Glossary

A - BCDEFGHI - J - K - LMNOP - Q - RST - U - VW - X - Y - Z

A

Approval (from the AMF)

Authorization granted by the AMF to a company to enable it to manage collective investments (FCP, SICAV ...), or directly the personal portfolios of its clients. The purpose of these approvals is to verify that the company has sufficient resources and to ensure the protection of investors' interests. The AMF may withdraw an approval if the company that owns it no longer has sufficient resources or does not comply with the regulations.

Arbitration

An operation that involves selling a security to buy another security. This vocabulary is used in particular in the context of a unit-linked life insurance contract (UC) to designate a change in the distribution of investments between investment vehicles (CUs which are often mutual funds or SICAVs).
 

B

Bearer shareholder

Shareholder registered in the accounts held by its financial intermediary and not known to the company of which it holds shares.

Best price order

Concerns the purchase and sale of securities (equities, ETF ...). This type of order is not accompanied by any price indication. At the opening of the trading session, it is converted into a limit order, with the opening price being limited. During the session, it becomes a limit order at the price of the best bid (purchase order) or the best request (order of sale).

Bond

A bond is a part of a loan issued by an issuer, that is, a company, a public sector entity or the government. A bond investor becomes a lender and therefore a creditor of the issuer. In return for this loan, it usually receives an interest paid periodically (the coupon). The principal amount (nominal amount) is in principle repaid at maturity.
Any resale of a bond prior to maturity may result in a gain but also a loss.

Bond weight

The "bond weight" represents the bondholders. In principle, the representatives of the masses have the power to perform, on behalf of the masses, all acts of management in defense of the common interests of the holders of bonds. They have access to general meetings of shareholders as non-voting observers.

Brokerage fees (shares)

Charges taken by stockbrokers on stock exchange orders placed by their clients. Most often, they are calculated in proportion to the amount of the order passed. They are sometimes offered as fixed amounts (flat rates). These costs vary according to the intermediary, the amount of transactions carried out, the ordering channel (internet, telephone or agency) and the market (shares, bonds, Euronext Paris, Frankfurt Stock Exchange, London Stock Exchange, etc.).
 

C

Canvassing

Banking or financial canvassing occurs when a person is contacted by a professional or a company, without his / her request, to propose to him the realization of banking or financial operations or the provision of services relating to these operations. This contact, which can be made by mail, email or telephone, is a canvassing when this contact emanates from a professional of which you are not a customer. There is also a solicitation of banking and financial assistance, irrespective of who initiates the process (direct seller or person solicited), when the contact is made in the home of the person solicited, his place of work or any other a place not intended for the marketing of financial products, instruments and services.

Capital gain

Gain resulting from the difference between the sale price of a security and its purchase or subscription price.

Capital loss

Loss resulting from the difference between the sale price of a security and its purchase or subscription price.

Certificate

The certificates are listed on a continuous basis and can be bought or sold as equities. They are instruments whose variations are linked to those of an underlying asset (a share, a stock index, etc.) : their value varies according to of the underlying. For a limited period, their repayment terms at maturity are known as of issue (their launch date). There are several types of certificates, from the simplest to the most complex. Certificates are risky investments.

Conservative Account Manager

When an investor invests in financial securities, he opens a securities account on which the custody account-keeper records each transaction (purchase, sale, etc.). It ensures their conservation and their accounting. He must also inform the client of the financial transactions on the securities he holds (capital increase ...) or send him the elements necessary for his tax return.

Corporate Savings Plan (PEE)

A collective savings scheme that allows employees of a company to set up savings, with the help of their employer, invested in transferable securities (stocks, bonds, funds, etc.), in a favorable fiscal framework, in exchange for a blocking of this savings for a period generally of five years.
An Inter-company savings plan is an inter-company PEE (within several companies or at the level of a professional branch), especially for SMEs.

Coupon

The coupon is the income received by the holder of a bond. We talk about couponing, when that income is paid.

 Custody right

Custodian fees are charges levied annually or semi-annually by a financial intermediary (a bank, an internet broker, etc.) for keeping securities accounts and equity savings plans. These costs are related to the custody of the securities and the administrative transactions carried out on the account. They vary according to the nature of the securities registered in the account (stocks, bonds, investment funds, etc.), the quotation place of the security if it is quoted, the number of different securities held in the account and the total value of securities (in the portfolio). They are generally calculated by applying a commission proportional to the total amount of the portfolio, to which may be added fixed costs per line of title (fixed costs).
 

