0 - 100 CONTRACT : 0-100 Contract, which is a percentage representations of an event's outcome e.g. a loss, a win or a draw. The contract expires at 100 if the event occurs and 0 if it does not - see Sports Rules for exceptions. During trading, the price will vary between 0 and 100, reflecting the market's view on the probability of the outcome.

ACCOUNT BALANCE: The total value of funds in a customer's TradeSports account. The figure reflects all monies deposited and withdrawn, variation margin accumulated on open positions, profit and loss on closed and expired positions and exchange fees/charges. It is comprised of available funds and frozen funds.

ACCOUNT STATEMENTS: A set of reports on a customer's TradeSports account describing cash deposits and withdrawals, trades, open positions, order details, margins and account balances. Customers may access their TradeSports Account Statements at any time.

ACTIVATE PRICE: The price at which a stop limit order is triggered to behave as a limit order (See stop limit order).

AGREEMENT (THE): The legally-binding documents that defines the rights and obligations between TradeSports and its account holders. The TradeSports' agreement comprises four documents; the Exchange Rules, Sports Rules, Privacy Policy and the Data Protection Consents.

ARBITRAGE: The simultaneous trading in one or more similar products in one or more markets with the intention of profiting from any price disparities.

ASK: Also called Offer. The price at which a contract is offered for sale. The opposite of Bid.

AVAILABLE FUNDS: The value of funds, a customer has at his disposal to permit the entering of new orders.

AVERAGE PRICE (OF THE OPEN POSITION): A description of the value of a customer's open position calculated on the execution of a new trade and at the end of session. Once the mark to market process is completed, the average price is set as the last margining price. On execution of a new trade, the average price is re-calculated on the basis of the average price of the overnight open positions and the price of the new trade.

BANK CHARGES: Costs imposed on TradeSports by its bank for executing transactions on behalf of exchange customers. Some of these charges are passed on to customers - see Rates and Fees for more details.

BANK TRANSFER: Also known as a wire transfer or bank wire. A means of directly transferring money from one bank account to another. "My Account" outlines how to execute a wire transfer to/from an TradeSports account.

BANK WIRE: A means of directly transferring money from one bank account to another. "My Account" outlines how to execute a wire transfer to/from a TradeSports account. Also known as a bank transfer or wire transfer.

BID: The price a potential buyer is willing to pay for a contract. The opposite of Offer/Ask.

BUY ORDER: An order to purchase a specified quantity of a contract at a particular price or less. The opposite of a Sell Order.

CANCEL AN ORDER: Withdrawing an order before it executes to become a trade.

CLEARED FUNDS: Funds received by the exchange that have completed the banks' internal settlement process and have been allocated to a customer's account.

CLEARS: A process performed by TradeSports in which exchange transactions are registered, margined and settled to ensure the financial integrity of each trade, thereby protecting all customers from any defaulting on trades by other customers.

CLOSE, THE: The time at the end of each trading session at which trading ceases. The time is designated by TradeSports and outlined in the contract specifications.

CLOSE/CLOSE A POSITION: The elimination or netting of an open position from an account balance by making an opposite trade. If the open position is long, the contract is sold to close the position. If the open position is short, the contract is bought to close the position. (See Opening Trade.)

CLOSING ORDER: Where a buy/sell order is entered that would, if executed, reduce or flatten/close out a net long/short position.

CLOSING OUT:

(OFFICIAL) CLOSING PRICES: The price measures reported by the exchange to represent the state of the market at the end of the session. TradeSports publishes the price of the last trade, best ask, best bid and the VWAP over the last five minutes of trading.

CLOSING TRADE: Where a buy/sell trade is entered that reduces or flattens/closes out a net long/short position.

CONFIRMATION: Notification from TradeSports to a customer summarizing the details of a specific transaction. Such details include the contract name, number of contracts, price and action i.e. buy or sell.

CONFIRMATION CODE: A password supplied to each account applicant by e-mail that must be entered by the customer to activate the TradeSports account.

CONTRACT: A pre-determined, exchange-standardized agreement based on the outcome of a specified event. Details of TradeSports's contracts are set out in the Sports Rules and Contract Specifications.

