W

Warrant

A certificate giving the holder the long-term and at times perpetual privilege but not the obligation of purchasing securities at a specified price.

Wash trade

A matched deal which produces neither a gain nor a loss.

Wertpapierkennummer

Security code number on German stock exchanges. The German securities identification number is a 6-digit numeric code. Codes up to 499,999 are allocated to fixed-interest securities, codes from 500,000 are allocated to shares, warrants and unit trusts.

When issued

A transaction made conditionally in a security authorised but not yet issued.

White knight

A company which rescues another which is in financial difficulty, especially one which saves a company from an unwelcome takeover bid.