Equity trading lingo
If someone says - "I'm 2 ways, 5million up on Citi" - what does this mean?
I get the 2 ways part (there is a buyer and seller)... but what about 5m up?
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remember that equities are quoted as follows:
4.25/4.27 100x500
line 1 is the bid/ask spread line 2 is the bid/ask size (in this case 10,000 shares bid at $4.25, 50,000 shares offered at $4.27)
When he says he's 2 ways, he's a market maker and he's showing size on both the bid and ask.
The 5 million up should indicate that 5 million shares are being "offered up" (for sale) on Citi.
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