MARKET STRUCTURE DICTIONARY

gain  Profit on a trade.

gainer  A stock that has risen in price, as in Today, the gainers outnumbered the losers three to one.

Gallagher's  See New York Evening Exchange.

gambling  Trading stocks for entertainment purposes.  Trading with hope of achieving profitability, but without a rational expectation of such.  For example, John, I've told you, we don't gamble here.  We facilitate customer flow, and that's it.

game the measure  Execute an order in such a way as to optimize customer evaluations rather than provide true best execution.  

gaming  Describes the manipulation of prices by unscrupulous traders or predatory algorithms.  See also FRONT RUNNING, LATENCY ARBITRAGE, LAYERING, MOMENTUM IGNITION, PINGING, SPOOFING, and STOP HUNTING.

gamma  A measure of the rate of change of the DELTA of an option.  Expressed as a percentage given a one point change in the price of the underlying security.  

gap  A situation in which a price movement is so great between two trading sessions that there is no price overlap between them whatsoever.  For example, If this stock closes that gap from last month, it’s headed lower.

gap opening  A situation in which there is a significant difference between a stock's opening price and the previous day's closing price.

gap quote  A quotation made by a specialist primarily to address an order imbalance.  The objective is not to quote a tight inside market, but rather to draw new trading interest and help reduce the imbalance.

Garage  The second trading room added to the floor of the New York Stock Exchange.  Opened in 1922, and located at 11 Wall Street. 

garden leave  Describes the business practice of instructing/requiring a trader who has terminated his employment to stay away from work for a specified period of time yet remain on the company payroll.  Often done in order to prevent the trader from joining a competitor while in possession of current, and potentially sensitive, operational and customer information.

gather in the stops  A strategy in which traders (historically, floor traders, now high frequenty traders) sell a stock short to a level that triggers public open stop orders.  As the stop orders become marketable, they create additional downward pressure which allows the short sellers to cover their positions at a profit.  Also known as stop hunting. 

General Securities Representative Examination  See Series 7.

general stock  See COMMON STOCK.

get, I  Dealer's lingo to indicate the net price that must offered to a natural buyer in order to bid for stock from a natural seller.  This price excludes any potential markdown to the natural seller.   For example, ZVZZT, I'm catching a buyer … I get $25 for 100,000.  You can bid your seller $24.90.  See also COSTS ME. 

get flat  To eliminate a position, as in I'm thinking about getting flat everything in front of the Fed announcement.

get long  To establish a long position, as in ZVZZT, let's get long 50,000 in here, then I'm going to watch.

get out  To exit a position, as in If you can get me out of my balance at a quarter, I'll be happy.

get right  To eliminate a position established by front ending a customer order.  In order for a dealer to trade along side of or in front of a customer, he must receive explicit customer approval.  For example, ZVZZT, go ahead and get right on the 100,000 then work the 400,000 additional with an ultimate $25 low.

get short  To establish a short position, as in ZVZZT, let’s get short 50,000 in here, then I'm going to watch.

getting hit  Trader's jargon for a declining stock price.  The result of sellers hitting bids thereby creating progressively lower market prices.  Similar to COMING IN/OFF.  For example, XYZ is really getting hit here, but I need to stay involved … take another 50,000 for sale best way.  Opposite of ON THE TAKE.

ghost  Industry slang for a failed trader who still likes to haunt Wall Street.

ghost stock  Industry lingo for a stock that has been sold short but has not been borrowed and therefore cannot necessarily be readily delivered.

ghosting  A form of collusion among market makers in which one firm manipulates the price of the stock while other conspiring firms follow suit in order to create the illusion of broad interest. 

give  1.  A synonym for bid, as in ZVZZT, I'll give $25 for 50,000.  2.  A willingness to be flexible on price, as in I'd like to get $50 for my stock, but there may be a little give if I can get them all on.

give an order  To officially instruct a trader to buy or sell a specific quantity of shares within stated parameters.  For example, Jim, why don’t you give that order to Monty.  They’ve been active in the name today.