CONTRACT SPECIFICATIONS: The standardized details of every contract as set by the exchange. The complete details of each contract specification are available on TradeSports by clicking on the contract information button next to the particular contract symbol.

CONTRACT SYMBOL: The abbreviated code used to name various contracts for display purposes. On the website, clicking on the contract symbol grants the customer access to the contract's order book in order to trade. Also, the symbol is used to represent the contract on some reports.

COUNTERPARTY: The entity on the opposite side of the contract that is bound to perform on the legal obligations outlined in that contract and associated agreements.

COVER: In a trading context, it is the closing out of a short position. In risk terminology it is an alternative, loose description of the funds being used to meet an exchange margin requirement.

CROSSED TRADE: A non-competitive match of a buy order and a sell order in a contract at the same price and from the same account. TradeSports does not allow for trades to be crossed.

CUSTOMER: An account holder at TradeSports who has agreed to be bound by the rules of the exchange as stipulated in the Privacy Policy, Exchange Rules, Sports Rules and Data Protection Consents.

(OMNIBUS) CUSTOMER ACCOUNT: TradeSports's bank account at the National Irish Bank which holds all customer funds, segregated from TradeSports's own capital.

DAILY SETTLEMENT: A clearing process at the end of each day when all open positions are marked to market and margins recalculated using the daily margin prices, allowing risk-margined customers' accounts to be revalued, reassessing frozen and available funds.

DAY ORDER (Session Order): Buy or sell orders that expire at the end of the trading session on which they were entered unless previously executed or cancelled during the session. (See GTC Orders). Note: that a trading session usually overlaps two callendar days. (See trading session)

DAY TRADE: Opening and closing a position in the same contract in one trading session.

DEFAULT: Failure of a customer to perform, or be thought by the exchange unable to perform, on a contract in accordance with TradeSports' Exchange Rules, resulting in the exchange closing the defaulting customer's account.

DOWNTICK: Also called minus tick. The sale of a contract at a price that is less than the previous transacted price. For example if a contract last traded 3.2 and the next trade was 3.1, this would be a downtick. (See also uptick)

EARLY EXPIRY: The expiry of a contract before the underlying event has concluded as the outcome of the event is known.

ELECT: The conversion of a Stop-Limit order to a Limit Order happens when a certain specified price is reached.

EVENT: The underlying league, match, game, race, etc. that determines the expiry price of the contract.

EXCHANGE: An organised market place such as TradeSports in which buyers and sellers interact to trade standardised contracts under rules agreed to by all participants.

EXCHANGE FEE: The fees charged by TradeSports for facilitating the execution of a trade and expiry of a position on the exchange. See Rates and Fees in the Rules and Fees section on the home page for details of current fees.

EXECUTION: The match of a buy and a sell order resulting in the creation of a trade.

EXPIRY: The end of trading in a contract and closure of the remaining opening positions usually shortly after the conclusion of the underlying event.

EXPIRY FEE: An exchange fee payable on each contract open at the expiry of a contract. See Rates and Fees in the Rules and Fees section on the home page for details of current fees.

EXPIRY PRICE: The official price at which the final value of a contract on TradeSports will be established, usually after the conclusion of the underlying event. In the case of 0-100 contracts, the price may only expire at either 0 or 100. (See exceptions within the Contract Rules) For Totals Contracts, the expiration price will be the final numerical outcome of the score, unless outside the min/max bands.

EXPIRY P&L: The day's profit/loss on the expiring position, calculated by multiplying the expiring position by the difference between the open position's average price and the expiry price.

EXPRESS WIRE TRANSFER: A same day bank transfer

(At) FAIR MARKET VALUE (Market Set Fair Value): When the price of a contract is frequently updated by the constant meeting of buyers and sellers, where both parties can trade instantly and simultaneously and have sufficient information to make rational decisions.

FILL: The complete trade execution of an order to buy or sell the entire volume of the order. An order is considered "filled" when the total number of contracts is bought or sold. If less than the order's full volume has been executed, it is known as a "partial fill."

