JSE issues apology for the incorrect meta description on broker search

JSE Limited (“JSE) was alerted to an incorrect meta description automatically generated by search engines when searches relating to the JSE in relation to company information is performed. This resulted in the JSE’s awareness campaign relating to a cautionary pop-up on the JSE website regarding investment scams being displayed in search results.

The JSE has implemented technical measures to remedy the incorrect description.

We sincerely apologise for the error and in the event that you require any further information in respect of the remedial actions implemented or the JSE to clarify the incorrect search results, please contact [email protected].

Name Description
face value The nominal amount assigned to a security by the issuer.
Financial Services Board Financial regulatory agency that oversees the non-banking financial services industry in South Africa.
fixed income Describes a debt instrument that pays an unchanging amount of money to its holder (owner) at prescribed times.
FIX Short for Financial Information Exchange Protocol, a messaging system used by brokers worldwide.
Financial Planning Institute An internationally recognised professional body for financial planners in South Africa.
franchise A form of business organisation in which a firm which already has a successful product or service (the franchisor) enters into a continuing contractual relationship with other businesses (franchisees) operating under the franchisor’s trade name and usually with the franchisor’s guidance, in exchange for a fee.
free float The proportion of shares of a publicly traded company traded in the stock market.
free float market capitalisation For each company, this is calculated by multiplying the current market place by the number of shares after the free float weighting has been applied.
floating rate Describes the coupon rate of a security that, in terms of the instrument’s tenor (qv), changes in line with another interest rate, such as JIBAR (qv).
foreign operations Those parts of the business of a company that are not conducted in South Africa. Example: the Australian operations of BHP Billiton.
forward contract A cash market transaction in which a seller agrees to deliver a specific cash commodity to a buyer at some point in the future. Unlike futures contracts (which occur through a clearing firm), cash forward contracts are privately negotiated and are not standardised. Further, the two parties must bear each other’s credit risk, which is not the case with a futures contract.
fund of funds A unit trust fund which invests in other funds.
fungible Interchangeable. The term is often used to apply to financial instruments which are identical in specifications. For example, options and futures contracts are highly fungible, since they are highly standardised arrangements. On the other hand, forwards and swaps are not, since they are customised arrangements. Instruments that are highly fungible tend to be very liquid, and so transaction costs tend to be low.
fund manager The person or entity responsible for managing investment portfolios on behalf of investors and implementing a particular investment strategy.
futures close-out Executing a security transaction by taking a buy or sell position, thereby nullifying an open position.
futures market Central financial exchange on which standardised futures contracts can be traded.
futures contract A contractual agreement, generally made on the trading floor of a futures exchange, to buy or sell a particular commodity or financial instrument at a pre-determined price in the future.
gearing A financial ratio that describes the level of a company’s net debt in relation to its equity capital. Companies with high gearing –more long-term liabilities than shareholder equity – are considered speculative. Gearing explains how a company finances its capital, either through outside lenders or through shareholders. Also known as financial leverage.
gross domestic product The total market value of all final goods and services produced in a country in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
global financial crisis Economic crisis of 2007-2008 characterised by the collapse of banking institutions and bank bailouts by governments, together with stock market downturns; considered the worst financial crisis since the Great Depression of the 1930s.
gold futures and options Contracts that allow investors the right to buy or sell the underlying commodity at a fixed price on a future date. The underlying instrument is gold futures.
gold standard A monetary system that backs its currency with a reserve of gold, and allows currency holders to convert their currency into gold.
high frequency trading A type of algorithmic trading that allows trades to be moved in and out of positions in seconds or fractions of a second.
hard commodity A commodity that is extracted by mining, like metals (see soft commodity).
headline earnings The real earnings of a company for a given period, excluding profits or losses from the sale or termination of discontinued operations, fixed assets, etc.
hedge A derivative instrument to protect an investment from unfavourable changes in value.
hedging Taking an offsetting investment position that will reduce the risk of adverse price movements.
international derivatives Derivatives products that expose investors to the price movements of shares listed internationally without having to set up foreign trading accounts.
International Organisation of Securities Commissions An association of organisations that regulates global securities and futures markets.
initial public offering The first sale of the stock of a private company to the public; a stock market launch.
index A simulated portfolio of securities that represents a particular market or a portion of that market.
index future A futures contract on a stock or financial index. For each index there may be a different multiple for determining the price of the futures contract.
index tracker funds A type of unit trust fund that provides the same returns as an index according to a market value weighting. A tracker fund is virtually the same as an index fund.
index warrants Index warrants are very similar to vanilla warrants except that the underlying asset is not a share but an index. An index warrant is settled by cash payment, calculated using an index multiplier assigned by the issuer when the warrant is first issued.
inflation risk The possibility that the value of assets or income will decrease as inflation shrinks the purchasing power of a currency. Inflation causes money to decrease in value at some rate, and does so whether the money is invested or not.
insider trading Buying or selling a security when having access to non-public or “inside” information about that security.
institutional investor Entity with large amounts to invest, such as investment companies, brokerages, insurance companies, pension funds, investment banks and endowment funds. Institutional investors are covered by fewer protective regulations because it is assumed that they are more knowledgeable and better able to protect themselves. They account for a majority of overall volume.
interest rate derivatives A financial instrument based on an underlying financial security whose value is affected by changes in interest rates. Interest rate derivatives are hedges used by institutional investors such as banks to combat the changes in market interest rates.
Interest Rate Derivatives Market Market for interest rate derivatives, which are hedges used to combat any changes in market interest rates.
Interest Rate Market Market providing investors with the opportunity to trade products in both the cash and derivative markets.
interim results A company’s reported results for the first six months of its financial year.
integrated report Holistic overview of a company’s performance, taking into account not only financial results but also its strategy, governance, prospects and ability to create value.
investment bank An individual or institution which acts as an underwriter or agent for corporations and municipalities issuing securities. Most also maintain broker/dealer operations, maintain markets for previously issued securities, and offer advisory services to investors. Investment banks also have a large role in facilitating mergers and acquisitions, private equity placements and corporate restructuring. Unlike traditional banks, investment banks do not accept deposits from and provide loans to individuals.
investment horizon The length of time an investor is expected to hold a security or portfolio before it is liquidated.
investor relations A department within medium to large companies that gives investors information on the company’s dealings and financial performance.
inward listing Occurs when an external or foreign entity invests in a local market.
Johannesburg Interbank Agreed Rate The Johannesburg Interbank Agreed Rate (JIBAR) is the money market rate used in South Africa. It is calculated as the average interest rate at which banks buy and sell money.
JIBAR Future A futures contract that allows market participants to manage interest rate risk within a regulated market, based upon the Johannesburg Interbank Agreed Rate (JIBAR).
JSE Limited The Johannesburg Stock Exchange is the largest stock exchange in Africa.
JSE Socially Responsible Investment (SRI) Index The SRI Index was a pioneering initiative – the first of its kind in an emerging market, and the first to be launched by an exchange, and has been a driver for increased attention to responsible investment into emerging markets like South Africa.