Financial Glossary
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Q
- A Nasdaq stock symbol specifying that a particular stock is in bankruptcy proceedings.
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Q Ratio (Tobin's Q ratio)
- A ratio devised by James Tobin of Yale University, Nobel laureate in economics, who hypothesized that the combined market value of all the companies on the stock market should be about equal to their replacement costs. The Q ratio is calculated as the market value of a company divided by the replacement value of the firm's assets:
- A ratio devised by James Tobin of Yale University, Nobel laureate in economics, who hypothesized that the combined market value of all the companies on the stock market should be about equal to their replacement costs. The Q ratio is calculated as the market value of a company divided by the replacement value of the firm's assets:
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QAR (Qatari Riyal)
- The currency abbreviation for the Qatari riyal (QAR), the currency for Qatar, an Arab emirate located along the coast of the Arabian Peninsula. The Qatari riyal is made up of 100 dirham and is often presented with the symbol QR in English. The riyal has been pegged in practice with the U.S. dollar since 1980 at a rate of 1 U.S. dollar to 3.64 Qatari riyal; the rate became official in 2001.
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QQQQ
- Formerly the QQQ, this is the ticker symbol for the Nasdaq 100 Trust, which is an ETF that trades on the Nasdaq. This security offers broad exposure to the tech sector by tracking the Nasdaq 100 Index, which consists of the 100 largest and most actively traded non-financial stocks on the Nasdaq. It is also known as "cubes" or the "quadruple-Qs".
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Qstick Indicator
- A technical indicator developed by Tushar Chande to numerically identify trends in candlestick charting. It is calculated by taking an 'n' period moving average of the difference between the open and closing prices. A Qstick value greater than zero means that the majority of the last 'n' days have been up, indicating that buying pressure has been increasing.
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Quadrix
- A stock valuation system that uses over 100 variables in seven major categories to determine the value of a stock. The overall score for a particular stock is determined by a weighted average of all 100 variables.
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Quadruple Witching
- A day on which contracts for stock index futures, stock index options, stock options and single stock futures (SSF) all expire.
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Qualification Ratio
- Ratio of debt to income and housing expense to income that is used by mortgage lenders to determine a borrower's credit-worthiness for certain loan amounts. Generally, a borrower's debt-to-income ratio, which includes housing expenses plus long-term debt, cannot exceed 36% of the person's monthly gross income. Housing expenses alone, which include home owner's insurance, taxes, condominium fees, homeowner's fees, etc. cannot exceed 28% of a borrower's monthly gross income.
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Qualified Acquisition Cost
- These are items, in the context of IRA withdrawls, that constitute penalty free withdrawls for an IRA owner who uses the assets to purchase a first home.
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Qualified Adoption Expenses - QAE
- Used for the adoption credit, this includes all the necessary expenses surrounding the adoption of a child.
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Qualified Automatic Contribution Arrangements - QACAs
- Also known as QACAs, these were established under the Pension Protection Act of 2006 as a way to increase workers' participation in self-funded defined contribution retirement plans such as 401(k)s, 403(b)s and 457(b)s. Beginning January 1, 2008, companies that use QACAs automatically enroll workers in the plans at a negative deferral rate, unless they specifically opt-out.
The minimum deferral amount per employee is 3% of his or her compensation for years one and two, increasing by 1% each year. The QACA amount cannot exceed 10% of his or her compensation. QACAs require a minimum employer contribution which can be either a matching or nonelective contribution. Employer contributions can be subject to a two-year vesting period unlike traditional 401(k)s in which employer contributions are immediately vested.
- Also known as QACAs, these were established under the Pension Protection Act of 2006 as a way to increase workers' participation in self-funded defined contribution retirement plans such as 401(k)s, 403(b)s and 457(b)s. Beginning January 1, 2008, companies that use QACAs automatically enroll workers in the plans at a negative deferral rate, unless they specifically opt-out.
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Qualified Charitable Organization
- A nonprofit organization that qualifies for tax-exempt status according to the U.S. Treasury. Qualified charitable organizations must be operated exclusively for religious, charitable, scientific, literary or educational purposes, or for the prevention of cruelty to animals or children, or the development of amateur sports.
Nonprofit veterans' organizations, fraternal lodge groups, cemetery and burial companies and certain legal corporations can also qualify. Even federal, state and local governments can be considered qualified charitable organizations if money that is donated to them is earmarked for charitable causes.
