Here is a glossary of the terms of the stock exchange / finance / economy

72 (rule of)

Number divided by the d´interet rate which allows to calculate capital doubling d´un time.

A horse

Expressed a position both for sale and purchase on a same value.      


Member of the Board of Directors of a corporation.

During limited

This is the name of the most used stock exchange order. In such order, the investor specifically fixed his course of purchase or sale. If a purchase order limit 15 euro, action will be not purchased at more than 15 euros. With this order we control very precisely its price.            


"american deposit receipt" in the language of shakespeare. The name given to the shares issued in the U.S. by foreign companies wishing to be rated.

A currency (at the money)

Said a warrant (or option) the exercise price of which is close to the value of the underlying. In this case, the warrant (or option) has an intrinsic value of zero or close to zero.         


Amsterdam Exchange Index. Index of 25 highest capitalization of Euronext Amsterdam in the Netherlands.


said an option or a warrant which can be exercised at any time until the maturity date.            


Prudential and resolution authority is an independent administrative authority, without legal personality, that monitors the activity of banks and insurance in France


The French Association of technical analysts. It was founded in 1990 by 7 specialists of technical analysis.

At the European

Said a warrant which applies only to its due date.     

Rating agency

company whose job it is to "Note" other businesses, communities, States, etc. The rating includes the solvency of these entities. More the solvency of a company is good, better it can borrow, a good rating is so important. Moody's or Standard & Poors are the most famous rating agencies.

At constant exchange rates

Term used to compare two numbers on two different periods. Indeed, it is difficult to compare a turnover of an undertaking if the currency has changed over a period.           


fraudulent stock speculation often linked to manipulation of course.


Share dividend. Very little used. It is in fact devoid of voting shares who are entitled in return to a dividend greater than the classic actions. In the event of liquidation, A.D.P. owners are refunded before the owners of conventional shares. THE A.D.P. allows companies to take advantage of the benefits of capital increases (re-entry of cash), without the disadvantages (loss of control of the shareholding of origin).    

AMF approval

Authorisation by the Autorité des Marchés Financiers of certain financial transactions such as introductions or the OPA…


Go / return. You make one go back when you buy and sell a value in the same week, or even the same day. It is a short term strategy.  

Adjustment of courses

When a financial transaction is made on action (division of the nominal value for example), the stock price adjusts to account for this operation.


the highest for a company or a State financial ratings. This note, issued by financial rating agencies to judge the creditworthiness of the relevant economic agent.         


abbreviation frequently encountered on the Internet and which refers to an "increase in capital".


Decision of the buyer of the option contract not to exercise its option on the date of expiry of the contract.            


sell part of the shares that it holds.

Tax abatement

It is a tax credit (exemption) on profits from stock transactions to investors. There is a tax deduction on income from share dividends.

Go / return

said of a fast transaction of purchase and sale on a value, on the same day or in a few minutes interval only.

Tax shelter

Financial investment for tax deductions. The investor then escaped to the Public Treasury.     

Allocation of securities

A decision which is to decide on the part of each title in the composition of a portfolio of financial products.


Asset Backed Security. These are securities backed bundled loans in the form of a pool.   


This mathematical quantity refers to the performance of a title compared to the market.

ABS (2)

Abuse of social assets. Is to make use of the property, the credit of a company or the powers possessed by leaders for personal and contrary to the interests of the company.        


compartment of the Euronext stock market, dedicated to SMEs. This market allows them to fit easily traded with constraints and reduced costs.


Action to warrant Action.    


Refers to the American stock exchange. It is the U.S. stock market which is the antechamber of the NYSE.


Abbreviation Action warrants and: or acquisition of redeemable shares. The Absaar are issued by companies wishing to benefit from a reserve of hoistable capital quickly in the event of financial needs.          


Authority of financial markets. Organization of guardianship of the Paris stock exchange that ensures the safety of savings and regulates the markets. This organization has replaced the COB and other agencies of stock control in 2004.


Action to good subscription or acquisition of new or existing shares. This type of action gives the possibility to buy securities at a price determined on the show, often under advantageous conditions.           


It is the capital invested at the origin of a society for its launch. One speaks of start-up funds.


Action to warrant Obligation.         


This accounting concept enables to take into account in a balance wear and aging of the equipment, premises, factories, etc. Assets that are intended to be amortized are not counted in charge by the company for their entire but this deduction is performed on a variable duration according to the assets concerned.

Absolute player

Company with most of the activity is linked to the Internet and which has therefore not stock, warehouse or factory. Thus, Google or Yahoo can be described as Absolute players.      


National Association of shareholders of France: association that allows minority shareholders to defend their interests.

Absolute return

Investment strategy aimed at achieving a return on investment fixed regardless of economic conditions.


The National Association of shareholders of France. This association helps shareholders to defend their interests.

Switching agreement

Agreement between a company and its creditors to reduce debts in Exchange for an entry to the capital.            

Fundamental (or financial) analysis

Stock market analysis based on political, economic and financial parameters. Is also called financial analysis. It is based on the study of balance sheets and accounts of results of the company.

Basel accords 2

Signed in 2004 by the Governors of the central banks, they are entered into force on 1 January 2008. These agreements establish a banking regulations imposing prudential standards to reduce the risk of bank failures. They have allowed the establishment of ratios such as ratio McDonough to replace that of Cooke, who limit the amount of loans granted by the Bank depending on the level of equity.          

Quantitative analysis

Portfolio management using economic models for the allocation of assets and portfolio management. The selection of values follows the results obtained from the model and not personal choice of Manager. The handler checks the consistency of the results and the validity of the data entered into the model.

Accumulation Swing Index

technical analysis indicator allowing the monitoring of trends.     

Analysis technique (or chartist)

It is the set of graphical and mathematical methods used to anticipate the evolution of financial markets. Historical analysis of the trend in the price of a security or an index based on the observation of graphs and on the recognition of figures that tend to recur over time.


buy shares in several times of a single company, expanding its position as and when.   


see asset Net value

Short purchase

purchase the cash SRD without funds to adjust market. Regulation and the delivery of shares take place at month-end. Coverage cash or securities is nevertheless required. Any initiated position can be resolved at the latest the day of liquidation. If the selling price is higher (lower) than the purchase price, the initiator of the transaction is credited (debited) at the end of the month. Alternatively, to defer the position.         


The APE (activité Principale Exercée) code is assigned by INSEE to all companies and means their main activity.


This trading technique is a method of tax optimization. It helps materialize unrealised losses at year end to reduce its tax bill on capital gains. It is to sell the securities on which you lose money and to repurchase them the next day. Thus, your portfolio is not changed, but in the eyes of the taxman you have materialized less value which will be deducted from your capital gains for the determination of your tax.    

Call for cover

Amount required to cover the risks related to the option seller positions; This amount is paid through the adhering to the clearing house and by the ordering customer orders with its intermediary.

Interim dividend

Sometimes, the companies pay their dividend in several times and particularly to make a first partial payment of the dividend in the form of deposit thus anticipating the future dividend. In the case of a split payment of the dividend, companies pay it in 2 or 3 installments up.

Margin call

The results of any position on products (for example options market) materialized immediately, on the day the day by the mechanism of margin calls. This call can be positive or negative. In one case, the operator must pay cash negative variation of the value of its position of the day. In the other case, the amount of improvement of its position is credited to him.

Depreciable assets

said of an asset of a company that allows the value over time (case of a machine tool for example).            

Margin call (margin call)

(= margin CAL) requests on the part of the broker to add funds or guarantees used to cover an open losing position exposure.

Current assets

accounting term for a category of assets of an enterprise that are intended to not permanently remain in its midst: claims customers, inventory, availability, etc.  


Transfer between two major investors of a package of securities that can be done outside the market but in the range courses traded the day of the transaction. It comes to the application of an order to buy at a sell order, having been brought in harmony to both.

Tangible assets

This term used in accounting refers to the assets of a company who have a physical as existence for example of equipment or furniture in stock.   

Contribution in cash

It is the supply of liquidity from investors during the creation or the development of a company. In the second case, the contribution in cash is a capital increase.

Capital assets

In contrast to current assets, these assets are of durable goods of the company: real estate, for example.            


Purchase and simultaneous sale of same assets in two different markets to take advantage of a momentary shift of rating. Arbitration can be also achieved by the purchase of an asset simultaneously to the sale of another asset highly correlated in order to enjoy a momentary shift of the correlation between the two assets.

Intangible asset

Unlike tangible assets, this asset class has no physical existence. Examples: patents, trademarks, etc.            


Sell a stock to buy another one with a logically higher added value potential. This means the implementation of a strategy of buying on a market against equivalent sales in a market which is very linked. This strategy is based on the relationship between the prices found to be abnormal in both markets.

Net assets accounting (ANC)

Book value of the company, quite different from its real value. ANC is calculated subtracting debts all assets of an enterprise.    

Of accounts

It is the date to which the accounts of companies close their annually rely more often on 31 December.

Net per share

value of the net assets divided by the number of shares of the company.           


Means the application, that is to say the number of securities that investors want to buy. (the offer is says "bid").

Net asset value

Differs significantly from the accounting net assets. The revalued net asset takes into account the potential capital gains (buildings, participations,…). It is based on a book value, as the ANC, but on real value.

Ask (request)

Price at which it is possible to buy an asset.

Realisable assets

If an asset of the company is easily transferable and his detention lasts less than a year, said while it is feasible.   

Combined General meeting

Meeting including a regular General Assembly followed an extraordinary general meeting.

Risk-free assets

Assets with no risk of non-repayment, to guarantee profitability. This is for example of government bonds in the long term.       

Ordinary General Assembly

Annual meeting of the shareholders of a company, enabling them to approve general orders decisions such as accounts.

Underlying asset / assets Support

Active (action, duty, stock index… ) that can be purchased (in the case of a call option) or sold (in the case of a put option) by the holder who exercises his option. It indicates the financial product to which the derivative relates (option, warrant, tracker, etc.) If one speaks of a warrant on the CAC 40, said while the CAC 40 index as the underlying asset.     

Asset management

in the language of Molière, the anglo-saxon term simply means asset management (SICAVS, investment funds, etc.).


title representing a fraction of the share capital of a company and giving its holder voting at meetings, right to profits and the right to information.     


This is the basis on which the tax will be calculated. The base is not equivalent to the total revenues, because various exemptions can lower it.

Dividend action

This type of action pays a higher one common share dividend holder, however it does not voting.            

Life insurance

This very taken investment of the French is a tax envelope that allows a certain tax exemption of its investments. It aims to develop a capital for retirement and facilitates the transmission to children.

Action of voting double

This type of action holds 2 rights to vote instead of just one. In return the shareholder has committed to retain the title longer, he is therefore rewarded for his loyalty.


Australian Securities Exchange. It is the main Australian Stock Exchange.

Bearer share

This is the name of the classical action. It contrasted the action in the nominative case (rare).  

Free allocation

This term is used in general for the distribution of bonus shares to shareholders.

Frozen action

It is an action that is most transferable following a judicial inquiry for example.   


Austrian Traded Index. Austrian index that aggregates 22 values of the Vienna Stock Exchange.

Free action

free shares to shareholders in financial operations by a company. Free shares do not alter the richness of the shareholder because other actions drop accordingly to reflect this distribution. Typically this distribution is designed to improve the liquidity of the title.     


Procedure for audit of a company or one of its services to ensure that they were properly prepared.

Action affluent

A title which the transfer cannot take place only with the authorization of the person who holds the collateral. This type of action can guarantee a loan.

Capital increase

Means of business financing so notably to foster their growth. The increases in capital of listed companies are more often open to all investors.

Registered share

Action listed in the books of the company, who thus knows the exact identity of the holder of the share.        

Reserved capital increase

The capital increase is here restricted to a particular class of shareholders, or to an investor or a pool of investors. This type of operation is most often explained by a desire to strictly control the capital of a company.

New action

said actions created during a capital increase.       


Situation in which a company is directly or indirectly its own shareholder. Since July 1991, thus shares have more right to vote in the assemblies.

Action reflection (or plotter)

This type of action does not take the value of the whole of a company or a group, but only a division of the company. This has been used by some multinationals to rate some of their significant subsidiaries.


Means for a company to hold its own shares, in order to remove them or distribute them to employees. They can also be used to power a plan of stock options.


said of a person who owns shares of a corporation.      

Market authority

the AMF plays this role in France, i.e. the body that monitors and controls the functioning of financial markets and its players.

Reference shareholder

said shareholders who hold a significant portion of the capital of a company allowing them to have some weight in decisions.          

Regulatory authority

agency responsible for monitoring and administering a sector, a market, etc.

Minority shareholder

refers to small private shareholders whose voice does not weigh heavy given the tiny fraction of the capital they hold.     

The financial markets authority

represented by the acronym AMF. See the definition of "AMF" on this page.

Auto-contrôlées or Treasury shares

These are the titles held by a company directly (self owned) or through a subsidiary (self-inspection) of its own capital.         

Average True Range

technical indicator used to measure the pressure exerted by the sellers and the buyers on an action or a market.


It is a person engaged in the profession in many areas of the economy finance assessment (interest rates, risks in the context of insurance, etc.)       

Warning on the results

("profit warning" in English): refers to the Act by a company, to warn the market that it will not achieve its goals or that it will make significant losses. This often leads to a very strong fall of course.

Actuarial (rate)

actual rate of an investment in bonds.   


Each transaction (purchase, sale) you make on securities, you will receive a few days more later a notices that summarizes all of the characteristics of the order who was executed. In the event of a claim, you have most often 30 days to assert your rights.


Term used for a title or a company of which the activity or the course is not sensitive to economic cycles.            

Have tax

The shareholder has the right to the profits of the company. These profits are donated in the form of dividend. The shareholder thus receives dividends that it must report as other income. But in order to avoid double taxation on the profits (at the level of the company by the tax and taxation at the level of the shareholder by the income tax) the taxman has decided to attach to each dividend of French origin a have tax which allows to reduce the tax burden.


Association for the defence of minority shareholders.  

B to B

"business to business". Means a trade between two companies.            


period previous launching an offer of placement of title during which analysts do not have the right to publish recommendations on the value.

B to C

"business to consumer". Trade business to individuals.     


A large package of fixed titles in advance exchange between two investors outside the hours of meeting but at the stock exchange. It can be one control block is to say that it is over 50% of the securities of a company, which means that the control changes hands.

Back Office

Administrative and accounting operations related to trading: each bank has its back office service.          


Name of a famous American financial news created by Michael Bloomberg Agency.

Back Stop

Performing a block of existing securities transfer, a bank can make a commitment to back-stop against the seller. Thus the Bank is committed to vendor and through a book of orders, to him redeem its shares at a minimum price.  

Blue chip

anglo-saxon term for the largest companies of the market, the CAC 40 for example.


Phenomenon that occurs when futures prices becomes less than the cash price.    


The environment Exchange owned by Nyse Euronext and Caisse des dépôts. We are buys and sells CO² quotas.


anglo-saxon term for a negative goodwill.     


Good medium term marketable. It is a product of the family of negotiable debt securities (TCNS) titles.

Technical decline

Drop of a title without apparent reasons. The decline may be due to profits being taken and is not related to the financial reality of the company.   


"Bulletin des Annonces civil and commercial" publishing registrations of corporations to the Registre du Commerce and corporations.


Markets subject to trends. When the market down on a more or less long period told of this market it is bearish.       

Anonymous good

It is an investment that preserves the anonymity of the saver because in Exchange for his money he receives just a document. On the other hand, taxation is particularly heavy as one is made to repay this type of good. This is the price of anonymity…

Trade balance

This statistical quantity measures the difference between imports and exports of a country. If the trade balance is positive it means that exports are greater than imports. In the case of a trade deficit (negative trade balance) while imports are greater than exports.  

Good company creator

These are the equivalent of the stock in small companies.


Bulletin annonces Légales obligatoires, annex to the official journal. The bulletin publishes information that listed companies are obliged to publish: notices of the meetings, quarterly, annual results…     


Financial instrument created by the companies during operations on the capital that allows its possessor to buy during a period of time at a given price the value underlying (most often shares in the company in question) or obligations. The good is issued separately, be distributed to shareholders, either with an obligation or an action which he is seconded to be the subject of a separate rating.

Bollinger band

Technical analysis indicator created by the author of the same name. The principle is to build an envelope around a moving average. The construction of these bands to lock up 95% of the classes indoors. In these conditions and in a market without trend envelope levels represent then supports and resistances. In a market trend the gap between bands is a trend indicator: it then let the tendency to express themselves and maintain its position until after the submission of a settlement of this trend (the gap between bands begins to decrease).

Treasury bond

securities representing a state borrowing in the short or medium term public or financial institutions, to fund itself. This savings product depends mainly on the duration and the placement rate. It obeys the laws of supply and demand on the OTC market.