D

Debt

Bonds, negotiable debt securities or equity securities that may be issued by a company or by the government (Treasury bills, government bonds). The issuer of a debt instrument borrows from the investor over a certain period (the term of the debt obligation). In return, the investor receives regular interest.

Deferred Settlement Service (SRD)

The Deferred Settlement Service is a mechanism that allows investors to initiate a long (short) position (seller) on a list of eligible securities by only paying part of the value of the position. The financial intermediary is then in charge of financing the position of the investor until the end of the month. The individual investor must write his purchase or sale order specifying "with Deferred Settlement Service".

Depositary

Company responsible for ensuring the security of investments in a collective investment scheme. It must "keep" the securities on which the savings are invested. The custodian of the fund verifies the reality and the regularity of the transactions of purchase or sale of securities on behalf of the subscribers. The custodians are themselves supervised by the AMF.

Derivatives (product)

Financial instrument whose price depends on that of another instrument (one share, one bond, etc.) that professionals call the "underlying".

Dilution (shares)

A shareholder holds a certain percentage of capital and voting rights in the company of which he is a shareholder. A dilution occurs when this percentage of capital and voting rights decreases without the shareholder having transferred securities : for example, when he does not subscribe for new shares when the share capital is increased.

Diversification

Distribution within a portfolio between different types of financial securities (equities, bonds), different geographical regions, different currencies and different sectors of activity. Diversification reduces the risk of loss of an investment.
The diversification of a portfolio between several investments of different nature and risk is also intended to reduce the risk of a decline in the value of this portfolio.

Dividend

Part of the profit of a company distributed to the shareholders. This income, resulting from an investment in equity securities such as equities, is generally paid each year and varies according to the profits made by the company. Its amount is voted each year at the general meeting of shareholders.
 

E

EUROCLEAR France

Euroclear is a company that participates in the smooth functioning of the securities markets (stocks, bonds, etc.). In particular, it ensures that there is no creation or disappearance of financial securities as and when trade is made in the different markets : it is the central securities depository in France. It also manages the IT system for the settlement of securities exchanged.

Extraordinary General Meeting

At an extraordinary general meeting, the management submits to the vote of the shareholders, in particular the individual shareholders, the "draft resolutions", that is to say a decision whose implementation, if adopted, will modify the capital of the company or its articles of incorporation. Decisions shall be taken by a two-thirds majority.
 

F

Financial Advisor

A financial advisor who practices, as a regular profession, financial investment advice. As such, it may recommend investing in financial instruments (equities, bonds, investment fund shares, etc.), or in various assets (works of art, solar panels, etc.). Its advice must be provided in writing and must consider the investor's financial condition, financial experience and investment objective.
The financial advisor is a supervised professional who must be registered in a file maintained by the ORIAS (Single Register of Insurance, Banking and Finance Intermediaries).

Financial assets

Title or contract, generally negotiable on a financial market, the form of which varies from the simplest (share, bond, ...) to the most complex (option, warrant, warrant, ...). The financial asset is likely to generate income. On resale, a gain or loss can be recognized.

Futures contract

A contract between two persons who undertake to buy (the buyer of the contract) and sell (the seller) a specified quantity of assets (raw materials, stocks, bonds, etc.) at a fixed price for delivery and settlement at a future date, also specified in the contract.

Financial intermediary

To sell or buy financial investments, investors should contact a professional : the financial intermediary. It may be a bank, an investment firm, an online broker, a management company, a financial investment advisor, etc. Its status determines which services it is allowed to offer to the investor (e.g. receiving / transmitting orders, investment advice, keeping accounts, etc.).

Financial Instrument

All securities and financial contracts : equities, debt securities (including bonds), units of collective investment undertakings, options, warrants, etc.

Financial market

A financial market is a market in which financial assets (stocks, bonds, currencies, derivatives, etc.) can be traded at prices that reflect supply and demand.

Financial title
Financial securities are defined as equity securities such as equities, debt securities (for example, bonds) and shares in collective investment schemes.
 

G

Group Savings Plan (PEG)

A company savings plan that allows employees of the same group of companies to set up, with the help of their employer, a savings invested in transferable securities, in a favorable tax framework and in exchange for a block saving for a period of generally five years.

