Administrative fees

The fees charged for administering securities on deposit (or a securities portfolio) include a charge for safekeeping of securities, cashing interest, dividends and redemption payments, and handling subscriptions, share capital increases, etc.


At market price

TradeDirect accepts all order types authorised by the Swiss Exchange (SIX Swiss Exchange), namely "At market", "Limit", "Stop-Loss" and "Stop-Limit" orders. At market : At the market level when the order is entered, unless it is an "odd lot" order.




Name of BCV's e-banking platform.



A standard of reference, used for comparison purposes, against which performance is measured. In stock market jargon, indices are often referred to as "benchmarks".


Blue chips

These are the leading shares listed on the New York Stock Exchange and constituting a reduced sample used to calculate an arithmetical average. The famous "Dow Jones Industrials" index today covers 30 stocks (when introduced at the NYSE on January 2nd 1897, there were only 12). By analogy, every national stock exchange has its own blue chips.



Bonds are securities comprising a claim against the issuer (= debtor), which usually corresponds to the right to receive payment of annual interest (called a coupon) and the redemption of the face value of the bond at maturity.

Most bonds are issued for a period ranging from 3 to 10 years, though there are also bond issues for a period of 30 years or more.

In Switzerland, first-ranking debtors are the Swiss Confederation, the various cantons, banks and insurance companies.

For a buyer who intends to keep the bonds until maturity, this type of investment constitutes an absolutely safe way of obtaining a regular and planned yield, and being able to count on a steady income over time.


Broker's commission

The fee charged by the bank for processing and forwarding stock exchange orders. The amount of the commission varies according to the criteria applied by different banks.


Bull market

Expression used by financial experts to describe a rising market, especially one that rallies over a prolonged period of time.


Closing prices

A closing price is the price paid for a given stock in the last transaction of the day. It is only one of many recorded during the day, since the SWX operates non-stop from 9 a.m. to 5.30 p.m. every working day. The price can fluctuate considerably in the course of a trading session.