Ask or Offer

The lowest price at which someone is willing to sell thesecurity. When combined with the bid price information, it forms the basisof a stock quote.

Anonymous Trading Permits Participating

Organizations to voluntarily withhold their true broker identities when entering orders and trades on TSX trading systems.

Annual Report

A publication, including financial statements and a report on operations, issued by a company to its shareholders at the company's fiscal year-end.

All-or-None Order

An order that must be filled completely or the trade will not take place.

Alberta Securities Commission (ASC)

The provincial regulatory agency responsible for overseeing the capital marketin Alberta.

Agent

A securities firm is classified as an agent when it acts on behalf of its clients as buyer or seller of a security. The agent does not own the security at any time during the transaction

Better-Price-Limit Orders

An order with a limit price better than the best price on the opposite side of the market. A better-priced buy order has a limit price higherthan the best offering. A better-priced sell order has a limit price lower than the best bid. These are available only at the opening.

Bid

The highest price a buyer is willing to pay for a stock. When combined with the askprice information, it forms thebasis of a stock quote.

Bid Size

The aggregate size in board lots of the most recent bid tobuy a particular security.

Black-Scholes Model

A mathematical model used to calculate the theoretical price of an option.