Glossary

ASK -- An order to sell a specified number of contracts at a specified price over a specified number of days.

ASK PRICE -- The quoted price in an order to sell.

ASK QUEUE -- A list of currently active Asks maintained in order with the lowest prices and the oldest order within each price toward the front of the list.

BID -- An order to buy a specified number of contracts at a specified price over a specified number of days.

BID PRICE -- The quoted price in an order to buy.

BID QUEUE -- A list of currently active Bids which is maintained in order with highest prices and oldest order within each price toward the front of the list.

CONTRACT -- The financial instrument being traded in these markets. "Contracts" may also refer to the number of units in the financial instrument as should be clear from the context.

FEASIBILITY CONSTRAINTS -- The requirements that the seller of a contract must own the unit being sold and that the buyer of a contract must have the cash to cover the purchase.

FUNDAMENTAL -- The underlying statistic from which a contract's liquidation value is computed.

MARKET QUOTES -- The highest bid price in the Bid Queue and the lowest ask price in the Ask Queue for contracts in the market.

ORDER -- Either a bid or an ask.

PORTFOLIO -- The number of contracts held by a trader and the balance in his or her cash account.

TRADER -- Anyone who is registered to participate in the Iowa Electronic Markets.

TRANSACTION -- Term used whenever an action is taken against an outstanding order (bid or ask). Possible actions are a consummated sale, an expiration of an order, and cancellation of an order due to its infeasibility.