FILL OR KILL (FOK) ORDER: A limit order to buy or sell a contract, which must be executed immediately in its entirety. If the order cannot be executed, it is expired.

FLAT: When a trader's position in their account is net zero. That is, the trader's position is neither long nor short.

FROZEN FUNDS: The amount of funds in a customer's account being used to cover margin requirements on open orders and positions. These funds may not be withdrawn until the orders are cancelled or positions closed out.

FUTURES: An agreement that a seller delivers and a buyer receives a commodity or a financial instrument at a future date at the contracted price. A Futures Contract is a legal commitment, standardised in terms of underlying product and tick value.

FUTURES MARKET: A market on which futures contracts are bought and sold. Various exchanges specialise in certain types of Futures contracts. For example, the New York Mercantile Exchange handles trades in oil products, while corn, oats and soybeans are traded on the Chicago Board of Trade.

GOING LONG: When a trader buys a contract to create a net long position.

GOING SHORT: When a trader sells a contract to create a short position.

GOOD 'TIL CANCELLED (GTC) ORDER: A customer order to buy or sell a contract at a limit or stop limit price that will remain in the market place until it is either executed or cancelled or if the contract expires. If it is not executed the order can be cancelled or changed at any time. A GTC is considered an open order until executed or cancelled.

GOOD FOR SESSION (GFS) ORDER: A customer order to buy or sell a contract that expires at the end of the trading session on which it was entered unless previously executed or cancelled during the session.

HANDICAP 0 - 100: A 0-100 contract for Team A to beat Team B by more than a specified number of points. The contract expires at a price of 100 if Team A wins by more than the specified points and 0 if they do not, i.e. they lose or win by less than the specified number of points.

HEDGE: The initiation of a position in one market or contract to protect against a similar or equal position in another or related market or contract.

HIT THE BID: When the seller of a contract accepts the highest current price bid for a contract. For example, if the current market is in a Total Wins contract is 2.3 bid at 2.6, a trader may sell at 2.3, thereby "hitting" the best bid. (See Lift the Offer).

INITIAL MARGIN: The amount of money that must be deposited by a customer before an order is passed to the order book. Initial margin on TradeSports is calculated on the basis of open positions and orders using one of two calculations - the worst-case loss or by using margin rates. Initial margin is returned to available balances (unfrozen) when a trade is closed out/expires or orders are cancelled.

LAST PRICE: The price at which the most recent trade was executed.

LEVERAGE: The ability to gain financial exposure in excess of the funds deposited to open the position, characteristic of risk margining on TradeSports.

LIABILITY: An amount owing to an individual or company that can usually be offset by an asset.

LIFT THE OFFER: A trader may purchase a contract at the best price currently being offered in the market. (See hit the bid).

LIMIT ORDER: An order that specifies to buy or sell an amount of a contract at a particular price or at a better price, but never at a worse price. In the case of a buy, it will never be executed above the limit price. Conversely, in a sell, the order will never be executed below the limit price. If the limit price is not within the current market quote, it is said to be 'away from the market'. The order is entered on the order book beneath any similar orders received earlier. (See price-time priority) Therefore, the limit order may not be executed immediately or only partially, or not at all, depending on the prices at which the market trades.

LIMIT PRICE: The price a customer is willing to pay/receive, stated on each order, that must be matched or bettered by an opposite order to create a trade. For example, an order to buy at a limit price of 37 must be matched by (a) sell order(s) for the same contract with a limit price of 37 or lower.

LIQUIDATE: The closure of an open position, releasing margin funds for withdrawal.

LIQUIDITY: A measure of the relative ease by which a customer may open and close positions in a particular contract, typified by statistical measures of volume, open interest, bid/ask spreads.

LISTED CONTRACTS: Contracts that are available to trade on the exchange.

LONG: A net position where more contracts have been bought than sold. Selling an amount of contracts equal to the amount by which you are long closes out long positions. A long position gains value if the price goes higher.

LOT: The smallest quantity of each contract that may be bought or sold. Sometimes known as the minimum contract size. A trade may compromise of many lots. The size of each contract's lot is defined in the Sports Rules and Contract Specifications to be found by clicking on the relevant contract symbol.

