Glossary

Search by keywords

40 Act funds

40 Act funds are those regulated under the the Investment Company Act of 1940.

Abenomics

Abenomics is a growth-oriented economic policy conducted by the Japanese government under Shinzō Abe.

Absolute Return

Anlagestrategie mit dem Ziel absoluter Wertsteigerung

Abwertung

Die gewollte Schwächung einer Währung gegenüber anderen Währungen.

Accommodative

The aim of an accommodative monetary policy is to support the economy by means of monetary expansion.

Active Share

Active Share measures the percentage of stock holdings in a manager's portfolio that differ from the benchmark index. Active Share is calculated by taking the sum of the absolute value of the differences of the weight of each holding in a portfolio versus the weight of each holding in the benchmark index and dividing by two.

Activism

Activism is obtaining a major stake in a company with the aim of making major changes (such as taking it private).

Advanced economies

The term advanced economies is used by the International Monetary Fund to describe developed countries.

Agency bonds

Agency Bonds are bonds issued by a government agency.

Airbnb

Airbnb is a firm enabling individuals to let and rent accomodation.

AKP (Justice and Development Party)

The AKP is a social conservative political Party in Turkey. It is the largest party in Turkey with a majority in the parliament.

Aktienindex, der große und mittelgroße Aktien aus 10 Industrieländern der europäischen Wirtschafts- und Währungsunion abbildet, welche der Bankenbranche zugeordnet werden

The MSCI EMU (European Economic and Monetary Union) Banks Index captures large- and mid-cap stocks from the banks industry group across 10 developed-markets countries in Europe.

Aktienmarktneutrale Strategien

Strategien, die darauf abzielen, in einzelne Aktien und/oder Aktienindizes zu investieren, ohne unter dem Strich ein Risiko bei Schwankungen des Aktienmarkts insgesamt einzugehen

Aktienrückkauf

Kauf eigener Aktien eines Unternehmens

Alerian MLP Index

The Alerian MLP Index is the leading gauge of energy Master Limited Partnerships (MLPs).

Algorithm-based investment strategy

An algorithm-based investment strategy selects securities based on quantitative analysis. The fund's management builds computer-based models to determine whether an investment is attractive.

Alliance 90/The Greens

The Alliance 90/The Greens, also referred to as the "Greens", is a environmentalist political party in Germany that is considered center-left in the German political landscape.

Alpha

Alpha refers to returns in excess of a benchmark's return.

Alternative for Germany (AfD)

The Alternative for Germany (AfD) is a nationally-conservative and right-wing political party in Germany.

Alternative Investments

Alternative investments is a general term for asset types that do not fit into the traditional asset classes of stocks and bonds.  These might include foreign exchange, commodity and real-estate investments.

Alternative-credit strategies

Alternative-credit strategies are typically focused on sub-investment grade and less liquid types of fixed income.

Anleihenversicherer (Monoliner)

Spezialisierter Versicherer, der Wertpapiere gegen Ausfall versichert

Appreciation

In relation to currencies, appreciation refers to a gain of value against another currency over time.

Arbeitsmarktreformprogramm

Programm der spanischen Regierung, um gegen die hohe Arbeitslosigkeit, vor allem bei Jugendlichen, vorzugehen. Vorgesehen sind eine Stärkung der Rechte der Arbeitgeber, um so durch eine größere Flexibilität in Einstellung und Entlassung mehr Arbeitssuchen

Arbeitsproduktivität

Verhältnis zwischen Produktion und eingesetzter Arbeitsleistung

Arbitrage

Arbitrage is the practice of exploiting a price differential between two (or more) markets.

Article 50 of the Lisbon Treaty

Article 50 of the Lisbon Treaty governs the withdrawal of a member state from the European Union.

ASEAN-5

The ASEAN-5 countries are the five largest economies in Southeast Asia - namely Malaysia, Indonesia, Thailand, Singapore and the Philippines.

Asia Pacific (APAC)

Asia Pacific (APAC) is a term used to describe the economic region Asia-Pacific.

Asian crisis

The Asian crisis affected much of East Asia during 1997-1998, with currency devaluations following falling stock markets and rising foreign debt burdens.

Asset Allocation

Asset allocation is the division of investments into individual asset classes (e.g. stocks and bonds).

Asset purchase programme (APP)

The asset purchase programme (APP) refers to purchases of marketable debt instruments by the ECB.

Asset quality review (AQR)

Asset quality review (AQR) is conducted by the ECB in order to ensure the healthiness of banks' balance-sheet and off-balance-sheet.

Asset-backed securities (ABS)

Asset-backed securities (ABS) are securities whose income payments, and thus value, is derived from and collateralized (or "backed") by a specified pool of underlying assets.

Association of Southeast Asian Nations (ASEAN)

The Association of Southeast Asian Nations (ASEAN) is a political and economic organization of 10 countries located in Southeast Asia.

Ausfallraten

Anteil der Kredite, die ihren Zins- oder Tilgungsverpflichtungen nicht nachkommen.

Ausgleichsproduzenten

Hersteller, die über ausreichende freie Kapazitäten verfügen, um ihre Produktion rasch anpassen zu können

Ausländische Direktinvestitionen

Auslandsinvestitionen, die auf den Aufbau und die Kontrolle von Betrieben und Produktionsanlagen abzielen, im Gegensatz zu Portfolioinvestitionen

Ausschüttung

Auszahlung von Gewinnanteilen an die Gesellschafter in Form von Dividenden oder Aktienrückkäufen

Ausschüttungsquote

Prozentsatz des Unternehmensgewinns, der als Dividende ausgeschüttet wird

Außenbeitrag

Wert der Differenz zwischen Aus- und Einfuhren in Form von Waren und Dienstleistungen

Austeritätspolitik

Bezeichnet eine staatliche Haushaltspolitik, die einen ausgeglichenen Staatshaushalt anstrebt

Baby boomers

Baby boomers are people born approximately between the years 1946 and 1964, i.e. during the baby boom after World War II.

Backstop Klausel

Bestandteil des Austrittsabkommens zwischen der EU und dem Vereinigten Königreich, welches vorsieht, dass keine physische Grenze zwischen Nordirland und der Republik Irland im Falle eines ungeregelten Ausstiegs entstehen darf.

Backwardation

Backwardation describes the shape of a futures or forward curve where the price of a contract is trading below the expected spot price.

Bad Bank

Nach dem Gesetz zur Fortentwicklung der Finanzmarktstabilisierung eine Zweckgesellschaft zur Bereinigung einer Bankbilanz

Bail in

A bail in refers to a rescue of a financial institution that requires creditors and depositors to take a partial loss on their holdings.

Bail out

A bail out refers to a rescue of a failing institution through the offer of funds.

Bakken

Bakken is one of the most active oil fields in the United States.

Balance of payments

The balance of payments records all economics transactions of a country with the rest of the world.

Balance sheet

A balance sheet summarizes a company's assets, liabilities and shareholder equity.

Balance-of-payments crisis

A balance-of-payments crisis is often caused by an excessively strong outbound capital flow pulled out by foreign investors.

Banca d'Italia

The Banca d'Italia is the central bank of Italy.

Bank for International Settlements (BIS)

The Bank for International Settlements (BIS) is the international organization of central banks.

Bank of America Merrill Lynch Global Corporate Index

The Bank of America Merrill Lynch Global Corporate Index tracks the performance of investment grade corporate debt securities issued in the U.S. domestic market with at least one year remaining to final maturity.

Bank of England (BoE)

The Bank of England (BoE) is the central bank of the United Kingdom.

Bank of Japan (BOJ)

The Bank of Japan (BOJ) is the central bank of Japan.

Banking union

The planned banking union in the Eurozone would hold the central responsibility for financial-markets oversight, securing of deposits and liquidation of financial institutions.

Barbell strategy

In finance, a barbell strategy means avoiding assets with an average risk-reward profile. A common example of this would be to invest in long- and short-duration bonds but not in intermediate-duration bonds.

Barclays Euro Aggregate Corporate Total Return Index

The Barclays Euro Aggregate Corporate Total Return Index is a bond index containing euro-denominated investment-grade corporate bonds with a maturity of one or more years only.

Barclays Euro High Yield Index

The Barclays Euro High Yield Index captures the performance of Euro high-yield debt securities.

Barclays Global Aggregate Bond Index

The Barclays Global Aggregate Bond Index contains investment-grade bonds from 24 different local currency markets.

Barclays High Yield Index

The Barclays High Yield Index captures the performance of high-yield debt securities.

Barclays iPath S&P 500 VIX Short-Term Futures ETN

The Barclays iPath S&P 500 VIX Short-Term Futures ETN is an exchange traded note that traces the performance of the S&P 500 short-term Vix Futures TR index and therefore profits from increasing volatility in U.S. equity markets.

Barclays U.S. Aggregate Bond Index

The Barclays U.S. Aggregate Bond Index tracks the performance of U.S. investment-grade bonds.

Barclays U.S. Convertibles Index

The Barclays U.S. Convertibles Index tracks the performance of U.S. convertible bonds.

Barclays U.S. High Yield Index

The Barclays U.S. High Yield Index captures the performance of U.S. high-yield debt securities.

Barrel (bbl)

A barrel (bbl) is the commonly used unit to measure crude oil. One barrel is about 159 liters.

Barrels per day (b/d)

Barrels per day (b/d) is a measure of oil output, represented by the number of barrels of oil produced in a single day.

Barriers to entry

Barriers to entry are factors that hinder entry to a market (e.g. capital needs, regulation, patents).

Basel III

The Basel Committee on Banking Surpervision‘s revised international standards, called Basel III, on capital adequacy, as adopted at the G20 summit in November 2010.

Basis point

One basis point equals 1/100 of a percentage point.

Bear market

Technically, a bear market refers to a situation where the index's value falls at least 20% from a recent high.

Behavioral bias

Behavioral biases refer to irrational or flawed mental habits (such as extrapolating from the most recent observations), which can often hurt investment performance.

Behavioral finance

Behavioral finance is a sub-field of economic science, which studies the effects of psychological, social, cognitive and emotional factors on financial decisions, as well as the consequences for financial markets.

Belt and Road Initiative

The Belt and Road Initiative is a development strategy adopted by the Chinese government involving infrastructure development and investments in countries in Europe, Asia and Africa.

Benchmark

A benchmark is an index or other value against which an investment‘s performance is measured.

Benelux Union

The Benelux Union is the politico-economic union of Belgium, the Netherlands and Luxembourg. The name is an acronym of the starting letters of those countries and is also often used when generally referring to them.

Beta

Beta is a measure of volatility that captures a security's systematic risk according to the capital asset pricing model.

Bifurcation

Bifurcation literally means the point at which something splits in two (such as one segment of the market trading sharply lower, while the rest remains relatively stable).

Big data

Big data is a term for extremely large data sets that may be analyzed computationally to reveal patterns, trends and associations, especially relating to human behavior and interactions.

Bilanzkrise

Krise, die durch eine zu hohe Verschuldung der Wirtschaftssubjekte in einer Volkswirtschaft ausgelöst wird

Bilanzrezession

Rückgang der Wirtschaftsleistung einer Volkswirtschaft, die durch eine zu hohe Verschuldung der Wirtschaftssubjekte ausgelöst wird

BIP-Potenzialwachstum

Bei optimaler Auslastung der vorhandenen Kapazitäten erzielbares Wirtschaftswachstum (ohne dadurch die Inflation anzuheizen)

Bitcoin

Bitcoin is the pioneer amongst the cryptocurrencies.

Black swan

Black swan is a term for an unexpected, highly improbable event with far-reaching economic consequences.

Blind-pool limited partnership

A blind-pool limited partnership is one without any stated investment goals, leaving these to the discretion of the general partners.

Bloomberg Barclays Emerging Markets Sovereign USD Index

The Bloomberg Barclays Emerging Markets Sovereign USD Index measures the performance of USD-denominated government bonds from more than 60 emerging markets.

Bloomberg Barclays Euro Aggregate Corporate 5-7 Years Index

The Bloomberg Barclays Euro Aggregate Corporate Index captures the performance of euro-denominated corporate bonds issued by investment-grade-rated entities. Only bonds with a maturity between five and up to seven years.

Bloomberg Barclays Pan-European High Yield (Euro) Index

The Bloomberg Barclays Pan-European High Yield (Euro) Index measures the return of non-investment grade corporate bonds issued in a European currencies.

Bloomberg Barclays U.S. Corporate 5-7 Years Index

The Bloomberg Barclays U.S. Corporate 5-7 Years Index captures the performance of USD-denominated corporate bonds issued by investment-grade-rated entities. Only bonds with a maturity between five and up to seven years.

Bloomberg Barclays U.S. Corporate High Yield Index

The Bloomberg Barclays U.S. Corporate High Yield Index measures the dollar-denominated, high yield, fixed-rate corporate bond market.

Bloomberg Barclays US High Yield Oil Field Services

The Bloomberg Barclays US High Yield Oil Field Services index tracks the performance of dollar-denominated below investment grade corporate debt from oil field services companies publicly issued in the US domestic market.

Bloomberg Commodity Index

The Bloomberg Commodity Index (BCOM) traces 23 commodities and reflects commodity futures price movements.

Bloomberg Dollar Spot Index

The Bloomberg Dollar Spot Index measures the value of the U.S. dollar against 10 global currencies, both developed market and emerging market.

Bloomberg Industries Mid Cap US Retailers Valuation Peers Index

The Bloomberg Industries Mid Cap US Retailers Valuation Peers Index is a rule-based and equal-weighted equity index tracking the price development of mid-size companies of the U.S. retail industry.

Bloomberg Industries US Food Retailers Competitive Index

The Bloomberg Industries US Food Retailers Competitive Index is an equally-weighted equity index reflecting the price development of seven companies operating in the U.S. food-retail industry.

Bloomberg JPMorgan Asia Dollar Index

The Bloomberg JPMorgan Asia Dollar Index tracks the performance of emerging Asia‘s most actively traded currency pairs valued against the U.S. dollar.

Bloomberg World Coal Index

The Bloomberg World Coal Index is a capitalisation-weighted index that captures the performance of 31 leading coal stocks globally.

Blue-chip index

Blue-chip index is a term commonly used for an index that covers the leading companies of a country or region.

Board of Governors

Vorstand des Federal Reserve Systems (Fed)

BofA – Bank of America

Bank of America (abbreviated as BofA) is a large bank holding company in the United States.

BofA Merrill Lynch (ML) HY Energy Default Rate

The BofA Merrill Lynch (ML) U.S. High Yield Energy Default Rate indicates how many issuers of the BofA Merrill Lynch U.S. High Yield energy sector are in default in any given month.

BofA Merrill Lynch Energy Default Rate

Gibt an, wieviele Emittenten des ML U.S. High Yield Energy Index sich in Zahlungsverzug befinden

BofA Merrill Lynch US High Yield Energy Default Rate

The BofA Merrill Lynch US High Yield Energy Default Rate indicates how many issuers in the ML U.S. High Yield energy sector are in default in any given month.

Book value

Net value of a company's physical and intangible assets

Boris Johnson

Boris Johnson is a conservative Member of Parliament. He was the Mayor of London from 2008-2016.

Bottom-Up

Bottom-up is an approach which focuses on approaching a problem through the smallest elements (e.g. individual corporate results).

Brain drain

Brain drain refers to the flight of a country's more educated workers abroad, usually for economic reasons.

Brazilian real

The Brazilian real (BRL) is the official currency of Brazil.

Break out

Break out refers to when an asset price moves through an accepted support or resistance level, often triggering large outflows or inflows.

Breakeven costs

Breakeven costs are the costs which have to be covered in order to maintain the sustainability of a business. Break-even costs include fixed and variable costs and the exact definition of them can vary for different companies.

Breakeven rates

Breakeven rates provide a useful measure of average inflation expectations derived from inflation linked sovereign bonds

Brent

Brent crude is a grade of crude oil dominant in the European market.

Bretton Woods

Bretton Woods in the U.S. State of New Hampshire was the site of an international conference in 1944, which established a system of largely stable currency exchange rates between leading Western nations, an arrangment that lasted until 1973.

Brexit

Brexit is a combination of the words "Britain" and "Exit" and describes the exit of the United Kingdom of the European Union.

BRIC

BRIC is the abbreviation for the four large emerging economies Brazil, Russia, India and China.

Brookings Institution

The Brookings Institution is one of Washington's oldest think tanks, which conduct research on social sciences, economics, governance and foreign policy.

Brownfield

ein Direktinvestment, bei dem eine vorhandene Produktionsstätte erworben wird, um diese in eine neue Produktionsstätte umzuwandeln

Bruttoanlageinvestitionen

Investitionen für Ausrüstung (Maschinen und Geräte), Bauten und sonstige Anlagen

Bruttoinvestitionen

Summe aller Anlageinvestitionen (Ausrüstungsinvestitionen, Bauinvestitionen, sonstige Anlagen) und Vorratsinvestitionen

BSE Sensex

The BSE Sensex, Sensex for short, is a market-capitalization-weighted index of India's 30 most important listed companies.

Bubble

A bubble is characterized by prices surging higher than warranted by fundamentals, followed by a drastic drop in prices as a massive sell-off occurs.

Budget limits

Budget limits are determined by annual budgets or “stop gap” temporary legislation; there is also a limit on the amount of debt that can be issued by the U.S. Treasury, legislated by Congress.

Budgetdefizit

Entsteht, wenn die Ausgaben eines öffentlichen Haushalts innerhalb einer Budgetperiode dessen Einnahmen übersteigen

Budgetsperre

Ausgabensperre aufgrund der Überschreitung des am Jahresanfang festgesetzten US-Haushaltsbudgets

Bull market

A bull market is a financial market where prices are rising - usually used in the context of equities markets.

Bundesbank

The Bundesbank is the central bank of Germany.

Bunds

Bunds is a commonly used term for bonds issued by the German federal government with a maturity of 10 years.

Bureau of Economic Analysis

Bureau of Economic Analysis is a U.S. government agency which produces economic statistics that enable government and business decision makers to follow and understand the performance of the nation's economy.

Bureau of Economic Analysis (BEA)

US-Behörde, die Statistiken über die wirtschaftliche Gesamtentwicklung erstellt

Buy and hold

Buy and hold is an investment strategy where an investor buys stocks and holds them for a long time.

Buyout

A buyout is a purchase of shares in order to gain controlling interest in another company.

