Page 64 - PRIAA Glossary

EX-ANTE RISK
The predicted risk of an investment or portfolio, typically before the start of the calculation period. In Latin “ex-ante” means “before the event”.
EXCESS RETURN
A portfolio’s return above a particular benchmark, such as an index or interest rate, over a period of time. The excess return acts as a marker in evaluating the performance of a portfolio manager.
EXCHANGE
A central marketplace with established rules and regulations where buyers and sellers meet to trade securities or futures and options contracts. Exchanges include designated contract markets and derivatives transaction swap execution facilities (SEFs).
EXCHANGE BUSINESS DAY
Any scheduled trading day on which each exchange and related exchange in respect of a trade are open for trading for their respective regular trading sessions. A term used in the 2011 ISDA Equity Derivatives Definitions.
EXCHANGE CLEARED DERIVATIVES (ECD)
Derivative products traded between two parties and transferred (or novated) to an exchange. The derivatives then become cleared centrally by the exchange.
EXCHANGE DISRUPTION
Any event (other than an early closure) that disrupts
or impairs the ability of market participants to effect transactions in order to obtain market values for the share (or if an index transaction, 20% or more of the securities comprising the index), listed options or futures contracts on the underlying. A term used in the 2011 ISDA Equity Derivatives Definitions.
EXCHANGE TRADED DERIVATIVES (ETD)
Standardised derivative products that are traded on listed exchanges such as Chicago Mercantile Exchange (CME) or IntercontinentalExchange (ICE). Unlike products traded
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