Glossary

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Equity market
The market in which shares are issued and traded either through exchanges or over-the-counter markets.

Euro
The official currency of the European Union's (EU) member states. united European currency. Since January 1, 1999 the euro substitutes national currencies of 12 EU member states who have adopted in, including Austria, Belgium, Germany, Greece, Ireland, Spain, Italy, Luxembourg, the Netherlands, Portugal, Finland, France.

European Currency Unit (ECU)
An index of foreign exchange consisting of European currencies, originally devised in 1979. Also see Euro.

European Monetary System (EMS)
A system adopted by European Community members in 1979 that includes currencies of EU member states. EMS stimulates economy integration of EU member states and promotes stability by limiting exchange-rate fluctuations.

Expiration date
The last day when an option or futures contract may be exercised.