Buyout-Fonds

Eine Variante von Private-Equity-Fonds, die das Ziel verfolgen, mit Hilfe von Buyout-Finanzierungen Mehrheitsbeteiligungen an unterbewerteten Unternehmen zu erwerben, um diese mittelfristig zu einem höheren Preis zu verkaufen

BVG

The German Federal Constitutional Court (German: Bundesverfassungsgericht - BVG) is the supreme constitutional court in Germany.

CAC 40

The CAC 40 is a French stock-market index, representing the 40 most significant values among the 100 companies with the highest market cap on the Euronext Paris.

Call-Risiko

bezeichnet das Risiko, dass der Emittent einer Anleihe sein Kündigungsrecht ausübt. Handelt die Anleihe über Pari, führt eine Rückzahlung (zum Nennwert) zu Kursverlusten

Capacity utilization

Capacity utilization refers to the share of an economy's productive capacity that is in use.

Capital controls

Capital controls are residency - based measures such as transaction taxes, other limits, or outright prohibitions that a nation's government can use to regulate flows from capital markets into and out of the country's capital account.

Capital expenditures (capex)

Capital expenditure (Capex) are funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment.

Capital flight

Capital flight describes measures taken by citizens and corporations to get their money out of the country, fearing, for example, currency devaluation or confiscation.

Capital market risk

Capital-market risks refer to any risk factors that can have a material impact on the valuations of financial assets and impact real economic activity.

Capital requirements

Capital requirements of banks mandate the minimum amount of capital banks have to hold as a percentage of outstanding loans.

Capital stock

The capital stock is the inventory of equipment, buildings and other investments in an economy.

Capitalization rate

The capitalization rate is the rate of return on a real-estate investment based on the expected income the property will generate.

Capital-structure arbitrage

Capital-structure arbitrage tries to exploit opportunities arising from the different risk and maturity profile of different companies' credit structure.

Capitol Hill

Capitol Hill in Washington, D.C.  is the place where the U.S. Congress meets; it also colloquially used to refer to both chambers of Congress.

Carry (of an asset)

The carry (of an asset) is the cost or benefit from holding the asset.

Carry (strategy)

Carry is a strategy in which an investor sells a certain currency with a relatively low interest rate and then buys another, higher-yielding currency.

Cash flow

A company's cash flow is comprised of its inflows and outflows which arise from financing, operational or investing activities.

CB

CB is the abbreviation for central bank.

CBO

The Congressional Budget Office (CBO) is a nonpartisan agency which is responsible for conducting objective, impartial analysis of budgetary and economic issues to support the Congressional budget process.

CBOE S&P 500 PutWrite Index

The CBOE S&P 500 PutWrite Index measures the performance of a hypothetical portfolio that sells S&P 500 Index put options on a weekly basis against collateralized cash reserves held in a money market account.

CBOE Volatility Index (Vix)

The CBOE Volatility Index (Vix) is a trademarked ticker symbol for the Chicago Board Options Exchange Market Volatility Index. It is a popular measure of the volatility of the  S&P 500 as implied in the short term option prices on the index.

CBOE VVIX Index (Vvix)

The CBOE VVIX Index (Vvix) measures the volatility of the CBOE Volatility Index (VIX), which by itself is a popular measure of the volatility of the S&P 500 as implied in the short-term option prices on the index.

CBOE/CME FX British Pound Volatility Index

The CBOE/CME FX British Pound Volatility Index measures the market's expectation of 30-day currency-related volatility for the British pound.

Central bank

A central bank manages a state's currency, money supply and interest rates.

Chapter 11

Chapter 11 is the informal description of the restructuring process in an insolvency in the United States.

Checks and balances

Checks and balances in the U.S. political system primarily result from separation of power between three branches of the federal government: legislative, executive and judicial.

Chicago Board Options Exchange (CBOE) Crude Oil ETF Volatility Index (OVX)

The Chicago Board Options Exchange (CBOE) Crude Oil ETF Volatility Index (OVX) measures the market's expectation of crude oil price volatility over the next 30 days.

China‘s five-year plan

With China‘s five-year plan the Chinese Communist Party sets out growth and other economic and social targets, helping define government policy priorities.

Chinese yuan (CNY)

The Chinese yuan (CNY) is legal tender on the Chinese mainland and the unit of account of the currency, Renminbi (RMB).

CHIP

The Children's Health Insurance Program (CHIP) provides health coverage to eligible children, through both Medicaid and separate CHIP programs. CHIP is administered by states, according to federal requirements and is funded jointly by states and the federal government.

Christian Democratic Union of Germany (CDU)

The Christian Democratic Union of Germany (CDU) is a Christian democratic and liberal-conservative political party in Germany that is considered center/center-right in the German political landscape. The CDU is the sister party of the Christian Social Union in Bavaria (CSU), which operates only in the state of Bavaria.

Christian Social Union in Bavaria (CSU)

The Christian Social Union in Bavaria (CSU) is a Christian democratic and conservative political party in Germany that only operates in Bavaria and that is considered center-right in the German political landscape. The CSU is the sister party of the Christian Democratic Union of Germany (CDU), which operates in the rest of Germany.

Circuit breaker

A circuit breaker is intended to allow investors to determine whether a situation is really as bad as it looks. The idea is to prevent panic selling by stopping trading after a security or an index has fallen by a certain amount.

Citi Economic Surprise Index (CESI)

The Citi Economic Surprise Index (CESI) tracks for various locales how actual economic data compares to consensus forecasts.

Citizens party

Founded in 2006 in Barcelona, but now in the whole of Spain politically active liberal-middle/right-wing party. Has also characteristics of a middle/left-wing party.

Ciudadanos Partei

2006 in Barcelona gegründete, aber mittlerweile in ganz Spanien aktive liberale, mitte-links Partei

Clientelism

Clientelism refers to the use of economic incentives by politicians to influence parts of their electorate.

Closed-end fund

Funds with a fixed number of shares/units, traded through stock exchanges

Cloud computing

Cloud computing encompasses technologies and services that offer the dynamic and flexible use of a third party's IT infrastructure.

CLSA

Credit Lyonnais Securities Asia (CLSA) is Asia's leading brokerage and investment group.

CNH

Abkürzung für den außerhalb Chinas (etwa Hongkong) gehandelten chinesischen Yuan

Co-Investments

Beteiligung an einer Finanzierung eines Unternehmens mit einem Minderheitsanteil

Collateral

In some transactions, collateral is used to protect the lender against the borrower's default. In case the borrower defaults on the interest or principal payment, the collateral can be used to offset the loan.

Collateralized debt obligations (CDOs)

Collateralized debt obligation (CDO) is a structured financial product that pools together cash-flow-generating assets (such as mortgages and other loans) and repackages this asset pool into discrete tranches that can be sold to investors.

Collateralized loan obligations (CLOs)

Collateralized loan obligations (CLOs) are securities backed by a pool of debt, such as low-rated corporate loans.

Commander-in-Chief

The Commander-in-Chief is supreme commander of the armed forces of a nation. In the United States, this power is vested with the President as the head of the executive branch of the federal government.

Commercial mortgage-backed securities (CMBS)

Commercial mortgage-backed securities are mortgage-backed security backed by commercial mortgages rather than residential real estate.

Commodity trading advisor (CTA)

A commodity trading advisor (CTA) is an individual or organization providing advice and services related to trading in futures contracts, commodity options and/or swaps.

Common Equity Tier 1 (CET1) ratio

Common Equity Tier 1 (CET1) ratio is a measurement of a bank's financial strength.

Commonwealth of Puerto Rico

Offizielle englische Bezeichnung des Freistaates Puerto Rico

Concentration

Portfolio concentration measures single stock exposures of a portfolio. There are different metrics to measure concentration. A few examples are:  (1) Concentration ratios, calculated as aggregate weight of a given number (3, 5, 10, etc.) of stocks in the portfolio;  (2) Acar-Bhatnagar concentration index is a measure of market concentration. It has two alternative approaches: (i) A calibrated summation of the absolute departures from the uniform distribution case (A1); and (ii) A summation of the absolute differences among segment shares Pi and Pj (A2). (3) The Herfindhal-Hirschman Index (HHI) is a measure of market concentration by summing up the square of each stock's weight in a portfolio. The HHI index is always below 1 and a number close to 1 indicates high concentration.

CONF curve

The CONF curve shows the yields of several maturities of Swiss government-bond futures.

Conference Board U.S. Leading Index

The Conference Board U.S. Leading Index is a leading indicator that provides a possible outlook for the future development of the U.S. economy.

Consensus estimate

A consensus estimate is a figure that depicts the average of different analysts' estimates about the performance of a particular asset.

Consensus forecasts

Expresses the average of a range of forecasts from different analysts or brokers on a given data point.

Conservative Party

The Conservative Party, also referred to as "Tories", is a center-right political party in the United Kingdom.

Consumer discretionary

Consumer discretionary is a sector of the economy that sells non-essential goods and services.

Consumer price index (CPI)

The consumer price index (CPI) measures the price inflation as a percentage, year over year, of a basket of products and services that is based on the typical consumption of a private household.

Consumer staples

Consumer staples is a sector of the economy selling essential products.

Contagion

Contagion is the spreading of market disturbances from one regional market or market segment to others.

Contango

Contango describes the shape of a futures or forward curve where the contract price is higher than the expected spot price.

Continuing Resolution (CR)

The Continuing Resolution (CR) is a legislative bill that provides money for specific U.S. federal government departments, agencies and programs

Contrarian

Contrarian investing is an investment strategy that is characterized by positioning oneself in the opposite direction of prevailing sentiment.

Convexity

Convexity describes a non-linear relation of a dependent variable from a variable that approaches asymptotically a certain value. The relationship of a bond price from a change in interest rates or of volatility from the remaining time period are two examples.

Core government bonds

Core government bonds are debt securities issued by especially credit-worthy governments both within the Eurozone and in other developed markets.

Core inflation

Core inflation excludes items which can be susceptible to volatile price movements, e.g. food and energy.

Corporate bond

A corporate bond is a bond issued by a corporation in order finance their business.

Corporate governance

The methods by which corporations are run and controlled

Corporate hybrids

Corporate hybrids are securities that combine the elements of the two broader groups of securities, debt and equity.

Corporates

Unternehmensanleihen

corporate-sector purchase programme (CSPP)

The corporate-sector purchase programme (CSPP) is an ECB program to buy corporate bonds of issuers from the Eurozone. It aims to improve the financing conditions of corporations.

Correction

A correction is a decline in stock market prices.

Correlation

Correlation is a measure of how closely two variables move together over time.

Correlation coefficient

The correlation coefficient measures the strength and direction of a linear relationship between two variables.

Cost of equity (CoE)

Cost of equity (CoE) is the return (often expressed as a rate of return) a firm theoretically pays to its equity investors, to compensate for the risk they undertake by investing their capital.

Counterparties

Counterparties, in the broadest sense, are entities with which one has conducted a financial transaction.

Coupon

Coupons are interest rate payments made on a bond.

Covenants

Covenants designate contractual obligations or restrictions intended to protect the financial interests of creditors.

Coverage

Coverage broadly defines the degree to which an issuers earnings, cash flow and assets allow it to cover interest payments and other liabilities.

Covered bonds

Covered bonds are securities similar to asset-backed securities (ABS) which are covered with public-sector or mortgages loans and remain on the issuer's balance sheet.

CPI-U

The Consumer Price Index for All Urban Consumers (CPI-U) in the United States measures inflation levels experienced by the U.S. urban population

Credit cycle

The credit cycle is the expansion and contraction of access to credit over time and is usually connected to the business cycle.

Credit market

The credit market is the market for corporate bonds

Credit metrics

Credit metrics are various measures of credit risk within a portfolio context.

Credit strategies

Credit strategies aim at generating additional returns through the careful screening and selection of particular fixed-income products.

Credit transmission mechanism

Central banks' policies are transmitted via commercial banks to the broad economy through the credit transmission mechanism.

Credit-risk metrics

Credit-risk metrics are measures used to assess the credit risk of individual assets, sectors or markets.

Credit-Spread

Renditeaufschlag, den Investoren einer risikobehafteten Anleihe gegenüber einer als risikolos eingestuften Anleihe erhalten

CROCI

1996 durch die Deutsche Bank Global Equity Valuation Group entwickeltes unternehmenseigenes, fundamentales Bewertungsmodell für Aktien

Crowding in

In economics, crowding in is a situation in which private investment increases as debt-financed government spending increases. This is caused by government spending boosting the demand for goods, which in turn increases private demand for new output sources, such as factories.

Cryptourrency

Cryptocurrencies are a new generation of digital currencies and payment systems that rely on cryptotechnology and distributed data management. They are privately organised and not bound to oversight by central banks or other official institutions. The pioneer and still most traded cryptocurrency is the bitcoin.

CSI 300 Index

The CSI 300 Index includes the 300 largest companies of the Chinese mainland, that is companies listed on the Shanghai and Shenzhen Stock Exchange (so called A-shares).

CSI 500 Index

Index von 500 Unternehmen, die an der Shanghai und der Shenzhen Stock Exchange notiert sind (A-Shares)

Currency basket

A currency basket is a weighted collection of select foreign currencies used as the basis for setting the market value of another currency.

Currency pair

In foreign exchange the currency pair refers to two currencies whose values are being compared.

Currency peg

Currency peg is a country's or government's exchange-rate policy of pegging the central bank's rate of exchange to another country's currency.

Current account

The current account includes trade in goods and services, a net-factor-income balance (e.g. earnings on foreign investments and cash transfers from individuals working abroad) and transfers (e.g. foreign aid). It is a part of the balance of payments.

Dallas Fed International House Price Index Database for Germany

The Dallas Fed International House Price Index Database for Germany is a price index compiled by the Dallas Fed which includes German real estate.

Dax

The Dax is a blue-chip stock-market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange.

DB Currency Volatility Index (CVIX)

The DB Currency Volatility Index (CVIX) is designed to represent investors' expectation of future volatility, and is calculated as the arithmetic average of the three-month level of implied volatility for all the major currency pairs.

Debt level

Debt level is the level of debt of a country compared to its GDP.

Debt ratio

The debt ratio is a company's total debt divided by its assets.

Deckungsquote

Betriebswirtschaftliche Kennzahl, bei der Kreditzinsen und Tilgung bestimmten Einnahmen des Schuldners gegenübergestellt werden

Default

Default is the failure to meet the legal obligations of a loan, for example when a corporation or government fails to pay a bond which has reached maturity. A national or sovereign default is the failure or refusal of a government to repay its national debt.

Default rate

The default rate refers to the proportion of borrowers who cannot service their loans.

Defensive investment strategy

A defensive investment strategy is a conservative method of portfolio allocation and management. It aims at choosing and managing assets in a way that generates stable returns and tries to minimize the risk of losing capital.

Defensive stocks

Defensive stocks are stocks from companies whose sales are expected to fluctuate less than the market average as the demand for their products are less tied to business cycles.

Deflation

Deflation is a sustained decrease in the general price level of goods and services.

Democratic Party (Democrats)

The Democratic Party (Democrats) is one of the two political parties in the United States. It is generally to the left of its main rival, the Republican Party.

Depletion

Depletion is the decline in oil production of a well or geographic area. Over the medium term, oil-production declines occur in a predictable manner based on geological circumstances, governmental policies, and engineering practices.

Deposit rate

The deposit rate is the rate banks receive when they make overnight deposits with the ECB.

Depreciation

In relation to currencies, depreciation refers to a loss of value against another currency over time.

Derivative

A derivative is a security whose price is dependent upon or derived from one or more underlying assets. The derivative itself is merely a contract between two or more parties.

Derivatives market

The derivatives market is the financial market for derivatives.

Desinflation

Phase sinkender Inflationsraten

Devaluation

Devaluation is the forced reduction of the value of a currency against other currencies.

Developed Markets (DM)

A developed market (DM) is a country fully developed in terms of its economy and capital markets.

Devisen

Zahlungsmittel in ausländischen Währungen

Devisenreserven

Bestand der Zentralbank an Fremdwährungen, d.h. an internationalen Zahlungsmitteln

Die UK Independence Party (UKIP) ist eine rechte politische Partei im Vereinigten Königreich, die sich seit langem für den Austritt Großbritanniens aus der Europäischen Union einsetzt.

The UK Independence Party (UKIP) is a right-wing political party in the United Kingdom long in favour of ending the country's membership of the European Union.

Dilma Roussef

Dilma Roussef is a leading Brazilian politician of the left-wing Workers' Party and had been President of Brazil since 2011.

Direct lending

Direct lending to corporates does not use an intermediary such as a broker or investment bank.

Discount rate

The discount rate is the interest rate charged to commercial banks and other depository institutions for loans received from the country's central bank's discount window.

Discounted cash flow (DCF)

Discounted cash flow is a method used to gauge the value of a company by finding the present value of projected future cash flows.

Discretionary macro strategy

Discretionary macro strategies are investment strategies that aim at exploiting macroeconomic, policy or political changes.

Distress

Distress is a condition where a company cannot meet or has difficulty paying off its financial obligations to its creditors. The chance of financial distress increases when a firm has high fixed costs, illiquid assets or revenues that are sensitive to an economic downturn.

Distressed strategy

A distressed strategy is an investment strategy that seeks profit by investing in companies or other investment opportunities that face financial difficulties.

Distressed-Sektor

umfasst Unternehmen oder Staaten, die sich in stark angespannter finanzieller Situation befinden

Divergenz

Auseinandergehen von Wirtschaftsdaten (i.d.R. Zinssätze und Renditen)

Diversification

Diversification refers to the dispersal of investments across asset types, geographies and so on with the aim of reducing risk or boosting risk-adjusted returns.

Dividend

A dividend is a distribution of a portion of a company's earnings to its shareholders.

Dividend per share (DPS)

Dividend per share (DPS) is the sum of declared dividends issued by a company for every ordinary share outstanding.

Dividend yield

The dividend yield is the dividend that a company pays out each year divided by its share price.

Dot

Each dot represents where an FOMC member sees the federal funds rate at the end of each year.

Dotcom bubble

The dotcom bubble refers to the rapid rise and eventual collapse of equity market valuations of technology stocks from the late 1990s to 2001.

Dove

Doves are in favor of an expansive monetary policy.

Dow Jones Brookfield Americas Infrastructure Index

The Dow Jones Brookfield Americas Infrastructure Index measures the performance of 99 pure-play infrastructure companies domiciled in the Americas region.

