LExique

The European Central Bank (ECB) is the institution responsible for monetary policy in the euro zone, i.e. all European Union countries that have adopted the euro as their single currency. Its mission is to maintain price stability in the euro zone and to contribute to the smooth running of the zone's economy.

The ECB is an independent institution, meaning that it is not subject to the control of national governments or parliaments. It is governed by a Governing Council, which meets regularly to take the decisions required to implement the eurozone's monetary policy.

The ECB's main responsibilities include setting interest rates, managing foreign exchange reserves and supervising commercial banks. The ECB is also responsible for putting the eurozone's single currency, the euro, into circulation.

Profit is an accounting concept that measures a company's financial performance. It corresponds to the difference between the revenues generated by the company (revenues) and the costs incurred to obtain them (expenses). If total revenues exceed total expenses, the company makes a profit, which can be distributed to shareholders in the form of dividends or reinvested in the business. If, on the other hand, total expenses exceed total revenues, the company makes a loss.

The balance sheet is an accounting document that provides an overview of a company's financial situation, listing its assets (what it owns) and liabilities (what it owes). It is divided into two parts: assets, which include the company's assets and receivables, and liabilities, which include the company's equity and debts. The balance sheet is published by companies every year, and is carefully examined as part of their fundamental analysis.

A stock exchange is an organized market where securities such as stocks, bonds and futures are traded. It enables investors to buy and sell these financial instruments in a centralized, regulated manner.

"BtoB" is short for "business to business". The term refers to commercial transactions that take place between two companies, rather than between a company and an individual (as would be the case in a "business to consumer", or "BtoC", transaction).

For example, if a company manufactures computers and sells them to another company, which then resells them to its own customers, this constitutes a BtoB transaction. If the company manufacturing the computers sells them directly to individuals, this is a BtoC transaction.

The CAC 40 (for "Cotation Assistée en Continu") is the benchmark stock market index of the Paris Bourse. It measures the value of the 40 largest companies listed on the Paris stock exchange, selected on the basis of market capitalization and liquidity.

Share capital is the total amount of funds contributed by a company's shareholders or associates to finance the company. It is represented by the number of shares in the company multiplied by their par value, i.e. the theoretical value of each share. Share capital is generally made up of shareholders' equity, and can be increased during the life of the company by the issue of new shares or the payment of new capital contributions. It plays an important role in the life of the company, and can be used as collateral for loans taken out by the company, or to remunerate shareholders or associates in the form of dividends.

A centaur company is one that has reached a certain threshold of sales or annual recurring revenue. More specifically, the term centaur is used to designate a company that has reached $100 million in annual recurring revenues (ARR) or sales. Centaur companies are generally considered to be fast-growing and successful, having achieved a high level of sales or annual recurring revenues.

The discount coefficient is a tool used in finance to assess the value of a future cash flow at a given date. It is calculated by multiplying the amount of a past or future cash flow by a discount factor, which is obtained using the following formula: 1/(1+t)^n, where t is the discount rate and n is the number of periods. The present value of a cash flow is obtained by using this formula and taking into account the discount rate and the number of periods separating the present value date from the date on which the cash flow will be received or paid.

It enables us to present the accounts of the entire company in a concise and consistent way, and to gain a better understanding of its overall financial performance. Consolidation is generally carried out when a company has subsidiaries which have a significant impact on its financial results. Consolidation is also often used to prepare group financial statements, which present the accounts of all group companies.

A quotation is the price at which a financial security (such as a stock, bond or futures contract) is bought or sold on an organized market, such as a stock exchange. The quotation of a security is determined by supply and demand on the market, and can vary according to many factors, such as a company's financial results, economic outlook, public policy or geopolitical events.

Quotations are used by investors to assess the value of securities they own or wish to buy or sell. They are also used to calculate the stock market index, which measures changes in the value of securities listed on a market.

A coupon is a sum of money paid periodically to holders of shares or bonds. For shareholders, the coupon represents a share in the company's profits, but sometimes the company does not distribute coupons. For the bondholder, the coupon represents a share of the interest owed by the company in exchange for the loan granted by the bondholder. The term "coupon" is often used interchangeably with "dividend", which is a distribution of profits to shareholders.

