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Inchiderea unei pozitii deschise/Closing an open position – Extinction by the client, Exchange member, clearing member or clearing house of contractual obligations in an open position by making an opposite transaction or by exercising the right given by the option.
Inchiderea fortata a pozitiilor deschise/Forced closing of open positions – Is an operation to close the open positions , following an order given by the clearing house or Broker initiative, if his client does not meet a margin call. Closing positions will be reversed by making a reverse execution of the last transaction.
Index/Index – Statistical indicators that measures the overall performance of an activity or the evolution/dynamics of economic-social phenomens; the stock market exchange represents a series of shares listed on the stock exchange and reflects the value of its components in a statistical way.
Indicatori de lichiditate/Liquidity Indicators – The average number of trading days – calculated as [transactions/days] and is the ratio between the total number of share transactions in one calendar year and the total number of trading days when shares were available to trading and if they were actually traded. The average value of a trading day or Daily Average Turnover – calculated as [RON/days] and is the ratio between the total value of all transactions in one calendar year and the total number of days when shares were traded, only if transactions were concluded. The annual rate of traded shares depending on the Free Float – expressed as a percentage and is calculated as the ratio between the total number of shares traded in a year and the number of shares corresponding to the Free Float percentage, at the end of the same year. The annual rate of trading days – expressed as a percentage and calculated as the ratio of all trading days in one calendar year for the securities of an Issuer to the total number of trading days in that same year, during which the securities were available to trade, irrespective of whether transactions took place or not.
Indicele bursier BET/Bucharest Exchange Trading – The first index developed by BVB, is the reference index for the BVB market. BET is a free float weighted capitalization index of the most liquid 10 companies listed on the BVB regulated market.
Indicele bursier BET-C/Bucharest Exchange Trading-Composite Index – Is the composite index of BVB market. It is a market capitalization weighted index. BET-C reflects the price movement of all the companies listed on the BVB regulated market, I-st and II-nd Category, excepting the SIFs.
Indicele bursier BET-FI/Bucharest Exchange Trading- Investment Funds – As the first sectorial index launched by BVB, BET-FI is reflecting the price movements of the investment funds (SIFs) traded on the BVB regulated market.
Indicele bursier BET-NG/Bucharest Exchange Trading Energy & Related Utilities Index – The sectorial index, reflects the price movement of the companies traded on the BVB regulated market which have the main business activity located in the energy sector and the related utilities. The maximum index weight a company can hold is 30%. The index methodology allows BET-NG to be a good underlying for derivatives and structured products.
Indicele bursier BET-XT/Bucharest Exchange Trading Extended Index – Blue chip index, reflects the price evolution of the most liquid 25 shares traded on the BVB regulated market, including the SIFs. The maximum index weight a company can hold is 15%. The index methodology allows BET-XT to be a good underlying for derivatives and structured products.
Indicele bursier ROTX/Romanian Traded Index – ROTX is a free float weighted capitalization index and reflects in real time the price movement of “blue chip” companies traded on the BVB market. Calculated in RON, EUR and USD, and disseminated in real-time by the Wiener Borse, ROTX is designed as a tradable index and will be used as underlying for standardized products.
Indicele RASDAQ-C/RASDAQ Composite Index – Takes into account all stocks traded on RASDAQ Market. Its purpose is to reflect the overall stock price evolution of the market.
Informatie confidentiala/Confidential information – Information of any kind relating to an issuer or securities that he has issued, which is not accessible to the public or that has not yet become public and whose disclosure could influence the price or other aspects of securities transactions.
Informatie privilegiata/Inside information – An information of any nature, which has not been made public, relating, directly, or indirectly, to one or more issuers of financial instruments, or to one or more financial instruments and which, if it were made public, would be likely to have a significant effect on the prices of those financial instruments or on the price of related derivative financial instruments.
Institutie/Entity – A credit institution or an investment firm.
Institutie de credit/Credit institution – An undertaking the business of which is to take deposits or other repayable funds from the public and to grant credits for its own account;
Institutie financiara/Financial institution – An undertaking other than an institution, the principal activity of which is to acquire holdings or to pursue one or more of the activities listed in points 2 to 12 and point 15 of Annex I to Directive 2013/36/EU, including a financial holding company, a mixed financial holding company, a payment institution within the meaning of Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market ( 1 ), and an asset management company, but excluding insurance holding companies and mixed-activity insurance holding companies as defined in point (g) of Article 212(1) of Directive 2009/138/E.
