Acronyms

PIIGS

PIIGS is an acronym used in the financial world that stands for Portugal, Italy, Ireland, Greece and Spain. PIIGS countries have been grouped and identified as weaker members of the euro zone. See also: BRIC Countries

SOES

The Small Order Execution System or SOES is an automated execution system that routes orders of up to 1,000 shares directly to Nasdaq market makers. Market makers can have one order executed against them automatically for every 20 seconds they remain on the inside

EMA

See Exponential Moving Average

EIA

See Energy Information Administration (EIA)

EFP

See Exchange for Physical

ECN

Electronic Communications Network, frequently used for creating electronic stock or futures markets. Electronic Communications Networks, or ECNs, are electronic trading systems that automatically match buy and sell orders at specified prices.

ARCA

Previously known as ArcaEx, ARCA is an abbreviation of Archipelago Exchange. ARCA is an entirely online securities exchange offering stocks and options trading. Owned by NYSE Euronext, ARCA allows securities trading outside normal market hours.

DSRO

See Designated Self-Regulatory Organization.

DTEF

See Derivatives Transaction Execution Facility

ISDA

See International Swaps and Derivatives Association