Glossary

Ratio between the share price and earnings per share. The p/E serves to determine the multiple of earnings per share represented by the share price.

Preference shares are shares that pay dividends at a specified rate and have a preference over ordinary shares in the payment of dividends and the liquidation of assets. They do not carry voting rights.

Activity consisting of providing a wide range of services to hedge funds, including financing, securities settlement/delivery, custody, securities lending/borrowing, etc.

An accounting presentation that enables comparison between two financial years by harmonising variable elements such as exchange rates or changes in the consolidation scope.

Ordinary or common shareholder’s capital, excluding all “hybrids”. Also called “Common equity Tier 1”. Called-up share capital and eligible reserves plus equity non-controlling interests, less intangible assets and other regulatory deductions.

Debt securities backed by a portfolio of mortgages that is segregated from the issuer’s other assets solely for the benefit of the holders of the covered bonds

Series of principles and recommendations to be followed by the management of listed companies.

The coupon represents the right of the holder of a security to collect an amount corresponding to the revenue distributed on the security for a given year.

General expenses/Net banking income. This ratio measures operating efficiency. The lower the ratio, the more efficient the operations.

A swap designed to transfer the credit exposure of fixed income products between parties. A credit default swap is also referred to as a credit derivative contract, where the purchaser of the swap makes payments up until the maturity date of a contract. Payments are made to the seller of the swap. In return, the seller agrees to pay off a third party debt in the event of a credit event Credit events usually include bankruptcy and payment default but could also include restructuring and or rating downgrades.