LEG UP

Used in the context of general equities. (1)Having a portion of the offsetting side of a trade in your pocket (spoken for) so your capital risk in the transaction is reduced. (having purchased 10,000 of a 50,000 buy order leaves the trader a "leg up" on 10M shares.); (2) having completed one side of a two-sided transaction, as in a swap or contingency order .