Fee Trading Fee Futures Committee Futures Contract Month Client Futures Contract Specification Position Open Position Long position Short Position Issuer Broker's Collateral Margin ,Additional Margin Extra Margin Initial Margin Variation Margin Listing Council CFD or Contract For Difference Clearing Account

251 351 451 551 651 751 851 951 061 161 261 361 461 561 661 761 861 961 071 171 271 371

11 92

-

471 571 671 771 871

Clearing Participant Clients Segregated Account Default Intra-Day Margin Leverage Rising (Bullish Market) and Falling market (Bearish )Market Expiry or Maturity day Spot Month Contract Settlement Currency Transaction Fees Clearing and Settlement Fees Closing buy transaction Closing sell transaction Outstanding Obligation Opening buy transaction Opening sell transaction Trading Member Forward Contract Equity Derivatives Forward Sale )(Forward Purchase Treasury Bonds Futures Treasury Notes Futures Price Risk Transfer

) ( )(

971

081 181 281 381 481 581 681 781 881 981 091 191 291 391 491 591 691

21 92

-

791 891 991 002 102 202 302 402 502 602 702 802 902 012 112 212 312 412 512 612 712 812

Risk Averse1) Risk Seeker 2) Risk Bearer 3) Risky

. ) (

Underlying Asset Delivery Versus Payment Hedgers Synthetic Position Rollover Arbitragers Speculation Capital Gain Gearing or Leverage Investment Price Discovery Short sell Not Capital Protected Paper Loss Liquidity Risk Good Faith Performance Bond Exchange for )Physical (EFP Exchange Delivery Settlement Price )(EDSP Synthetic Stock Synthetic Sell ,Valve Relative Spread or Pair Trading

31 92

-

912 022 122 222 322 422 522 622 722

Fine-Tune Market Exposure Outperform )Spread Ratio (SR Stock Consolidation Stock Split or Stock Subdivision Entitlement Actions Right Issue Bonus Issue Cash Bonus

. . . ) ( . . . .

822

Open Offer

922 032 132 232 332 432 532 632 732 832 932

Acquisition Target Company Merge Demerge Distribution in Specie Basis, Basis Risk Price Convergence Law of One Price Forwardation or Contango Backwardation Cost of Carry

41 92

-

042 142 242 342 442 542 642 742 842 942 052 152 252 352 452 552 652 752 852 952 062

Long Basis Position Short Basis Position Long Hedge, Buying Hedge Short Hedge, Selling Hedge Pay Attention Financial Instrument Speculators Spread Position Portfolio Insurance Dynamic Hedging Warrant Day Trade Spread Transaction Net Position Gross Basis Net Basis Commission Brokers Locals Position Traders Scalpers Fifo (First In First )Out Market On Opening (MOO) Orders Market to Limit (MTL) Orders

. . . . ! . . . . . . . . . . . ) ( . . . ) ( . : . . . 51 92

162

-

Stop Limit Order 262 Trigger or Limit Prices

362

Fake-Market Order

: . . ( . . ( . . . : . . . : . . / / . / -- . . . . . . . . . . . . . .

462 562 662 762 862 962 072

Limit Order Combination Order Stop/Stop Loss Order )Fill-And-Kill (FAK Good-Till-Date )(GTD Session Order Good-Till-Cancelled )(GTC

172

Minimum-Quantity Order

272

Counter Party Risk

372

Auction Orders

472 572 672

Inactive Orders Bilateral-Cleared Derivatives Central )Counterparty (CCP

61 92

-

772 872 972 082 182 282 382 482 582 682 782 882 982

Risk Mutualisation Novation Market Neutral Netting Knock-on Systematic Risk Quasi-Utilities Principal to Principal Fungibility Fair Value Double-Edged Sword Hot Tips Standard Portfolio Analysis of Risk )(SPAN Nearby Contract

. . . : . .

71 92

-

) (092

Exercise Strike Price ;1) Expiration Date ;2) Exercise Date ;3) Strike Date .4) Maturity ;1) Exercise price .2) Strike price

: . . . .

