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Glossary: E

These are common terms used in the financial services industry

Earnings per share (EPS)

Measures of earnings attributed to each equivalent ordinary share over a twelve month period. Calculated by dividing the company's earnings by the number of shares on issue in accordance with AASB 1027 'Earnings per share'.

Economic driver

Change in the economy that leads to changes in the market price of investments, such as shares, commodities or property.

Economic indicator

A government-issued statistic that indicates current economic growth and stability. Common indicators include employment rates, gross domestic product (GDP), inflation and retail sales.

Electronic Currency Network (ECN)

A virtual exchange for FX transactions.

Elliott wave theory

Developed by RN Elliott, the Elliott Wave theory is a method of technical analysis based on the assumption of predictability, by identifying a certain flow and structure to the price movement of financial instruments.


Often used as a synonym for shares. Represents part-ownership of a company, as distinct from debt securities such as bonds and debentures.


A stock or share representing an ownership interest.


The monetary unit of the eurozone, currently used by 19 European Union countries (Germany, France, Italy, Spain, Portugal, Belgium, The Netherlands, Luxembourg, Austria, Ireland, Finland, Greece, Cyprus, Malta, Slovakia, Slovenia, Estonia, Latvia and Lithuania).


When a share is sold, the seller is entitled to retain the current dividend. Shares are usually quoted ex-dividend one business day before company's Record Date. If the share is traded after this point, the person who owns the security on the ex-dividend date will be awarded the payment, regardless of who currently holds the stock.

Ex-dividend date

The first trading day on which the buyer of a share is no longer entitled to payment of the current dividend.


Securities entitling the seller to retain the right to participate in a New Issue then current.


A marketplace in which securities, commodities, derivatives and other financial instruments are traded. The core function of an exchange - such as a stock exchange - is to ensure fair and orderly trading, as well as efficient dissemination of price information for any securities trading on that exchange. Exchanges give companies, governments and other groups a platform to sell securities to the investing public. An exchange may be a physical location where traders meet to conduct business or an electronic platform.

Exchange Traded Funds (ETFs)

Investment fund designed to track the performance of an asset such as a share price index and which allows for applications and redemptions in the primary market on a daily basis in specie.

Execute and eliminate order

A limit order to execute at the current market price or worse. If the order is not filled in its entirety down to the specified order level then any remaining balance will be cancelled.

Execution-only stockbroker

Stockbroker who offers clients an inexpensive trading facility without advice, research or recommendations pertaining to investment style or policy.

Expiration date

The last date that a particular contract can be traded.

Expiration/ Expiry

Some spread betting or CFD markets have a fixed duration. For example futures contracts will expire at a pre-specified date and time in the future. At this point a futures contract is said to have expired and is awaiting settlement. Settlement is when the expired contract is closed at a level normally relating to the market at the time of expiry.


The level of an investment which is at risk. The higher the exposure, the bigger the potential loss or gain.
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