AUCTION MARKET is a trading system in which buyers enter competitive bids and sellers enter competitive offers simultaneously. This, as opposed to the over-the-counter market, where trades are negotiated. Examples: the NYSE and the AMEX. It is sometimes called double auction market.
DEFICIENCY is a shortcoming in an internal control or an opportunity to strengthen internal controls.
CASH SETTLEMENT, in short-term securities, is payment and delivery made on the same day as the trade date.
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