give some room  Trader's jargon meaning to increase the price on a buy limit order or lower the price on a sell limit order.  For example, Sell 50,000 ZVZZT with a $25 low.  Let me know if it’s not working, I might be able to give you some room.

give up  To assign a completed trade to another broker.  Derives from a situation in which (busy) Floor Broker A gives an order to (less busy) Floor Broker B who proceeds to execute the order with Floor Broker/Trader C.  After the trade is executed, Floor Broker B tells Floor Broker/Trader C that the trade should be recorded directly with (gives up) Floor Broker A.

glamour stock  A slang term for a popular stock receiving a good deal of favorable publicity in the financial press.

go, to  1.  Equivalent of "for sale," as in XYZ, I have 100,000 to go with a $50 low.  Also known as travel.  2.  Industry jargon meaning "remaining to be sold," as in ZVZZT, you've sold 15,000 so far at $25, 10,000 more to go.  Opposite of TO COME.

go along  1.  Industry jargon meaning "participate equally."  Used in a situation where a trader possesses more than one customer order of equal priority.  For example, ZVZZT, I catch 100,000 to buy outside of you.  Do you want to go along?  2.  See MARKET ORDER/GO ALONG.  3.  See SPECIALIST GO ALONG.

go around  Change the terms of a standing order.  See also DAY AROUND and OPEN AROUND.

go away  To cancel an order with a broker/dealer because the stock is trading better in a different market center.  For example, Sorry bro, I'm going to have to go away on this one.  My PM is getting itchy.

go go stock  A slang term for a fast moving stock that excites speculative interest. 

go off  A synonym for "get executed."  For example, What time did that XYZ order go off?

go to work  Participate with volume with discretion.  For example, Sell 25,000 ZVZZT with an ultimate $24.90 low?  I hear you … let me go to work.  I’ll be back.

goes  A term used to indicate a change in price.  For example, ZVZZT just goes $25 bid.  Am I done on anything there?

goes on  A synonym for "prints to the tape," as in XYZ, 100,000 goes on at $50.  Also known as goes up.

goes up  A synonym for "prints to the tape," as in ZVZZT, 100,000 goes up at $25.  Also known as goes on.

going ahead  The illegal act of positioning stock in a personal or proprietary account before executing a customer order.  Also called running ahead.

going in  An indication of a trader's situation prior to the execution of a block trade.  For example, ZVZZT, I'm long 25,000 going in to the trade, so I should come out short 50,000.

going long  Establishing a speculative long position, as in I'm thinking about going long ZVZZT in front of the quarter.

going out  Broadcasting an indication of interest, as in ZVZZT, I'm going out on AutEx as a buyer.  See also OUT.

going short  Establishing a speculative short position, as in I'm going short some XYZ here … it’s starting to look a little toppy.

going south  Declining in price.  For example, This market is really going south.  The shorts must be very pleased with themselves.

going the wrong way  Lowering the price on a buy limit order or raising the price on a sell limit order.  For example, Day around buy 50,000 ZVZZT at $25.10 cans $25.20, going the wrong way.

going to zero  Rapidly declining in price, as in This freakin’ stock is going to zero.

gold brick  A slang term for a stock that appears to be sound, but turns out to be worthless or a swindle. 

good after order  An order that becomes live after a specified future date.  Very rare in practice. 

good buying  A slang term for purchases of stock made for investment (rather than speculative) purposes.  For example, We're finally starting to see some good buying.  It’s been a while.

good call  Trader's jargon that describes a customer who is likely to have interest in participating in a block trade based on prior activity or indications of interest.  For example, ZVZZT, we've got 500,000 for sale?  Give me a minute, I've got a good call.

good calls only  A trader's instruction to show a particular piece of natural merchandise only to potential customers who have demonstrated a capacity to trade discretely and in size.  The goal is to minimize information slippage.  For example, Our XYZ situation is very large but very sensitive.  Let's make good calls only please.

good delivery  The delivery of a stock certificate that meets all of the requirements necessary for delivery, settlement, and transfer of title from seller to buyer. 