A share is considered to be discounted when its stock market value is lower than its actual financial value. This means that the stock is undervalued in relation to its financial fundamentals, such as earnings, sales or cash flow. A discounted share can be seen as a buying opportunity for investors, who can expect to realize capital gains in the medium to long term when its stock market value approaches its real financial value.

When a stock stalls, it means that its share price has fallen sharply, often following an important announcement or an unexpected event. A stalled stock can lose value in a matter of minutes or hours, which can have a significant impact on the investor's portfolio. The reasons why a stock may stall can be varied, and can include disappointing financial results announcements, changes in corporate strategy, public policy decisions or even rumors of a merger or acquisition.

A declaration of bankruptcy is a legal procedure whereby a company declares that it is unable to repay its debts. This means that the company can no longer meet its financial obligations, such as paying its bills, loans or debts to creditors. When a company files for bankruptcy, it is usually placed under the management of a judicial administrator, whose mission is to manage its assets and try to find a solution to repay its debts. If no solution is found, the company may be put into liquidation and its assets sold to pay off its creditors.

A dividend is a sum of money paid to a company's shareholders, generally taken from the previous year's profits. The amount and payment date of the dividend are determined at the Annual General Meeting, and are generally paid once a year. Dividends represent income for shareholders, and can be seen as a form of remuneration for their participation in the company's capital.

The entry fee is a sum of money that investors must pay to become members of a collective investment fund, such as a SICAV (Société d'Investissement à Capital Variable) or a FCP (Fonds Commun de Placement). These fees may be fixed or sliding-scale, depending on the size of the sums invested, and are generally expressed as a percentage of the fund's net asset value. They may also be expressed as a lump sum in francs or euros. The entry fee is intended to cover the fund's management costs and to remunerate the financial services providers involved in managing the fund.

The duration of a bond is a measure of its sensitivity to interest rate fluctuations. It indicates the period of time after which the bond's profitability will no longer be affected by changes in interest rates. The longer a bond's duration, the more sensitive it is to interest rate fluctuations, which can affect its profitability. On the other hand, a bond with a short duration will be less sensitive to interest rate fluctuations, and therefore present a less volatile return. Duration is often used by investors to assess the risk of a bond and determine the ideal investment duration.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is a financial indicator that measures a company's operating performance, excluding financial and tax items. It corresponds to earnings before interest, taxes, depreciation and amortization. EBITDA is often used to assess a company's operating profitability, as it measures its results before any financial or tax charges.

A bond is a type of long-term debt issued by a company, local authority or government, consisting mainly of bonds. In other words, the borrower undertakes to repay the capital borrowed at a predetermined future date (the maturity of the bond) and to pay interest to investors at a predefined rate (the bond coupon). They are often considered a stable and secure source of financing for companies and local authorities, as they enable long-term funds to be raised at interest rates that are generally lower than those for short-term bank loans.

In finance, the term "equity" can be used to designate a company's own funds, i.e. the portion of capital held by shareholders. A company's equity is made up of several components, such as share capital, net income, reserves, etc. Equity represents the part of a company's capital that is not financed by borrowing, and is used to finance investments and cover any losses. It is considered a stable and secure source of financing for the company, as it does not have to be repaid like debt.

Discounting is a financial transaction in which a financial institution buys back commercial paper (bills of exchange or promissory bills) from a company before maturity, in exchange for interest. The beneficiary of this transaction remains liable for final payment of the bills on maturity. Discounting is often used by companies to obtain short-term financing in exchange for their bills of exchange. This operation provides the company with immediate liquidity in return for a promise to repay its debts at a later date.

It is an international group of stock exchanges created in 2000 through the merger of the Paris Bourse (formerly SBF), the Dutch Bourse and the Belgian Bourse. Since then, EURONEXT has also integrated the Portuguese Stock Exchange and the London International Financial Futures and Options Exchange (LIFFE), a London-based derivatives market. EURONEXT is one of Europe's leading financial markets, offering a wide range of financial products, including equities, bonds, derivatives and investment funds. EURONEXT is headquartered in Amsterdam, the Netherlands.

