A trading position of an investment firm, which owns securities that are not protected from market risk in any manner. It is a highly dangerous position, since the exposure to risk of loss is infinitive.
A short option with no intrinsic value. For a call, the strike is above the spot rate and for a put the strike is below the spot rate.
a short option position which is not covered by the underlying currency or with another option.
A securities position not hedged from market risk.
An unhedged short or long position in a particular stock, future, etc.
A securities position that is not protected from market risk in any manner. For instance, the position of person who writes a call option without owning a long position in the underlying security, or writing a put option without having a short position in the underlying security. See: Covered Call Option; Covered Put Option; Long Position; Option Writer; Options; Put Option; Risk; Short Position; Underlying Security