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38 Cards in this Set
- Front
- Back
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What is a Euroequity tranche?
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US corporations engage in equity offerings which, in addition to the primary US component, include a portion of issuance reserved for sale in the Euromarkets
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What are the two major world stock indexes?
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1. Morgan Stanley Capital International (MSCI); includes US, Canada and EAFE
2. Europe, Australasia and the Far East Index (EAFE Index); excludes US and Canada |
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What is multiple listings of stocks?
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listing of a stock in its home country and on an exchange in at least one other country
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Why do firms want to be listed on foreign exchanges?
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1. diversify sources of capital
2. international ownership diminishes prospect of takeover by other domestic concerns 3. boost product awareness, increase foreign sales |
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What is the Big Bang?
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in equity markets, financial reforms in England in 1986 and Japan in 1966 to liberalize stock trading practices; in London- no minimum commissions, non-stock exchange members can invest in the exchange, allowed broker-dealers- could be both
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What is the Stock Exchange Automated Quotations (SEAQ) bulletin board?
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London International Stock Exchange's computer trading system
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What is the Frankfurt Wertpapierborsen AG (FWB) later renamed the Deutsche Borse (DB)?
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operates Frankfurt Stock Exchange; controlled by both domestic and foreign market participants
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What is Eurex?
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Deutsche TerminBorse and Sofex (Swiss) merge to form world's derivatives exchange
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What is Exchange Electronic Trading (Xetra)?
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new modern, cost efficient electronic trading system in Germany (1997)
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What is the first section?
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where large size, high turnover, large shareownership stocks are listed on Tokyo Stock Exchange
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What is the Computer-Assisted Order-Routing and Execution System (CORES)?
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transactions of all shares take place under it on Tokyo Stock Exchange, trading floor was closed in 1999
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What is Euronext?
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in 2000, Paris, Brussels and Amsterdam exchanges merged to form Euronext; goal was to form a pan-European stock market
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What is the Bourse?
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stock exchange in Paris
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What is the Neuer Markt in Frankfurt?
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attempt to replicate Nasdaq, give European start-up companies access to equity capital and stem flow of entrepreneurial talent to US
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What is a Societe de Bourse?
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in France and Belgium, it is a brokerage firm
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What is a Societa di Intermediazione Mobilaire?
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in Italy, it is a brokerage firm
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What are Sociedades de Valores?
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in Spain, they are brokerage firms
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What is a Computer Assisted Trading System (CATS)?
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computerized stock trading system, developed on the Toronto Stock Exchange, mimiced on many other exchanges
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What is the Itayosa method?
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used on Tokyo Stock Exchange, opens trading with a call market auction and then becomes continuous
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What is the Zaraba auction?
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arranges individual trades that match the lowest sale price to the highest buy price, used on Tokyo Stock Exchange
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What does Cotation Assistee en Continu (CAC) mean?
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fully automated electronic trading system, no need for a trading floor, used on the Bourse
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What is a hoekman?
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a specialist on the Amsterdam Stock Exchange
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What are saitoris?
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special members of the Tokyo Stock Exchange who match buy and sell orders but do not take positions for their own accounts
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What is the Tokyo Stock Price Index (TOPIX)?
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index produced by the Tokyo Stock Exchange; index of First Section
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What is the Nikkei 225 Stock Average?
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financial information firm publishes it; based on largest 225 companies of First Section
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What is the Financial Times Industrial Ordinary Index or FT 30?
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LSE- based on prices of shares of 30 leading companies
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What is the Financial Times-Stock Exchange 100 or FTSE 100?
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based on shares of largest 100 UK firms
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What is the DAX or Deutscher Aktienindex?
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primary German stock index; produced by Frankfurt Stock Exchange; based on 30 most actively traded shares
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What is the FAZ Index?
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German index; compiled by a newspaper; computed from share prices of 100 largest companies listed on the Frankfurt Exchange
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What is the CAC 40 Index?
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in France; produced by stock brokers and the Paris Bourse; based on 40 large and prominent firms traded
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What is the Hang Seng Index?
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produced by the stock exchange of Hong Kong
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What is the TSE 300 Composite?
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index of Toronto Stock Exchange
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What is the Swiss Perfomance Index?
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400 firms
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What is the Financial Times World Index?
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international equity index
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What is the Global Index?
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international equity index
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What is free float?
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portion of outstanding total stock of a corporation that is available for trading on public stock markets; e.g. not held buy government, stocks held by other companies
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What is a Global Depositary Receipt (GDR)?
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corporate equities that are traded in a foreign market are typically in this form; GDRs are issued by banks as evidence of ownership of the underlying stock of a foreign corporation that the bank holds in a trust; allows foreign corporation to bypass regulations of the foreign country
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What is an American Depositary Receipt (ADR)?
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American version of the GDR; benefits- can be traded on US stock market during US hours with US practices, payments are in dollars- although there are currency risks, US custodian- avoid country specific taxes
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