find in the glossary
see Financial diversification.
(finance) loan granted by a pool of banks, also called a syndicate. The reason for this multiplicity of lenders is based on the size of the loan, too big for just one bank to assume the entire risk alone, in spite of its financial solidity.
(finance) option on an interest rate swap. In other words, it grants the holder the right to execute an interest rate swap at a certain date and at set conditions. This instrument is of crucial importance to companies during periods of uncertainty over interest rates. An analogous instrument is represented by the forward swap, or deferred swap, although this does not give the holder any freedom of choice.
The supervisory board is the corporate body of joint-stock companies that have adopted the dual system of management and supervision. It is vested with the responsibilities that are delegated to the board of statutory auditors and the shareholders’ meeting in companies that are organized according to the traditional model.
(finance) only brokers of financial instruments may operate on the screen-based government securities market (“Mercato telematico dei titoli di Stato” – MTS). This market can be broken down into three classes of operators, according to the volume of trades executed on the MTS dealers, primary dealers, and superprimary dealers, who are also called government securities specialists.
(finance) bonds whose redemption or coupons are indexed to the quotations of one of the following financial assets stocks or baskets of stocks listed inside or outside Italy; Italian or non-Italian stock market indices; foreign currencies. Reverse floating rate notes are also considered structured notes.
(finance) in financial jargon, this describes the activity that is normally performed by an investment bank, which separates the coupons that tangibly represent the right to collect interest from the main body of the bond, which instead grants the right to redemption of the principal at its face value.
see Market maker.
(finance) option contracts ( see Option) on individual stocks. They entitle their buyers to exercise the right to sell or buy a specific number of shares at a set price (i.e. strike price) during a predefined period of time.
see Option.
see Securities lending.
(statistics) this is a measure of the variability of data. The more data deviate from their average value, the greater will be their deviation (distance) from the standard (average/median/mode) value. If it is zero, all the data considered have the same value. The standard deviation squared is called variation.
see Dealer.
(finance) acronym of “Società di Intermediazione Mobiliare” (Italian investment company). These companies may trade financial instruments on their own account or for their clients; underwrite and distribute financial instruments to the public on behalf of the issuer; manage private portfolios; receive orders for the purchase and sale of financial instruments.
see Short and long positions.
(accounting) in accounting, equity is defined as the sum of all economic assets available to the company; it tends to coincide with assets. The difference between assets and liabilities is called shareholders’ equity.
Share capital is a value expressed in monetary units of measurement. It ideally comprises a portion of shareholders’ equity, together with reserves, retained earnings and losses from previous financial years.
(commercial law) two patrimonies are separate when claims on the first do not extend in any way to the second. For example, Tom has no proprietary claim on Dick’s property, nor does Tom’s creditor have any claim to it in legal terms, the two patrimonies are separate.
(finance) “senior” and “junior” refer to classes of securities. Senior securities grant their holders first claim to the payment of interest and dividends or redemption of principal before junior security holders. Therefore, the owners of junior securities are entitled to the associated economic benefits only after the senior security holders have been fully satisfied.
(finance) this refers to any operation or tendency to multiply or transform economic assets into securities.
(finance) a secured loan whereby one party, called the lender, lends a specific quantity and type of securities to the counterparty, or borrower, for a set period. The loan is secured by an unavailable amount, equal to the countervalue of the lent securities, which the borrower deposits with the bank retained by the lender to act on its behalf. At maturity, the borrower returns securities of the same type and in the same amount as those borrowed to the lender.
(commercial law) issued solely by companies that have issued ordinary shares listed on regulated markets they have absolutely no voting rights; they grant their owners property rights; they may be issued on a bearer basis.
(finance) a new futures contract offered by Borsa Italiana on the stock market index. Since this contract does not involve transferring ownership of merchandise or securities, the commitment made by the two contracting parties is to exchange an amount of money at maturity. The seller will pay if the index rises, while the buyer will pay if the index falls.
CORPORATE CALENDAR
-
27.03.2024
Financial statements at 31/12/2023
-
29.04.2024
Shareholders' Meeting financial statements at 31/12/2023
-
14.05.2024
Interim report at 31/03/2024
-
01.08.2024
Half-year report at 30/06/2024
-
13.11.2024
Interim report at 30/09/2024