Guarantee of capital

A contractual guarantee enabling the subscriber of an investment to recover, at any time and / or at the end of the distribution, at least the amount of the payments made at the time of subscription. This is called risk-free investment. To benefit from the guarantee, the saver must sometimes block his savings over a certain period.
 

H

Horizon de placement

Durée souhaitée du placement à souscrire. Avant de placer son argent, chaque épargnant doit s’efforcer de bien définir son objectif d’épargne. L’horizon de placement découle de cet objectif. Pour un investissement en bourse, c’est la durée minimale pendant laquelle il faut prévoir de ne pas avoir besoin de l’argent placé.

I

Information document

Document issued by a listed company in connection with a merger with another company, a split (division of activity) or a partial transfer of assets (an activity is transferred to another company that pays with its titles). This document is registered by the AMF. It contains the reasons and objectives of the transaction, the valuation of the contributions, the exchange ratio used, the factors for determining the exchange ratio, the consequences of the merger or contributions to the beneficiary company, commissioners of contributions and legal authorizations.

Information note

This document contains all the information relating to the offer (price, financing of the operation, independent expertise, etc.). It is made available to the public at a takeover bid, exchange offer (OPE), etc. The prospectus is endorsed by the AMF, which has verified that the document is complete and comprehensible to the investor and that the information contained therein is consistent with the transaction presented.

Insider trading (shares)

"Insider" means a person who holds specific information about a financial instrument, which has not yet been made public, and which, if it were, would have a significant impact on the price of that financial instrument. An "insider" commits an insider trading offense if he uses this information or transmits it to another person.

Inter-company savings plan (PEI)

Enterprise savings plan set up by agreement, within several companies, at the level of a professional branch or at a specific territorial level. The PEI serves a dual purpose : to simplify the access of very small companies and SMEs to employee savings schemes and to pool the costs associated with this scheme.

Interest

Interest pays a loan of money or an investment in debt securities (an obligation for example ...). It results from the application of an interest rate. Interest rates can be fixed or variable.

Investment advice

Personalized recommendation on financial instruments. For example, a recommendation to invest in funds and mutual funds or in equities.

Investment Horizon

Desired duration of the investment to be subscribed. Before investing his money, each investor must strive to define its savings target. The investment horizon flows from this objective. For an investment on the stock market, it is the minimum period during which it is necessary to plan not to need the money placed.

Investment Service Provider (PSI)

It is investment firms and credit institutions (eg banks) that provide investment services (for example, issuing a stock exchange order, subscribing to a fund, receiving financial advice). For the exercise of each of these services, an authorization must be obtained from the AMF or ACPR (Supervisory and Resolution Authority) which monitors the bank, credit and insurance.

Investment services

Investment services are provided by a financial intermediary, an investment service provider (ISP), ie a professional to whom investors must turn to to make an investment in a financial market. This may include, for example, issuing an exchange order, subscribing to an investment fund or receiving financial advice.
ISPs are approved by the AMF.

ISIN code
Code used to identify a financial instrument (share, bond, investment fund ...). This ISIN (International Securities Identification Number) code is composed of two letters indicating the country of issuance of the security (FR for France) and ten digits specific to each security. It is issued by the company EUROCLEAR which ensures in France the role of central depository.
 

J

K

L

Leverage

Leverage is a financial technique that amplifies (multiplies) market movements. To benefit from this, the investor uses debt or derivatives. In the event of a sharp decline in the markets, the investor may lose more than his initial stake.

Limit price order

Concerns the purchase and sale of securities (equities, ETF ...). In order to obtain the best price in a stock exchange transaction, the investor sets the maximum price he is willing to pay in the event of a purchase order or the minimum price he intends to withdraw in the event of an order sale. If the minimum price or the maximum price is not reached during the period of validity of the order, it is automatically canceled.

Liquidity

A market or security is liquid when the transactions (buy-sell) are carried out smoothly, without significant price fluctuations, because of the abundance of securities traded. A "liquid" market is therefore a market on which it is easy to sell at a price close to the posted price.
 

M

Market capitalisation

Total value of the capital of a listed company. It is obtained by multiplying the number of shares of that company by its share price at a specific time.

Market price order

Concerns the purchase and sale of securities (equities, ETF ...). This type of order consists of selling or buying without limit of price, within the limits of the quantities available. It takes precedence over other types of orders and is executed immediately, subject to finding a buyer or seller. It is executed during opening for orders passed before the opening of the trading session.

