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Securities traders who conduct their client's business mostly over the internet.
Designation of share markets in developing countries, particularly those in Latin America, South-East Asia and Central/Eastern Europe. Many of these markets are said to have high growth potential because economic growth there is or has been stronger than for large industrial nations.
Equity linked notes
The US term for structured products based on stocks.
Exchange traded structured funds are structured products in the form of a fund. Legally, an ETSF is a fund that integrates options in the fund.
EUREX is one of the world's biggest forwards exchanges where unsecuritized derivatives such as options and futures are traded. It was created when SOFFEX (Swiss Options and Financial Futures) and Deutsche Terminbörse (Germany's forwards exchange) were merged.
European interbank offered rate, Europe's reference rate.
European knock-in (barrier)
This type of barrier does not affect the price of the underlying during its term; only the price at the time of final fixing counts. The European barrier is breached only if the underlying's price is at or below the barrier at that time.
The exercise right of a European option, unlike with an American-style option, can only be exercised at the end of the option's term.
The European Structured Investment Products Association unites the most important derivatives associations under one banner. Uniform categorization gives EUSIPA greater transparency between the individual exchanges.
The European Warrant Exchange, next to Scoach, is one of Europe's biggest traders for structured products. It is run by the Stuttgart exchange.
The number of units of the underlying that can be purchased or sold with the structured product/option. This is the inverse of the ratio.
Exchange traded commodities (ETCs)
Commodity-based tracker certificates that are traded on an exchange. Unlike in Switzerland, in Germany these products must be securitized.
Exchange traded funds (ETFs)
Investment funds that are traded on the stock exchange like shares or structured products. The most popular ETFs are based on indices and precious metals.
Exchange traded notes (ETNs)
An imported name for passive index products. A distinction is made between commodity ETNs (ETCs), emerging market ETNs, currency ETNs and stategies ETNs. Unfortunately the term is used for different instruments, thus leading to confusion.
All options include an option right that the holder can exercise at the end of the term (European option) or at any time during the term (American-style option). A call warrant certifies the right to buy a specific volume of a certain underlying at a specified price (exercise price). A put warrant certifies the corresponding right to sell.
Option with more complex payoff structures than plain-vanilla options such as call options.
If wealth is subject to the influence of changing variables (risk factors) there is exposure vis-à-vis these variables.