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Our Glossary



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Effective rate of interest (also yield) Actual yield of an investment, taking into account all inflows and outflows on the basis of the investment’s maturity.
Estimate (Estimated) quotation without transaction.
EURIBOR Interest rate at which money is offered among leading banks at 11am Brussels time in the EMU zone (EMU = European Economic and Monetary Union).
Euro interest swap rate A fixed rate of interest that large European banks agree on for money with certain maturities of more than one year. “Interest swap” means that two parties agree to swap their expected interest flows. These rates are quoted daily and are based on the average of the interest rates quoted by 16 European banks. At this rate, these banks would be prepared to buy and sell a swap at the according maturity and amount in internet bank trading. The rates are based on the 6M Euribor with the exception of the maturity of one year, where rates are derived from the 3M Euribor.
Exchange quotation Official admission of a share or a bond to a security exchange.
Exchange quotation Listing on an official exchange.
Ex-dividend day The day a share is traded ex-rights (e.g. dividends, subscription rights, splits).
Express certificate Express certificates offer the chance of high coupon payments at reduced levels of risk. Even minor increases or sideways movements in the price of the underlying instrument trigger attractive return rates that exceed the market interest rate substantially. On top of that the safety cushion that is part of the structure offers partial protection against losses. Express certificates tend to come with maturities of one to four years.


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