Movement Commission

Concerns collective investment schemes (UCITS, FCP, SICAV ...). Commission invoiced to the collective investment undertaking (OPC) on all transactions carried out on the portfolio (for example, the purchase and sale of shares). These expenses are directly deducted from the net asset value (the value of a unit), which is published net of fees

Multilateral Trading System

A system which, without having the quality of a regulated market, ensures that multiple buyers and sellers of financial instruments (stocks, bonds, derivatives, etc.) meet there, in order to conclude transactions on these instruments. It may be managed by an approved investment services provider or by a market company. It is supervised by the regulatory authorities (in France, the AMF in association with the ACPR), which validate its rules and constantly ensure its smooth operation. The main difference with a regulated market concerns the level of information communicated to investors (generally higher for a regulated market).
 

N

Nominal (or "nominal") value of a share

Share issue price deducted when incorporating a company. The nominal value is obtained by dividing the total amount of one issue by the number of securities issued. The nominal value is therefore different from the stock market price of the share.

Note of Operation (financial operations)

Note issued during a financial transaction that describes the conditions and characteristics of the transaction (public offer, bond issue, for example).

Notice of Operation

After the execution of the stock exchange order (purchase or sale), a transaction notice, that is to say a report, must be sent by the financial intermediary to the originator (the investor). This document summarizes the conditions of execution of the order executed : the nature of the order executed, its amount, its date and the tariff conditions for its execution. This document may be useful for complaints.
 

O

Option 

A financial instrument that allows an investor to acquire the right, at a future date, to purchase (call) or sell (put) a financial asset (stock, bond, currency, etc.) at a pre-determined price. An option is a risky product.

Order book (shares)

For a listed security and at a given time, lists the wishes of buying and selling of other investors. It is thus possible to visualize the best offers and demands (at what prices), as well as the number of securities requested and offered (for what quantities), which gives an indication of the liquidity of the market for this security.

Ordinary General Meeting

Annually, the ordinary general meeting takes place within 6 months of the date of the closing of the company's accounts. Its main purpose is the approval of the accounts for the past financial year. There are also decisions that have no impact on the company's capital or its statutes. Decisions are taken by a simple majority (at least 50% approval).
 

P

Performance

Positive or negative change in the value of an investment. It is equal, in percentage, to the change in the value of the investment between 2 dates. For example, a performance of 10% between January 1, 2015 and June 30, 2016.

Portfolio Management Company

Investment services provider primarily engaged in managing for third parties (individually through a management mandate, collectively through a UCITS) and subject to the approval of the AMF.

Preferential subscription right (shares)

Right reserved to shareholders enabling them to subscribe for new shares during a capital increase. This right is proportional to the number of shares already held. The interest of the shareholder who wishes to subscribe is to retain the same share of the capital that he held before the capital increase, and thus not to undergo a dilution. If he does not wish to subscribe, the shareholder may assign his rights to the markets.

Profit-sharing

As a collective supplement to employee compensation, profit-sharing is linked to the performance of the company. The employee shall be informed of the sum due to him. In the absence of any indication to the contrary by the employee, the amount is paid into an employee savings plan.


Prospectus

Document issued by a company when it was publicly listed, a capital increase, etc. The prospectus is subject to prior approval by the AMF. It contains information about the company and the financial transaction.
 

Q

R

Reference document

Companies listed on a regulated market (such as Euronext Paris) or on a "multilateral organized trading system" (ie a less regulated market, such as Alternext) may issue an annual reference document, registered or filed with the AMF. This document is not related to a financial transaction. It is not mandatory. It is an official document that allows investors to obtain a complete and up-to-date set of information on the company's financial accounts, governance, control and legal characteristics. It is subject to control by the AMF, in particular in the event of a financial transaction.

Registered shareholder

As a known shareholder of the listed company, he receives directly from the listed company information for shareholders.
Two forms of nominal holding are possible:
- shares held in "pure registered shares", which are only registered in the name of their owner in a securities account held by the company.
- shares held in "administered registered shares", which are also registered at the request of their owner in an account of administration at the financial intermediary of their choice, responsible for keeping their securities account opened with the issuer. In this case, the entries on this account are also included in this account.

Regulated market

An IT platform or a system, managed by a market company, which encounters multiple buyers and sellers of financial instruments (stocks, bonds, derivatives, etc.) in order to enter into transactions on these instruments. Such a market is closely supervised by the regulatory authorities (in France, the AMF in association with the ACPR) which validate its rules, supervise its members, constantly ensure its smooth operation and control the information communicated to investors

Return (rate of)

The rate of return on an investment takes into account the income earned (interest and other gains) and any change, upward or downward, in its value. The return is expressed as an annual percentage.

