Exchange traded fund
Exchange traded fundETFs are a new kind of collective investment fund competing with investment trusts and unit trusts for investors' money.In some ways they are a conventional tracker fund, pooling the cash of a large number of investors and investing it in a basket of shares in companies that make up an index (e.g. members of the FTSE A All-Share).Like unit trusts, ETFs are open ended, which means that new units can be issued in response to demand. The advantage of this is that they trade at a price which is close to the net asset value of the fund (i.e. the value of its investments) - something that cannot be said of investment trusts which are closed funds.But unlike unit trusts, ETFs do not usually have initial charges and their annual management charges are much lower (averaging 0.35%). You will have to pay broking commission, but some ETFs are exempt from Stamp Duty.Another feature of ETFs is that their prices are updated continuously during the trading day to reflect the indexes they track. This is an improvement over unit trusts where prices are only recalculated every 24 hours. So if you buy shares in an ETF at 2 o'clock on Monday the price you pay will be directly related to the NAV at that time.ETFs pay a dividend to their shareholders, which is the sum of all the dividends received from the ETF's investments minus an annual management fee. Typical annual fees are under 0.5% of the fund's value.The UK's first ETF was launched by Barclays Global Investors in 2000 and took 80,000 trades in its first week. It can be held in both PEPs and ISAs and does not attract Stamp Duty.You can buy ETFs through most stockbrokers.
Foreign exchange marketForeign exchange market
Largely banks that serve firms and consumers who may wish to buy or sell various currencies.
London Metal ExchangeLondon Metal Exchange
An international market, located in London, for the trading of non-ferrous metals, namely copper, primary aluminium, aluminium alloy, lead, nickel, tin and zinc, primarily for industrial use. Its prime function is hedging with 70-80% of turnover originating from trade clients. Other dealings include futures and options contracts and arbitrage trading. The London Clearing House (LCH) acts as guarantor to trades conducted between Clearing Members. The LME is a Recognised Investment Exchange (RIE), regulated by the Financial Services Authority (FSA).
Stock Exchange, Mumbai (BSE)Stock Exchange, Mumbai (BSE)
Formerly the Bombay stock exchange, the BSE accounts for more than one-third of Indian trading volume.
Recognised Investment ExchangeRecognised Investment Exchange
An investment exchange which meets the requirements for recognition under the Financial Services Act 1986 and is approved by the Financial Services Authority (FSA).
Stock Exchange of Hong Kong (SEHK)Stock Exchange of Hong Kong (SEHK)
Only stock exchange located in Hong Kong.
Further SuggestionsStock Exchange Automated Quotation system
National Stock Exchange (NSE)
Stock Exchange Pool Nominee
Securities Exchange of Thailand (SET)
Arizona Stock Exchange
Securities and Exchange Commission Rules
Forward foreign exchange contract
European Options Exchange (EOE)
TSE 300 (Toronto Stock Exchange 100 index)
Stock Exchange Daily Official List code
Foreign exchange risk
Mexican Stock Exchange
Exchange rate risk
Purchasing power parity exchange rate
Exchange of stock
Malaysia Commodity Exchange
Rate of exchange
Warsaw Stock Exchange
Philadelphia Stock Exchange (PHLX)
Real exchange rate
Montreal Exchange or Bourse de Montreal