![]() ![]() He lives near Genoa, the largest city in the coastal region of Liguria and works for a SIM which is a member of the Italian Stock Exchange and offers brokerage services on the worlds main financial markets. Basically comprises anything from shares to derivatives.Īndrew Lawford is a New Zealander who has lived in Italy on and off for nearly four years. Literally "underwriter", but refers to anyone purchasing financial instruments at the moment of emmission. ![]() Nearest equivalent of a stockbroking firmĪny offer made to the public designed to encourage investment in a specific financial instrument or the sale/exchange of instruments already held. SIM (Società di Intermediazione Mobiliare) Open-ended investment company (equivalent of a UK Investment Trust, but unlisted) SICAV (Società di Investimento a Capitale Variabile) Large or important shareholding ( partecipazione rilevante - a shareholding exceeding 2% of the shares in a listed company)Īn insurance policy paying capital or an income to a beneficiary upon the death of the insured.Īs above, but the capital or income is paid to a beneficiary during the life of the insured.Įffective return (yield calculated on current price) Placement of shares in a company already listed.īenchmark (objective reference point for an investment) Public bid for a listed company (can be further defined depending on whether the aim is to acquire total control etc.)Īs above, but the bidder offers other financial instruments as consideration. General term to indicate collective managed fund vehicles OICR (Organismo di investimento collettivo del risparmio) Not Negotiable (usually written on the back of a cheque by the drawer) The electronic register system for financial instruments. Superceded by the SPMIB 40 during the course of 2004. Since replaced by Expandi, the third tier of the Italian stockmarket.įormer main Italian stockmarket index. ISVAP (Istituto per la Vigilanza sulle Assicurazioni Private e di interesse collettivo) Investor (although for private individuals, the term risparmiatore (saver) is equally as common. Generic term to describe any entity that is authorised to offer investment services. number of shares in circulation for a particular listed company)Īccount balance - Giacenza media = the average balance over a period of time. Guarantee (given by one person/entity for the obligations of another).įree float (i.e. The old name for the Italian stockmarket index future. Offer document required to be filed as part of a take-over bid etc. Also used in stockmarket circles to mean "bid". (This term is used for authorised signatories to an account) Zero coupon Italian government bonds with maturities at 18 or 24 months.Īuthorisation. The full price of a bond (both capital value and accrued interest payable) The price of a bond considered without accrued interest The price of a financial instrument attributed to it during market trading Works in conjunction with the Banca d'Italia. Italian market regulator (equivalent of the SEC in the US or the FSA in the UK). Term used in conjunction with IPO for shares, or generally referring to the sale of any financial product.ĬONSOB (Commissione Nazionale per le Società e la Borsa) Medium-long term Italian government bonds indexed to the current BOT yield. Medium-long term Italian government bonds with maturities ranging from 3 to 30 years and with half-yearly coupon payments.Ĭentral counterparty for both the cash and derivativ es markets in Italy ![]() Interest is paid at maturity (as if it were a zero-coupon). Short-dated Italian government bonds with maturities ranging from 2 months to one year. Long-dated bonds emitted by regional government bodies Long-dated bonds emitted by provincial government bodies TT or telegraphic transfer (international) Long-dated bonds emitted by local government bodies ![]() Generally more locally focussed.įinancial statements (both balance sheet and Profit & Loss account for a given period) A peculiarity of the Italian market, these shares have no voting rights but receive a larger dividend than ordinary shares.Ĭo-operative banks with limited liability. Capital increase (usually in the form of a rights issue) Rights = diritti ![]()
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