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| ISIN code |
International Securities Identification Number. Used to identify financial instruments (shares, bonds, funds, etc.). Funds and listed companies use ISIN codes issued by Euroclear, France's central securities depository. ISIN codes consist of a 12 character alphanumeric sequence, with the first two letter identifying the country of issuance.
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| ITM |
The ITM assists the issuer in preparing for admission to listing, and makes a market in its shares for the three years following the intial offering. An ITM can also make a market in shares for which it did not act as listing advisor.
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| Implied volatility |
Measure of the underlying’s expected volatility during the warrant’s remaining lifetime. Implied volatility is calculated on the basis of the warrant’s market prices using a valuation model.
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| Index |
An index is a number that measures changes in the economy or financial markets. Some indexes are used as benchmarks that economic or financial performance is measured against. Some well-known market indexes include the Euronext 100 and Next 150, the CAC40, the BEL20, the AEX, and indices from the USA like Standard & Poor's 500 index, Dow Jones Industrial Average (R), NASDAQ Composite (R) Index.
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| Index fund |
Fund that meets one of two criteria:
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the investment objective is based on movements in a stock index and the fund replicates the index by buying and selling its components,
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the fund is listed and its net asset value matches a stock index.
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| Indicative Net Asset Value |
Theoretical value of an ETF, disseminated by Euronext throughout the trading session. The indicative net asset value (NAV) is used as the reference price:
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by liquidity providers and intraday investors,
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to calculate price ranges (+/-1.5% or +/-3% depending on the EFT's investment zone).
Based on the previous day's end-of-trading NAV, the indicative NAV is updated every 15 seconds to reflect changes in the underlying index or portfolio. Euronext stops disseminating the indicative NAV if the level of the index or portfolio is unavailable. It informs the market of any changes in the calculation method.
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| Individual Clearing Member |
Individual clearing member (adhérent compensateur individuel) "ACI" - An ACI can clear and trade all MATIF futures and options for its own account and for clients. An ACI can clear the trades of own-account traders (NCPs) and market makers for whom it is the designated clearer. An ACI can also clear the trades of NECs, provided the ACI itself is not an NEC.
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| Information ratio |
Indicator that measures the stability of excess returns on an asset or group of assets relative to a benchmark. The information ratio divides this outperformance by its tracking error (i.e. the standard deviation of the outperformance). A high information ratio indicates that the asset or group of assets regularly outperforms the benchmark.
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| Initial Public Offering (IPO) |
The first time a company makes its shares available for sale to the public.
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| Issuer |
Company that issues securities.
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