The bankruptcy of a company is a legal process that takes place when the company can no longer meet its debts and is unable to repay its creditors. Bankruptcy may be declared by a competent court, which will appoint an administrator to implement the liquidation procedure. Bankruptcy is considered an extreme situation for a company, and can have serious consequences for its employees, shareholders and creditors.

Fintech is a term used to describe companies that use information and communication technologies to offer innovative and disruptive financial services. The fintech sector includes companies that use advanced technologies, such as data analysis, machine learning or blockchain, to offer financial services more efficiently and at lower cost than traditional financial institutions.

Fixing can be used to establish an opening, closing or reference price for a financial security, based on supply and demand during the fixing period. In France, fixage also refers to the last 5 minutes of market trading of the day, during which quotes are frozen to determine the closing price based on supply and demand during this period.

A company's equity (or capital) consists of all the financial resources contributed by shareholders, which remain theirs in the event of the company's liquidation. It therefore represents the part of the company's assets that is not financed by loans. It can be used to finance investments, developments, acquisitions or share buy-backs. A company's equity is made up of several components, such as share capital, reserves, net income and investment grants.

Abbreviation for "foreign exchange". It is the world's largest and most liquid financial market, with a daily trading volume of over $5,000 billion. Forex enables investors and companies to buy and sell foreign currencies to hedge their exchange risks and profit from fluctuations in exchange rates.

A gap is the difference in price between the end of the previous trading session and the start of the next trading session. It occurs when the share has not been quoted during this period. The gap can be caused by many factors, such as earnings announcements, economic news or political events.

A golden share is a special share that gives its holder a right of veto over certain decisions taken by the company's Board of Directors. This share is often held by the State when it is a shareholder in a company, and is intended to protect its interests.

Greenshoe is an Anglo-Saxon term for an over-allotment option. This option is used during an Initial Public Offering (IPO), and enables selling shareholders to sell an additional quantity of shares if there is greater demand for them than expected. This keeps the share price at an acceptable level and stabilizes the market.

Refers to a group of financial securities listed on the same market, grouped together according to criteria such as liquidity, size or nature. Listing groups are generally defined by the listing group (e.g. Euronext) that manages the market on which the security is listed. There are several listing groups on different financial markets, such as the continuous group, the fixing group or the small and mid-cap group.

The aim of a holding company is often to control or participate in the management of these companies, in order to generate additional income or diversify its portfolio. This can be achieved in various ways, for example by purchasing shares or investing directly in these companies.

A call option is considered "out-of-the-money" when the price of the underlying asset is below its strike price. A put option is considered "out-of-the-money" when the price of the underlying asset is higher than its strike price.

An off-market share transaction refers to a transaction that does not take place on an organized market such as a stock exchange. This can occur when two parties decide to buy or sell shares directly to each other, rather than through a broker or other intermediary.

Hyperinflation is an economic situation characterized by a sharp rise in prices over a relatively short period, generally in excess of 100% per annum. It can be caused by many factors, such as rising production costs, currency devaluation, price speculation or expansive monetary policies pursued by central banks.

A mortgage is a security mechanism that allows a borrower to pledge an asset (usually property) as collateral for a loan. If the borrower fails to repay the loan, the creditor can seize the mortgaged property and sell it to recover the sums due.

An illiquid market is one where there are few transactions and where it is difficult for buyers to find securities to buy, or for sellers to find buyers for their securities. This may be due to low demand or a limited supply of securities on the market.

A stock market index is a tool for measuring the performance of financial markets. It is made up of a set of securities, such as stocks or bonds, which are grouped together according to precise criteria. Most often, these criteria are linked to a company's market capitalization or sector of activity.

The purpose of a stock market index is to give an idea of the evolution of financial markets in general, by measuring the performance of all its constituent stocks. So, if the stock market index is rising, it means that its constituent stocks have generally risen, and vice versa.

