List of Glossary Terms
The PDSnet Glossary of Terms contains definitions and explanations for over 2600 financial market terms. These definitions are constantly kept up-to-date with current topical examples from the markets. They are also updated for changes in legislation and current events like COVID19 and the July 2021 civil unrest.
The terms in the Glossary are directly linked to all PDSnet articles, confidential reports, lecture modules and other material. This means that a client reading one of our publications can immediately see which terms are defined in the Glossary and click through to read the definition. Terms within the definitions in the glossary are similarly linked, which gives the Glossary an enormous educational depth share market investors.
| S&P500 INDEX |
An index of the 500 largest companies trading on Wall Street, weighted for their market capitalisation. The S&P is more... read more |
| SAFE CUSTODY ACT |
An Act which dealt with the transition from an open-outcry share market with physical share certificates to an electronic market with dematerialised... read more |
| SAFE HAVEN |
A place where investors can place their funds where they will be safe from international volatility. The US Treasury Bills (T-Bills) are the... read more |
| SAFE HAVEN TAX RULE |
In terms of the Income Tax Act, any share investment which is held for longer than 3 years is taxed only on the basis of capital gains and... read more |
| SAFEX |
Founded in 1990 and a part of the Johannesburg Securities Exchange (JSE), Safex is South Africa's licenced futures exchange under the Financial Markets... read more |
| SAHM RULE |
A rule that states that when the 3-month average of a country's unemployment rate increases by more than 0,5% above the lowest 3-month average of... read more |
| SALES |
The value of products sold by a company during a particular financial period. Sales is not necessarily the same as "turnover", "revenue"... read more |
| SALES GROWTH |
The growth in sales in a company. Obviously, every company strives to grow its sales. Given that many of its costs are fixed, the more sales... read more |
| SALES LOAD |
A service charge or commission fee for buying or selling a mutual fund that is added to the costs of owning a stake in the fund. It is usually between... read more |
| SALES OF NEW CARS |
A monthly economic indicator showing the number and value of new motor vehicles sold in South Africa. The National Association of Automobile Manufacturers of South... read more |
| SAM |
A set of rules emanating from Solvency II which regulate the way in which an insurance comany must be capitalised in order to reduce risk. |
| SAME STORE SALES |
The sales made by a retailer from the same stores which it owned at the end of the previous comparable financial period - as opposed to new... read more |
| SANCTIONS |
Economic penalties which are imposed on one country, organisation or individual by one or more countries with the objective of getting that country, organisation... read more |
| SANTA CLAUSE RALLY |
A rise of between 1% and 2% on Wall Street in the last five trading days of the old year and the first two trading days of the new year. Santa Clause... read more |
| SARB |
The South African Reserve Bank is the central bank of the Republic of South Africa. The Bank was established in 1921 in terms of a special Act of Parliament,... read more |
| SARS |
The Receiver of Revenue in South Africa is tasked with collecting taxes and customs duties. Since the advent of the ANC government, tax collections in South... read more |
| SASRIA |
SASRIA is a government public limited company, listed under schedule 3B of the Public Finance Management Act No 1 of 1999, which offers insurance both to... read more |
| SASSA |
A government agency which has been distributing social grants to millions people in South Africa every month since 2006. The grants include an old age grant... read more |
| SATRIX |
A financial institution, owned by Sanlam, providing (passive opposed to managed) investment products including exchange traded funds (ETF) and unit trusts.... read more |
| SATRIX 40 ETF |
The Satrix Top 40 (STX40) is an ETF (exchange traded fund) that tracks the FTSE/JSE Top 40 providing exposure to the 40 largest shares,... read more |
| SATRIX DIVI |
This an ETF which tracks the Dividend Plus Index (STXDIV) as closely as possible. The components of the Dividend Plus index are based on a one-year forecast... read more |
| SATRIX RESI |
Satrix Resi (STXRES) is an index tracking fund, providing investors with the price performance of the FTSE/JSE Capped Resource index. It,... read more |
| SATRIX SWIX |
The Satrix Swix (STXSWX) exchange traded fund (ETF) is very similar to the Satrix Top 40, except that it reduces the weighting of those shares... read more |
| SAUCER BOTTOM FORMATION |
This is the name that technicians give to the bottom formation of a share price where it drifts out slowly from a strong downward trend... read more |
| SAUCER TOP FORMATION |
A cycle top on a chart which drifts out and down in a gradual loss of momentum. This is as opposed to a V top which is very sharp and sudden. Also called an... read more |
| SAVI |
An index which is based on the opinions of institutional investors who write future and option contracts on the companies in... read more |
| SAVI |
The South African Volatility Index (or SAVI as it is known) is an index which measures volatility in the JSE Top 40. It is similar to the... read more |
| SAVI SQUARED |
A derivative instrument where the holder buys the variance from a future strike price at a specific future date. In South Africa these are known as "savi squared" and they allow investors to... read more |
| SAVINGS |
That portion of an individual's income which he/she saves. The national savings rate is important because those savings can be used by businesses to expand... read more |
| SCALE |
In the share market this refers to a company's size and its ability to achieve economies of scale in its production. Smaller companies are... read more |
| SCALED INDEX |
An index which is modified to reflect changes in its component companies' issued share capital. So a scaled index is not necessarily adjusted... read more |
| SCALLOP |
Similar to the cup and handle formation, this chart formation occurs when the price dips momentarily, forming a cup, before resuming its upward course. Typically bullish,... read more |
| SCALP |
In commodities, purchasing and selling in equal amounts so there is no net position at the end of the trading day; a speculative attempt to make a quick profit by... read more |
| SCALP TRADING |
An ultra-short-term trading strategy with just a few minutes between buying and selling, and certainly within the trading day. The objective is to take... read more |
| SCALPER |
A local trader in the pit who trades for small, short-term profits during the course of a trading session, rarely carrying a position overnight. |
| SCARCE RESOURCES |
An economics concept which refers to the four broad categories of scarce resources used in the economy. Those resources are land, labour,... read more |
| SCARCITY |
A key concept in economics that all goods, both primary (as in raw materials) and secondary (as in finished products) have a finite... read more |
| SCHEME OF ARRANGEMENT |
A transaction which could change how a company is controlled. If the company's ownership is changed to the extent that there is a new controlling... read more |
| SCOPING STUDY |
