{"id":5397,"date":"2025-10-16T12:43:42","date_gmt":"2025-10-16T11:43:42","guid":{"rendered":"https:\/\/africabright.com\/?page_id=5397"},"modified":"2025-10-16T12:56:53","modified_gmt":"2025-10-16T11:56:53","slug":"glossaire-africa-bright","status":"publish","type":"page","link":"https:\/\/africabright.com\/en\/glossaire-africa-bright\/","title":{"rendered":"Glossary"},"content":{"rendered":"<div data-elementor-type=\"wp-page\" data-elementor-id=\"5397\" class=\"elementor elementor-5397\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-1e0ea71 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1e0ea71\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ekit_has_onepagescroll_dot&quot;:&quot;yes&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-07655a2\" data-id=\"07655a2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-40b8a61 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"40b8a61\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;ekit_has_onepagescroll_dot&quot;:&quot;yes&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b2619df\" data-id=\"b2619df\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c1e63a0 elementor-hidden-tablet elementor-tabs-view-horizontal elementor-widget elementor-widget-tabs\" data-id=\"c1e63a0\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"tabs.default\">\n\t\t\t\t\t<style>.elementor-element-c1e63a0{display:none !important}<\/style>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-89b3a24 elementor-hidden-tablet elementor-tabs-view-horizontal elementor-widget elementor-widget-tabs\" data-id=\"89b3a24\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"tabs.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-tabs\">\n\t\t\t<div class=\"elementor-tabs-wrapper\" role=\"tablist\" >\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1441\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-1441\" aria-expanded=\"false\">A<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1442\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1442\" aria-expanded=\"false\">B<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1443\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"3\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1443\" aria-expanded=\"false\">C<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1444\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"4\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1444\" aria-expanded=\"false\">D<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1445\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"5\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1445\" aria-expanded=\"false\">E<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1446\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"6\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1446\" aria-expanded=\"false\">F<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1447\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"7\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1447\" aria-expanded=\"false\">I<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1448\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"8\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1448\" aria-expanded=\"false\">L<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1449\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"9\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1449\" aria-expanded=\"false\">M<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-14410\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"10\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14410\" aria-expanded=\"false\">N<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-14411\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"11\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14411\" aria-expanded=\"false\">P<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-14412\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"12\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14412\" aria-expanded=\"false\">R<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-14413\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"13\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14413\" aria-expanded=\"false\">S<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-14414\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"14\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14414\" aria-expanded=\"false\">T<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-14415\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"15\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14415\" aria-expanded=\"false\">U<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-14416\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"16\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14416\" aria-expanded=\"false\">V<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<div class=\"elementor-tabs-content-wrapper\" role=\"tablist\" aria-orientation=\"vertical\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-1441\" aria-expanded=\"false\">A<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1441\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1441\" tabindex=\"0\" hidden=\"false\"><h5>Affiliate<\/h5><p>Any institution issuing securities that has opened a securities account with the central securities depository.<\/p><h5>Asset<\/h5><p>A good or receivable held by an economic operator (companies, individuals, institutions, etc.). An asset can be movable (money, insurance contract, securities) or immovable (houses, land, etc.).<\/p><h5>Assets Under Management (AUM)<\/h5><p>Total amount of funds managed in a mutual fund or investment company.<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1442\" aria-expanded=\"false\">B<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1442\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1442\" tabindex=\"0\" hidden=\"hidden\"><h5>Bearer Security<\/h5><p>Non-nominal security, meaning its holder is considered the owner unless contested. These securities allow the bearer to receive interest or dividends, or the principal at maturity for bonds. They also represent an investment form where the shareholder\u2019s identity remains anonymous to the issuing company, offering great flexibility.<\/p><h5>Bond<\/h5><p>Debt security issued by a company or State to borrow money. It pays interest, is tradable on a financial market, but unlike shares, does not confer ownership rights.<\/p><h5>Broker \/ Intermediary \/ Brokerage Firm<\/h5><p>Intermediary between a buyer and a seller on financial markets.<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"3\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1443\" aria-expanded=\"false\">C<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1443\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1443\" tabindex=\"0\" hidden=\"hidden\"><h5>Central Securities Depository<\/h5><p>Financial organization specialized in the custody (record-keeping) of securities.