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Glossary

Jitney

The execution and clearing of orders by one member of a stock exchange for the account of another member. For example, investment dealer A is a small firm whose volume of business is not sufficient to maintain a trader on the exchange. Instead it gives its orders to investment dealer B for execution and pays a reduced percentage of the normal commission.

Joint account

An account in which two or more individuals act as co-owners of the account.

Joint and survivor pension

A pension payable for the lifetimes of both the plan member and his or her spouse or common-law partner. This is required to be provided as an option when a member retires. Under the PBSA, payments to the survivor may be reduced by a maximum of 40% after the member’s death, but a plan may provide other options. 

Joint Forum of Financial Market Regulators

Includes representatives of the Canadian Securities Administrators (CSA), the Canadian Council of Insurance Regulators (CCIR) and the Canadian Association of Pension Supervisory Authorities (CAPSA). The mandate of the Joint Forum is to coordinate and streamline the regulation of products and services in the Canadian financial markets.

Junior bond issue

A corporate bond issue, the collateral for which has been pledged as security for other more senior debt issues, and therefore ranks behind these prior claims.

Junior debt

One or more junior bond issues.

Junk bonds

Bonds with a credit rating of BB or lower. Because the term has a negative connotation, issuers and holders prefer to call the securities "high-yield bonds." Junk bonds are issued by companies without long track records of earnings, nor strong credit history. They tend to finance high-risk activities and corporate restructuring and therefore appeal to risk-oriented investors.

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