Barclays Stockbrokers Glossary
Glossary M

M

Mandatory quote
The period of time Monday to Friday when all registered market makers in a security must display their prices. For the Stock Exchange Automated Quotes this is 8am to 4.30pm.
 
Market
A place where transactions are undertaken including the London Stock Exchange, AIM and PLUS. All exchanges are markets.
 
Market capitalisation
The total market value of all of a firm's outstanding shares, calculated by multiplying a firm's share price by the number of shares outstanding.
 
Market index
An index such as the FTSE-All Share has a base of 100, or more usually 1000, at a fixed moment in time. For the FTSE, this is January 3rd, 1984. Firms are sometimes given weightings in the index according to their market capitalisation. The index gives the percentage rise or fall in value of the market over the relevant timescale.
 
Market makers
Stock Exchange member firms which are obliged to make a continuous two-way price, that is to offer to buy and sell securities during market hours.
 
Market size
The number of shares that can be traded at a given quote price. To trade more than this amount would be to trade outside of the market size.
 
Market value
The value of an asset based upon the price it would obtain on the open market.
 
MarketMaster®
A dealing and portfolio administration service from Barclays Stockbrokers.
 
Maturity
Another word for redemption.
 
Maximum trailing value
The maximum number of pence per share that a share price can fall from its peak value, for sales, or rise above its lowest value, for purchases, in order for a Trailing Stop Order to be dealt.
 
Mediums
Government stocks that have 5 to 15 years until repayment.
 
Merger
When 2 or more companies agree to merge into one and pool their interests to avoid the expense of a take-over.
 
Mid price
The price half way between the prices quoted in the London Stock Exchange's Daily Official List. The prices found in the newspapers are the mid price.
 
Minimum trailing value
The minimum number of pence per share that a share price is required to fall from its peak value, for sales, or rise above its lowest value, for purchases, in order to trigger a Trailing Stop Order.
 
Minimum quote size
The minimum number of shares in which market makers are obliged to display prices on.
 
Money market fund
A highly liquid mutual fund that invests in short-term securities and seeks to maintain a stable net asset value of £1 per share.
 
Mutual company
A company that has no shares but is owned by policyholders or members for example building societies, friendly societies or co-operatives.
 
Mutual fund
The US equivalent of a Unit Trust.

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