Cyber*School

written order by which one party instructs another party to pay a specified sum to a third party

Are all other foreign funds (no white or white blossoms) without a tax representative in the domestic country. If investors can adduce the tax statement (distributed income) from a foreign capital investment company, the fund will turn white!

Mathematical model for the calculation of option prices, named after the Americans Fischer Black and Myron Scholes. It is the international standard and most widely used model, which calculates a fair option price.

An approximately two-week period before the publication of the issue prospectus. During this period, no research data will be published by the issuer or the issuing bank.

see open exposure

Term for the minority stake in a company, by which, however important corporate decisions such as the amendment of articles of association of the company, can be prevented. The blocking minority for public limited companies is situated at 25%.

Limit order, which can only be executed at certain minimum quantities (blocks).

Term used to describe equities from large, first-class companies whose price is expected to develop positively and continually because of their corporate size and performance.

A debt investment in which an investor loans money to an entity (corporate or governmental) that borrows the funds for a defined period of time at a fixed interest rate. Bonds are used by companies, municipalities, states and U.S. and foreign governments to finance a variety of projects and activities. Bonds are commonly referred to as fixed-income securities and are one of the three main asset classes, along with stocks and cash equivalents.

The essential data of a bond printed in the bond prospectus.

Futures contracts whose underlying is a bond.

Market for fixed-income securities. The bond market is measured by revenues and the number of listed securities and new issues of greater significance than the stock market (securities markets).

an evaluation of the possible risk of credit losses due to a bond issuer's default, based on an analysis of the issuer's financial condition as well as the structure and terms of the debt instrument

similar to convertible bondin contrast to convertible bonds the option can be segregated from the bond and traded seperately

(Bonus shares) Term for shares issued in connection with capital increases from retained earnings.

Money used in cashless payment transactions, eg for transfers from one account to another.

Accounting profit that has already been made but not yet realized by a transaction. e.g. in connection with a stock whose price has increased, but is still held.

Carrying amount corresponds the equity capital divided by the number of shares. If the carrying value is considerably higher than the price of a stock, it is regarded as a potential buy signal. See also: value at which an asset is disclosed in the balance sheet.

Bootstrapping is the procedure which is used for the calculation of a zero curve out of the given yield structure of financial instruments.

defined as an assessment of borrower risk on the basis of a specified and distinct set of rating criteria, from which estimates of the probability of default are derived