An initial study conducted by mining exploration companies to determine whether a project is worthwhile. The study provides an overview of operations,... read more |
| SCORECARD |
The Broad Based Black Economic Empowerment Act (53 of 2003) has as its objective the empowerment of black people in South Africa. In order to achieve this... read more |
| SCRIP |
These are physical share certificates. Prior to dematerialisation (the replacing of share certficiates with an electronic record of share ownership)... read more |
| SCRIP DIVIDEND |
A dividend which is paid in additional shares rather than in cash. A company will offer a scrip dividend if it wants to retain cash in the... read more |
| SEASONAL ADJUSTMENT |
A statistical technique for adjusting particularly demand data for annual trend deviations. Seasonal adjustments can be necessitated by climate changes... read more |
| SEASONAL TREND |
A consistent but short-lived rise or drop in market activity that occurs due to predictable changes in climate or calendar. For example, retailers tend to do a... read more |
| SECOND ROUND INFLATION |
Primary inflation occurs because the price of goods goes up and hence the purchasing power of the currency falls. Thus an element of... read more |
| SECONDARY LISTING |
Companies generally list on the main stock exchange of the country where they have most of their businesses. But as they diversify into other... read more |
| SECONDARY MARKET |
The market made up of share transactions between members of the public, which do not directly involve the company that issued the shares.... read more |
| SECONDARY SHARE |
A secondary share is a share which is well-managed and has good markets, but does not have the financial muscle, history of profits or diversity... read more |
| SECONDARY TREND |
Charles Dow identified three different lengths of movement in the stock market as part of his "Dow Theory". They were long-term trends... read more |
| SECTOR |
A grouping of all shares in the same industry, usually represented by a sector index. If you look at the price page of your newspaper, you... read more |
| SECTOR EDUCATION TRAINING AUTHORITY |
SETA's are probably one of the worst innovations of the ANC government. They were initially aimed to create a skilled labour force, but have turned into massive... read more |
| SECTOR FUND |
A mutual fund that concentrates on trading a range of securities within a broad industry group, such as technology, energy or financial services. |
| SECTOR ROTATION |
When a block of investment professionals cash out of one industry sector to invest in another. |
| SECULAR TREND |
A long term trend that persists for a virtually indefinite period. |
| SECURED CREDITOR |
A creditor whose loan is secured, usually by a mortgage bond on property. In the liquidation of a company, The liquidators will first sell... read more |
| SECURED DEBT |
A debt which is secured against an asset, usually property in the form of a mortgage bond. In the event that the company is liquidated... read more |
| SECURITIES CODE |
Each security trading on the main exchanges of the world has a 12-digit number which enables investors to identify it. The stock exchange... read more |
| SECURITIES REGULATION PANEL |
In terms of the Companies Act, the securities regulation panel is established to examine "affected transactions" where the control of the business... read more |
| SECURITIES SERVICES ACT |
This is an old and out-dated piece of legislation that was replaced by the Financial Markets Act (19 of 2012) in mid-2014. |
| SECURITIES TRANSFER FORM |
A form required by the Companies Act (71 of 2008) for the transfer of shares (and other securities) from one person to another. This form... read more |
| SECURITIES TRANSFER TAX |
A tax (previously "marketable securities tax" or "MST") which is charged in terms of the Securities Transfer Tax Act (25 of 2007) on all share market transactions,... read more |
| SECURITISATION |
Where debt instruments like mortgage bonds are gathered under a new corporate entity and then shares in that corporate entity are on-sold.... read more |
| SECURITY |
A "catch-all" term for all types of paper assets which can be traded on an organized exchange or over-the-counter. Thus the term securities includes stocks,... read more |
| SECURITY SELECTION RATIO |
The percentage of trades in a given account that liquidate profitably. |
| SEED |
The first value used to start a calculation. For example, an exponentially smoothed moving average (EMA) uses the previous day's EMA for the calculation.... read more |
| SEGREGATED ACCOUNT |
A special account used to hold and separate customers' assets from those of the broker or firm. |
| SELECTION |
The choosing of shares to include in a watch list or portfolio. Together with your timing, your choice of which share to buy is critical to... read more |
| SELECTION CRITERIA |
A set of rules established by an investor to eliminate shares which are for one reason or another unsuitable. Private investors need to create... read more |
| SELECTNET |
A Nasdaq execution technology. |
| SELF-REGULATORY ORGANISATION |
Self-regulatory organisations (i.e.the futures exchanges and National Futures Association) enforce minimum financial and sales practice requirements for... read more |
| SELL ORDER |
An order to sell shares is also called an "offer". Sell orders were originally either "market" orders or "limit" orders. A market order is one which... read more |
| SELL SIGNAL |
A technical analysis concept meaning the point at which a technical indicator or range of indicators gives the investor a signal to... read more |
| SELLER'S PRICE |
The price at which someone is prepared to sell a share. At the end of the day's trade, there is often a seller who was not able to find a buyer for... read more |
| SELLING PRESSURE |
A high sell-off of a particular share or class of shares which creates excess supply in the market and so causes the price to fall. |
| SELLING SHORT |
A sale of shares before they are purchased. A bear sale (or short sale) is the sale of an undertaking to supply a certain number of shares at a specified date in the future.... read more |
| SEMI DURABLE GOODS |
These are physical products which fall between perishable goods such as food and long-lasting goods such as buildings. A good example of a semi-durable... read more |
| SEMI-FINISHED GOODS |
That part of a company's stock which has been partly manufactured. It lies between raw materials and finished goods. Most manufacturers... read more |
| SEMI-GILT |
A debt instrument issued by a quasi-government organisation such as a municipality or state-owned enterprise (SOE). The term "gilt"... read more |
| SEMI-LOG CHART |
There are a number of ways to display the data on a chart. A linear chart is just like the charts that you used to draw at school with both the X and the... read more |
| SENIOR DEBT |
Debt which ranks above junior or mezzanine debt on liquidation. On liquidation, the liquidator will sell the assets of the company... read more |
| SENS |
The Stock Exchange News Service - A news service run by the JSE on which listed companies are required to announce everything of importance... read more |
| SENSITIVITY |
The rate of change of the moving average in response to the movement of the underlying data. The most sensitive period is that in which the rate of change of the moving average is fastest... read more |
| SENTIMENT |
This term is used to describe the general "mood of the market". Sentiment is usually bullish or bearish - meaning that investors as... read more |
