Glossary

All A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

M

Maintenance Margin

The minimum amount on the margin account, which must never be underwritten during the term of a position.

Margin

A margin, which must be provided as cash or securities before the settlement of an order on the margin account.

Margin

A security, which must be provided to hold a short position in options or a futures position in order to cover a loss resulting from adverse price fluctuations.

Margin Call

The request of a stock exchange participant, whose margin account has fallen below the Maintenance Margin, to pick the deficit.

Mark-to-market

The daily assessment of open positions to determine profits and losses based on the price development of contracts.

Market Maker

A market participant, authorised specially by the clearing house, to enquire about contractual purchase and sales prices for the contracts assigned to him at any time.

Market Order

Unlimited purchase or sales orders, which are settled at the next available price after entering the trading system.

Market-if-touched Order

An order, whereby a certain price is set and at which the order must be settled.

Maturity Cycle

A series of calendar months set by the stock exchange, which are considered as delivery months for a futures contract. The cycle serves to determine the furthest away delivery month.

Maturity Date

The date when the delivery of a basic security is due, which underlies a futures contract. Futures positions rarely reach maturity since they are, in most cases, squared beforehand.

Maturity Month

The month during which the basic security is delivered on a set day.

Modern Portfolio Theory

A theory, which says that the optimum composition of a portfolio is then achieved when the highest possible returns are achieved at the highest possible risk, which appears reasonable for a certain investor. The MPT was developed in 1952 by the American, H. M. Markowitz.

Money

G (Geld) [M (Money)]: At this price, there was demand for the share, however there were no offers of sale.
B (Brief) [L (Letter)]: Shares were offered at this price, there were no buyers.
b (bezahlt) [p (paid)]: supply and demand were equal. Synonymous to no price supplement.
exD (ohne Dividende) [WD (Without Dividends)]: Opening price after reduction of the dividend.
bB (bezahlt Brief) [PL (Paid Letter)]: All purchase orders were completed at this rate, however there was yet another offer.
bG (bezahlt Geld) [PM (Paid Money)]: All purchase orders were completed at this rate, however there was yet another demand.
T (Taxkurs) [E (Estimated Rate)]: A price could not be set and so was estimated.

Mortgage Bonds

Loans: a collective term for interest-bearing obligations with a fixed agreed duration. Both civil adjustments (e.g. federation, states and communities) and private companies (industrial obligations, industrial loans) emerge as issuers. Loans are a beneficial financial alternative to investment projects compared to conventional bank financing. A loan securitises a creditor’s claim, that is to say, pays a certain amount, which the security issuer owes the investor. This sum of money, also called nominal value, can for example be €100.00 or another amount and/or another currency. It is to be paid back to the investor at a previously agreed time. The period of time between starting to pay interest on an issue and repayment (redemption) is described as the duration of a security. If part of the duration has already expired then the remaining period until redemption is described as maturity. Loans include, for example, mortgage bonds, industrial obligations, community obligations and civil loans.

Moving Averages

A Moving Average is an indicator that shows the average value of a security's price over a period of time. When calculating a moving average, a mathematical analysis of the security's average value over a predetermined time period is made. As the security's price changes, its average price moves up or down. The most popular method of interpreting a moving average is to compare the relationship between a moving average of the security's price with the security's price itself. A buy signal is generated when the security's price rises above its moving average and a sell signal is generated when the security's price falls below its moving average. The most popular moving average is the 200-day moving average. This moving average has an excellent track record in timing the major (long-term) market cycles. We would like to suggest to our investors to consider using the appropriate moving average in accordance to the period of investment in CCR's stocks they are aiming at.

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