Bank run

Phenomenon feared by any banks which consists of an influx of customer coming withdraw their assets as a result of the panic, and that could cause a collapse of the financial institution if the cash come to miss.           

Proceeds of liquidation

Remaining after the liquidation of a company and reimbursement of all of its debts. The surplus is distributed to shareholders.

European Central Bank (ECB)

Created in 1998, the ECB is the guarantor of the monetary system of the euro area. It is she who decides in particular the level of interest rates in the euro area.       

Book building

(construction of the orders book): book where all orders of purchase and sale for a value, as well as the last orders executed are grouped.

Bank business

A bank whose activity lies in the Council and with institutional and corporate management.


Refers to a strategy of analysis by investors. In this model, we start with retail to the general (of the company towards the sector of activity for example). It is the inverse of the "Top Down" approach.

Retail banking

As opposed to a business bank retail banking activity of product offering of investment and credit from an individual such as individual customer or SMEs.


Means the end of an operation. For example, complete a capital increase means that all of the issued shares have been sold.

Private bank

Bank mainly oriented towards the management of fortune or heritage of individuals. Depending on the amount given to the Bank, the client is entitled to different services. Between 150 k and 1MEuros it will benefit from a wealth management, between 1 and 5 MEuro it accesses to private management and further 5MEuros entrusted to the Bank it will be entitled to a complete management of his fortune.           

Tax shield

This is the maximum rate of taxation in France. It was set up in order to limit the exodus of some french strongly imposed to countries with reduced taxation.

Bar Chart

graphical representation of the course in the form of small sticks to visualize more information that a simple curve. On a bar chart graph can read the opening, the highest, most low and closing price.      

Bought deal

Financial institution that buys a block of securities in a company to sell it quickly to other investors.


unit of measure of oil, equivalent to 159 litres.        


synonym for "Japanese candlestick. It is a technique of representation of the stock on a chart.

Base conversion

relationship between a convertible bond and the number of shares to which it is entitled. This report must be fixed at the time of the issuance of the bonds but can be adjusted during operations on the capital.            

Stock Exchange

Unrealized place of meeting between supply and demand for securities.

Bates (model of)

mathematical model for assessing the value of a company on the basis of the rate of growth of future benefits, the rate of distribution to shareholders and the profitability expected by the latter.           

Scholarship Online

means to use the Internet tools to invest on the stock exchange. This technique has greatly modernised stock investment for which previously he had call to its bank or to go orders.

Beat the market

It is to get better performance from its portfolio than that of the market as a whole.       


synonym "to invest on the stock market" but with a little pejorative connotation that tends to refer to small shareholders.


Term anglo Saxon for a title or a market decline. Illustration that fits is a bear (bear) who attacks with his claws from top to bottom.    


Index of the Sao Paulo Stock Exchange, in the Brazil.

Bear (bear)

Anyone who expects a fall in prices. It is the opposite of a "Bull".         

Break even point

Anglo-saxon term neutral.

Bear squeeze

Operation put in place by central banks to prevent a downward speculative pressure on their currencies. It consists of a massive wave of purchase to take opposite.          


Means a position exit which is done without more nor valuation, that is to say stalled.

Bear trap

Literally "bear trap", this term refers to a false bearish signal that occurs in uptrend, appâtant thus bears that will sell short, and thus make trap when returning to the increase in the market. Forced then to unbuckle their positions, they are likely to suffer considerable losses.            

Breakout (break)

When the course passes a level of resistance on the rise. We use the term "Breakdown" when passing from one medium to the decline.


Term for anglo Saxon a market or a downward trend. Illustration that fits is a bear (bear) who attacks with his claws from top to bottom.    


Term used to designate a type of oil (that of the North Sea usually) listed in London.

Abandoned baby

This is the name of a figure in the technique of graphic analysis of Japanese candlesticks.  


Acronym for 4 countries to strong growth: the Brazil, the Russia, the India and China.

BEL 20

benchmark of the Brussels Stock Exchange (Belgium). It is the national equivalent of our CAC 40.      


society allowing individuals and companies to buy shares on the stock exchange, it is the intermediate. It is said as "online broker" or "online brokers".


anglo-saxon term for a point of reference for a measurement as a business e.g. valuation. A "benchmark" allows to set a basis for making comparisons. This term also has another meaning on interest rate markets where it refers to a State loan that serves as a basis of comparison for the bond market as a whole.    

Broker (= broker)

Society allowing individuals and companies to purchase foreign currency a ctions, or other financial assets, it is the intermediate. It is said as "online broker" or "online brokers".


Accounting term for the positive balance between the total of the products of a company and its loads total.            


This term means "crude", that is to say which is not refined.

Net earnings per share (EPS)

Net profit of the company divided by the number of shares existing and create. More simply it is net income divided by the number of shares. It is used particularly to calculate the PER, and for the share of profits attributed to each action. This allows to compare several years of earnings while the number of shares has been changed.     


Abbreviation for Treasury at standard rate.

As bearing (or WCR)

Management is calculating balance by subtracting needs short-term (inventory, receivables, receivables various) resources in the short term, suppliers, debts various non-cash.       

Build up

Acquisition of companies from the same sector as the activity of the buyer company to create synergies.


This term used for derivatives refers the sensitivity or the volatility of the latter to fluctuations in assets support.          


Anglo-Saxon term for an increase of a market or of a title. The illustration that fits is a bull (bull) that loads from the bottom up.


anglo-saxon term for the offer.        

Bull (Bull)

Anglo-Saxon term for an increase of a currency, market or title. The illustration that fits is a bull (bull) that loads from the bottom up.

Bid (offer)

Price at which it is possible to sell an asset.      

Bull Trap

Literally a trap to rise. At the end of uptrend, we talk about "bull trap" when it suggests to buyers who arrive on the market that the rise will continue while it is just at the edge of a sharp drop with a reversal of the title. They rush to purchase and end up stuck when the decline coming.

Bid only

anglo-saxon term used with the warrants. Said that when there are more buyers in the order book, but only sellers.  

Speculative bubble

rise of a title or a market in a way unfounded compared to the fundamentals of the economy. When the bubble bursts (such as Internet in 2000), there is a stock market crash.

Bid only (warrants)

Anglo-saxon term used with the warrants. Said when the Bank sold all of its broadcast and can no longer ensure the position of best seller.        


Anglo-Saxon term for a market or an uptrend. The illustration that fits is a bull (bull) that loads from the bottom up.

Bid – ask

Refers to the range of rating of a title between the best seller and the buyer. IDB is an offer and Ask the request.  


Refers to German Government bonds (Treasury bonds).

Bid – ask on the warrants (spread or range)

Refers to the range of rating of the warrant. IDB is an offer and Ask the request. This range is animated by the issuing bank that ensures the liquidity of the market. Prices are therefore determined by the Bank.         


Central Bank Aleemande, under the auspices of the European Central Bank (ECB).

Big oven

Refers to the four biggest audit firms in the world: Ernst & Young, KPMG, Deloitte and PricewaterhouseCoopers.   


Central German, placed under the aegis of the Central Bank European Bank (ECB).

Balance sheet

Accounting term referring to the summary table of jobs or assets (assets, claims reviews, availability,…) and resources or passive (capital, debt,…) of society. This table is examined with great care at a fundamental analysis. The balance sheet is published each year by companies.           

Burn Rate

measure the speed in which a company spends its cash after a fundraiser. More the "burn rate" is high, the less the duration of life of the society.

Promissory note

This is the document by which a debtor acknowledges his debt, and which specifies the due date and terms of repayment.       

Business Angel

It is a physical person who has money and who invested in young companies to help their development in return to the capital.

Cash ticket

This is a promissory note issued by companies on the market in the short term.  

Business Model

anglo-saxon term that simply means the business model of a company (how it will generate income).


It is a figure of technical analysis in which two non-parallel lines converge to a point that will be the trigger of the signal, upward or downward.            

Business Plan

anglo-saxon term for a document containing the draft of a business, its strategy, its forecasts and its needs. This document is often used to introduce a company to investors in the object to raise funds.

Black and Scholes (model of)

Mathematical model of evaluation of options which also used to calculate the premium of a warrant.            


Strategy option which is to focus on 3 purchasing options with 3 different strikes. The pay-off strategy then takes a form of butterfly, from which the name of butterfly.


Refers to the GBP/USD currency pair, i.e. British pound against US Dollar. This term comes from the middle of the 19th century, period in which the rate was transmitted by a transatlantic cable.         


The spot market is not particular specificity. In the event of sale, the amount is credited to the account of the seller immediately. It is likewise in the case of purchase.


The Exchange Agents before 1980 company rating assisted continuous after.         

Consolidated account

Accounts of a company holding subsidiaries. The consolidated accounts to gather all of the accounts of the subsidiaries in order to give a more accurate picture of the reality of the company as a whole.

CAC 40

Index of the Paris bourse including the 40 largest French Cap. It is widely used by all portfolio managers who can compare their performance over the whole of the market. It was launched on January 1, 1987.            

Current account

Also called checking account, this is the type most used account in France by individuals. This is a classic account where the client deposits its cash, cheques to its agenda and can remove them via different means: credit card, cheque…

CAC Mid 100

Stock index comprising 100 values to average capitalisation of the market square of Paris.   

Profit and loss account

Accounting document summarizing all the operations performed by a grouped into different accounting items (sales of goods, other purchases and external loads,…).

CAC Small 90

Stock market index composed of hundreds of medium-sized meanings of Paris stock market values. It reflects rather an activity of national undertakings.           

Managed account

Account for which a person different from the holder manages a portfolio securities. It can be a voluntary decision of the owner who does not have the material time to manage his money or simply because of a mental disability to handle money.


Specifies the function of an employee of a firm which deals with execute orders for clients on the market at best.          

Nostro account

Bank account held by one bank within one bank.


abbreviation for "self-financing capacity". It's all internal resources generated by the company.   

Account title

Account offering the possibility to hold securities unlike a checking account. Any transaction on the stock exchange is carried out through an account titles.

Timing of liquidation

Calendar provided by Euronext annually, and summarizing all of the General Liquidation, Reports and regulations dates relating to DTH cash.         

Concentration conglomerate

Concentration carried out by a group based on the consolidation of activities having no relations between them. The logic of this grouping is purely financial and including a risk diversification.


Option to purchase. Financial instrument to buy at a specific date or during the lifetime of the option an asset underlying at a fixed price in advance. There are options Call the Monep and call warrants.      

Horizontal concentration

Concentration carried out by a group based on the grouping of businesses in the same sector, with the same activity.

Call Warrant

A Call Warrant gives the right (but not the obligation) to purchase an underlying asset at a price of exercise (or strike) and a specified due date.        

Vertical concentration

Development strategy which consists of making acquisitions downstream and upstream business to control most, or even all of the production chain.

Forex trader

This is the name given to an operator on the foreign exchange market. The original definition comes from the word cambiare, which means change in Italian.       


the consensus includes the recommendations of the analysts on a value or a sector of activity. This allows to measure the image of professionals.


It is a chartist figure in which the courses evolve between two lines of trends (bullish or bearish).    


Accounting term due to consolidate the accounts of a parent company and its subsidiaries. Used to give a more accurate picture of the company as a whole.


(ceiling). It is an interest rate option that allows a borrower to set a maximum interest rate beyond which he will receive the difference between the market rate and the ceiling (maximum).        

Consolidation (2)

This term is also used to indicate the drop of an action. We then say that the action consolidates where it has declined.

CAPEX (capital expenditure)

tangible or intangible investments (excluding investments), such as the construction or extension of a water network, the construction of a plant or the purchase of a patent.       

Contract term or Future

It is a commitment that is exchanged between a buyer and a seller on the futures markets.

Venture capital

(venture capital). A venture capital firm investing in new companies or with a strong potential for development, but also a high risk.        

Contract of animation

Contract between Bank or a stock with the organizer of a market to ensure its liquidity. This is the case on some contracts for the MATIF, on warrants or actions with little volume, to boost trade.

Social capital

used in accounting for the initial capital of a company. It is the action number multiplied by their nominal value.      

Liquidity contract

Contract between a company and a provider of investment to ensure a satisfactory liquidity of the title by placing purchase and sales orders in the order book to avoid excessive volatility. Is also found under the name of "contract of animation" and essentially concerns small illiquid companies.

Market capitalization

The number of securities of a company multiplied by the last known price.         


If you decide to buy 200 shares of a corporation at 30 euros, it is necessary that one or more people sell you 200 shares of the company at 30 euros. No new action is created. In fact, it is necessary to have a counterpart to your order: a transaction of the same kind but direction opposite.


In the liabilities of a company, equity include among other social capital, the profit for the year, the reserves…          

Recycle Bin

Former term designating the place where exchanged shares. Since computerization of the markets, the trash is no longer used in France. Its name came from the round shape of the place.

Order book

Book where are grouped all of the orders of purchase and sale for a value at a given moment. Investors may have access only to the 5 best offers (sales) and the top 5 applications (purchase).            


It is a situation in which there's no counterpart. There are for example of sellers but no buyers face-to-face or even vice versa.

Order book (warrants)

The order book represents real-time supply and demand for each warrant (mainly insured by the issuing bank). Order books are managed by Euronext Paris.           


Sharp decline of markets. It is most often catches of profits.

Carry trade

Anglo-saxon term that refers to a strategy of investment arbitration of interest rate between two currencies. We borrow at low rates to lend at higher rates.        

Auction listing

Attaching a verbal value streams. This technique has totally disappeared in France. Traders bought and sold around the trash using a series of actions characterizing the desired operation.

Cash free flow

Margin Brute of self-financing after deduction of maintenance investments and taking into account the change in working capital.         

Assisted continuous rating

Fixation of prices is done between 9:00 and 5:30 pm continuously. It is the Group of quotations where are gathered the most liquid values.

Cash settlement

Means delivery in cash, particularly when the exercise of warrants or options.       

Computer-assisted trading

Fixing of an it value streams. The widespread use of computer in stock exchange has allowed a greater speed of execution and the influx of individual investors.

Cash Settlement (warrants)

This means that the exercise of the warrant, the underlying asset is not delivered physically to the holder of the warrant. It receives the difference between the exercise price and the value of the underlying in euros (in cash).            

Direct listing

technique for IPO of a company. This method is rarely used, it aims to introduce actions to a known in advance course.


Caisse des Dépôts et Consignations.          

Rating in percentage

Fixing of prices in percentage. This practice is mainly related to the bond market.


Certificate of deposit negotiable.     

Rating reserved

If the change to a title during the meeting is violent top, no price is fixed and trading is said to be reserved pending that investors regain their minds. See the chapter quotes groups.


"Collateralised Debt Obligation". It is a structure that helps the securitisation of obligations but also debts.            

Official listing

Official list of the values listed on the Paris Stock Exchange including their last course and published by Euronext.


The CDS (Credit Default Swaps) are contracts of protection on credit to cover themselves against the risk of non-payment. The seller of the CDS is somehow the insurer, undertakes to compensate losses related to the assets of reference in case of default of payment. The protection buyer is the insured, it pays a premium annual vendor, calculated according to the credit risk of the reference asset.            


operation whereby a company, to reduce its capital to purge its debts then in the aftermath, to carry out a capital increase.


These are securities that look for party to the warrants, allowing investors to easily move on a sector, a stock market index, etc..

Circuit breakers

Computer system to stop any transaction on a value or market as a whole in the event of excessive fluctuations. Cut-circuits limit exaggerated of course variations and allow time for investors to consider.

Certificate of right to vote

It is the reverse of the certificate of investment. The shareholder has a right to vote here but does not benefit from the dividend.     

Cut its losses

following the famous stock market adage "it is better to cut the hand than the arm", this means taking losses soon enough without long stay stuck with a value that continues to decline.

Certificate of investment (CI)

Title generally issued by the State or a representative action of a listed company, public institution controlled by the public sector. The certificate has all the characteristics of the action without voting rights. Private sector companies have resorted to the formula in dismembering an action between a certificate and the right to vote which may give rise to a rating in the form of certificate of right to vote.    


Synonym for dividend. Amount of money paid annually to the holders of shares and bonds. For shareholders, it is firstly on the profits of the enterprise but it is not uncommon that the undertaking distributes no coupons. For the bond part relative to the amount of interest payable by the company in consideration of the sum paid by the bond.

Turbo certificate

It is a financial title that has the strong leverage of warrants and significant volatility, but limit the impact of the time value.            

Coupon attached

Assuming that a company pays the coupon for action on 15 September. Some may imagine buy action 14 and sell back the 16 to cash the amount of the coupon. Theoretically the gain does not exist on this operation. Indeed, the value of the share at 14 is assessed taking into account the coupon to pay, the coupon is attached. Once the ex-dividend, the action value equivalent to the coupon automatically loses.

Japanese candlestick

plot type of technical analysis to represent quotations. This trace looks like small "candles" black and white, it was invented by the Japanese in the seventeenth century.            