MARKET DATA: Information collected on the price, volume, time of trades executed and orders entered for all markets.

MARKED TO MARKET: When an account balance is adjusted to reflect gains or losses resulting from open positions relative to the current market price, such as the end of day variation margin process.

MARGIN: The sum of the two main types of margin - initial margin and variation margin - which are monetary amounts reflecting the mark to market losses on open positions and potential losses on all positions and orders. TradeSports carries out limit checking that requires initial margin to be deposited before an order enters the order book. Note that margin is often used in its loosest sense to refer to initial margin only.

MARGIN CALL: A call by the exchange for additional funds to be deposited by an account holder. It is triggered either by adverse market prices or changes to the initial margin requirements that result in the customer holding insufficient money at TradeSports. Margin calls must be paid within 3 business days, otherwise the customer's account will be closed and open positions closed out.

MARGIN LIABILITY: Another term for margin requirement

MARGINING PRICE: Price set daily by the exchange on all open contracts to re-calculate margin requirements. It is also used as the basis for reporting the daily price change. Contract specifications outline the timings of the margining prices, which may not be taken at the close of the session.

MARGIN RATES: Estimates of future price movements used to calculate initial margin requirements on risk assessed contracts. These are set on the basis of historic and likely future price movements by the TradeSports exchange. They may vary from time to time and are displayed on the "Margin Rates" page of the "Rules and Fees" section.

MARGIN REQUIREMENT: The minimum amount that a customer must have deposited in order to enter new orders or maintain open positions. Otherwise known as Margin Liability. (See also frozen funds.)

MARKET MAKER: An individual or a firm that provides two sided prices, both buy and sell, creating better market liquidity.

MARKET ORDER: An order for immediate execution at the current market price when the order reaches the market. Currently TradeSports does not formally accept any market orders but if required, market orders may be replicated by entering an order significantly higher than the bid price (buy orders) and significantly below the ask (sell orders).

MARKET PRICE: The current price at which the market for a particular contract is trading. This may be represented by the last trade price and the best bid/ask price.

MARKET RANGE: The pre defined price range over which the market in a specified contract may trade, bounded by the minimum and maximum prices.

MATCH: Process by which opposite orders are brought together to execute a trade. TradeSports matches orders on a price/time priority basis.Until the matching criteria is met, an order is said to be "unmatched".

MATCHED: When opposing orders in the same contract are brought together to execute a trade on a price/time priority basis. (Opposite unmatched)

MAXIMUM PRICE: The highest price at which a contract may settle. No order may be entered at a price equal to or greater than the maximum price. Details of maximum prices for each contract may be found in the Sports Rules and Contract Specifications.

MINIMUM DEPOSIT: The smallest amount of money that may be deposited into an TradeSports account. This is currently set as USD 100 for the first deposit and USD 25 for any subsequent deposits.

MINIMUM WITHDRAWAL: The smallest amount of money that may be withdrawn from an TradeSports account, currently set at USD 50 unless the account is being closed.

MINIMUM PRICE: The lowest price at which a contract may settle. Also, no order may be entered at a price equal to or less than the minimum price. Details of the minimum price for each contract may be found in the Sports Rules and Contract Specifications.

MONEY LAUNDERING: Activity where proceeds of criminal activity are hidden and merged with legitimate funds. TradeSports complies with anti-money laundering legislation and monitors for such activity. In some cases, the exchange requires formal proof of identity and address from customers before executing payments.

NEGATIVE OPEN POSITION:

NET OPEN POSITION: Aggregation of all of a customer's open positions in the same contract, where open sold positions are treated as negatives and open buy positions as positives, to produce a net long (bought) or net (sold) position. Also known as net open position.

NET POSITION: Aggregation of all of a customer's open positions in the same contract, where open sold positions are treated as negatives and open buy positions as positives, to produce a net long (bought) or net short (sold) position.

OFFSETTING ORDER/TRADE: An order/trade that, when netted, reduces the size of the net long or short position.