Inflation is a general and sustained rise in a country's prices, which can be measured using a consumer price index (CPI). Inflation can be caused by many factors, such as growth in demand for goods and services, rising production costs, rising wages and an increase in the amount of money in circulation.

A person in possession of confidential information about a company is considered an insider. If this person uses this information to make a profit on the stock market, he or she is committing insider trading, which is prohibited by law and punishable by severe penalties.

An IPO is the process by which a company decides to list itself on a stock market, i.e. to offer part of its shares for sale to investors. The purpose of an IPO can be diverse, for example to raise funds to finance development, to gain public recognition, or to enable shareholders to sell part of their stake.

Directors' fees are a form of remuneration awarded to members of a company's Board of Directors for their participation in meetings and decisions taken by the Board. They are generally paid in the form of periodic payments, such as monthly or quarterly fees.

A joint venture is a form of collaboration between two companies that invest in a common project and share control over it. It is an alternative to a full merger for companies wishing to work together without committing to a long-term merger. In a joint venture, both companies bring their expertise, resources and capital to bear on the project, while retaining their autonomy and identity.

The Johannesburg Stock Exchange (JSE) is located in Johannesburg, South Africa. It specializes in mining stocks and is one of the most important stock exchanges on the African continent. The JSE enables companies to raise capital by issuing shares or bonds, which are traded on the exchange.

Junk bonds, also known as junk bonds, are high-yield bonds that carry a high risk of default. Mickaël Milken, an American financier known for his role in defending and promoting junk bonds in the 1980s, is often associated with these high-risk bonds.

Jérôme Kerviel is a former French trader who worked for the French bank Société Générale. In 2008, he was charged with fraud and professional negligence due to massive losses caused by unauthorized speculative financial operations. According to the bank, the losses amounted to over 4.9 billion euros, making it one of the largest losses ever recorded in the banking sector.

Keynesianism is an economic theory, developed by John Maynard Keynes, which argues that the state can help improve the economic situation by increasing demand through various measures, such as public spending and lower interest rates. These measures are designed to encourage companies to increase production and investment, which can lead to economic growth and lower unemployment.

The term "crash" is used to describe a sudden and rapid fall in prices on the financial markets, usually associated with a loss of investor confidence and a massive sell-off in securities. This can be caused by a number of factors, such as economic problems, political or regulatory changes, defaults, etc. Crashes can have significant economic repercussions, leading to recession or financial crisis.

A "soft or latent crash" is a term used to describe a gradual and prolonged fall in prices on the financial markets, which can be caused by a series of factors such as economic problems, political or regulatory changes, financial scandals, etc. Unlike a classic crash, which often occurs in a matter of days or weeks and is associated with high volatility, a soft or latent crash can take place over a longer period and be less spectacular. Unlike a classic crash, which often occurs in a matter of days or weeks and is associated with high volatility, a soft or latent crash can take place over a longer period and be less spectacular. However, it can still have significant economic repercussions and, like a classic crash, can lead to a recession or financial crisis.

If a government needs to finance itself by borrowing money from investors, but has to offer higher interest rates than those offered when its previous bonds were issued, this can mean that previously issued bonds have less value on the market. This can lead to a sharp fall in bond prices, which is considered a bond crash.

Fundraising is the process by which a company or project raises money from different investors to finance its development or activities. There are a number of ways to raise funds, including selling shares, borrowing money, accepting equity investments, issuing bonds, and so on.

Capital raising is often used by start-ups or fast-growing companies who need financing to accelerate their development or invest in new opportunities. It can also be used by more mature companies to finance acquisitions, product development or expansion projects.

Leverage is a technique that enables investors to invest a greater sum of money than they have at their disposal, using borrowing or other financial mechanisms. On the SRD (Système de Règlement Différé), this leverage can reach up to five times the value of the investor's cash. Although this technique can potentially generate high profits, it also carries a high risk of loss in the event of adverse market movements. It is therefore important to use leverage with caution.

