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Specialist
On an exchange, the member firm that is designated as the market maker (or dealer for a listed common stock. Only one specialist can be designated for a given stock, but dealers may be specialists for several stocks. In contrast, there can be multiple market makers in the OTC market.
Speculator
One, who attempts to anticipate price changes and, through buying and selling contracts, aims to make profits. A speculator does not use the market in connection with the production, processing, marketing or handling of a product.
Speed
Related: Prepayment speed
Spiders (SPDRs)
SPDRs, or Standard & Poors' Depository Receipts. A group of ETFs that track a variety of Standard & Poors' indexes. SPDR Trust, Series 1, usually referred to as "Spiders," tracks the S&P 500 index. Select Sector SPDRs track various sector indices that carve up the S&P 500 index into separate industry groups. SPDR Trust, Series 1 is structured as a unit investment trust, but Select Sector SPDRs are open-end funds.
Spike
A sharp price rise in one or two days indicating the time for an immediate sale.
Spot markets
Related: Cash markets
Spot month
The nearest delivery month on a futures contract.
Spot price
The current market price of the actual physical commodity. Also called cash price.
Spot rate
The theoretical yield on a zero-coupon Treasury security.
Spot rate curve
The graphical depiction of the relationship between the spot rates and maturity.
Spread
The simultaneous purchase and sale of separate futures or options contracts for the same commodity for delivery in different months. Also known as a straddle.
Spread income
Also called margin income, the difference between income and cost. For a depository institution, the difference between the assets it invests in (loans and securities) and the cost of its funds (deposits and other sources).
Spread strategy
A strategy that involves a position in one or more options so that the cost of buying an option is funded entirely or in part by selling another option in the same underlying.
Spread-Load Contractual Fund
A contractual plan for purchasing shares of a mutual fund in which sales charges are not concentrated in the first payment or in the first few payments made by the investor.
Standard & Poor's Corporation (S&P)
A company that rates stocks and corporate and municipal bonds according to risk profiles and that produces and tracks the S&P indexes.
Standard deviation
Measure of fund volatility in percentages. Standard deviation measures the average variability of the fund's returns over a time period. Stable investments like money market funds have standard deviations near zero, while high-risk equity funds often have a much higher one. A standard deviation of 10 means approximately 68% of the time a fund will be within 10% of its mean (average) price.
Standardized value
Also called the normal deviate, the distance of one data point from the mean, divided by the standard deviation of the distribution.
State Municipal Bond Funds
These funds invest in bonds issued by municipalities located all in one particular state. Residents of that state earn income that is exempt from federal, state, and sometimes city income taxes.
Stated conversion price
At the time of issuance of a convertible security, the price the issuer effectively grants the securityholder to purchase the common stock, equal to the par value of the convertible security divided by the conversion ratio.
Statement of Additional Information (SAI)
An attachment to the fund's prospectus that contains more detailed, supplementary information. Also referred to as "Part B," the SAI is available at no charge upon request from a fund.
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