OPENING TRADE: Where a buy/sell trade is executed to create or increase a net long/short position.

OPEN POSITION: The outstanding quantity of any contract, either buys or sells, in a customers account usually expressed after netting. (See net position)

OR BETTER ORDER (OB): A limit order to buy or sell a contract that specifies that the order can be filled at the limit price or if possible at a better price than that specified on the order entry ticket. All TradeSports limit orders are automatically treated as Or Better orders.

ORDER: A request by a customer to buy or sell a specific quantity of a contract at a specified price or better. The following types of orders are currently available on TradeSports: Limit Order, Stop-Limit Order and Fill-or-Kill.

ORDER BOOK: The electronic representation of the market place. It contains and advertises all orders current in the market, on a price/time priority basis.

ORDER TICKET: A short electronic form that is completed by a customer when placing an order. The order ticket must show the type of action either buy or sell, the number of contracts, the contract name, and the order type (such as limit, stop-limit or Fill-or-kill)

PARTIAL FILL: The trade execution of an order to buy or sell for less than the entire volume of the order.

PASSWORD: An individually set code that must be entered in order to access a customer's account from the TradeSports website. A customer's password should never be disclosed to anyone, including TradeSports staff, as all activity undertaken on the account is the responsibility of the customer.

POSITION: Description of a customer's open contracts at any given point in time. See also open or net position.

POSITION LIMIT: The maximum net position that may be held by a single customer in a particular contract or event. The limits are at the discretion of the exchange.

POSITIVE OPEN POSITION: A net position where more contracts have been bought than sold. A net long position.

P & L: The profits and losses relating to a customer's trading activity.

PRICE: A measure of the actual or predicted result of an event, conveying value to a trade, order or position. The pricing convention of a contract is outlined in the contract specifications.

PRICE/TIME PRIORITY: The sequence in which orders are executed on the TradeSports exchange. Orders with the lowest ask and highest bid have preference over others. When orders have the same price, the one entered with the earliest timestamp has precedence.

PRICE DISCOVERY: The negotiation of the current best price, through a visible accessible market. The process of reassessment of price discovery is continuous and improves with the volume of traders.

QUANTITY: The number of lots entered on an order.

QUOTE: A representation of market information relating to a specific contract. A quote can contain a bid, ask, last price, volume and time of last trade.

RANGE: The highest and lowest prices at which contracts were traded during any given period.

REAL-TIME PRICING: Constant live updating of prices displayed instantly when trades occur.

REQUIRED MARGIN: Another term used loosely for initial margin.

RISK MANAGEMENT: Process undertaken by the exchange to identify, quantify and, where appropriate, mitigate the risks inherent in clearing or trading TradeSports contracts.

ROUND TURN: The completion of both a purchase and sale of the same contract.

RULES: The regulations governing the means by which the exchange operates and the contracts are priced, margined and settled. At TradeSports, the rules are outlined in the Exchange Rules, Contract Rules, the Privacy Policy and Data Protection Consents.

SELL ORDER: An order to sell a specified quantity of a particular price or more. (Opposite: see Buy Order)

SELL SHORT: When a trader sells a contract he does not already own, thereby creating a net short position. (See Going Short)

SESSION HIGH: This is the highest price a contract traded at within the specified market session.

SESSION LOW: This is the lowest price a contract traded at, within the specified market session.

(TRADESPORTS) SETTLEMENT COMMITTEE: A committee comprising of exchange staff which meets to consider disputes and issues involving exchange expiry prices.

SHORT: A net position where more contracts have been sold than bought. Sometimes denoted by a minus in front of the number of lots. Buying an amount of contracts equal to the amount by which a trader short closes out short positions. A short position is initiated if the trader believes the price will go lower.

SPORTS RULES: For each event, the Sports Rules govern the rules by or parameters within which the contract is priced, margined and expired with particular reference to unusual events. Together with the exchange's Terms and Conditions and the Exchange Rules, the Sports Rules form the legal agreement between all customers and the exchange.