- A nonprofit organization that qualifies for tax-exempt status according to the U.S. Treasury. Qualified charitable organizations must be operated exclusively for religious, charitable, scientific, literary or educational purposes, or for the prevention of cruelty to animals or children, or the development of amateur sports.
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Qualified Disclaimer
- A refusal to accept property that meets with provisions set forth in the Internal Revenue Code Tax Reform Act of 1976 allowing for the property or interest in property to be treated as an entity that has never been received. These types of refusals can be used to avoid federal estate tax and gift tax, and to create legal inter-generational transfers which avoid taxation, provided they meet the following set of requirements:
1. The disclaimer must be made in writing and signed by the disclaiming party.
2. The disclaimer must identify the property, or interest in property that is being disclaimed.
3. The disclaimer must be delivered, in writing, to the person or entity charged with the obligation of transferring assets from the giver to the receiver(s).
4. The disclaimer must be written less than nine months after the date the property was transferred. In the case of a disclaimant aged under 21, the disclaimer must be written less than nine months after the disclaimant reaches 21.
Disclaimed property is given to the "contingent beneficiary" by default.
- A refusal to accept property that meets with provisions set forth in the Internal Revenue Code Tax Reform Act of 1976 allowing for the property or interest in property to be treated as an entity that has never been received. These types of refusals can be used to avoid federal estate tax and gift tax, and to create legal inter-generational transfers which avoid taxation, provided they meet the following set of requirements:
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Qualified Distribution
- Distributions made from a Roth IRA that are tax and penalty free. In order to be a qualified distribution, the following two requirements must be met:
1) It must occur at least five years after the Roth IRA owner established and funded his/her first Roth IRA
2) At least one of the following requirements must be met:
a) The Roth IRA holder must be at least age 59.5 when the distribution occurs.
b) Distributed assets limited to $10,000 are used towards the purchase or rebuilding of a first
home for the Roth IRA holder or a qualified family member.
c) The distribution occurs after the Roth IRA holder becomes disabled.
d) The assets are distributed to the beneficiary of the Roth IRA holder after his/her death.
- Distributions made from a Roth IRA that are tax and penalty free. In order to be a qualified distribution, the following two requirements must be met:
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Qualified Dividend
- A type of dividend to which capital gains tax rates are applied. These tax rates are usually lower than regular income tax rates.
- A type of dividend to which capital gains tax rates are applied. These tax rates are usually lower than regular income tax rates.
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Qualified Domestic Institutional Investor - QDII
- An institutional investor that has met certain qualifications to invest in securities outside its home country. The most popular QDII program comes from the People's Republic of China, where the main regulatory body (the China Securities Regulatory Commission) may grant a limited avenue for institutional investors such as banks, funds and investment companies to invest in foreign-based securities.
The overall restrictions on ownership are in place for several reasons, including currency conversion concerns in nations where the currency is not free-floating.
- An institutional investor that has met certain qualifications to invest in securities outside its home country. The most popular QDII program comes from the People's Republic of China, where the main regulatory body (the China Securities Regulatory Commission) may grant a limited avenue for institutional investors such as banks, funds and investment companies to invest in foreign-based securities.
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Qualified Domestic Relations Order - QDRO
- A type of court order typically found in a divorce agreement that recognizes that the ex-spouse is entitled to receive a predefined portion of the individual's retirement plan. In most cases, the qualified domestic relations order (QDRO) allots 50% of the value of the assets gained from the beginning of the marriage to the time of the divorce to the ex-spouse.
- A type of court order typically found in a divorce agreement that recognizes that the ex-spouse is entitled to receive a predefined portion of the individual's retirement plan. In most cases, the qualified domestic relations order (QDRO) allots 50% of the value of the assets gained from the beginning of the marriage to the time of the divorce to the ex-spouse.
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Qualified Eligible Participant - QEP
- An individual who meets requirements to trade in different investment funds, such as futures and hedge funds. The rules for defining a QEP are outlined under Rule 4.7 of the Commodity and Exchange Act.
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Qualified Higher Education Expense
- Expenses such as tuition and tuition related expenses that an individual, spouse, or child must pay to an eligible post-secondary institution.
