Scrip dividend - An issue that involves shareholders electing to receive additional shares, instead of cash, in respect of all or part of their entitlement to what otherwise would be the cash dividend
Secondary Market - A market for securities following their initial distribution; may be order driven (automatic matching of offers with bids) or comprise market makers (the dealers who quote simultaneous bid and offer prices for securities).
Securities (Stock) Lending - Transfer of securities to a borrower (usually so the borrower can pay back a short-term liability), in return for a fee. See also Repo.
Securitization - The conversion of bank loans, receivables or other non-tradable financial transactions into tradable securities (usually bonds).
Security - A generic term for all tradable financial assets.
Senior Financial Debt - Senior debt ranks ahead of all other unsecured or subordinated debt in right of payment, in the event of a default.
Shareholder - A person (or institution) that holds shares in a company, participates in voting and qualifies for a dividend.
Shark Repellant - Moves to discourage an unwanted takeover.
Short Position - A short position is one which profits when the value of the underlying asset goes down.
Size - The number of shares or contracts in a transaction that the trade is for.
Spot - The market or price for immediate, as opposed to future, delivery of assets; used in foreign exchange and money markets to signify delivery in two business days' time for deals agreed today.
Standard & Poor's - Standard & Poor's Corporation (S&P) - A US credit rating agency, which applies globally-recognized ratings to bonds and the institutions and companies that issue them.
Star - A successfully performing investment.
Star Trek - (US) A new issue where the pricing is in 'undiscovered country'. That is, the price or yield breaks new ground in relation to some benchmark, spread or maturity.
Stockbroker - An agent who buys and sells securities on a stock exchange on behalf of clients.
Stock Exchange - A physical location where trading in listed securities is regularly carried out by qualified members.
Structured Product - A financial instrument designed to meet specific investor needs by incorporating special, non-standard features.
Subordinated Debt - Debt that ranks lower than senior and other classes of unsecured debt for repayment in the event of the issuer defaulting.
Swap - An exchange between two counterparties of instruments, carried out to balance risk or to match the earnings or maturity characteristics of each instrument to the respective parties' needs.
Swaption - The option to enter into a swap.
Syndication - The distribution among institutions of bank loans and securities, in order to share risk and future returns.