Coupon ran

the course of an obligation are the composition of two elements: the foot of coupon and coupon ran. The accrued coupon already represents the proportion of the dividend in the course. Thus, to simplify, if a bond pays his coupon on 31 May, the course on 1 January will take already into account 7 months of interest. The foot of coupon matches the value of the bare obligation, that is to say without accrued coupon.


It's technical analysis based on the study of graphs of a title in order to determine future developments.            


Said a coupon that has been paid, it is detached from the share.


It is the leader in a banking pool. During important loans, banks shall designate a leader who will be responsible for organizing the pool (the consolidation of banks).          

Yield curve

To visualize different interest rates depending on the period. In theory most rates are long, more they his high, due to a risk premium.

White Knight

A company that comes to the rescue of a company subject to an attempted hostile takeover.         

Yield curve

to visualize different interest rates depending on the period. In theory most rates are long, more they his high, due to a risk premium.

Black Knight

in this case, the black redhorse is the company that launches one hostile raid on another.     

Adjusted course

During financial transactions, it is not uncommon to see the number of shares of the company be amended. In this case, the course of a value in 2001 where the capital of the company was only 1,000 shares may be identical during the 2008 title where the capital consists of 1,000,000 shares ceteris paribus. Therefore, it is natural to adjust the previous courses to allow comparison over time of course.


This accounting term designates all the sales of a company.     

Closing price

Last course of a fixed title closing or before closing. Reference price the financial newspapers have endorsed.

Chi – X

alternative put fellow European market in March 2007 to compete with traditional markets such as Euronext or LSE.

Settlement prices

It is defined by Euronext in the first hour of the last day of the liquidation, it is used for deferrals and unwound the liquidation operations.


name given to the London Stock Exchange.     

Exit course

This is the course of unwinding of a position.


All of the options (purchase and sale) of the same type on the same title support in a range of maturity.      

Opening price

the first quotation of the day for a value.


the clawback clause allows a company that is introduced in Exchange to modify the quantities of shares reserved for individuals and institutional demand on these two categories of investors. The company can encourage individuals to the detriments of professionals and vice versa.            

Current callsign

Courses determined automatically through the order book when a value is reserved. The course is only indicative since no Exchange could take place during the period of suspension of trading.


Clearing House for interbank claims.   

Short term

Short term operation is an operation that should be released no later than within two weeks.


time at which the market closes its doors. In France, the stock market closed at 05: 35 pm.            


Costs saving society scholarship or financial intermediary who conducted on your behalf a transaction (purchase, sale,…) of the securities market.

Investment club

Meeting of 5 to 20 individuals willing to share their knowledge as well as a sum of money, to learn the operation of the markets and to manage a common portfolio.            


Synonym for "broker" or "firm". Intermediary allowing individuals or companies to intervene in the stock market.


Financial markets Council, resulting from the fusion of the CBV and the CMT. The CMF has been replaced by the AMF in 2004.  

Cost of carry

It is the cost inherent in the purchase of a property for its resale to term. It includes for example insurance, financial expenses and the costs of storage costs. This cost depends on the type of door.


the Commission futures market is responsible for ensuring the functioning of the MATIF, determining the operating rules, the conditions for access to the market, the rules of ethics of stakeholders and exercising disciplinary authority.          


Maximum investment that an operator can achieve on the SRD according to liquidity or actions available to it. See the chapter on the calculation of the coverage.

ISIN code

This code is the actual number of social security with a stock market value. It features 12 characters of which the first two are letters that designate the nationality of the company (FR for France for example).    

Covered bond

Obligation secured by mortgages or communities.

Mnemonic code

Abbreviation that designates a listed company. For example, the mnemonic of France Telecom is FTE. The mnemonic code is also called ticker.            

Credit crunch

Means credit crunch. A credit crunch will appear during an increase in the risk of failure of companies and households.

Sicovam code

This code has been replaced by the ISIN.

Tax credit

This is the refund of the withholding tax to the bearer of a security. In practice, the tax credit mechanism is identical to that of equity tax.

Discount factor

This factor allows us to estimate the present value of a future financial flow. The discounting coefficient or discount factor is the amount by which, at a given date, multiply the amount of a financial flow past or future to come to get its value updated to this date. The formula used is the following: with t the rate of discount and n the number of periods the discount factor is therefore 1 /(1+t) ^ n.      

Revolving credit facility

reserve of money providing a client specific borrower by a financial institution with a variable interest rate.


This strategy used on options, is to buy a "cap" and sell a "floor", allowing to supervise a rate in a tunnel.          

Liquidity crisis

('credit crunch' in English): we talk about liquidity crisis when banks ration of them same their offer of credit to individuals and businesses and this regardless of the rate of the credit. Generally this translates then a surge in interest rates.

Remuneration Committee

In a society, this Committee is responsible for setting the remuneration of the directors of the company. It is normally formed by independent personnel.  

The subprime crisis

This crisis was caused in 2007 and 2008 by the collapse of the housing market at risk in the United States: the increase in variable rates forced millions of Americans in debt to leave their habitat because of their inability to repay. Summer real estate market so saturated by the housing sales recovered by the banks, many of which could not be sold. Thus, banks have been forced to provision of very heavy losses.

Banking Commission

This is the institution responsible for the control of credit institutions. It is chaired by the Governor of the Bank of France.  

External growth

said a company that grows by acquiring other companies.

Extension Commission

When a report of its positions (DTH) term, it pays this commission its broker.          

Internal growth

said of a business that grows thanks to the internal developments of the companies: new products, new markets, etc.

Commission on early settlement

Formerly, commission paid during the sale or the purchase of shares in the monthly settlement if it wanted to hold or sell securities from the execution of the order. This commission has disappeared with the monthly payment in 2003.         

Organic growth

synonym for internal growth. Growth at scope, methods and constant exchange rates.

Commission of the Operations de Bourse, or COB

Body responsible for the protection of the interests of the shareholders. It is particular to issue an opinion on every new introduction on the stock exchange. He is nicknamed the "gendarme of the award". The COB has been replaced by the AMF in 2004.           

Cross-currency swap

Realized interest rate swap between two different currencies.


Anglo-Saxon terms which designate raw materials.        


Generalised social contribution. Tax on all types of income and financing largely social security.


the values that are listed on the french market are classified into three compartments depending on their size and their liquidity. On Euronext refers to such compartments A, B and C.            

Stock cycle

Strong movements of a stock market trends. For example can qualify bullish cycle an uptrend of a market over several years. The principle of economic cycles has been highly studied by Nicolai Kondratieff, Joseph Clément Juglar or even Joseph Kitchin.


Operation by which two speakers, receivable from another, turn off their debts to the extent of the respective and debts by a set of Scriptures.         

Kitchin cycle

Developed by Joseph Kitchin, Kitchin cycle is a minor cycle of the order of 3 to 4 years this within the Juglar cycles.



Depreciation (of a currency)

When the value of a currency down from another, due for example to a surplus of currency in circulation or a large budget deficit. The depreciation of a currency will promote exports, because prices will be lower for the buyers country. Conversely, it is the price of imports that will increase.

In the currency

Said a warrant which the exercise price is favourable compared to the underlying. For a call, a warrant will be in the currency when the exercise price is less than the underlying. For a put, the exercise price must be higher than that of the underlying instrument so that the warrant is in the currency.           

Drift (produced)

Derivatives are financial products having to base another product, the underlying, and often add an effect of leverage and risk.

In the course

(in the money – in the currency – inside): an option to purchase is in classes when the course of the underlying asset is greater than the exercise price. A put option is in the course when the course of the underlying asset is less than the exercise price. This term is also used for the warrants.    

Detachment of dividend

Physical operation during which the dividend is detached from the action. The dividend is then perceived by the shareholder, and the action loses the equivalent on the level of its course.

Date of closure of the accounts

It is the date on which a company closes its balance sheet and the profit and loss account. Generally, the closing date is often fixed at 31 December.


Debt is the money put at disposal of a business, a person or a State and that it will reimburse at a fixed date. In other term debt represents an obligation with respect to a third party.

Date of enjoyment

date from which interest begins to run when the detention of an obligation. For an action, it is the date from which the dividend begins to run.         

Junior debt

It is a debt which the interest rate is higher because its reimbursement is conditioned by a higher debt (senior debt). This type of debt is used when LBO operations in order to implement a significant leverage effect.

Due date

(or expiration): Date on which the option contract (or warrant) expires. Last day of performance of the option contract.      

Mezzanine debt

It is funding that comes in addition to a senior debt.

Date of expiry (expiration)

Date on which the warrant expires.  

Net debt

were deducted from the total debt of a company different available assets to arrive at net debt.

Exercise date

Date on which the buyer of the option (or warrant) may exercise it. The last possible day of exercise is the penultimate day of the expiry month.  

Senior debt

the senior debt is the loan that is made to finance the repurchase of another undertaking.

Exercise date (warrant)

Date on which the purchaser of the warrant may exercise it. The last possible day of exercise is often about a week before the due date.           

Debt senior bullet

Senior debt whose main will be refunded at the end of the term of the loan. Up to this moment, only the interests are paid by the borrower.


Abbreviation for Deutscher Aktien Index. German benchmark index composed of 30 values. Also called DAX 30. It is the equivalent of our french CAC 40.  

Subordinated debt

Debt risky by the fact that its reimbursement may intervene only once other paid creditors.

Day trader

This means an investor who takes positions in the very short term and often much to go back in the day.       


in the argot of investors this means a value that drops off rapidly.

Day trading

Opening and closing one or more positions in the same day, in order to play on variations in the very short term (intraday).            


This term refers to a technical figure used in the representation of the course by the "candlesticks".


Discounted Cash Flow. It is a method of valuation companies based on forecasting of financial flows derived from the activity.      


Arithmetic decrease earnings or the dividend per share as a result of the increase in the number of shares or the creation of convertible bonds or warrants.

Death cross

Sell signal sent by the intersection of moving averages downward.     

Distribution of free shares

When a company carries out an increase of capital by incorporation of reserves, the value of the shares on the market is mathematically diminished. So it have no impact on the portfolio of the shareholders, the company distribute them then free shares to erase the effects of the operation. Shareholders will be therefore more actions than before, but each will be worth a little less expensive than before.

Death cross

Sell signal sent by the intersection of moving averages downward. Clearance: A term that refers to rapid and massive sales on a title.     


management technique of a portfolio to allocate its assets on several assets (different actions, other financial products, different boxes geographic…) in order to limit the risk.

Death cross

Sell signal sent by the intersection of moving averages downward.     

Dividend Payout Ratio

Ratio calculated by dividing the dividend per share by the net earnings per share.

Unbuckle a position

said that when an investor closes a position on the market. If he bought shares, he unwinds his position by selling them.         

Dividend Payout Ratio

Ratio calculated by dividing the dividend per share by earnings per share.

Declaration of intent

If an invest past a threshold important to the capital of a company (e.g. 10%), it must make a declaration of his intentions and particularly specify if he wants to take control of the company or only to make an investment.         


Amount of profits distributed to each shareholder. In case of chronic deficit in the company, it is not uncommon that the shareholder received no dividend.


told an action that it presents a discount and is unlevered if its value on the stock exchange is clearly less than its actual financial value.     

Extraordinary dividend

particularly high dividend paid to shareholders due to a one-off operation: sale of a subsidiary, etc.

Discount of holding

When upgrading to a holding is less than total affiliates we talk about holding discount.            

Dividend increased

Some companies increase their dividends based on various factors, in general to reward the loyalty of older shareholders.


Said of a purchase or sale in SRD (deferred settlement) operation.        


dividend to the holders of priority shares (ADP).

Pick up

When a title won, this means that its course varies sharply downward, mainly following an announcement.           


"directional movement index" or index of directional movement in french. It is a technical analysis indicator that allows to detect the trend of value.


It is generally "operation defeaseance". This accounting technique aims to isolate in a structure an asset with the necessary endurance liabilities.            


The U.S. dollar is the currency of the United States. There are other dollars across the globe, such as the Australian, New Zealand and even Canadian dollar.


generalized decline in prices.

Comparable data

This accounting technique allows to compare two accounting periods of a society by straightening them due to an acquisition or disposal of a subsidiary without that these elements can affect the comparison.


A term that refers to rapid and massive sales on a title.  

Dual listing

Said of a title that is listed on the two markets, as for example Alcatel listed both on the CAC40 and on the NYSE.

Deadline for recovery

(or period of recovery or pay-back ratio): measuring the time required for recovery of the initial amount of its investment with the financial flow generated by the company.     

Dow Jones

American company specialising in financial information. Has given its name to the famous American index Dow Jones Industrial Average, but it is also the designer of the Nikkei 225, Japanese index.


means to use inside information to earn money out of purse. Insider trading is firmly punished by the law.        

Right of attribution

Right paid to former shareholders at the allotment of free shares by the company. These rights of attribution may be resold in the same way as shares.


Measure of the sensitivity of uu warrant (or option) to changes in the value of the underlying. For example, a delta of 65% will mean that for a variation of 1 euro of underlying the warrant price will range from 0.65 euros. However, should correct this result of the parity of the warrant. Thus, with a parity of 100, the warrant will vary actually from 0.65 ct.

Right to custody

Amount of the charges levied by your financial intermediary in return for conservation of your titles in its books of account.


A title is said to be requested when the order of the latter book recognises no seller. No one wants to sell, there are only buyers. This is symptomatic of a little liquid called title also market close.

Right of pre-emption

Right which allows an individual, a business or a community to be priority in the event of sale of property. Thus it is not uncommon that a Town Hall uses its right of pre-emption to purchase land.

Reduced demand

During an introduction on the stock exchange, it is not uncommon to see oversubscribed share offering. There are more actions requested of shares offered. In this case, the investor demand is reduced depending on the number of shares offered. It may happen that the number of shares is so strong that the value cannot be listed without an enhancement of the introductory price.            

Subscription right

Negotiable right attached to any old action and to subscribe for new shares in a capital increase. These rights may be sold on the market or converted into new shares.


The securities were materialized by a paper as are still anonymous bills. In order to facilitate the liquidity of markets, the sides traded securities were dematerialized. The owner of shares has more physical vision of the shares he owns. Just a line on a book of accounts.  

Special drawing right (SDR)

Basket of currencies serving as international reference to the IMF and the SMI.


When a property is separated between a bare ownership and usufruct refers to break-up operation.            

Right to vote

Law attributed to each holder of common shares and which confers the right to vote at general meetings of shareholders.


Interest received by an operator who lends his titles to the short seller who postpones its position.

Double voting

said shares who have not the right to vote, but two.


It is a money deposited as security by all stakeholders of the MATIF (the options market), it allows to make margin calls every night. It is a synonym for coverage.

Right of entry and exit

Duty levied when a UCITS (SICAV, FCP…) purchase or redemption. These rights are often proportional (in percentage).

Filing for bankruptcy

insolvency of a business, it can "file for bankruptcy". It then opens a procedure before the Court of commerce which may give rise to a judicial remedy (continuation) or even a liquidation (cessation of activity).

Due diligence

anglo-saxon term for verification and certification of accounting and cost of an undertaking to prepare a merger or a sale.

Deposit guarantee or deposit

Sum required by MATIF S.A. its members and adherents to their clients for the opening of a position in a futures contract. This sum covers the risk of failure of the buyer or the seller in the term.            


This term applies to obligations and indicates the period after which the profitability of the obligation will not be impacted by changes in interest rates.


Formerly, European copy of Nasdaq, American values of high technology market.           

Loan Jumbo

Loans placed on the Euromarket for very large amounts.


Gross operating surplus.       


Loan consisting essentially of obligations.


"Earning Before Interests and Taxes", equivalent of the operating result in France.     

Russian loans

means of government bonds that had been issued by Russia at the end of the 19th century and particularly by many french investors. These loans have not been reimbursed by the Russian State, policyholders have just received a very small financial compensation a few years ago.


Abbreviation for Earnings Before Interest Taxes and Amortization.     


Euro Medium Term Notes


Earnings Before Interest, Taxes and Depreciation Accumulated. It is the equivalent of EBITDA, the gross operating surplus, which is the difference between operating revenues and operating expenses consumed.

Apart from the currency

Option or warrant the exercise of which is unfavorable compared to the underlying. For example, a call warrant will be "outside money" with an exercise price of €20 so that the course of the support is €10.

E business

refers to the world of business on the Internet.          


This is the amount managed by UCITS (Sicav or FCP).

Goodwill acquisition (or "goodwill")

the difference between the re-evaluation of the assets of a subsidiary of a company from the first consolidation in accounting.      

Commitment off balance sheet

including represents liabilities of leasing companies.

Standard deviation

statistical term representing the dispersion of data compared to the average of his last.        


Abbreviation for Euro Overnight Index Average. It is a day money market representative interest rates the day. It is calculated using a weighted average transactions established by some financial institutions, this rate is broadcast by the Banking Federation of the European Union.

