Industry WIKI

The international currency code for the Euro is EUR, with the symbol €. This article introduces its positioning, mechanism, usage verification, and common misconceptions.

The Euro Short-Term Rate (€STR) is a reference rate for the euro. This interest rate can be used as the rate referenced in financial contracts that involve the euro. €STR is administered and calculated by the European Central Bank (ECB), based on the money market statistical reporting of the Eurosystem. According to the indications of the working group on euro risk-free rates, €STR repla

A eurobond is an international bond that is denominated in a currency not native to the country where it is issued. They are also called external bonds. They are usually categorised according to the currency in which they are issued: eurodollar, euroyen, euroeuro and so on. The name became somewhat misleading with the advent of the euro currency in 1999; eurobonds were created in the 19

Euronet is an American provider of global electronic payment services with headquarters in Leawood, Kansas. It offers automated teller machines (ATM), point of sale (POS) services, credit/debit card services, currency exchange and other electronic financial services and payments software. Among others, it provides the prepaid subsidiaries Transact, PaySpot, epay, Movilcarga, TeleRecarga

Euronext Paris, formerly known as the Paris Bourse (French: Bourse de Paris), is a regulated securities trading venue in France. It is Europe's second largest stock exchange by market capitalization, behind the London Stock Exchange, as of December 2023. As of 2022, the 795 companies listed had a combined market capitalization of over US$4.58 trillion.

The European banking crisis of 1931 was a major episode of financial instability that peaked with the collapse of several major banks in Austria and Germany, including Creditanstalt on 11 May 1931, Landesbank der Rheinprovinz on 11 July 1931, and Danat-Bank on 13 July 1931. It triggered Germany's exit from the gold standard on 15 July 1931, followed by the UK on 19 September 1931, and ex

The Committee on Economic and Monetary Affairs (ECON) is a standing committee of the European Parliament. It is responsible for economic and monetary policy, the functioning of Economic and Monetary Union, financial services and markets, the free movement of capital and payments, taxation, competition policy and the international monetary and financial system.

The European Securities and Markets Authority (ESMA) is an agency of the European Union located in Paris. ESMA replaced the Committee of European Securities Regulators (CESR) on 1 January 2011. It is one of three European Supervisory Authorities set up within the European System of Financial Supervision in Paris, together with the European Banking Authority (EBA) also in Paris and the Eu

The European Systemic Risk Board (ESRB) is a group established on 16 December 2010 in response to the euro area crisis. It is tasked with the macro-prudential oversight of the financial system within the European Union in order to contribute to the prevention or mitigation of systemic risks to financial stability in the EU. It shall contribute to the smooth functioning of the internal ma

The European Union financial transaction tax (EU FTT) is a proposal made by the European Commission to introduce a financial transaction tax (FTT) within some of the member states of the European Union (EU).

Enterprise value/EBITDA (more commonly referred to by the acronym EV/EBITDA) is a popular valuation multiple used to determine the fair market value of a company. By contrast to the more widely available P/E ratio (price-earnings ratio) it includes debt as part of the value of the company in the numerator and excludes costs such as the need to replace depreciating plant, interest on debt

Event-driven investing or Event-driven trading is a broad term encompassing hedge fund investment strategies that seeks to exploit pricing inefficiencies that may occur before or after an event. Examples of such events could be an earnings call, bankruptcy, merger, acquisition, or spinoff. In more recent times market practitioners have expanded this definition to include additional event

An exchange, bourse (), trading exchange or trading venue is an organized market where people can buy and sell financial instruments, such as tradable securities, commodities, foreign exchange and derivative contracts.

In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of the euro.

An exchange rate regime is a way a monetary authority of a country or currency union manages the currency about other currencies and the foreign exchange market. It is closely related to monetary policy and the two are generally dependent on many of the same factors, such as economic scale and openness, inflation rate, the elasticity of the labor market, financial market development, and

An exchange-traded note (ETN) is a senior, unsecured, unsubordinated debt security issued by an underwriting bank or by a special-purpose entity. Similar to other debt securities, ETNs may have a maturity date and are backed by the credit of the issuer, though some ETNs may have a portfolio of assets given as a collateral.

