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Offer: Opposite of "bid." The firm price quoted by an interested seller.

Open-end Fund: Fund which can issue an unlimited number of shares.

Open-end Investment Company: A mutual fund; an investment company which stands ready to sell essentially an unlimited number of shares and to redeem shares at net asset value (less any applicable charges) upon shareholder request.

Option: Contract, purchased for a non-refundable premium, which provides the buyer with a non-obligatory option to either buy or sell a defined number of shares of a particular security at a pre-determined price before a specified date.

OTC: Over-the-Counter Market. Communications network linking brokers who make transactions by telephone or telex rather than in a centralized marketplace.