| SEPARATION OF OWNERSHIP FROM MANAGEMENT |
The principle of a separation of ownership from management is what distinguishes sole traders, partnerships and other types of commercial... read more |
| SERVICE COMPANY |
A service company is one which sells some type of service to the public rather than a physical product. Service companies do not have the usual working... read more |
| SERVICES |
The service sector includes a number of services, like education, banking, cell phones, office cleaning, professional services, health care and entertainment.... read more |
| SETA |
SETA's are probably one of the worst innovations of the ANC government. They were initially aimed to create a skilled labour force, but have turned into massive... read more |
| SETS |
The London Stock Exchange's "Stock Exchange Trading Service" (SETS) electronic order book. The London Stock Exchange sold its Sets order-driven trading... read more |
| SETTLEMENT |
The price at which all outstanding positions in a share or commodity are marked to market. Typically, the closing price. |
| SETTLEMENT DATE |
The date on which the transaction is due to be settled. In the STRATE environment transactions become due to be settled a prescribed number of days after... read more |
| SETTLEMENT PERIOD |
One of the prescribed portions of the year for the settlement of Krugerrands (the weeks are numbered from 1 to 52, starting in January). |
| SETTLEMENT PRICE |
The last price for a futures contract on any trading day, as determined by the exchange on which the futures contract is traded. The market may not actually have traded... read more |
| SEZ |
Special Economic Zones (SEZ) grew out of the Industrial Development Zones (IDZ) which... read more |
| SHADOW |
The wick or tail, at one end or both, designating the high and/or low prices for the period upon which a candle is based. In order... read more |
| SHADOW BANKING |
The taking of deposits and on-lending of money outside of normal banking regulations. Banks effectively create money in the economy because they... read more |
| SHALE GAS |
This is a natural gas that is trapped in shale formations. Shale formations are fine grained sedimentary rock formations that are often rich sources of... read more |
| SHANGHAI COMPOSITE INDEX |
This is the main index used to measure the size and performance of the Shanghai Stock Exchange located in Shanghai in China. It is a Paasche index... read more |
| SHANGHAI STOCK EXCHANGE |
The Shanghai Stock Exchange (SSE) is based in Shanghai and is the largest stock exchange in China. It is the 4th largest stock exchange in the world with... read more |
| SHARE |
A part-ownership of a company. The ownership of companies is divided into individual shares which, if the company is listed on the JSE, can... read more |
| SHARE BUY BACK |
The Companies Act (71 of 2008) allows a company to buy back its own shares in the open market, provided it can pass a solvency and... read more |
| SHARE BUY BACK |
The process whereby a company buys its own shares on the JSE in exchange for cash. Share buy-backs are allowed, provided the company can establish... read more |
| SHARE BUY-BACK |
The process whereby a company buys its own shares on the JSE in exchange for cash. Share buy-backs are allowed, provided the company can establish... read more |
| SHARE CAPITAL |
A figure on the balance sheet representing the amount of money raised by the company through the issue of shares to the public. A company... read more |
| SHARE CERTIFICATE |
These are physical share certificates. Prior to dematerialisation (the replacing of share certficiates with an electronic record of share ownership)... read more |
| SHARE CODE |
An abbreviation for securities traded on an organised exchange. Share codes on the JSE are between 3 and 6 letters long - so,... read more |
| SHARE DEALER |
Someone who deals in shares as their business. A person or organisation that buys and sells shares can be declared by the Receiver of Revenue to be a share... read more |
| SHARE ISSUE |
The value of the company’s authorised shares which have been sold to shareholders. Companies issue shares to the public to raise capital... read more |
| SHARE MARKET |
A market place where securities or investment products can be bought and sold. The share market is, in fact, two markets – the primary... read more |
| SHARE OF MIND |
A concept originated by Warren Buffett which refers to the general awareness in a population of a particlar product. For example, Buffett says that Coca-Cola... read more |
| SHARE PRICE |
The value of a share or other security on an organised exchange in the currency of the country where it is traded. In South Africa... read more |
| SHARE SELECTION |
The choosing of shares to include in a watch list or portfolio. Together with your timing, your choice of which share to buy is critical to... read more |
| SHARE SPLIT |
Where a company decides to divide its existing issued share capital into more shares to increase tradability. For example, if a company with... read more |
| SHARE TRANSACTIONS TOTALLY ELECTRONIC |
An electronic settlement system for the South African equities market. |
| SHAREFRIEND |
ShareFriend is our in-house brand of technical analysis software, offering an extremely user-friendly interface, perfect for both the beginner and professional... read more |
| SHAREHOLDER |
A person (natural or juristic) who owns shares. Shareholders have certain rights - (1) they are entitled to attend and vote at the company's annual general... read more |
| SHAREHOLDER OF RECORD |
Share owner of company stock as registered in company files. |
| SHAREHOLDER OF REFERENCE |
A large, but not necessarily controlling shareholder. For example, PSG owns 30,7% of Capitec - which is a very substantial holding, but it does not have... read more |
| SHAREHOLDER SPREAD |
The percentage of a listed company's shares that must be held by members of the public. Section 4.28 (e) of the JSE's listing requirements... read more |
| SHAREHOLDERS FUNDS |
The money which shareholders have invested in a company - as opposed to third parties like banks. These funds are derived from the sale of... read more |
| SHAREHOLDERS' REGISTER |
A register of a company's shareholders giving details of the shareholder's name and the number of shares held of each class as well as any... read more |
| SHAREHOLDING |
A number of shares in a company, listed or unlisted held by a person, either natural or juristic. A collection of shareholdings held by one... read more |
| SHARES IN ISSUE |
The number of shares which a company has sold to the public to raise capital for its establishment or expansion. A company must obtain authorisation... read more |
| SHARIAH INDEX |
An index of listed companies that comply with Shariah law. South Africa has about 850 000 Muslims in its population and many of them are concerned... read more |
| SHARPE RATIO METHOD |
The Sharpe Ratio Method is the classic return/risk measure, often used to measure the affect of a new investment in a portfolio. Similar... read more |
| SHAVEN BOTTOM |
... read more |
| SHAVEN CANDLESTICK |
A candlestick which does not have shadows at both the top or bottom of the candle, indicating certainty. |
When a candle has no shadow at the upper end, it is said to have a shaven head or a shaven top. |
| SHAVEN TOP |
When a candle has no shadow at the upper end, it is said to have a shaven head or a shaven top. |
| SHOOTING STAR |