The expected return (or expected gain) on a financial investment is the expected value of its return (of the profit on the investment). It is a measure of the center of the distribution of the random variable that is the return. It is calculated by using the following formula:

The Expedited Funds Availability Act (EFA or EFAA) was enacted in 1987 by the United States Congress for the purpose of standardizing hold periods on deposits made to commercial banks and to regulate institutions' use of deposit holds. It is also referred to as Regulation CC or Reg CC, after the Federal Reserve regulation that implements the act. The law is codified in Title 12, Chapter

The Export Bonus Scheme (EBS) was a dual exchange rate system implemented by the government of Ayub Khan from 1959 to 1972. It was introduced to address foreign exchange shortages and support industrialization. In practice, it amounted to an effective devaluation of the Pakistani rupee for selected sectors. Although the EBS increased manufactured exports, it was later criticized for crea

Exposure at default (EAD) is a parameter used in the calculation of economic capital or regulatory capital under Basel II for a banking institution. It can be defined as the gross exposure under a facility upon default of an obligor.

The federal funds rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight on an uncollateralized basis. Reserve balances are amounts held at the Federal Reserve. Institutions with surplus balances in their accounts lend those balances to institutions in need of larger balances. The federal funds

In September 2008, the Federal Housing Finance Agency (FHFA) announced that it would take over the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Both government-sponsored enterprises, which finance home mortgages in the United States by issuing bonds, had become illiquid as the market for those bonds collapsed in the subp

FICO (legal name: Fair Isaac Corporation), originally Fair, Isaac and Company, is an American data analytics company based in Bozeman, Montana, focused on credit scoring services. It was founded by Bill Fair and Earl Isaac in 1956. Its FICO score, a measure of consumer credit risk, has become a fixture of consumer lending in the United States.

Finance refers to the management, movement, investment, and raising of money.

A financial analyst is a professional undertaking financial analysis for external or internal clients as a core feature of the job. The role may specifically be titled securities analyst, research analyst, equity analyst, investment analyst, or ratings analyst. The job title is a broad one:

A financial centre (financial center in American English) or financial hub is a location with a significant concentration of commerce in financial services.

Financial contagion refers to "the spread of market disturbances—mostly on the downside—from one country to the other, a process observed through co-movements in exchange rates, stock prices, sovereign spreads, and capital flows". Financial contagion can be a potential risk for countries who are trying to integrate their financial system with international financial markets and instituti

The Financial Crisis Inquiry Commission (FCIC) was established in 2010 in the United States to investigate the causes of the 2008 financial crisis. The commission, led by Phil Angelides, held public hearings, gathered testimony from hundreds, and released its report in January 2011.

Financial deepening is a term used by economists to refer to increasing provision of financial services. It can refer both a wider choice of services and better access for different socioeconomic groups. Financial deepening can have an effect on both individuals' and societies' economic situations.

Financial econometrics is the application of statistical methods to financial data. Financial econometrics is a branch of financial economics, in the field of economics. Areas of study include capital markets, financial institutions, corporate finance and corporate governance. Topics often revolve around asset valuation of individual stocks, bonds, derivatives, currencies and other fina

Financial fragility is the vulnerability of a financial system to a financial crisis. Franklin Allen and Douglas Gale define financial fragility as the degree to which "...small shocks have disproportionately large effects." Roger Lagunoff and Stacey Schreft write, "In macroeconomics, the term "financial fragility" is used...to refer to a financial system's susceptibility to large-scale

Financial inclusion is the availability and equality of opportunities to access financial services. It refers to processes by which individuals and businesses can access appropriate, affordable, and timely financial products and services—which include banking, loan, equity, and insurance products. It provides paths to enhance inclusiveness in economic growth by enabling the unbanked po

Financial innovation is the act of creating new financial instruments as well as new financial technologies, institutions, and markets. Recent financial innovations include hedge funds, private equity, weather derivatives, retail-structured products, exchange-traded funds, multi-family offices, and Islamic bonds (Sukuk). The shadow banking system has spawned an array of financial innovat

A financial instrument is a monetary contract between parties. They can be created, traded, modified and settled. They can be cash (currency), evidence of an ownership interest in an entity or a contractual right to receive or deliver in the form of currency (forex); debt (bonds, loans); equity (shares); or derivatives (options, futures, forwards).

