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EUUSR-17I 1,1018      |   EUUSR-17F 1,0939      |   GBUSR-17F 1,2955      |   DEDJIA-17F 21.040      |   DEDJIA-17I 21.146      |   



Active broker the investment services agent which graduated the broker's course, organized by Sibex and was admitted as an active broker by the Board of Directors of Sibex.
American option option that can be exercised by the buyer anytime during the valability period until the settlement
Arbitrage The simultaneous purchase and sale of an asset in order to profit from a difference in the price. It is a trade that profits by exploiting price differences of identical or similar financial instruments, on different markets or in different forms. Arbitrage exists as a result of market inefficiencies; it provides a mechanism to ensure prices do not deviate substantially from fair value for long periods of time
Ask selling quotation on market. This quotation is formed of quantity and price
B.D. abbreviation for Board of Directors of the company
Basis prospectus the issue prospectus approved either by R.N.S.C. or a competent authority from another member state, and notified to R.N.S.C.; on its basis, an Issuer can request the admission to trading of the structured products on the regulated spot market administered by Sibex
Bear market market situated on an downward trend
Bid buying quotation on market. This quotation is formed of quantity and price.
Black Scholes model for options valuation model developed by Fischer Black and Myon Scholes that calculates the values of the options' premiums, by using the current price of the share, the time to maturity, the strike price, risk-free interest rate and the volatility of the underlying asset.
Bond the bonds are negotiable securities certifying the creditor status of its holder; the issuer can be the state, a public body of the central or local administration or a company. The bonds give the holder the right to receive an interest and will be redeemed at the settlement by the Issuer.
Break-even point price level where the investor's win is equal with the loss; the result is 0.
Broker the natural person certified by the stock exchange and authorized by R.N.S.C. to negotiate demands and offers and to conclude trades on the regulated market, exclusive in the name of a member of the exchange.
Bull market market situated on an upward trend
Call option option that gives to the buyer of the option the right, but not the obligation, to buy the underlying asset until or at the settlement date at the strike price. The seller of the "call" option is bound to sell the underlying asset if the option's buyer exercises it.
Cash settlement adjustment operation of the trades with futures and options contracts through which the Clearing House calculates daily the profits and the losses of the participants, by transfering cash from the account of those who lost in the account of those who won.
Central depository The central depository is that legal person established as a joint-stock company, issuer of nominal shares in accordance with Law no. 31/1990, authorised and supervised by C.N.V.M., which deposits securities and carries out other related operations, performs clearing-settlement operations related to securities transactions.
Clearing liquidation of an interest in futures contracts or options by buying (in case of a short position) or selling (in case of a long position) an equal number of identical contracts
Clearing house entity authorized by RNSM in accordance with the regulations issued by it, responsible for the calcutation of the net positions of intermediaries, of a possible central counterparty and/or of a possible settlement agent.
Clearing member intermediary defined according to art.2, para.1, point 14 of Law no. 297/2004 which fulfills the admission requirements established by the regulations of the clearing house/ central counterparty and which has signed a clearing-settlement contract with it
Client natural or legal person that trades shares, futures contracts and options, through an authorized intermediary, by using own funding sources and assuming the entire risk arising from this activity
Client account financial instruments account, opened by a Participant, on behalf of a client that does not fall into the categories: House and Market Maker;
Closed-end investment fund represents a fund listed on an exchange, which accumulates through an initial public offering and administers a determined quantity of financial resources. Thus, unlike the open-end investment funds, the closed-end investment funds have a fixed number of fund units, do not issue continuously fund units to the investors and do not redeem them from the ones which intend to sell them.
Collective investment undertaking organised undertakings, with or without legal personality, which attract, either privately or publicly, the financial resources of natural and/or legal persons, in order to invest them in accordance with the provisions of Law no. 297/2004 and with R.N.S.C. regulations
Commision the fee charged by the broker/exchange (other implied financial institutions) for the selling/buying of financial instruments.
Common account investition made on behalf of two or more persons or over which two or more persons have rights that can be exercised by the signature of one or more persons from those mentioned.
Covered position
  1. Trade that was cleared by another equal and contrary trade; for example, if a futures contract on a certain underlying asset was bought and after that a call option on the same underlying asset and the same settlement was sold, the position is covered.