A top reversal candlestick formation consisting of a candle with a small body and a long upper shadow. This candlestick formation... read more |
| SHORT CODE |
An abbreviation for securities traded on an organised exchange. Share codes on the JSE are between 3 and 6 letters long - so,... read more |
| SHORT INTEREST RATIO |
A ratio that indicates the number of trading days required to repurchase all of the shares that have been sold short. A short interest... read more |
| SHORT NAME |
Listed shares have three names - the long name, the short name and the JSE code. So for example, Anglo American Platinum Ltd. is the long... read more |
| SHORT OPTION VALUE |
The current market value of all short options in a trading account. This amount of cash would flow out of the account (in addition to any... read more |
| SHORT POSITION |
A contractual obligation to supply a specific quantity of a specific security on a certain future date. When that date arrives the contract must be fulfilled,... read more |
| SHORT SALE |
A sale of shares before they are purchased. A bear sale (or short sale) is the sale of an undertaking to supply a certain number of shares at a specified date in the future.... read more |
| SHORT SQUEEZE |
A market where the shortage of scrip or a commodity which has been heavily short-sold forces short-sellers to cover at exhorbitant prices. In earlier times a short... read more |
| SHORTING |
A sale of shares before they are purchased. A bear sale (or short sale) is the sale of an undertaking to supply a certain number of shares at a specified date in the future.... read more |
| SHRINKFLATION |
Reducing the size of products while leaving the price unchanged. This process is usually found in the food and beverage sectors. When the manufacturer of a food... read more |
| SIDEWAYS MARKET |
A technical analysis term meaning a period of "backing and filling" where a share's price moves up and down within a tight range... read more |
| SIFI |
A financial institution that is so large and so integrated into the economy that its failure would be catastrophic. Systemically important financial... read more |
| SIGHT |
A sales of rough diamonds by De Beers usually held ten times each year and to which only specific approved buyers are invited. hundreds of millions of US... read more |
| SIGNAL |
In technical analysis (charting), a signal is usually either a "buy" or "sell" signal given when two charts cross over each other, a chart crosses a horizontal... read more |
| SIGNAL LINE |
A moving average superimposed on an indicator, generating buy and sell signals. Two indicators which use a signal line are the MACD... read more |
| SIGNATURE MEDALLION GUARANTY |
Program used by banks and other institutions to verify a signature. |
| SIGNIFICANCE |
The probability of rejection on the basis of a statistical test and a hypothesis that there is no validity to the specific claim that two variations... read more |
| SILVER |
A precious metal and an element (Ag), Silver is a soft, white metal which is well suited to jewellery and has been exploited since pre-historic times. Together... read more |
| SIMPLE MOVING AVERAGE |
The arithmetic mean or average of a series of prices over a period of time. The longer the period of time studied (that is, the larger the... read more |
| SIMPLE PERCENTAGE STOP-LOSS |
A strategy which allows an investors profits to accumulate while cutting their losses where a position goes against them. The simplest stop-loss strategy... read more |
| SIMPLE REGRESSION |
A mathematical way of stating the statistical linear relationship between one independent and one dependent variable. |
| SIMULATION |
A training method which imitates the actions of the share market as closely as possible to enable investors to gain real-life experiences without... read more |
| SINGLE STOCK FUTURES |
Futures contracts on individual securities. |
| SINGLE STOCK LIMIT |
A maximum percentage of a single equity share that can be held by an institution usually expressed as a percentage of their total portfolio.... read more |
| SINGLE STOCK OPTION |
These are call or put options on individual well-traded blue chip shares listed on the JSE or specific JSE/FTSE... read more |
| SLAPP |
Also known as "Slapp" lawsuit, this is an action initiated by a powerful or wealthy person or organisation to muzzle an activist and ruin them financially. An example of a Slapp lawsuit is the... read more |
| SLIPPAGE |
The difference between estimated transaction costs and actual transaction costs. |
| SMA |
The arithmetic mean or average of a series of prices over a period of time. The longer the period of time studied (that is, the larger the... read more |
| SMALL CAP INDEX |
An index of those shares which are not in the top 100 companies listed on the JSE by market capitalisation. Alternatively, shares... read more |
| SMALL ORDER EXECUTION SYSTEM |
Computerised system developed by Nasdaq for immediate electronic execution of up to 1,000 shares of stock. |
| SMALL RELATED PARTY TRANSACTION |
A small related party transaction is classified as a transaction with a percentage ratio of more than 0.25% but less than or equal to 5% which requires... read more |
| SMALL, MEDIUM AND MICRO ENTERPRISES |
A definition used by the Department of Trade and Industry. SMME's are businesses with less than 150 employees, but most of them are one-man businesses, spaza shops... read more |
| SMART MONEY |
This refers to large, very well-informed investors who generally buy at or close to the bottom of a trend and sell at or close to the top.... read more |
| SMITH, ADAM |
Adam Smith was an economist who lived in the 18th century. He is most famous for explaining capitalism and particularly for his concept of "laissez-faire"... read more |
| SMME |
A definition used by the Department of Trade and Industry. SMME's are businesses with less than 150 employees, but most of them are one-man businesses, spaza shops... read more |
| SMOOTHING |
Removing the variability and market noise in a chart to reveal the correct underlying trend. This can be done by using a moving average,... read more |
| SNAPSHOT QUOTES |
Market quotations which reflect the market price at a particular point in time. Such quotes do not refresh automatically but are refreshed when the user... read more |
| SOCIAL AND ETHICS COMMITTEE |
This is a diverse committee of experts from the community, academia, professionals and employees whose task it is to advise listed and government corporations... read more |
| SOCIAL RELIEF GRANT |
A government-funded monthly payment made to South African citizens who are unable to earn a living for a variety of reasons. There are currently five permanent... read more |
| SOCIAL SCIENCE |
A social science is an academic discipline which attempts to quantify some aspect of human behaviour. The obvious examples are psychology and economics. Both of... read more |
| SOCIALLY RESPONSIBLE INDEX |
This index includes all companies that care about the environment and that look after the communities where they are located. The problem is that... read more |
| SOCIETY FOR WORLDWIDE INTERBANK FINANCIAL TRANSFERS |
A mechanism, known as "swift" which enables people to transfer money from anywhere to anywhere in the world through member banks. Swift is a secure messaging... read more |
| SOE |
State Owed Enterprises (SOE) are corporations owned and controlled by the government. In South Africa there are about 700 SOE's which deal with everything... read more |
| SOES |