ECN (Electronic Communication Network)

Electronic trading systems for OTC as the Forex markets.        


Abbreviation for Euro Overnight Index Average. It is a day money market representative interest rates the day. It is calculated using a weighted average transactions established by some financial institutions, this rate is broadcast by the Banking Federation of the European Union.




Refers to the own funds of a company (capital, net income, reserves…)

Economy of learning

Savings for the development of experience and skills. More a worker is experienced, it will be productive.          

Equity line

Technique that allows a company to increase its capital gradually according to its financial needs, by the issuance of warrants intended to the banks, and according to the needs of the business.

Economy of scale

Savings for a structure through an increase in the size of it. A client will thus have a power stronger vis-à-vis his supplier if he commanded more.        

Currency depreciation

Means the loss of overall due to inflation annual purchasing power. The currency depreciation coefficient is used in the calculation of the actual amount of the added value on the disposal of real property.

Underground economy

characterized economic activities undeclared, more commonly known as "black market".      


The discount is an operation which consists for a financial institution to buy a company negotiable instruments (bills of Exchange or promissory notes) which it is carrier before the deadline and this on payment of agios, the beneficiary of the remaining credit guarantor of the payment.


European currency unit. Old European currency replaced by the Euro.       

Mathematical expectation

The numeric value that represents the average of a variable weighted by its probability of occurrence.

Ratchet effect

A system that allows a financial asset freeze its profitability downward. The asset will no longer drop but will benefit from any new increase.            

ETFs (Exchange Traded Funds)

This is the name given to the Trackers at their launch in the USA in 1993.

Scissor effect

Financial term for the different evolutions of products and loads within a company. One speaks of effect chisel when loads increase and decrease the products.           


It is a derivatives market born of the merger of DTB (Deutsche Terminbörse) and of SOFFEX (Swiss Options and Financial Futures Exchange)


rates of profitability and risk reduction permitted by operations on options, futures contracts or the actions of the SRD. When you make purchases with a blanket, you multiply your chances of gain and loss. More coverage is low, more leverage effect is important. At maximum, it reached 5. This means that if the action wins 10%, you realize added value of 50% compared with the funds actually invested. But on, it also works the other way.         


This is the rate replacing the PIBOR, calculated by the banking federation of the European union. It will serve as a base rate for banks belonging to the countries of the euro zone. This is the basis of a contract on the MATIF. One speaks also of European money market rates.

Leverage effect (elasticity)

Leverage, represented by the elasticity measures the percentage change in the warrant when the underlying varies from 1%. For example, for an elasticity of-5, the warrant will vary from 5% for each 1% of the underlying movement.  


It is the single currency of the euro area countries. It replaced the national currencies on 1 January 2002. (1 euro = 6.55957 french francs).

Effect of leverage (leverage)

Effect that allows to take positions for an amount greater than the capital invested. For example on Forex, with an account of 1000 euros and leverage 100, you can take a position of 100 000 euros.            

Notional euro

It is a State contract that focuses on a fictitious obligation to 5.5% for a period of 8 to 10 years. It is listed in Euros and the deposit is refundable in securities issued by the Member countries of the euro zone.

Dilutive effect

effect that dilute the weight of shareholders. For example, with an increase of capital, the weight of each shareholder decreases and his right to the dividend even.         


french body responsible for the centralization and management of the /livraisons of securities regulations.

Effect accretive

This is the reverse of the dilutive effect. In this case, cela increases by t of earnings per shareholder. For example, a company whose profitability is 5% will create an accretive impact for its shareholders if it buys at a good price a company whose profitability es t of 10%      


Term used to designate the countries forming part of the Euro area.

Efficiency of markets

Market where all the players know all of the information available on the site at a time "t". In this kind of market, all the information is already taken into account in the course, and there may be Insider.           


list of securities listed on Euronext France which has replaced in February 2005 the first market, new market, and the Second market. Values are classified in alphabetical order and in 3 categories of market capitalization: Eurolist A, B and C.


Evolution of one variable over another.         


This is the name given to the union of the Paris stock exchange (formerly SBF and Bourse de Paris) the Dutch bourse and the Belgian stock exchange. Then, came to be added, the Portuguese bourse and the London market of derivatives, the LIFFE.

Non-recurring item

Said of a book element that is not intended to return from one year to the next (sale of a subsidiary, tax penalty, etc.).           

Euro STOXX 50

Stock market index composed of 50 values of the Euro-Zone.

Bond issue

When a company (or the State) makes bond market to finance itself.     


Decision, reserved for the purchaser of the option of requesting the execution of the contract.

Convertible bond

Borrowing that term can be repaid in non-numeraire way. Thus a convertible loan into shares, can be repaid at maturity of the loan into shares, and not in coin of the realm.            

Financial year

Period of one year or settled the accounts of a company. Coincide more often with the civil year.


in french it is factoring. This technique is to pass its receivables to a third party company in consideration of the amount of its invoices.          

Mutual fund placement or FCP

collective body placement and management of securities.


We talk about bankruptcy of a company when the latter comes to the liquidation which is imposed by a Court of commerce.       

Capital Fund

The revenues generated by the activity of management of this type of Fund are fully reinvested.

Fair Value

It is a technique of recovery of assets to "fair value". This technique is based on market prices.        

Fund distribution

The revenues generated by the activity of management of this type of Fund are redistributed to unitholders.


The french index CAC 40 and side on the MONEP Futures (futures) contract.         

Fund of funds

Fund that is composed of other investment funds.


Fonds Commun de Placement. It is an undertaking for collective investment in the image of the Sicav but with a slightly different legal operation.  

Index Fund

This type of Fund aims to achieve or exceed the performance of a benchmark index.


Fonds Commun de Placement in Innovation. This is a fund invested in innovative companies.            

Bond Fund

Type of funds mainly invested in bonds.

FED (Federal Reserve)

The U.S. federal reserve is the Central Bank of the United States. It controls the American banking system with aims to curb inflation, maintain interest rates and allow full employment.          

Profiled funds

a fund that takes into account the profile of the investor. Most often this last will have the choice between three types of management: careful, balanced, dynamic.

Fed Funds

What are the good of the U.S. Treasury, government bonds.      

Own funds

appearing in the liabilities of the company, own funds are represented especially by: social capital, reserves and profit for the year.

Market worksheet

State to the purchase and sale orders passed on the market and classified by limit. Demand better and the best offer is the range.  

Vulture funds

Vulture funds. These are investment funds specialized in the purchase of company in difficulties, with the aim of reselling them per apartment to generate substantial profits.


formerly FNACI: Fédération Française des Clubs d'Investissement.    


Refers to a property that is replaceable by another object of the same kind. For example, wheat is a fungible material.

Mezzanine financing

Mezzanine financing is a financing in addition to senior funding.    

Footsie or FTSE

Basis of the British stock market index, created by the Financial Times hence nicknamed "Footsie".


stock slang it means simply "fixing", see below.    

Relative strength

The relative strength allows to compare the evolution of a value compared to its sector, its market or another value. It allows to graphically illustrate the existing correlation.

Fixed income

Refers to an investment which provides fixed income, such as bonds.    


Abbreviation for 'foreign exchange'. In french this indicates the foreign exchange market that is the market on which exchange currency.


trading and quotation on a course of balance achieved by consolidating all orders of purchase and sale, one or more times per day. This type of rating, which contrasts with the continuous is suitable for the treatment of the values of lower liquidity. One also speaks of fixing for the last 5 minutes of quotes of the day on the french market, a period where quotations are frozen to calculate the closing price according to supply and demand that arises during this period.    


anglo-saxon word meaning "term". Used for example for forward contracts that are futures contracts traded on the OTC market.


It's an option on the interest rates to set a rate floor ("floor" in English).      

Forward Rate Agreement (FRA)

tool coverage on rates. This allows particular protect themselves on developments in medium-term interest rates.


Parquet, it is instead of the auction listing.           


price displayed for purchase and for sale on the market of a worksheet title. Orders placed at the market price are executed on the terminals of the range.


This is the number of shares of a company available to the public. It is traded on the market.


Real estate investment trust.

Cash flow

Means the receipts and disbursements of a society.          

Management fees

These are fees charged by a company under a management contract. When an individual entrusts the management of its share portfolio to a Manager, will be paid via the management fees.

Stretched flows

production technique to deliver regular and timely products intended to be sold immediately and without storage.      

CFA franc

The African financial community franc. Motto of African countries to dock with the euro and so to avoid excessive currency fluctuations.


The "international monetary fund" is an international organization which brings together more than 180 countries and whose main functions are to ensure the stability of the international monetary system come and help countries in financial difficulties.    

Crossing of threshold

Said of a company when it crosses upward or downward certain thresholds in the capital of another company, as defined by the COB (5%, 15%…). Above a certain threshold the company entering the capital should trigger a takeover bid. In all cases, these thresholds crossings must be the subject of a communication to the shareholders.


said companies whose activity is related to real estate.   

Front Office

Department of a market which is responsible for the execution of the orders on the market.

Pension fund

Financial body to place money from private pension contributions. These bodies, essentially Anglo-Saxon, BREW billions and make rain or shine on the markets.        

Efficient frontier

corresponds to portfolios offering the best reports risk-profitability possible.

Bottom of portfolio

We talk about values of portfolio funds when mentioning the shares of larger companies in the CAC 40 and experiencing regular growth for many years.           


process whereby two companies merge their activities, usually as a result of absorption of one by the other. The merger is the opposite of the split.

Speculative background

These investment fund aimed at high-performance take as a result of the significant risks in the markets. One speaks also of "hedge funds".    


It's a derivative, a futures contract. There are futures on stock indices, commodities, currencies, etc.

Equity Fund

Means a fund whose investment consists at a minimum of 60% of the shares.

Future CAC 40

contract term representative of the CAC 40 index, intended to speculation or cover operations. The investor can take a stand for the purchase or sale on a given date. The CAC 40 contract is listed in point, with a rating of 0.5 point level. Each point is worth 10 euros. For each contract, a deposit is required. It is returned to the unwinding of the position or at maturity. This contract does not give rise to delivery but to a cash settlement.

Alternative funds

Bottom using multiple strategies to reduce the risk from the bottom while increasing its performance.            


Refers to the sensitivity of the delta of an option or warrant from the variation of one euro of its underlying.            

Management value

Type of management to select values considered under valued, such as values having a low PER or distributing important dividends.


It is a gap between the closing price and the opening price in which the stock has not traded. For example the action fence 32 euros to open the next day at 40 euros, in this case there is a gap of 8 euros.            


Term used for fictitious contracts issued by the State such as the Euro Notionnel. These contracts being fictional, cannot pay them when it is required to deliver them. Instead it delivers a set of tracks by the same amount, called "deposit", intended to replace the contract.


A ratio that represents the financial soundness of a company. It is calculated by dividing net debt by equity.          


Automated trading system operating outside of the hours of auction and linking several scholarships to term in the world, since September 1998 the GLOBEX was replaced by GLOBEX 2 which is more efficient.

Portfolio Manager

Professional responsible for managing portfolios on behalf of his or her clients, as institutional individuals.          

Golden Share

the type of action that allows its holder to veto certain resolutions of the Board of Directors. When the State is shareholder of companies, there is often a golden share.

Active Management

Management portfolio where the objective is to beat the market, not to replicate an index.   

Goodwill (goodwill, goodwill)

When only a company takes control of another, it generally pays a price higher than the value of the equity. Goodwill is the difference between the price paid and the equity of the acquired company.

Alternative management

management technique using sophisticated mechanisms: selling, options, etc.           

Gordon and Shapiro

method of evaluation of a company based on the updating of future dividends.

Collective management

Type of management which is to manage a fund whose shares are held by multiple investors. The Sicav and FCP for example belong to this kind of background.         


Refers to government bonds or sovereign debts, generally without risk.

Wealth management

Management of the assets of an individual. This management stretches of real estate in the stock market through works of art, taking always into account the taxation.            


Market not held bilateral transactions. An operation whatever it is is called treated OTC as only two contractors agree. This happens off-market.

Risk management

management is to identify the risks that weigh on the assets of the company, to evaluate, to choose then implement appropriate measures (hedging strategy).    


term anglo saxon designating an over-allotment option. During an introduction on the stock exchange, the selling shareholders can agree to sell a quantity of additional titles in response to stronger than expected demand.

Index management

Type of management to reproduce more than nearly the performance of a benchmark.      

Trading group

According to their degree of liquidity and their size, the values are divided between several groups rating. The most liquid values are listed on the continuous group, those liquidity reduced the auction group.


Hang Seng

It is the name of the main stock index of Hong Kong. Just like the CAC 40 it is composed of 40 values.         


a company that merely to hold shares in other companies. Often used to control other companies.


It is the name of a figure in the technique of visualization of the "candlesticks" courses.

Investment horizon

It's the duration of investment by an operator: cost, medium or long term.

Increase in vacuum

When a title goes traded with very low volumes and without apparent reason, it refers to this phenomenon.  


Market removed since July 1998. Originally it allowed to rate companies without any constraint, it was a little liquid and highly volatile market.

Increase technical

This is an increase linked to specific events in the financial market, like for example short-selling positions redemptions before the winding-up.        

Out of the money

Warrant the exercise price of which is unfavorable compared to the underlying. For example, a call warrant will be "outside money" with an exercise price of €20 so that the course of the support is €10.


Means a title whose course increases over a relatively long period. One speaks then trend bullish or bullish. If the title is growing over a shorter period, one speaks of bullish rally.   


(outside the currency, outside, out of the money): an option to purchase (or warrant) is "off-stream" when its strike price is higher in the underlying asset. A put option is "off course" when its exercise price is less than the underlying asset.

Hedge / Hedging (cover)

A hedge or cover is a placed trade to protect another placement, or physical activity, against changes in foreign currency. For example a businessman who mainly sells its products in the United States but provide their production in Europe should be "hedger" against variation of this currency pair to prevent unfavourable movement which could initiate its margin.

Off-market (or OTC)

said a stock transaction that occurred outside the market. Is this done by mutual agreement between parties.

Hedge fund

strong risk-taking investment fund. This type of Fund is often invested in highly volatile markets such as foreign exchange or options. Buyers expect this type of Fund, high yields.    

Off-balance sheet

Accounting item presented in the annexes and not registered in the balance sheet. It includes leasing contracts, foreign exchange futures transactions, bonds, etc.


A "hedging" or cover itself when an operator is seeking to reduce its exposure to the risk of changes in prices, exchange rates, interest rates, etc.       


Clause within a background which specifies that the Manager loses his profit on gains below a certain threshold of performance.


Index lighthouse from the market square in Helsinki in Finland.      


Refers to annual inflation above 100%. The Zimbabwe holds the record of hyperinflation with inflation of more than 100 000% in 2007.

High Water Mark

Clause within a hedge fund manager must address result losses from the bottom before taking its management fees on capital gains after losses.          


property that is security for a loan. If the loan is not repaid, the mortgage will serve as surety.



Identifying Bank Account Number. It is a number that identifies a bank account at the international level.            

Price index

Index published in France by the INSEE and to know the evolution of the prices to measure inflation.


Spanish index of the Madrid Stock Exchange.  

MSCI World index

Stock index that comprises 1 600 companies in 22 countries.


A tracker that mimics the performance of the obligations of the market of the euro area Government bonds.   

PMI index

economic index American abbreviation for "Purchasing Manager's Index" (purchasing managers index).

IBV Index

Index of the stock exchange of Rio de Janeiro to the Brazil.  

Sectoral index

Index of values of the same sector, for example the automobile or chemistry.


Industry Classification Benchmark. International classification used by Euronext, which brings together 40,000 companies and 45 000 titles by Industries, Super-sectors and subsectors.          

ZEW survey

German economic index for measuring the confidence of investors across the Rhine.


Irish Futures and Options Exchange. It is the Irish market of derivatives.           


Widespread price increases.


Abbreviation of International Financial Reporting Standards. It comes to adopted international accounting standards by the European Union on January 1, 2005.   


Said a person holding inside company information. If these information are used to earn money out of purse, referred to as insider trading, which is prohibited and severely punished by the law.


"single tax printed". It is a document sent by a broker to clients at the end of year and allowing his tax declaration. He particularly mentions the amount most or loss as well as the total of the disposals carried out during the year.      


National Institute of statistics and economic studies. It is a french Institute that publishes among other many statistics on the population, prices or wages.


Índice General Precios de Acciones. It is the benchmark of the stock exchange of Santiago of the Chile, the Chile.            

Accrued interest

the course of an obligation is the composition of two elements: the foot of coupon and coupon ran. The accrued coupon already represents the proportion of the interest in the course.


is said to describe a market (or action) with few transactions and where the buyers have trouble finding titles or vendors of the difficulties to buy.           

Interest post-comptés

expressed interest that are paid at the end of the investment period on which they are calculated. It is the most common case.