Financial integration is a phenomenon in which financial markets in neighboring, regional and/or global economies are closely linked together. Various forms of actual financial integration include: Information sharing among financial institutions; sharing of best practices among financial institutions; sharing of cutting edge technologies (through licensing) among financial institutions;

Financial law is the law and regulation of the commercial banking, capital markets, insurance, derivatives and investment management sectors. Understanding financial law is crucial to appreciating the creation and formation of banking and financial regulation, as well as the legal framework for finance generally.

A financial market is a marketplace where the pricing and trade of securities, commodities, currency, derivatives, or other financial products takes place. The term may refer to a specific stock or commodity exchange, or to the general process by which relevant economic activity is organized and carried out.

There are several concepts of efficiency for a financial market. The most widely discussed is informational or price efficiency, which is a measure of how quickly and completely the price of a single asset reflects available information about the asset's value. Other concepts include functional/operational efficiency, which is inversely related to the costs that investors bear for maki

There are two basic financial market participant distinctions, investors versus speculators and institutional versus retail. Action in financial markets by central banks is usually regarded as intervention rather than participation.

A financial network is a concept describing any collection of financial entities (such as payment card companies, firms, banks and financial transaction processing) and the links between them, ideally through direct transactions or the ability to mediate a transaction. A common example of a financial network link is security holdings (e.g. stock of publicly traded companies), where a fir

A financial planner or personal financial planner is a qualified financial advisor. Practicing in full service personal finance, they advise clients on investments, insurance, tax, retirement and estate planning.

A financial ratio or accounting ratio states the relative magnitude of two selected numerical values taken from an enterprise's financial statements. Often used in accounting, there are many standard ratios used to try to evaluate the overall financial condition of a corporation or other organization. Financial ratios may be used by managers within a firm, by current and potential shareh

Financial regulation is a broad set of policies that apply to the financial sector in most jurisdictions, justified by two main features of finance: systemic risk, which implies that the failure of financial firms involves public interest considerations; and information asymmetry, which justifies curbs on freedom of contract in selected areas of financial services, particularly those tha

Financial repression refers to government implementation of policies to channel domestic funds to the public sector that in a deregulated market environment would go elsewhere. These policies are used to reduce the government's debt-to-GDP ratio.

Financial risk is any of various types of risk associated with financing, including financial transactions that include company loans in risk of default. Often it is understood to include only downside risk, meaning the potential for financial loss and uncertainty about its extent.

The Financial Secrecy Index (FSI) is the report published by the advocacy organization Tax Justice Network (TJN) which ranks countries by financial secrecy indicators, weighted by the economic flows of each country.

Financial sector development in developing countries and emerging markets is part of the private sector development strategy to stimulate economic growth and reduce poverty.

Financial services in China refers to the services provided in China by the finance industry: banks, investment banks, insurance companies, credit card companies, consumer finance companies, government sponsored enterprises, and stock brokerages.

The industry which has a range of businesses that deal with money like banks, insurance companies, accounting companies, finance companies, taxation, investment funds, credit companies, and few government enterprises is called the finance industry. The activities or services within this industry that cater to the economy of the country are called financial services. Therefore, the econom

A financial sponsor is a private equity investment firm, particularly a private equity firm that engages in leveraged buyout transactions.

The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established in the 2009 G20 Pittsburgh Summit as a successor to the Financial Stability Forum (FSF). The Board includes all G20 major economies, FSF members, and the European Commission. Hosted and funded by the Bank for International Settlements,

The Financial Stability Forum (FSF) was a group consisting of major national financial authorities such as finance ministries, central bankers, and international financial bodies. It was first convened in April 1999 in Washington. At the 2009 G20 London summit, the G20 nations established a successor to the FSF, called the Financial Stability Board with an expanded membership and broaden

A financial regulatory authority or financial supervisory authority, alternatively financial regulator or financial supervisor, is a public authority whose role is to ensure the proper implementation of financial regulation within its scope of responsibility. Some, though not all, such authorities also set financial rules of their own.

