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| SBF 120 Index |
A French stockmarket index introduced in autumn 1993.Component stocks include CAC 40 stocks plus a selection of 80 additional major, continuously-traded French stocks. Calculated continuously.
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| SBF 250 Index |
A French stockmarket index introduced in autumn 1993. 250 component stocks in all, representing all sectors of the Premier Marché. Calculated twice daily.
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| SBF 80 Index |
A French stockmarket index introduced in 1998. Component stocks are the eighty SBF 120-index stocks not included in the CAC 40. The SBF 80 is calculated continuously.
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| SBF FCI Index |
An index based on a selection of convertible bonds with the highest market capitalization. Calculated twice daily.
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| Second Marché Index |
An index composed of all French securities listed on the Second Marché, calculated twide daily.
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| Secondary market |
Market where previously issued shares are bought and sold. See Primary market
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| Securitised derivative |
Instruments that derive their value from another security (the underlying security), such as a share, share price index, currency or bond.
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| Share |
Security evidencing ownership in the capital of the issuing company. Shares may pay dividends to their owners and entitle them to vote at shareholder meetings. Shares may be listed on the stock exchange. Also known as a stock or an equity.
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| Shareholder |
Person who owns shares in a company. When a shareholder acquires shares in a company, he or she also acquires rights on that company, viz. to receive information from it, to attend its general meetings, and to receive dividends.
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| Sicovam Code |
SICOVAM Code, the official code assigned by Sicovam SA to each security traded in France. Used by traders and back-office units, this is attributed by Sicocam SA in its role as Agence Française de Codification (AFC). When a single issue involves securities with different features - i.e., for different tranches/maturities of a given bond issue - several different codes may be assigned.
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| Société d’Investissement à Capital Variable (SICAV) |
Incorporated collective investment scheme with variable capital. SICAVs are companies and issue shares, unlike FCPs, which are unincorporated and issue units. The sole purpose of these companies is to manage a securities portfolio on behalf of their shareholders, who can buy or sell shares on a daily basis depending on the net asset value of the portfolio.
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| Spot |
The latest trading price of the underlying share or index.
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| Spread (bid/offer) |
Difference between the lowest offers price and highest bid price on the secondary market.
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| Stock Dividends |
A dividend paid in stock rather than cash.
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| Strike |
See Exercise Price
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| Strike price |
The price at which the owner of a warrant can purchase (call) or sell (put) the underlying. Used interchangeably with exercise price.
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| Subscription |
Acquisition of shares or units in a fund by an investor.
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| Subscription fee |
Entry fee, generally calculated as a percentage of the invested amount, that investors pay each time they buy shares or units in a fund. There are actually two types of fee: a commission charged by the fund to ensure that all unit-holders or shareholders are treated equally (an investor who buys into a fund generates individual expenses that should not be borne by the other investors) and a commission paid to the company that manages or distributes the fund.
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| Subscription/redemption |
Process whereby the fund manager creates and cancels shares or units.
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| Synthetic replication |
Method of constructing an investment with derivatives (options, futures, etc.), enabling the fund manager to capture the performance of the index components with holding them directly.
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