  2. Redemption of the contracts sold previously in order to cover the short position.
Cross financial instruments trade made by an intermediary (I.F.) where both the buyer and the seller are its clients
Custodian an Intermediary which is enlisted in the R.N.S.C. Registry, and its activity is the safekeeping and administration of financial instruments on behalf of its clients, including carrying out custody and related services to it, such as cash / collateral management and has contracted to participate in the system of a central depository;
Delta coefficient indicator that expresses the sensitivity of the price (premium) of an option at the fluctuation of the underlying asset's price; it represents the first derivative of the option's price in relation to the price of the underlying asset.
Depository that credit institution in Romania, authorised by the National Bank of Romania in accordance with banking legislation, or a Romanian branch of a credit institution authorized in a Member State, approved by C.N.V.M. to conduct depository activities, in accordance with the provisions of this law, and which is entrusted with all the assets of an O.P.C.V.M. for safekeeping.
Derivatives financial instruments financial instruments whose value depends on (derives from) the value of another asset, as: a share, a bond, a commodity, an index of shares' price, etc; these can be financial futures contracts, inclusive similar contracts with final settlement in funds, options on futures contracts, commodities, currencies, etc.
Discretionary account account in which the intermediary is authorized by the client to perform all the operations related to portfolio management (buying and selling of securities, making of any legal acts required for the portfolio management)
Dividend share of the net profit paid by a company to its shareholders; the dividends can be paid as cash, packages of shares or both.
ELTRANS the electronic trading platform
Equity securities
  • Shares issued by companies and other securities equivalent to shares in companies, traded on the capital market
  • Bonds or other debt securities, including government bonds with maturity of over 12 months, which are negociable on the capital market
  • Any other securities normally dealt in, giving the right to acquire any such transferable securities by subscription or exchange, or giving rise to a cash settlement, excluding instruments of payment.
European option option that can be exercised only at the settlement date
Exchange market of general interest, regulated and authorized, that ensures to the members and their clients generalized conditions for negotioation and risk management through trading and clearing systems.
Exercise exercise of an option on a futures contract means the acquisition of eigher a long or a short interest on the underlying futures contract of the option - a long futures interest if a CALL option is execised or a short futures interest if a PUT option is exercised.
FAK Order - Fill And Kill is the order added in the market for the execution of the largest possible volume at the specified price or a better one, and if in the market there isn`t an available volume for the instant execution of all the required volume, the order will be partially executed; the unexecuted remaining volume will be automatically cancelled.
Financial calendar transmission calendar of financial and economic situation of an Issuer in order to fulfill its obligation of periodical information;
Firm Order (firm) - simple form is the trading order that will be executed at the specified price or a better one. The remaining volume, in the case of partial execution, will remain available in the market at the specified price.
FOK Order - Fill Or Kill is the order added in the market for the instant and complete execution of the specified volume at the specified price or a better one, otherwise the order is automatically cancelled.
Forced liquidation forced closing of the open interests
Framework offering programme a plan which would permit the issuance of non-equity securities, in a continuous or repeated manner during a specified issuing period;
Free float Percentage of the distribution of shares distributed to the public, which is calculated as the ratio between the number of shares distributed to the public and the total number of issued and circulating shares of an issuer;
Fundamental analysis
  1. Analysis of indicators such as interest rates, gross national product, inflation, unemployment, stocks etc. in order to predict the evolution direction of the economy
  2. Analysis of the balance sheet and profit and loss account of a company in order to predint the evolution direction of the share's price
Futures contract a contractual agreement to buy or sell a particular commodity or financial instrument at a pre-determined price in the future, which gives each party:
  1. The possibility of clearing it anytime before the settlement
  2. The possibility to fulfill its contractual obligations at the maturity, on the basis of a notification
Gamma coefficient indicator that expresses the sensitivity of delta coefficient at the modification of the underlying asset's price and it is measured as the second derivative of the option's price in relation to the underlying asset's price.
GLOBAL CLIENTS account the account opened by a Participant on the regulated spot market on behalf of its clients;
Good for Day order available during the current trading session; it is automatically deleted from the electronic trading system after the closing of the session if it wasn't executed.