192

292 392

492 592 692 792 892 992 003 103 203 303 403

)1 )2 )3 )1 )2 )3

;Option Writer ;Option Seller .Option Grantor ;Option Holder ;Option Buyer .Option Taker

Call Option Put Option Exchange Traded )Options (ETOs 1) Individual Equity ;Options .2) Stock Options Commodity options Bond options Interest rate options Currency cross rate options Index options Options on Futures Contract 1) Flexible Option ;Contract 2) Flex Option .Contract

503

603 703

Bond Options Futures Option

81 92

-

803 903 013 113 213 313 413 513

1) Over-the-counter ;options .2) Dealers Options ;1) Options on Swaps .2) Swaptions Employee Stock Options Executive Stock Options Protective Put

: . . ) ( ) (: . . . . . ) (. . . . : . : : .

Covered Call Type of option Option Style

613

Ito's lemma

713

;1) Wasting Asset .2) Time Decay Asset

813

Pin risk

913 023 123 223 323 423 523 623

Out-of-the-Money ;1) At-the-Money 2) Near the money .strike price In-the-Money Family Option Pay-Off Vanilla Options Exotic Options Non-Vanilla Exercise Right Options

91 92

-

723 823 923 033 133 233 333 433

Exotic Options with Standard Exercise Styles Non-Vanilla Path Dependent Exotic Options European style option contract American style option contract Bermudan style option contract Canary Option Capped-Style Option Interest Rate Cap

: . . : . : . . : ) ( . : . . : . . . : : . . : . . . . : . . : ) 1( . : ) ( . : . : . . : )10/0 ( . 02 92

533

Compound Option

633

Inner Option

733

Shout Option

833

Swing Option

933

;1) Cross Option .2) Composite Option

043 143 243 343

Quanto Option Exchange Option Basket Option Rainbow Option Low Exercise Price )Options (LEPOs

443

-

543

Lookback Option

: )( )(. : . ) ( . . : )( . : . : . : . : . : . : . : . : . . . : . : ) ( . : . : . : ) ( ) ( . 2( 3( . . : . 1(

643

;1) Asian Options .2) Average Option

743 843 943 053 153 253

Russian Option ;1) Game Options .2) Israeli Option Cumulative Parisian Option Standard Parisian Option Barrier Option Double Barrier Option Cumulative Parisian Barrier Option Standard Parisian Barrier Option

353

453

553

Reoption

653 753 853 953 063

;1) Binary Option .2) Digital Option Chooser Option Forward Start Option Cliquet Option Intrinsic Value

163

;1) Time Value ;2) Extrinsic Value 3) Instrumental.Value Option Series

263

12 92

-

363 463 563 663 763 863 963 073 173 273 373 473 573 673 773 873 973 083 183 283 383 483

Option Class Contract Specifications Base Price Open Interests Premium style premium settlement Futures style premium settlement Mark-to-Market Daily Premium Settlement )Selling (Writing Options Interim Exercise Settlement Declaration Date Over Price Risk Neutral Portfolio Hedge Parameters )Implied Volatility (IV Historic volatility Low Implied Volatility Implied Volatility Skew Volatility Skew Deep in The Money or Deep out of The Money Black-Scholes formula Binomial Tree Model

: . : : / . . . . : . 6 02 . . . ) ( ) ( : . .

22 92

-

583 683 783 883 983 093 193 293 393 493 593 693 793 893 993 004 104 204 304 404 504 604 704

Stochastic Volatility Models Monte Carlo Models Finite Difference Models Option Pricing Curve Greeks Delta Delta-Hedged Delta Neutral Gamma ,Vega (kappa, omega )tau Theta Rho Zeta Long Call Short Put Synthetic Long Stock Long Synthetic Split Strike Bull Spread Ratio Call Backspread Long Put Short Call Synthetic Short Stock Synthetic Short Stock )(Split Strike

. . . : . . . . . . . . . : .A : A B) B A(. : ) B A(: A B A .B : A B) B A(. : A : A B) B A(.