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Qualified Institutional Buyer - QIB
- Primarily referring to institutions that manage at least $100 million in securities including banks, savings and loans institutions, insurance companies, investment companies, employee benefit plans, or an entity owned entirely by qualified investors. Also included are registered broker-dealers owning and investing, on a discretionary basis, $10 million in securities of non-affiliates.
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Qualified Institutional Placement - QIP
- A designation of a securities issue given by the Securities and Exchange Board of India (SEBI) that allows an Indian-listed company to raise capital from its domestic markets without the need to submit any pre-issue filings to market regulators. The SEBI instituted the guidelines for this relatively new Indian financing avenue on May 8, 2006.
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Qualified Joint And Survivor Annuity - QJSA
- An annuity payment from a qualified plan or 403(b) account that provides a life annuity to the participant and a survivor annuity for the spouse after the participant’s death. QJSA rules apply to money-purchase pension plans, defined-benefit plans and target benefits. They can also apply to profit-sharing and 401(k) plans, but only if so elected under the plan.
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Qualified Mortgage Insurance Premium
- Premium paid by homeowners on mortgage insurance for FHA loans that can be deducted in the same manner as home mortgage interest. Qualified mortgage-insurance premiums can be deducted in addition to allowable mortgage interest for up to three years. In order to qualify, the mortgage must have been originated after 2006.
- Premium paid by homeowners on mortgage insurance for FHA loans that can be deducted in the same manner as home mortgage interest. Qualified mortgage-insurance premiums can be deducted in addition to allowable mortgage interest for up to three years. In order to qualify, the mortgage must have been originated after 2006.
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Qualified Opinion
- A statement written upon the front page of an audit done by a professional auditor. A qualified opinion suggests that the information provided was limited in scope and/or the company being audited has not maintained GAAP accounting principles.
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Qualified Pre-Retirement Survivor Annuity - QPSA
- A death benefit that is paid to the surviving spouse of a deceased employee. If the employee dies before retirement, the qualified pre-retirement survivor annuity is paid to recompense the surviving spouse for the loss of retirement benefits that would have otherwise been paid to the employee. As the name implies, QPSAs are paid only for qualified plans.
- A death benefit that is paid to the surviving spouse of a deceased employee. If the employee dies before retirement, the qualified pre-retirement survivor annuity is paid to recompense the surviving spouse for the loss of retirement benefits that would have otherwise been paid to the employee. As the name implies, QPSAs are paid only for qualified plans.
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Qualified Production Activities Income - QPAI
- Income derived from domestic production that qualifies for reduced taxation. More specifically, qualified production activities income is the difference between the manufacturer's domestic gross receipts and aggregate cost of goods and services related to producing the domestic goods. This reduced tax is intended to reward manufacturers for producing goods domestically instead of overseas.
- Income derived from domestic production that qualifies for reduced taxation. More specifically, qualified production activities income is the difference between the manufacturer's domestic gross receipts and aggregate cost of goods and services related to producing the domestic goods. This reduced tax is intended to reward manufacturers for producing goods domestically instead of overseas.
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Qualified Retirement Plan (Qualified Plan)
- A plan that meets requirements of the Internal Revenue Code and as a result, is eligible to receive certain tax benefits. These plans must be for the exclusive benefit of employees or their beneficiaries.
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Qualified Savings Bond
- Refers to a series EE savings bond which has been issued after December 1989 and purchased by an individual at least 24 years of age.
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Qualified Special Representative Agreement - QSR
- An agreement between broker-dealers to clear trades without the interaction of the NASDAQ ACT system. This is achieved by sending trades directly to the National Securities Clearing Corporation (a subsidiary of the DTCC).
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Qualified Terminable Interest Property (QTIP) Trust
- A type of trust that enables the grantor to provide for a surviving spouse and also to maintain control of how the trust's assets are distributed once the surviving spouse has also died. Income, and sometimes principal, generated from the trust is given to the surviving spouse to ensure that he or she is taken care of for the rest of his or her life.
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Qualified Trust
- A trust whose underlying beneficiary may use his or her life expectancy to determine RMD (required minimum distribution) amounts, including those for the beneficiary of a retirement account.
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Qualified Widow Or Widower
- The least common of the five types of tax filing status each taxpayer must select from when preparing their personal tax return. A qualified widow or widower is entitled to use the "married filing jointly" tax rates on an individual return for up to two years following the death of the spouse.
