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Waiting Period
The period of time between the issuance of a receipt for a preliminary prospectus and receipt for a final prospectus from the securities administrators.

Warrant
A Certificate giving the holder the right to purchase securities at a stipulated price within a specified time limit. Warrants are usually issued with a new issue of securities as an inducement or sweetener to investors to buy the new issue.

Working Capital
Current assets minus current liabilities. This figure is an indication of the company's ability to meet its short-term debts.

Working Capital Ratio
Current assets of a company divided by its current liabilities.

Wrap Account
Also known as a wrap fee program. A type of fully discretionary account where a single annual fee, based on the account's total assets, is charged, instead of commissions and advice and service charges being levied separately for each transaction. The account is then managed separately from all other wrap accounts, but is kept consistent with a model portfolio suitable to clients with similar objectives.

Writer
The seller of either a call or put option. The option writer receives payment, called a premium. The writer in then obligated to buy (in the case of a put) or sell (in the case of a call) the underlying security at a specified price, within a certain period of time, if called upon to do so.