32 92

-

804 904 014 114

Bear Spread Ratio Call Backspread ;1) Short Straddle .2) Up Straddle ;1) Short Strangle 2) Top vertical .combination

) B A(.: A B A B ) B A(: B .A : A A ) B A(: B A ) B A(: A B C A B C A B C A B .C ) B A(: A B C D A B C D A B C D A B C .D ) B A(: A B ) B A(: A B : A A ) B A(: B A ) B A(: A B C A B C A B C A B .C ) B A(: A B C D 42 92

214

Long Butterfly

314

Long Condor

414 514 614 714

Ratio Call Spread Ratio Put Spread ;1) Long Straddle .2) Bottom straddle ;1) Long Strangle 2) Bottom vertical .combination

814

Short Butterfly

914

Short Condor

-

A B C D A B C D A B C .D : A : A ) B A(: A .B : . : A A . . : . : : : A B) B A(. : . . . . . : :

024 124

Buy & Write or Covered Call Protective Put Plus )Stock (Married Put Stock with Collar or Protected Covered Write

224

324

Box Spread

424

524 624 724 824 924 034 134

;1) Calendar Spread 2) Interdelivery ;Spread 3) Intramarket .spread Neutral Calendar Spread Bull Calendar Spread Bear Calendar Spread Reverse Calendar Spread Intercommodity Spread Intermarket Spread Stock Repair

234

Strips & Straps

334 434

;1) Conversion 2) Conversion .arbitrage ;1) Reversal 2) Reverse ;conversion

52 92

-

.3) Reversal arbitrage

534

Combination

634 734 834 934 044 144 244 344 444 544 644 744 844 944 054 154 254 354 454

Fence Bullish Strategy Bearish Strategy Neutral Strategies Event Driven Strategies Stock Combination Strategies Protected Strategy Overwrite Buy-Write Strategy Ratio spread Ratio write Suitability Compound Annual )Growth Rate (CAGR Programmed Trading Forward Rate Agreement Notational Value Theoretical Intermarket Margin )System (TIMS Warrants Convertible Bonds

: . : : . . . )( )( ) (. . . .

62 92

-

554 654 754 854

Closed-End Funds Exchange Traded Funds Counter Value Put-Call Parity ;1) Parity ;2) Worth Parity .3) Trading for parity Exercise Request ;1) Allocation .2) Assignment Forward Volatility Skew Horizontal Spread Vertical Spread Diagonal Spread Christmas Tree Spread Long-term stock or index options Reverse Volatility Skew Rolling Roll Down Roll Up

)( )( .

954 064 164 264 364 464 564 664 764 864 964 074 174 274 374 474 574

. . : . : . : . . . : . .

;1) Rollover ;2) Rolling Out .3) Roll ForwardDiagonal Rolling Contingency order Offsetting order

72 92

-

674 774 874 974 084

Listed option Automatic Exercise Bid Price Ask Price Bid-offer spread;1) Cover 2) Liquidating a

: . . .

184

;short position 3) Evening up a short .position Covered

. . . : . : / : : . . . 09 . - . . : )( . - . .

284

384 484 584 684 784 884

A naked option Exercise Early Exercise )(assignment Spread Order Spread Strategy Treasury Bill/Option 09/01( Strategy )Strategy Averaging down

984

094 194 294 394 494 594

Backspread )Break-even point(s Cycle Equivalent strategy Fungibility ;1) Option period .2) Option's Lifetime

82 92

-

694 794 894 994 005 105 205 305 405 505 605 705 805 905

Strike price interval Tick Size Fast Markets Cross-Hedging Cross-Margining Normal market ;1) Inverted Market .2) Abnormal Market ;1) Back Months .2) Back contracts Pyramiding Delivery notice Notice of Intention to Deliver First notice day Hedge ratio Hedging ;1) Pure hedging 2) Conservative ;hedging .3) True hedging Rolling hedge Combination Order

: . . . . . . . : )( . . / / . : . : .

015

115 215 315 415

Capping Pegging

92 92