- The least common of the five types of tax filing status each taxpayer must select from when preparing their personal tax return. A qualified widow or widower is entitled to use the "married filing jointly" tax rates on an individual return for up to two years following the death of the spouse.
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Qualifying Disposition
- A sale, transfer or exchange of stock obtained through a qualified stock option incentive plan, namely incentive stock option (ISO) plans and employee stock purchase plans (ESPP), that qualifies for favorable tax treatment for the employee selling the stock. In order to be a qualifying disposition, the employee must sell at least one year after receiving the stock, and two years after receiving the incentive stock option (ISO), or the beginning of the ESPP offering period.
The capital gains treatment for a qualifying disposition only applies to the amount of the sale represented by the difference between the exercise price of the option's stock and the market price at which the stock was sold.
- A sale, transfer or exchange of stock obtained through a qualified stock option incentive plan, namely incentive stock option (ISO) plans and employee stock purchase plans (ESPP), that qualifies for favorable tax treatment for the employee selling the stock. In order to be a qualifying disposition, the employee must sell at least one year after receiving the stock, and two years after receiving the incentive stock option (ISO), or the beginning of the ESPP offering period.
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Qualifying Domestic Trust - QDOT
- A type of trust that allows taxpayers who are not U.S. citizens to claim the marital deduction for estate-tax purposes. Spouses without citizenship are not eligible for the marital deduction without a qualifying domestic trust. QDOTs are similar to QTIP trusts in that the marital deduction is conditional upon the inclusion of assets inside the trust.
- A type of trust that allows taxpayers who are not U.S. citizens to claim the marital deduction for estate-tax purposes. Spouses without citizenship are not eligible for the marital deduction without a qualifying domestic trust. QDOTs are similar to QTIP trusts in that the marital deduction is conditional upon the inclusion of assets inside the trust.
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Qualifying Investment
- An investment purchased with pretax income. Money invested in a qualifying investment trust, annuity or plan is exempt from income taxes until it is withdrawn. These sorts of investments are tax-deferred, because the money invested in them is taxed at withdrawal only.
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Qualifying Ratios
- A set of ratios that are used by lenders to approve borrowers for a mortgage. The borrower's front-end ratio, which is the total housing expense compared to the borrower's gross monthly income, is compared to the borrower's back-end ratio, which comprises of the total housing expense and other consumer debt compared to the borrower's gross monthly income. The front-end ratio is generally limited to a maximum of 28% and the back-end ratio is generally limited to 35%. However, both ratios change with market conditions and may be influenced by other risk factors (such as the loan-to-value ratio of the mortgage).
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Qualitative Analysis
- Securities analysis that uses subjective judgment based on nonquantifiable information, such as management expertise, industry cycles, strength of research and development, and labor relations. This type of analysis technique is different than quantitative analysis, which focuses on numbers. The two techniques, however, will often be used together.
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Quality Of Earnings
- The amount of earnings attributable to higher sales or lower costs rather than artificial profits created by accounting anomalies such as inflation of inventory.
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Quality Spread Differential - QSD
- In an interest rate swap, the difference between the interest rates of debt obligations offered by two parties of different creditworthiness that engage in the swap. A swap transaction is considered beneficial to both parties only when the QSD is positive.
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Quant Fund
- An investment fund that selects securities based on quantitative analysis. In such funds, the managers build computer-based models to determine whether or not an investment is attractive. In a pure "quant shop" the final decision to buy or sell is made by the model. However, there is a middle ground where the fund manager will use human judgment in addition to a quantitative model.
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Quantitative Analysis
- A business or financial analysis technique that seeks to understand behavior by using complex mathematical and statistical modeling, measurement and research. By assigning a numerical value to variables, quantitative analysts try to replicate reality mathematically.
Quantitative analysis can be done for a number of reasons such as measurement, performance evaluation or valuation of a financial instrument. It can also be used to predict real world events such as changes in a share price.
- A business or financial analysis technique that seeks to understand behavior by using complex mathematical and statistical modeling, measurement and research. By assigning a numerical value to variables, quantitative analysts try to replicate reality mathematically.
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Quantitative Easing
- A government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative easing increases the money supply by flooding financial institutions with capital in an effort to promote increased lending and liquidity.
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Quantity Demanded
- A term used in economics to describe the total amount of goods or services that are demanded at any given point in time. The quantity demanded depends on the price of a good or service in the marketplace, regardless of whether that market is in equilibrium. The quantity demanded is determined at any given point along a demand curve in a price vs. quantity plane.