Dow Jones Brookfield Global Infrastructure Composite Index

The Dow Jones Brookfield Global Infrastructure Composite Index measures the stock performance of pure-play infrastructure companies (defined as those deriving 70% of their cash flows from infrastructure business lines) worldwide.

Dow Jones Brookfield Global Infrastructure Index

The Dow Jones Brookfield Global Infrastructure Index measures the performance of pure-play infrastructure companies domiciled globally.

Dow Jones Equal Weight U.S. Issued Corporate Bond Index

The Dow Jones Equal Weight U.S. Issued Corporate Bond Index is a bond index tracking the totals returns of 96 large and liquid U.S. corporate bonds with investment-grade rating.

Dow Jones Industrial Average (DJIA)

The Dow Jones Industrial Average (DJIA) is a price-weighted equity index that aims to track the development of the U.S. equity market.

Dow Jones Technology Titans 30 Index

The Dow Jones Technology Titans 30 Index is a global equity index reflecting the price development of the world's 30 biggest technology firms by market capitalization.

Drachma

The former currency of Greece

Drawdown

A drawdown is the average, maximum loss in a given year.

Dritter Pfeil

Die Abenomics setzen sich aus drei Säulen zusammen: (1) Eine expansive Notenbankpolitik, (2) ein massives schuldenfinanziertes Konjunkturprogramm und (3) Strukturreformen. Von der japanischen Regierung um Abe werden diese Säulen Pfeile genannt, von denen

Dry powder

Dry powder, in a private-equity context, refers to cash or other very liquid reserves that can easily be deployed for investment.

Durable goods

Durable goods are long-lasting and do not have to be purchased frequently.

Duration

Duration is a measure expressed in years that adds and weights the time periods in which a bond returns cash to its holder. It is used to calculate a bond's sensitivity towards interest-rate changes.

Dynamic Leisure & Entertainment Intellidex Index

The Dynamic Leisure & Entertainment Intellidex Index is comprised of stocks of 30 U.S. companies that are principally engaged in the design, production or distribution of goods or services in the leisure and entertainment industries.

(Euro) core

The core is a central or very important part of a region. In the context of the Eurozone, core refers to countries like Germany or France.

E&P – Exploration and production

An exploration and production (E&P) company in the upstream part of the oil and gas sector is focused on finding, extracting and selling oil or gas.

Earnings per share (EPS)

Earnings per share (EPS) is calculated as a company's net income minus dividends of preferred stock, all divided by the total number of shares outstanding.

EBITDA

EBITDA (earnings, before interest expenses, taxes, depreciation and amortization) is an accounting measure calculated using a company's net earnings, before interest expenses, taxes, depreciation and amortization are subtracted.

ECB main refinancing operations

The ECB's main refinancing operations or MROs are one-week liquidity-providing operations in euro which serve to steer short-term interest rates, to manage the liquidity situation and to signal the monetary policy stance in the euro area.

ECB's Emergency Liquidity Assistance (ELA)

ECB's Emergency Liquidity Assistance (ELA) is a measure whereby a national central bank of the Eurosystem grants central-bank money to a solvent financial institution that is experiencing temporary liquidity problems.

Economic lifespan

Economic lifespan describes the length of time during which an asset remains useful to an average owner.

Economic price-to-earnings (Economic P/E) ratio

The Economic price-to-earnings (Economic P/E) ratio is the CROCI's adjusted P/E ratio, based on economic data rather than the traditional accounting data. It can be thought of as the ratio of a company's Tobin's Q (market value of total assets over the economic replacement value of those assets) to its real cash return on the total economic assets.

Efficient frontier

The efficient frontier is determined by the set of portfolios that offer the highest level of expected return for a given level of risk or the lowest level of risk for a given level of expected return.

Eigenkapitalrendite

Nachsteuergewinn im Verhältnis zum Eigenkapital

Einlagenzins

Zinssatz, den Geschäftsbanken erhalten (oder bei negativen Zinsen bezahlen müssen), wenn sie Geld in der Einlagefazilität der EZB hinterlegen

Electoral College

The Electoral College is the body which elects the President and the Vice President of the United States. It is composed of electors from each state equal to that state's representation in Congress.

Eligible securities / papers

Eligible securities / papers that the ECB is allowed to buy in its QE program.

Emerging markets (EM)

Emerging markets (EM) are economies not yet fully developed in terms of, amongst others, market efficiency and liquidity.

Employment Cost Index

The Employment Cost Index measures the growth in U.S. employee compensation in wages and benefits.

Enfant terrible

Enfant terrible is a French expression also used in English describing a person who acts unconventionally and disruptively.

Environmental, Social and Governance (ESG)

Environmental, Social and Governance (ESG) is a way of assessing a company that investors increasingly use to screen potential investments, using environmental, social and governance criteria.

Environmental, Social and Governance (ESG) issues

Environmental, Social and Governance (ESG) issues refer to non-financial issues that may affect the sustainability of an investment.

EONIA

Euro Overnight Index Average (EONIA) is a reference measure for the interest rate on overnight interbank loans.

Equilibrium real interest rate

The equilibrium real interest rate is the real rate of return required to keep the economy's output equal to potential output, which, in turn, is the level of output consistent with flexible prices and wages as well as constant markups in goods and labor markets.

Equity market

A market in which equities (stocks) are traded. The term can be used to refer to an actual market (e.g. the New York Stock Exchange) or to general trends in equity trading. Equities are securities which certify rights of ownership of (parts of ) a company.

Equity tier 1 ratio

The Equity tier 1 ratio relate a company's equity to its risk-weighted assets. It is an international standard measure for a bank's financial solvency.

Equity-market-neutral investing strategies

Equity-market-neutral investing strategies aim to deliver superior returns by balancing stock picks as to avoid market-risk exposure.

Erwerbsquote

Anteil der Erwerbspersonen (Erwerbstätige und Arbeitslose) an der erwachsenen Wohnbevölkerung

Ethereum

Ethereum is a cryptocurrency.

Euribor – Euro Interbank Offered Rate

The Euro Interbank Offered Rate (Euribor) is the average interest rate for unsecured euro term deposits and is the key reference rate for a large number of loans, such as variable-rate mortgage loans.

Euro (EUR)

The euro (EUR) is the common currency of states participating in the Economic and Monetary Union and is the second most held reserve currency in the world after the dollar.

Euro Stoxx

The Euro Stoxx is a broad-based equity index comprising 301 constituents from the Eurozone.

Euro Stoxx 50

The Euro Stoxx 50 is an index that tracks the performance of blue-chip stocks in the Eurozone.

Euro Stoxx Select Dividend 30

The Euro Stoxx Select Dividend 30 is an index that tracks high-dividend-yielding companies across 12 Eurozone countries.

Eurogroup meeting

A Eurogroup meeting is a meeting of the finance ministers of the Eurozone, i.e. those member states of the European Union which have adopted the euro.

Eurogruppe

ein Gremium der Europäischen Union, in dem die Finanzminister der Staaten der Eurozone zusammentreffen, um ihre Steuer- und Wirtschaftspolitik koordinieren

Europäische Investitionsbank

Die Bank gehört den EU-Mitgliedsstaaten. Sie arbeitet eng mit den EU-Organen zusammen und setzt die Politik der EU um

Europe, the Middle East and Africa (EMEA)

Europe, the Middle East and Africa (EMEA) is a regional designation used for government, marketing and business purposes.

European Banking Authority (EBA)

The European Banking Authority (EBA) is an independent EU regulatory Authority. Its overall objectives are to maintain the EU's financial stability and to safeguard the functioning of the banking sector.

European Central Bank (ECB)

The European Central Bank (ECB) is the central bank for the Eurozone.

European Commission (EU Commission)

The European Commission (EU Commission) is the executive body of the European Union (EU) which represents the interests of the EU.

European Council

The European Council is a council of European Union Ministers, whose membership varies according to the topic under discussion.

European Court of Justice (ECJ)

European Court of Justice (ECJ) the highest court in the European Union in matters of European Union law.

European Financial Stability Facility (EFSF)

The European Financial Stability Facility (EFSF) was a special purpose vehicle founded by the Eurozone countries to ensure financial stability within the euro area. It was created as a temporary crisis resolution mechanism and was superseded by the permanent rescue mechanism, the European Stability Mechanism (ESM).

European Insurance and Occupational Pension Authority (EIOPA)

The European Insurance and Occupational Pension Authority (EIOPA) is a European financial regulatory institution, established in 2011.

European Stability Mechanism (ESM)

The European Stability Mechanism (ESM) is an international organization established in September 2012 to provide financial assistance to member states of the Eurozone in financial difficulty.

European Union (EU)

The European Union (EU) is a political and economic union of 28 member states located primarily in Europe.

Eurosystem

System bestehend aus den nationalen Zentralbanken der Staaten, welche den Euro als Zahlungsmittel eingeführt haben, sowie der Europäischen Zentralbank

Eurozone

The Eurozone is formed of 19 European Union member states that have adopted the euro as their common currency and sole legal tender.

Event risk

Event risk could arise through corporate events like mergers, acquisitions etc.

Event-driven investing strategies

Event-driven investing strategies seek to exploit pricing inefficiencies that may occur before or after a corporate event, such as an earnings call, bankruptcy, merger, acquisition or spinoff.

Excess capacity

Excess capacity relates to an economy's production factors that are not being used as supply exceeds demand

Excess reserves

Excess reserves are the capital reserves held by a bank or financial institution in excess of what is required by regulators.

Exchange rate

The exchange rate is the rate at which two currencies are traded.

Exchange-traded fund (ETF)

An exchange-traded fund (ETF) is a security that tracks an index or asset like an index fund, but trades like a stock on an exchange.

Exchange-traded product (ETP)

An exchange-traded product (ETP) is a derivatively priced security which trades during the day on a national stock exchange.

Exit markets

Exit markets describe the prevailing conditions the owners of a company face when trying to sell their participation.

Exit-Optionen

Im Allgemeinen die verschiedenen Möglichkeiten, die Private-Equity-Managern zur Verfügung stehen, um Unternehmensbeteiligungen zu veräußern

External debt

External debt is total debt issued by a country held by foreign creditors.

External financing position

A country's external financing position refers to its current-account position and also the possible impact of capital flows on its capital account.

Extrapolation

Extrapolation is a forecasting method using historically observed relationships between variables.

Face value

Face value is the nominal value of a security stated by the issuer. For stocks, it is the original cost of the stock shown on the certificate, for bonds, it is the amount paid to the holder at maturity.

Federal funds rate

The federal funds rate is the interest rate, set by the Fed, at which banks lend money to each other, usually on an overnight basis.

Federal Open Market Committee (FOMC)

The Federal Open Market Committee (FOMC) is the committee that oversees the open-market operations (purchases and sales of securities that are intended to steer interest rates and market liquidity) of the U.S. Federal Reserve.

Fiat money

Fiat money carries no intrinsic value and is not tied to any commodity.

Fiduciary responsibility

Fiduciary responsibility (or duty) refers to the responsibilities of an individual or institution legally appointed to hold assets on another's behalf.

Fifth Republic

France's current system of government, the Fifth Republic, was established by Charles de Gaulle in 1958. It is a republican system with a strong head of state.

Filibuster

A filibuster is a procedure in the U.S. Congress, in which the debate on a proposed piece of legislation is extended, potentially leading to entirely preventing the legislation's finalization.

Financial crisis

The financial crisis refers to the period of market turmoil that started in 2007 and worsened sharply in 2008 with the collapse of Lehman Brothers.

Financial Repression

In a financial repression, wealth is slowly transferred from savers to banks and the state, such as when central banks create an environment where interest rates are below inflation.

Finanzierungswährung

Währung, in der Investoren ihre Projekte finanzieren, um von Zinsunterschieden zu profitieren

Fintech

Fintech includes many technology startups offering traditional financial services, as well as banks offering new services by embracing modern technology.

Fiscal policy

Fiscal policy describes government spending policies that influence macroeconomic conditions. Through fiscal policy, the government attempts to improve unemployment rates, control inflation, stabilize business cycles and influence interest rates in an effort to control the economy.

Fiscal union

A fiscal union is the integration of the fiscal policy of several nations. Decisions about the collection and expenditure of taxes are taken by common institutions.

Fiskalpolitik

Alle wirtschaftspolitischen Maßnahmen, die ein Staat ergreift, um seine volkswirtschaftlichen Ziele zu verwirklichen

Fitch

Internationale Ratingagentur, welche sich mit der Bewertung und Analyse von Unternehmen und Ländern hinsichtlich ihrer Bonität beschäftigt

Five Star Movement

The Five Star Movement is a populist political party in Italy. It is led by the popular comedian and blogger Beppe Grillo, who was also among its founders in 2009. It is considered anti-establishment, environmentalist, anti-globalist and Eurosceptic.

Fixed costs

Fixed costs are those costs which do not change with a variation in production output.

Flash crashes

Flash crashes are short-lived market falls which may be due to model-based trading strategies or market manipulation.

Floater

Floater is short for floating-rate notes which are bonds with a variable coupon that is tied to a reference rate.

Floating-rate securities

Floating-rate securities are securities whose coupon rate is tied to a specified market rate and can change periodically.

Forderungsbesichterte Wertpapiere

Anleihen die verbriefte Kreditforderungen abbilden und daraus gedeckt werden

Foreign direct investment (FDI)

Foreign direct investment (FDI) aims at establishing or having control of an enterprise in a foreign country, unlike indirect investment in a sector through financial instruments.

Foreign exchange

FX or foreign exchange is the currency — literally foreign money — used in the settlement of international trade between countries.

Foreign Investment Promotion Board

The Foreign Investment Promotion Board is a national agency of the Government of India, with the remit to consider and recommend foreign direct investment (FDI) which does not come under the automatic route.

Forint (HUF)

The Forint (HUF) is the official currency of Hungary.

Forward curve

A forward curve represents the spot prices of forward contracts with different maturities.

Forward Guidance

Forward Guidance is an indication by a central bank to the likely course of future monetary policy.

Forza Italia

The current Forza Italia, established in 2013, is a centre-right political party in Italy with populist elements. Its leader is once again Silvio Berlusconi, who also led the original Forza Italia, established in 1993.

Fracking (hydraulic fracturing)

Fracking (hydraulic fracturing) is an oil and gas production method. Fractures are created in rock formations by injecting fluid into cracks to force them further open which allow more oil and gas to flow out.

Free Cash Flow (FCF)

Free Cash Flow (FCF) is a measure of financial performance calculated as operating cash flow minus capital expenditures. It shows how much cash a company is able to generate after deducting the money required to maintain or expand its asset base.

Free Democratic Party (FDP)

The Free Democratic Party (FDP), also referred to as the "Liberals", is a market-friendly and social-liberal political party in Germany that advocates human rights, civil and economic liberalism and that is considered centre-right in the German political landscape.

Freie Mittel / Free Cash Flow

Finanzielle Mittel, die ein Unternehmen aus laufender Geschäftstätigkeit und nach Ausgaben für (in der engeren Fassung nur Ersatz-) Investitionen erzielt, die somit Eigen- und Fremdkapitalgebern frei zur Verfügung stehen

Fremdwährung(s)(-anleihen und -schulden)

hier : Anleihen/Schulden die in einer harten Währung wie etwa dem Dollar, Euro oder Schweizer Franken denominiert sind

French franc

The French franc was France's currency before the euro was adopted in 1999.

Frexit

Frexit describes plans to lead France out of the European Union and the Eurozone.

Front National (FN)

The National Front (Front National, FN) is a far-right political party in France, founded in 1972 by ultra-nationalist Jean-Marie Le Pen and currently led by his daughter, Marine Le Pen.

Front-Month-Kontrakt

Futures mit der kürzesten Restlaufzeit am Markt

Frühindikatoren

Daten, die Anhaltspunkte für die künftige Konjunkturentwicklung liefern

FTSE 100

The FTSE 100 is an index that tracks the performance of the 100 major companies trading on the London Stock Exchange.

FTSE 250

The FTSE 250 is a weighted index of the 101st to the 350th largest companies (by capitalization) listed on the London Stock Exchange.

FTSE EPRA/NAREIT Developed REITs Germany Index

The FTSE EPRA/NAREIT Developed REITs Germany Index measures the performance of listed German real estate companies and investment trusts.

FTSE Euro Corporates BBB Price Index

Index der Unternehensanleihen enthält, die in Euro notieren. Enthält außerdem Anleihen von Finanzunternehmen, die mindestens ein BBB-Rating haben und in Euro notiert sind

FTSE NAREIT All Equity REITS Total Return Index

The FTSE NAREIT All Equity REITS Total Return Index measures the performance of U.S. equity REITs.

Fundamentale Analyse

Analyse eines Unternehmens auf Basis von betriebswirtschaftlichen Daten und dem ökonomischen Umfeld

Fundamentals

Fundamentals are data giving information about the general well-being of companies, securities or currencies and serving for the subsequent valuation of these as an investment opportunity.

Funding currency

A funding currency is a currency in which investors borrow (often because of low interest rates) to finance investments in other currencies thought to offer higher carry.

Fundless sponsors

Fundless sponsors, in private-equity terms, arrange a deal but put little or no equity into it.

Fundraising

Form der Kapitalbeschaffung von Private-Equity- oder Venture-Capital-Gesellschaften

Futures contract

A futures contract is a standardized, contractual agreement to trade a financial instrument or commodity at a pre-determined price in the future.

FX

FX is the abbreviation for foreign exchange, i.e. currencies.

G20

The Group of 20 are the largest industrialized and emerging economies in the world.

G4

The G4 countries, group of the world's four biggest developed countries: Germany, Japan, United Kingdom, United States.

G8

G8 is the G7 plus Russia.

Gearing

Gearing is a measure of an investor's or a firm's borrowing to capital owned.

Geld-/Briefspannen

Beschreibt die Differenz zwischen angebotenen Verkaufspreis und angebotenen Kaufpreis

Geldmarkt

auf dem Geldmarkt werden kurzfristige Gelder gehandelt. Der Geldmarkt unterscheidet sich vom Kapitalmarkt durch eine kürzere Frist der Kapitalüberlassung

Geldmenge M2

Enthält neben physischem Bargeld und täglich verfügbaren Einlagen auch einige nicht sofort verfügbare Einlagen (wobei die genaue Abgrenzung je nach Notenbank unterschiedlich sein kann)

General Obligation Anleihe (GO)

Kommunalanleihetyp in den USA , der durch Staatseinnahmen wie bspw. Steuereinkünfte besichert ist

General partner

In a private-equity context, general partner refers to the managing partners in a private-equity firm who make the investment decisions.

