Cyber*School

(Market makers) Market participants (mostly banks), which provide during the entire trading hours bid and offer prices. This ensures sufficient liquidity in the market.

(Market order) order without giving a price limit. The entire order is executed as soon as possible at the best price. The top order can also be provided with the execution restrictions Fill-or-Kill or immediate-or-cancel.

Everyone who buys and/or sells financial instruments on their own or third party account by means of the exchange companies operated markets.

another designation for market risk

another designation for market risk

risk of deterioration of a banks profits, due to a unfavourable developement of market prices (e.g. securities, foreign exchange, interest rates etc.)

(keep, hold, or neutral) Opinion of an analyst that a share will develop parallel to an (sectoral) index.

a type of foreign bondindicates a bond which is issued from a foreign entity in Spain denominated in EUR

This is the matching of supply and demand, corresponding to the pricing rules.

another designation for maturity period

Funds with limited runtime from the outset. Investors can only buy these funds during a tight subscription period. Afterwards the issue of the shares is set. Invested capital remains in the fund until the end of the term. However, investors can sell their fund shares during the term on each trading day. At the expiration date of the entire fund is dissolved and invested capital including accrued income is distributed to the shareholders.

Liquidity / maturity matching

are defined as arrangements concerning capital payment flows (e.g. the capital redemption profiles of a loan, such as final maturity or annuity)

Result of different interest sensitivities of lending business and deposit-taking business of a bank. For example a bank is not refinancing its receivables with liabilities of the same period. That is increasing profits if long-term bonds are purchased and short-term refinanced if the interest rate curve is normal and short-term money is cheaper than long-term. Risk: Interest rate curve gets inverse.

another designation for end of the term or due date

Largest temporary decline in value after reaching a peak until the next positive counter movement. Tells how much the fund has dropped at its largest downward movement.

Maximum monthly or annual loss which the Fund has experienced so far.

Maximum monthly or annual appreciation which the Fund has experienced so far.

Medium-term bonds are the counterpart of the banks to the Federal Treasury bills. They are used for short-term capital increase.

Dealer transactions between banks are conducted at the same rate.