A unicorn is a privately-held company that has achieved a valuation in excess of one billion dollars, usually due to its rapid growth and future development potential. Unicorns are often high-tech or cutting-edge companies that enjoy strong investor backing and are seen as promising market players.

The term "unicorn", popularized by venture capitalist Aileen Lee, refers to the fact that these companies are rare and precious, like the mythical unicorn animal.

A line is a unit of measurement that indicates how many positions an investor has in different stocks. For example, if an investor has shares in Airbus, LVMH and EDF, this means he has positions in these three different companies, and therefore has three lines.

The SRD (Système de Règlement Différé) allows investors to defer settlement of stock market transactions until a later date. Each month, there is a deadline which takes place on the fourth trading day before the end of the month, and on this date, investors must make a decision as to how they wish to manage their securities: either by withdrawing them immediately, or by postponing them for a later period.

An order book is a register that records purchases and sales of securities or financial products on an organized market.

There are two types of order book: centralized and decentralized. The centralized order book is managed by a stock exchange or other financial institution, and consolidates all bids and offers in a single location. The decentralized order book, also known as the electronic order book, is managed by a network of brokers and liquidity providers, and enables investors to place orders directly with one of these brokers or liquidity providers.

The order book plays an important role in determining the price of securities on the financial markets, and enables investors to see bids and offers in real time.

The lock-up clause is a restriction that prevents shareholders from selling their shares for a given period, generally in order to maintain shareholder stability. This clause is frequently included in the shares of directors of companies that have just gone public, to prevent them from selling their shares immediately and to promote shareholder stability.

A management mandate is a contract by which an investor entrusts the management of his or her portfolio to an asset management professional or company.

The management mandate can be managed on a "discretionary" basis, meaning that the asset management professional has complete freedom of decision, or on a "consultative" basis, meaning that the investor has a say in management decisions.

This is a financial market that enables companies, governments and financial organizations to raise short-term financing by borrowing or lending money, generally for periods of less than a year.

The money market is characterized by relatively low short-term interest rates and high liquidity. It is particularly well-suited to short-term cash needs, enabling companies and governments to meet unforeseen expenditure or short-term financing requirements.

Mark-to-market (MTM) is an accounting method that involves valuing a financial asset or liability at its market value, i.e. its current value on the financial market. It is used in a variety of contexts, such as accounting for corporate financial assets and liabilities, managing investment portfolios, or determining the collateral margins required for derivative transactions.

MTM provides a more accurate reflection of the true value of a financial asset or liability, taking into account changes in market value.

A trading strategy that involves doubling the size of the position after each loss, in the hope of covering previous losses and making a profit in the end. This strategy is based on the principle of the law of large numbers, which postulates that over a large number of draws, the average result tends towards an expected value.

Martingale is a very risky strategy in the stock market, and can lead to substantial losses. Indeed, by multiplying the size of his position after each loss, the investor increases the amount of his losses and can quickly reach a level of margin insufficient to cover these losses.

The maturity of a financial security is the length of time it remains outstanding before reaching its final maturity. It is generally expressed in years, and may vary according to the type of security and its issuer. Maturity is an important element to take into account when analyzing the profitability and risk of a financial security, as it can influence interest rates, fluctuations in value and the security's liquidity.

Financial rating refers to the assessment of risk associated with a financial security or company, carried out by a financial rating agency.
Financial rating agencies are independent companies that assess the quality of financial securities and companies in terms of their ability to repay debt and generate cash flow. They assign a "rating" to each security or company assessed, reflecting their assessment of the risk associated with that asset. The ratings assigned by financial rating agencies can be used by investors to assess the risks associated with the securities or companies they wish to buy or sell.

It is important to note that rating agencies are not infallible and that their risk assessments may not always reflect reality.

This is an official document published by a listed company, containing information on its financial situation, business sector, strategy, etc. The information memorandum is intended to provide investors with all the information they need to make an informed investment decision. It is mandatory when a company carries out a capital increase or an IPO, but it can also be published at any time by the company to inform investors about its development or future plans.

