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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.

Job Lot
A unit of trading smaller than a full contract that is allowed by some exchanges such as the Winnipeg Grain Exchange and the Chicago Board of Trade.

Johannesburg Stock Exchange (JSE)
The only stock exchange in South Africa. Established in 1886, the mining-related sector accounts for almost 41% of market capitalization of all quoted companies. Trading is by open outcry. The JSE uses a weekly computerized clearing system for settlement between brokers and trades executed in one week are settled the following week.

Joint Account
Just like the banks can do. You and someone else can have your names on an investment account. It can be set up in many ways, but they all mean that both people own the securities.

Joint Life Annuity
An annuity naming an annuitant and a second person. If the annuitant dies the second person continues to receive payments for life. Joint life annuities provide lower payments than straight life to each annuity beneficiary.

Joint Ownership
Equal ownership by two or more people with right of survivorship if one of the group dies.

Joint Venture
The cooperation of two or more individuals or enterprises in a specific business enterprise, rather than in a continuing relationship as in a partnership.

Jonestown Defense
A form of shark repellent: a strategic move by a takeover target company to make its stock less attractive to a potential acquirer. Named after the mass suicide led by Jim Jones of Jonestown Guyana in the early 1980s, this strategy appears suicidal for the target company. It may consist of taking on a huge amount of debt or selling off the company's crown jewels in order to make the corporation look less attractive to the potential acquirer.

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.

Juniors
Young companies in the initial stages of growth.

Junk Bond
Officially a bond with an investment rating of BB or BA or lower. Company bonds that are rated as such are thought to be higher credit risks so to get investment money they have to offer a greater incentive. This term also is applied to companies who have unproven track records and no credit history.