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Safety of Principal	The prime essential of a good investment
Salesman	A natural person, employed as such or as an agent, by a dealer, issuer or broker to buy and sell securities
Scalper	A speculator who sells, at every opportunity, to make a fractional, one-point , or two-point profit
SCCP	Securities Clearing Corporation of the Philippines
Scrip	A temporary certificate issued for exchange at a later date for money, a permanent certificate, or whatever the scrip entitles the holder to receive; fractional shares of stock during a reorganization or stock conversion, or to represent dividends not paid in cash but deferred to a later date
Scrip Certificate	A fractional share of stock
Scrip Dividend	A type of dividend payable in short-term promissory paper, called scrip, to conserve cash at the particular dividend period
Seasoned Securities	Securities of recognized merit and of long standing, issued by corporations engaged in the production of basic staples, whose officers are skilled in operating and financial management, whose properties and net assets leave a safe equity for securities, and whose earnings have been sufficiently stable to ensure interest payments and dividend disbursements over a relatively long period of time
Seat	A membership on a stock exchange
SEC	Securities and Exchange Commission of the Philippines
Secondary Distribution	A special block procedure used for effecting executions of very large blocks of securities, outside of and without upsetting the regular market of the stock on the floor of the securities exchange
Secondary Market	An organized market for trading existing assets previously offered or sold in the primary market
Secondary Offering	A secondary public placement of securities used by a firm's founders, other pre-public owners, and some post-public holders of the securities to "cash out" of the firm in which the securities distributed in a secondary public offering are purchased by the underwriters directly from the pre-public owners and not from the firm
Securities	Shares, participation of interests in a corporation or in a commercial enterprise or profit-making venture and evidenced by a certificate, contract, instrument, whether written or electronic in character. It includes shares of stocks, bonds, debentures, notes, evidences of indebtedness, asset-backed securities, investment contracts, derivatives, and certificates of assignment among others
Securities Markets	The primary and secondary markets wherein security transactions take place, the primary market in which the purchaser gives the original issuer of the security cash in exchange for the security; following the primary offering of a security, the security is said to trade in the secondary markets between members of the public and the secondary market, such as the PSE, and the over-the-counter market. A third market in securities refers to the OTC. A fourth market in securities refers to transactions that occur directly between a buyer and a seller of a large block of securities, with brokers and dealers eliminated from the process
Securities Regulation Code of the Philippines	A code administered by the Securities and Exchange Commission enacted to establish a socially conscious free market that regulates itself, encourage the widest participation of ownership in enterprises, enhance the democratization of wealth, and promote the development of the capital market in the Philippines.
Security Analyst	A person or firm that specialized in evaluating information relating to stocks, bonds, and other instruments of ownership and credit
Selling Against the Box	Selling stock owned without relinquishing ownership of the certificate deposited in a safe deposit box, the owner of the stock being technically "short" in his or her brokerage account
Selling Group	Member firms associated with the distribution of securities in an underwriting group who purchase securities from one or more of the underwriters and then resell them to their customers
Selling Out	The exercise of the legal right accorded a broker to close out an account of a customer, or of a bank to close out a broker's loan, for failure to furnish additional margin when demanded
Selling Short	A short sale
Settlement	The process by which purchases and sales of securities among brokers are determined and the balances paid off at the stock exchange clearinghouse
Share	A unit of stock ownership in a corporation or other association
Shareholder	The owner of stock or shares in a mutual fund
Short Account	The aggregate of securities that have been sold short, i.e., for the account of short sellers
Short Covering	The purchase of stock or commodities by a short seller to close or complete a transact
Short Interest	The aggregate of securities or commodities that have been sold short and not yet covered
Short Position	In futures, the short has sold the commodity or security for future delivery; in options, the short has sold the call or the put and is obligated to take a futures position if he or she is assigned for exercise
Short Sale	Any sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller, used for speculative, hedging, and arbitrage purposes
Short the Market	A reference to one who is said to be short of the market when one has sold securities or commodities short and has not yet covered
Shorts	Speculators who have sold short
SIPFI	Securities Investors Protection Fund, Inc.
