REAL

Used in the context of general equities. (1) Natural , or not profile; (2) Not dividend roll nor program trading related; (3) not tax-related. "Real" indications have three major repercussions: a) pricing will be more favorable to the other side of the trade since Investment bank is not committing any capital; b) price pressure will be stronger if real since a natural buyer /seller may have information leading to his decision or more behind it, and c) an uptick may be required for the trader to transact if the indication is not real and he has no long position .