(1) The amount by which the price paid for a preferred security exceeds its face value. (2) The total price of an option, equal to the intrinsic value plus the time value premium. (3) The market price of a bond selling at a price above its face amount. For example, trading at "101" means that, for $1,010, one could purchase a bond that would pay $1,000 principal at maturity. See Discount Bond.