Good Till Cancel order available until it is cancelled, it remains in the market even after the closing of the session, and it is maximum validity is until the contract's settlement;
Good Till Date order available up to a certain specified date, no later than 45 calendar days after the date when the order was added in the market and no later than the settlement date.
Hedging A type of transaction that limits investment risk with the use of derivatives, such as options and futures contracts. Hedging transactions purchase opposite positions in the market in order to ensure a certain amount of gain or loss on a trade. They are employed by portfolio managers to reduce portfolio risk and volatility or lock in profits.
HOUSE account account opened by a Participant in the regulated spot market, in his own name;
Index statistical indicators that measures the overall performance of an activity or the evolution/dynamics of economic-social phenomens; the stock market exchange represents a series of shares listed on the stock exchange and reflects the value of its components in a statistical way.
Initial public offering sale offering to the public of a company's titles, made for the first time; after the initial offering, the titles are traded on the secondary market.
Initiating Participant Intermediary who provide the necessary support to issuers for admission and promotion to trading, under this Regulation
Intermediary company for financial investment services, authorized by R.N.S.C., credit institutions authorized by the National Bank of Romania, in accordance with applicable banking laws and the entities of this nature authorized in Member or non-Member States to provide financial investment services such as those provided in Article 7, para.1 point .6 of Gov. no. 99/2006 on credit institutions and capital adequacy, approved with amendments and completions by Law no.227/2007 with amendments and completions.
Intraday trade interest initiated and liquidated during the same trading session
Investment firm legal person, established as joint-stock company, issuer of nominative shares, according to Law no. 31/1990, which has as its regular business the provision of investment services and which functions only based on the authorisation granted by R.N.S.C.
Investment services agent the natural person authorized by RNSC, that acts as exclusive representative of an Investment firm for the prestation of financial services on the capital market on that company's behalf.
Investor any natural or legal person, that buys, holds, sells and/or changes financial instruments, on its account and risk, in order to obtain profit from the dividends, interests for the respective financial instruments or from the modification of their market value.
Issue
  1. The operation by which securities of the same type and classs are offered by the Issuer to the potention investors, for subscription.
  2. All the securities of the same type and class issued by an Issuer at a certain date.
Issuer the entity with / without legal personality, which has issued or intends to issue financial instruments that are or will be traded on a local regulated market, or a local alternative trading system or on a regulated market in the EU;
Last trading day the third Friday of the settlement month. If the third Friday of the settlement month is not a business day, the settlement date will be the business day preceding the third Friday of the settlement month.
Law 297/2004 Law no. 297/2004 regarding the capital market, with amendments and completions.
Law 31/1990 Law no. 31/1990 regarding commercial companies, republished, with subsequent modifications and additions;
Leverage effect means the possibility to obtain a high yield from an initial investment lower than in the case of classical investments, through the margin.
Liquidation closing of an interest through a trade of the same size and contrary direction
Liquidity characteristic of a market where the size and the speed of the trades are sufficient to absorb more orders, with a minimal influence on the price
Long position open buying interest on the derivatives market
Margin the amount of money that a participant on the market must deposit in a margin account when it adds a sell or a buy order
Margin call A broker's demand on an investor using margin to deposit additional money or securities so that the margin account is brought up to the minimum maintenance margin. Margin calls occur when the margin account value depresses to a value calculated by the broker's particular formula.
Marked to market daily adjustment of the margin account in order to reflect the profit or the loss for the open interests; marking to market is made at the quotation price of the trading session, if the Clearing House does not decide otherwise.
Market capitalization the product between the number of shares issued by the company and the quotation of the shares
Market operator legal person established under the form of a joint-stock company, issuer of nominal shares in accordance with Law no. 31/1990, authorised and supervised by R.N.S.C., that organizes and administers the regulated financial instruments markets.
Market-Maker Participant on the regulated derivatives market administered by Sibex, which is continuously present on the market in order to trade on its own behalf and acts as a seller or buyer of financial instruments, by engaging its own capital, at the prices displayed by him.
Maximum admitted price variation on SIBEX market, it represents the range within which the price of a futures contract can fluctuate within a trading session. This variation is established separately for each contract and is calculated daily depending on the quotation price of the previous day. For example, if for o futures contract on shares the maximum admitted price variation is 0,3500 Ron/share, and the quotation price of the current day is 3,4500, then during the next trading session the respective contract can be traded between te values (3,4500 + 0,3500) and (3,4500 - 0,3500) respective 3,800 and 3,100.
