Take-over bid

If successful, a take-over bid allows Company X to take control of Company Y, listed on the stock exchange, by offering for each Y share a fixed price, considerably higher than its last recorded price, for the whole duration of the offer. The descriptions given above are drawn from the works referred to in our "Bibliography" and from BCV internal documents.


Trading volume

This figure indicates the number of securities (shares, bonds, etc.) exchanged (bought and sold simultaneously) usually during one business day.



A share is said to be undervalued if its price is below its "real worth", and overvalued if the price is above its "real worth".



This means "Uniform Resource Locator". It corresponds to a website address (for example:


User ID

It is TradeDirect's given username, an alphanumeric code that grants access to TradeDirect (e.g.: VTB12345 or H1234567).



virt-x was the new pan-European electronic trading platform based in London. The system was created by the merger of the Swiss Exchange (SIX Swiss Exchange) and Tradepoint (UK). virt-x's goal was to act as a pan-European stock exchange listing 600 blue chips, including SMI stocks.



A characteristic of certain shares whose price is known to rise or drop more rapidly and especially more markedly than that of other, more "conventional" shares. In other words, this is the magnitude of price fluctuations during a given period (short or long).



Income on capital, expressed as a percentage. For a bond issue, for instance, the yield will be determined by the coupon and the issue price.