Fixed asset

accounting term that refers to a property that is contained in the balance sheet of a company. Include, tangible capital assets (machinery, land, etc.) and intangible assets (patents, software, etc.).            

Interest discounted

expressed interest that are paid at the beginning of the investment period.

Stock Exchange tax

degressive tax levied on transactions from 7 822 euros. It was removed in 2008.            


anglicism that means "during the day". It will appoint an "intraday" graph which shows the evolution of a value being the opening day at the close. One speaks also of "intraday" operations, operations of purchase and sale in the short term, on the same day.

Capital gains tax

A tax which tax the capital gains realised on the sale of securities. Capital losses are deductible from capital gains of the following years.           


input a new value on the market.

Corporate income tax

tax imposed on net income tax of enterprises and equivalent to one third of the latter.          

Institutional investors or goofs

Said big investors, banks, insurance, management companies…

In Fine

means the reimbursement in full of a loan by the due date and not throughout the duration of his life.            

Investment grade

Refers to the obligations of origins private risk of low reimbursement.

Incorporation of reserves

financial transaction to increase a company's capital by incorporating reserves the company.   

IPO (Initial Public Offering)

This is an introduction on the stock exchange, in English.

Financial indicators

Ratios used to gauge the financial health of the company.


"wealth tax". Tax taxing the assets of more than €770 000 (in 2008).

Stock market index

average, weighted by the CAP or not, courses of a sample of actions. An index measuring the overall performance of a market or a sector. The best-known in France is the CAC 40.  


International Securities Identification Number. 12-character code identifying the values of international way. This code has been implemented by Euronext on June 30, 2003, he replaced the Sicovam codes.

Composite index

Index calculated from several other indices.          


Index CDS (Credit Default Swap).

Index of reference (or "benchmark")

index used to compare the performance of an investment Fund (SICAV, FCP) with a sector or market. If the Fund has a management French equity strategy, will compare its performance with the CAC 40.        

Attendance fees

remuneration of the members of the Board of Directors of the companies.   

Day of 3 witches

Day of expiry of three types of contracts in the United States: on index futures, options on indices, and stock options. This day takes place the 3rd Friday of each month. These days you can watch to violent movements on the stock exchange.

Black Thursday

the biggest stock market crash in history took place on Thursday, December 24, 1929 and investors gave him the name of "Black Thursday".         


Johannesburg Stock Exchange. This is the stock exchange Johannesburg, South Africa, specializing in mining values.

Young shoot

It is the equivalent of the English "start-up", used to describe a young company who works often in new technologies.   


Jakarta Stock Exchange. It is the Fellowship of Jakarta in Indonesia.

Joint Venture

It is an agreement between two companies which invest in a joint project and on which both have partial control. It is a common way for corporations collaborate without engaging in the complete fusion.       

Junk Bond

Literally 'rotten Obligation'. Obligation to very high rate of interest, but whose risks are very high. The Pope of the junks bonds in the United States in the 1980s was undoubtedly Mickaël Milken.

Kabuto Sho

the name of the Japan Tokyo Stock Exchange.      


Korea Composite Stock Price Index. It is the index of the Korea.


Jérôme Kerviel is a trader of Société Générale became famous for having lost nearly 5 billion euros to its bank.           


Sudden drop of the course, not an action, but the whole of the market. The globalisation of the markets tends to dismiss the notion of national crash. When a crash occurs on one of the major stock exchanges, it is reflected immediately on all of the other places, with more or less force.

Reversal key

The reversal Key when a figure of identified technical analysis using a candlestick chart. If the body of the second candlestick swallows both the body and the shadows of the previous candlestick, it is a key reversal.    

Crash soft or latent

Unlike the classical concept of the crash, the latent crash is not visible on a day, but over several months. The minor crash of October 1997 had been preceded by a latent crash of more large-cap. Similarly the explosion of the Internet bubble from 2000.

Keynesian economics

Theory developed by John Maynard Keynes to revive an economy by stimulation of demand, using massive investments of the State.    

Bond crash

If a State is forced to raise its long-term rates to attract investors to finance itself, the less favourable value of bonds previously issued at rates could fall, causing a bond crash.


Kuala Lumpur Stock Exchange. It is the Kuala Lumpur, Malaysia.      


Gold coin of equal weight to an ounce, launched in 1967 and whose name comes from Paul Kruger, former president of the Republic of South Africa.


Operation for a property owner to dispose of his property management organizations, to rent then.          

Libretto by a.

This is an account at fixed rate and ceiling of payment proposed by the Caisse d'Epargne and the Postal Bank. The sums paid on the Livret A are intended to finance social housing in France.

Bill of Exchange

effect of trade in which a person (called shooter) gives the order to another person (called a shot) to pay a certain amount billed to a date determined (due date) to a third person (called the recipient).           


London Metal Exchange. This is ka London Stock Exchange of raw materials.

Lift tracks

statement passed to no later than the day of liquidation to take delivery of securities purchased in the SRD.            

Lock up

clause prohibiting to a shareholder to sell shares for a period of time. This is frequently the case with the actions of the leaders of corporations that fall on the stock exchange.

Leverage buy-in (LBI)

Operation whereby a business leaders decide to redeem with a minimum capital and very high thanks to debt leverage.   

London Bullion Market

Refers to the London market square gold market.

Leverage buy out (LBO)

Operation by which a group of investors bought a company with a minimum of capital and a maximum of debts.

Long (long position)

In a long position, the trader is confident that the title he owns will report a profit, thanks to a capital gain future resale, through the payment of dividends, or with the control acquired on a company. He bought a title for the purpose of resale by cashing a capital gain. This position not limited in time is therefore logically referred to as "long" and the trader can be classified as an investor in the classic sense of the term. Meaning of a position betting on the rise.

Lever (or "leverage effect")

Operation whereby we invested more that it has. On the DTH can invest up to 5 times more than there are species. This speculative mechanism of large gains but also large losses. A handle with care.     

Long / Short

strategy used by some investment funds who take positions upward and downward.

LIBOR (London Interbank Offered Rate)

British money market rate.

Long or long position

Be purchaser. Opposite of "Short".


London International Financial Futures and options Exchanges. Market of futures and options in London.            

Loss ratio

a ratio used to determine the profitability of the business of insurance. It is calculated as follows: cost of claims / premiums collected.


a term that indicates a position on a value. For example, if the investor holds shares Total, Peugeot and LVMH, they say that it has three lines.       


The size of the minimum transaction at a broker, or a type of product. Generally, a standard lot of currency worth 100,000 units (€, $, £,…), a mini-lot worth 10,000 units and a micro-lot worth 1000 units.


Means a kilo of fine gold.     

Cost of funds

Is the level of interest rates, interest to which it borrows money.


monthly expiry of DTH operations, the fourth trading day prior to the end of the month. That day, the investor must choose to lift titles or postpone them.   


Abbreviation for "London Stock Exchange": British stock market.

Liquidity (or "liquid")

It said a value or market it presents a strong liquidity if transactions are numerous and guarantee to be able to get in and out at any time.           


Long term. At least six months, and no maximum.

Book orders

see "order book" or "market map".  

Black Monday

Crash of October 20, 1987, not to be confused with the Black Thursday referring to the crash of 1929.

Deliver securities

statement passed to no later than the day of liquidation to deliver securities sold to the SRD.     

M & A

Mergers & Acquisition. English term of mergers and Acquisitions.      


Mortgage Backed Securitites. These are securities backed mortgage loans and grouped into the bosom of a pool.


Component of the monetary mass (aggregate) designating deposits, the banknotes and coins.     


An abbreviation for equilibrium model of Capital Asset Pricing Model (CAPM) English financial assets. This model allows to give an assessment of the expected profitability of assets based on risk. The basic assumption is based on the fact that investors seek to maximize the return on their investment by minimizing their risk.


Monetary aggregate M1 (see above) to which are added various booklets in the short term and some less than three months deposits (Livret A, LDD, etc.)     


abbreviation for "Movement of the enterprises of France", main french employers Union.


This monetary aggregate consists of M2 to which is added the MMFS, the effects of pension and debt lower or equal to 2 years.      

Median price

Means the median daily price of a financial security. He smoothes the fluctuations in prices in the same meeting and is used to draw a trend on the bar-chart charts.

MACD (Moving Average Convergence Divergence)

It is a moving averages oscillator exponentials. Buy and sell signals are given when the MACD turns positive or negative.


common market countries of South America, created in 1991.

Madrid SE

It's the stock index from the square of Madrid, Spain.           


Mercados de Futuros y Opciones. It is the market that is derived from the stock market in Buenos Aires, Argentina.


Represents seven more processed currencies on the foreign exchange market. These are dollars US (USD), euro (EUR), the Japanese yen (JPY), pound sterling (GBP), Swiss franc (CHF), dollar Canadian (CAD) and Australian dollar (AUD).    

Yellow metal

means gold.

Management buy out (MBO)

purchase of a company by its leaders or its employees.         

Bates method

This method assumes that an investor seeks only to place its assets at best. Any non-financial consideration is completely excluded from this mode of reasoning. The price that the investor is willing to pay is equal to the discounted sum of the incomes that he hopes to withdraw. Current value = d. year 1 / (1 + t) + d. year 2 / (1 + t) ² +… + D. year a / (1 + t) ª + value year a / (1 + t) ª d.: dividends, has: number of years, t: discount rate, value year has: see Gordon-Shapiro.

Management mandate

Contract by which an investor mandates a financial professional to manage its assets.    

Method of Gordon-Shapiro

This method is based on the Bates method but is simpler and more easily modelisable. From the formula of Bates, which updates a sequence of income over several years, the Gordon-Shapiro method tends to assume that an investment can have an unlimited duration. Therefore he Bates formula towards infinity assuming dividends grow at a rate constant g. Therefore, the Gordon-Shapiro formula is as follows: current value = d. year 1 / (t – g)

Manipulation of course

fraudulent technique to alter the course of an action grant for profit: false rumors, etc.     

Method of corrected net assets

To use this method, it must start from the accounting net situation, i.e. capital and proceed as follows: accounting net assets = Total assets – provisions for risks and charges – circulating and financial debts

In the cash market

Market on which transactions are settled immediately. There is no possibility of credit as on DTH.   

Price Earning Ratio (PER or P/E) method

The PER is calculated as follows: PER = price / earnings per share. The PER method is to compare two competing companies and see if their PER are comparable. If they aren't, it means that one of these companies is sur-evaluee (or rather undervalued).

OTC market

Market not regulated by an authority within which transactions are made directly between two investors without any intermediary.    


Index of the Italian Stock Exchange in Milan.

Market derived

compartment of market on which Exchange derivatives (options, futures, etc.)  

Mid Cape

known as a medium-sized company. (others are called "small cap" and "big cap")

Efficient market

told of a market that it is efficient if it reflected permanently and without delay all the information known to its environment which may affect.


representative index of average values. Including a little more than one hundred values, it excludes financial (holding, Bank, insurance and real estate) and surpondère technological and mechanical values and services.

Narrow market

said of a market in which transactions are few. It is the opposite of a "liquid" market.            

Middle office

in an investment bank is the service that is responsible for the interface between traders and commercial ("front office") and the accounting and administrative ("back office").

Grey market

Intermediate between the primary market and the secondary market, it is the market on which professionals share tracks between the time of their issue and their official introduction on the stock exchange.  

Blocking minority

Minimum percentage of titles from which a shareholder can block decisions in extraordinary general meeting. The blocking by France minority is 33 1 / 3% + 1 vote.

Interbank market

Internal market to banks and credit institutions on which latter refinance.          


Accounting technique used in the consolidation of the companies.

Free market

non-regulated french market or if Exchange tracks small companies that adapt to the stock exchange. Quotations are made at the auction.  

MM or moving average

Instrument of technical analysis that allows to anticipate a change in trend. Each set can attach a MM, it can be arithmetic or exponentielel. There is a MM short term (20 days) and other long-term (200 days). The moving average of a value is calculated by adding the closing prices of the last 50 days (for a MM to 50 days) and dividing by 50. Then just do this for all of the courses of action. The MM has the advantage of smoothing out the evolution of prices.

Money market

Market on which financial institutions (banks, States, banks, insurers, etc.) finance themselves or place their short-term liquidity. The interbank market is a component of the monetary market.     

Less value

negative difference between the purchase price and the selling price of a property. When it loses money on a stock market operation, we realize a less value.

Bond market

The bond market.      


Base oscillator, it shows the speed of changing course. When it is positive (negative), it indicates a bullish acceleration (bearish) courses. The passage of the zero can be interpreted as a change in trend and gives a signal for purchase or sale. It is not bounded so it truly defines the trend.

Primary market

It is the issue of the (IPOs) securities market.            


Options market marketable of Paris, which is trading options on shares and indices.

Secondary market

It is the market or are traded and traded securities on the stock exchange.      

Money Flow Index

indicator technical analysis.

Gross cash flow (MBA) profit margin

the MBA represents cash flow generated annually by the activity. The MBA corresponds to net income, minority interest included, off gains net on assignment, excluding net appropriations to depreciation and amortization, excluding share of result of profits from equivalence but including dividends received from them.         

Money Flow Index

indicator technical analysis.

Operating margin (operating margin)

financial ratio calculated by dividing operating income by sales.


in french refers to "credit Enhancer". These are agencies to guarantee loans.

Mark to market

Means valuation at market price. This method consists in evaluating daily contracts on derivatives for the purpose of determining gains or losses of the relevant positions.       


situation in which a single player is present on a market.

Market Maker (forex)

Operator or institution that arises in consideration of its customers by offering permanently the supply and demand for each currency pair. He then covers himself in the interbank market.     


Refers to a market situation where there is only one buyer for many sellers.


There to provide animation and liquidity of the market, with prices and quantities for which it undertakes to purchase and sell the assets traded on the market. These are the "official leaders" of an OTC market. It also says "dealer".       


is to enhance its position on a value according to the evolution of its course. Thus, a shareholder can strengthen its position in an action if the price drops to reduce its cost. This is called in this case, "averaging down", it is a risky technique.


technical miracle to win any blows on the stock exchange. The old utopian dream of the promotions…            

MSCI World

Stock index calculated by Morgan Stanley Capital International, which includes securities traded around the world.


Futures market International of France. Market on which are traded futures contracts on long interest (notional loan) rates and short (Euribor, good Treasury), stock indices and commodities.


Medium-term: less than six months.


The maturity of a financial title refers to the remaining time until the date of final maturity of this title. For example, a bond due 2012 has a maturity of 4 years in 2008.     

Mutual Fund

Anglo-Saxon translation of UCITS (Sicav, FCP).

Maturity (warrant)

The maturity of a warrant refers to the remaining time until the date of maturity of the product. For example, a warrant to expire 2012 has a maturity of 3 years in 2009.       


Napoleon gold

refers to a piece of 20 french francs in gold, created in 1803.    

Non – investment grade

Low rated bonds which present a significant risk to the inverse of the investment-grade.


U.S. market established in 1971 and consolidating societies with high rates of growth, mainly from the technology sector. There are including Microsoft, Yahoo and even Google.        

Non disclosure agreement

Confidentiality agreement including mandatory in the divestiture of a business process in order to avoid leaks.


It is for the State to make public a private company by forcing him to cede its capital.       

Financial ratings

of specialiees agencies (Standard & Poors, Moody's) attribute notation to the financial strength of companies. Best longer note, it is easy to finance itself on the market or the banks and this at a good price.

Net book value

Corresponds to the difference between the assets and liabilities of an action not re-evaluated a society. It is actually the acquisition cost which is removed depreciation and any impairment.   


Refers to the ability of a company to obtain a different financial notation of his memorandum of reference during a bond given, notably by offering special terms and conditions (warranty…).


a "neutral" issued by an analyst recommendation means that it is neither the purchase or sale on the title and anticipates no major change to short taoaba.         

Briefing note

during a public offer (launch of a UCITS, introduction in fellowship, etc), the market authorities require that the issuing company realizes a brochure for the public.


Euronext segment dedicated to the values of the new economy.         


A notional contract was a fictional government bond fixed rate 5.5% the year of maturity of 7 to 10 years, depreciation in fine. It disappeared on 31 December 1998, for the benefit of the notional Euro.


Euronext segment dedicated to traditional values.   

New economy

refers to the economic sector linked to the Internet.


Market creates for the listing of the trackers.          

Hard core

a group of stable shareholders in a company to protect it from a hostile takeover attempt.


The Tokyo Stock market index, it was created by the American company Dow Jones after the war. His real name is the Nikkei Dow Jones index, it is not listed in points but in yen. It contains 225 values.    


New Information and Communication Technologies.

NM or new market

French equivalent of the U.S. Nasdaq. This market disappeared with the creation of Eurolist market comprising all stocks listed in Paris.        


Equivalent of liquidity. For example a payment of cash dividend means that he is paid by "cash".


Proportion of the capital represented by an action.    


New York Stock Exchange is the main U.S. stock market and world number one. The NYSE was created in 1792.


