Isenção de Responsabilidade: Os CFDs são instrumentos complexos e envolvem um alto risco de perder dinheiro rapidamente devido à alavancagem.
Você deve avaliar se entende como os CFDs funcionam e se pode arcar com o alto risco de perder seu dinheiro.
Web Trader MT5
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Ex-dividend
The status of a share that has been declared for a dividend but trades without entitlement to that dividend going forward. Buyers of ex-dividend shares don’t receive the upcoming dividend. The seller keeps it. Stocks typically drop by approximately the dividend amount on the ex-dividend date, reflecting value transferred from share price into the impending cash payment. The relevant dates: declaration date (when the dividend is announced), ex-dividend date (cutoff after which buyers don’t get the dividend), record date (when the company finalises the entitled-shareholder list), payment date (when the cash actually arrives). Ex-dividend date is usually one business day before the record date. Example: Reliance Industries declares a ₹10 dividend with an ex-dividend date of 22 August. An investor buying shares on 21 August captures the dividend. An investor buying on 22 August doesn’t. The stock typically opens around ₹10 lower on the ex-dividend morning, reflecting the transfer of value from price into pending cash. The mechanics are exact. The share price moves to compensate. Retail investors who don’t understand the dynamic sometimes panic when the stock “drops” on ex-dividend day, not realising they’re getting paid the difference.
Exchange
A centralized exchange in which securities, commodities, derivatives or currencies are exchanged between buyers and sellers subject to uniform rules and regulations and the price is fixed through the automatic matching of orders. Exchanges offer facilities for price discovery, concentration of liquidity and reporting of trades with transparency, in compliance with regulatory bodies.
The major exchanges include the NYSE, Nasdaq, London Stock Exchange, the NSE, the BSE, the Tokyo Stock Exchange and the CME Group, which handles derivatives. Each sets listing requirements implements trading rules about the behaviour of the participants.
The trading on exchange floors has become a process of electronic matching engines, meaning a more cost-effective, faster and more inclusive trading process. The change also allowed for high-frequency trading strategies based on colocation and latency. The exchange model is in contrast to OTC markets, where trades occur bilaterally without centralised pricing and reporting.
Example: Investor purchases shares via a retail brokerage and places an order that is routed to a stock exchange’s electronic order-matching engine. The engine compares it to a sell order at the same price; it can be traded at a price that is visible to all market participants, and it reports the trade publicly, in one go, showing the core functions of exchanges as centralised liquidity, transparent pricing and orderly, rule-governed execution.
Exchange (Crypto)
A platform enabling the buying, selling, and trading of cryptocurrency assets. There are two basic structures of crypto exchanges. Centralised exchanges (CEXs) are the exchanges on which companies keep customer assets in custody, match orders with internal exchange engines and act as intermediaries like the traditional brokerages, but within a changing regulatory landscape.
Decentralised exchanges (DEXs) are smart contracts developed on blockchain networks that facilitate direct trading between users without needing a central authority. Users are responsible for the assets’ custodial control at all times. Centralised engines are not responsible for providing liquidity; instead, it’s done through automated market makers or on-chain order books.
The main compromise between the two is that CEXs have a better user experience and liquidity, whilst the DEXs are free from the counterparty risk of an exchange operator holding the user’s funds, as was the case with many major centralised exchanges that failed, leaving customer assets in their grasp.
Example: A trader on a typical centralised crypto exchange locks up bitcoin to obtain access to leverage trading. A trader who uses a decentralised exchange does not have to place their coins in the exchange’s wallet, but instead trades them directly from their own wallet. The spreads are tighter at the CEX, while there is no counterparty risk at the DEX. The two models differ in terms of convenience versus custody control.
Exchange rate
The ratio at which one currency is exchanged for another, used mainly in the foreign exchange market. For instance, USD 1 is equivalent to or is able to purchase GBP 0.85.
Exchange Rate Risk
The risk of a foreign exchange rate adjustment having a negative impact on the value of an investment, cash flow, asset or liability in a foreign currency. Also known as forex risk, currency risk or FX risk. Exchange-rate risk exists for all cross-border financial transactions in foreign currencies (with the exception of hedging).
There are a number of types of exchange-rate risk. Translation risk is a risk that an investor who owns foreign stocks encounters, even if the stock does well in the country where it is held, as a drop in the foreign currency will decrease the returns on the stocks when they are converted back to the home country’s currency. Transaction risk is the risk that a corporate with foreign revenues will see cash flows affected by future transactions. Multinational companies that are consolidating foreign subsidiaries are subject to accounting translation risk on the results of those subsidiaries.
It is a symmetrical risk, meaning that favourable actions increase the return, while unfavorable ones decrease the return, making this risk a separate risk to manage in some cases, alongside the overall asset allocation risk.
Example: Over a year, a UK investor has bought US equities, which have increased by 10% in dollars. However, the dollar loses 8% on sterling during the same time. The net sterling return is around 2%, the bulk of the investment gain is offset by the negative currency change. The investor faced exchange rate risk, which impacted them as a loss of returns, even if they had made the right underlying asset selection.
Exchange Traded Fund (ETF)
An investment pool of securities, such as stocks, bonds, commodities or currencies, that is bought and sold on an exchange for an established price at any point of the day, similar to that of an individual stock. The majority of ETFs passively track an index, sector, commodity, or benchmark.
The key structural innovation that enables ETFs to remain efficient is the creation/redemption process. Authorised participants are able to sell new shares in an ETF by submitting the underlying basket or redeem shares in the underlying assets. This arbitrage process helps to maintain the ETF’s price in close proximity to the NAV of the securities in the underlying basket during the trading day.
Over the last 20 years, ETFs have won over most asset classes with their diversification features in one trade, low management fees, intraday liquidity and tax efficiency over mutual funds.
Example: A retail investor who wants exposure to Indian equities invests in a Nifty 50 ETF at the NSE. Instead of diversifying across the 50 stocks in the index, gaining an equal market session trading experience and paying just a fraction of the higher management fee that an active fund would charge, a single transaction provides proportional ownership.
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