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Glossary

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European option
An option that can be exercised only on its expiration date rather than before that date.
European Union Allowance Unit
Allowances issued to installations which have a cap on their emissions under the EU Emission Trading Scheme. Each EUA grants the installation the right to emit one tonne of carbon dioxide during a commitment period.
Ex
The opposite of cum, and used to indicate that the buyer is not entitled to participate in whatever forthcoming event is specified (ex cap, ex dividend, ex rights, etc).
Ex all
The sale of a security without dividends, rights, warrants or other supplementary privileges associated with that security.
Ex capitalisation
A stock or share sold without the right to the capitalisation issue which has been announced.
Ex date
The date, for a benefit event (eg a dividend) used to determine whether the buyer or seller of the security is entitled to the benefit. The ex date divides the cum period from the ex period. Bargains dealt prior to the ex date (during the cum period) are dealt with the benefit attached, unless stated to the contrary as a bargain condition. Bargains dealt after ex date (during the ex period) are dealt without the benefit attached, unless stated to the contrary by a bargain condition.
Ex dividend
A stock or share sold without the right to the recently declared dividend. A stock quoted ex dividend has the amount of the dividend which is about to be paid deducted from the price.
Ex rights
Stock sold without the right to participate in an offer of securities to existing shareholders by a company in proportion to their existing holdings.
Ex warrants
Stock sold with the buyer no longer entitled to the warrants formerly attached to the stock.
Exchange of futures for cash
A transaction in which the buyer of a cash commodity transfers to the seller a corresponding amount of long futures contracts, or receives from the seller a corresponding amount of short futures, at a price difference mutually agreed upon. In this way, the opposite hedges in futures of both parties are closed out simultaneously.