Clean Your Skirts
- A slang phrase used in the equity market to refer to a trader's obligation to make calls and check possible prior obligations related to a security transaction. Prior obligations may include confirming certain transaction details, such as limit prices or conditional events.
Most larger transactions, like those executed by financial institutions, require that traders clean their skirts. Before a trader is able to fill such an order, he or she will usually confirm the order is still executable; this will confirm that the trade is within the price limit and meets all of the client's conditions for an appropriate quantity.
Investment dictionary. Academic. 2012.
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