One of the mysteries of the English language finally explained.
Relating to trading in securities which have not yet been issued.
- ‘In order to permit NSCC to process dividend debits and credits for the when-issued trades occurring prior to the ex-dividend date the following procedures will apply.’
- ‘All when-issued transactions are on a conditional basis until the security is delivered and bought.’
- ‘Alternatively, the agency could let exchanges set prices by trading new-company shares before an IPO in a so-called ‘when-issued’ market.’
- ‘This can sometimes cause confusion amongst clients and other grey market brokers alike, particularly in the area of non-standard terms of business for undertaking dealings on a when-issued basis.’
- ‘We also find evidence of temporary price pressures on the date of execution of the spinoff of the subsidiary firms that bear resemblance to the pricing in the when-issued market.’
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