Reverse stock split

Financial transaction to increase the nominal value of a security without changing its share capital. Share consolidation is useful when a security has lost too much value. Thus the shareholder will hold a share at 12 euros, instead of 10 shares at 1.20 euro. The action then loses its envied status of penny stock. Indeed, penny stocks are securities trading under a few euros and evolving rapidly. The penny stock trading range means that the slightest change in the price translates into a rise or fall of several percent. This excessive volatility is sought only by a few shareholders.
 

S

Savings plan for group retirement (PERCO)

Collective savings scheme dedicated to the preparation of retirement, which allows the employees of an enterprise to set up, with the help of their employer, a savings invested in transferable securities (stocks, bonds, funds, etc.), in a favorable fiscal framework, in exchange for a blocking of this savings generally until the age of retirement.

Savings objective

Aim for which the saver constitutes his savings (for example the constitution of capital for retirement). Depending on this objective, the appropriate savings solutions differ. It is therefore important to clarify its savings objectives in order to choose a product that really meets its needs. See also: investment horizon.

Securities

A security is a financial security issued by a company (public or private) that gives access to a share of the capital of that company or to a right in its assets. Securities are transferable, are bought and sold. They can be listed on the stock exchange.
Shares, bonds, units of collective investment schemes (mutual funds, funds and sicav…), bonds, certificates, etc. are securities.

Settlement

On the stock exchange, the settlement system organizes and secures the delivery of the purchased securities (on which the transfer of ownership depends), usually against payment, in accordance with the past order.

Share

Title of ownership which represents a part of the capital of the undertaking which issued it. The share can earn an income (the dividend) and gives its owner a voting right in a general meeting. Shares may be publicly traded. It is a risky investment: its value may fluctuate upward or downward.

Shareholders' agreement

Agreement entered into between all or part of the shareholders of a company which governs their relations and the composition of its capital.

Short sale

Operation consisting in speculating on the fall of the price of a title that one does not yet hold in order to realize a surplus value. Since the securities sold must nevertheless be delivered to their buyer, this transaction is usually accompanied by a borrowing of securities from a third party (this loan may be made by an intermediary). To unwrap the transaction, the investor later buys the security in order to return it to the lender. The realized gain or loss corresponds to the difference between the initial sale price of the security and its subsequent redemption price.

Speculation

Speculation is an operation that aims to bet on the future evolution of a value (an action, a good, a currency ...) in the hope of perceiving a financial profit. Speculation leads to risk taking that can result in financial loss.

Spread

The spread is equal to the difference between the rate of return of a bond and that of a "risk-free" loan of the same duration. It represents the additional remuneration (the "risk premium") that the issuer must offer the investor to pay for the risk it takes by investing in its security. The more risky the investment, the higher the risk premium offered.

Stock Exchange

A financial market in which financial instruments (stocks, bonds, etc.) are sold and bought, the stock market is one of the sources of financing for the economy. It allows companies, local authorities and the government, by issuing shares or bonds, to raise funds to finance their investments.

Stock index

A stock index measures the market price of a sample of listed companies. It reflects the general trend of a market, sector or class of companies. Euronext Paris SA calculates several stock market indices, such as SBF 120 or CAC 40.

Stock orders

Transaction of a purchase or sale order on a financial market. The order is processed through an investment service provider (eg a bank). The order book collects all orders to buy or sell a share and thus allows the price of the share to be fixed. There are different types of orders: limit order, best-order order, market order (or at all costs), trigger order (or stop order) or trigger range order.

Structured product

Investment (investment funds, bonds, etc.) whose value depends on the evolution of a financial asset (a share, a stock index, etc.) according to a formula known at the time of subscription. For example: a 4-year investment, with a capital guarantee placed after the 4 years, and the final performance of which will be equal to 50% of the CAC 40 index 4 years.
 

T

Take-over bid

A transaction whereby a person publicly announces to the shareholders of a listed company (the target company) that it undertakes to acquire their securities. The securities are offered for cash

Trading

Trading qualifies purchases and sales transactions on different types of assets (stocks, commodities, currencies, etc.), the purpose of which is the realization of a profit. Trading is usually done by a trader who buys and sells financial products from the trading room of a financial institution.

