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Put up

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Uncovered Put writing

Uncovered Put writing

A short put option position in which the writer does not have a corresponding short position in the underlying security or has not deposited, in a cash account,


Output tax

Output tax

The amount of value added tax a company adds to the price of its product or service. Companies registered with Customs and Exercise for VAT have to charge VAT on their goods and services (with some exceptions). Every quarter they have to submit a VAT return which shows all their VAT outputs (where the company has received VAT from its customers) and all their VAT inputs (where the company has paid VAT on its purchases). If outputs exceed inputs, the company has to pay the different to Customs and Excise. If inputs exceed outputs, the company can claim a refund from Customs and Excise.


Marrried Put and Stock

Marrried Put and Stock

The simultaneous purchase of stock and the corresponding number of put options. This is a limited risk strategy during the life of the puts because the stock can be sold at the strike price of the puts.


Put ratio backspread

Put ratio backspread

A complex options strategy adopted when one believes a stock price will decline but wants to protect against it rising.


Computer Assisted Execution System

Computer Assisted Execution System

An NASD inter-dealer automated execution system for listed 19c-3 securities. CAES is the NASD link to ITS (Intermarket Trading System). If an NASD dealer wishes to make markets in listed securities, he or she must register as an ITS/CAES market maker for those securities.


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