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 Illiquid - Any security that cannot easily be sold in the open market; the term is relative and often subject to interpretation.
In and Out - Slang for day trading in a security; bought and sold in the same day. (See "Day Trader")
In the Money - Term used in options trading to describe a client’s position that would result in a profit if exercised at a particular point in time. (See "At the Money," "Out of the Money")
Income Bond - Bond that promises to repay principal in full at the maturity date.
Income Fund - Type of mutual fund that seeks to provide a stable current income from investments in securities that pay interest. (See "Mutual Fund")
Index - Statistical composite that measures changes in the economy or a financial market. In an economic index such as the Consumer Price Index, this is often expressed as a percentage change from a base year or the previous month. In a stock market index such as the Dow Jones Industrial Average or the Standard & Poor's 500, groups of related stocks that are reported as an indication of the performance of a larger group, this is an average expressed in relation to an established base value. Indexes are not securities that can be bought and sold, but many popular indexes have inspired derivative securities and mutual funds that mirror their holdings. (See "Index Fund")
Index Fund - Mutual fund whose portfolio matches the components of a particular index. (See "Index)
Individual Retirement Account (IRA) - Private pension account available to individuals for saving and investing on a tax-deferred basis.
Initial Margin Requirement - Amount of cash and securities a customer must have in his/her account required by Federal Regulation "T" before trading on margin.
Initial Public Offering (IPO) - First sale of stock by a company to the public; sometimes called "going public" (See "Public Offering," "Secondary Offering") is referred to as an Initial Public Offering.
Inside Information - Privileged information available only to corporate officers that must be kept confidential until made public. Insiders are prohibited by law from trading on this information prior to making it available to the general public.
Inside Market - Bid or asked quotes between dealers trading for their own inventories; distinguished from the retail market, where quotes reflect the prices that customers pay to dealers. (See "Retail Market")
Insider - Person such as a corporate officer or director with access to privileged company information; sometimes includes shareholders owning 10% or more of a company's stock.
INSTINET - A "fourth stock market" allowing members to display bid and ask quotes and bypass brokers in securities transactions.
Institution - Refers to an organization such as a pension fund, mutual fund or investment trust that invests on behalf of other parties. Since most institutions hold shares for relatively long time periods and uphold a considerable fiduciary responsibility to invest conservatively, many analysts look at the percentage of a company’s stock that is held by institutions as a measure of market confidence.
Institutional Investor - Organization such as a pension fund or mutual fund that trades large volumes of securities.
Inventory - Trader's slang for any quantity of security owned at a particular point in time.
Investment Banker - Person or institution that provides early-stage financing for companies, often before going public.
Investment Company - Precise term for a mutual fund, both open-end and closed-end. (See "Mutual Fund")
Investment Company Act of 1940 - Federal law regulating investment companies (i.e. mutual funds).
Investment Grade - High-quality bonds, suitable for conservative investment accounts, with credit ratings of BBB, bbb or higher by Standard & Poor's or Moody’s investor services.
Issued Stock - Stock that has been sold to the public.
Issuer - Corporation or municipality offering its securities for sale or the creator of an option. | 