Small Denominated Treasury Bonds (SDT-Bonds)	A government security listed and traded on the Philippine Stock Exchange; a component of the Bureau of Treasury's small Investors Program aimed at widening the investor base for government securities. The bonds carry a fixed coupon rate of 13.625% p.a. payable quarterly, in denomination of Php 5,000 to allow small savers to participate, exempt from capital gains tax, stock transaction tax, and documentary stamp tax
Soft	A description of a price that is gradually weakening
Special Situation	In the stock market, a security having a unique speculative or investment interest related to some development peculiar to itself and that promises profit regardless of the general market trend, such as with a reorganization, recapitalization, special distribution, merger or consolidation, and others
Speculation	Risk taking, especially taking investing risks with the anticipation of profit, but incurring the changes of loss, sometimes distinguished from gambling and investment
Speculation Index	A ratio of lower quality stocks to activity in higher-quality stocks, could indicate speculative interest in the market
Speculative Investments	Securities that are not entitled to an investment rating because of unstable characteristics, often related to earning power, equity position, or outlook
Speculator	A person who engages in the practice of risk taking, especially with respect to stock, bonds, and commodities; one who hazards money, effort, and time in the taking of risks of speculation, for the purpose of gain, often a gain on short-term price changes
Spin-Off	A distribution of subsidiary stock to the shareholders of the parent corporation, giving them control of the subsidiary, without having to surrender any shares
Split-Up	Increasing the number of shares of a corporation by some ratio or multiple; dividing each existing share of a corporation into a number of new shares of reduced par or stated value with the purpose of reducing the market value of a stock to make possible a wider ownership
Spread	The difference between the bid and asked prices of a security; the difference between the public offering price fixed for a new issue and the net proceeds to the issuer, constituting the underwriters' compensation and any expenses borne by the agreement of the issuer; a combination of a put and a call by which the purchaser has the privilege of "putting" at one price, or "calling" at another price, the specified security within the contract period
Stamped Security	A stock or bond that has been stamped at some time subsequent to the original issuing date to show some change in its status - a new condition which it is subject or a privilege to which it is entitled, e.g., an extended bond is very often stamped; securities that are subject to a stamp tax and on which such tax has been paid
Standard & Poor's Corporation	A large statistical service organization operating primarily in the securities field
Standby Underwriting	A form of investment banking underwriting used when the issuer offers the securities to existing shareholders through a rights offering and uses the underwriters only as a backup for any securities not taken through the rights offering
Stated Value	In the case of a no par value stock, the value assigned by resolution of the board of directors of a corporation to each share of the authorized and outstanding stock for capital account purposes; declared value of no par value stock
Stock	Securities representing ownership interest in a corporation, such as common stock, preferred stock, capital stock, etc.
Stock Certificate	A receipt or certificate of ownership signifying that the person whose name is written thereon is the owner of a certain portion of the capital stock of the designated corporation, representative of the intangible personal property right involved, indicated by the ration of the number of shares held to the total number of share outstanding
Stock Dividend	A dividend paid to stockholders in shares of stock of the issuing corporation, issued to stockholders or record out of the unissued stock of the corporation, involving no payment of cash, and used to reflect positive interest in the security
Stock Index	A measure of stock price movements in the marketplace, including such indices as the Dow Jones Industrial Average, the NASDAQ-OTC Price Index, the PSE Composite Index and many others
Stock Market	A national market where secondary trading of common stock occurs in a specific trading location, such as the Philippine Stock Exchange
Stock Options	The right to purchase shares of common stock in accordance with an agreement, upon payment of a specified amount; a compensation scheme under which executives are granted options to purchase common stock over an extended option period at a stated price
Stock Price Averages	Arithmetic or weighted averages, or index numbers, of selected groups of stocks, designed to provide a single-figure indication of market levels and trends that may be charted or cited
Stock Purchase Warrant	An equity privilege sometimes attached to bonds, debentures, or preferred sticks, but more often separately issued, that entitles the holder to the right to purchase the specified number of shares per warrant of the common stock of the corporation within the exercise period, which may be a limited term