STOP LIMIT ORDER: An order that becomes a limit order once the contract trades at the designated stop price. (See elect). A stop limit is an order to buy or sell at a specific price or better, but only after a given stop price has been reached or passed. Buy stop limits are entered above the last trade price. If the price trades at or above the stop price, the order becomes a limit order, and may be executed at or lower than the stop limit price. Sell stops are entered below the current market price. If the price moves to or below the stop price, the order becomes a limit order, and may be executed at or higher than the stop limit price. Stop limit orders remain hidden (i.e. not shown on the order book) until the designated stop price has been reached and the order becomes a limit order.

SUSPENDED: The pausing of an exchange contract preventing all further trading on that contract or the temporary closure of a customer account preventing the customer trading in any contract.

TELEGRAPHIC TRANSFER: See wire transfer.

TICK SIZE: This is the unit of minimum change of a contract. The exchange establishes the unit size of the minimum movement of the price of a contract and these are published in the Contract Rules and Contract Specifications.

TICK VALUE: The monetary value of a tick. For example, a 0-100 contract with a value of USD 10 and tick size of 1.0 has a tick value of USD 0.10 (USD 10 divided by 100 ticks). The tick value of every contract is available in the Contract Specifications.

TRADEABLE CREDIT: An amount of funds credited as a "non-cash balance" to a customer's account, usually as a promotional offer, for new customers. After a period of time the amount is either liquidated and credited to the account as cash or removed, depending upon conditions of the offer.

TRADE: The purchase or sale of a contract. This is created when the exchange matches your buy (sell) order with part or all of another customers sell (buy) order for the same contract and at the same or better price.

TRADE CONFIRMATION: Notification from TradeSports to a customer summarizing the details of a specific transaction. Such details include the contract name, number of contracts, price and action i.e. buy or sell.

TRADER: A person who partakes in the buying and/or selling of contracts. To trade on the TradeSports Exchange, you must become a customer of the exchange.

TRADING FEE: See Exchange Fee.

TRADING HOURS: Times between which customers may enter new orders and the exchange matches orders to generate trades. Also known as the trading session. Exchange Hours are published in "Rules and Fees". Outside of these times, customers may cancel open orders and view reports of activity and account balances.

TRADING LIMIT: The limitations placed on the movement of price of a contract. There is a pre-set price range within which all contracts must trade.

TRADING PROFIT & LOSS: Description of the total profits and /or losses made on past and present open positions over the lifetime of the contracts.

TRANSACTION: In a trading context, this term is used to refer to the execution of a trade. It is also used to refer to a payment into or out of an TradeSports customer's account.

TRANSACTION COST: See Exchange Fee.

TRANSPARENCY: The ability of a market participant to view unfiltered market data.

TOTALS CONTRACT: This is a contract based on the future numerical outcome of a measurable score in an event. For example Total Wins in a MBL Season.

UNMATCHED: State of an open buy/sell order that is yet to find an opposite sell/buy order to create a trade. (Opposite to matched)

UPTICK: An upward price movement. The purchase of a contract at a price that is greater than the previous purchase price. For example, if a Total Winscontract last trades at a price of 60 and the next trade was 61, this would be an uptick. (See downtick)

VARIATION MARGIN: The financial amount by which an account balance is adjusted daily to reflect gains or losses in open positions relative to the current market price.

VIG: Slang term for the charge taken on bets by a bookie through the pricing of the bets. Otherwise known as "juice" or "over-round".

VOLATILE: Describes a market with large price fluctuations in either or both directions.

VOLATILITY: Measure of the variability of the market prices, used to assist the setting of margin rates.

VOLUME (VOL): The total number of contracts traded on a particular contract during a given period of time.

WEBSITE: www.TradeSports.com, the site through which TradeSports offers its sports trading exchange service.

WIRE TRANSFER: A means of directly transferring money from one bank account to another. "My Account" outlines how to execute a wire transfer to/from an TradeSports account. Also known as a bank transfer or bank wire.

WORST CASE LOSS MARGINING: Risk approach for all contracts traded by fully margined customers and short term contracts for risk-margined customers, where initial margin is calculated by calculating the maximum possible loss in holding the worst combination of the account's open positions and open orders.