Maximum fluctuation of the price the maximum value with which the price can modify during a trading session
MO Order - Market Order is the order added in the market for the instant execution of the largest possible volume of the specified volume, regardless of price. If there isn't an available volume in the market for the instant execution of all the specified volume, the order will be partially executed; the unexecuted remaining volume will be automatically cancelled.
Municipal bonds bonds issued by authorities of the local public administration, respective by the counties, municipalities, cities and villages;
N.T.R.O. the competent National Trade Register Office
Nominal value in case of shares, it is the value set through the statute by the Issuer; this is different from the market value of the respective share, which fluctuates periodically.
Open interest bought/sold futures or option contract, which weren't yet liquidated.
Open- end investment fund collective securities investment undertaking with no legal personality, which accumulates funds from the shareholders and invests in a portfolio of shares, bonds or other derivatives titles and whose fund units are subject to ongoing issuing and repurchasing
Option a sale-purchase contract between two parties, which gives to buyer the right, but not the obligation, to buy or sell a certain quantity of commodities, currencies, securities or financial instruments at a pre-established price, at or before a certain date called settlement.
OTC market
  1. The market where the unstandardized contracts are bought or sold between the parties without being traded on the stock exchange
  2. The market where products like shares, currencies or other financial instruments are bought by phone or other communication ways.
Participant Intermediaries and traders enlisted in the Public Registry of R.N.S.C. which trade on the regulated markets administered by Sibex
Preemptive right the right of a common shares' holder to buy common shares from a new issue at the subscription price, before the selling of the issue through public offering
Premium the price that the option's buyer pays to the option"s seller; the premiums are freely set on the market by the buyers and the sellers according to the rules of the exchange where they are traded.
Price tick represents the minimum fluctuation of a financial instrument's price
Primary market is the market where the new issed titles are sold and/or bought, financing in this way the economic agents
Prospectus for admission to trading prospectus prepared in accordance with the legislation in force, regarding the admission of financial instruments on the regulated spot market or alternative trading system, administered by Sibex
Public purchase offering the offering of a person to buy securities or other rights attached to them, distributed by mass information measures or communicated through other ways, but with the condition of the possibility of equal reception from the owners of the respective securities.
Public sale offering the offering of a person to sell securities or other rights attached to them, distributed by mass information measures or communicated through other ways, with the condition of the possibility of equal reception from minimum 100 persons undetermined in any way by the offering's author.
Put option option that gives to the buyer of the option the right, but not the obligation, to sell the underlying asset until or at the settlement date at the strike price in exchange of the premium paid to the seller when they conclude the trade. The seller of the "put" option is bound to buy the underlying asset if the option is exercised.
Quotation the market value of the asset that underlies the futures contract, at a certain moment
Record date the calendar date established by the Shareholders General Meeting, for identifying the shareholders on which the effects of that shareholders general meeting's decisions reflect
Relevant persons (staff) account the account opened at I.F., on behalf of administrators, managers, shareholders, auditors, investment services agents or of any other employees or collaborators of I.F., as well as of the persons with which they interface in order to highlight the holdings and the operations with financial instruments and cash.
Rho coefficient indicator that expresses the sensitivity of the option's premium at the fluctuation of the interest rate; rho is measured as the first derivative of the option's price in relation to the interest rate.
Risk the probability that a particular investment or speculative trade generate loss due to the unpredictable and volatile evolution of the price; the systematic risk or the market risk is the risk that affects all the traded asssets; the unsystematic risk or the specific risk of the company is related to that traded product and has an insignificant influence on the other assets' price.
Robid the average interest rate on the interbank market; the interest rate granted by a bank for the deposits constituted at it is lower than BUBID, the bank taking a profit from the difference
Robor the average interest for the loans granted on the interbank market; the interest rate charged by a bank for the granted credits is higher than BUBOR, as from the received sum the bank must cover the costs of the resources obtained from credits on the interbank market (BUBOR)
Romanian Clearing House the clearing house agreed by Sibex
Romanian National Securities Commission (R.N.S.C.) autonomous administrative authority with legal personality, which regulates and supervises the capital market, regulated commodities markets and regulated derivatives markets, as well as the institutions and their specific operations.
