Secured Loans
Exchange Rate Mechanism (ERM)
The methodology by which members of the EMS maintain their currency
exchange rates within an agreed upon range with respect to other member
countries.
Exchange rate risk
Also called currency risk, the risk of an investments value changing because of
currency exchange rates.
Exchange risk
The variability of a firms value that results from unexpected exchange rate
changes or the extent to which the present value of a firm is expected to change
as a result of a given currencys appreciation or depreciation.
Exclusionary self-tender
The firm makes a tender offer for a given amount of its own stock while excluding
targeted stockholders.
Exclusive
Used in the context of general equities. Having sole possession of the customer
order/indication solely, not in competition with other dealers.
Ex-dividend
This literally means without dividend. The buyer of shares when they are quoted
ex-dividend is not entitled to receive a declared dividend. Used in the context of
general equities. It is the interval between the record date and the payment date
during which the stock trades without its dividend -- the buyer of a stock selling
ex-dividend does not receive the recently declared dividend. Antithesis of cum
dividend.
Ex-dividend date
The first day of trading when the seller, rather than the buyer, of a stock will be
entitled to the most recently announced dividend payment. This date set by the
N.Y.S.E. (and generally followed on other US exchanges) is currently two
business days before the record date. A stock that has gone ex-dividend is
marked with an x in newspaper listings on that date.