State Owed Enterprises (SOE) are corporations owned and controlled by the government. In South Africa there are about 700 SOE's which deal with everything... read more |
| SOES |
Computerised system developed by Nasdaq for immediate electronic execution of up to 1,000 shares of stock. |
| SOFT COMMODITY |
A product of agriculture such a maize, animals and animal products, soya beans, wheat and so on. This is as opposed to hard commodities which are the product... read more |
| SOFT LANDING |
One of the functions of the Federal Reserve Bank in America and other central banks around the world is to manage the country’s economy... read more |
| SOLE TRADERS |
A business run by a single natural person. Sole traders carry all the risk of their business. The risk and tax liability pass through the business to the... read more |
| SOLIDARITY |
This is a South African trade union, formed to protect workers' rights and to negotiate on behalf of its members. Although it is often involved in political matters, it does not affiliate... read more |
| SOLVENCY |
The ability of a company to pay its expected short-term liabilities out of its expected short-term assets and incomes. With the introduction... read more |
| SOLVENCY AND LIQUIDITY TEST |
A test required by the Companies Act which requires the directors of a company to assert that the company can meet all its expenses... read more |
| SOLVENCY ASSESSMENT AND MANAGEMENT FRAMEWORK |
A set of rules emanating from Solvency II which regulate the way in which an insurance comany must be capitalised in order to reduce risk. |
| SOLVENCY II |
A European regulation which determines the amount of capital an insurance company must hold in order to be considered solvent. |
| SOLVENCY RATIO |
A ratio used in the insurance industry to determine whether it has risks of claims which it may not be able to meet. The ratio is the company's after-tax... read more |
| SOTP |
A method of valuing a company by valuing its separate divisions of parts and then adding them up to arrive at a total value for the company. This gives a different (usually higher) value than... read more |
| SOURCE AND APPLICATION OF FUNDS STATEMENT |
Previously called the "Source and Application of Funds Statement", this shows the money coming into and leaving a company. It gives a good idea of how well... read more |
| SOUTH AFRICAN CENTRAL SECURITIES DEPOSITORY |
The role of a central depository is to maintain records of all purchases and sales of securities on organised exchanges within the country. In South... read more |
| SOUTH AFRICAN INSTITUTE OF CHARTERED ACCOUNTANTS |
The South African Institute of Chartered Accountants is the pre-eminent accounting body in South Africa. Its membership consists of qualified chartered accountants... read more |
| SOUTH AFRICAN RAND |
The currency of South Africa. The currency is also used in Lesotho and Namibia while other countries in the area have pegged their currencies to the rand.... read more |
| SOUTH AFRICAN RESERVE BANK |
The South African Reserve Bank is the central bank of the Republic of South Africa. The Bank was established in 1921 in terms of a special Act of Parliament,... read more |
| SOUTH AFRICAN RESERVE BANK BULLETIN |
The bulletin is published by the Reserve Bank every quarter and in available in PDF format free of charge. The bulletin covers a very wide range of information... read more |
| SOUTH AFRICAN REVENUE SERVICE |
The Receiver of Revenue in South Africa is tasked with collecting taxes and customs duties. Since the advent of the ANC government, tax collections in South... read more |
| SOUTH AFRICAN SOCIAL SECURITY AGNECY |
A government agency which has been distributing social grants to millions people in South Africa every month since 2006. The grants include an old age grant... read more |
| SOUTH AFRICAN SPECIAL RISKS ASSOCIATION |
SASRIA is a government public limited company, listed under schedule 3B of the Public Finance Management Act No 1 of 1999, which offers insurance both to... read more |
| SOUTH AFRICAN VOLATILITY INDEX |
The South African Volatility Index (or SAVI as it is known) is an index which measures volatility in the JSE Top 40. It is similar to the... read more |
| SOVEREIGN BANK NEXUS |
This term refers to the relationship between commercial banks and the government of a country and more especially the exposure or risk of both commercial... read more |
| SOVEREIGN DEBT |
A government's debt, mostly in the form of long-term government bonds. The interest cost of this debt obviously reduces the proportion of... read more |
| SOVEREIGN WEALTH FUND |
An investment fund created by a government out of surpluses. The funds are then invested for the benefit of the country and its peoples. For example,... read more |
| SPAC |
A listed JSE company that comes to the JSE with just cash and management with the direct intention of making acquisitions within... read more |
| SPECIAL DIVIDEND |
When a company has surplus cash it can sometimes pay a special dividend over and above its normal interim and final dividends. Companies accused... read more |
| SPECIAL DRAWING RIGHTS |
These are additional foreign exchange assets in a country's reserves as a result of its membership of the International Monetary Fund (IMF). They... read more |
| SPECIAL ECONOMIC ZONES |
Special Economic Zones (SEZ) grew out of the Industrial Development Zones (IDZ) which... read more |
| SPECIAL OFFSET |
When a long position and a short position are specially matched and offset according to specific instructions from a customer, rather... read more |
| SPECIAL PURPOSE ACQUISITION COMPANY |
A listed JSE company that comes to the JSE with just cash and management with the direct intention of making acquisitions within... read more |
| SPECIAL RESOLUTION |
A special resolution can only be passed with the approval of at least 65% of the voting shares of the company depending on the stipulations of the... read more |
| SPECIAL SHAREHOLDERS MEETING |
A meeting of the shareholders of a company which is outside the normal annual general meetings (AGM) and which is convened for some specific purpose,... read more |
| SPECIALISATION |
The degree to which a company can concentrate it's energy on its core business. Philip Kotler, the world-renowned management consultant said that the most... read more |
| SPECIALIST |
A trader on the market floor of the New York Stock Exchange assigned to fill bids/orders in a specific stock out of their own account... read more |
| SPECTRUM |
The frequency decomposition of time series data. This is used to detect periodic fluctuations or cycles in historical price data. |
| SPECULATIVE DIVIDEND FUTURE |
This is a futures contract which is sold together with an equity future and fixes the value of the dividend accruing to that share.... read more |
| SPECULATIVE SHARES |
The word "speculative" is usually applied to smaller companies, usually newly-listed, which don't have a track record of profits and which... read more |
| SPECULATOR |
A person who buys shares with the sole objective of making a quick capital gain. Usually, speculators concentrate on high-risk penny stocks... read more |
| SPIKE |
A sharp rise or fall in price in a single day or two; may be as great as 15-30%, indicating the time for an immediate sale or perhaps a purchase. |
| SPIKE BOTTOM |
A candlestick reversal signal which is the opposite of the tower top formation. The Tower Bottom, also call the Spike Bottom, takes form beginning with a long red candle followed by three or... read more |