Securities listed on the records of the company on behalf of the owner, as opposed to the bearer securities.         

NYSE Euronext

company resulting from the merger of Euronext and NYSE American in 2007.



Treasury bond. It is State of which it is issued successively several instalments, the last being assimilated to the preceding ones.


Market on which abundant demand is satisfied by some suppliers. An oligopoly presents risks of agreements.


It is an OAT inflation.       


World Trade Organization. (WTO in English).


means the investor in bonds.         


World Intellectual Property Organization.


The obligation is a security. It is a debt obligation that represents the fraction of a bond which the issuer may be a public or private undertaking, a State or a local authority. The obligation allows its transmitter to borrow money with known in advance modalities (duration, interest rate, repayment date), it represents a debt to investors.           

Ounce of gold

unit of weight used in commerce and trading in gold. Corresponds to approximately 31 grams of gold.

Obligation to share good

Obligation delivered with warrants entitling to shares.         


UCITS means Organization for collective investment in securities. These are collective investment vehicles which mainly cover two different types, the SICAV and FCP. The UCITS is a savings product invested in securities and managed by a professional (a management company). UCITS subscribers can thus intervene in the financial markets by delegating the management of the Fund Manager. The AMF gives approval for all UCITS before their broadcast customers.

Convertible bond in action

This obligation can be transformed into actions by its holder at any time over a specified period at a price defined at the time of the show. Its rate of return is lower than that of the bond issue market and its price is generally superior to the shares of the company stock prices.      


said of a company whose capital is sufficiently open and burst to a takeover.

Convertible bond in action or OCA

These are obligations that have the potential to be converted into action.   

Securities (OST)

means operations that dot the life of an action: free functions, divisions of nominal, etc.

Obligation of the second category

Category emissions private financial institutions, industrial companies or trade associations (Peugeot…).           

OPEX (operational expenditure)

operating costs necessary to the operation of a business, such as personnel expenses, costs of production and sale, or fresh generals.

Obligation of the first category

These are issues of bonds that are guaranteed by the State and those issued by public establishments (SNCF, post…)      


Bid for Action. The company uses its cash to buy back a portion of its own shares.

Obligation Indemnitee

Those below were created to compensate the holders of the shares of the companies nationalized in 1981-1982.   


In return for the payment of a premium, the option gives its buyer the right, but not the obligation, to buy or sell the underlying instrument at a set price in advance and for a specified period. The seller of the option to him the obligation to sell or buy on the basis of the decision of the purchaser who exercises his right.

Obligation indexed

These obligations have the particularity to have their coupons and their redemption price indexed in whole or in part on a baseline (a being contractually guaranteed minimum). Only the State can resort to such programs.   

Asian option

Option whose exercise price is calculated on the average of prices throughout the life of the option.

Obligation rotten

see "junk bonds".  

Barrier option

Option whose value is conditioned by the evolution of the price of the underlying instrument against one or more thresholds during the whole of their life.


Convertible exchangeable bond in new or existing shares. The conversion means through the creation of new capital increase shares and exchangeable part proceeds by the remission of existing shares. The choice is up to the issuer to provide new or existing shares. OCEANE which are subject to a normal or anticipated refund leave bearer a period of 7 days from the date of the notice announcing the repayment and the effective date of repayment (3 months in the case of convertible bonds). Therefore, the OCEANE differ from convertible bonds on the nature of the securities presented as well as the time limits for conversion or Exchange.  

Binary option

Derived product that is for the purchaser to bet that the underlying will exceed a certain target (upward or downward) course during the lifetime of the product. If the course is exceeded, the holder receives a gain determined in advance, in the opposite case, it loses the amount of the option.


These are bonds that give the possibility to be converted into new or existing shares.       

Lookback option

Allows the regulator to receive the most advantageous course over the period where ran the option.

Offer price farm (OPF)

Procedure of introduction on the stock exchange where the introductory price is known in advance by the investor. How little used today, replaced by the Oct.       

Paris option

A Parisian option is a barrier option more complex that activates or deactivates ('in' or 'out') only if the underlying crosses a barrier during a predefined minimum period.

Offer minimum price (or OPM)

IPO, formerly called proceeding put up for sale, it is based on both the price and quantity. The shareholder will have to set the price at which it assesses the action, and give the amount of shares he wishes to.            

Option on share

right to buy (call) or sell (put) a quantity of shares (quota) at a specified price (strike price) up to a date determined (the deadline). Stock options are traded on the MONEP. Option classes are open only on a number of large values.

Offer at open price (OPO)

launched in 1998 with France Telecom, this procedure most commonly used introduction on the market. An Oct is to collect subscription applications and then fix the final price after the closing of the offering. In this type of only offer are known the terms of pricing.       

Index option

right to buy (call) or sell (put) the theoretical basket of shares of an index at a specified price (strike price) up to a specified date (maturity). CAC 40 index options are traded on the MONEP. The exercise or assignment, give place to a lift or a delivery of securities but to a cash settlement.

Friendly offer

Public offer of purchase or Exchange carried out with the agreement of both parties.         


called the new market (OPF) firm price offer. The public offer of sale is a procedure of introduction at a fixed price. Orders can be passed only at the cost of OPV and requests are only partially met. If the request is manifestly too high, a second OPV may take place at a higher price by at least 5%.

Hostile bid

offers a company unsolicited buyback.          


bonds repayable in shares, regardless of the course of it. Unlike the convertible bonds, the Subscriber does not have the choice to convert or not.

Takeover bid (OPA)

offer whereby a Corporation proposes to acquire the entire share capital of a company traded at a given price. According to the agreement or disagreement of the investee company, the OPA is considered friendly or hostile.       

Health care agenda

Order which enables an individual or an institutional let an operator the best timing for the execution of the order.

Public offer of withdrawal (or OPR)

Operation whereby a company decides to withdraw from the coast one of its subsidiaries. The success of an OPR may not be total, it is more often followed of a withdrawal mandatory public offer.        

Stop order

refers to the order of scholarship ' threshold'. This order to protect a market position.


The ORIAS verifies that intermediaries in participatory financing are well based in France, and control the good repute and professional competence of their leaders.

Public offering of mandatory withdrawal (OPRO)

This offer comes more often after a takeover or OPR. A company holding more than 95% of another company traded the possibility via an OPRO to repurchase all of the shares on the market. Investors then have an obligation to bring their titles to unlike a takeover offer.         


the term Over The Counter, it's the french open market OTC, which means the market or the conditions of access are limited to a minimum.

Public offer of Exchange (OPE)

with an operation, a company offers to acquire another by offering its securities in Exchange for those of the target company. The MEO avoids the attacker to pay high sums in cash.    

Over hang

said when an influx of titles on the market will bring down prices because supply and demand will be unbalanced.

Joint public offering (OPM)

The mixed public offer combines the public exchange offer and the takeover bid.    

Over the counter (OTC /-OTC)

Non-regulated market where trading is performed directly between stakeholders. Forex is an OTC market.

P & L

Anglo-Saxon abbreviation for Profit and Loss account, that is, the income statement of the company.  

Short position (short)

A trader is in a short position when he borrowed securities by selling what he will have to make to the lender a fixed term. He sold so far at a fixed price product qu´il deliver that tomorrow (it will therefore also l´acheter tomorrow). If the price to drop tomorrow, this last most expensive sold will have a good qu´il bought less expensive overnight and will therefore collect a profit. This position is limited in time is therefore logically referred to as 'short' and the trader may be a speculator (a punter). In a short position trader is confident that the price of the borrowed security is going to drop, which will allow to realize a capital gain on the redemption of the title.



A PACEO is an increase in capital for the benefit of a single shareholder, typically a bank or a background, on attractive terms, that shareholder may sell in the short term without constraint on the market shares received.   

Position of place

State of all positions carried over to the purchase and sale on each value, expressed both in number of shares and capital after each liquidation. This state emerges a balance with a buyer or seller place position. This balance is usually buyer. It allows to give an indication on the market, in for example the amount of the balance with the average daily amount of transactions on the title. According to the importance of the position's place in the purchase or sale, the value can appear on purchased or oversold.


Another expression to speak of the nominal value of the shares. For bonds, it is the amount shown on the bond, it will represent the sum borrowed by the issuer.  

Closed position

Said of a position that was unwound and that is therefore more safe.

Currency pair

Means the fixed price of one currency against another currency, the best-known example being the pair euro/dollar.   

Long position (long)

Be in long position.

Palais Brongniart

Formerly stock exchange Palace, it is the building which housed the Paris stock exchange until the end of the twentieth century. Since then, the Palais Brongniart serves as Museum of the stock exchange and room for meetings or financial product launches.     

Open position

Total number of contracts that an operator should negotiate on the market to close his account.

Basket (basket)

Set of value corresponding to a sector, a geographic area or even a currency. There are baskets of Asian shares or even based on the technology sector.   

Short position

Means that sell orders are superior to purchase orders.

Golden Parachute

Premium that perceives an officer of company during his lay-off, and up to several million euros.         

Pre opening

period during which orders accumulate on the sheet market without intervening any transaction. The broadcast is only an indicative equilibrium price.

Tax haven

Country or geographic area offering very low taxation, or zero for all or part of the taxpayer.          

Preferred stock

Anglo-saxon term for actions associated with various benefits. These include double voting or plus dividend rights.

ParisBourse SA

Former name given to Euronext.     

Discharge levy

Natural persons domiciled in France may opt, in what concerns income of securities for a flat 26% levy exonerating them of any other tax. This choice depends on the rate of taxation on each taxpayer's income.


Parity indicates the number of warrants corresponding to one unit of the underlying asset. Thus, for a parity of 200, need exercise 200 warrants to buy (or sell) a unit of the underlying at the strike price of the product.         

First market

This market has the most active values of the coast but also the most liquid such as Accor or France Telecom. It disappeared in favour "of eurolist" since 2005.


Range trading in the stock exchange ("floor" in English).

Take its losses

Sell action generating the losses to prevent a future decline of the title. It is better sometimes accept a loss of 10% on a transaction, rather than blocking its liquidity over a long period until the rise of the course. The expression "to cut the hand rather than the arm" is also used.

Group share

Accounting term used in the consolidated accounts of a group. Take the case of a company that owns another, a subsidiary, at 62%. And after the accounting principles, it will have to consolidate this subsidiary in its accounts by using the global integration method. However to take account of the presence of other shareholders, the balance sheet will highlight the interests of the other shareholders, called minority interests. So the net result will be split between minority interests in the results and Net result group share. The latter represents the net result returning directly to the Group and not to other shareholders of subsidiaries.        

Price to book ratio

ratio between the market capitalization of a company and its book value.


Equivalent of an action in partnerships, such as the SARL and the SNC.     


Pricer an option means determine its price. There are different financial formulas for pricer of the options.


Accounting position for a share of the capital of another company of which the duration of detention is long lasting.            


Pricer an option or warrant means determine its price. There are different financial formulas for pricer options and warrants, the best-known being the black and Scholes.


accounting term that refers to all of the company's resources. It consists of equity and long-term and short-term debts.            

Premium (options)

This is the amount paid by the purchaser of an option to its seller thus giving him the right but not the obligation to guarantee during the period known as optional.

Circulating liabilities

Accounting term used to describe the debt within one year of business. Circulating liabilities is often equated with operating liabilities (debt providers, etc.).          

Premium (warrant)

The premium represents the price of the warrant. It is the premium that is the subject of a rating and helps negotiate the warrants on the market.


It is the set of assets held by an individual or a company. It may also well be real estate, investment securities or even works of art.

Conversion premium

It corresponds to the difference between the course of the obligation and the underlying. It's the supplement payable by the share to convert.

Payout ratio

anglo-saxon term that expresses the percentage of the profits of a company which are distributed to shareholders as dividends. In France generally referred to the rate of distribution. Its calculation is very simple, we divide the amount of the net dividends by the net profit of the company in a given year.  

Non conversion premium

This premium may be paid to the holder of a convertible bond if it decides, due, do not convert it into actions but rather to claim its rebate in cash.


More low. Course down an action on a term. It is not necessarily a closing price, this may be a course at the meeting.      

Redemption premium

Difference between the price of a bond and its redemption price.


Plan savings company. It is a plan of savings proposed by the company to its employees, often, the company abounds on this plan which is blocked 5 years employee payments.       

Risk premium (risk premium)

The risk of a financial market premium measures the difference in profitability expected between the market in its entirety and the asset safely (the obligation of State). In the eurozone, it oscillates between 3 and 6%. To determine each title-specific risk premium, then simply multiply the risk premium from the market by the beta coefficient of the title in question.


"Price-earnings / growth". It is a valuation of shares ratio, which is calculated by dividing the PER by the expected earnings growth rate. The formula is as follows: (the share price / earnings per share) / (estimated growth of net profit).          

Share premium

The difference between the nominal value of a bond and its issue price.

Penny stock

Anglo-saxon term for values whose course is extremely low (often less than 1 euro).            

Profit taking

said when investors sell a value on which they realize a gain.

Pension delivered

Also called "repo on duty", is a contract by which an institutional investor or a company can exchange, for a definite period, its liquidity against financial securities.    


Action for a State to sell to the private sector a part or all of the capital of a national company. Examples: France Telecom, Renault, etc.


Popular savings plan. It is a regulated savings plan with an initial term of 10 years. The PEP may take the form of a financial or bank savings or life insurance.          

Exercise price

Price at which the buyer of the option can buy (in the context of the Call) or sell (in one of the Put) the title holder in case of exercise of the option.


Price Earning Ratio. It's the share price divided by EPS (earnings Net per share). To simplify, we can say that it is the number of years of earnings that the purchaser is willing to pay to acquire the company. In the case of takeover bid, many analysts based the theoretical course of redemption from the competitors PER.  

Exercise price (Strike)

Price at which the holder of the warrant can buy (in the context of the Call) or sell (in one of the Put) the underlying asset in the case of the exercise of the warrant.

Small carrier

said small individual shareholders of a company.    


financial derivative asset support (action, obligation, etc.). It comes to warrants, options, future, etc.


Abbreviation for gross domestic product. It is used to measure the wealth and growth of a country.   

Exotic product

Conversely products plain vanilla, this term refers to financial products complex and infrequent, mainly sold to sophisticated investors who can allow an issuer to raise funds at an attractive cost but often in return for commitments which may prove costly to term.


The Pibor or TIOP 3 months was the average arithmetic of rates 3 months offered by the 8 largest French banks. It ceased to exist on December 31, 1998, he was replaced by the EURIBOR.      

Structured product

It is a financial investment that allows to manage the risk/performance torque. The structured product includes a safe investment, (often bonds), and a risk investment that can boost the performance of the product. The couple risk/performance will thus be modulated by choosing the proportion of the two types of investments within the product.

Foot of coupon

The course of an obligation is the composition of two elements: the foot of coupon and coupon ran. The accrued coupon already represents the proportion of the interest in the course. Thus, to simplify, if a bond pays his coupon on 30 June, the course on 1 January will take already into account 6 months of interest. The foot of coupon matches the value of the bare obligation, that is to say without accrued coupon.   

Profit warning

anglo-saxon term for the fact by a company, to warn the market that it will not achieve its goals or that it will make significant losses. This often leads to a very strong fall of course.

PIP (point)

"Price Interest Point". Unit minimum variation used on Forex. On the Euro/Dollar pair, one pip equals 0.0001.           

The order book depth

The visible order book on most stock sites lists the 5 best purchases and sales orders. The order book depth is 5. Some actors such as financial intermediaries need deeper order books. It can access all the information.

Pit, Floor, Parquet

Playground located on the stock exchange trading.       


accounting presentation to compare accurately two fiscal years by harmonizing varying elements such as the exchange rate or change in the scope of the company.

Rating place (market place)

Describes a stock market. Paris is a place of trading, like New York or London for example.            

Program trading

Automatic stock portfolio management software. These software "robots" are responsible to make purchases and sales based on criteria pre-defined by the programmer.

Placement report

It is possible for an investor with cash to place market reports of the SRD. Thus he will receive compensation from the purchaser and/or the short seller in return for this one month credit.     

Pro rata Temporis

Means proportionally to the time elapsed. For example, the accrued coupon shall be calculated pro rata temporis, i.e. in proportion to the time already elapsed until the date of payment of the coupon.

Plain vanilla

Means products derived from the most common and simplest in their operation, instead of so-called exotic derivatives.      


It is due to mark a position in the month following on DTH. This operation has a cost.

Continuation plan

at the end of a bankruptcy proceeding, the tribunal may decide the continuation of activity of the company and then draws a continuation plan.        


Accounting term for an amount deducted of a receivable, of a building or of a stock which the company thinks that it is impaired, that under a principle of accounting conservatism.

