Spot secondary

Secondary distribution that may not require an SEC registration statement and may be attempted without delay. An underwriting discount is normally included in these offerings.

Spot Secondary

A secondary offering that is not registered with the SEC. A spot secondary must meet certain requirements in order to avoid registration. Specifically, they are usually offered to institutional investors rather than the general public. Generally speaking, a spot secondary is faster than other secondary offerings; issuers usually offer a discount for underwriting services on a spot secondary.

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Russell Ramsey, President and Co-Chief Executive Officer of FBR said, "Offering Marketplace gives us the ability to price issues more effectively and complete spot secondary offerings online because it enables FBR to have, at any time, an accurate picture of aggregated investor demand for a security at different price levels.

fbr.com Introduces New Technology Platform: Offering Marketplace(SM); Will Distribute New Issues to Millions of Investors in Seconds