good guy  The securities industry equivalent of stand up guy.  For example, Hey, anybody here know the new trader at Monty? --- Yeah, used to work with him at Morgan, he's a good guy.

good look  A particularly detailed FLOOR LOOK from a specialist.  For example, Get me a good look in XYZ.  My PM wants to know what's going on down there.

good on sight order  See IMMEDIATE OR CANCEL ORDER.

good order  1.  A live order.  For example, My ZVZZT order down at the $25 level is still good.   I would own them all if it gets there.  2.  An executable order.  For example, XYZ dropped ten percent on the opening, so it looks like that GTC order we've had for a month is finally going to be good.

good six figure size  An amount of stock around 200,000 to 300,000 shares, as in XYZ, I can use good six figure size in line.  See also SIZE.

good size  An amount of stock around 50,000 shares, as in ZVZZT, I can bring out good size at a half.  See also SIZE.

good this month order (GTM order)  An order that remains valid and live through the last trading day of the calendar month in which it was entered unless it is cancelled, executed, or changed.

good this week order (GTW order)  An order that remains valid and live through the end of the calendar week in which it was entered unless it is cancelled, executed, or changed.

good through date order   An order that remains valid and live through a specified date unless it is cancelled, executed, or changed.  Also known as a good until date order.

good 'til cancelled order (GTC order)  An order that remains valid and live until it is either executed by the trader or cancelled/changed by the customer.  Also known as an open order. 

good 'til close (GTC)  A slang term used by traders to mock customers who routinely cancel their away from the market limit orders when the market price actually approaches the limit price.  A play on words of GOOD ‘TIL CANCELLED ORDER.  For example, You know how it is with Jim, always a GTC order … good 'til close.  

good 'til executed order  An order that remains valid and live until it has been executed. 

good until date order  An order that remains valid and live through a specified date unless it is cancelled, executed, or changed.  Also known as a good through date order.

graveyard market  An historic slang term for a bear market characterized by a lack of volume.  Usually due to reluctance on the part of traders to either buy in the face of a poor economic outlook or sell and realize substantial losses.  As they say, those who are in can't get out and those who are out don't want to get in.

gray list  A list maintained by broker/dealers of securities that may be traded by the block desk but may not be traded by the risk arbitrage desk. 

greater fool theory  The theory espoused by traders who maintain questionable long positions under the assumption that there will be enough speculative interest in the stock going forward to exit the position at a profit.

green (on my screen)  A slang term for stocks with prices that are positive on the day.  Derived from the color used by most interrogation devices to identify such stocks.  For example, There is definitely a lot of green on my screen today.  The market is really ripping.  As opposed to RED (ON MY SCREEN).

grey market  The market for securities that are not listed on NASDAQ or on any national securities exchange, nor quoted on OTC Markets or the OTC Bulletin Board.  Usually highly speculative or even potentially fraudulent.  Also known as other OTC.

grinder  A slang term for a trader who seeks to make small profits from small but frequent trades.  See also SCALPER.

grows  Trading term used to indicate that a stated size reflects only a portion of the entire trading interest, as in XYZ, I have 50,000 to buy, probably grows.

GTC order  An abbreviation for good 'til cancelled order.

GTM order  An abbreviation for good this month order.

GTW order  An abbreviation for good this week order.

gun jumping  See JUMPIMG THE GUN.

gunning a stock  1)  Trader's slang for buying overly aggressively and unprofessionally.  For example, XYZ is ripping ... some kid must be out there gunning the stock.  2)  Pushing market price up or down in order to touch off stop orders, thereby accelerating the momentum of the directional move.  See also MOMENTUM IGNITION.

gunning for shorts  Employing various methods to compel short sellers to cover.  

gutter market  A derogatory slang term for the group of CURBSTONE BROKERS that operated near the New York Stock Exchange on New Street while the Exchange itself was closed in 1914 due to the War.

gutter snipe  An unflattering term for a curbstone broker.

guy  A synonym for customer.  As in fast guy, vanilla guy, etc.  For example, Does your guy have any interest in XYZ at these levels?  I'm catching a natural seller.