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Exchange offer |
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Exchange offerAn offer by a firm to give one security, such as a bond or preferred stock, in exchange for another security, such as shares of common stock.Exchange offer Similar MatchesOslo Stock ExchangeOslo Stock ExchangeAn exchange founded in 1819 and trading stocks, bonds, and stock options that is considered the options market of Norway. Exchange rate riskExchange rate riskExchange risk Exchange traded fundExchange 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 exchangeForeign exchangeCurrencies issued by foreign countries. Securities and Exchange CommissionSecurities and Exchange CommissionThe US federal agency empowered to regulate US financial markets in order to protect investors. All quoted American companies have to comply with SEC rules and regulations, including the filing of quarterly results statements. Further SuggestionsEuropean Options Exchange (EOE)London Metal Exchange (LME) Exchange market Exchange Price Input Computer code Taiwan Stock Exchange (TSEC) Shenzhen Stock Exchange Stock Exchange of Thailand Exchange equalization fund Foreign exchange swap New York Stock Exchange (NYSE) Coffee, Sugar & Cocoa Exchange (CS&CE) Currency Exchange Risk Exchange-market intervention Singapore International Monetary Exchange (SIMEX) organised securities exchange London International Financial Futures and Options Exchange Karachi Stock Exchange Bombay Stock Exchange (BSE) PPP exchange rate Forward foreign exchange rate Caracas Stock Exchange London Metal Exchange Chicago Mercantile Exchange Real exchange rates Sydney Futures Exchange (SFE) |
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