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Quantity Supplied
- A term used in economics to describe the amount of goods or services that are supplied at a given market price. Graphically, the amount of goods or services supplied lies at any point along the supply curve in a price versus quantity plane. The rate at which the amount supplied changes in response to changes in prices is called the price elasticity of supply.
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Quantity Theory Of Money
- An economic theory which proposes a positive relationship between changes in the money supply and the long-term price of goods. It states that increasing the amount of money in the economy will eventually lead to an equal percentage rise in the prices of products and services. The calculation behind the quantity theory of money is based upon Fisher Equation:
Calculated as:
Where:
M represents the money supply.
V represents the velocity of money.
P represents the average price level.
T represents the volume of transactions in the economy.
- An economic theory which proposes a positive relationship between changes in the money supply and the long-term price of goods. It states that increasing the amount of money in the economy will eventually lead to an equal percentage rise in the prices of products and services. The calculation behind the quantity theory of money is based upon Fisher Equation:
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Quantity-Adjusting Option - Quanto Option
- A cash-settled, cross-currency derivative in which the underlying asset is denominated in a currency other than the currency in which the option is settled. Quantos are settled at a fixed rate of exchange, providing investors with shelter from exchange-rate risk. At the time of expiration, the option's value is calculated in the amount of foreign currency and then converted at a fixed rate into the domestic currency.
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Quanto Swap
- A swap with varying combinations of interest rate, currency and equity swap features, where payments are based on the movement of two different countries' interest rates.
This is also referred to as a differential or "diff" swap.
- A swap with varying combinations of interest rate, currency and equity swap features, where payments are based on the movement of two different countries' interest rates.
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Quarter (Q1, Q2, Q3, Q4)
- A three-month period on a financial calendar that acts as a basis for the reporting of earnings and the paying of dividends.
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Quarter On Quarter - QOQ
- A measuring technique that calculates the change between one financial quarter and the previous financial quarter. This is similar to the year-over-year measure, which compares the quarter of one year (Q1 2005) to the same quarter of the previous year (Q1 2004). The measure gives investors and analysts an idea of how a company is growing over each quarter.
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Quarter To Date - QTD
- A time interval that captures all relevant company activity that occurred between the beginning of the current quarter and the time in which the data was gathered. Quarter to date information is typically gathered in situations when the entire quarterly period has not ended yet, and it can allow management to see how the quarter is shaping up.
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Quarterly Earnings Report
- A quarterly filing made by public companies to report their performance. Included in earnings reports are items such as net income, earnings per share, earnings from continuing operations and net sales. These reports follow the end of each quarter. Most companies file in January, April, July and October.
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Quarterly Income Preferred Securities - QUIPS
- Shares that are an interest in a limited partnership that exists solely for the purpose of issuing preferred securities and lending the proceeds of the sales to its parent company. They usually have a $25 par value, NYSE listing and cumulative quarterly distributions.
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Quarterly Revenue Growth
- An increase of a company's sales when compared to a previous quarter's revenue performance. The current quarter's sales figure can be compared on a year-over-year basis or sequentially. This helps to give analysts, investors and participants an idea of how much a company's sales are increasing over time.
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Quarterly Services Survey
- A survey produced quarterly by the Census Bureau that provides estimates of total operating revenue and percentage of revenue by customer class for communication-, key information- and technology-related services firms (NAICS sectors 51, 54 and 56) and hospitals and nursing (NAICS subsectors 622 and 623). The quarterly services survey focuses on these areas because they fuel productivity, are growth areas and are sensitive to business-cycle changes, all of which are important for keeping a finger on the pulse of the economy.
- A survey produced quarterly by the Census Bureau that provides estimates of total operating revenue and percentage of revenue by customer class for communication-, key information- and technology-related services firms (NAICS sectors 51, 54 and 56) and hospitals and nursing (NAICS subsectors 622 and 623). The quarterly services survey focuses on these areas because they fuel productivity, are growth areas and are sensitive to business-cycle changes, all of which are important for keeping a finger on the pulse of the economy.
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Quartile
- A statistical term describing a division of observations into four defined intervals based upon the values of the data and how they compare to the entire set of observations.
