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Principal who underwrites an insurance policy; also someone who guarantees to buy up shares or bonds from an issue that are not taken up by the public.
Fund of stocks and shares held by a trustee for the benefit of subscribing investors; an easy means of obtaining a spread of investments. The British equivalent of a mutual fund.
unlisted securities market (USM)
Market in small company shares administered by the stock exchange in the UK. A company cannot be listed on the USM but can be quoted or its shares traded on the USM. To be abolished.
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