Cyber*School

The trading book consists of all transactions of the Bank, which are used for generating trading results and to apply their own legal regulations. (see Capital Adequacy Directive).

Day on which trading on regulated exchanges takes place. On Saturdays, Sundays and public holidays, the markets remain closed.

A period of time consisting of one day of business in a financial market, from the opening bell to the closing bell. Within the time frame of the trading session, all orders for the day must be placed, and buyers and sellers both participate in setting current market prices.

A stoppage in the trading of a security for an extended period of time that normally occurs when there is a lack of material financial information on the security. Once the security is suspended, shares of that security cannot be traded on the market until the suspension is lifted or lapses. The exact amount of time for the suspension will be determined on on a case-by-case basis. The most common reason for suspension is due to a lack of publicly available, relevant and current financial information.

Computer systems that enable electronic trading of securities.

see contract size

Expenses incurred when buying or selling securities. Transaction costs include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price the buyer pays). The transaction costs to buyers and sellers are the payments that banks and brokers receive for their roles in these transactions. There are also transaction costs in buying and selling real estate. These fees include the agent's commission and closing costs such as title search fees, appraisal fees and government fees. For the securities account custodian fees have to be paid at the bank.

Internal transfer prices of interest rate risk, liquidity risk, foreign exchange risk and credit spread risk

That price which will be charged between different areas of a company or between companies in a group for internally exchanged services based on market observable reference rates.

see country transfer risk

short-term security issued by the US-Treasury (ministry of finance), T-bills exist in other countries too.

A debt security is issued by the federal government to cover the short to medium-term capital requirement (up to 5-year term). Treasury notes are usually bought by institutional investors.

v. T-bond

Direction of development. In the chart analysis it is assumed that future price movements follow certain trends. Distinction is made between long-term primary trend (more than one year), medium-term secondary trend (up to several months three weeks), short-term tertiary trend (less than three weeks) as well as uptrend and downtrend.

A trend channel consists of two trend lines. Of an upper and a lower trend line.

A ratio developed by Jack Treynor that measures returns earned in excess of that which could have been earned on a riskless investment per each unit of market risk. In other words, the Treynor ratio is a risk-adjusted measure of return based on systematic risk. It is similar to the Sharpe ratio, with the difference being that the Treynor ratio uses beta as the measurement of volatility.

The ounce is a measure of weight that is commonly used for precious metals. A troy ounce is 31.10348013 grams.

Annualized return on a security calculated taking into account the compounding effect.

abbr. Until further notice

Funds that invest their funds in sub-funds, ie in shares of other funds. They thus serve as a form of standardized asset management.