Clean Your Skirts
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Definition of '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. |
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Investopedia explains 'Clean Your Skirts'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. |
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