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ECN
An electronic communication network (ECN) is an electronic system that attempts to eliminate third party orders by a market maker, and permits such orders to be executed either in whole or in part.
EDS
Electronic Data Services (EDS) gives historical turnover information about securities traded on the Exchange.
Efficient financial market
A market that offers transparency, liquidity, low transaction costs and price movements.
EFIQ
End of Firm/Indq Quote Period
EIQP
End of IMQP
Elasticity - covered warrant
Sometimes called leverage. It measures the theoretical increase (decrease) in the price of a covered warrant (in percentage terms) based in a one percent move in the underlying asset.
Eligibility criteria
The requirements for eligibility and admission to be followed by issuers seeking admission to an attribute group as published by the Exchange and amended from time to time.
EMQP
End of MQP
Enhanced best price
The number and volume of orders ar best on each side of the order book updated in real-time
Entitlement Issue (Open Offer)
Shareholders are given the right to subscribe for the new fully paid share. The new shares are not issued in nil paid form.
EOA
End of Admin.
EOBT
End of Order Book Trading
EODR
End of Order Hitting
EPIC
Exchange Price Input Computer (EPIC) code that has been replaced by Tradable Instrument Display Mnemonic (TIDM) code.
Equity
The risk-sharing part of a company's capital, usually made up of ordinary shares.
Equity option
Equity options give the option buyer the right to buy or sell shares of companies. The standard LIFFE contract size for equity options is 100 or 1000 shares.
ERRR
Error Code Incorrect
ETF (Exchange traded fund)
A collective investment vehicles which track indices - they can allow low cost exposure to the performance of an index as quickly and efficiently as the most liquid UK stocks.
EUR
Euro - common currency of the European union.
Euro Depositary Receipt (EDR)
As with other depositary receipts, the EDR is a certificate representing ownership of the issuer's underlying shares. The EDR is denominated and quoted in euros.
Eurobond
An interest-bearing security issued across national borders, often in a currency other than that of the issuer's home country.
Euronext
The first cross-border exchange in Europe, it was formed by the merger of the Amsterdam, Paris and Brussels stock exchanges.
Euronext.liffe
International derivatives business of Euronext comprising Amsterdam, Brussels, LIFFE (London International Financial Futures and Options Exchange), Lisbon and Paris derivatives markets which was formed following the purchase of LIFFE by euronext NV in 2001.
European style covered warrant
A European style covered warrant is one that may only be exercised on the last trading day.
European style option
It gives the buyer the right to exercise the option only on the expiry date.
EUTC
Euro Testing Closed
EUTO
Euro testing Open
Ex
When a stock or dividend is issued by a company it is based upon an "on register" or "record date". However, to create a level playing field when shares are traded on the London Stock Exchange during this benefit preiod an "ex" date is set. Before this "ex" date if shares are sold the selling patry will need to pass on the benefit or dividend to the buying party.
Ex Capitalisation
Trading has previously commenced "ex" capitalisation on this stock.
Ex Capitalisation Today
Trading has commenced "ex" capitalisation on this stock today.
Ex Dividend
Trading has previously commenced "ex" capitalisation on this stock today.
Ex Dividend Today
Trading has commenced "ex" dividend on this stock today.
Ex Liquid
Trading has previously commenced "ex" liquidation payment on this stock.
Ex Liquid Today
Trading has commenced "ex" liquidation payment on this stock today.
Ex Other
Trading has previously commenced "ex" a benefit on this this stock.
Ex Other Today
Trading has commenced "ex" a benefit on this stock today.
Ex Stabilisation
Stabilisation is operating on the market in this security today.
Ex Stabilisation Today
Stabilisation is operating on the market in this security today.
Ex Repayment
Trading has previously commenced "ex" repayment on this stock.
Ex Repayment Today
Trading has commenced "ex" Repayment on this stock today.
Ex Rights
Trading has previously commenced "ex" rights on this stock.
Ex Rights Today
Trading has commenced "ex" rights on this stock today.
Ex Stock
Trading has previously commenced "ex" stock distribution on this stock.
Ex Stock Today
Trading has commenced "ex" stock distribution on this stock today.
Exchange
An exchange provides access to capital and facilitates securities dealing through speedy and innovative trading platforms and services. An exchange is also responsible for delivering an orderly market.
Exchange traded contracts
Exchange traded futures contracts are standardised in terms of delivery date, contract terms and amount. These are traded on the LIFFE.
Ex-dividend list
The London Stock Exchange's ex-dividend list service provides advance details of securities that will be marked 'ex-dividend' in the following week. The ex-dividend date defines the date from which the dividend is excluded from the share price.
Execute and Eliminate order
An order submitted to an order book to deal in a specified number of shares at a price no higher than a specified limit price. It may execute, either in part or in full, against eligible orders (at the price of those orders). Unexecuted portions of execute and eliminate orders are rejected from the order book.
Execution only
An execution only broker merely buys and sells shares on the instructions of the client.
Exercise
The process of using the right to buy or sell the underlying at the specified price.
Exercise price
The exercise (or strike) price is the price at which the option can be exercised, regardless of the actual market price of the stock.
Ex-Marker
An indicator used to highlight that a particular ex-benefit condition is in effect on a tradable instrument. For example, Ex-Rights, Ex-Dividend (as above), Ex-Liquidation Distribution, Ex-Entitlement, Ex-Capitalisation, Ex-Stock Distribution, Ex-Repayment
Expiry date
Every option/covered warrant contract has a specified date in the future when it expires. The option contract becomes worthless if it remains unexercised on the expiry date.
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