|Back | Print|
Municipal conduit bonds are issued by a city, county or other government agency (the conduit) on behalf of another entity (the obligor) which is typically a corporation. An example of this would be a state energy research and development authority issuing bonds to finance the projects of a utility company. The state authority is the issuer but it is the utility company (the obligor) responsible for paying the debt service.
The credit rating assigned to the obligor.
On Balance Volume (OBV) is a momentum indicator that relates volume to price change.
On Balance Volume is a running total of volume calculated by adding the day's volume to a cumulative total when the price closes up, and subtracting the day's volume when the security's price closes down.
It shows if volume is flowing into or out of a security.
When the security closes higher than the previous close, all of the day's volume is considered up volume. When the security closes lower than the previous close, all of the day's volume is considered down volume.
This refers to a trade order for less than the generally accepted number of units or shares for a security. For bonds, it is an order for less than 100 bonds.
For example, a trade order for less than 100 shares of stock is for an odd lot.
A period of time, with a stated beginning and end date, during which payroll deductions are accumulated for the purchase of stock in an employee stock purchase plan. Each offering period may have its own rules for employee eligibility, stock purchase discount, and other terms. Refer to your plan rules for more information.
The price at which a security may be purchased. Conversely, bid price is the price at which a security may be sold.
The distance between the strike prices for a given strategy.
Example: 50 strike - 55 strike
Offset = $5
A 144A fixed income security is a private placement bond typically available only to qualified institutional investors.
Securities have this restriction if the securities are restricted, but the stock owner is not an affiliate of the company and the securities were acquired from the company or affiliate of the company more than two years ago.
You can sell this type of stock without having to satisfy most of the requirements of Rule 144.
1 Yr. %
The percent gain or loss that the portfolio has achieved over the previous one-year period. Refer to the "as of" date to determine the exact period.
On the Close
A time-in-force restriction that can be placed on the execution of an order. This restriction requires that the order is executed as close as possible to the closing price for a security. All or any part of the order that cannot be executed at the closing price is canceled.
On the Open
A time-in-force restriction that can be placed on an order. This restriction requires that the order is executed as close as possible to the opening price for a security. All or part of the order can be executed. Any part of the order that cannot be executed at the opening price is canceled.
One Cancels the Other (OCO)
A one cancels the other order is an order whose execution results in the immediate cancellation of an order linked to it. Cancellation of the linked order happens on a best efforts basis. In a one cancels the other order, both orders may be live in the marketplace at the same time. The execution of either order triggers an attempt to cancel the unexecuted order. Partial executions will also trigger an attempt to cancel the other order.
100-Day Moving Average
The average closing price of the stock ove rthe last 100 trading days. Moving averages can be used to guage the direction of price movement in a stock.
One Triggers the Other (OTO)
A one triggers the other orders involves two orders—a primary order and a secondary order. The primary order may be a live order at the marketplace. The secondary order, held in a separate order file, is not. If the primary order executes in full, the secondary order is released to the marketplace and becomes live. An OTO order can be made up of stock orders, option orders, or a combination of both.
The total number of outstanding option contracts for this security, that is the number of option contracts that have not been exercised, closed out, or allowed to expire.
An order status indicating that an order has been placed and that no part of that order has been executed.
The price of the security at the start of the current trading day.
Operating Margin, TTM (%)
This value measures the percent of revenues remaining after paying all operating expenses. It is calculated as the trailing 12 months (TTM) operating income divided by the trailing 12 months total revenue multiplied by 100.
An option is a right to buy or sell shares at a guaranteed price for a specific period of time. With a call option, the buyer has the right to buy shares of the underlying security at a specific price for a specified time period. With a put option, the buyer has the right to sell shares of the underlying security at a specified price for a specified period of time.
Option Adjusted Convexity
Option Adjusted Convexity is the change in price of the bond not explained by option-adjusted duration. It is a measure of the curvature of the price-yield relationship of a bond after adjusting for any embedded options. The calculations are based on the Black-Karasinski model (an option valuation model in which the interest rate term structure is lognormal), for which the key assumptions are:
The calculations use the current offered price as the price input versus the previous day's closing yield curve.
