إخلاء المسؤولية: تُعد عقود الفروقات أدوات مالية معقدة تنطوي على مخاطر عالية قد تؤدي إلى خسارة أموالك بسرعة بسبب استخدام الرافعة المالية. قبل البدء بالتداول،
عليك التأكد من فهمك الكامل لكيفية عمل عقود الفروقات، وتقييم ما إذا كنت قادرًا على تحمّل مخاطر الخسارة العالية.
منصة الويب MT5
E
Euro (EUR)
The official currency of the eurozone, shared by 20 European Union member states. The second most widely held reserve currency in the world, as well as the second most traded currency on foreign exchange markets. Issued and managed by the European Central Bank and the Eurosystem of the national central banks, it has a rate of 2% inflation.
The euro has been adopted to replace national currencies such as the Deutsche Mark, French franc, Italian lira and Spanish peseta, which in turn has removed intra-eurozone exchange-rate risk and strengthened economic integration. A single rate is established for economies that have frequently different growth and inflation rates, which is the basic structural friction of the currency union.
The EUR/USD is the most popular currency pair in the world and serves as the key indicator for the US/EU divergence of economic and monetary trends. It is the benchmark for global FX conditions with tight spreads and huge daily volume.
Example: The consolidation of results from French, German and Spanish subsidiaries by a multinational is done without the need to convert currencies, one of the biggest practical advantages of the euro. The risk associated with exchange rates between national currencies is eliminated, which simplifies treasury operations and eliminates a hedging expense layer from intra-European business activities altogether.
Euro Interbank Offered Rate
A benchmark interest, daily published by the European Money Markets Institute, for five maturities of the interbank money market: one week, one month, three months, six months and a year. Rates are based on those submitted by a panel of contributing banks.
EURIBOR is used in a great deal of financial contracts, including floating rate mortgages, corporate loans, interest rate swaps and structured products in Europe. The 25 basis point change has an impact on millions of contracts at the same time, making EURIBOR one of the most economically significant benchmark rates in the world.
This rate has been reformed since the scandals surrounding the manipulation of LIBOR and other rates, as well as more rigorous controls and transaction-based methodologies to lessen the impact of the panel-bank gaming that had compromised previous versions.
Example: If a eurozone mortgage taker has a floating-rate set with a reference index of EURIBOR three-month forward, their monthly mortgage repayments increase following ECB rate hikes and rising interbank financing costs. With the EURIBOR linkage, the central bank policy directly or indirectly has a direct and instant effect on household cash flows, since it is simply the arithmetic of a variable rate which is recalculated at the next reset date, no renegotiation, no lag, nothing.
EURO STOXX 50
A stock market index tracking the 50 largest and most liquid companies in the eurozone across 11 member countries. Published by STOXX Limited, it serves as the primary benchmark for eurozone equity performance — the equivalent of what the S&P 500 is for US equities.
The index spans financials, industrials, consumer staples, healthcare, and technology. Constituents are selected by free-float market capitalisation and reviewed annually. Germany, France, Italy, and the Netherlands contribute the most names. The EURO STOXX 50 underpins one of Europe’s most liquid derivatives markets, with options and futures traded on Eurex carrying some of the continent’s highest volumes.
The index is the basis for numerous ETFs and structured products sold to both retail and institutional investors globally seeking eurozone equity exposure in a single instrument. Example: A US fund manager seeking eurozone equity exposure buys an ETF tracking the EURO STOXX 50 rather than constructing individual country or stock positions. The single index provides diversification across the eurozone’s largest companies in one transaction, at a cost and liquidity level that individual country indices or single-stock portfolios could not match at equivalent scale.
Eurobonds
Bonds issued in a currency different from the local currency of the country in which they are sold. A Japanese company is issuing eurobonds; the ‘euro’ prefix does not indicate the currency used in the bond, but rather that it was issued outside the jurisdiction of the currency.
Eurobonds were first introduced in the 1960s as a way for issuers to raise capital in international capital markets without complying with local tax and regulatory laws. Mostly bearer certificates; they used to pay interest without withholding taxes, which made them appealing to international investors seeking cross-border tax efficiency.
The same term is used politically to refer to proposed bonds that are collectively guaranteed by eurozone member states. In this scenario, eurobonds are very sensitive, and the creditor states would not be inclined to accept that the debt load of their more deficit-prone counterparties can be mutualized.
Example: A South American government sells USD-denominated bonds in London to attract investment from overseas capital sources. The bonds carry dollar face value and pay dollar face value coupons directly to international bondholders, in the traditional “eurobond” format: an issuer that raises capital from a foreign market in a currency different from the local currency of the market where the bonds are placed.
Eurodollars
Deposits denominated in US dollars held in banks located outside the United States. A eurodollar is not necessarily a deposit in a European bank; it can be made anywhere in the world except the United States, such as in London, Tokyo, Singapore, or the Cayman Islands. The market emerged because the Soviet-bloc countries deposited dollars abroad to shield themselves from possible asset freezes, and because global demand for dollars increased as the market grew.
Eurodollars are not under the direct control of the Fed, which does not impose reserve requirements on them; therefore, they constitute a parallel dollar banking system with its own dynamics. The market became the lifeline of international bank dollar funding.
The eurodollar futures contract was one of the most popular and liquid derivatives in the world, and was heavily traded to cover short-term exposure to US interest rates. Since the transition of LIBOR, it has been replaced by SOFR alternatives.
Example: A multinational corporation’s treasury holds surplus cash in a eurodollar account at a London bank rather than repatriating it to the US. The dollar deposit is paid market rates, is deployable for international payments, and is not subject to the United States regulatory regime, a common cash management practice for corporations operating in multiple countries and holding large, multi-currency pools of cash.
Eurogroup
The informal body of eurozone member finance ministers, which meets to coordinate economic policy and to discuss matters concerning the euro. There is no legal personality under EU treaties, but it has a strong actual influence on eurozone fiscal and economic governance.
Meetings often precede ECOFIN meetings, and the Eurogroup addresses eurozone matters before formal Council votes on issues such as the eurozone banking union, fiscal rule reform, and member-state adjustment programs. The Eurogroup President is elected to a renewable term and defines the political agenda of economic coordination in the eurozone.
Decisions have a strong political dimension and can pre-determine the direction of formal legislative processes. Historically, sovereign debt restructuring, conditionality of financial assistance, and fiscal surveillance have preceded the formal action of European bond markets.
Example: An Eurogroup meeting is held to address a member state’s worsening fiscal situation. Finance ministers discuss if the conditions for emergency assistance are met. In the lead-up to the meeting, a market-supportive statement is prepared, in which sovereign bond yields in the affected country increase in response to the political signal, but before the formal announcement of formal assistance or its disbursement.
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