| SPIKE TOP |
A candlestick top reversal signal formed at the top of a well established trend in an uncertain market. The Tower Top, also call the Spike Top, takes form beginning with a long green candle followed... read more |
| SPINNING TOP |
A candlestick formation which consists of a small real body and long upper and lower shadows which represent a wide range of trading... read more |
| SPLIT FILL |
An order consisting of more than one lot, where contracts are filled at different prices. An order to sell 2 December Canadian Dollar contracts at .6200... read more |
| SPONSORING BROKER |
This is a stockbroking firm registered with the Johannesburg Securities Exchange (JSE) who is appointed by a company that is wanting to list... read more |
| SPOT MARKET |
A spot market is a market where transactions are made for immediate delivery - like the share market. If shares are bought they must be delivered... read more |
| SPOT MONTH |
The futures contract month closest to expiration. Also referred to as the Spot Month. There are four futures close-outs each year - at the end of March,... read more |
| SPOT MONTH |
In trading, the current contract month. Also known as the "front month". |
| SPOT PRICE |
In futures markets, this term usually refers to a cash market price for a physical commodity that is available for immediate delivery.... read more |
| SPREAD |
The percentage of a listed company's shares that must be held by members of the public. Section 4.28 (e) of the JSE's listing requirements... read more |
| SPREAD ROLLS |
Using a spread order to bridge the closing of one position and the establishment of a new one. |
| SPRING |
A two-day pattern where the market declines below a support point on the first day and moves up strongly the next day into the congestion area. |
| SPUN OUT |
To dispose of a subsidiary by handing the shares which the parent company holds directly to the parent company’s shareholders... read more |
| SQUEEZE OUT |
The forced acquisition of minority shares by a majority of more than 90% of the shareholders of a company. In terms of section 124 of the... read more |
| SRI |
This index includes all companies that care about the environment and that look after the communities where they are located. The problem is that... read more |
| SRO |
Self-regulatory organisations (i.e.the futures exchanges and National Futures Association) enforce minimum financial and sales practice requirements for... read more |
| SSA |
A government department which accumulates and analyses information about the South African economy. The Statistician General runs the department and collects... read more |
| SSE |
The Shanghai Stock Exchange (SSE) is based in Shanghai and is the largest stock exchange in China. It is the 4th largest stock exchange in the world with... read more |
| SSO |
These are call or put options on individual well-traded blue chip shares listed on the JSE or specific JSE/FTSE... read more |
| STAG |
An investor who buys shares prior to a listing with the intention of selling them and making a profit as soon as the listing takes place. |
| STAGFLATION |
An economics term which refers to an economy that has limited or no growth, but simultaneously suffers from high inflation. Stagflation... read more |
| STAGGING |
The practice of buying shares in a new listing before it comes to the market with the objective of making a profit when trading begins. |
| STAGGING PROFIT |
The profit made by an investor who buys a share before a listing, usually as part of a private placing, and then sells it immediately... read more |
| STAINLESS STEEL |
An alloy of iron with about 11% chrome to prevent oxidisation (rusting). There are various types of stainless steel designed to meet specific requirements.... read more |
| STAIR-STEPPING |
Market activity characterised by a trend, then sideways movements, followed by another trend and further sideways movement. |
| STALE BULL |
This is someone who remains bullish when the preponderance of investors have turned bearish. After a long upward trend, some investors... read more |
| STANDARD & POORS |
A ratings agency which, together with Fitch and Moodys, rates the bonds and other debt instruments of governments, parastatals... read more |
| STANDARD DEVIATION |
A statistical measure of deviation from the average. The first standard deviation is the first 34,13% of occurrences closest to the average (or mean)... read more |
| STANDARDISED UNANTICIPATED EARNINGS |
A company's average earnings surprise is compared with analyst earnings estimates dispersion, which can be used to estimate the likelihood of earnings surprises. |
| STAR FORMATION |
A candlestick formation where a small bodied candle is entirely above the top of a large bodied candle on the next trading day. A star formation... read more |
| STAR REVERSAL FORMATION |
A candlestick formation which is the opposire of a star formation and is bearish. After an upward trend, a small bodied candle follows... read more |
| START UP |
A business which has just started. Usually businesses begin as sole traders or partnerships and then progress from that to becoming private companies... read more |
| STATE CAPTURE |
The corruption of the state and particularly state funding by persons in positions of power for their own personal gain. State capture has been a feature of African... read more |
| STATE FUNDER |
An organisation established and funded by the government that provides funds to businesses which are furthering government's objectives. There are many such organisations.... read more |
| STATE-OWNED ENTERPRISES |
State Owed Enterprises (SOE) are corporations owned and controlled by the government. In South Africa there are about 700 SOE's which deal with everything... read more |
| STATEMENT OF CASH FLOWS |
Previously called the "Source and Application of Funds Statement", this shows the money coming into and leaving a company. It gives a good idea of how well... read more |
| STATEMENT OF FINANCIAL POSITION |
A list of all balances taken from a company's ledger after incomes and expenses have been offset to arrive at a profit or loss.... read more |
| STATIONARY TIME SERIES |
Implies that no trend is observed in the time series. Identified when the time series has a constant mean and variance. |
| STATISTICS |
The collection, study and analysis of large quantities of data in order to facilitate interpretation and forecasting. In the context of the share market,... read more |
| STATISTICS SOUTH AFRICA |
A government department which accumulates and analyses information about the South African economy. The Statistician General runs the department and collects... read more |
| STATUTORY MERGER |
The combination of two (or more) companies to form a new company in terms of the Companies Act. A statutory merger is a fundamental transaction... read more |
| STATUTORY REQUIREMENT |
A requirement established by a the legislative authority of a country and encapsulated in a statute. There are many examples of statutory requirements in South... read more |
| STAY UNIT |
A measurement of available accommodation in the hospitality industry. Thus a stay unit is one night's accommodation that will be paid for at a hotel, bed &... read more |
| STEEL |
Steel is an alloy of iron and carbon. This improves it's strength and fracture resistance compared to iron. |
| STERILISATION |
The process whereby the central bank eliminates the effect of purchasing foreign currency or some other cash injection on the money supply... read more |
