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| Account Settlement Price |
First price listed on the Forward Market on the settlement day. The account settlement price is the price on the base of which the settlement of a transaction executed during the current period can be postponed to the next period.
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| Active ETF |
Exchange Traded Fund managed actively by adjusting its exposure to its benchmark index.
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| All or None |
An order in NSC used to make sure the entire amount of the order is filled or none of it. This differs from "Fill or Kill" orders because "All or None" orders do not require immediate execution.
Since 1st September 2003, this kind of order is not anymore available, refering to official Notice n°2003-2778, released on 25/08/03
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| Alpha |
Portion of the return on an asset (or group of assets) that depends neither on its specific characteristics nor on market fluctuations. Alpha therefore measures the expected return on an asset (or group of assets) when the market (or benchmark) is totally flat. The higher the alpha, the less the performance of an asset or group of assets depends on the market.
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| Animation contract |
Refers to special agreements between brokerage firms and Euronext, aimed at boosting the liquidity of shares in medium-sized listed companies. Market authorities appoint a recognized specialist or animateur which agrees to quote spreads for the stock concerned on the central orderbook, subject to certain conditions.
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| Arbitraging |
Taking advantage of discrepancies between the traded price of an ETF and its indicative net asset value.
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| Ask |
The price at which a trader or marketmaker is willing to sell.
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| Association française des entreprises d'investissement |
The professional body charged with representing Euronext Paris member firms in discussions with French and European authorities, market authorities and employee unions.
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| Autorité des Marchés Financiers (AMF) |
French securities regulator. Formed in August 2003 from the merger of two regulatory authorities, the Commission des Opérations de Bourse (COB) and the Conseil des Marchés Financiers (CMF), the AMF is an independent authority vested with legal personality. It has a three-fold remit:
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protect investments in financial instruments or any other instrument offered to the public,
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ensure that investors are properly informed,
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maintain orderly markets in financial instruments.
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| Average Maturity |
The lifetime of a bond, concluding when the final payment of that obligation is due.
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