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Warehousing
The interim period from the time a loan closes to its subsequent marketing to capital market investors.
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Warrants
Securities entitling the holder to buy a proportionate amount of stock at some specified future date at a specified price, usually one higher than the current market.
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Watch list
A list of securities selected for special attention by a brokerage, exchange, or regulatory organization. Firms on the watch list are often takeover targets, companies planning to issue new shares, or stocks that show unusual activity.
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When issued
A transaction conditional on a security that has been authorized, but not yet issued.
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Whole life insurance
A contract with both insurance and investment components. It pays off a stated amount upon the insured's death; and it accumulates a cash value that the policyholder can redeem or borrow against.
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Will
A legal document that specifies how a person wishes his or her property to be distributed after death.
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Wire house
A firm operating a private wire to its own branch offices or to other firms, clearing agents houses, or brokerage houses.
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Working capital
The difference in current assets and current liabilities.
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Write-down
Decreasing the book value of an asset if its book value is overstated compared to current market values.