Stock Ratings	The convenient expression, by letter grade, of the quality of preferred and common stocks, similar to bond ratings but determined differently, such as A+ highest, A high, A-above average, etc., not to be confused with the current market recommendation (buy, sell, or hold)
Stock Registrar	A trust company, bank, or individual, authorized to act in a fiduciary capacity that has been appointed by a corporation to certify that the number of its shares issued does not exceed the authorized amount and to check the work of the transfer agent
Stock Rights	The privilege attached to a share of common stock to purchase a specified number of shares of common stock or a fractional share, that indicates the price at which stock can be acquired (the exercise price), the number of shares or fractional shares that can be acquired for each right, and the expiration date
Stock Settlement Time	The time in which stock transactions must be settled, currently four full days to deliver a check or shares to the brokers
Stock Split	A distribution of company's own capital stock to existing stockholders with the purpose of reducing the market price of the stock, which would hopefully increase the demand for the shares
Stock Subscriptions	A contract to purchase corporate stock on an installment basis, the contract providing that the subscriber (investor) will purchase a certain number of shares at an agreed-upon price, with payment spread over a specified time period
Stock Symbol	An identifier for a security, consisting of one or more letters
Stock Transfer	The passage of stock ownership from one person to another by assignment involving the cancellation of the old certificate and the issuance of a new one pursuant to the transfer instructions
Stock Transfer Journal	A book in which transfers of stock of a corporation are authorized and recorded
Stock Trust Certificate	A certificate, also known as a trust certificate, issued in exchange for the stock of competing corporations entering the trust form of combination and deposited with trustees, who in exchange therefore issue trust certificates pursuant to the deposit agreement and who direct the affairs of the corporations included in the trust by reason of their voting power, the technical trust form of combination now represented by the holding company
Stockholder	The legal owner of one or more shares of stock in a corporation, entitling the stockholder to proportionate ownership of the corporation, the right to dividends when earned and declared by the board of directors, the right to proportionate control through voting power (unless specifically disallowed by the articles of incorporation or bylaws), and to receive notice of elections and meetings where voting power may be exercised; and in certain cases, the right to subscribe to additional stock before offerings are made to the general public (the preemptive right)
Stockholder of Record	The stockholder whose name is registered on the books of the corporation as the owner of the shares as of a specific date
Stockholders' Meeting	Meetings of the stockholders of a corporation to conduct specified corporate-related business authorized by the corporate charter and bylaws, classified as annual, special, extraordinary, etc.
Stop Loss Order	An order given to a broker by a customer, usually in order to protect a profit created by an advance or to limit a loss in case of a sudden decline
Stop Order	Stop loss order; a contingent order to buy a security (buy stop) only if some higher price (the stop price) is reached; or a contingent order to sell futures (sell stop) only if some lower price (the stop price) is reached
Street Broker	A broker not belonging to any stock exchange who buys and sells unlisted securities for clients
Street Certificate	Stock certificates that have been transferred in blank and are negotiable by delivery without further endorsement or transfer upon the books of the company
Street Name	A term used to refer to securities held in the name of brokers, or their nominees, instead of being registered in the customer's name
Strike Price	An option's exercise price
Subscriber	One who subscribes for a certain number of shares of stock, or a certain amount of bonds, either by entering his or her name on a subscription list or by making some other agreement to purchase
Subscription	An offer to purchase stocks or bonds, given to a corporation, or its authorized trustee or representative, by a subscriber; an offer to purchase that can usually be revoked by the subscriber until accepted
Subscription Warrant	An instrument entitling the stockholders of record to rights, or subscription privileges; a certificate issued by a corporation specifying the amount of stock and the terms and conditions under which each stockholder is entitled to subscribe to new shares that the corporation is about to issue, representing the legal evidence of the ownership of subscription rights and which are assignable
Subsidiary	An organization or legal entity with a specified portion of the voting stock held directly or indirectly by the parent company or which is otherwise capable of being controlled by the parent company
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