[jit-nee] 
noun, plural -neys, verb, -neyed, -ney⋅ing.| 1. | a small bus or car following a regular route along which it picks up and discharges passengers, originally charging each passenger five cents. |
| 2. | Older Slang. a nickel; five-cent piece. |
| 3. | to carry or ride in a jitney. |
| jit·ney (jĭt'nē) n. pl. jit·neys
[Origin unknown.] |
Jitney
1. A situation in which one broker who has direct access to a stock exchange performs trades for a broker who does not have access.
2. A fraudulent activity in the penny stock market involving two brokers trading a stock back and forth to rack up commissions and give the impression of trading volume.
Investopedia Commentary
1. For example, a small firm whose volume of business is not sufficient enough to maintain a trader on the exchange would give its orders to a large dealer for execution.
2. Jitney, or "the jitney game," is basically the same thing as circular trading. The term originated from "Jitney buses," which was a derogatory slang term for Ford buses at the beginning of the century. A reporter coined the term by alluding to the five-cent piece it cost back then for a bus ride. It has since been used to refer to something that is cheaply and poorly made.
Related Links
Investment Scams Tutorial
See also: Bucket Shop, Churning, Circular Trading, Pump and Dump
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