<\/p><h5>Custodian<\/h5><p>Investment service provider (often a bank) responsible for holding securities and ensuring compliance with management decisions for an investment fund.<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"4\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1444\" aria-expanded=\"false\">D<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1444\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"4\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1444\" tabindex=\"0\" hidden=\"hidden\"><h5>Dematerialized Security \/ Book-Entry Security<\/h5><p>Security recorded only in a securities account with an account keeper, depending on the category of securities, with the same characteristics, in the name of the owner or holder.<\/p><h5>Dilution<\/h5><p>Situation where a company issues new shares, reducing the ownership percentage of existing shareholders.<\/p><h5>Dividend<\/h5><p>Distribution of part of a company\u2019s profits to its shareholders.<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"5\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1445\" aria-expanded=\"false\">E<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1445\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"5\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1445\" tabindex=\"0\" hidden=\"hidden\"><h5>Equity<\/h5><p>Long-term financial resources of a company; the term \u201cequity\u201d refers to capital operations (capital increase, IPO, bond issuance, etc.) or the structure of fixed assets.<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"6\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1446\" aria-expanded=\"false\">F<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1446\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"6\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1446\" tabindex=\"0\" hidden=\"hidden\"><h5>Financial Intermediation<\/h5><p>Activity linking capital borrowers and lenders.<\/p><h5>Financial Market<\/h5><p>Market whose main role is to finance economic development (companies, State, local authorities), ensure liquidity and mobility of invested savings, and provide regular valuation of listed securities.<\/p><h5>Financial Risk<\/h5><p>Risk that the expected gain is not achieved or that the invested capital is reduced. Generally, the higher the profit potential, the higher the risk.<\/p><h5>Financial Savings<\/h5><p>Portion of savings used to acquire financial assets.<\/p><h5>Fund Information Sheet<\/h5><p>Extract from the prospectus providing essential information about the investment fund, including legal form, management company, custodian, investment guidelines, and management fees.<\/p><h5>Futures Market<\/h5><p>Over-the-counter market that sets the price of a financial instrument or asset for future delivery.<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"7\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1447\" aria-expanded=\"false\">I<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1447\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"7\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1447\" tabindex=\"0\" hidden=\"hidden\"><h5>Insider Trading<\/h5><p>Buying or selling shares of a listed company by someone with non-public privileged information.<\/p><h5>Institutional Investors<\/h5><p>Organizations that collect individual savings to invest in financial markets (management companies, pension funds, banks, insurance companies).<\/p><h5>Issuer<\/h5><p>Legal entity that prepares, registers, and sells securities (stocks or bonds).<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"8\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1448\" aria-expanded=\"false\">L<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1448\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"8\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1448\" tabindex=\"0\" hidden=\"hidden\"><h5>Liquidity<\/h5><p>Ease with which an asset or security can be converted into cash without affecting its market price and in quantities without imbalance.<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"9\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1449\" aria-expanded=\"false\">M<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1449\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"9\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1449\" tabindex=\"0\" hidden=\"hidden\"><h5>Management Mandate<\/h5><p>Agreement by which a client entrusts an investment service provider with the management of their financial assets.<\/p><h5>Market Capitalization<\/h5><p>Value of a company\u2019s outstanding shares, assessed at market price.<\/p><h5>Market Manipulation<\/h5><p>Act of artificially influencing the price of a security or market behavior for personal gain.<\/p><h5>Market Risk<\/h5><p>Risk of upward or downward fluctuations in financial product prices (stocks, bonds, derivatives) that may result in capital gain or loss for the holder.<\/p><h5>Maturity<\/h5><p>Agreed date on which a financial product (e.g., bond) must repay the principal.<\/p><h5>Merger<\/h5><p>Combination of two companies to form a new legal entity under a single name.<\/p><h5>Money Market<\/h5><p>Market where financial institutions and large companies obtain short-term or very short-term financing or invest their assets.<\/p><h5>Mutual Fund (FCP)<\/h5><p>Co-ownership of securities without legal personality, managed by a management company on behalf of unit holders.<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"10\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14410\" aria-expanded=\"false\">N<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-14410\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"10\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-14410\" tabindex=\"0\" hidden=\"hidden\"><h5>Net Asset<\/h5><p>Total amount of an investment fund\u2019s assets (securities and cash) valued at market price, minus its liabilities.<\/p><h5>Net Asset Value (NAV) \/ Liquidation Value<\/h5><p>Estimated value at a given time of a UCITS, assessed at market price, divided by the number of units in circulation.<\/p><h5>Nominal Value<\/h5><p>Face value of a financial security, set at issuance, used as a basis for calculating interest or dividends.<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"11\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14411\" aria-expanded=\"false\">P<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-14411\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"11\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-14411\" tabindex=\"0\" hidden=\"hidden\"><h5>Performance \/ Return<\/h5><p>Percentage change of a security or index over a period, considering market prices and withdrawals\/detachments (dividends \/ coupons).<\/p><h5>Portfolio Diversification<\/h5><p>Risk management strategy involving mixing different types of investments to limit exposure to a single asset or risk.<\/p><h5>Pre-emptive Subscription Right<\/h5><p>Right for an existing shareholder to subscribe to new share issues before others.