ɪnðə sᵻkjˈʊɹɹᵻɾiz pɹəfˈɛʃən ðə dˌɛfɪnˈɪʃən ʌv kənvˈɜːʒən vˈæljuː ɪz vˈɛɹi nˈæɹoʊli dᵻfˈaɪnd æz ðə pˈɑːzᵻtˌɪv dˈɪfɹəns bᵻtwˌiːn ðə mˈɑːɹkɪt pɹˈaɪs əvə kənvˈɜːɾᵻbəl sᵻkjˈʊɹɹᵻɾi ænd ðə pɹˈaɪs æt wˌɪtʃ ɪɾ ɪz kənvˈɜːɾᵻbəl.
In the securities profession the definition of conversion value is very narrowly defined as the positive difference between the market price of a convertible security and the price at which it is convertible.