Generally accepted accounting principles (GAAP)

Generally accepted accounting principles, or GAAP, are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting.

Generischer Zinssatz

Zinssatz, der sich nicht auf eine einzelne Anleihe bezieht, sondern sich generell für alle Anleihen, die die gegebenen Kriterien erfüllen, ergibt

Geopolitical risk

Geopolitical risk is a risk that an investment's returns could suffer as a result of political changes or instability in a country.

German Bundestag

The German Bundestag is the national parliament of the Federal Republic of Germany. It is the lower house of the two legislative chambers, the German Bundesrat being the upper house.

Gerrymandering

Gerrymandering refers to the deliberate creation of voting districts in order to maximize the electoral advantage of one of the parties.

Geschlossene Fonds

Fonds, deren Anzahl an Anteilen begrenzt ist

Gewinn je Aktie

Gewinn eines Unternehmens, geteilt durch die Anzahl der ausgegebenen Aktien

Gewinnmarge

Gewinn in Relation zum Umsatz in Prozent

Gewinnrevision

Überprüfung und Berichtigung erwarteter Unternehmensgewinne durch Finanzanalysten

GIC

Global Investment Committee (GIC) of the Multi Asset Group of Deutsche Asset and Wealth Management (Deutsche AWM).

Gilts

Gilts are bonds that are issued by the British Government.

Global Industry Classification Standard (GICS)

The Global Industry Classification Standard (GICS) is a four-tiered scheme  to hierarchically classify firms by the sector and industry these firms primarily operate in.

Goldilocks economy

The term Goldilocks economy refers to a state of the economy, where there is neither a threat of inflation due to an overheating economy, nor a threat of a recession.

Government (sovereign) debt/bonds

Government (sovereign) debts/bonds are debt/bonds issued and owed by a central government

Government funding bill

The government funding bill is a legislation that funds U.S. government and agency operations, via interim or fullyear allocations.

Government Pension Investment Fund (GPIF)

The Government Pension Investment Fund (GPIF) is the pension fund for Japanese public sector employees established by the Japanese government, which is the largest fund in the world.

Government-bond curve

Government-bond curve is the curve showing the yields of several maturities for government bonds.

GPIF

Government Pension Investment Fund (GPIF) was established by the Japanese government and is the world's second largest pool of retirement savings.

Graccident

Graccident (Greece + accident) was coined as an informal term to describe the process of Greece exiting the Eurozone accidently - for example, by not meeting reform or repayment deadlines.

Grassroots movement

A grassroots movement refers to spontaneous bottom-up political organizations by ordinary voters.

Great Depression

The Great Depression was the deepest and longest-lasting economic downturn in the history of the Western industrialized world.

Great Recession

The Great Recession refers to the prolonged economic downturn in much of the world after the financial crisis of 2007-08.

Greenback

Greenback is a commonly used expression for the U.S. dollar.

Greenfield

ein Direktinvestment, welches die Neuerrichtung einer Produktionsstätte finanziert

Greenhouse gas

Any of the atmospheric gases that contribute to the greenhouse effect. Such gases include carbon dioxide (CO2), methane (CH4) and nitrous oxide (N2O). For earth as a whole, they contribute to an effect similar to that seen in a sun-exposed glasshouse,  by absorbing infrared radiation produced by solar warming on the earth's surface.

Grenzertrag

Ertragszuwachs, der durch den Einsatz einer jeweils weiteren Einheit eines Produktionsfaktors erzielt wird

Grexit

Grexit is the term used to describe a Greek exit from the Eurozone, either deliberately or accidentally.

Gross domestic product (GDP)

The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period.

Gross domestic product (GDP) per capita

Gross domestic product (GDP) per capita is gross domestic product divided by a country's population.

Gross fixed capital formation

Gross fixed capital formation is the capital expenditure (Capex) for equipment (machinery and equipment), buildings and other fixed capital formation

Gross national product (GNP)

Gross national product (GNP) is economic statistic that measures what a country's citizens produced. It includes gross domestic product (GDP) plus any income earned by residents from overseas investments, but excludes income earned within the domestic economy by overseas residents.

Gross world product (GWP)

The gross world product (GWP) describes the combined gross national product of all countries in the world.

Group of 7 (G7)

The Group of 7 (G7) consists of the finance ministers and central-bank governors of the seven major advanced economies as reported by the International Monetary Fund: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. They meet to discuss primarily economic issues.

Growth stocks

Growth stocks are stocks from companies that are expected to grow significantly above market average for a certain period of time.

Growth strategy

A growth strategy is an investment style that is focused on an investor's capital appreciation through capital gains. Investors following this strategy seek to invest in companies whose earnings are expected to grow at an above-average rate compared to the industry or the overall market.

Handelsbilanz

Rechnerische Gegenüberstellung aller Warenimporte und Warenexporte einer Volkswirtschaft innerhalb eines bestimmten Zeitraums

Handelsgewichteter US-Dollar-Index

Entwicklung des US-Dollar gegenüber einem Währungskorb, wobei die Gewichtung der Auslandswährungen in dem Währungskorb nach dem Handelsvolumen erfolgt

Hang Seng China Enterprises Index (HSCEI)

The Hang Seng China Enterprises Index (HSCEI) includes the largest and most liquid H-shares traded in Hong Kong.

Hard assets

Hard assets are investments in physical objects (such as real estate and commodities).

Hard currency

A hard currency is any globally traded currency that is considered as historically stable and can be exchanged easily.

Hard-currency bonds (debt)

Hard-currency bonds (debt) are bonds (debt) issued in a historically stable currency such as the U.S. dollar or the euro.

Harmonized Index of Consumer Prices (HICP)

The Harmonized Index of Consumer Prices (HICP), a list of the final costs paid by European consumers for the items in a basket of common goods, is produced by each European Union member state to help measure inflation and to guide the European Central Bank in formulating monetary policy.

Haushaltssperre

Ausgabensperre aufgrund der Überschreitung des am Jahresanfang festgesetzten US-Haushaltsbudgets

Hausse

Langanhaltende Phase steigender Kurse

Hawk

Hawks are in favor of a restrictive monetary policy.

Headline inflation

Headline inflation is the raw inflation figure based on the consumer price index (CPI) and not adjusted for seasonality or for the often volatile elements of food and energy prices.

Headline unemployment rate (U3)

Official unemployment rate (U3) occurs when people are without jobs and they have actively looked for work within the past four weeks.

Hebel

Instrument zum Vervielfachen der Gewinnchancen, aber auch der Verlustrisiken, meist durch Einbeziehung von Fremdkapital

Hedge

A hedge is an investment to reduce the risk of adverse price movements in an asset.

Hedge fund

A hedge fund is an investment vehicle less regulated than a mutual fund that pools capital from different investors and uses different investment strategies.

Hedge Fund Research HFRI Fund Weighted Composite Index

The HFRI Fund Weighted Composite Index is a global, equal-weighted index of over 1,400 single-manager hedge funds that report to HFR Database.

Hedging Costs

Hedging costs are similar to an insurance premium paid for not being exposed to price movements of certain financial assets. The premium paid for an option is a typical cost of hedging.

Helicopter money

Helicopter money refers to a large sum of money being directly or indirectly distributed to the public by the central bank in order to stimulate the economy.

Henrique Meirelles

Henrique Meirelles is a former president of the Central Bank of Brazil who was named the Minister of Finance of Brazil on May 12, 2016.

Herd mentality

Herd mentality refers to a tendency for investors to move in the same direction when reacting to an event.

HFRI Equity Market Neutral Index

The HFRI Equity Market Neutral Index is an equally-weighted index that measures the performance of equity-market-neutral hedge-fund strategies.

HFRX Equity Hedge Index

The HFRX Equity Hedge Index comprises long and short positions in primarily equity and equity-derivative securities, using quantitative as well as fundamental-analysis techniques.

High Yield (HY)

High-yield bonds are issued by below-investment-grade-rated issuers and usually offer a relatively high yield.

Horizontal rig

A horizontal rig is a form of directional drilling, in which a drill is typically sent down vertically underground and then turned into the gas or oil reservoir at a ninety degree angle (horizontally).

House of Commons

The House of Commons is the lower chamber of the United Kingdom's parliament.

House of Representatives

The United States House of Representatives is a legislative chamber consisting of 435 Representatives, as well as non-voting delegates from Washington, D.C. and U.S. territories. Representatives are elected for two-year terms and each state's representation is based on population as measured in the previous Census.

H-shares

H-shares are shares of companies listed on the Chinese mainland, but traded on overseas markets, principally the Hong Kong Stock Exchange.

Hugo Rafael Chávez Frías

Ehemaliger, 2013 verstorbender sozialistischer Präsident von Venezuela

Hybridanleihen

Langlaufende, nachrangige Anleihe mit Eigenkapitalcharakter, die in der Regel mit einem höheren Zins das höhere Risiko gegenüber einer normalen Anleihe kompensiert

Hypothek

Zur Finanzierung einer Immobilie aufgenommener Kredit

Iberia

Iberia is a peninsula in Southwestern Europe, on which the countries Spain, Portugal, Andorra, partially France and the British Overseas Territory Gibraltar are located.

Ibovespa

The Ibovespa is Brazil's main stock market index.

iBoxx EUR Infrastructure Index

The iBoxx EUR Infrastructure Index includes euro-denominated corporate bonds with infrastructure exposure.

iBoxx Euro Corporate Index

The iBoxx Euro Corporate Index includes euro-denominated corporate bonds issued by investment-grade-rated entities.

ICAO

International Civil Aviation Organization (ICAO) is an agency of the United Nations, fostering the development of the international air transport.

ICE BofA Merril Lynch Emerging Markets Corporate Plus Index

The ICE BofA Merrill Lynch Emerging Markets Corporate Plus Index is designed to track euro- and U.S.-dollar-based debt of corporate issuers primarily doing business in emerging-market countries.

ICE BofA Merrill Lynch Euro Corporate Index

The ICE BofA Merrill Lynch Euro Corporate Index tracks the performance of euro-denominated investment grade corporate debt publicly issued in the eurobond or Euro member domestic merkets.

ICE BofA Merrill Lynch Euro High Yield Constrained Index

The ICE BofA Merrill Lynch Euro High Yield Constrained Index is an index of euro-denominated corporate bonds rated below investment grade.

ICE BofA Merrill Lynch Euro High Yield Index

The ICE BofA Merrill Lynch European High-Yield Bond Index tracks the performance of euro- and British pound sterling-denominated below investment-grade corporate debt publicly issued in the eurobond, sterling-domestic or euro-domestic markets by issuers around the world.

ICE BofA Merrill Lynch Euro High-Yield Bond Index

Index, der die Wertentwicklung von Euro-denominierten Hochzinsanleihen abbildet

ICE BofA Merrill Lynch Euro Non-Financial High Yield Constrained Index

The ICE BofA Merrill Lynch Euro Non-Financial High Yield Constrained Index tracks the performance of euro-denominated below investment-grade corporate debt publicly issued in the eurobond or euro-domestic markets by non-financial issuers, capping issuer exposure at 3%.

ICE BofA Merrill Lynch European High-Yield Bond Index

The ICE BofA Merrill Lynch European High-Yield Bond Index is a U.S. high-yield index that also includes zero-coupon bonds and payment in kind bonds.

ICE BofA Merrill Lynch Global High Yield Index

The ICE BofA Merrill Lynch Global High Yield Index tracks the performance of below-investment-grade corporate debt denominated in U.S. dollars, Canadian dollars, British pounds or euros and publicly issued in the major domestic or Eurobond markets.

ICE BofA Merrill Lynch High Yield US Emerging Markets Corporate Plus Index

The ICE BofA Merrill Lynch Emerging Markets Corporate Plus Index tracks the performance of U.S. dollar- and euro-denominated emerging markets.

ICE BofA Merrill Lynch Italy Government Index

The ICE BofA Merrill Lynch Italy Government Index tracks the performance of euro-denominated sovereign debt issued by Italy.

ICE BofA Merrill Lynch U.S. High Yield Master II Index

The ICE BofA Merrill Lynch U.S. High-Yield Master II Index is a U.S. high-yield index that tracks the performance of US dollar denominated below investment grade rated corporate debt.

ICE BofA Merrill Lynch US Corp Master Index

The ICE BofA Merrill Lynch US Corporate Master Index value tracks the performance of dollar-denominated investment grade rated corporate debt publically issued in the US domestic market.

ICE BofA Merrill Lynch US High Yield Constrained Index

The ICE BofA Merrill Lynch US High Yield Constrained Index is an index of dollar-denominated corporate bonds rated below investment grade.

ICE BofA Merrill Lynch US High Yield Energy

The ICE BofA Merrill Lynch US High Yield Energy Index tracks the performance of dollar-denominated below investment gradecorporate debt from energy companies publicly issued in the US domestic market.

ICE BofA Merrill Lynch US High Yield Index

The ICE BofA Merrill Lynch US High Yield Index tracks the performance of dollar-denominated below investment grade, including zero-coupon and payment-in-kind (PIK) bonds.

Idiosyncratic risk

Idiosyncratic risk is a risk which is related solely to the individual company and has no correlation with the general market risk.

ifo Institute for Economic Research

The ifo Institute for Economic Research, based in Munich, is a leading European research institute, particulary known for its sentiment indicator "ifo Business Climate Index".

IIF

The Institute of International Finance (IIF) is a global trade group of financial institutions, created by 38 banks of leading developed countries in 1983, responding to the international debt crisis.

Illiquid

Illiquid refers to the inability to easily convert assets or investments to cash.

Independent Greeks party

Independent Greeks party is a national-conservative political party in Greece which wants an end to the austerity reforms.

Indian rupee

The Indian rupee is the official currency of the Republic of India.

Indonesian rupiah

Indonesian rupiah (IDR) is the official currency of Indonesia.

Inflation

Inflation is the rate at which the general level of prices for goods and services is rising and, subsequently, purchasing power is falling.

Inflation swap

The Inflation swap is a derivative used to transfer inflation risk from one party to another through an exchange of cash flows.

Inflation-indexed Bond

An inflation-indexed bond is a bond where the principal and / or coupon is indexed to the consumer price index.

Inflation-indexed securities

Inflation-indexed securities are securities whose coupon payments are tied to a inflation rate.

Information Ratio

Information Ratio is excess return (Alpha) divided by Tracking Error. It is a measure of a portfolio manager's ability to generate excess returns and the consistency of such.

Initial public offering (IPO)

Initial public offering (IPO) is a type of public offering in which shares of stock in a company usually are sold to institutional investors that may in turn sell them to the general public, on a securities exchange, for the first time.

Institute of Supply Management (ISM) Indices

The Institute of Supply Management (ISM) Indices track different areas of the U.S. economy, such as manufacturing activity and industrial production.

Insurance-linked assets

Insurance-linked assets are securities the returns of which are based on re-insurance products.

Inter-Bankengeld

Kredite, die sich Geschäftsbanken untereinander gewähren

Intercontinental exchange (ICE)

The Intercontinental exchange (ICE) is a major futures exchange in the U.S.

Interest coverage

Interest coverage is calculated by dividing a company's earnings by its interest payments over a given period.

Interest-rate cycle

Interest-rate cycle describes the up- and downswings of interest rates mainly induced by the economic cycle.

Interest-rate swap

An interest-rate swap is an agreement between two parties where one stream of future interest payments is exchanged for another based on a specified principal amount. Interest rate swaps often exchange a fixed payment for a floating payment that is linked to an interest rate.

International Monetary Fund (IMF)

The International Monetary Fund (IMF), created in 1945 and headquartered in Washington, D.C., is an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

Internet of things

Internet of things is a term used to describe the increasing interconnectedness of many products via the internet.

Intrinsic value

The intrinsic value is the one that comes closest to the value that an objective fundamental analysis would ascribe to an asset.

Investitionskosten

Ausgaben für längerfristige Anlagegüter

Investitionsquote

Investitionen in einem Land in Relation zu dessen Bruttoinlandsprodukt

Investment grade (IG)

Investment grade (IG) refers to a credit rating from a rating agency that indicates that a bond has a relatively low risk of default.

Investment lifecycle

Investment lifecycle refers to the process from the acquisition of a company through its management to its eventual sale.

Investment ratio

The investment ratio puts a country's capital expenditure (capex) in relation to its gross domestic product.

Investment styles

Investment styles refer to different sets of investor approaches, such as a focus on value stocks (those with relatively low price-to-earnings ratios) or on growth stocks (those with high expected earnings growth).

Islamic State of Iraq and Syria (ISIS)

The Islamic State of Iraq and Syria (ISIS) is a Salafi jihadi militant group and self-proclaimed caliphate and Islamic state.

ISM Purchasing Managers Index

The ISM Purchasing Manager Index, published by the Institute for Supply Management, measures economic activity by assessing the sentiment among purchasing managers. It is an important indicator of the economic health.

Italy’s constitutional referendum

Italy's constitutional referendum was held on December 4th, 2016. By a surprisingly large margin, voters turned down far-reaching changes intended to make Italy more governable. The bill was proposed by then prime minister Matteo Renzi, who promptly resigned.

Italy's constitutional referendum

Italy's constitutional referendum will be held not later than October 2016 on the question whether voters approve of amending the Italian Constitution to transform the Senate of the Republic into a “Senate of Regions”. The bill was proposed by prime minister Matteo Renzi and his party.

J.P. Morgan CEMBI Asia

The J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Asia is a liquid corporate emerging markets benchmark that tracks dollar-denominated corporate bonds issued by entities in Asian emerging markets.

J.P. Morgan CEMBI Europe

The J.P. Morgan CEMBI Europe Index is a liquid corporate emerging markets benchmark that tracks dollar-denominated corporate bonds issued by entities in Eurpean emerging markets.

J.P. Morgan CEMBI Latin America

The J.P. Morgan CEMBI Latin America Index is a liquid corporate emerging markets benchmark that tracks dollar-denominated corporate bonds issued by entities in Latin American emerging markets.

J.P. Morgan Corporate Emerging Markets Bond Composite Blended Spread Index

The J.P. Morgan Corporate Emerging Markets Bond Composite Blended Spread Index depicts the spread of dollar-denominated corporate bonds issued by entities in the emerging markets vs. U.S. Treasuries of the same maturity.