| STERILISATION DEPOSIT |
The process whereby the central bank eliminates the effect of purchasing foreign currency or some other cash injection on the money supply... read more |
| STERLING RATIO METHOD |
... read more |
| STIMULATION PACKAGE |
A mechanism to encourage economic activity within the economy. The Monetary Policy Committee (MPC) meets every two months to decide whether to reduce... read more |
| STIMULUS |
A mechanism to encourage economic activity within the economy. The Monetary Policy Committee (MPC) meets every two months to decide whether to reduce... read more |
| STOCHASTIC OSCILLATOR |
A short term indicator developed by George Lane, identifying buy and sell signals in a particular security. The indicator compares the closing... read more |
| STOCK |
Another word for stocks of raw material, work in progress, consumable stores and finished goods. The valuation of the inventory is critical... read more |
| STOCK DIVIDEND |
A dividend which is paid in additional shares rather than in cash. A company will offer a scrip dividend if it wants to retain cash in the... read more |
| STOCK EXCHANGE |
A market place where securities or investment products can be bought and sold. The share market is, in fact, two markets – the primary... read more |
| STOCK EXCHANGE CONTROL ACT NO 1 OF 1985 |
The statute regulating the establishment and operation of stock exchanges in South Africa. The Act also governs the trading of listed securities,... read more |
| STOCK EXCHANGE HANDBOOK |
A regularly updated hard-copy book which gives details of all the listed companies on the JSE. This book is updated three times a year and... read more |
| STOCK EXCHANGE NEWS SERVICE |
The Stock Exchange News Service - A news service run by the JSE on which listed companies are required to announce everything of importance... read more |
| STOCK EXCHANGE TRADING SERVICE |
The London Stock Exchange's "Stock Exchange Trading Service" (SETS) electronic order book. The London Stock Exchange sold its Sets order-driven trading... read more |
| STOCK INDEX FUTURES |
A futures contract traded that uses a market index as the underlying instrument. Typically, the value of the contract is $500 times... read more |
| STOCK JOBBER |
Originally, a stock jobber was a market maker on the London Stock Exchange (LSE), prior to the dematerialisation of shares and the advent... read more |
| STOCK PICKING |
The choosing of shares to include in a watch list or portfolio. Together with your timing, your choice of which share to buy is critical to... read more |
| STOCK TURN RATIO |
A ratio which shows how quickly a company is turning over its stock. Obviously, companies are always trying to minimise the amount of stock... read more |
| STOCKBROKER |
A member of the stock exchange who has passed the required exams and been accepted by the stock exchange. All the transactions done on the JSE must... read more |
| STOCKBROKING ACCOUNT |
Before you can buy shares on the stock exchange, you must first open a stockbroking account and deposit some funds into it. Stockbrokers offer... read more |
| STOCKBROKING FIRM |
To buy and sell shares on the Johannesburg Securities Exchange, you will need to open an account with a stockbroking firm. Stockbroking firms employ... read more |
| STOKVEL |
A stokvel is an investment or savings club, where the members agree on a monthly contribution. The benefits are paid to the members in turns, eg,... read more |
| STOP |
Used by the trader who doesn't wish to be filled any worse than his stop price. Here, the stop and limit prices specified on the order are one and... read more |
| STOP AND REVERSE |
A stop that, when hit, is a signal to reverse the current trading position, i.e., from long to short. Also known as a reversal stop. |
| STOP LOSS STRATEGY |
A strategy which allows an investors profits to accumulate while cutting their losses where a position goes against them. The simplest stop-loss strategy... read more |
| STOP ORDER |
An order that becomes a market order when the futures contract reaches a particular price level. A sell stop is placed below the market,... read more |
| STOP OUT |
To sell out of a share because it has reached or passed a pre-set stop-loss level in terms of a defined stop-loss strategy. A stop-loss strategy... read more |
| STOP-CLOSE-ONLY ORDER |
This order type is used by the trader who desires his stop order to be filled only if elected in the closing range of trading. Since... read more |
| STOP-LIMIT ORDER |
Used by the trader who doesn't wish to be filled any worse than his stop price. Here, the stop and limit prices specified on the order are one and... read more |
| STOP-LOSS |
Once a share that you have bought is "in-the-money" (i.e. your stop-loss level has moved above the price you paid for the share), then you... read more |
| STOP-LOSS STRATEGY |
A strategy to sell out of a share (or other security) after it has fallen by a pre-determined percentage from its highest level since it was purchased.... read more |
| STOP-RUNNING |
After a trend, the market will enter into a trading range and have a tendency to trade to levels where stop-loss orders have been placed. |
| STOP-WITH-LIMIT ORDER |
Used by the trader who wishes to give the floor broker a limit as to how far through the specified stop the order may be filled. Two prices must be stipulated... read more |
| STOPE |
Stoping is the process of extracting the desired ore or other mineral from an underground mine, leaving behind an open space known as a stope. Shafts are usually excavated vertically downwards... read more |
| STOPPAGE |
In the mining industry, in terms of section 54 of the Mine Health and Safety Act (29 of 1996), the Mine Health and Safety Inspectorate can order the mine to cease operations after a fatal... read more |
| STOPS |
Buy stops are orders that are placed at a predetermined price over the current price of the market. The order becomes a "buy at the market"... read more |
| STRADDLE |
The purchase or sale of an equivalent number of puts and calls on an underlying stock with the same exercise price and expiration date. |
| STRANGLE |
The purchase or sale of an equivalent number of puts and calls on an underlying stock with the same expiration date but a different exercise price. Usually, the put has a low strike price and... read more |
| STRATE |
South Africa's central securities depository. The name "STRATE" is an abbreviation of "Share TRAnsactions Totally Electronic". All the trades done on the JSE... read more |
| STRATE SETTLEMENT COST |
A tiny percentage of the value of all transactions, the Strate Settlement Cost is about 0,00546% of the value of transactions up to a value of R200 000. |
| STRATEGIC LAWSUIT AGAINST PUBLIC PARTICIPATION |
Also known as "Slapp" lawsuit, this is an action initiated by a powerful or wealthy person or organisation to muzzle an activist and ruin them financially. An example of a Slapp lawsuit is the... read more |
| STREET NAME |
Stock ownership in which shares are registered to a brokerage or other financial institution and held. |
| STRIKE ACTION |
Strike action is a major factor in labour-intensive industries in South Africa - like the mining industry and the metals industry. The labour legislation... read more |
| STRIKE PRICE |
The price per unit at which the holder of an option may receive or deliver the underlying unit; also known as the exercise price. |
| STRIPS |
