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| MIDCAC |
Created in June 1995, the MIDCAC index has 100 component stocks, all medium-sized French companies listed in Paris, and is calculated on the basis of opening and closing prices.
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| MONEP |
The Paris traded options market founded in 1987. Monep handles equity options, long and short-term options, and index futures.
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| Marché Libre |
A non-regulated market administered by Euronext Paris for transactions in the securities of companies not listed on the Premier Marché, Second Marché or Nouveau Marché. Opened September 23, 1996.
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| Market Capitalization |
Market value of a company at a given point in time. Market capitalisation is calculated by multiplying the number of shares by the share price.
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| Market Maker |
A legal entity that trades for its own account. A market maker must at all times display bid and ask prices, for which minimum quantities and maximum spreads are defined instrument by instrument. A market maker must also meet minimum volume requirements in the contract(s) in which it makes a market. In return, market makers pay lower transaction fees.
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| Market Order |
An order to buy or sell as quickly as possible at the best price available (the prevailing price) when the order reaches the market place.
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| Maturity Date |
Date on which the face value and final interest payment of a fixed income security (for example, bond or note) is due and payable by the debt issuer. For bonds, maturity can range from one day to 30 years or more.
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| Members firms of markets |
Member firms of markets are investment service providers ("entreprises d'investissement" or "établissements de crédit") licensed to trade in securities and/or clear securities transactions.
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| Minimum reference portfolio value for x% exposure |
Net asset value above which the exposure of a SGAM ETF is set at its maximum contractual level.
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| Money (at the money) |
A warrant whose exercise price is near or equal to the underlying security's price.
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| Money (in the money) |
A warrant with an exercise price below (for a call warrant) or above (for a put warrant) the price of the underlying security.
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| Money (out of the money) |
A warrant with an exercise price above (for a call warrant) or below (for a put warrant) the price of the underlying security.
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| Multi-clearer non broker |
Multi-clearer (non-broker): following the January 1, 1992 introduction of distinct licences for each type of activity handled by brokerage firms, member firms with this status are authorized to handle clearing operations only.
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| Multiplier |
Figure used to multiply the cushion in order to calculate risky asset exposure.
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| Mutual Fund |
An investment company that pools money from shareholders and invests in a variety of securities, including stocks, bonds and money market instruments.
A mutual fund stands ready to buy back (redeem) its shares at their current net asset value, which depends on the total market value of the fund's investment portfolio at the time of redemption. As open-end investments, most mutual funds continuously offer new shares to investors.
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