Market Terminology

OCO-One Cancels the Other

If you place a sell limit and a sell stop order in the same stock at the same time. When either order is executed the other will automatically be cancelled. Also applies to a buy limit and buy stop order.

OFEX

An unregulated, off exchange, alternative to the official Stock Market, organised by JP Jenkins Ltd. and targeted at smaller companies, with a potentially higher risk, but consequent prospects of greater reward.

Out of Hours Trading

OFB allow clients to trade the major stocks and indicies outside the normal trading hours.

Order Book

Introduced on 20 October 1997. FTSE 100 stocks are traded on an electronic order book (inside the SEAQ quote system). When bid and offer prices match, new incoming orders are automatically against orders on the book.

Open Position

A long or short position which has not been closed out by an equal and opposite position.