Ration foreign exchange
Ration foreign exchangeTo ration access to scarce foreign currency under a pegged exchange rate with an over-valued currency. Usually done by means of import licensing. See exchange control.
Tokyo International Financial Futures ExchangeTokyo International Financial Futures Exchange
Exchange that trades Euroyen futures and options, and futures on the one-year Euroyen, three-month eurodollar, and US dollar/Japanese yen currency.
Exchange traded fundExchange traded fund
ETFs 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.
Real exchange rateReal exchange rate
1. The nominal exchange rate adjusted for inflation. Unlike most other real variables, this adjustment requires accounting for price levels in two currencies. The real exchange rate is: R = EP*/P where E is the nominal domestic-currency price of foreign currency, P is the domestic price level, and P* is the foreign price level. 2. The real price of foreign goods; i.e., the quantity of domestic goods needed to purchase a unit of foreign goods. Equals the reciprocal of the terms of trade. Equivalent to definition 1. 3. The relative price of traded goods in terms of nontraded goods.
Warsaw Stock ExchangeWarsaw Stock Exchange
The major securities market of Poland.
Istanbul Stock ExchangeIstanbul Stock Exchange
The sole securities exchange in Turkey.
Further SuggestionsCommodities Exchange Center (CEC)
New York Futures Exchange (NYFE)
Tradepoint Investment Exchange
International Petroleum Exchange
Singapore International Monetary Exchange (SIMEX)
American Stock Exchange (AMEX)
Osaka Securities Exchange (OSE)
Foreign exchange risk
Exchange rate protection
Foreign exchange market
Philadelphia Stock Exchange (PHLX)
Colombo Stock Exchange
Historical exchange rate
Pacific Stock Exchange
Floating exchange rate
Nagoya Stock Exchange
Foreign exchange broker