Financial technology (abbreviated as fintech) refers to the application of new technologies to products and services in the financial industry. This broad term encompasses a wide array of technological tools in financial services, including mobile banking, online lending platforms, digital payment systems, robo-advisors, and blockchain-based applications such as cryptocurrencies. Financi

A financial transaction tax (FTT) is a levy on a specific type of financial transaction for a particular purpose. The tax has been most commonly associated with the financial sector for transactions involving intangible property rather than real property. It is not usually considered to include consumption taxes paid by consumers.

Financialization (or financialisation in British English) is a term sometimes used to describe the development of financial capitalism during the period from 1980 to the present, in which debt-to-equity ratios increased and financial services accounted for an increasing share of national income relative to other sectors.

First Solution Money Transfer was a UK-based private limited company which provided a money transfer service, providing expatriates the facilities to transfer money back to their family in Bangladesh.

Fidelity National Information Services, Inc. (FIS) is an American financial technology company headquarterd in Jacksonville, Florida, which focuses on core banking, payments and capital markets. Annually, FIS facilitates the movement of roughly US$9 trillion through the processing of approximately 75 billion transactions in service to more than 20,000 clients around the globe.

A fixed exchange rate, often called a pegged exchange rate or pegging, is a type of exchange rate regime in which a currency's value is fixed, or pegged, by a monetary authority against the value of another currency, a basket of other currencies, or another measure of value, such as gold or silver.

Fixed income is a type of investment under which the borrower or issuer is obliged to make payments of a fixed amount on a fixed schedule. For example, the borrower may have to pay interest at a fixed rate once a year and repay the principal amount on maturity. Fixed-income securities (more commonly known as bonds) can be contrasted with equity securities (often referred to as stocks and

Fixed-income arbitrage is a group of market-neutral-investment strategies that are designed to take advantage of differences in interest rates between varying fixed-income securities or contracts (Jefferson, 2007). Arbitrage in terms of investment strategy, involves buying securities on one market for immediate resale on another market in order to profit from a price discrepancy.

Fixed-Income Relative-Value Investing (FI-RV) is a hedge fund investment strategy made popular by the failed hedge fund Long-Term Capital Management.

A flight-to-quality, or flight-to-safety, is a financial market phenomenon occurring when investors sell what they perceive to be higher-risk investments and purchase safer investments, such as gold and government bonds. This is considered a sign of fear in the marketplace, as investors seek less risk in exchange for lower profits.

A floor trader is a member of a stock or commodities exchange who trades on the floor of that exchange for their own account. The floor trader must abide by trading rules similar to those of the exchange specialists who trade on behalf of others. The term should not be confused with floor broker.

Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.

Foreclosure rescue in the United States is where a mortgage that is in arrears and where the lender is at the stage of foreclosing on the loan agrees to stop the foreclosure in exchange for funds received through loan modification or from a government grant. It may also refer to funds that allow the homeowner to repurchase the property at or after foreclosure.

Foreign exchange controls are various forms of controls imposed by a government on the purchase/sale of foreign currencies by residents, on the purchase/sale of local currency by nonresidents, or the transfers of any currency across national borders. These controls allow countries to better manage their economies by controlling the inflow and outflow of currency, which may otherwise crea

The foreign exchange market (forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. By trading volume, it is by far the largest market in the world, followed by the credit market.

Foreign exchange regulation is a form of financial regulation specifically aimed at the over-the-counter Forex market that is decentralized and operates with no central exchange or clearing house. Due to its decentralized and global nature, the foreign exchange market has been more prone to foreign exchange fraud and has been less regulated than other financial markets.

