Cyber*School

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.

see Futures and Forwards

Instrument on which an derivative (option, forward contract) is based

v. underlying

(sell) analyst expects a significantly worse price development for a share than for the (industry)index.

(Consortium) merger of banks to perform a security issue (emission) for a customer. The greatest possible range of interested parties should be addressed and their own risk should be minimized.

(Unexpected Loss - UL) defines the possible loss amount of credit risk exposures, which exceeds the expected loss in the context of risk management. This unexpected loss must be backed with equity by financial institutions. (economic capital).

In case of equities usual indication of the price in euros per security. Contrary percent quotation

Commonly used terms in the agreement of deposit and lending business. It is a condition agreed with the customer, but the interest rate adjustment (time scale, indicator) remains open.

in the US-domestic market issued commercial paper,traded on a discountbasis i.e. at a discount to face value (in contrast to ECP)

(US GAAP) International accounting standards that enable international comparisons of enterprise data.

stock market usages

v. US commercial paper