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Quasi-Public Corporation
- A type of corporation in the private sector that is backed by a branch of government that has a public mandate to provide a given service. Most quasi-public corporations began as government agencies, but have since become separate entities. It is not uncommon to see the shares of this type of corporation trade on major stock exchanges, which allows individual investors to gain exposure to the company's profit.
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Questioned Document Investigation
- An in-depth look into a document which is being questioned in the case of fraud, forgery, etc. The investigation is usually instigated in the event that large sums of money, heirlooms, or other assets are being called into question by a third party.
- An in-depth look into a document which is being questioned in the case of fraud, forgery, etc. The investigation is usually instigated in the event that large sums of money, heirlooms, or other assets are being called into question by a third party.
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Quick Assets
- Assets that can be easily be converted into cash or are already in cash form. It is calculated as current assets minus inventories.
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Quick Ratio
- An indicator of a company's short-term liquidity. The quick ratio measures a company's ability to meet its short-term obligations with its most liquid assets. The higher the quick ratio, the better the position of the company.
The quick ratio is calculated as:
Also known as the "acid-test ratio" or the "quick assets ratio".
- An indicator of a company's short-term liquidity. The quick ratio measures a company's ability to meet its short-term obligations with its most liquid assets. The higher the quick ratio, the better the position of the company.
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Quick-Rinse Bankruptcy
- A bankruptcy proceeding that is structured to move through legal proceedings faster than the average bankruptcy. The term "quick-rinse bankruptcy" first emerged during the credit crisis that started in 2008 and was used to describe the planned bankruptcies of U.S. automotive giants Chrysler and General Motors. In order for quick-rinse bankruptcies to be effective, interested parties must negotiate prior to the proceedings. These negotiations take place between the government, debtholders, unions, shareholders and other parties in order to prevent filings by these parties in court that would otherwise clog up the process.
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Quid Pro Quo
- A Latin phrase meaning "something for something". This term is typically used in financial circles to describe a mutual agreement between two parties in which each party provides a good or service in return for a good or service.
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Quiet Filing
- The name given to an IPO filing where important details are intentionally excluded. Sent to the SEC in order to begin the process of issuing a new security, these details must be submitted through amendments. This form of filing generally takes longer than the conventional methods.
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Quiet Period
- In terms of an IPO, the period where an issuer is subject to a SEC ban on promotional publicity. The quiet period usually lasts either 40 or 90 days from the IPO.
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Quintiles
- A statistical value of a data set that represents 20% of a given population. The first quartile represents the lowest fifth of the data (1-20%); the second quartile represents the second fifth (21% - 40%) etc.
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Quitclaim Deed
- A deed releasing a person's interest in a property without stating the nature of the person's interest or rights, and with no warranties of ownership. While a quitclaim deed neither warrants nor professes that the grantor's claim is valid, it does prevent the grantor from later claiming they have an interest in the property.
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Quorum
- The minimum acceptable level of individuals with a vested interest in a company needed to make the proceedings of a meeting valid under the corporate charter.
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Quota
- In the context of international trade, this is a limit put on the amount of a specific good that can be imported.
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Quotation
- A very common term which actually refers to two numbers - the highest bid price currently available for a security or commodity and the lowest ask price currently available for the same security/commodity.
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Quote
- 1. The last price at which a security or commodity traded, meaning the most recent price on which a buyer and seller agreed and at which some amount of the asset was transacted.
2. The bid or ask quotes are the most current prices and quantities at which the shares can be bought or sold. The bid quote shows the price and quantity at which a current buyer is willing to purchase the shares, while the ask shows what a current participant is willing to sell the shares for.
This is also known as an asset's "quoted price".
- 1. The last price at which a security or commodity traded, meaning the most recent price on which a buyer and seller agreed and at which some amount of the asset was transacted.
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Quote Currency
- The second currency quoted in a currency pair in forex. In a direct quote, the quote currency is the foreign currency. In an indirect quote, the quote currency is the domestic currency.
Also known as the "secondary currency" or "counter currency".
- The second currency quoted in a currency pair in forex. In a direct quote, the quote currency is the foreign currency. In an indirect quote, the quote currency is the domestic currency.
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Quote Driven Market
- An electronic stock exchange system in which prices are determined from quotations made by market makers or dealers.
Also known as a "price driven market".
- An electronic stock exchange system in which prices are determined from quotations made by market makers or dealers.
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