J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI)

The J. P. Morgan Corporate Emerging Markets Bond Index (CEMBI) is an index tracking dollar-denominated bonds issued by emerging-market corporates.

J.P. Morgan EMBI Global Diversified Composite

The J.P. Morgan EMBI Global Diversified Composite comprises dollar-denominated government bonds, issued by select emerging-market countries.

J.P. Morgan EMBI Global Diversified High Yield Index

The J.P. Morgan EMBI Global Diversified High Yield Index is a market-capitalization-weighted, total-return index tracking various U.S.-dollar-denominated bonds, Eurobonds, as well as traded loans, and local-market debt instruments issued by below-investment-grade-rated emerging-markets sovereign and quasi-sovereign entities.

J.P. Morgan Emerging Market Bond Index

The J.P. Morgan Emerging Market Bond Index (EMBI) are a set of three bond indices to track bonds in emerging markets operated by J P Morgan. The indices are the Emerging Markets Bond Index Plus, the Emerging Markets Bond Index Global and the Emerging Markets Bond Global Diversified Index.

J.P. Morgan Emerging Markets Bond Global Diversified Sovereign Spread Index

The J.P. Morgan Emerging Markets Bond Global Diversified Sovereign Spread Index (EMBIG Div. Spread) depicts the spread of hard-currency-denominated bonds from the emerging markets vs. U.S. Treasuries of the same maturity. The "Diversified" index methodology limits the weights of those index countries with larger debt stocks.

J.P. Morgan Global Bond Index Germany

The J.P. Morgan Global Bond Index Germany tracks the performance of German government bonds.

Jahresendrally

Stark erhöhte Nachfrage nach Finanzanlagen am Ende des Kalenderjahres

Janet Yellen

Ehemalige Präsidentin des U.S. Federal Reserve Boards (Fed) von 2014 bis 2018.

Japan Inc.

Japan Inc. is a nickname for the closely knit world of corporate Japan.

Japanese yen (JPY)

The Japanese yen (JPY) is the official currency of Japan.

JGB

Japanese Government Bond (JGB) is issued by the government of Japan.

Jones Lang LaSalle (JLL)

Jones Lang LaSalle (JLL) is a firm providing commercial real estate services.

JPX-Nikkei Index 400

The JPX-Nikkei Index 400 was established in January 2014 and is composed of 400 companies that  a) are amongst the 1000 highest capitalised companies in Japan, b) have the best rankings for Return on Equity, operating profit and market value and c) have the best scores for corporate governance and disclosure.

J-REIT

The J-REIT is a Japanese real estate investment trust (REIT), a security that sells like a stock on the major exchanges and invests in real estate directly, either through properties or mortgages.

Juncker-Plan

Formally known as the Investment Plan for Europe, the Juncker-Plan, a program to boost investment, is often referred to by using the name of its main proponent, European Commission President Jean-Claude Juncker.

Junk bonds

Junk bond is a colloquial term for a high-yield or non-investment-grade bond.

Kabuki

Kabuki refers to the classical Japanese theatre, which is known for the stylization of its drama.

Kapazitätsauslastung

tatsächliche Produktionsmenge in Relation zur maximal möglichen Produktionsmenge gesetzt

Kapitalbilanz

Der Teil der Zahlungsbilanz in der volkswirtschaftlichen Gesamtrechnung, in dem Änderungen der Forderungen und Verbindlichkeiten eines Landes gegenüber dem Ausland erfasst werden

Kapitalfehlallokation

Durch Marktverzerrungen oder -störungen bedingte ineffiziente Verteilung von Investitionskapital

Kapitalstock

Bestand an Ausrüstungen, Bauten und sonstigen Anlagen in einer Volkswirtschaft

Kapitalverkehrskontrolle

Staatliche Maßnahmen zur Verhinderung von Kapitalflucht

Kemalismus

nach Mustafa Kemal Atatürk benannte Gründungsideologie der 1923 ausgerufenen Republik Türkei; wichtige Merkmale sind die Volkssouveränität, die Trennung von Staat und Religion und die Ausrichtung auf die Interessen des Volkes

Kernstaaten

Industriestaaten mit einem liquiden Staatsanleihenmarkt

Key interest rates

Key interest rates stated by central banks to determine the most important rates of borrowing.

Knock-on effects

A knock-on-effect is the effect which an action will have on other situations.

Known unknown

Known unknown is a quote from Donald Rumsfeld, former U.S. Secretary of Defence, which describes a situation in which one is aware of risk without having any details.

Komeito

Komeito is a political party in Japan, literally: "New Clean Government Party“.

Konsensschätzungen

Rechnerischer Durchschnitt der Schätzungen verschiedener Analysten

Konsumquote

Verhältnis des persönlichen Einkommens, das für den privaten Verbrauch verwendet wird, zum Gesamteinkommen

Kontraindikator

Schätzt eine große Mehrheit der an den Finanzmärkten agierenden Parteien die zukünftige Entwicklung eines Parameters (z.B. eines Börsenkurses oder eines Rohstoffpreises) sehr ähnlich ein, so kann dies auf eine Entwicklung in die entgegengesetzte Richtung

Konvergenz

Annäherung von Wirtschaftsdaten (i.d.R. Zinssätze und Renditen) bei den Euro-Teilnehmerländern

Korea Stock Price Index (KOSPI)

The Korea Stock Price Index (KOSPI) captures the performance of the 759 companies listed on the Korean stock market.

Kreditausfallrisiko

Stellt das vorhandene Ausfallrisiko von Forderungen gegenüber einem Kreditnehmer dar

Kurds

Kurds referes to an ethnic group in the Middle East, inhabiting parts of Turkey, Syria, Iran and Iraq.

Kurs-Buchwert-Verhältnis (KBV)

Stellt den aktuellen Börsenkurs einer Aktie dem Buchwert pro Aktie gegenüber, der sich aus der Bilanz ergibt

Kurtosis

The Kurtosis describes the shape of a probability distribution curve. The higher the number, the more outcomes occur at the tails of the curve.

Labor force participation rate

The labor force participation rate is the proportion of a population that either are in work or are actively looking for work, within a defined age range.

Labor Market Conditions Index

The Labor Market Conditions Index is a broad indicator of the health of the U.S. labor market. It is derived from 19 individual labor market indicators.

Labor market reform

The Labor market reform in Spain is a politic program to fight the high unemployment by reducing restrictions for employers in the hope of easing the access to jobs for job-seeking people.

Labor productivity

Labor productivity measures the amount of goods and services which can be produced by using one unit of labor.

Labour Party

The Labour Party is a center-left political party and one of the three biggest parties in the United Kingdom.

Laufzeitprämie

Prämie, die ein Anleger dafür erhält, dass Anleihen durch eine längere Laufzeit risikoreicher sind

Laufzeitprofil

Beschreibt die fälligen Beträge und die Jahre, in denen die individuellen Tranchen der Verbindlichkeiten zurückgezahlt werden müssen

Lawrence Summers

Lawrence Summers ist ein US-Politiker und Professor für Wirtschaftswissenschaften. Von 1991 bis 1993 war Summers Chefökonom der Weltbank.

LDP

The Liberal Democratic Party (LPD) is the major conservative political party in Japan with its president Shinzō Abe.

Lead investors

Lead investors have the largest share of the capital in a syndicated investment.

Leasing

Leasing is a financial arrangement in which a person or company pays for the use of a good or property for a particular period of time.

Leerverkauf

Verkauf von Waren oder Finanzinstrumenten (insbesondere Devisen, Wertpapiere), über die der Verkäufer zum Verkaufszeitpunkt nicht verfügt

Lega

The Lega (formerly "Lega Nord") is a right-wing populist party in Italy. It was founded in 1991 through the merger of various parties. It is considered anti-globalist and Eurosceptic.

Lehman Brothers

US-Investmentbank, die am 15. September 2008 infolge der Finanzkrise Insolvenz beantragen musste, was zu einer Verschärfung dieser Krise führte

Leistungsbilanzdefizite

In der Summe negativer Saldo der Handelsbilanz, Dienstleistungsbilanz, Bilanz der Erwerbs- und Vermögenseinkommen und der Übertragungsbilanz

Leistungsbilanzüberschuss

In der Summe positiver Saldo der Handelsbilanz, Dienstleistungsbilanz, Bilanz der Erwerbs- und Vermögenseinkommen und der Übertragungsbilanz

Leitzins

Von einer Zentralbank festgelegter Zinssatz für den sich Banken bei dieser Reserven leihen oder anlegen können

Lender of last resort

Lender of last resort refers to a central bank, which offers loans to banks or other eligible institutions that are experiancing financial difficulty or are considered highly risky or near collapse.

Lessor

A lessor is the owner of an asset, who leases or lets the asset to another person.

Leverage

Leverage attempts to boost gains when investing through the use of borrowing to purchase assets.

Leveraged buyout

In a leveraged buyout, a company is acquired using a significant amount of borrowed money (bonds or loans) to meet the cost of acquisition.

leveraged loan

Leveraged loans are loans extended to companies or individuals that already have considerable amounts of debt. Lenders consider leveraged loans to carry a higher risk of default and, as a result, a leveraged loan is generally more costly to the borrower.

Liberalisierung

Abbau staatlicher oder gesellschaftlicher Eingriffe und Vorschriften

LIBOR

London Interbank Offered Rate (LIBOR) is a reference rate for the average borrowing costs of leading banks in London.

Limited Partnership (LP)

Limited partnerships (LPs) are a form of partnership where one or more partners has only limited liability and no management authority. Private equity operations often exist in this form.

Liquid alternatives

Liquid alternatives are investments that offer exposure to hedge-fund strategies via liquid investment vehicles that are accessible to a broad range of client types.

Liquid assets

Liquid assets can easily be bought and sold as enough securities are traded on average each day to provide market liquidity.

Liquiditätsmaß

Risikomaß, um die Funktionsfähigkeit des Bankensektors zu ermessen. Gibt die Differenz zweier Zinssätze an: dem Libor (London inter-bank offered rate) und dem OIS (overnight indexed swap).

Liquidity

Liquidity refers to the degree to which an asset or security can be bought or sold in the market without affecting the asset's price and to the ability to convert an asset to cash quickly.

Liquidity trap

Liquidity trap describes a situation where conventional monetary policy has lost its potency.

Listed

Listed companies are traded on a public exchange; non-listed companies are traded privately.

Loan-loss provisions

Loan-loss provisions are an allowance for bad loans, for example due to customer defaults or a renegotiation of the terms of a loan.

Long/short equity strategies

Long/short equity strategies are investment strategies that take a long position in individual equities or sectors that are expected to gain in value and a short position in those that are expected to fall in value.

Long-Biased-Strategie

Anlagestrategie, die tendenziell auf steigende Kurse setzt

Long-Positionierung

Eine Positionierung, bei der man bei steigenden Kursen Gewinne erzielt, also etwa den Basiswert selbst oder ein Derivat auf ihn kauft

Lost decade

Lost decade refers to Japan's dismal economic performance in the 1990s after the burst of the country's real-estate and equity asset price bubbles.

Louvre Accord

The Louvre Accord was an 1987 agreement between leading Western nations, which aimed to stabilize the international currency markets.

Lower for longer

Bezieht sich auf den flachen, zeitlich verlängerten Konjunkturverlauf

Ludwig von Mises

Ludwig von Mises was a follower of the Austrian School of Economics, which attributed the booms and crashes on money creation and money destruction. From 1945 to 1969 he taught as a professor at New York University.

Lula

Gebräuchlicher Name für Brasiliens sozialistischen Ex-Präsidenten Luiz Inácio Lula da Silva

M1

M1 is a money-supply measure that includes both physical money and bank deposits that can be quickly converted to money.

M2

M2 is a money-supply measure that includes physical money, bank deposits as well as other less liquid funds like savings that can quickly be converted to money.

Maastricht rules

The Maastricht rules set down five criteria which aspiring Eurozone members must comply with.

Macro investing strategies

Macro investing strategies seek to anticipate broad trends in the worldwide economy. Based on those forecasts, investments are made in a wide variety of markets.

Margin

Margin describes borrowed money that is used to purchase securities.

Margin call

A margin call is a call for additional funds (in form of cash or securities) to be deposited if losses on the current value of assets exceed some predefined percentage.

Marginal cost

The marginal cost reflects the change in total cost that comes from producing one additional unit.

Mark Carney

Mark Carney is the current governor of the Bank of England.

Marken-Fonds

Fonds, denen eine überdurchschnittlich starke Marke zugeschrieben wird.

Market capitalization

Market capitalization, in the context of an individual firms, is the number of shares issued multiplied by the value of the shares.

Market-basket

A market basket is a representative basket of goods used to measure consumer (or other) price inflation.

Market-pricing risk

Market-pricing risk is risk of losses through movements in market prices.

Markit iBoxx EUR Corporates Automobiles and Parts Index

Index, der die Entwicklung von in Euro denominierten Unternehmensanleihen des Automobilsektors abbildet

Master Limited Partnership (MLP)

A Master Limited Partnership (MLP) is a publicly traded limited partnership. Shares of ownership are referred to as units.

Maturity

The final payment date of a financial instrument is its maturity.

Maturity profile

A maturity profile describes the amount and the year in which individual tranches of debt need to be repaid.

MDax

The MDax is an equity index, which includes the 50 German Prime Standard companies ranked directly behind the 30 Dax companies, from sectors excluding technology.

Mean reversion

Mean reversion is a theory that prices and returns eventually move back toward the mean, or average.

Median

In statistics and probability theory, a median is the number separating the higher half of a data sample, a population, or a probability distribution, from the lower half.

Medicaid

Medicaid is an assistance program providing health coverage to people with low income. It is run by state and local governments within federal guidelines.

Medicare

Medicare is the U.S. national health insurance program for people aged 65 and above and younger people with disabilities or kidney failure.

Megatrend

A megatrend is a long-term structural trend in the economic environment.

Merger arbitrage

Merger arbitrage is a type of hedge-fund strategy where the investor tries to gain from the difference in the price a buyer of a firm agrees to pay, and the stock price after the announcement of the acquisition.

Merger spread

The merger spread is the difference between the price a buyer of a firm agrees to pay and the stock price after the announcement of the acquisition.

Mergers and acquisitions (M&A)

Mergers and acquisitions (M&A) are the two key methods of corporate consolidation. A merger is a combination of two companies to form a new company, while an acquisition is the purchase of one company by another in which no new company is formed.

Merrill Option Volatility Expectations Index (MOVE)

The Merrill Lynch Option Volatility Estimate (MOVE) Index reflects a market estimate of future U.S. Treasury bond yield volatility.

Merval

The Merval is Argentina's benchmark stock index.

Michael Gove

Michael Gove is a conservative Member of Parliament, Lord Chancellor and the Secretary of State for Justice.

Michel Temer

Michel Temer has been the Vice President of Brazil since 2011. He become Acting President of Brazil on May 12, 2016 after President Dilma Roussef was suspended.

Mid cap

Firms referred to as mid cap generally have a market capitalization of between $2 billion and $10 billion.

Misery index

The misery index, created by economist Arthur Okun, is an index that adds the U.S. inflation rate to the U.S. unemployment rate.

Momentum

Momentum refers to the rate of growth of an index or security's price. Momentum investors believe that strong growth is likely to be followed by further gains.

Monetärer Transmissionsmechanismus

Wirkungsmechanismus der Zentralbankpolitik auf die Volkswirtschaft

Monetarism

Monetarism is a theory that explains changes in inflation by over- or undershooting in the money supply.

Monetary easing

Monetary easing includes measures such as lowering interest rates, implemented by Central Banks with the aim of facilitating GDP growth or inflation.

Monetary policy

Monetary policy focuses on controlling the supply of money with the ulterior motive of price stability, reducing unemployment, boosting growth, etc. (depending on the central bank's mandate).

Monetary union

A monetary union consists of multiple countries sharing the same currency.

Monetary-policy tightening cycle

A monetary-policy tightening cycle is a period of time during which a central bank raises interest rates with the aim of slowing GDP growth or inflation.

Monetization

Monetization describes the process of receiving money for a formerly free service or good.

Moody's

Moody's is a firm providing credit ratings and other financial research and analysis.

Moral hazard

A moral hazard is the danger that individuals or organizations will take more risk than appropriate because they believe that someone else will deal with any bad consequences.

Moratorium

Bedingte, vom Gläubiger gewährte Aufschiebung von vertraglichen Rechten und Pflichten

Morgan Stanley Cyclical Index

The Morgan Stanley Cyclical Index tracks the performance of economically sensitive industries within the U.S. economy.

Mortgage

A mortgage loan is used to finance the purchase of real estate.

Mortgage-backed security (MBS)

A mortgage-backed security (MBS) is a special type of asset-backed security where the holder receives interest and redemption payments from pooled mortgage debtors, secured by the underlying mortgages.

MPC

Monetary Policy Committee (MPC) of the Bank of England sets the official interest rate in the UK and is made up of 9 independent members.

MSCI

MSCI is a company providing indices and other analytical tools for investors.

MSCI AC Asia ex Japan Information Technology Index

The MSCI AC Asia ex Japan Information Technology Index includes large- and mid-cap securities across 2 of 3 developed-market countries (excluding Japan) and 9 emerging-market countries in Asia. All securities in the index are classified in the Information Technology as per the Global Industry Classification Standard (GICS®).

MSCI AC World ex USA Index

The MSCI AC World ex USA Index captures large- and mid-cap companies across 22 developed- and 23 emerging-market countries, excluding the United States.

MSCI AC World Financials Index

The MSCI AC World Financials Index captures large- and mid-cap representation across 45 developed- and emerging-market countries.

MSCI AC World Index

The MSCI AC World Index captures large- and mid-cap companies across 23 developed- and 24 emerging-market countries.

MSCI ACWI Chemicals Index

The MSCI ACWI Chemicals Index is composed of large- and mid-cap companies across 23 developed and 24 emerging countries, that are classified in the chemicals industry within the materials sector.

MSCI ACWI Materials Index

The MSCI ACWI Materials Index captures large- and mid-cap companies classified in the materials sector across 23 developed- and 24 emerging-market countries.

MSCI ACWI Metals and Mining Index

The MSCI ACWI Metals and Mining Index is composed of large and mid-cap companies across 23 developed and 24 emerging countries that are classified in the metals-and-mining industry within the materials sector.