Transfer of block (shares)

Sale of a very large number of securities (the block) representing a non-negligible share of the capital of a company.

Trigger price oder

Concerns the purchase and sale of securities (equities, ETF ...). This type of order allows investors to set the price at which to buy or sell. There are two types of "trigger" orders :
• the "trigger threshold" order ; the purchase or sale "at the market" is triggered when the price fixed by the investor is reached ;
• the "trigger range" command ; the "limit price" purchase or sale is triggered once the maximum price or the minimum price set by the investor is reached upwards or downwards. Therefore, two prices must be indicated in this type of order : a minimum price and a maximum price. If the minimum price and / or the maximum price is not reached during the period of validity of the order, it is automatically canceled.

Turbo

Leveraged bullion product to increase or decrease the movements of an underlying asset (stock, stock index, etc.). Investing in a Turbo presents a risk of a capital loss, in particular due to the existence of a "knock-out barrier" : if the price of the underlying asset reaches a pre-determined level, the Turbo is deactivated, can no longer be exchanged and is no longer worth anything.
Take-over bid
A transaction whereby a person publicly announces to the shareholders of a listed company (the target company) that it undertakes to acquire their securities. The securities are offered for cash

Trading

Trading qualifies purchases and sales transactions on different types of assets (stocks, commodities, currencies, etc.), the purpose of which is the realization of a profit. Trading is usually done by a trader who buys and sells financial products from the trading room of a financial institution.

Transfer of block (shares)

Sale of a very large number of securities (the block) representing a non-negligible share of the capital of a company.

Trigger price oder

Concerns the purchase and sale of securities (equities, ETF ...). This type of order allows investors to set the price at which to buy or sell. There are two types of "trigger" orders :
• the "trigger threshold" order ; the purchase or sale "at the market" is triggered when the price fixed by the investor is reached ;
• the "trigger range" command ; the "limit price" purchase or sale is triggered once the maximum price or the minimum price set by the investor is reached upwards or downwards. Therefore, two prices must be indicated in this type of order : a minimum price and a maximum price. If the minimum price and / or the maximum price is not reached during the period of validity of the order, it is automatically canceled.

Turbo

Leveraged bullion product to increase or decrease the movements of an underlying asset (stock, stock index, etc.). Investing in a Turbo presents a risk of a capital loss, in particular due to the existence of a "knock-out barrier" : if the price of the underlying asset reaches a pre-determined level, the Turbo is deactivated, can no longer be exchanged and is no longer worth anything.
 

U

Underlying asset

Financial assets (shares, bonds, etc.) on which an investment is based. The change in the value of the underlying determines the change in the value of the investment.
 

V

Visa of the AMF

It is affixed to the prospectus of the securities issued subject to control by the AMF (shares, bonds, etc.). The visa certifies that the prospectus is complete, comprehensible and that its information is coherent. It does not imply endorsement of the appropriateness of the investment or the certification of the accounting documents submitted.

Venture capital or private equity

Investment which consists in acquiring a stake (purchasing capital shares) in unlisted companies in order to finance their start-up or development. Investors can invest in these companies directly or through collective investment schemes (mutual funds at risk, FCPR).
These are risky investments. In return, investors expect higher returns.

Volatility

Amplitude of variation of a security, fund, market or index over a given period. This amplitude gives an indication of the risk of the investment. The higher it is, the more likely the stock, fund or index will change in the future.
 

W

Warrant

It is a complex speculative instrument, traded on the stock exchange, which gives the right to buy or sell a security (stock, bond, index, etc.) known as the "underlying" ("exercise price"). The value of the warrant increases or decreases according to the price movement of the underlying but also other parameters, including its market-estimated volatility.
A warrant has a limited duration: it loses value as they close to maturity.
Finally, a "leverage effect" multiplies the performance of the underlying upwards and downwards. It is therefore possible to lose all of its investment.
The warrants therefore offer no capital guarantee. They are aimed at sophisticated investors.

Withdrawal

At the end of any public offer (OPA, OPE, OPR, etc.), if the securities not contributed to the offer represent less than 5% of the capital and voting rights, the majority shareholder may implement which means that the shares will no longer be listed on the stock exchange. The shares of the minority shareholders are then automatically transferred to the majority shareholder on payment of compensation.
 

Vérifiez votre visibilité sur Google, facebook et PagesJaunes !
Vérifiez votre visibilité
sur internet
Cliquez ici pour vérifier votre visibilité sur internet