Institutie-mama din UE/EU parent institution – A parent institution in a Member State which is not a subsidiary of another institution authorized in any Member State, or of a financial holding company or mixed financial holding company set up in any Member State.
Institutie-mama dintr-un stat membru/Parent institution in a Member State – an institution in a Member State which has a institution or a financial institution as a subsidiary or which holds a participation in such an institution or financial institution, and which is not itself a subsidiary of another institution authorized in the same Member State, or of a financial holding company or mixed financial holding company set up in the same Member State.
Instrument financiar derivat extrabursier sau contract derivat extrabursier/OTC derivative or OTC derivative contract – A derivative contract the execution of which does not take place on a regulated market as within the meaning of Article 4(1)(14) of Directive 2004/39/EC or on a third-country market considered as equivalent to a regulated market in accordance with Article 19(6) of Directive 2004/39/EC.
Instrument financiar derivat (IFD) sau contract derivat/Derivative or derivative contract – A financial instrument as set out in points (4) to (10) of Section C of Annex I to Directive 2004/39/EC as implemented by Article 38 and 39 of Regulation (EC) No 1287/2006.
Instrumente ale pietei monetare/Money market instruments – Those classes of instruments which are normally dealt in on the money market.
Instrumente financiare derivate/Financial derivative instrument (FD) – Futures, options and other assets classified as derivatives of R.N.S.C.
Instrumente financiare/Financial instruments means:
a) secutities;
b) monetary market instruments;
c) units in collective investment undertakings;
d) options, futures agreements, swaps, forward agreements on interest rate and exchange rate or any other derivative agreements related to the securities, currency, interest rates or profitability or any other derivative instruments, financial ratios or financial indicators, that can be physical settled or cash funds;
e) options, futures agreements, swaps, forward agreements on interest rate (one rate) and any other derivative agreements related to the merchandise that must be settled in cash funds or that can be settled in cash funds at the request of either of the parties (otherwise than in case of nonpayment or of another incident that leads to termination);
f) options, futures agreements, swaps and other derivative agreements related to the merchandise that can be physically settled, on condition that they are transacted on a regulated market and/or within an alternative transaction system;
g) options, futures agreements, swaps, forward agreements and any other derivative agreements related to the merchandise that can be physically settled, not included under let. f) and which do not have commercial purposes, which have the characteristics of other derivative financial instruments, considering, among others, if they are offset and settled by means of clearing houses well-known or if they are usually subject to margin call;
h) derivative instruments for the transfer of credit risk;
i) contract for difference;
j) options, futures agreements, swaps, forward agreements on interest rate and exchange rate or any other derivative agreements related to climatic variables, freight, approvals for substance emissions or inflation rates or other official economic indexes, that must be settled in cash funds or that can be settled in cash funds at the request of either of the parties (otherwise than in case of nonpayment or of another incident that leads to termination), as well as any other derivative agreements related to assets, rights, obligations, indexes and indicators, not included in this definition, which have the characteristics among others if they are transacted on a regulated market or by alternative transaction system and if they are set-off and discounted by means of well-known set-off funds or if they are usually subject to margin;
k) other financial instruments classified as such under the European legislation.
Instrumente financiare derivate/Derivative financial instruments – Instruments defined to financial instruments d) – j):
d) options, futures agreements, swaps, forward agreements on interest rate and exchage rate or any other derivative agreements related to the securities, currency, interest rates or profitability or any other derivative instruments, financial ratios or financial indicators, that can be physical settled or cash funds;
e) options, futures agreements, swaps, forward agreements on interest rate (one rate) and any other derivative agreements related to the merchandise that must be settled in cash funds or that can be settled in cash funds at the request of either of the parties (otherwise than in case of nonpayment or of another incident that leads to termination);
f) options, futures agreements, swaps and other derivative agreements related to the merchandise that can be physically settled, on condition that they are transacted on a regulated market and/or within an alternative transaction system;
g) options, futures agreements, swaps, forward agreements and any other derivative agreements related to the merchandise that can be physically settled, not included under let. f) and which do not have commercial purposes, which have the characteristics of other derivative financial instruments, considering, among others, if they are offset and settled by means of clearing houses well-known or if they are usually subject to margin call;
h) derivative instruments for the transfer of credit risk;
i) contract for difference;
j) options, futures agreements, swaps, forward agreements on interest rate and exchange rate or any other derivative agreements related to climatic variables, freight, approvals for substance emissions or inflation rates or other official economic indexes, that must be settled in cash funds or that can be settled in cash funds at the request of either of the parties (otherwise than in case of nonpayment or of another incident that leads to termination), as well as any other derivative agreements related to assets, rights, obligations, indexes and indicators, not included in this definition, which have the characteristics among others if they are transacted on a regulated market or by alternative transaction system and if they are set-off and discounted by means of well-known set-off funds or if they are usually subject to margin.