A bond is a debt security issued by a company or government to borrow money on the financial markets. The bond is issued for a fixed term (called "maturity") and is redeemed at maturity, with fixed or variable interest.

When an investor buys a bond, he or she is lending money to the bond issuer in exchange for the bond and the interest due on it. Bonds are considered fixed-income investments, as they generate regular and predictable interest for the investor. There are different types of bonds, depending on their issuer, maturity, interest rate and risk of default. 

A takeover bid is a proposal made by one company or group of investors to another group of investors, or to all the shareholders of a listed company, to purchase their shares at a fixed price.

Takeover bids are generally made with the aim of gaining control of a company, and can be either mandatory (i.e. all shareholders are obliged to sell their shares at the proposed price) or optional (i.e. shareholders can choose to sell or retain their shares).

An option is a financial contract that gives the buyer the right, but not the obligation, to buy or sell an underlying asset (e.g. a stock, an index, a currency, etc.) at a pre-determined price (called the "strike") for a specified period, or at a pre-determined future date (called the "expiration").

There are two types of option: "call options", which give the right to buy the underlying asset, and "put options", which give the right to sell the underlying asset. Options are traded on organized markets (known as "options markets") or over-the-counter. They are used as hedging or speculative instruments, depending on the purpose of the option buyer or seller.

Bonds redeemable in shares (or "ORAs") are debt securities issued by a company that provide for redemption in shares rather than cash at maturity. Unlike convertible bonds, which give the holder the choice of whether or not to convert the bond into shares, bonds redeemable in shares oblige the holder to receive shares instead of cash on redemption.

Bonds redeemable in shares are generally used by companies to raise funds from investors without diluting their capital. They enable investors to benefit from a fixed return and long-term growth potential thanks to the appreciation of the underlying share.

Wealth refers to all the assets owned by a person or organization. Wealth can be made up of tangible assets, such as houses, land, cars, etc., or intangible assets, such as shares, bonds, intellectual property rights, etc. Wealth is generally valued according to the market value of the assets that make it up.

The PER (Price-Earnings Ratio) is a stock market ratio that measures a company's valuation in relation to its earnings per share. It is calculated by dividing the share price by the company's earnings per share (EPS).

The PER enables investors to compare a company's valuation with that of its competitors or with the market average. The higher the P/E, the greater the company's valuation relative to its earnings per share, and vice versa.

In the stock market, capital gain is the gain realized by an investor when he sells shares or other securities at a higher price than that at which he bought them. It can be made up of several elements, such as the rise in share price, the dividend received, etc.

Pricing an option or warrant involves determining its value. This operation is carried out using a specific financial formula which takes into account a number of factors, such as the price of the underlying asset, the interest rate, market volatility, the time remaining before the option expires, and so on. This is an important operation for investors, as it enables them to determine their potential gain or loss, and to manage the risks associated with these financial instruments. The Black & Scholes formula is one of the best-known and most widely used for pricing options and warrants.

The premium of a warrant is the price of this financial instrument. It represents the value the buyer must pay to obtain the right to buy or sell the underlying asset (usually a share) at a price fixed in advance (called the strike price) and on a specific date (called the expiration date).

The premium on a warrant is determined by the market and can vary according to various factors, such as the price of the underlying asset, the interest rate, market volatility, the time remaining before the warrant's maturity, and so on.

The quick ratio is an indicator that measures a company's ability to meet its short-term debts using its liquid assets. It is calculated by dividing liquid assets (i.e. assets that can be quickly converted into cash, such as cash and cash equivalents) by short-term debts (i.e. debts that must be repaid within the next 12 months).
A high quick ratio indicates that the company has sufficient resources to repay its short-term debts, while a low quick ratio may be a sign of financial fragility and raise concerns about the company's ability to repay its debts on time.

Quorum refers to the minimum number of persons or representatives required for decisions taken at a meeting to be valid. Quorum is generally set by the organization's bylaws or by law.