Option Adjusted Duration
Bond prices typically move in the opposite direction to changes in interest rates. If interest rates rise, bond prices usually fall (and vice versa). Duration is a measure that helps approximate the degree of price sensitivity of a bond to changes in interest rates. Although stated in years, duration is often explained as an estimate of the percentage price change of a bond in response to a one percent change in interest rates. Bonds with higher duration have greater sensitivity to changes in interest rates and will generally experience a more significant drop in value as interest rates rise. For bonds with embedded options (for example callable or puttable bonds), the duration measure must be adjusted to account for the fact that the bond's embedded options may change the expected cash flows of the bond. For example, if a bond is called, interest payments cease and principal is returned earlier than the bond's maturity. The option-adjusted measure of duration is referred to as Option Adjusted Duration (OAD).
Option Adjusted Spread
A bond's yield is typically comprised of two components: 1) the yield on a similar benchmark security (typically Treasury securities) and 2) a premium above the yield on a similar benchmark security which seeks to compensate an investor for the credit risk associated with a particular bond. This premium is referred to as yield spread or simply "spread." For bonds with embedded options (for example callable or puttable bonds), the spread measure must be adjusted to account for the fact that the bond's embedded options may change the expected cash flows of the bond. For example, if a bond is called, interest payments cease and principal is returned earlier than the bond's maturity. The option-adjusted measure is referred to as Option Adjusted Spread (OAS).
Option Adjusted Yield
Option Adjusted Yield is calculated by adding/(subtracting) the value of a call option/(put option) to the bond's market price to obtain the price of an otherwise equivalent but option-free bond. The yield that equates this new higher/(lower) price to the bond's cash flows to maturity is the Option Adjusted Yield.
An agreement between you and Fidelity that details the option trading rules for your brokerage account.
The option trades allowed for each of the five option trading levels:
Margin requirements are related to single- or multi-leg option positions. Market Value is the sum of all option positions.
Option Pricing Model
An option model is used to assess an option's price. The first model of this type was the Black-Scholes model, developed in 1973. As options trading has grown, various refinements to the Black-Scholes model have been introduced. Nevertheless, most models still incorporate the following factors into their pricing assumptions: underlying security price, strike price, time until expiration, dividends to be paid, interest rates, and volatility of the stock.
A contract that grants the buyer the right, but not the obligation, to buy or sell a specific number of shares of a security at a specified price by a specified date. The writer of the contract has the obligation to sell or buy a specific number of shares of the security at the specified price if the contract holder chooses to exercise the contract. The buyer is said to have a long position, and the writer is said to have a short position.
The number of stock options that have been canceled because the options were not exercised prior to the expiration date, or because you no longer work for the employer who issued them.
The date on which an options issuer (e.g., your company) awarded you options.
On the Stock Option Summary screen, the total exercisable options across all of your stock option grants and per grant display.
The number of stock options an issuer (e.g., your company) has awarded to you. Options give you the right to purchase a specific number of shares of the underlying stock at a specific price for a specified period of time.
The unique number that identifies a particular option.
Options in the Money
Options that have intrinsic value. A call option is considered “in the money” if the price of the underlying security is higher than the striking price of the call. A put option is considered “in the money” if the price of the security is lower than the striking price.
The number of options, including vested options and unvested stock options, that you hold. This is the number of options you were granted less the number of options previously exercised and less any that may have been canceled.
This field displays the total cost of the option.
Consists solely of either calls or puts, or a combination of both, to take advantage of a specific market forecast.
Order Book Quote
Expanded quote information available only during Extended Hours trading sessions. Order Book quotes include the current ten best bid and ten best ask ECN Extended Hours orders for a specified security, available for matching from one or more ECNs. The order information is automatically updated every two seconds throughout Extended Hours trading.
In addition to the best current bid and ask orders, Order Book quotes also supply the following information:
Order Confirmation Number
The unique number used to identify a trade order. This number is:
The date an order was placed.
This is a field that displays in mutual fund order details. This field displays information stating that the order is an Electronic Funds Transfer request. This field does not display for other types of mutual fund orders.