An option strategy in which an investor buys one call and puts two on the same underlying security with the same exercise price and expiration date. |
| STRONG HANDS |
Investors in a particular share who are in possession of information which convinces them of the good prospects of a company. This means that they will hold the shares, even if they begin to... read more |
| STRUCK |
The price at which an exercised option delivers the underlying securities. |
| STT |
A tax (previously "marketable securities tax" or "MST") which is charged in terms of the Securities Transfer Tax Act (25 of 2007) on all share market transactions,... read more |
| STUDY LINES |
This heading includes a wide variety of lines that can be added to a chart to make it more predictable. For example, a trendline can be added connecting a series of rising tops or falling bottoms... read more |
| SUB-DIVISION |
Where a company decides to divide its existing issued share capital into more shares to increase tradability. For example, if a company with... read more |
| SUB-PRIME CRISIS |
In 2007/8 the property market in America collapsed. Mortgage bonds on tens of thousands of properties had been securitised and sold to banks... read more |
| SUB-SECTOR |
A breakdown of the shares in a sector into separate categories. For example, the mining sector is divided into five sub-sectors - gold,... read more |
| SUBORDINATED DEBT |
Also called "junior debt" this is a category of debt instruments which have a lower priority than senior debt on liquidation. So in the event of a default, the senior debt will be paid out first... read more |
| SUBORDINATED TERM DEBT |
Debt with a redemption date and which ranks below senior debt and secured debt in the case of liquidation. |
| SUBSCRIBED CAPITAL |
Shares that have been applied for by members of the public but not yet allocated or allotted. If a share issue is very popular, it can often attract more applications for shares than there... read more |
| SUBSCRIBER |
A term from the old Companies Act used to refer to those people who start a company. With the advent of the new Companies Act (71 of 2008) in May 2011 the people who start their own companies... read more |
| SUBSIDIARY |
The Companies Act (71 of 2008), states that a company is considered to be a subsidiary of another company if the parent company owns more... read more |
| SUBSISTENCE FARMER |
A form of farming where nearly all crops or livestock raised are used to maintain the farmer and the farmer's family, leaving little for sale or trade. |
| SUBSISTENCE FARMING |
A form of farming where nearly all crops or livestock raised are used to maintain the farmer and the farmer's family, leaving little for sale or trade. |
| SUBSTITUTE |
In micro-economics, a product which can be used by a consumer to replace another product. For example, rice can be substituted for maize meal as a carbohydrate or one brand of toothpaste... read more |
| SUBSTITUTE PRODUCT |
In micro-economics, a product which can be used by a consumer to replace another product. For example, rice can be substituted for maize meal as a carbohydrate or one brand of toothpaste... read more |
| SUE |
A company's average earnings surprise is compared with analyst earnings estimates dispersion, which can be used to estimate the likelihood of earnings surprises. |
| SUGAR |
Sugar is the generic name given to a sweet tasting, soluble carbohydrate. In South Africa, sugar cane is grown mostly in the provinces of Natal and Mpumalanga.... read more |
| SUKUK |
An investment certificate or bond which is compliant with Islamic Shariah law. South Africa has a Muslim population of approximately 2m people. In terms of Shariah law a bank may not pay interest... read more |
| SUM-OF-THE-PARTS |
A method of valuing a company by valuing its separate divisions of parts and then adding them up to arrive at a total value for the company. This gives a different (usually higher) value than... read more |
| SUPER-SECTOR |
The industry classification benchmark (ICB) developed by Dow Jones and Financial Times Stock Exchange (FTSE) in 2005 currently includes over 70 000 companies. The... read more |
| SUPPLEMENTARY BUDGET |
A budget which is produced by the Minister of Finance outside of the normal budget times. The budget is usually tabled at the end of February and then up-dated later in the year (the "mini-budget"... read more |
| SUPPLY |
An economics term which refers to the availability in the economy of a particular good or service. If a good or service is in short supply... read more |
| SUPPORT |
A historical price level at which falling prices have stopped falling and either moved sideways or reversed direction; usually seen as a price chart... read more |
| SUPPORT LINE |
On a chart, a line drawn indicating the price level at which falling prices have stopped falling and have moved sideways or reversed direction. This usually happens because one or more large... read more |
| SURPLUS |
An economics concept which refers to an excess of government revenue over expenses. Surpluses are very rare among the governments of the world. Most governments... read more |
| SUSPENDED SHARE |
A share that the JSE has suspended from trading for a period of the time. Usually, this occurs where some material event is about to occur... read more |
| SUSTAINABILITY |
A buzz-word which came into fashion in 2015 with the King 3 report on corporate governance. Sustainability is the ability of a corporation... read more |
| SUSTAINABILITY REPORT |
Public companies and state-owned enterprises are required to produce an environmental, social and governance (ESG) report which details their (1)... read more |
| SWAPS |
The sale of one security to purchase another with similar features. |
| SWIFT |
A mechanism, known as "swift" which enables people to transfer money from anywhere to anywhere in the world through member banks. Swift is a secure messaging... read more |
| SWING CHART |
A chart that has a straight line drawn from each price extreme to the next price extreme based on a set criteria such as percentages or number of... read more |
| SYMMETRICAL TRIANGLE FORMATION |
Two converging trendlines, more or less equally but inversely sloped, which connect a series of peaks and troughs. A break out upwards signals the... read more |
| SYNDICATED LOAN |
A loan which is provided by a group of investors as opposed to a single lender. Typically very large loans are supplied by a syndicate of banks who thereby... read more |
| SYNERGISTIC MARKET ANALYSIS |
Also known as synergistic analysis. An analytical method that merges technical analysis and fundamental analysis with an emphasis on inter-market analysis. |
| SYNERGY |
This is a fashionable word to denote gains made in addition to the sum total of the parts when two business concerns are joined. The basis of the concept in some... read more |
| SYNTHETIC SECURITIES |
Security created by buying and writing a combination of options that imitate the risk and profit profile of a security. |
| SYSTEMATIC RISK |
The risk which attaches to the market itself as opposed to the risk that attaches to a specific share (unsystematic risk). This refers... read more |
| SYSTEMIC RISK |
This risk refers to the scenario when a disruption at an institution such as the JSE or a bank or the STRATE settlement system could... read more |
| SYSTEMICALLY IMPORTANT FINANCIAL INSTITUTION |
A financial institution that is so large and so integrated into the economy that its failure would be catastrophic. Systemically important financial... read more |