Dictionary
Cogeneration
technological process where electricity and heat are generated simultaneously in a combined heat and power plant; thanks to lower consumption of fuel, cogeneration provides material economic benefits and environmental advantages over separate generation of heat in a traditional heat plant and of electricity in a condensation power plant
Colocation
a service where the exchange provides physical space and allows clients to install hardware and software in direct proximity to the exchange’s trading system
ECM
Equity Capital Market, value of equity raised on the financial market by companies and shareholders through sale or issue of shares or warrants in public offers or private placements
EOB
Electronic Order Book, trade excluding block trades
ETF
Exchange Traded Funds, track the performance of an exchange index. Similar to other investment funds, ETFs are regulated under EU Directives and national regulations
ETP
Exchange Traded Products, structured products – financial instruments whose price is linked to the value of a market indicator (the underlying instrument)
FESE
Federation of European Stock Exchanges
Free float
free float shares are shares other than held by shareholders which hold more than 5% each, Treasury shares for cancellation, and registered shares; free float includes all shares held by investment funds, pension funds and asset managers and shares participating in depository receipt issue programmes
HVF
High Volume Funds, a promotion programme addressed to investment funds actively trading in shares on GPW
HVP
High Volume Provider, a promotion programme addressed to legal entities whose core business is to invest on financial markets only on own account
IPO
Initial Public Offering. In this report, PwC IPO Watch Europe reports and FESE data, IPO means all offerings where a company first raises equity on the capital market, either in a public offering or a private placement
ISV
Independent Software Vendors, providers of client software for exchange members used to trade on the trading platform
MRC
Multi-regional Coupling, European project of operational integration of spot electricity markets
MTF
Multilateral Trading Facility, addressed mainly to institutional investors, offers trade in stocks combined with very short lead times for the execution of orders as well as low trading fees. MTFs are usually operated by investment firms (banks, brokers) or securities exchanges. MTFs offer trade in the same stocks as those listed on other markets and do not provide listings
OTC
Over the Counter, a non-regulated market outside the exchange, where trade in non-standard financial instruments is made directly between counterparties without the mediation of a securities exchange
REIT
Real Estate Investments Trusts are special companies and funds investing in real estate; they manage a real estate portfolio to earn a fixed income from rent, and pay out most of the earnings to shareholders as dividend
RES
renewable energy sources