For bond ladders, this refers to the name of your bond ladder.
For basket trades, this refers to the name of your basket.
The details for a trade order. This information displays on various screens (e.g., order confirmation).
The unique number Fidelity assigned to identify an order.
This number displays on the confirmation screen you receive when you place an order online.
The list of account trade orders or annuity exchange orders that have been received by Fidelity, but have not yet executed. The order list displays on the Orders screen.
The time when Fidelity received an order.
Order Type (Multi-leg)
On the multi-leg option trading ticket, the amount you expect to pay or the amount you expect to receive from your multi-leg option trade. On the multi-leg option trading ticket, Order Type selections include:
For example, if you select Net Debit and enter a Net Amount of $5, the trade will execute when the price to sell your options is $5 dollars less than the price to buy your options.
For example, if you select Net Credit and enter a Net Amount of $5, the trade will execute when the price to buy your options is $5 dollars less than the price to sell your options.
Order Type (Order Price Type)
A price restriction placed on the execution of an order.
Not all order types are valid with all types of orders.
Order types include:
Distributions paid to you or credited to your account from earnings of a corporation or mutual fund. Ordinary dividends may be paid in cash or reinvested in additional shares.
Ordinary dividends, which include any net short-term capital gains from a mutual fund, are fully taxable.
Ordinary Income/Loss from Dispositions of Contingent Debt Instruments
Under IRS regulations, gain (if any) on disposition of a contingent payment debt instrument is usually treated as ordinary income. Any loss, to the extent that the loss is less than or equal to previously earned interest, is usually treated as an ordinary loss. Any loss greater than previously earned interest is usually treated as a capital loss.
Original Issue Amount
The amount or quantity offered to the public at the time of original issuance.
Original Issue Discount (OID)
The difference between the stated redemption price at maturity (if greater than one year) and the issue price of a fixed income security attributable to the selected tax year.
There are three values that can display in the Bond Details page of a bond CUSIP:
NOTE: Tax reporting of OID obligations is complex. If acquisition or bond premium is paid during the purchase, or if the obligation is a stripped bond or stripped coupon, the investor must compute the proper amount of OID. Refer to IRS Publication 1212, List of Original Issue Discount Instruments, to calculate the correct OID.
Original Issue Discount on U.S. Treasury Obligations
The amount of original issue discount on U.S. Treasury obligation for the part of the year you owned it. This amount is exempt from state and local income taxes.
The US Dollar value of the total issue at time of launch.
Original Lot Quantity
When updating cost basis, Original Lot Quantity is the number of shares in the selected lot for which cost basis information can be supplied.
Original Lot Quantity remains constant as you enter the new basis information. for example, if the original lot quantity for which you are supplying cost basis is 200, when you supply basis for 50 shares, the following happens:
When you supply basis for the next 75 shares, the following happens:
Original Payment Rate
The Yield to Maturity at issuance for Municipal bonds.
The gain or loss information calculated by Fidelity will be based on the tax lot information as determined by Fidelity Investments, if applicable, not the basis information you provide.
As used on the Graphical View and Holdings Detail analysis screens for your portfolio or one or more selected accounts, Other includes your investment in derivative securities, stock options, and real estate investment trusts (REITs) in some of your investments. Please note that 529 Plan College Investment Trust accounts are classified as Other for portfolio and account analysis.
Other Income/Credit Adjustments
Amounts reported as Other Income/Credit Adjustments are items of miscellaneous income not otherwise reportable in one of the other line-item categories. These amounts may include, but are not limited to, credit adjustments related to substitute payments received in lieu of qualified dividends, goodwill adjustments credited to your account, and promotional and/or incentive payments (in the form of cash or other goods and services) credited to your account or otherwise paid or conveyed to you in connection with a marketing campaign or a marketing event.
The value of cash and shares flowing out of the core position of your Fidelity Retirement Income Account. It is based only on settled trades. Flows out for security purchase are not counted. This value is calculated after market close of the prior business day.
The current par value of the issue outstanding, measured in US Dollars.
A dealer network which makes markets in both fixed income and equity securities and sets fair and orderly prices.