MSCI Asia ex Japan Index

The MSCI AC Asia ex Japan Index captures large- and mid-cap representation across 2 of 3 developed-market countries (excluding Japan) and 8 emerging-market countries in Asia.

MSCI China Index

Aktienindex, der große und mittelgroße notierte Unternehmen die als H-Shares, B-Shares, Red-Chip und P-Chip notieren, abbildet

MSCI Emerging Markets (EM) Latin America Index

The MSCI Emerging Markets (EM) Latin America Index captures large- and mid-cap representation across five emerging-market countries in Latin America.

MSCI Emerging Markets Asia Index

The MSCI Emerging Markets Asia Index captures large and mid cap representation across nine Emerging Markets countries.

MSCI Emerging Markets Index

The MSCI Emerging Markets Index captures large- and mid-cap representation across 23 emerging-market countries.

MSCI EMU Index

The MSCI EMU (European Economic and Monetary Union) Index measures the performance of the large- and mid-cap segments of 10 developed markets in Europe.

MSCI Europe Banks Index

The MSCI Europe Banks Index captures large- and mid-cap representation across 13 developed-market countries in Europe. All securities in the index are classified in the banks industry group as per the Global Industry Classification Standard (GICS).

MSCI Europe Index

The MSCI Europe Index is designed to measure the performance of the large- and mid-cap segments of 15 developed markets in Europe.

MSCI Europe Information Technology Index

The MSCI Europe Information Technology Index captures the large- and mid-cap segments across 15 developed-market countries in Europe. All securities in the index are classified in the Information Technology sector as per the Global Industry Classification Standard (GICS®).

MSCI France Index

The MSCI France Index tracks the performance of French stocks.

MSCI Germany Index

The MSCI Germany Index tracks the performance of German stocks.

MSCI Global Infrastructure Asset Index

The MSCI Global Infrastructure Asset Index tracks the performance of unlisted infrastructure across the world (excluding currency movements).

MSCI Indonesia Index

The MSCI Indonesia Index tracks the performance of Indonesian stocks.

MSCI Information Technology Index

The MSCI World Information Technology Index are designed to capture the large- and mid-cap segments of various markets. All securities in the index are classified in the Information Technology sector as per the Global Industry Classification Standard (GICS®).

MSCI IPD OFIX Germany

The MSCI IPD OFIX Germany measures the total return of selected open-ended German property funds after leverage, liquidity holdings and fund costs.

MSCI Italy Index

The MSCI Italy Index tracks the performance of Italian stocks.

MSCI Japan Index

The MSCI Japan Index is designed to measure the performance of the large- and mid-cap segments of the Japanese market.

MSCI Japan Information Technology Index

The MSCI Japan Information Technology Index captures the large- and mid-cap segments of the Japanese equity universe. All securities in the index are classified in the Information Technology sector as per the Global Industry Classification Standard (GICS®).

MSCI Malaysia Index

The MSCI Malaysia Index tracks the performance of Malaysian stocks.

MSCI Philippines Index

The MSCI Philippines Index tracks the performance of stocks in the Philippines.

MSCI Thailand Index

The MSCI Thailand Index tracks the performance of stocks in Thailand.

MSCI United Kingdom Index

The MSCI UK measures the performance of approximately 100 large and mid-cap stocks

MSCI USA Index

The MSCI USA Index  is designed to measure the performance of the large- and mid-cap segments of the U.S. market.

MSCI USA Information Technology Index

The MSCI USA Information Technology Index captures the large- and mid-cap segments of the U.S. equity universe. All securities in the index are classified in the Information Technology sector as per the Global Industry Classification Standard (GICS®).

MSCI World Index

The MSCI World Index tracks the performance of mid- and large-cap stocks in 23 developed countries around the world.

Multi asset

Multi asset determines investing in more than one asset class, thus creating a group or portfolio of assets with varying weights and types of classes. The diversification of an overall portfolio is thus increased, and risk (volatility) reduced.

Multi Asset Investment Committee (MIC)

The Multi Asset Investment Committee (MIC) is the investment committee of the Multi Asset Division within the Deutsche Bank Wealth Management.

Multi-asset fund

A multi-asset fund is able to combine different asset classes such as equities, bonds and cash) within its investment decisions. This provides a greater degree of diversification and flexibility.

Multiple

A multiple is a ratio that is used to measure aspects of a company's well-being by setting various of the company's metrics against each other and thereby building indicative ratios.

Municipal bonds (Munis)

Municipal bonds (Munis) are debt securities issued by a state, municipality or country.

mutual fund

A mutual fund combines funds from many investors with the intention of purchasing securities.

Nachranganleihen

Festverzinsliche Wertpapiere, die im Falle einer Insolvenz des emittierenden Unternehmens erst nach allen anderen Forderungen bedient werden

NAREIT Index

NAREIT Index is a REIT-focused index that spans the commercial real-estate industry.

Nasdaq 100 Index

The Nasdaq 100 is an equity index which contains the 100 biggest common stocks listed on the Nasdaq composite index.

Nasdaq Composite Index

The Nasdaq Composite Index is an equity index which contains all common stocks listed on the NASDAQ exchange.

National Central Banks (NCBs)

National Central Banks (NCBs) are the central banks of the euro area, and the non-euro area central banks that decide to settle their currencies in TARGET2-Securities.

NCREIF ODCE Index

The "NCREIF Fund IndexOpen End Diversified Core Equity" is a a capitalization-weighted return index of open end real estate funds.

Nebenwerte

Aktien von mittleren und kleineren börsennotierten Gesellschaften (Small- and Mid-Cap)

Negative convexity

Negative convexity is a characteristic mainly of callable bonds. Most bonds' price reaction to yield changes follow a convex curve, implying that the bond price reacts less to a yield change at higher yields (and more at lower yields) than a linear curve would suggest. The opposite holds true for negative convexity: the bond price reacts less to yield changes at lower yields than a linear function would suggest.

Negative interest-rate policies (NIRP)

A negative interest-rate policy (NIRP) is an unconventional monetary policy tool whereby nominal target interest rates are set below zero.

Net asset value (NAV)

Net asset value (NAV) is the value of an organisation's assets minus the value of its liabilities.

Net external debt

Net external debt is the total debt a country owes to foreign creditors.

Net interest margin

The net interest margin of a financial institution is the difference between the average interest rate paid and the average interest rate received by the institution.

Net operating income (NOI)

Net operating income (NOI) refers to rent and other revenues minus operating costs.

Net-exposure equity strategy

Net-exposure equity strategy describes the degree to which long positions (benefiting from rising share prices) outweigh short positions (benefiting from falling share prices).

Nettobetriebseinnahmen

Erlöse aus Immobilien abzüglich direkter Kosten

Nettoexposure

hier: der vom Ausfall bedrohte Betrag eines Investments, welcher nicht abgesichert ist

Nettoinvestitionen

Bruttoinvestitionen minus Anlageersatzinvestitionen zur Erhaltung des Anlagenbestands

Nettoinvestitionsquote

Nettoinvestitionen in Relation zum Bruttoinlandsprodukt

Neutral real interest rate

The neutral real interest rate is the official interest rate, adjusted for inflation, which is estimated to allow an economy to grow at its trend rate.

Neutraler Realzins

Zinssatz, der bei Erreichen des Potenzialwachstums für stabile Inflation sorgt

Nikkei 225

The Nikkei 225 is a price-weighted index of Japan's 225 most important listed companies.

Nominal

In economics, a nominal value is not adjusted for inflation; a real value is.

Nominal GDP

Nominal GDP is the value of all goods and services produced by a country's economy, not adjusted for inflation or deflation.

Non-Accelerating Inflation Rate of Unemployment (NAIRU)

The Non-Accelerating Inflation Rate of Unemployment (NAIRU) refers to a level of unemployment below which inflation accelerates.

Non-durable goods

Non-durable goods are consumed often and have to be purchased frequently, such as food or energy.

Non-performing exposure (NPE)

Non-performing exposure (NPE) includes on-balance-sheet loans, debt securities and other amounts due as well as off-balance-sheet items, on which scheduled payments have not been made for (usually) at least 90 days.

Non-performing loans (NPLs)

Non-performing loans (NPLs) are loans on which scheduled payments have not been made for (usually) at least 90 days.

Non-tradable goods

Non-tradable goods are goods that are not easily traded between countries (e.g. prepared food for immediate consumption).

North American Free Trade Agreement (NAFTA)

The North American Free Trade Agreement (NAFTA) is a trade agreement signed by Canada, Mexico and the United States, creating a trilateral trade bloc in North America, which came into force on January 1st, 1994.

ObamaCare

ObamaCare is  the colloquial term for the Patient Protection and Affordable Care Act, the reform of the health-care industry introduced by U.S. president Barack Obama in 2010.

OECD

The Organization for Economic Co-operation and Development (OECD) started in 1948 as the Organization for European Economic Co-operation (OEEC) and changed its name in 1960, now representing 34 countries with democratic governments and market economies.

Offene Fonds

Fonds, deren Volumen unbegrenzt ist

Oil ETF Volatility Index (OVX)

The Chicago Board Options Exchange Market Crude Oil ETF Volatility Index (OVX) measures the market's expectation of 30-day volatility of crude oil prices by applying the VIX methodology to United States Oil Fund, LP (Ticker – USO) options spanning a wide range of strike prices.

Oil sands

Oil sands refer to sand and rock material which contains crude bitumen (a heavy, viscous form of crude oil).

OLED

OLED refers to a display technology which is based on the use of an organic substance like polymer as the semiconductor material in light-emitting diodes.

OMT

ein Kaufprogramm für Staatsanleihen der EZB

Open-end funds

Open-end funds are funds whose shares can be issued and redeemed at any time.

Operational expenditures (opex)

Operational expenditures (opex) are the costs within a company incurred as a result of performing its normal business operations.

Optimaler Währungsraum

Volkswirtschaftliche Theorie, die sich damit beschäftigt, unter welchen Bedingungen eine Währungsunion sinnvoll ist

Option

An option is a contract which gives the buyer the option – but not the obligation – to buy or sell an asset in the future at a specified price.

Option-adjusted spread (OAS)

The option-adjusted spread ("OAS") is a commonly used measure for fixed-income securities with embedded options (call, put or sink). It makes the yield of such instruments comparable to similar securities without such embedded options. Typically, the OAS for credit sensitive instruments is quoted vis-à-vis the respective Swap spread curve. Technically, option pricing methods are used to evaluate the instruments with embedded options.

Organization of the Petroleum Exporting Countries (OPEC)

The Organization of the Petroleum Exporting Countries (OPEC) is an international organization with the mandate to ”coordinate and unify the petroleum policies“ of its meanwhile 12 members.

Oszillatoren

Hilfsmittel zur Bestimmung der Phase (abwärts, aufwärts, seitwärts), in welcher sich ein Markt oder eine Aktie befindet

Outperformance

Bessere Wertentwicklung als eine Vergleichsgröße

Output gap

The output gap refers to the difference between a country's actual GDP and its believed potential GDP, if all inputs were being used efficiently.

Outright Monetary Transactions (OMT)

Outright Monetary Transactions (OMT) is a program of the ECB under which the bank makes purchases (outright transactions) in secondary, sovereign bond markets, under certain conditions, of bonds issued by Eurozone member states.

Overnight reverse repo rate

Overnight reverse repo rate is the rate at which the central bank of a country borrows money overnight, while posting securities from its bond portfolio as collateral. (The next day, the central bank returns the cash plus interest at the specified rate and takes back the bonds.) This helps put a floor under interest rates and is an important tool of monetary policy.

Overweight

Overweight means the investment holds a higher weighting in a given sector or security than the benchmark.

Owner's equivalent rent

An owner's equivalent rent is the amount of rent that would have to be paid if a homeowner instead had to rent an equivalent property.

Party of Democratic Socialism (PDS)

The Party of Democratic Socialism (PDS) was a democratic-socialist and left-wing political party in Germany that was the legal successor to the former state party of the German Democratic Republic in East Germany, the Socialist Unity Party of Germany (SED). It was one of the predecessors of the political party The Left.

Payout ratio

The payout ratio is the proportion of earnings paid our as dividends to shareholders, typically expressed as a percentage.

PBoC

People's bank of China (PBoC) is the central bank of China.

PCE-Index

Index, der die Preisentwicklung der tatsächlich konsumierten Güter in den USA misst

Peg

A peg, in the context of currencies, is the artificial fixing on an exchange rate between two currencies.

Performance

Wertentwicklung

Performance index

A performance index (as opposed to a price index) assumes that dividends and other payouts are reinvested and therefore reflects the total return of an investment in the index.

Periphery

Periphery countries are less developed than the core countries of a specific region. In the Eurozone, the euro periphery consists of the economically weaker countries such as Greece, Portugal, Italy, Spain and Ireland.

Periphery bonds

Periphery bonds are government bonds issued by smaller countries of the Eurozone, e.g. Ireland, Portugal, Greece; sometimes also Spain and Italy are included. Historically, the term ‘Periphery' was based on the stage of economical development and is currently used to refer to the above mentioned countries.

Permian Basin

The Permian Basin is an oil field located in western Texas and the adjoining area of southeastern New Mexico.

Personal consumption expenditure (PCE) Index

The personal consumption expenditure (PCE) measure is the component statistic for consumption in gross domestic product (GDP) collected by the United States Bureau of Economic Analysis (BEA).
 

Pfandbrief

The Pfandbrief (plural Pfandbriefe) is a mostly triple-A-rated German bank debenture that has become the blueprint of many covered bond models in Europe and beyond.

Phillips curve

In economics, the Phillips curve is a historical inverse relationship between rates of unemployment and corresponding rates of inflation.

Planned Parenthood agency

The Planned Parenthood agency is a not-for-profit agency that provides reproductive health, maternal and child health services.

Plaza Accord

The Plaza Accord was a 1985 agreement between leading Western nations, which aimed to ensure an orderly decline in value of the U.S. dollar, and was followed by the Louvre Accord in 1987.

Podemos

Podemos is the operating party in Spain since 2014, developed from a movement representing left-wing populism.

Portfolio inflows

Portfolio inflows describe flows into and out of investable assets, usually shorter-term in nature.

Portfolio outflows

Portfolio outflows describe the outward movements of capital across borders for investment purposes (rather than to purchase controlling stakes in foreign businesses).

Portfolioinvestitionen

Sind grenzüberschreitende Wertpapiergeschäfte, bei denen keine nennenswerten Kontrollrechte erworben werden

Potential growth

Potential growth describes the possible long-term growth rate of an economy running at full capacity with a constant inflation rate.

Pound sterling (GBP)

The pound sterling (GBP), or simply the pound, is the official currency of the United Kingdom and its territories.

Powell-Put

The term "Powell-Put" derives from the more flexible monetary policy announced by Fed Chairman Jerome Powell to lower key interest rates in the light of declining capital markets.

PowerShares Dynamic Leisure and Entertainment ETF

The PowerShares Dynamic Leisure and Entertainment Portfolio is an ETF focused on the U.S. leisure, travel and entertainment sector.

Present value

Present value is the value of an expected future income stream at the date of valuation.

Price elasticity

Price elasticity describes the relationship between a change in a good's demanded quantity and a change in its price.

Price-to-book (P/B) ratio or multiple

Price-to-book (P/B) ratio or multiple compares a stock's market value with its book value.

Price-to-earnings (P/E) ratio or multiple

The price-to-earnings (P/E) ratio compares a company's current share price to its earnings per share.

Pricing power

Pricing power refers to the degree to which a firm can increase the price of its products, without a strong reduction in the quantity demanded.

Primärmarkt

Markt für die Erstausgabe von Wertpapieren, hauptsächlich Anleihen und Aktien

Primary budget surplus

A primary budget surplus is a surplus of government revenues over expenditure before interest payments on debt.

Primary elections

Primary elections in the United States are the part of the voting process where candidates are selected for the general election, usually with each party choosing a nominee for the office in question.

Primary issuance

Primary issuance is the sale of newly issued debt securities by borrowers to lenders.

Prime rental

Prime rental refers to rentals at the higher end of the property market.

Private equity

Private equity is a direct or indirect investment by a financial investor in a substantial part of a company's equity. Usually the company invested in is not listed.

Private-Debt-Fonds

Fonds, die in festverzinsliche Werte investieren (z.B. Schuldverschreibungen) und selbst nicht gehandelt werden

Private-equity acquisition multiple

For private-equity acquisition multiple see “multiple”.

Pro-cyclical sectors

Pro-cyclical sectors are those likely to particularly benefit from an upturn in the economic cycle (i.e. stronger growth).

Production chain

The production chain refers to the various stages of production necessary to complete a manufacturing or other product.

Productivity

Productivity measures how much economic output is produced for a given level of inputs (such as capital and labor).

Proprietärer Handelsfluss

Exklusive Prüfung von potenziellen Transaktionen

ProShares Short VIX Short-Term Futures ETF

The ProShares Short VIX Short-Term Futures ETF provides short exposure to the S&P 500 VIX Short-Term Futures Index, which measures the returns of a portfolio of monthly VIX futures contracts with a weighted average of one month to expiration.

Provisions

Provisions are balance-sheet items representing funds set aside by a company as assets to pay for anticipated future losses.

Public-to-private

Public-to-private refers to the process of buying out a company to remove it from a public stock market listing and returning it to private ownership.

Purchasing Managers Index (PMI)

The Purchasing Managers Index (PMI) is an indicator of the economic health of the manufacturing sector in a specific country or region.

Purchasing power parity (PPP)

Purchasing power parity (PPP) is a technique used to determine the relative value of currencies, whereas the purchasing power in both currencies is the same.

Put option

A put option is a financial security which gives the owner the right, but not the obligation, to sell an underlying asset at a specified price at a specified time (European option) or during a specified time period (American option).

Quantitative and qualitative easing (QQE)

Quantitative and qualitative easing (QQE) aims both at increasing the monetary base as well as extending the maturities held by the central bank.

Quantitative easing (QE)

Quantitative easing (QE) is an unconventional monetary-policy tool, in which a central bank conducts broad-based asset purchases.

Quantitative Tightening (QT)

Quantitative Tightening (QT), as opposed to Quantitative Easening, describes the process of a Central Bank reducing its monetary stimulus by shrinking its balance sheet.

