Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: W

WITHOUT

When only a oneway quote is available for a security.

WEAK HANDS

A holder of a derivative contract that plans to close out before maturity. Retail investors are commonly weak hands. Refer to strong hands.

WORKING CAPITAL

The shortterm operating resources of a company. Refer to loan, gross working and net working capital.

WEATHER BOND

When weather risks cause securitization. These risks can be temperature or percipitation. This is not the result of a catastrophe. Repayment stops when loss causing weather damages crops. Refer to catastrophe bond,

WEINER PROCESS

The process of comparing value to variable changes in the market. Part of the markov process. It is used in pricing options.

WET BARRELS

Physical barrels delivered rather than financially settled. It is used in refining and supply trades.

WHENISSUED (WI) SECURITY

A security announced but not priced. It is informal but legally binding. When settled it trades like any seasoned security. Refer to to be announced and when issued treasury.

WHENISSUED TREASURY (WIT)

Treasury bills that are announced but not yet priced. Upon settling they will sell as any treasury bill would. Refer to to be announced and when issued security.

WHIPSAW

When security price falls causing a stop loss order. The price will rebound. Or a raise in price that trigger purchases lowering stock price.

WHISPER NUMBERS

Releasing corporate earnings before a full public announcement. The US limits this by prohibiting selective disclosure.

WAIVE, n

A woman outlawed. The term is, as it were, the feminine of “outlaw,” tlie latter being always applied to a man; “waive,” to a woman. Cowell.

WANTONNESS

A reckless or malicious and intentional disregard of the property, rights, or safety of others, implying, actively, a licentious or contemptuous willingness to injure and disregard of the consequences to others, and,

WARRANT, v

In conveyancing. To assure the title to property sold, by an express covenant to that effect in the deed of conveyance. To stipulate by an express covenant that the title of a

WASHING-HORN

The sounding of a horn for washing before dinner. The customwas formerly observed In the Temple.

WAYNAGIUM

Implements of husbandry. 1 Reeve, Eng. Law, c. 5, p. 2G8.

WELL KNOWING

A phrase used in pleading as the technical expression in laying ascienter, (q. v.)

WHEEL

An engine of torture used in medieval Europe, on which a criminal wasbound while his limbs were broken one by one till he died.

WILL

Whltehart, paid into the exchequer, imposed by Henry III upon Thomas de la Linda, for killing a beautiful white hart which that king before had spared in hunting. Camd.Brit 150.

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