Jitney
Describes a situation where one
broker who has direct access to a stock exchange performs trades for a broker
who does not have access. A fraudulent activity in the penny stock market. It
occurs when two brokers work together by trading a stock back and forth to rack
up commissions and give the impression of trading volume.For example, in the
first definition, a small firm whose volume of business is not sufficient to
maintain a trader on the exchange would give its orders to a large dealer for
execution.In the second definition, jitney or “the jitney game” is basically
the same thing as circular trading.
Jobber
Member brokers of a stock
exchange who specialize, by giving two way quotations, in buying and selling of
securities from and to fellow members. Jobbers do not have any direct contact
with the public but they serve the useful function of imparting liquidity to
the market.
Jobbers Spread
The difference between the price
at which a jobber is prepared to sell and the price at which he is prepared to
buy. A large difference reflects an imbalance between supply and demand.
Jumbo Bonds (U.S)
A certificate of deposit issued
by a bank or savings and loan association for a huge amount usually for a
period of a year or less.
Junk Bond
High yield bond issued by low
rated companies.