Quellenermüdung

Verringerung der Ölfördermenge eines Bohrturms oder einer Region in einem vorhersehbaren Tempo (auf Basis von geologischen Gegebenheiten, politischen Maßnahmen und technischen Verfahren)

Rallye

Umgangssprachlich für eine Phase schnell steigender Kurse

Ramp-up risk

Ramp-up risk is the risk associated with increasing output/capacity of an operation.

Ramschniveau

Umgangssprachlicher Ausdruck für das Rating von Hochzinsanleihen (deren Rating unter Investment-Grade liegt)

Rating

A rating is a standardized assessment of the creditworthiness of the issuer and its debt instruments by specialized agencies. The main three rating agencies are the Moody's (Aaa over Baa1 to C, best to worst) , S&P (AAA  over BBB+ to D, best to worst) and Fitch (AAA over BBB+ to D, best to worst).

Reaganomics

Reaganomics refers to the economic policies promoted by U.S. president Ronald Reagan during the 1980s, which called for widespread tax cuts, decreased social spending, increased military spending, and the deregulation of domestic markets.

Real

In economics, a real value is adjusted for inflation.

Real assets

Real assets are physical assets that have an intrinsic value due to their substance and properties.

Real Estate Investment Trust (REIT)

Real Estate Investment Trusts (REITs) are companies, mostly listed, that own and often operate various types of real estate. They are obliged to pay out a minimum of 90% of earnings.

Real GDP

Real GDP is GDP adjusted for a given measure of price inflation in an economy.

Real interest rate

The real interest rate is the nominal interest rate adjusted for inflation as measured by the GDP deflator.

Realer effektiver Wechselkurs

Um Inflation bereinigter Wechselkurs einer Währung gegenüber einem handelsgewichtetem Korb anderer Währungen

Reallocation

Reallocation refers to the movement of an investor's funds between or within asset classes.

Realrendite

Die Realrendite errechnet sich, indem man von den Nominalrenditen die Inflation abzieht.

Recapitalization

Recapitalization is a major change in a company's capital structure.

Recession

A recession is, technically, when an economy contracts for two successive quarters but is often used in a looser way to indicate declining output.

Reconciliation Process

The reconciliation process is a measure used by the Senate to facilitate resolutions that adjust tax and spending levels to a present budget resolution.

Recovery rate

The recovery rate is the extent to which principal and accrued interest on a debt instrument can be recovered in default, expressed as a percentage of the instrument's face value.

Redemption

The redemption is the return of an investor's principal in a fixed-income security, upon maturity or cancellation by the issuer.

Refinancing

Refinancing refers to the replacement of an existing financial obligation with a new obligation.

Reflation

The term reflation refers to rising prices after periods of severe economic weakness.

Regierungsstillstand („Government shutdown“)

Bezeichnet in den Vereinigten Staaten die Situation, bei der die Regierungsbehörden ihren Dienst zu großen Teilen einstellen

Regression

A regression is the statistical procedure to identify the comovement between different variables.

Regulatory capital arbitrage

Regulatory capital arbitrage is a practice whereby firms capitalize on loopholes in regulatory systems in order to circumvent unfavorable regulation.

Relative-value investing strategies

Relative-value investing strategies seeks to take advantage of price differentials between financial instruments by simultaneously buying and selling the different securities, thereby allowing investors to potentially profit from the "relative value."

Rendite

Verhältnis der Auszahlungen zu den Einzahlungen einer Investition

Rendite-(oder Ertrags)-Risiko-Verhältnis

Kennzahl, die die Rendite einer Investition ins Verhältnis zum Risiko setzt

Renminbi (RMB)

Renminbi (RMB) is the currency of the People's Republic of China.

Repo

Repurchase Agreement, ein Rückkaufsgeschäft. Der Anleger verpflichtet sich, das heute verkaufte Wertpapier zu einem bestimmten Zeitpunkt zurückzukaufen. Als Entgelt zahlt er den Repozins

Republicans

The Republican Party (Republicans), also referred to as Grand Old Party (GOP), is one of the two major political parties in the United States. It is generally to the right of its main rival, the Democratic Party.

Re-rating

Re-rating, for equities, refers to a change in market view that results in a significant change in the valuation of an individual country, sector or geography.

Reserve Bank of India (RBI)

The Reserve Bank of India (RBI) is the central bank of India.

Reserve currency

A reserve currency is a foreign currency held in significant quantities by central banks and international financial institutions. Foreign currency reserves allow a country to pay off its international debt obligations or boost its currency's value.

Residual value

The residual value is the estimated value of a fixed asset at the end of its lease or at the end of its useful life.

Return on equity (ROE)

The Return on equity (ROE) is the amount of net income returned as a percentage of shareholders‘ equity.

Reverse repo operation

Reverse repo operation describes the purchase of securities with the agreement to sell them at a higher price at a specific future date.

RIC

Regional Investment Committee (RIC) of the Multi Asset Group of Deutsche Bank Wealth Management.

Rig

A rig is a machine used to drill an oil well.

Rig count

Rig count details the number oil and gas drilling rigs, as well as their operational status and regional location.

Risikobereinigte Rendite

Ein Konzept, welches sowohl die erwartete Rendite als auch das mit der Investition verbundene Risiko misst

Risikobudget

Legt die maximale Verlustobergrenze eines Anlegers fest

Risiko-Paritätsstrategien

Anlagestrategien, die darauf abzielen, ein vorgegebenes Risikoniveau zu halten, indem sich die Vermögensallokation den Marktbewegungen anpasst.

Risikoprämie / Risikoaufschlag

Erwartete Rendite einer Anlage minus risikofreiem Zins

Risikovorsorge

Anteil der Erträge, den Banken für gefährdete Kredite bilanziell zurückstellen

Risk arbitrage

Risk arbitrage is a possible strategy in an event-driven situation, playing on possible alternative share-price outcomes within a mergers and acquisitions (M&A) process.

Risk aversion

Risk aversion is a characteristic of investors to prefer the asset with lower risk and thus accept a lower potential yield.

Risk premium

The risk premium is the expected return on an investment minus the return that would be earned on a risk-free investment.

Risk profile

The risk profile is an assessment of the risks faced by an organization or investment.

Risk sharing

Risk sharing refers to the pooling of the risk associated with some assets bought by national banks and the ECB as part of its QE program. The burden of any losses would be shared across these entities.

Risk-adjusted

Risk-adjusted implies that the risk involved is taken into consideration. For example, risk-adjusted return is how much return your investment has made relative to the amount of risk the investment has taken.

Risk-free interest rate

The risk-free interest rate is a theoretical concept in financial economics, describing an investment yielding exactly the return expected at the time of purchase. This is mainly used as a benchmark for other, riskier investments. In practice, it is  usually estimated by taking the yield on a long-term top-rated government bond.

Risk-on/ risk-off

Risk-on/ risk-off decribes an investment behaviour that is only based on a changed risk perception.

Roll-down effect

The roll-down effect can form a significant component of returns in fixed income. It arises when longer-term bonds offer higher yields than shorter dated ones of the same issuer. With such a yield-curve, the yield of the bond will decrease as maturity approaches, and as a result, its value will increase, as it "rolls down" the yield curve.

Rolling over

Rolling over is the renewal of a lease (or other financial contract) at maturity, often under different terms.

R-squared

R-squared, in the context of portfolio management, is a statistic that indicates how closely a fund's performance correlates to the performance of a benchmark.

Rückstellung

Verbindlichkeiten, Verluste oder Aufwendungen, die hinsichtlich ihrer Entstehung oder Höhe ungewiss sind. Durch die Bildung der Rückstellungen sollen die später zu leistenden Ausgaben den Perioden ihrer Verursachung zugerechnet werden.

Russell 1000 Index

The Russell 1000 Index is an index that captures the 1,000 largest companies of the Russell 3000 Index, which again comprises 3,000 small- and mid-cap listed U.S. stocks.

Russell 2000

The Russell 2000 is an index that captures the 2,000 smallest stocks of the Russell-3000 index, which again comprises 3,000 small- and mid-cap U.S. listed stocks.

Russell 3000

The Russell 3000 is a market-capitalization-weighted index tracking the performance of the U.S. equity market's 3000 largest companies.

Russian Ruble (RUB)

The Russian ruble (RUB) is the official currency of the Russian Federation.

S& P CNX Nifty Index

The S&P CNX Nifty Index is a market-capitalization-weighted index that tracks India's 50 most important listed companies.

S&P 500

The S&P 500 is an index that includes 500 leading U.S. companies capturing approximately 80% coverage of available U.S. market capitalization.

S&P 500 Consumer Discretionary Index

The S&P 500 Consumer Discretionary Index tracks the performance of companies included in the S&P 500 Index that are classified as members of the GICS consumer discretionary sector.

S&P 500 Consumer Staples Index

The S&P 500 Consumer Staples Index tracks the performance of S&P 500 Index consumer staples companies.

S&P 500 Dividend Aristocrats Price Index

The S&P 500 Dividend Aristocrats Price Index tracks S&P 500 index constituents that have increased their dividend payouts for 25 consecutive years or more.

S&P 500 Ex-Financials

The S&P 500 Ex-Financials index comprises all stocks in the S&P 500, excluding those of companies in the financial sector.

S&P 500 Health Care Index

The S&P 500 Health Care Index captures the companies listed in the S&P 500 Index from the health care sector.

S&P 500 Information Technology Index

The S&P 500 Information Technology Index contains the stocks of all technology-sector companies in the S&P 500.

S&P Biotechnology Select Industry Index

The S&P Biotechnology Select Industry Index captures the companies listed in the S&P 500 Index from the biotechnology sector.

S&P Global LargeCap

The S&P Global LargeCap is a rule-based equity performance index that comprises stocks representing 70% of market capitalization in each developed and emerging country.

S&P GSCI

The S&P GSCI tracks the price development of 24 different commodities as underlyings of futures positions.

S&P North American Cyclical Index

The S&P North American Cyclical Index tracks the performance of U.S.-traded securities under the GICS® industrials sector; automobiles and components, household durables, and chemicals industries; and steel sub-industry classifications.

Safe-haven investment

A safe-haven investment is an investment that is expected to retain or even increase its value in times of market turbulence.

Saisonalität

Unterjährige, von den Jahreszeiten verursachte Schwankungen des Wirtschaftswachstums

Saldenmechanik

Volkswirtschaftliches Konzept, das bestimmte wirtschaftswissenschaftliche Zusammenhänge mit Hilfe von Salden erklärt (im Gegensatz zur Nutzung von Modellen, die auf Annahmen beruhen)

Sales tax

A (conventional) sales tax is a tax only levied on goods and services to the final consumer.

Savings ratio

Savings ratio is the ratio of personal savings to disposable income.

Schuldenquote

Kennzahl, bei der die Schulden des Staates, der Unternehmen und der privaten Haushalte ins Verhältnis zum nominalen Bruttoinlandsprodukt eines Landes gesetzt werden

Schwedische Reichsbank

Zentralbank von Schweden

Schwellenländer (Schwellenmärkte)

Länder auf dem Weg zur Industrialisierung

Schwundgeld

Zahlungsmittel, dessen Wert sich regelmäßig verringert (weil etwa eine Gebühr für eine Stempelmarke zu entrichten ist, damit sein Geldschein seine Gültigkeit behält)

Secondaries

Secondaries are securities or assets, which are directly purchased from other investors, rather than from the issuers themselves.

Secondary buyouts

A secondary buyout is when a private-equity company buys a stake in a company directly from another private-equity company.

Secondary market

On the secondary market, securities or assets are purchased from other investors, rather than from issuing companies themselves.

Second-round effect

A second-round effect is an indirect effect from a change in economic policy or the economic environment. Higher prices, for example, can encourage trade unions to demand higher wages.

Secular stagnation

Secular stagnation is a condition of negligible or no economic growth in a market-based economy.

Secularism

Secularism describres the deliberate separation of the state from religious institutions.

Secured debt

Secured debt is debt that is secured against a collateral.

Sell-off

A sell-off is the rapid selling of securities such as stocks, bonds, ETFs, commodities or currencies.

Senior debt

Senior debt is borrowed money that a company must repay first if it goes out of business.

Shale industry

The shale industry belongs to the mining industry and extracts shale oil and gas.

Shale oil

Shale oil is a type of unconventional oil found in shale formations.

Shanghai A-Aktien

Größter und liquidester Markt für chinesische Aktien, welche in Renminbi notieren und nur für Inländer handelbar sind

Shanghai Stock Exchange A-Share Index

The Shanghai Stock Exchange A-Share Index is a market-capitalization-weighted equity index comprising all A-shares listed on the Shanghai Stock Exchange.

Shanghai-Hong Kong "through train"

The Shanghai-Hong Kong "through train" is a scheme that allows mainland Chinese investors to buy Hong Kong-listed equities and vice-versa.

Share buybacks

A share buyback involves a company buying back its own shares.

Sharpe Ratio

The sharpe ratio puts an asset's excess return (the return above the risk-free rate) in relation to the asset's risk as measured by its standard deviation.

Shiller P/E

The cyclically adjusted price-to-earnings ratio, commonly known as CAPE, Shiller P/E, or P/E 10 ratio, is a valuation measure usually applied to the U.S. S&P 500 equity market. It is defined as price divided by the average of ten years of earnings (moving average), adjusted for inflation.

Short

Short, in a financial-markets context, refers to approaches that seek to gain from a fall in the price of the underlying asset.

Shortposition

Verkaufsposition, mit der ein Investor – bspw. durch einen Leerverkauf – auf einen fallenden Wechselkurs (oder den Kurs eines anderen Wertpapiers) spekuliert

Silvio Gesell

Deutscher Kaufmann und Ökonom, bekannt vor allem für seine Ideen zu Schwundgeld

Single Resolution Mechanism (SRM)

The Single Resolution Mechanism (SRM) implements in participating European Union (EU) member states the EU's Bank Recovery and Resolution Directive, which is the framework for the recovery and resolution of credit institutions and investment firms found to be in danger of failing.

Single Supervisory Mechanism (SSM)

The Single Supervisory Mechanism (SSM) is the mechanism that granted the European Central Bank (ECB) a supervisory role to monitor the financial stability of banks based in participating EU member states.

Small cap

Small cap firms generally have a market capitalization of less than $2 billion.

Smart grid

A smart grid is an electricity grid that uses information about production and consumption to more efficiently manage distribution.

SNAP

The Supplemental Nutrition Assistance Program (SNAP) provides benefits to low-income individuals and families and provides economic benefits to communities. The Food and Nutrition Service (FNS) works with state agencies, nutrition educators, and neighborhood and faith-based organizations to ensure that those eligible for nutrition assistance can make informed decisions about applying for the program and can access benefits.

Social Democratic Party of Germany (SPD)

The Social Democratic Party of Germany (SPD), also referred to as the "Social Democrats", is a social-democratic political party in Germany that is considered center-left in the German political landscape.

Socialist Party (PSOE)

Socialist Party (PSOE) is a centre-left party in Spain existing since 1879.

Soft catalyst

Soft catalysts are announcements by the company which has yet to take place, prompting a hedge-fund manager to take a position in anticipation.

Soft landing

A soft landing is when an economy's rate of growth slows in a controlled fashion without major disruptive effects on employment, external balances etc.

Soft patch

Soft patch refers to period of slowdown/weakness during a general trend of growth.

Solvency II

The Solvency II directive codifies and harmonizes EU insurance regulation, with a particular focus on the amount of capital an insurance firm must hold.

Sonderziehungsrechte

Vom IWF genutzte künstliche Buchwährung zusammengesetzt aus US-Dollar, japanischem Yen, britischem Pfund und Euro

Sovereign bonds

Sovereign bonds are bonds issued by governments.

Sovereign wealth fund

A sovereign wealth fund is a state-owned investment fund.

Speaker

The Speaker presides over the House of Representatives and is second in line to the Presidency after the Vice President.

Special Drawing Rights (SDR)

Special drawing rights (SDR) are international reserve assets created by the IMF, which can be exchanged for the freely usable currencies of IMF members.

Special situation managers

Special situation managers, in a hedge-fund context, are those that try to benefit from individual events affecting individual companies, for example mergers or demergers.

Spot rate

The spot rate is the market price of a financial asset in transactions with immediate settlement.

Spread

The spread is the difference between the quoted rates of return on two different investments, usually of different credit quality.

Spread to worst

Spread to worst is the difference between the yield of a sovereign bond and the yield to worst of a callable bond with the same maturity.

staatliche Investmentfonds

Fonds, die Kapital im Auftrag eines Staates anlegen und verwalten.

Staatsfonds

Fonds, der Kapital im Auftrag eines Staates anlegt und verwaltet

Staatsunternehmen

Öffentlich-rechtlich oder privat-rechtlich organisierte Unternehmen im mehrheitlichen oder vollen Eigentum des Staates

Stagnation

Ein zeitlicher Abschnitt ohne wirtschaftliches Wachstum

Stamp scrip

Stamp scrip refers to currencies that need to carry an official stamp (usually obtained for a fee) to maintain their value.

Standard and Poor's (S&P)

Standard and Poor's (S&P) is a financial services company that provides debt rating as well as other financial research and market indices.

Standard deviation

Standard deviation is often used to represent the volatility of an investment. It depicts how widely an investment's returns vary from the investment's average return over a certain period.

State-owned enterprise (SOE)

A state-owned enterprise is a legal entity that executes commercial activities on behalf of an owner government.

Stock picker

A stock picker follows a bottom-up, rather than a macro-driven top-down strategy, focusing on the return potential of single stocks in his/her investment approach.

Stock- und Bondpicker

Investor, der sich in seiner Anlagestrategie auf das Rendite-Risiko-Profil einzelner Unternehmen/Anleihen konzentriert

Stoxx Europe 600

The Stoxx Europe 600 is an index representing the performance of 600 listed companies across 18 European countries.

Stoxx Europe 600 Chemicals

The Stoxx Europe 600 Chemicals index captures all chemical companies within the Stoxx Europe 600 which covers 18 European countries.

Stoxx Europe 600 Utilities

The Stoxx Europe 600 Utilities index captures all utility companies within the Stoxx Europe 600 which covers 18 European countries.

Stress test

A stress test is a simulation of various scenarios and assessment of the possible impacts on banks’ balance sheets focusing on their solvency.

Structured credit

Structured credit referes to bundles of debt divided into securities offering different levels of risk.

Style factors

Style factors refer to investors' varying approaches to investment (for example a preference for active over passive approaches).