<\/p><h5>Primary Market<\/h5><p>Market where financial securities are initially issued \u2013 public offerings, IPOs.<\/p><h5>Profitability<\/h5><p>Ability of invested capital to generate income.<\/p><h5>Prospectus<\/h5><p>Formal document detailing a public investment offer, required by market authorities.<\/p><h5>Public Offering<\/h5><p>When a company publicly offers securities (subscription, sale, exchange) or lists on a regulated market.<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"12\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14412\" aria-expanded=\"false\">R<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-14412\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"12\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-14412\" tabindex=\"0\" hidden=\"hidden\"><h5>Redemption \/ Exit (UCITS)<\/h5><p>Operation by which the subscriber terminates the contract before maturity and requests payment of savings. Redemption may be partial, subject to a minimum period, or unavailable.<\/p><h5>Redemption \/ Exit Fees<\/h5><p>Fees charged when the investor sells their mutual fund units or investment company shares. Deducted from the net asset value upon redemption.<\/p><h5>Regulated Market<\/h5><p>Traditional exchanges like Euronext. Listed companies must comply with strict rules and supervision.<\/p><h5>Regulatory Authority \/ Regulator<\/h5><p>Body that ensures regulation and proper functioning of financial markets.<\/p><h5>Retirement Savings<\/h5><p>Savings products reserved for retirement.<\/p><h5>Return on Investment (ROI)<\/h5><p>Gain or loss realized on an investment over a period. The calculation depends on the product type.<\/p><h5>Risk Profile<\/h5><p>Numerical scale from 1 (low risk) to 7 (high risk), noting that level 1 does not mean \u201crisk-free\u201d.<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"13\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14413\" aria-expanded=\"false\">S<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-14413\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"13\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-14413\" tabindex=\"0\" hidden=\"hidden\"><h5>SICAV (Open-Ended Investment Company)<\/h5><p>Investment company with variable capital managing a portfolio of securities and cash, issuing shares as subscriptions are received.<\/p><h5>Securities \/ Financial Instruments<\/h5><p>Negotiable and fungible financial instruments \u2013 shares and bonds.<\/p><h5>Securities Account<\/h5><p>Accounts opened in the name of securities holders, recording their holdings admitted to operations by the central depository.<\/p><h5>Securities Placement<\/h5><p>Seeking subscribers for a financial operation and collecting orders (via communication to generate interest).<\/p><h5>Security \/ Financial Asset<\/h5><p>Financial asset that can take the form of a share, bond, mutual fund, etc., issued by a company or government.<\/p><h5>Security \/ Financial Instrument<\/h5><p>Generic term for a share or other tradable investment.<\/p><h5>Settlement Bank<\/h5><p>Institution that confirms to the central securities depository the settlement of a securities transaction on a stock exchange.<\/p><h5>Share<\/h5><p>A security issued by a company, granting ownership rights, voting rights, and dividends.<\/p><h5>Sovereign Bonds<\/h5><p>Debt securities issued by a State.<\/p><h5>Sovereign Debt<\/h5><p>Debt issued or guaranteed by a State.<\/p><h5>Spot Market<\/h5><p>Market where financial instruments are traded for immediate delivery.<\/p><h5>Stock Exchange \/ Stock Market<\/h5><p>Place (physical or not) where listed securities are bought and sold daily.<\/p><h5>Stock Price<\/h5><p>Value of a security determined by supply and demand on a stock market at a given time.<\/p><h5>Subscriber<\/h5><p>Natural or legal person who places a subscription, purchase, or sale order for securities in a transaction.<\/p><h5>Subscription Fees<\/h5><p>Amount (often a percentage) added to the net asset value (NAV) of the fund at the time of purchase.<\/p><h5>Subscription Form<\/h5><p>Form that the subscriber must complete for any subscription.<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"14\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14414\" aria-expanded=\"false\">T<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-14414\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"14\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-14414\" tabindex=\"0\" hidden=\"hidden\"><h5>Takeover Bid<\/h5><p>Operation by which a company proposes to acquire another. The initiating company is the acquirer, the target is the company being acquired.<\/p><h5>Treasury Bill (BTA)<\/h5><p>Short-term debt securities issued by the State through auction.<\/p><h5>Treasury Bonds (OAT)<\/h5><p>Treasury securities issued for 7 to 50 years, usually by auction, according to a pre-published annual calendar.<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"15\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14415\" aria-expanded=\"false\">U<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-14415\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"15\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-14415\" tabindex=\"0\" hidden=\"hidden\"><h5>UCITS (Undertaking for Collective Investment in Transferable Securities)<\/h5><p>Portfolio of securities managed by professionals.<\/p><h5>Underlying Asset<\/h5><p>Benchmark (stock, basket of stocks, index, bonds, commodities) used to calculate the value and return of a savings product.<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"16\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-14416\" aria-expanded=\"false\">V<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-14416\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"16\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-14416\" tabindex=\"0\" hidden=\"hidden\"><h5>Value Date<\/h5><p>Date on which a deposited amount starts earning interest, or value date for a debit.<\/p><\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>A B C D E F I L M O P R S T V A Actif : Un bien ou une cr\u00e9ance d\u00e9tenue par un op\u00e9rateur \u00e9conomique (entreprises, particuliers, institutions, etc.). Un actif peut \u00eatre mobilier (argent, contrat d\u2019assurance, titres) ou immobilier (maisons, terrains, etc.). Actif net : Montant total des actifs (titres et [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","footnotes":""},"class_list":["post-5397","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Glossaire - Africa Bright<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/africabright.com\/en\/glossaire-africa-bright\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Glossaire - Africa Bright\" \/>\n<meta property=\"og:description\" content=\"A B C D E F I L M O P R S T V A Actif : Un bien ou une cr\u00e9ance d\u00e9tenue par un op\u00e9rateur \u00e9conomique (entreprises, particuliers, institutions, etc.). 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