Definition of Rights-on

Rights-on

Shares trading with rights attached to them.

American shares

Securities certificates issued in the U.S. by a transfer agent acting on behalf of the foreign
issuer. The certificates represent claims to foreign equities.

Appraisal rights

A right of shareholders in a merger to demand the payment of a fair price for their Shares, as
determined independently.

Authorized shares

Number of Shares authorized for issuance by a firm's corporate charter.

Cum rights

With rights.

Day trading

Refers to establishing and liquidating the same position or positions within one day's trading.

Dividend rights

A shareholders' rights to receive per-share dividends identical to those other shareholders receive.

Ex-rights

In connection with a rights offering, Shares of stock that are trading without the rights attached.

Ex-rights date

The date on which a share of common stock begins trading ex-rights.

Fully diluted earnings per shares

Earnings per share expressed as if all outstanding convertible securities
and warrants have been exercised.

Insider trading

trading by officers, directors, major stockholders, or others who hold private inside
information allowing them to benefit from buying or selling stock.

Last trading day

The final day under an exchange's rules during which trading may take place in a particular
futures or options contract. Contracts outstanding at the end of the last trading day must be settled by delivery
of underlying physical commodities or financial instruments, or by agreement for monetary settlement
depending upon futures contract specifications.

Liquidation rights

The rights of a firm's securityholders in the event the firm liquidates.

Management/closely held shares

Percentage of Shares held by persons closely related to a company, as
defined by the Securities and exchange commission. Part of these percentages often is included in
Institutional Holdings -- making the combined total of these percentages over 100. There is overlap as
institutions sometimes acquire enough stock to be considered by the SEC to be closely allied to the company.

Mathematical programming

An operations research technique that solves problems in which an optimal
value is sought subject to specified constraints. Mathematical programming models include linear
programming, quadratic programming, and dynamic programming.

Outstanding shares

Shares that are currently owned by investors.

Performance shares

Shares of stock given to managers on the basis of performance as measured by earnings
per share and similar criteria. A control device used by shareholders to tie management to the self-interest of
shareholders.

Preferred shares

Preferred Shares give investors a fixed dividend from the company's earnings. And more
importantly: preferred shareholders get paid before common shareholders. See: preferred stock.

Program trading

Trades based on signals from computer programs, usually entered directly from the trader's
computer to the market's computer system and executed automatically.

Property rights

rights of individuals and companies to own and utilize property as they see fit and to receive
the stream of income that their property generates.

Rights offering

Issuance of "rights" to current shareholders allowing them to purchase additional Shares,
usually at a discount to market price. Shareholders who do not exercise these rights are usually diluted by the
offering. rights are often transferable, allowing the holder to sell them on the open market to others who may
wish to exercise them. rights offerings are particularly common to closed end funds, which cannot otherwise
issue additional common stock.

Shares

Certificates or book entries representing ownership in a corporation or similar entity

Special drawing rights (SDR)

A form of international reserve assets, created by the IMF in 1967, whose
value is based on a portfolio of widely used currencies.

Trading

Buying and selling securities.

Trading costs

Costs of buying and selling marketable securities and borrowing. trading costs include
commissions, slippage, and the bid/ask spread. See: transaction costs.

Trading halt

trading of a stock, bond, option or futures contract can be halted by an exchange while news is
being broadcast about the security.

Trading paper

CDs purchased by accounts that are likely to resell them. The term is commonly used in the Euromarket.

Trading posts

The posts on the floor of a stock exchange where the specialists stand and securities are traded.

Trading range

The difference between the high and low prices traded during a period of time;
with commodities, the high/low price limit established by the exchange for a specific commodity for any one day's trading.

Voting rights

The right to vote on matters that are put to a vote of security holders. For example the right to
vote for directors.

With rights

Purchase of Shares in which the buyer is entitled to the rights to buy Shares in the company's
rights issue.

Authorized shares

The number of Shares of stock that the company is legally authorized to sell.

Issued shares

The number of Shares that the company has sold to the public.

Outstanding shares

The number of Shares that are in the hands of the public. The difference between issued Shares and outstanding Shares is the Shares held as treasury stock.

mathematical programming

a variety of techniques used
to allocate limited resources among activities to achieve a
specific objective

issued shares

Shares that have been issued by the company.

outstanding shares

Shares that have been issued by the company and are held by investors.

rights issue

Issue of securities offered only to current stockholders.

Uniformed Services Employment and Reemployment Rights Act of 1994

A federal act that minimizes the impact on people serving in the Armed Forces
when they return to civilian employment by avoiding discrimination and increasing
their employment opportunities.

Trading Security

A debt or equity security bought and held for sale in the near term to generate income on short-term price changes.

Common Shares

Are equity instruments that take no security against assets, have no fixed terms of repayment and pay no fixed dividends.

Preferred Shares

Are equity instruments that take no security against assets, have flexible terms of repayment and pay fixed or floating dividends.

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