Action or P.E.A. savings plan

Account specific titles created in 1986. It was intended to promote ownership of mass. The PEA to manage a portfolio of European actions free of taxes on dividends and capital gains, if not to proceed with a withdrawal over the five years following the opening of the plan. Payments are limited to € 120,000 per person (240,000 euros for a married couple) and the PEA does not escape the RDS, CSG and levies (10% on all earnings at the close of the plan).     


Cost unit.

Added value

positive difference between the purchase and the sale of a property, synonymous with gain.       

Public to private (P to P)

Operation whereby a traded company decides out of stock exchange, either through a capital reduction for the benefit of minority shareholders, or subject offers the hand of majority shareholders or of a new shareholder that is often a private equity fund in a logic of type LBO.

Basis point

100 basis points are worth one percent. A decrease of 50 basis points corresponds to a decrease of 0.5 percentage points. Thus, if the European Central Bank cuts rates of 3.5 to 3.25% interest we will say that they have been lowered by 25 basis points.

Pull Back

term of technical analysis that indicates a trend worth interrupting before it resumes its course.

Poison pills

Financial, legal and accounting tricks that allow a company to prevent a takeover bid or at least do not facilitate.           


Put option on an underlying futures contract at the price for a specified period. Option that allows you to sell a value to a given course, on a given date.

Weight (over or under)

On or under weighting refers to a design or the reference would be to hold a stock portfolio that replicate the market in general, i.e. that has all the values with their weight in the total capitalization in the market. As it is not possible to have any coast, may also be a portfolio replicating an index, the CAC 40 for example. On weighted mean then hold more than a value that would justify this approach, because it is expected that it is doing better than the market in general, or the reference index. Under weigh is obviously the opposite.      

Put Warrant

A Put Warrant gives the right (but not the obligation) to sell an underlying asset at a price of exercise (or strike) and a specified due date.


A pool is a group of shareholders, investors and banks who meet more often in order to achieve a financial transaction (taken supervisory), or reduce the risk (important loan). Banking pools are very common when a multinational group decided to transmit on the bond market.            

PX 50

It is the index bringing together the strongest 50-cap of the Czech Republic.


It is an operation that is to hold securities by a third party. This technique which can be hidden or official may allow the actual shareholder remain unknown.    


(short options) U.S. index options on 3 monthly close deadlines 3 quarterly deadlines.


Said of a shareholder having securities in bearer form.        


(long options) European index options on 4 deadlines (March and September) for the next two years.

Long position

Means that purchase orders are superior to sell orders.    


Technique of trading to gradually increase its position depending on the evolution of the market.


This is the code which means market Nasdaq SC.  

Quick ratio

It is the ratio used to calculate the capacity of a company to bring together its resources in the short term with its commitments in the short term.

Quasi own funds

Financial resources accounting nature approximates that of own funds. They notably include accounts of shareholders, convertible bonds or participatory loans. They are stable and some of them have the ability to be converted to equity.   


Share of capital that must be present or be represented at a meeting of shareholders or bondholders.

Four witches

the "day of 4 witches" is the name of a rather special trading session. This day which takes place the 3rd Friday of the months of March, June, September and December is an important deadline since it corresponds to the maturity of many future contracts and options in the USA: on index futures, options on indexes and shares. Generally, such meeting gives rise to a large volume of Exchange and volatile and unpredictable movements.        


The percentage represents the minimum number of products (warrants more often) that can be negotiated. Now, most issuers allow to treat the warrants to the unit, so the proportion is generally equal to 1.

Redemption of shares (share buy back)

This is the operation whereby a company acquires its own shares in order to keep its assets or cancel and then talking about reduction of capital.         


Term due to buy a value that it already has in the portfolio. This recommendation can be performed after dropping the title to achieve a medium downward or well if it is found that the title still has a significant appreciation potential.


Operation whereby Euronext Suppresses listing of a title, mainly at the request of companies that no longer wish to be listed.  


This is the amount of the value that you remove from the transfer of shares to the what is added performance you received.

Rainbow option

An option where multiple underlying coexist.


Refers to the fall of a value after a rise.

Rally or Rally

One speaks of "rally" when a value follows a same direction for a long time. A bullish rally characterizes an action that is progressing for several months and vice versa for a bear rally.            


Operation to not pay his titles the day of liquidation but to offset this payment on the following month. This operation can be done by paying report charges that preserve its securities at less cost pending the increase or decrease expected. This is only available on DTH.

Pick up

"Pick up" refers to the fact, by a company or an individual, to repurchase a maximum of securities of a company on the stock exchange. It is normal to observe that the first phase of collection is anonymous. The collector has the effect of surprise. In the second phase of collection, collector is usually invited to the Board of Directors of the company, or else filed a public purchase offer.  


An action is said to be reserved when that no transaction could not be determined. It is an action reserved for the drop when there is no buyer at auction. It is an action reserved for the increase when there is no seller during purchase. Euronext has set the level of booking 10%, that is to say that if the action varies more than 10% upward or downward during the meeting, its course is booked a few minutes.

Range (range)

It is a gap, a range, for example between the price offered by buyers and the price asked by sellers.      


Level or area that a share, an index or any product financial struggles to overcome upward (opposite of support).

Annual report

Report provided by listed companies and most of their accounts (balance sheet, account result,…) Some companies provide the annual report on request. Others, on the contrary, limited annual reports sent to the only shareholders of the company.    

Credit crunch (credit crunch)

Period during which banks decide to reduce the amount of credits they give. This liquidity crisis can cause of increases in interest rates.


This is the operation which aims to add the balance sheets and accounts of result of a parent company and its subsidiaries by removing intra-groups operations. It is performed during an accounting consolidation.           

Result gross operating (RBE)

the RBE expresses the amount of resources that the company derived from its operating cycle before associated financing costs. It corresponds to the income from operations before depreciation and amortization, increased by the share in the current result of profits from associates and non-interest financial income.

Rate of change (ROC)

It is one of the closest technical indicators of Momentum. The difference with the latter in the comparison between two values at x time interval, which is carried out by a division and not a subtraction, to amplify the increases compared to the declines.       

Result current Net Group share (RCNPG)

Gross operating (EBITDA) result after deduction of depreciation of exploitation (including amortization current goodwill), allocations of operating provisions, interest and loads of current tax, as well as the share returning to minority interests.


financial rating of a company.        

Net income per share (RNPA)

It is obtained by dividing the consolidated net income of the group, after deduction of minority interests, by the average number of shares outstanding, after deduction of securities held by the Group (autocontrol).


To simplify, this is a division that allows to combine two values and make them significant. For example: solvency ratio, or ratio of debt…  

Net profit from the Group (FY)

corresponds to the total net result (what all the companies of the group identified as a result) which is deducted the part which belongs to third party shareholders of the subsidiaries the group does not hold all the capital.

Cooke ratio

It is a measure of bank solvency which allows to limit the level of commitment of the banks.     

Half-year results

Earnings published every six months. Some operators would like the publication of the results to be more frequent (quarterly) in order to avoid excessive distortions with Wall Street where publications are quarterly.

Price/earnings ratio

ratio of the market value of a company and its profit after tax, reduced to an action. It first calculates the earnings per share by dividing the net profit of the company by the number of shares. Then the price/earnings ratio by dividing the price of the share by earnings per share. This ratio allows to compare the market value of the companies according to the market, the sector and the cycle.  

Withholding tax

Most of the revenues derived from investments such as securities are imposed during the annual declaration of income tax. But for certain investments, or can be forced to do a payroll deduction. It is the case for investments abroad, but also for the anonymous good.

Sharpe ratio

Ratio to compare the performance of the portfolios. It is the ratio of excess profitability rate without risk divided by the risk. It means that it calculates the performance of an investment compared to an investment without risk.  


The trends of a course are often punctuated by catches of profits (for the hawsers) and rebounds (for the meadows). Catches of profits or these rebounds are called retracements in language mathematics.

Solvency ratio

Relationship between the net(dettes financières-disponibilités et valeurs mobilières de placement) debt and equity of the company. This cooperation allows to calculate the long-term capacity of a company to pay a debt.         

Mandatory withdrawal

At the end of a takeover bid had garnered 95% of the shares, the company having performed the OPA may launch a compulsory withdrawal of the remaining shares on the market to strike out the value. Shareholders who have not made their titles at the OPA are therefore forced to do it at the same price conditions.

McDonough ratio

similar to the 'cooke ratio".

Return On Assets (ROA)

It is a tool that allows to know the profitability of a set of assets (capital equity, debt, etc…)


or DRES, Contribution to the repayment of the social debt. This tax was created for a limited period (from 01/02/1996 to 31/01/2014), it is aimed at the financing of the social debt supported by the sinking of the social debt (CADES) Fund.     

Return On Equity (ROE)

It is a management tool that is calculated by dividing net income by the own funds of the firm. This is the return on equity.


under this acronym hides the "recurrent operational result". That is if it's operating income (EBIT) decreased by the non-recurring entries.   

Return On Investment (ROI)

Refers to the profitability of an investment. It is calculated by the ratio between the results of a project and its cost.


Operation to sell by a stockbroking company a very substantial amount of securities of a company in a given course.     


If an order on the shares is passed with no mention of date limit, it is supposed "to revocation". For securities traded in cash, these orders remain valid until the last day of the month; on the SRD, until the day of the next liquidation.


Most stockbroking companies issue recommendations. After making different analyses on the set of values of the coast, they announce a goal of course and thus a Board. The recommendations of some institutions may have an essential impact on the valuation of a very short-term action.   

Revolving (credit)

Credit standing, it means that it allows an individual or a company to use a line of credit, repayable by maturity but constantly open. The credit can therefore be reused without specific request to the credit institution.


Action to recover a debt with a creditor.    


Greek letter which refers to a calculation is made on the warrants or options. Rho is the change in the course of a derivative (option, warrant) for a variation of interest rates. This allows to measure the sensitivity of a by-product in respect of interest rates.


Chartist figure that appears when the course evolves between support and resistance in parallel.            

Exchange rate risk

We talk about this type of risk if investments are made in a different currency and that the assessment of the currency in which the investment is denominated depreciates against our currency of reference. Example, a European purchases of U.S. equities in dollar.

Reduction of capital

Is to reduce the amount of equity beyond the normal distribution of dividends. In practical terms, this may be effected by reduction of the nominal value of all the shares or redemption of a certain amount of shares on offer. Securities acquired are then cancelled and the redemption price shall be deducted from equity.        

Counterparty (of solvency) risk

It is the risk for a creditor to permanently lose his claim insofar as the debtor is unable to repay all of its commitments.

Bank refinancing

Operation whereby a bank is financing a loan. It will itself borrow to fund the loan granted by it.          

Liquidity risk

This is the risk of not being able to sell its price a financial title. It can be translated, either by an inability to sell, a so-called liquidity discount.

Refinancing of debt

action required to repay current debts and replace them by new obtained under better conditions.          

Market risk

Risk associated with the market as a whole, as opposed to the specific risk.

Regulations delayed

see Drs.      

Interest rate risk

This is the risk of an unfavourable evolution of interest rates. Thus, a variable rate loan may see its cost increase due to an increase in the rate.

Immediate settlement

When you want to get the amount of the sale or hold the securities immediately on the market, you can use this mode of regulation. This is not a usual regulation, thus one must pay an early settlement Commission (CRA) (generally 1%).           

Specific risk

Also called intrinsic risk or idiosyncratic risk, it is the result of particular elements that affect such or such title. For example, this can be the mismanagement of the company, a fire that destroyed his factory…

Monthly payment

Formerly, market of the Paris stock exchange-the largest Cap. This market no longer exists it has been replaced by the DTH system in September 2000.     


see "Regulation monthly".

Credit booster (monoliners)

Body to ensure debt-backed securities. Credit booster seats affected by the subprime crisis.      

Road show

anglo-saxon term for a roadshow by executives of a company to large investors.


Computer system French settlement of securities.         


Due to "roll" a position, i.e. the extend a maturity to the next. At most brokers Forex, positions are renewed every night, and it is then credited or debited interest of parity rate differential.


a "accretive effect" describes an improvement in earnings per share of a corporation. For example can say during the acquisition of a company that the transaction is accretive, it means that it will help increase earnings per share. The opposite effect is 'dilutive effect'.     


during a financial transaction, such as a distribution of new shares. If the company offers 3 new shares for 15 existing shares and that you are 18, you get one new share and still you have 3 old shares which are often compensated in cash, called these 3 "a broken" actions.


Not to be confused with profitability. It is the amount of the dividend divided by the share price. The average of the yields of listed shares is close to 3%. There are two types of yields as there are two types of dividends:-the net dividend: the dividend you received directly by the company. -the overall dividend: dividend + have tax.        

Rounding top

It is a chartist figure forming a summit which flattens into a trend. The trend is slowing down at this level. Rounding top may be bullish, bearish continuation or reversal. The volumes are to be monitored very closely to validate the signal.

Overall performance

global dividend expressed as a percentage of the share price.            

RSI or Relative Strengh Index

Simple oscillator bounded, it shows the status of the operating voltage. A market tending by monte (down) to 100 (0); between 70 and 100 (30-0) it is considered that the market is overbought (oversold). In areas of tension, one should expect a correction.

S & P 500 Index

Index of 500 leading the American stock market values, created in 1920 and developed by Standard & Poors.           


Perform financial operations hopefully very rapid benefit from the mere fact of the variation in the course.


Société Anonyme.    

Spin Off

split): Separation into several branches of a company.


Sales charge of relationship between the financial institution (Bank, brokers and traders) and the clientele (specific but also companies).         


Division of the nominal value of a title to improve its liquidity. Example: Company X whose capital consists of 10,000 shares at a price of 50 euros decides to divide its shares by 5. The course will be 10 euros but there are now 50,000 shares.

Trading floor

Physical location where traders, Salesmen and other operators act on contracts electronically more often.         


This is the level of course of a currency or an interest rate on the cash market, live, in contrast to futures which set a course term.

Sarbanes Oxley

U.S. law introducing inter alia greater responsibility of transparency for the leaders of companies to stockholders. One law was passed after the "Enron".            


See gap. It is the difference between two Futures is: the course near less distant.


Simplified stock company        

(Bid – ask) spread

It is the difference between the bid and the ask (offer rate and rate of the application), counted as the number of pips for a currency pair. It is the main source of income of the brokers.


Here, bid, or asking, price is 1.5475 and the ask or bid price, East of 1.5477.

So, if I'm buyer (so long) on the euro/dollar currency pair, I'll have to enter 1.5477, while if I am seller (short said or short), I can sell at 1.5475. The gap between the supply and demand here is 2 pips.

Wholesale we offer a high and low range at which the market maker offers and sells so there is always the liquidity on the market and that we can always buy or sell.


See awards French society.        

SRD Long Only

The shares that belong to this compartment can be purchased on credit and benefit from the leverage effect, as with DTH. The difference with the SRD is that they cannot be sold short

SBF 120

This index includes the 120 first values of the coast in terms of liquidity and capitalization. While the CAC 40 serves instant barometer and support of derivatives, the wider SBF 120 is a tool for portfolio managers.   

DTH or deferred settlement service

This system has replaced the monthly settlement since September 25, 2000. This service allows to pay to credit a selection of values (about 160) which are the most important market.

SBF 250

comprising 250 values listed on the french market, this index represents the evolution of the market as a whole including all major economic sectors.     


Stagflation refers to an economy that is experiencing a rise in prices (inflation) coupled with a slowdown in growth (unemployment up including). This word which was invented by an Austrian economist in 1973 is a contraction of stagnation and inflation, it was to describe the crisis that lived the Western countries during the oil crisis.


Société en Commandite par Actions, company or shareholders and decision-makers are separated, this system helps prevent takeover bids.           


This is all the partners of a company like for example shareholders, suppliers, customers, creditors…


Technique of trading to operate very quickly to take advantage of the slightest variation of course.


Transaction system automated the Monep for negotiating the details of customer orders.


Real estate civil society. Society often used by individuals to manage their properties.            

Start up

Means strong growth firms with less than 2 years of age. "Young shoot" in french.


operation to split a company into several separate entities to improve the management of a group and increase its market value. Correlatively, the action is dismantled and the shareholders receive in Exchange for the representative listed shares of different activities (example of Chargers split into two: Pathé and international shippers). A split is the opposite of a merger. Do not confuse it with the title division.           


Purchase of the same number of options for purchase and sale of the same set of options. The sale of a rack is the sale of same options of purchase and sale.


Civil society of investment real estate.            


The basic idea of the stochastic is to indicate in a standardized manner (that is, using a coordinate system between 1 and 0) or is a current among the extremes of a given period. Consists of a first oscillator the: k. the %K indicates tensions overbought and oversold which takes into account the extreme levels and not only the closing (as the IHR) prices. But the extremely volatile nature of the stochastic K leads to qualify its direct use. It is typically used in conjunction with a smoothed version of the latter: the stochastic D. Finally it uses the moving average of the stochastic D: the slowD.


