Open position. London Stock Exchange term for the amount of stock that has been bought for
the rise or sold for the fall by speculators. For instance, if it is said that there is a large bull
position open in consols or in the consol market it is meant that speculators have bought consols
heavily in expectation of a rise in their price. An open position is closed when the bull resells or the
bear repurchases, thus liquidating his commitments.