In the context of warrant trading, the unit value refers to the minimum number of products that can be traded in each transaction. For example, if the unit value is set at 1, this means that warrants can only be traded individually, and that each transaction must involve at least one warrant. If the quota is set at 10, this means that warrants can only be traded in lots of 10, and that each transaction must involve at least 10 warrants.

A share buyback is an operation whereby a company buys back some of its own shares, usually on the stock market, with a view to cancelling them or placing them in reserve.

There are many reasons why a company may decide to buy back its own shares. For example, it may wish to reduce the number of shares outstanding, in order to increase the price of each share, or to reward its shareholders by offering them an opportunity to reinvest their earnings by buying new shares in the company.

Delisting is the operation by which Euronext removes a financial security from its official listing (i.e. from the list of securities admitted to trading on the markets organized by Euronext). This operation is mainly requested by companies that no longer wish to be listed and prefer to withdraw from the stock market.

A stock may be delisted at the request of the company concerned or its majority shareholders, or by decision of the Autorité des Marchés Financiers (AMF) if the company no longer meets certain listing conditions (for example, if it no longer publishes regular financial results).

A ratio is an indicator used to compare two quantities. It is obtained by dividing one quantity by another.
In finance, ratios are used to measure a company's performance, assessing its profitability, solvency, liquidity, etc. They can also be used to compare a company's performance with that of its competitors or with the market average. They can also be used to compare a company's performance with that of its competitors or with the market average.

An accretive effect refers to an increase in a company's earnings per share (EPS), i.e. the company's net income divided by the number of shares outstanding. When an operation is considered to be accretive, it means that it will contribute to improving the company's EPS. The dilutive effect, on the other hand, refers to a reduction in a company's EPS.

A share's yield is the amount of the dividend paid to shareholders, expressed as a percentage of the share price. There are two types of yield: the net yield, which corresponds to the amount of the dividend that the shareholder receives directly from the company; and the total yield, which includes the net yield and the tax credit associated with the dividend, i.e. the income tax reduction that the shareholder can benefit from as a holder of shares.

In general, the average return on listed shares is close to 3%. However, it can vary considerably from one stock to another, depending on the characteristics of the company and its sector of activity.

A trading room is a place where securities (stocks, bonds, derivatives, etc.) are traded and where financial transactions are carried out. It can be physical (a physical room where traders and investors meet) or virtual (a computer system that enables securities to be traded online).
Trading rooms are generally organized by type of financial product (for example, one trading room for equities, another for bonds, etc.) or by region (for example, one European trading room, another American, etc.). 

The effect of the split is to reduce the price of each share, but the total market capitalization of the company remains unchanged. This operation is generally carried out to make share prices more accessible to investors, and to promote liquidity on the market. It can be carried out in a simple way (for example, a 2-for-1 split means that each shareholder receives one additional share for every one share they previously held), or in a more complex way (for example, a 3-for-2 split means that each shareholder receives one additional share for every two shares they previously held).

A start-up is an early-stage company, often created by innovative and dynamic entrepreneurs, seeking to rapidly develop an innovative concept in a buoyant market. Start-ups often have strong growth potential and can be considered innovative and disruptive players in their sector. They are generally in search of financing to develop their business and are often valued at high valuations, given their growth potential.

Stock picking is an investment strategy that consists of individually selecting the stocks that make up a portfolio, based on their performance potential. Stock picking can be based on a variety of criteria, such as the quality of a company's management, its sales and earnings growth, its financial situation, or the sector in which it operates.

A quotation table is a document showing all the securities listed on a financial market. It shows the price of each security, as well as other information such as the volume of securities traded, the number of shares outstanding, etc. It can be presented in different ways, depending on where it is displayed and what information it contains. For example, it can be organized in the form of a list, table or graph. It can also be presented in the form of an "order book", which shows current buy and sell orders and their characteristics (price, quantity, etc.).

The quotation table enables investors to follow the evolution of share prices and make buy or sell decisions accordingly.

