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Tel. 780-429-6775
Fax. 780-424-0004
100, 10585 - 111 Street
Edmonton, Alberta  T5H 3E8

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If, as and when

New issues are sold before the security certificates are printed. This clause in the contract protects the dealer against delay in receiving the certificates.


Purchase and sale of the same security within a short period - a day, week, even a month. An in-and-out trader is more interested in profiting from day-to-day price fluctuations than in dividends or long-term growth.

Income Bond

Generally, an income bond promises to repay principal but to pay interest only when earned. In some cases, unpaid interest on an income bond may accumulate as a claim against the company when the bond matures.

Income Stock

A stock that provides a generous dividend yield that is relatively well assured.


See Averages.


All directors and senior officers of a corporation and those who may also be presumed to have access to inside information concerning the company; also anyone owning more than 10% of the voting shares in a corporation.

Insider Report

A report of all transactions in the shares of a company by those considered to be insiders of the company and submitted each month to securities commissions.

Installment Debentures

See Serial Bonds.

Installment Receipts

A new issue of stock sold with the obligation that buyers will pay the issue price in a specified schedule of installment payments instead of a lump sum payment. (Also known as "Partially Paid Shares".)

Intangible Asset

An asset having no physical substance (e.g. goodwill, patents, franchises, copyrights).


Payments a borrower pays a lender for the use of his or her money.

Interim Certificate

When a new issue is marketed, initial delivery of temporary certificates is sometimes made, to be exchanged for permanent or definitive certificates when these become available.

Interim Statement

A financial statement issued for a period within a fiscal year, e.g., a three-month or first quarters interim statement.

Intrinsic Value

The amount by which the market price of a security exceeds the price at which a warrant or call option to purchase the security may be exercised (exercise price).

Inventory Turnover Ratio

Cost of goods sold divided by inventory. The ratio may also be expressed in terms of the number of days required to sell current inventory by dividing the ratio into 365.


The use of money for the purpose of making more money, to gain income or increase capital or both.

Investment Company or Fund

A company which uses its capital to invest in other companies. There are two principal types: closed-end and the open-end or mutual fund. Shares in closed-end investment companies are readily transferable in the open market and are bought and sold like other shares. Capitalization is fixed. Open-end funds sell their own new shares to investors, buy back their old shares, and are not listed. Open-end funds are so-called because their capitalization is not fixed; they normally issue more shares as people want them.

Investment Counselor

A professional engaged to give investment advice on securities for a fee.

Investment Dealer

A securities firm or an individual associated with one. When acting as a dealer, as in underwriting new securities or in most bond trading, the dealer acts as a principal, itself owning the securities bought or sold at one stage in the transaction.


One whose principal concern in the purchase of a security is the minimizing of risk, in contrast to the speculator who is prepared to accept calculated risk in the hope of making better-than-average profits or the gambler who is prepared to take even greater risks.


Any of a company's securities or the act of distributing such securities.

Issuer Bid

An offer by an issuer to security holders to acquire any of its own shares or other securities convertible into shares.

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