Cyber*School

abbr. refinancing

Banks borrow to be able to lend. They can either borrow at the money market or the capital market. Cost of refinancing is determined by the uncertainty of the future interest rate development.

Name shares are registered in the name of a natural or legal person, which is the name of the shareholder. The name is recorded in the share register of the Company. Opposite: bearer shares

Remaining maturity of debt securities from a transaction date or another date until maturity.

The replacement risk is the risk of the bank that additional costs in replacing the same position in the market occur when a partner defaults.

abbr. for repurchase agreement,sale of securities with an simultaneous agreement, to repurchase them on a future date,A repo corresponds de facto to a security callateralized credit-taking.Basically there are two types US-style repo (classic repo) and sell and buy back.The PSA/ISMA Repurchase master agreement serves usually as the legal basis. opposite of repo: reverse repo

White flowers Fund (so-called reporting funds) is treated for tax purposes as a domestic fund. Distribution income be verified by a tax representative in Germany (bank or public accountants) annually and the distribution and income equivalent returns are reported on an annual basis. The proportion of interest income is reported daily.

Short for Special Government Representative for the capital market.

A form of short-term borrowing for dealers in government securities. The dealer sells the government securities to investors, usually on an overnight basis, and buys them back the following day. For the party selling the security (and agreeing to repurchase it in the future) it is a repo; for the party on the other end of the transaction, (buying the security and agreeing to sell in the future) it is a reverse repurchase agreement. Fundamental distinction is made between US-style repo (classic repo) and sell and buy back. The legal basis is the ISMA Purchase Master Agreement (ISMA Framework Agreement)

A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. Share repurchase is usually an indication that the company's management thinks the shares are undervalued. The company can buy shares directly from the market or offer its shareholder the option to tender their shares directly to the company at a fixed price.

see Securitization

(reserve account) account at the central bank on which a business partner maintains reserve balances.

A type of mortgage-backed debt obligation whose cash flows come from residential debt, such as mortgages, home-equity loans and subprime mortgages. A residential mortgage-backed security is comprised of a pool of mortgage loans created by banks and other financial institutions. The cash flows from each of the pooled mortgages is packaged by a special purpose entity into classes and tranches, which then issues securities and can be purchased by investors.

A chart point or range that caps an increase in the level of a stock or index over a period of time. An area of resistance or resistance level indicates that the stock or index is finding it difficult to break through it, and may head lower in the near term. The more times that the stock or index has tried unsuccessfully to break through the resistance level, the more formidable that area of resistance becomes. On an interesting note, resistance levels can often turn into support areas once they have been breached. Resistance and support levels are widely used by experienced traders to formulate trading strategies.

(ROD) Temporary validity determination for unrestricted limit orders: rest-of-day

These shares can only be transferred to other owners with the consent of the corporation.

german abbr. Result from ordinary activities

In order that loans may be assigned as retail exposure, the following criteria must be met: borrowers criterion (borrower is a physical person or SME); Product criterion (revolving credit and credit lines, private loan or lease receivable or loans and lines of credit to SMEs); low loan amount (less than 1 million €)

the retail price index is a measure for the average development of the prices of a basket of retail goods (incl. VAT)

The entirety of all measures after leaving the working life of saved assets or accrued benefits to cover the further livelihood without restrictions in living standards. The pension system consists of three pillars: statutory pension scheme, company pension schemes and private pension plans.