Intermediari/Intermediaries – Investment firms authorized by F.S.A./R.N.S.C., credit institutions authorized by the National Bank of Romania according to the relevant banking legislation, as well as other such entities authorized in Member or non-Member States to carry out investment services and activities such as:
1. Core services:
a) taking over and submitting the orders regarding one or several financial instruments;
b) performing orders on behalf of the clients;
c) transaction on own account;
d) portfolios’ management;
e) investment advice;
f) subscribing financial instruments and/or placing the financial instruments based on a firm commitment;
g) placing of financial instruments without a firm commitment;
h) operation of Multilateral Trading Facilities;
2. Related services:
a) safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management;
b) granting credits or loans to an investor to allow him to carry out a transaction in one or more financial instruments, where the S.S.I.F. granting the credit or loan is involved in the transaction;
c) advice to undertakings on capital structure, industrial strategy and related matters and advice and services relating to mergers and the purchase of undertakings;
d) foreign exchange services where these are connected to the provision of investment services;
e) investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments;
f) services related to the underwriting of financial instruments on a firm commitment basis;
g) investment services and activities as well as related services, such as the ones provided at points a) – f), related to the active support of the following derivative instruments, if these are related to the provisions regarding the investment activities and services and related services:
g.1 options, futures agreements, swaps, forward agreements on interest rate (one rate) and any other derivative agreements related to the merchandise that must be settled in cash funds or that can be settled in cash funds at the request of either of the parties (otherwise than in case of nonpayment or of another incident that leads to termination);
g.2 options, futures agreements, swaps and other derivative agreements related to the merchandise that can be physically settled, on condition that they are transacted on a regulated market and/or within an alternative transaction system;
g.3 options, futures agreements, swaps, forward agreements and any other derivative agreements related to the merchandise that can be physically settled, not included under let. f) and which do not have commercial purposes, which have the characteristics of other derivative financial instruments, considering, among others, if they are offset and settled by means of clearing houses well-known or if they are usually subject to margin call;
g.4 options, futures agreements, swaps, forward agreements on interest rate and exchange rate or any other derivative agreements related to climatic variables, freight, approvals for substance emissions or inflation rates or other official economic indexes, that must be settled in cash funds or that can be settled in cash funds at the request of either of the parties (otherwise than in case of nonpayment or of another incident that leads to termination), as well as any other derivative agreements related to assets, rights, obligations, indexes and indicators, not included in this definition, which have the characteristics among others if they are transacted on a regulated market or by alternative transaction system and if they are set-off and discounted by means of well-known set-off funds or if they are usually subject to margin
Intermediere de valori mobiliare/Securities intermediary – Activity performed by persons authorized by law and performed exclusively on organized markets of securities, consisting in buying and / or selling of securities, as well as accessories and related operations authorized by F.S.A./R.N.S.C.
Introducing broker – The person or entity that provides investment consultancy to investors, but does not operate the transaction. The term applies particularly to brokers on the futures market.
Investitor/Investor – Any person or entity that on his own risk and account, buy, hold, sell and / or exchange financial instruments with the intention of obtaining profit from dividends or interest on those financial instruments or to increase their market value.
Investitor calificat/Qualified investors – Individuals or entities which, according to F.S.A./R.N.S.C. regulations:
1. fall into the category of professional clients in accordance with art. 1 para. (2) lett. a) -d) of Annex. 8 of R.N.S.C. Regulation no. 32/2006 on investment services, as amended and supplemented;
2. are treated on request as professional clients in accordance with Annex 8 of R.N.S.C. Regulation no. 32/2006 or are recognized as eligible counterparties in accordance with art. 146 of that Regulation, unless they requested not be treated as professional clients.
Investitor sofisticat/Sophisticated investor – An investor who has sufficient knowledge and experience with investing that he/she is able to evaluate the merits of an investment.