S.G.M. abbreviation for Shareholders General Meeting. It can be ordinary (in this case, the abbreviation will be S.O.G.M.) or extraordinary (in this case, the abbreviation will be S.E.G.M)
Secondary market represents the organized market that operates according to the authorization and under the supervision of Romanian National Securities Commission (R.N.S.C.) where the titles issued on the primary market can be traded.
Settlement date the last business day of the month when the contract expires and at the end of which the Clearing House liquidates all the remained open interests, according to the specifications.
Shareholder Institutional investor or natural person that owns at least one common or preferred share in a company
Short position open selling interest on the derivatives market
Short selling the selling of securities which are not the property of the seller at the selling date.
SIBEX Depository Central Depository approved by Sibex;
Sibex trading system the electronic system, through which the trades with financial instruments are concluded.
Significant shareholder a natural/legal person or group of persons acting in concert and directly or indirectly hold in a firm 10% or more of the share capital or of the voting rights, or hold enough to exercise a significant influence over the decisions taken in the General Meeting of the Shareholders or in the Board, by case.
Speculation the trial to obtain profit from the favourable price variations; in this process, the speculator assumes the risk transmited by the hedger and thus it ensures liquidity on the market
Spread the difference between the bid and the ask of the derivative financial instrument.
Stock representative title of the shareholder's contribution at the share capital of a joint stock company or partnership limited by shares, which highlights a property right on the Issuer and give the holder the quality of shareholder; the stocks can by common or preffered; the preffered stocks give the holders the right to priority dividend, distributed before any other benefits, as well as the rights of the owners of common stocks, except the right to participate and vote in the general meetings
Stop Order it will be added in the electronic trading system with two price parameters: activation price and execution price. This order is of 2 types: StopLoss and TakeProfit. It is automatically activated when a trade is concluded at the activation price or a lower price for selling "Stop" orders, and at the activation price or a higher price for buying "Stop" orders, and it is displayed in the market at the specified execution price. Once activated, the orders become "Firm" orders and can be updated, withdrawn or cancelled. The withheld "Stop" orders can be viewed, updated, withdrawn or cancelled.
Strike price is the pre-determined price at which futures contracts are sold ir bought, if the option is exercised.
Structured products financial instruments as securities which have an underlying asset, are issued in accordance with a basic prospectus, as well as with the completion documents attached to the respective prospectus and which can be admitted to trading on a regulated spot market, administered bu Sibex. The Issuers of the structured products can be credit institutions, investment firms and other institutions being under the incidence of the authorization and regulation of the competent authorities of the Member or Non-Member states.
Takeover bid public purchase offering that has as result, for the entity that launches it, the promotion and purchasing of more than 33% of voting rights in a company;
Technical analysis study of the historical prices evolution in order to predict the future tendencies. It is based on the analysis of the charts and statistical data, by using a series of indicators in order to interpret and anticipate changes in the prices' evolution.
Theta coefficient indicator that expresses the sensitivity of the option's premium in relation to the passage of time and it represents the first derivative of the option's price in relation to the time period until the settlement.
Trade execution of a buy or sell order for a security or a derivative financial instrument.
Traders legal persons that exclusively deal for their own account in derivative instruments, such as future contracts and options
Trading order set of instructions given in order to conclude a trade
Trading session the period of time, within a day, when trades can be concluded; the trading hours are stipulated in the specifications of each futures and options contract.
Trend the general upward or downward evolution of the prices of a financial instrument or of the entire market
Underlying asset on the derivative instruments market, it represents the commodity that is the subject of the trade (shares, commodities, currencies, indices points, metals, etc)
Vega coefficient indicator that expresses the sensitivity of the option's premium in relation to the volatility of the underlying asset and it represents the first derivative of the option in relation to the volatility of the underlying asset of the option contract.
Volatility extent of the price fluctuation of a financial instrument; the historical volatility represents the amplitude of the prices' variation for a particular period of time from the past.
Volume total number of contracts traded in a particular period of time
Withheld Order is the non-tradable order registered in the electronic trading system, which isn't visible in the market, but ready to be transformed in a "Firm" trading order.
Yield the percentage ratio between the profit generated by an investment and the value of the invested capital