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unauthorized trading
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The purchase, sale or trade of securities in an investor's account without the investor's prior authorization.
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underwriter
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An investment banker who assumes the risk of bringing a new securities issue to market. The underwriter will buy the issue from the issuer and guarantee sale of a certain number of shares to investors; this is firm-commitment underwriting. To spread the risk of purchasing the issue, the underwriter often will form a syndicate (underwriting group, purchase group) among other investment firms. If the investment firm is unwilling to buy the issue outright, other underwriting forms may be used. (See best-efforts underwriting
, syndicate
, syndicate manager
)
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underwriting spread
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The difference between what an underwriter pays for a securities issue, and the price at which he offers it to the public. (See underwriter
)
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uniform submission agreement
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Agreement signed by the parties indicating their submission to the arbitration process, and their agreement to be bound by the determination which may be rendered.
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unit
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A merger of two or more classes of securities into a single securities product.
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UPC
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Uniform Practice Code
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uptick
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A transaction executed at a price higher than the preceding transaction in that security. (See downtick
)
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