Abbreviation for the Securities and Exchange Board of India. It is the India stock exchange, it is located in Bombay.            

Stock Option

These are options to purchase shares that a company offers to its employees to provide a complement to wage at a lower cost and allowing interested employees to the result of their society. Stock options allow an employee who receives them to buy X shares of his company to a date and a price fixed at the time of the distribution. If at the expiration of the option, the action is worth more than the fixed price, the employee may exercise his option to buy and then resell the day even the titles he got on the market thus pocketing the difference without having paid a penny.


Security Exchange Commission. It is the American equivalent of the authority of financial markets (AMF).            

Stock picking

technique for selecting values for to build a portfolio.


All options of the same class having the same expiration date and same exercise price, and being of the same nature.           

Stop loss

Order of sale triggering threshold. Used in active management to limit its losses in the event of a decline in price. For example, if you place a stop loss at 4%, this means that if the course of the title down 4%, the title will be automatically sold, in order to limit the doors in case the course descended even lower.

Settlement (Regulation)

Actual physical exchange of one currency against another.   


It is a strategy used on the options or warrants to buy or sell the same number of puts or calls on the same underlying with the same dates and exercise prices. The buyer of a straddle anticipates a strong variation of the course without however knowing the meaning. This variation must be large enough to cover the amount of the two premiums. These strategies based on volatility are relatively risky but can generate, in return, important leverage.

Threshold of assignments

Formerly, it was the minimum amount of disposals that triggered the imposition of the capital gains on the stock exchange. Now gone, capital gains are taxed at the first euro.       

Straight bond

Refers to a non-convertible bond.


Innovation Financial Corporation.    


Policy on options or warrants consisting of the simultaneous purchase of a call and a put at identical maturity but with different exercise price.

Sharpe (ratio of)

the Sharpe ratio measures the ability of a portfolio manager, to obtain a higher profitability of an investment without any risk with the least possible volatility.            


Anglo-saxon term for the exercise of any warrant or option price.

Short (short position)

Being short means betting on the decline of an asset selling it without actually possess it to buy it back later at a lower price and thus make a profit. Opposite of long.      


Strategy options or warrants to buy or sell two puts and one call same maturity and exercise.


Investment company with fixed Capital. It is a limited company whose issued shares evolves, unlike mutual funds.    

Structure of interest rates

A curve that connects the interest rate with maturity.


Société d'investissement à capital variable. Collective investment undertaking falling within the category of UCITS.      

Financial structure

Means the division between financial liabilities and the equity of a company.


interprofessional society for securities clearing opens accounts to issuers of securities and authorised financial intermediaries, to ensure the movement of securities by transfers of accounts to accounts. Each security has a Sicovam code mentioned in any operation and on all documents: agenda, notice of opere, statement, statement of account, transfer, etc. This code has been replaced by the ISIN code in 2003.  

Style drift

Refers to the risk of change of strategy within a hedge fund.

Stop or limit signals

Type buy 4501 stop (the order is executed if 4501 is crossed upwards during the next listing). Limit: you buy if you break 4501 the downward.       


Real estate credit at high risk, most of the time high to offset this risk.


the difference between the threshold and the running of a market order. Indeed, a market order is not always executed during the indicated, the case occurs especially during the passage of an order in threshold or range of trigger.   


Level or area on which occurs several times a rebound in prices (opposite of resistance).

Slippage (skid)

It is the ente difference course which we had order and the course was actually paid. In a very volatile market, it sometimes happens that there is the slippage.      

On balance

On balance a title. This language when the stock recommendations of stockbroking companies or financial newspapers. Simplifying, buy.


Second market. Market averages. Traditionally, family companies enter the market. He disappeared in 2005 in favor "of Eurolist".      

Over-allotment option

option when dune solicitation of the public (introduction on the stock exchange, bond…) to increase the number of titles for sale. This typically occurs when there is a very high demand from buyers.

Small cap

Refers to the values in low market capitalization, such as on compartment C of Eurolist values.            


greater than the standard valuation.

Portfolio society (PCs)

The purpose of this company is the management of a stock portfolio. This type of company is often created in order to facilitate the transmission of securities during an inheritance for example.           


means a title whose performance is better than the average.


Companies approved by Euronext to act on financial markets on behalf of their clients. Some merely a simple role of transmitter order (discount broker), others develop a service with high added value (Council, financial analysis).         


See "Goodwill" or "goodwill".

Management company

A management company, or portfolio management company, is a facility that handles financial assets on its behalf or on behalf of third parties. According to the approvals received by the AMF, management companies have several areas of intervention, such as for example: collective management (SICAV, FCP…), private management under mandate, receiving transmission of orders, the management of salary or retirement savings, etc. They are often subsidiaries of large banking groups and insurers.         


Said a title that z is a high pressure salesperson (shown for example by ' RSI indicator), and thus can become a buying opportunity.

Society of French (SBF) scholarships

ensures that good technical and regulatory securities market, as well as the control of the operators. Now, it has the name of Euronext.      

Suspension of course

suspension of the quotations on value by the guardianship authorities of the market as a result of an inability of trading, an announcement about the company (OPA, MEO) or abnormality of course.

Partnership (SNC)

It is a company where the shareholders are responsible beyond their contribution.          


Contract by which are exchanged two sets of future cash flows.

Balance of liquidation

These are the more or less values generated on the values acquired or sold on the SRD, on the date of liquidation. This balance is credited or debited each month.

Currency swap

(= currency swap) Contract by which are exchanged a given amount of currency against another. After a given period, the original amounts are rendered.

Cash balance

It is the amount of money paid to compensate a unequal exchange between two people. Underlying: This is the reference of a derivative financial instrument.           


Option on a swap of interest rates.

Under weigh

Under weigh a title. This language when the stock recommendations of stockbroking companies or financial newspapers. Simplifying, sell.      


Used in the term "swing trading". Portfolio of short-term management technique, aiming for quick forth on the values (from 1 to 3 days).


It is the support, the property to which the warrant relates. It may be an action, an index, a currency, a raw material or even a basket of value. There are even now of the products on the rise or fall of the volatility, or on interest rates. Any financial product or asset may serve as underlying for a warrant, the only limit is the imagination of the issuing banks.   


the savings to be achieved during a merger of two companies or a buyout of a company by another. Often services duplication for example and the removal of one of the two provides additional margins for the new company resulting from the merger.


Said of a title which, according to analysts, should achieve less than its sector and/or market performance. We say that underperformed the market action if for example she is progressing by 1% while its market grew by 3%.        

Parabolic system

The SAR (stop and reverse) is a technical analysis tool that aims to detect stops (stop) and spills (reverse) trend of a title.

Speculative Grade

Refers to bonds with high yields but high risk of non-repayment, as opposed to Investment Grade.     

T bill

Good to the US Treasury in the short term.    

Head shoulder

It is one of the best-known figures in the chartist analysis. Figure major reversal, it takes its name from its peculiar shape and was born after a long upward trend.

T bond

American obligation to more than ten years.  


Measuring the sensitivity of the value of the warrant over the passage of time. Theta is expressed in euros/day.


Abbreviation for the "monthly average money market rate", it comes from the monthly average of the EONIA.            


This is the minimum change of a course.

Grading table

A table that represents the various elements of quotations of a financial security. Thus, the table of the quotations of the CAC 40 can resume: – the ISIN code – wording – the last price – highest – lowest – the opening price – volume – the change from the day before, on 1 January, for a year – the number of shares making up the capital  


Term for a value, an action or any other security.


Monetary rate.    

Title hybrid

Title that combines both a tied to equity share and a share related to debts, as for example an action to warrant of obligation or an obligation to purchase actions warrant.

Cross rate (Cross Rate)

Exchange rate between two currencies.          

Participatory title

Title for the financing of the public sector and companies of anonymous cooperatives which thus reinforce their equity, their remuneration still consists of a fixed part, function of the financial market, and a variable part related to the activity of the issuer. These titles receive tax obligations.

Bank base rate (TBB)

minimum rate charged by banks for its operations from its customers.     


It is the sale by a credit institution of its receivables to investors through a common background of debt. This enables the institution to transfer the risk of its receivables to investors and collect cash.

Distribution rate

This is the percentage of the company's profits paid to shareholders as a dividend. It is a measure of the "generosity" of a company to its shareholders.  


This is an investment strategy which consists of interest first in the overall distribution of the portfolio, then in each category, select the titles that are best suited. She opposes the bottom-up approach.

Actuarial interest rate

This is the real return on the investment. Its calculation uses the method of compound interest and takes into account all terms and conditions of the program.         

Tracker (or ETF)

What are exchange-traded index funds that replicate the performance index or a basket of shares. They are negotiable as an action through your usual intermediary. These trackers are issued by banks or management companies. These funds are rated with a market called NextTrack.

Nominal interest rate

This is the rate agreed between the lender and the borrower and that, applied to the nominal value of the loan, determines the interest which the borrower must pay the bearer of the obligation in the form of coupon.         

Tracking stock

see 'action reflection'.

Interest rates

Central banks in the money market rate. They guide the monetary policy of the country.            


It is the operator in the market room, IE one who takes positions to its customers or to his company.

Facial rate

Serving rate calculation of the coupons.       


action to operate on the market by buying or selling financial products.

Fixed rate

Rate which remains fixed throughout the period of placement or refund.  

Directional trading

Method of trading based on the trend-following.

Interbank rates

Foreign exchange rates among major international banks. Interbank rates)       

Trading range

Range between the highest and lowest price of a title in a given period.

Risk-free rate

Reference rate in different models, which is the rate of a secure State for a long term loan. This rate is supposed to represent the earnings of an investment without risk.        


a provider that transmits orders to the collector of orders or negotiator. It can open accounts on behalf of its customers, nor receive securities or cash. In this case, the accounts can be opened with the collector of orders.

Variable rate

A rate which may evolve during the period of placement or reimbursement on the basis of the market rate.  

Trend (trend)

It is the directional evolution of prices over a given period. A trend can be bullish or bearish. When a flat evolution, there is no trend.


Negotiable debt obligation. Includes cash tickets, the BTMN, the BIFS, the OSB and the CDN.            

Very short term

The operation is similar to a back and forth and is unwound more often during the day. In English it is "intraday".


Clear evolution of a share price over a given period, either upward or downward. A trend can be punctuated by peaks and falls in the short term. One of the General principles on the stock exchange is never to position itself against the market trend.      


Means a chartist figure in which variations of courses take the form of a triangle reducing until you find in its tip. There are ascending and descending triangles.

Market maker

See Market-Maker.           

Three witches

the "day of 3 witches" (Triple Witching in English) is the name of a rather special trading session. This day which is held the 3rd Friday of every month is an important deadline since it corresponds to the maturity of many future contracts and options in the USA: on index futures, options on indexes and shares. Generally, such meeting gives rise to a large volume of Exchange and volatile and unpredictable movements.

Hold the position

When you buy a stock, you take a position. You take what is called a position long i.e. you speculate on an increase of the title. But in the case of decrease in the title, you have two possibilities: either you unbuckle your position, in this case you sell at a loss. either you hold the position, in this case you keep your long position with the expectation of a rise in prices.     


Name given to the financial crisis triggered in the 17th century by the collapse of a speculative bubble on the tulip bulbs.

US Premium Rates

Prime rate of the USA. The rate to which the USA lend to their major corporate clients.           


Anglo-saxon term that refers to the values of services in communities such as the suppliers of water, gas, electricity…


Consequence of the collapse of property, usufruct embodies the right to enjoy property and perceive the fruits (dividends and interest for securities) without having the property.


in stock market jargon: "make a short sale".           

Time value or time value

(time value): amount of the Premium exceeding the intrinsic value of the option or warrant.

Elliott wave

Figure of technical analysis where the course evolve in 8 waves: a bullish 5 first wave consisting of three waves of rising and two drops, then a bearish movement composed of two bearish waves and a bullish.

Time value

It is the speculative value of the warrant. It depends on including the course and the volatility of the warrant, and the time remaining before maturity. It is egalme to the amount of the Premium exceeding the intrinsic value of the option or warrant.

Fixed income value

A value whose revenues are known in advance and which do not absolutely vary. Thus a bond that pays its owner to 9% on the basis of a nominal value of EUR 1,000 is known as fixed income. Every year, the bondholder will receive the sum of 90 euros per owned obligation.    

Validity of order

simply, period of validity of the order: day, with a date limit or until revocation (see revocation). On the DTH orders "revoc" falls on the day of liquidation; on the cash, the second market and the new market, the last meeting of the calendar month.

Value to variable income

Actions fall into this category. Dividends paid by companies are in fact very fluctuating from one year to the other. Revenues from shares are therefore variable.          

Value At Risk (VaR)

The value at risk represents the maximum potential loss of an investor on the value of an asset or a portfolio of financial assets that should be reached with a probability and a given horizon. In other words, it is the worst expected loss on a time horizon for a certain level of confidence.

Gold value

Financial title in the sector of gold, for example a company operates a gold mine.          


Measuring the sensitivity of the value of the warrant to the fluctuations of the volatility of the underlying. The vega is expressed in euros.

Cyclic value

Said worth evolving large movement of trend, such that the steel values, because their fundamentals often depend on macroeconomic factors.    

Short sale

Selling shares you do not own. This is interesting if you think that the stock price will fall until you rachetiez. This possibility is available on DTH. If the redemption price is lower (higher) than the sale price, the initiator of the transaction is credited (debited) at the end of the month. It is possible to see a short sale.

Value of growth

said usually young companies experiencing high rates of growth. Traditionally they pay little or no dividends.        

Capital venture

in french it is called "venture capital".

Yield value

said of a company which pays important dividends to its shareholders. This is often due to holding companies or land corporations.        


Measure of the potential of variation of the underlying over a given period. It can be determined from data past (historical volatility), or anticipated for a period future (implied volatility). Volatility means deviations in major courses, i.e. a strong variation of the price of the underlying.

Intrinsic value

amount by which an option is "in the money". For an option to purchase, the intrinsic value represents the difference between the price of the underlying asset and the strike price; for a put option, it represents the difference between the exercise price and the price of the underlying asset. It cannot be negative.            


Number of shares traded on the same day.

Intrinsic value (warrants)

For a call warrant, the intrinsic value represents the difference between the price of the underlying asset and the strike price. For a warrant put, it represents the difference between the exercise price and the price of the underlying asset. It cannot be negative.     

Voting by correspondence

Shares to participate in the assemblies of the concerned company. But it is not uncommon to get in these assemblies, most often location of the head office. A provision allows shareholders to vote by mail in order to assert their rights.

Net asset value or "case"

Value of a company in the event of its bankruptcy filing. Capital assets are recorded at a sharp discount, and the company's brand is not valued. This is explained by the non-theoretical continuity of operation.            

Vulture funds

In french,: vulture funds. Fund investments specializing in the acquisition of firms in difficulty, with the aim of reselling them in an apartment in order to make a substantial profit.

Security of investment

Securities that companies acquire with their surplus of cash, in order to obtain a proper rate of return in the short term.       


Index volatilie short-term Monep in France.

Nominal value

Registered on title, it is the amount that bears interest. This value is equal to the amount of the issue divided by the number of bonds.      


Volatility index long term (6 months) the Monep in France.

Wall Street

Street or is the American Stock Exchange in New York. Commonly refers to the American financial market.            

Window Dressing

indicates "dress of balance sheet" operations conducted at year-end by portfolio managers to give it a more appealing image.


Refers to meetings of preliminary information about any financial transaction (capital increase, introduction…) from analysts, journalists, shareholders.           


Said a seller of options.


As good called the option. Product similar in principle to an option, but which is legally a security listed on the cash. It cannot be sold short. It allows to buy (Call warrant) or to sell (put warrant) a quantity (quota) of a value support any (action, obligation, index, currency, etc.) at a fixed price (the strike price) until a date determined (the deadline). Warrants are typically issued by banks that provide continuous trading.  


West Texas Intermediate, this is a barrel of oil of 159 litres.


Warszawski Indeks Gieldowy, index of the nearly 300 values Warsaw Stock Exchange.    


system of electronic trading of securities quoted on the German stock exchanges.    


index of the bourse de Montréal 25 values.


Mnemonic designating the spot of a barrel of oil of 159 litres course.            


Bond issued by a non-US issuer in the U.S. market. This allows to remove the risk of change for U.S. subscribers.      

Yo-Yo stocks

Value which the courses are changing rapidly.


Japanese currency.     


Chinese currency.


Anglo-saxon term used to describe the performance of a title.            

Z score

Figure calculated from many accounting and financial ratios that indicates the risk of failure of a company.           


In the jargon of the financial professionals this means institutional investors.

Zero coupon

Zero Coupon bond. Type of bond which is characterized by a lack of distribution of coupons throughout the life of the bond. In return at maturity refund is greater than the nominal value. These obligations are prohibited in France.        

Euro area

Values in the compartment on the side with this name. These are foreign companies which are listed on the french market.