The term stock market trend refers to the evolution of a share price over a given period. A trend can be upward, i.e. the share price generally rises, or downward, i.e. the share price generally falls. A trend may be punctuated by short-term movements, such as peaks or troughs, but the overall trend is clearly in one particular direction. A general principle in stock market trading is never to position yourself against the market trend.

A financial security is a right of ownership. It can be an acknowledgement that someone or some organization owns part of a company's capital, or part of a company's debt. There are different types of financial security, such as shares, bonds and warrants. Each security has specific characteristics, and offers different rights and obligations to its holders.

Companies that produce and distribute essential services such as water, gas and electricity to homes and businesses. Utilities are generally large-scale and considered low-risk, as they provide essential services and are not sensitive to economic fluctuations. They are often used as safe havens by investors seeking to diversify their portfolios and reduce their exposure to risk.

Value growth is an investment strategy that involves selecting companies with strong sales and earnings growth potential. Investors following a value-growth strategy are generally looking for companies with strong momentum and considered to have great long-term growth prospects.

A company's market valuation is the price at which it is assessed by investors and the market. It is calculated by multiplying the number of shares in the company by its share price, which gives the company's capitalization. Market valuation and capitalization are important indicators for investors, who can use them to assess a company's attractiveness and anticipate future price movements.

VaR is a risk management tool used by investors and fund managers to assess the risk of loss in a portfolio and to determine the levels of capital needed to cover this risk.

VaR is generally expressed as a percentage of the portfolio's total value, and is calculated on the basis of asset volatility, correlation and expected return. The higher the VaR, the greater the risk of loss, and the greater the capital required to cover this risk.

Short selling is an investment technique that involves selling a financial asset you don't own in the hope of buying it back at a lower price later.

Short selling is generally used by investors who expect the price of an asset to fall, and wish to profit from this fall by realizing a capital gain.

Volatility is a measure of the variability of a financial asset's price over a given period. It can be calculated from historical data or estimated for a future period. The higher the volatility, the more the asset price is subject to wide fluctuations and deviations. Conversely, the lower the volatility, the more stable the asset price.

Volume refers to the total number of shares or bonds bought or sold on a financial market during a given day or period. Volume is a key indicator of investor interest in a financial asset, and can be used to assess market liquidity.

The higher the volume, the more transactions there have been on a financial asset, and the more liquid the market is considered to be. Conversely, low volume may indicate that the market is not very active, and that investors have little interest in the asset in question.

Warm-up refers to the period preceding a major financial operation, during which investors and financial service providers prepare for and implement the operation. Warm-up can concern various types of financial operation, such as an IPO, a capital increase, a merger-acquisition, and so on.
It is an important step prior to any financial operation, enabling investors and financial service providers to prepare adequately and reduce the risks associated with the operation.

Xetra is an online trading platform for listed equities and bonds. It is operated by Deutsche Börse, the Frankfurt Stock Exchange, and is used by investors to buy and sell securities listed on the German and other European markets.

Yo-yo stocks are highly volatile stocks that rise and fall in price in a very short space of time. These stocks are often considered very risky, and can be difficult to value and track.

Yo-yo stocks are often associated with the shares of start-up or fast-growing companies, which have significant growth potential but are also subject to major uncertainties and risks.

The yuan (also known as renminbi) is the official currency of the People's Republic of China. The yuan is issued and managed by the People's Bank of China, the country's central bank.

The yuan is also used as a reference currency in certain border regions and in the territories of Hong Kong and Macao, which are special administrative regions of China. It is one of the most widely used currencies in the world.

A zero coupon is a type of debt security that pays no coupons (interest) throughout its lifetime, but is issued at a price below its face value, and is redeemed at face value at maturity. Zero coupons are generally issued by governments, companies or financial organizations, and can have maturities ranging from a few months to several years.

Zero coupons are particularly popular with investors seeking to diversify their portfolios and avoid interest-rate risks.

The euro zone is an economic area made up of member countries of the European Union that have adopted the euro as their single currency. Created in 1999, it currently comprises 19 member countries. The euro zone is managed by the European Central Bank (ECB), whose mission is to maintain price stability and promote economic growth.