Foreign exchange reserves (also called forex reserves or FX reserves) are cash and other reserve assets such as gold and silver held by a central bank or other monetary authority that are primarily available to balance payments of the country, influence the foreign exchange rate of its currency, and to maintain confidence in financial markets. Reserves are held in one or more reserve cur

Foreign exchange risk (also known as FX risk, exchange rate risk or currency risk) is a financial risk that exists when a financial transaction is denominated in a currency other than the domestic currency of the company. The exchange risk arises when there is a risk of an unfavourable change in exchange rate between the domestic currency and the denominated currency before the date when

The foreign exchange reserves of China are the state of foreign exchange reserves held by the People's Republic of China, comprising cash, bank deposits, bonds, and other financial assets denominated in currencies other than China's national currency (the renminbi). As of August 2026, China's foreign exchange reserves totaled US$3.438 trillion, which is the highest foreign exchange reser

The forex scandal (also known as the forex probe) is a 2013 financial scandal that involves the revelation, and subsequent investigation, that banks colluded for at least a decade to manipulate exchange rates on the forex market for their own financial gain. Market regulators in Asia, Switzerland, the United Kingdom, and the United States began to investigate the $4.7 trillion per day fo

Forex.com is a foreign exchange (FX) and contracts for difference (CFD) trading brand owned by StoneX Group. In the United States, it is operated by GAIN Capital Group LLC, a wholly owned subsidiary of StoneX Group Inc.. The brand offers leveraged trading in currencies, commodities, indices, and cryptocurrencies.

The Forward Markets Commission (FMC) was the regulatory body for the commodity market and futures market in India. It was under the Ministry of Finance, Government of India. In July 2014, it regulated Rs 17 trillion worth of commodity trades in India. It was headquartered in Mumbai. The Commission allowed commodity trading in 22 exchanges in India, of which 6 are national.

Financial planning and analysis (FP&A), in accounting and business, refers to the various integrated planning, analysis, and modeling activities aimed at supporting financial decisioning and management

Fractional-reserve banking is the system of banking under which banks that take deposits from the public keep only part of their deposit liabilities in liquid assets as a reserve, and lend a percentage to borrowers, thus increasing the money supply by the loaned amount. Bank reserves are held as cash in the bank or as balances in the bank's account at the central bank. Fractional-reserv

Freedom Holding Corp. is an American investment conglomerate headquartered in Almaty, Kazakhstan. Founded in 2008 by Timur Turlov in the United States, the company provides a range of services in retail financial securities brokerage and trading, asset management, capital markets, investment research and counseling, investment banking and underwriting services, mortgages, insurance, bank

Front running, also known as tailgating, is the practice of entering into an equity (stock) trade, option, futures contract, derivative, or security-based swap to capitalize on advance, nonpublic knowledge of a large ("block") pending transaction that will influence the price of the underlying security. In essence, it means the use of knowledge of an impending trade to engage in a person

The FTSE All-Share Index, originally known as the FTSE Actuaries All Share Index, is a capitalisation-weighted index, comprising around 600 of more than 2,000 companies traded on the London Stock Exchange (LSE). By weighting companies based on their market capitalisation, the index ensures that companies with larger market capitalisations have a greater influence on the index's performan

A fuel card or fleet card is used as a payment card most commonly for gasoline, diesel, and other fuels at gas stations. Fleet cards can also be used to pay for vehicle maintenance and expenses at the discretion of the fleet owner or manager. Most fuel cards are charge cards.

Fuel price risk management, a specialization of both financial risk management and oil price analysis and similar to conventional risk management practice, is a continual cyclic process that includes risk assessment, risk decision making and the implementation of risk controls. It focuses primarily on when and how an organization can best hedge against exposure to fuel price volatility.

The House of Fugger (German pronunciation: [ˈfʊɡɐ]) is a German family that was historically a prominent group of European bankers, members of the fifteenth- and sixteenth-century mercantile patriciate of Augsburg, international mercantile bankers, and venture capitalists. Alongside the Welser family, the Fugger family controlled much of the European economy in the sixteenth century and

Full-reserve banking (also known as 100% reserve banking) is a system of banking where banks do not lend demand deposits and instead only lend from time deposits. It differs from fractional-reserve banking, in which banks may lend funds on deposit, while fully reserved banks would be required to keep the full amount of each customer's demand deposits in cash, available for immediate with

A fund derivative (see also derivative) is a financial structured product related to a fund, normally using the underlying fund to determine the payoff. This may be a private equity fund, mutual fund or hedge fund. Purchasers obtain exposure to the underlying fund (or funds) whilst improving their risk profile over a direct investment.