Style investing

Style investing refers to an investor's overall investment approach (for example a preference for certain types of stocks).

Sub-Asset classes

Sub-asset classes are division of major asset classes (e.g. Equities) into smaller asset classes (e.g. Emerging Market Equities).

Subordinated bonds

Subordinated bonds rank below other loans and securities with regard to claims on a company's assets or earnings.

Subsidiarity

Subsidiarity, in a European context, refers to the belief that power should be devolved to the smallest appropriate level of government.

Subsistence level

The subsistence level is a level of income that can cover only the basic necessities of life.

Substanzwerte

Aktien von Unternehmen, die nah an ihrem Buchwert notieren

Supranational (supra) bonds

Supranational (supra) bonds are issued by (supranational) institutions which are formed by two or more governments with the purpose of promoting economic development for the member countries.

Supreme Court

The Supreme Court is the highest federal court of the United States and the final interpreter of federal constitutional law. It has appellate jurisdiction over all federal courts.

Swap

A swap, a type of derivative, is an agreement between two parties to exchange sequences of cash flows for a set period of time.

Swedish krona

The swedish krona is the currency of Sweden.

Swing states

Swing states in presidential politics are states in which a close result is expected, as neither of the two major parties appears to have a clear advantage, based on historical trends or poll results.

Swiss canton

A Swiss canton is a federal state in Switzerland.

Swiss francs

The Swiss franc is the currency used in Switzerland.

Swiss Market Index (SMI)

The Swiss Market Index (SMI) is Switzerland's most important equity index, consisting of the 20 largest and most liquid large- and mid-cap stocks.

Swiss National Bank (SNB)

The Swiss National Bank (SNB) is the Swiss central bank.

Syriza

Syriza is a left-wink political party in Greece, and is considered skeptical of the European Union. The party rejects foreign demands for structural reforms.

Systematic

Systematic, in a trading context, are strategies using quantitative models to generate buy and sell signals.

Systematic indicator

A systematic indicator is a value calculated based on macroeconomic, financial-market and other global data.

Systematic managers

Systematic managers, in the context of Commodity Trade Advisors (CTAs) seek to identify and benefit from trends across a diversified portfolio of assets.

Systematic Trading

Bezieht sich auf automatisierte Handelsstrategien, in denen quantitative Modelle zum Generieren von Kauf- und Verkaufssignalen genutzt werden

Systemic risk

Systemic risk describes the possibility that an event at the company level could trigger severe instability or make an entire industry or economy collapse.

Tail risk

Tail risk is the risk that a very unlikely event actually happens.

Taper conundrum / Taper tantrum

The terms taper conundrum or taper tantrum were used to describe the investor panic when the Federal Reserve announced that it would reduce their purchases in the context of its quantitative-easing program.

Tapering

Tapering is a slow, continuous reduction of the central bank's asset purchases; especially referring to the U.S. Federal Reserve.

Targeted longer-term refinancing operations (TLTROs)

Targeted longer-term refinancing operations (TLTROs) refer to the ECB's providing of financing to Eurozone banks.

Taylor Rule

The Taylor Rule, developed by the economist John Taylor, determines how a central bank should set short-term interest rates, in response to observed divergences of actual from target inflation and actual from potential output.

Tea Party

The Tea Party is an U.S. conservative movement with support within the Republican party.

TecDax

The TecDax is an equity index tracking the 30 largest German technology companies, ranked below those included in the Dax.

Technical analysis

Technical analysis is a tool used by capital market participants that want to forecast the development of security prices by detecting patterns in past market data such as prices and volumes.

Technical bear market

A technical bear market refers to a situation where the index's value falls at least 20% from a recent high.

Term Asset-Backed Securities Loan Facility (TALF)

The Term Asset-Backed Securities Loan Facility (TALF) was a funding facility provided by the Fed from 2009 onwards and intended to boost lending to households and small businesses by supporting the issuance of asset-backed securities (ABS).

Terminmarkt

Ein ökonomischer Ort, an dem Angebot und Nachfrage für zukünftige Geschäfte aufeinander treffen

Terms of trade

Terms of trade describe the real exchange ratio of a country's exported and imported goods. A country's terms of trade improve if it's receiving more imported for its exported goods.

The Group of Ten (G10)

The Group of 10 (G10) refers to a group of eleven leading industrialized economies in the world. The member countries are: Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, United Kingdom and United States. They meet to consult and co-operate on economic, monetary and financial matters.

The Left

The Left, also referred to as the "Left Party", is a democratic-socialist and left-wing political party in Germany.

The PP

The PP is a conservative, liberal and christian-democratic party in Spain considering itself being christian-conservative and economically liberal. Often seen as national/right-wing party or national-conservative.

Tier 1&2 Cities

Tier 1&2 Cities are cities that are considered to be best/second-best within a country from a commercial and investment point of view.

Tier-1-Eigenkapitalquote

Verhältnis des bereinigten Eigenkapitals zu den risikogewichteten Aktiva einer Bank

Tokyo Stock Exchange REIT Index

The Tokyo Stock Exchange REIT Index tracks the performance of all real estate investment trusts listed on the Tokyo Stock Exchange (J-REITs).

Top-Down

Top-Down, in the contrast to "Bottom-Up", is an approach which moves down from a broad analysis of the economic or investment environment to more specific issues.

Topix

The Topix (Tokyo Stock Price Index) captures all companies (almost 2000) of the First Section of the Tokyo Stock Exchange.

Total factor productivity (TFP)

Total factor productivity (TFP) measures changes in output for a given amount of labor and capital due, for example, to technical and organizational innovations.

Total Return

The total return is a performance measure of an investment. It measures the earned income of an investment over a specific time period.

Tracking Error

Tracking error is an unwanted deviation between, for example, an index fund and a portfolio.

Trade buyers

Trade buyers, in the context of a corporate takeover, refers to buyers from within the same industry as the firm being taken over.

Trade-Weighted Euro Index

The Trade-Weighted Euro Index tracks the performance of the euro relative to other world currencies.

Trade-Weighted U.S. Dollar Index

The Trade-Weighted U.S. Dollar Index tracks the performance of the U.S. dollar relative to other world currencies.

Traditional assets

Traditional assets are well-known assets such as equities or bonds.

Transatlantische Handels- und Investitionspartnerschaft (TTIP)

Ein zur Debatte stehendes Freihandels- und Investitionsschutzabkommen zwischen der Europäischen Union und den USA

Trans-Pacific Partnership (TPP)

The Trans-Pacific Partnership (TPP) is a proposed trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.

Treasuries

Treasuries are fixed-interest U.S. government debt securities with different maturities: Treasury bills (1 year maximum), Treasury notes (2 to 10 years), Treasury bonds (20 to 30 years) and Treasury Inflation Protected Securities (TIPS) (5, 10 and 30 years).

Treibhausgasemissionen

Beziehen sich auf das Freisetzen von diversen Schadstoffen, die zum Treibhauseffekt beitragen können

Trend growth

Trend growth refers to an economy's sustainable growth rate over time.

Trend-following fund

A fund which follows an investment strategy that aims at exploiting longer-lasting technical trends in capital markets.

Troika

The Troika consists of the International Monetary Fund (IMF), the European Central Bank (ECB) and the EU Commission.

Trump trade/rally

The terms "Trump trade" or "Trump rally" describe the strong movements in various asset prices in the weeks and months following the U.S. elections of November 2016.

Tsipras, Alexis

Alexis Tsipras is Greece's elected Prime Minister since January 26, 2015.

Tuna-Bond Saga

The “Tuna-Bond” Saga refers to the ongoing efforts of Mozambique to restructure some $850m in state-backed loan financing. Since the initial loan was granted in 2013, the proceeds have mostly been used to buy a tuna fishery fleet, as well as patrol boats to defend the tuna fishers from pirate attacks. Unfortunately, costs for security equipment have proven much higher than initially thought, undermining the economics of the project.

Turkish lira

The turkish lira is the currency of Turkey

Twin deficit

A twin deficit is a simultaneous fiscal and current-account deficit

U.K.'s EU Referendum

U.K.'s EU referendum held on June 23, 2016 in which the citizens of UK voted for an exit of the UK from the EU, with a majority of 52%.

U.S. Bureau of Labor Statistics (BLS)

The U.S. Bureau of Labor Statistics is part of the U.S. Department of Labor and is responsible for measuring labor-market activity, working conditions and price changes in the economy.

U.S. Commerce Department

The U.S. Commerce Department is the Cabinet department of the U.S. government concerned with promoting economic growth.

U.S. dollar (USD)

The U.S. dollar (USD) is the official currency of the United States and its overseas territories.

U.S. Energy Information Administration (EIA)

The U.S. Energy Information Administration (EIA) is a principal agency of the U.S. Federal Statistical System responsible for collecting, analyzing, and disseminating energy information.

U.S. Federal Reserve (Fed)

The U.S. Federal Reserve, often referred to as "the Fed", is the central bank of the United States.

U.S. Secretary of State

The U.S. foreign minister

U6 unemployment rate

The U6 unemployment rate is the broadest measure of unemployment including those who have given up looking for work and those who are working part-time but would prefer to work full-time.

UN climate change agreement

The UN climate change agreement is an agreement that governs greenhouse-gas emissions and related issues within the United Nations Framework Convention on Climate Change.

Unconventional monetary policies

Unconventional monetary policies are measures applied by central banks to influence the markets and transmit their policy stance differing from traditional (e.g. rate cuts) measures. Examples are: quantitative easing, long-term refinancing operations or forward guidance.

Underperformance

Underperformance refers to an investment performing comparatively less well than others.

Undertakings for Collective Investment in Transferable Securities (UCITS)

The Undertakings for Collective Investment in Transferable Securities (UCITS) are a set of EU directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single authorization from one member state.

Underweight

Underweight means the investment holds a lower weighting in a portfolio than in the benchmark.

Ungeared

Ungeared operations or investments do not have any associated debt.

Unit labor costs (ULC)

Unit labor costs (ULC) measure the average cost of labor per unit of output.

United States Census

The United States Census refers to the counting of the population, which is used to determine representation in the House of Representatives as mandated by the Constitution. It takes place every ten years.

United States Congress

The United States Congress is the legislature of the federal government. It is comprised of the Senate and the House of Representatives, consisting of 435 Representatives and 100 Senators.

United States Department of Agriculture (EN only)

The United States Department of Agriculture is the U.S. federal executive department responsible for developing and executing federal laws related to farming, forestry and food.

United States Senate

The United States Senate is a legislative chamber consisting of 100 Senators, with each state being represented by two Senators. Senators are elected for six year, overlapping terms in their respective state.

United States state

A United States state is one of 50 constituent political entities of the United States that have statehood, resulting, for example, in being represented in the Senate.

Unknown unknowns

"But there are also unknown unknowns – the ones we don't know we don't know", is a phrase used by former U.S. Secretary of Defense Donald Rumsfeld in February 2002 on risks we face without even knowing of their existence.

Unlisted

Unlisted referes to a business which is not listed (traded) on a stock exchange but can have multiple shareholders.

Unwinding

Abbau großer Handelspositionen in einem Wertpapier

US News Based Economic Policy Uncertainty Index

The US News Based Economic Policy Uncertainty Index captures the frequency of newspaper articles that contain a trio of terms pertaining to the economy (E), policy (P) and uncertainty (U).

Utility

Utility refers to a power company that owns or operates facilities used for the generation, transmission, or distribution of electric energy.

Übernacht Repo-Zinsen

Sind ein wichtiges Instrument der Geldpolitik. Es handelt sich um die Zinsen, zu denen sich eine Notenbank Geld mit einer Laufzeit von einer Nacht ausborgt, und zur Besicherung eine Regierungsanleihe aus dem eigenen Bestand hinterlegt.

Überschussliquidität

sind die von Geschäftsbanken bei der Notenbank hinterlegten Einlagen, die über die regulatorischen Mindestreserven hinausgehen.

Valuation

Valuation attempts to quantify the attractiveness of an asset, for example through looking at a firm's stock price in relation to its earnings.

Valuation premium

A valuation premium is the excess a buyer is willing to pay for one asset relative to other assets.

Value at Risk

Value at Risk (VaR) is a term for a measure of risk. The value of the loss of a particular risk position with a given probability within a given time horizon.

Value stocks

Value stocks are stocks from companies that are trading at prices close to their book value and that are therefore cheaper than the market average on that metric.

Value-added tax (VAT)

A value-added tax (VAT) is a consumption tax that is collected based on the incremental value added in each stage of production (as opposed to a sales tax where only the final consumer is taxed).

Variable costs

Variable costs are costs which vary with the production output.

Varoufakis, Yanis

Yanis Varoufakis served as Greece's Finance Minister from 27/1/15 to 6/7/15

Velocity of money

The velocity of money (also called the velocity of the circulation of money) refers to how fast money passes from one holder to the next.

VelocityShares Daily Inverse VIX Short-Term ETN

The VelocityShares Daily Inverse VIX Short-Term ETN is an exchange traded note that provides short exposure to the S&P 500 VIX Short-Term Futures Index and therefore profits from falling volatility in U.S. equity markets.

Venture Capital

Venture capital is part of the private-equity business. It refers to the temporary provision of money for early-business-stage firms with perceived long-term growth potential in order to potentially achieve above-average returns. It is an important source of funding for startups that have no access to capital markets.

Verbraucherpreisinflation

Inflationsberechnung, die sich im Gegensatz zur Produzentenpreisinflation auf die Preissteigerung eines hypothetischen Warenkorbs eines privaten Endverbrauchers stützt.

Verbriefung

Vorgang, bei dem der Emittent Vermögenswerte in einem handelbaren Wertpapier bündelt

Vermögenseffekt

Die Veränderung der Konsumausgaben, welche mit einer Änderung des wahrgenommenen Vermögens einhergeht

Verschuldungsquote

Schulden der Wirtschaftssubjekte eines Landes in Relation zum Bruttoinlandsprodukt dieses Landes

Vintage (funds)

A private-equity fund's “Vintage” generally refers to the year when the fund closes or starts investing.

Volatilitätsunterbrechungen

Maßnahme von Börsenbetreibern, um Panikverkäufe einzudämmen, indem der Handel nach Erreichen einer bestimmten (täglichen) Verlustschwelle eingestellt wird

Volatility

Volatility is the degree of variation of a trading-price series over time. It can be used as a measure of an asset's risk.

Volatility arbitrage

Volatility arbitrage aims at exploiting different pricing for risk of a derivative and its underlying asset.

Vorrangige Verbindlichkeiten

Verbindlichkeiten, welche ein Unternehmen im Falle einer Geschäftsaufgabe zuerst bedienen muss

Wachstums- und Stabilitätspakt

Abkommen zur haushaltspolitischen Überwachung und Koordinierung der Wirtschaftspolitik zwischen den Euroländern

Wachstumspotenzial

Das mögliche, zukünftige Wachstum einer Gesamtorganisation oder der einzelnen Funktionsbereiche

Wage-price spiral

A wage-price spiral is a vicious cycle in which wage rises cause price rises which in turn cause wage rises, and so on (either wages or prices can be the first mover).

Währungsunion

Staatengebilde mit gleicher Währung

Wealth effect

The wealth effect is the change in spending that accompanies a change in perceived wealth (also known as the wealth channel).

Well

An oil well is a drilled hole in the earth that is designed to bring petroleum oil hydrocarbons to the surface.

Weltsozialprodukt

Die Zusammenfassung der Bruttosozialprodukte aller Länder der Erde

Wertschöpfungskette

Die geordnete Reihung von Tätigkeiten zur Herstellung von Produkten

West Texas Intermediate (WTI)

West Texas Intermediate (WTI) is a grade of crude oil used as a benchmark in oil pricing.

White House

The White House is the official residence and principal workplace of the President of the United States.

WikiLeaks

WikiLeaks is a non-profit organization, that publishes secret information on its website. It was launched in 2006 by Julian Assange, an Australian Internet activist.

Wilshire 5000 Total Market Index

The Wishire 5000 Total Market Index is an index of all companies headquartered in the United States with actively traded stock.

winner-takes-all

The winner-takes-all referes to an electoral system, where the candidate or party with the largest number of votes wins everything at stake. In the context of the U.S. presidential election, for example, most states award all electoral votes to the candidate able to secure the most votes.

Wirtschaftszyklus (Konjunkturzyklus)

Wellenartige Bewegung der Leistung einer Volkswirtschaft

World Trade Organization (WTO)

The World Trade Organization (WTO) is an international organization based in Switzerland, which regulates commerce  between nations through mutually agreed rules.

Yield

Yield is the income return on an investment referring to the interest or dividends received from a security and is usually expressed annually as a percentage based on the investment's cost, its current market value or its face value.

Yield curve

A yield curve shows the annualized yields of fixed-income securities across different contract periods as a curve. When it is inverted, bonds with longer maturities have lower yields than those with shorter maturities.

Yield to worst

Yield to worst is computed by using the lower of either the yield to maturity or the yield to call on every possible call date for a bond.

Yieldco

A yieldco is a publicly traded company that is formed to own operating assets that produce a predictable cash flow, primarily through long term contracts. The goal is to reduce financing costs (for example by securing cheaper debt financing).

Yield-curve inversion

A yield-curve inversion is when the yields on bonds with shorter duration are higher than the yields on bonds that have a longer duration.

Yield-curve trading strategies

Yield-curve trading strategies try to benefit from changes in the yield curve for various types of securities.

Zahlungsbilanz

Summe aus Leistungsbilanz und Kapitalbilanz

Zinsdeckungsquote

Quotient aus dem operativen Gewinn und dem Zinsaufwand

Zinserhöhungszyklus

Periode von der ersten bis zur letzten Zinserhöhung einer Zentralbank

Zinswende

Häufig gebrauchte Bezeichnung für den Zinsrichtungswechsel einer Zentralbank

Zinszyklus

Die vor allem am Konjunkturzyklus sich orientierende Entwicklung der Zinsen im Zeitablauf

Zyklische Konsumwerte

Konsumwerte, deren Nachfrage stark am Wirtschaftszyklus hängt

CIO View

This website uses cookies in order to improve user experience. If you close this box or continue browsing, we will assume that you are happy with this. For more information about the cookies we use or to find out how you can disable cookies, see our Cookies Notice.

You are now seeing the United Kingdom version of the page despite being located in USA. You can change the country below.

Other country

Other country