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Open - The opening price for a security. Generally, the opening price reflects the previous day's close unless extraordinary news or demand to buy or sell have occurred before the market opens.

Open Interest - The number of outstanding long or short positions for a given exchange-traded futures or option contract.

Open-End Mutual Fund - A fund that sells its shares at net asset value. It creates shares as investors demand them, and investors buy the shares at their market price. Most mutual funds are open-end funds.

Open Order - Any order to buy or sell securities that has yet to be executed.

Operating Expense - Periodic expenses necessary to the operation and maintenance of an enterprise (e.g., taxes, salaries, insurance, maintenance).

Option - A contract which gives the holder the right to buy or sell securities at a set price or a set period of time. Investors often use options to protect, or hedge, an existing investment. An option is part of a class of securities called derivatives, so named because these securities derive their value from the worth of an underlying investment.

Option Contract - A contract that calls for delivery of foreign exchange during a specified date range.

Option on Futures - An exchange traded option which provides the holder with the right, but not the obligation, to enter into a long or short futures position.

Optional Redemption - The ability of an issuer to redeem bonds at a price above par (in most cases) in 5 or 10 years from the original issue date. Serial bonds, which at the time of issue were due in less than 5 or 10 years, are not subject to the option call feature.

Out-of-the-Money Option - An option in either the form of a call or a put. A call is when the market value of the underlying interest is below the strike price of the option. A put is when the market price of the underlying interest is above the strike price of the option.

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Glossary

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