Fund governance refers to a system of checks and balances and work performed by the governing body (board) of an investment fund to ensure that the fund is operated not only in accordance with law, but also in the best interests of the fund and its investors. The objective of fund governance is to uphold the regulatory principles commonly known as the four pillars of investor protection

Fundamental analysis, in accounting and finance, is the analysis of a business's financial statements (usually to analyze the business's assets, liabilities, and earnings); health; competitors and markets. It also considers the overall state of the economy and factors including interest rates, production, earnings, employment, GDP, housing, manufacturing and management. There are two bas

Fundamentally based indexes or fundamental indexes, also called fundamentally weighted indexes, are indexes in which stocks are weighted according to factors related to their fundamentals such as earnings, dividends and assets, commonly used when performing corporate valuations. This fundamental weight may be calculated statically, or it may be adjusted by the security's fundamental to m

The Fund Transfer Pricing (FTP) measures the contribution by each source of funding to the overall profitability in a financial institution. Funds that go toward lending products are charged to asset-generating businesses whereas funds generated by deposit and other funding products are credited to liability-generating businesses.

In finance, a futures contract (often just called a future) is a standardized legal contract to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The item transacted is usually a commodity or financial instrument. The predetermined price of the contract is known as the forward price or delivery pric

FXCM, also known as Forex Capital Markets, is a retail foreign exchange broker for trading on the foreign exchange market. FXCM allows people to speculate on the foreign exchange market and provides trading in contract for difference (CFDs) on major indices and commodities such as gold and crude oil. It is based in London.

GAIN Capital Holdings, Inc. was a US-based provider of online trading services, headquartered in Warren, New Jersey until it was acquired by StoneX Group in 2020. The company provided market access and trade execution services in foreign exchange, contracts for difference (CFDs) and exchange-based products to retail and institutional investors. Trading was provided via one of two electr

Galaxy Digital Inc., doing business as Galaxy, is an American financial services and infrastructure company headquartered in New York City. The company focuses on digital assets, cryptocurrency, blockchain infrastructure, and artificial intelligence and high-performance computing data center infrastructure. Its digital asset businesses include over-the-counter trading, lending, investmen

Gemini Space Station Inc. (Gemini) is an American cryptocurrency exchange and custodian bank. It was founded in 2014 by Cameron and Tyler Winklevoss.

Genpact Ltd. is an American information technology services, consulting, and outsourcing company headquartered in New York City, New York. Founded in Gurgaon, India, and legally domiciled in Bermuda, Genpact employs more than 125,000 people and provides services to clients in over 30 countries worldwide. Genpact is listed on the NYSE and generated revenues of US$5.08 billion in 2025.

The Gibraltar Stock Exchange (GSX) was a stock exchange based in Gibraltar, a British overseas territory. until its closure in 2023.

The GIFT International Financial Services Centre (GIFT IFSC) is a financial centre and special economic zone in GIFT City, India. It was established in 2015 as a financial hub to provide world-class infrastructure and services for financial institutions and companies operating in areas such as banking, insurance, capital markets, and asset management. GIFT IFSC is regulated by the Intern

A giro transfer, often shortened to giro (), is a payment transfer between current bank accounts and initiated by the payer, not the payee. The debit card has a similar model. Giros are primarily used in Europe; although electronic payment systems exist in the United States (e.g., the Automated Clearing House), it is not possible to perform third-party transfers with them. In the Europea

girocard is an interbank network and debit card service in Germany connecting virtually all automated teller machines (ATMs) and banks. It is based on standards and agreements developed by the German Banking Industry Committee.

In finance, global assets under management consists of assets held by institutional investors and individual investors around the world. For example, these institutional investors include asset management firms, pension funds, endowments, foundations, sovereign wealth funds, hedge funds, and private equity funds. In contrast, individual investors include ultra high-net-worth individuals