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odd lot

An uneven number of securities that represents less than a board lot.

offer price

The price that a buyer is willing to pay for an investment.

open-end fund

An open-end mutual fund continuously issues and redeems units, so the number of units outstanding varies from day to day. Most mutual funds are open-end funds. The opposite of closed-end fund.

origination fee

The origination fee on a mortgage is usually the amount charged by the lender for originating the loan. Origination fees vary by lender and are expressed in points where one point is equal to 1% of the original loan balance.

over-the-counter (otc) market

Market created by dealer trading as opposed to the auction market, which prevails on most major exchanges.