Cyber*School

Daily adaptation of the deposited margin (safety requirements) on the basis of market risk.

abbr. Delta Added Value on Equity

A stock index that represents 30 of the largest and most liquid German companies that trade on the Frankfurt Exchange. The prices used to calculate the DAX Index come through Xetra, an electronic trading system. DAX member companies represent roughly 75% of the aggregate market cap that trades on the Frankfurt Exchange.

Market participants who try to identify and exploit daily trends. Often, the positions are held only for minutes or hours, or are at least closed out on the same day by offsetting transactions.

see intraday limit

A type of debt instrument that is not secured by physical assets or collateral. Debentures are backed only by the general creditworthiness and reputation of the issuer. Both corporations and governments frequently issue this type of bond in order to secure capital. Like other types of bonds, debentures are documented in an indenture.

In the balance sheet of a company's reported debt of a company with varying maturities. Extensive borrowing, increasing the risk of liquidity problems and repayment difficulties.

(Disagio) The debt discount gives the difference between the issue rate and the higher nominal value or repayment course of a loan (issue discount). An issue of shares with discount is not allowed in Germany, with fixed-interest securities it is usual. Opposite: Premium

Debt securities include the right to regain a certain amount after a certain time from the issuer and earn interest during the term.

They arise in the profit centers (home and corporate customer business, branch offices) and are directly attributable to customer business.

According to the Basel Committee, a default is considered to have occurred when either or both of the two following events have taken place:1) The bank considers that the obligor is unlikely to pay its credit obligation in full2) The obligor is past due more than 90 days

Government bonds, which can be delivered in fulfillment of the bond futures.

Fulfilling the obligations in the allocation of a particular call option writer. For certain options (index options) delivery and payment are replaced by cash settlement.

Day on which, in fulfillment of a futures contract, the actual delivery of the underlying takes place.

That month in which the last day of trading for a particular future is situated and where it finally comes to the settlement of the future transaction .

risk factor of options expresses, how much the price of an option changes, if der value of the underlying increases by one unit e.g.: call EURUSD with delta of 0.35 (resp. 35%) meaning: if EURUSD increases by 1 USD ct the price of the option increases by 0.35 USD ct the value of delta is always between 0 and 1 (resp. -1)

The change in operating excess profit. Therefore it is the value created in a given period.

Balances for which the maturity or notice period is not fixed.

Monetary policy instruments of the ESCB, which offers banks the possibility of assessing central bank money overnight at the national central bank at a predetermined interest rate. The interest rate on this constant facility provides the lower limit for the overnight rate, and is therefore one of the key interest rates of the ESCB. As part of the money market operations by the federal bank, this function was taken over from the discount rate earlier.

Deposit-taking businesses are all deposits of the bank. The customer leaves his money to the bank. In return the bank will pay him interest. These transactions are recorded on the liabilities side of the bank's balance sheet.