China A-shares are shares of mainland China-based companies that trade on the two Chinese stock exchanges, the Shanghai Stock Exchange and the Shenzhen Stock Exchange.

China A-shares are the stock shares of mainland China-based companies that trade on the two Chinese stock exchanges, the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE). China A-shares are different from B-shares; A-shares are only quoted in RMB, while B-shares are quoted in foreign currencies, such as the U.S. dollar, and are more widely available to foreign investors. China A-shares are the stock shares of mainland China-based companies that trade on the two Chinese stock exchanges, the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE). China A-shares are the stock shares of mainland China-based companies that trade on the two Chinese stock exchanges, the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE). Due to the limited access of Chinese investors to B-shares, the stock of the same company often trades at much higher valuations on the A-shares market than on the B-shares market.

China A-Shares

An admiralty court is any tribunal with jurisdiction over maritime law cases. In modern times, most of the cases are civil matters, not criminal cases.

An admiralty court is a tribunal with jurisdiction over maritime law, including cases regarding shipping, ocean, and sea laws. The courts thus hear a range of cases covering shipping, boating, insurance matters related to ships or their cargo, collisions at sea, civil matters involving seamen, passengers, and cargo, salvage claims, claims for damages by ships, disputed ownership of ships, and even marine pollution cases. To this day, when such courts hear matters relating to admiralty law they will be referred to as admiralty courts. Jurisdiction for matters that once fell under admiralty courts has been given over to regular court systems in most modern countries, usually at the federal or Superior Court level. In the U.S., when federal courts act as admiralty courts, they operate under unique maritime law rules and do not impanel juries.

Admiralty Court

An American depositary receipt (ADR) is a U.S. bank-issued certificate representing shares in a foreign company for trade on American stock exchanges.

Investor Bulletin: American Depositary Receipts

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Depositary Receipt Services: Volkswagen AG

Table of Contents
American Depositary Receipt (ADR)
How ADRs Work
Types of ADRs
ADR Pricing and Costs
Advantages and Disadvantages
History of ADRs
Real-World Example
Owning ADR vs. Company Shares Pros
Easy to track and trade
Available through U.S. brokers
Denominated in dollars
Offer portfolio diversification
Could face double taxation
Limited selection of companies
Unsponsored ADRs may not be SEC-compliant
Investor's may incur currency conversion fees
Before American depositary receipts were introduced in the 1920s, American investors who wanted shares of a non-U.S. listed company could only do so on international exchanges—an unrealistic option for the average person back then. Table of Contents
American Depositary Receipt (ADR)
How ADRs Work
Types of ADRs
ADR Pricing and Costs
Advantages and Disadvantages
History of ADRs
Real-World Example
Owning ADR vs. Company Shares Investors who held the old VLKAY ADRs had the option of cashing out, exchanging the ADRs for actual shares of Volkswagen stock—trading on German exchanges—or exchanging them for the new VWAGY ADRs.
Not exactly. The term American depositary receipt (ADR) refers to a negotiable certificate issued by a U.S. depositary bank representing a specified number of shares—usually one share—of a foreign company's stock.

American Depositary Receipt (ADR)

An American depositary share (ADS) is a U.S. dollar-denominated equity share of a foreign-based company available on an American stock exchange.

An American depositary share (ADS) is an equity share of a non-U.S. company that is held by a U.S. depositary bank and is available for purchase by U.S. investors. An American depositary share (ADS) is an equity share of a non-U.S. company that is held by a U.S. depositary bank and is available for purchase by U.S. investors. American Depositary Shares (ADS) refer to shares in foreign companies that are held by U.S. depositary banks and can be traded in the U.S., including on major exchanges. An ADR is a negotiable certificate issued by a U.S. bank, under agreement with the foreign company, and is evidence of ownership of ADSs, much the same way a stock certificate denotes ownership of equity shares. Fluctuations in the exchange rate between the U.S. dollar and the foreign currency will have some effect on the price of shares as well as on any income payments, which must be converted into U.S. dollars.

American Depositary Share (ADS)

An advanced company is a public corporation listed on Canada's TSX Venture exchange that satisfies its Tier One listing requirements.

Hempco Announces Graduation to Tier 1 on the TSX Venture Exchange

An advanced company is a public corporation listed on Canada's TSX Venture Exchange that satisfies the exchange's Tier One listing standards. When companies apply for listing on TSX Venture, they must specify whether they plan to list as Tier One or Tier Two companies. The TSX Venture Exchange is focused on new and emerging companies seeking capital for development and expansion.
Tier One companies have access to a more favorable regulatory environment, decreased filing requirements, and increased access to institutional investors. An advanced company listed on the TSX Venture Exchange must be approved for Tier One status by the exchange’s listing committee. An advanced company is a public corporation listed on Canada's TSX Venture Exchange that satisfies the exchange's Tier One listing standards.

Advanced Company (TSX Venture)

AG is an abbreviation of Aktiengesellschaft, which is a German term for a public limited company. Discover more about it here.

AG is an abbreviation of Aktiengesellschaft, which is a German term for a public limited company. Some of the largest German AG corporations include its automotive manufacturers:
Volkswagen AG
Setting up an AG requires five or more members. 'AG' is an abbreviation for the German word _Aktiengesellschaft_, which literally translates to 'stock corporation' or 'shares corporation' in English. AG is an abbreviation of Aktiengesellschaft, which is a German term for a public limited company. German companies that are publicly traded are designated as such by the letters 'AG' after the company name.

What Is AG (Aktiengesellschaft)?

Asia ex-Japan is the region of countries located in Asia, not including Japan. 

Asia ex-Japan (AxJ) refers to the economic region of countries located in Asia, but not including Japan. Top indexes include the MSCI All Country Asia ex-Japan Index, the FTSE Asia ex-Japan Index and the Markit iBoxx USD Asia ex-Japan Index. Asia ex-Japan (AxJ) refers to the economic region of countries located in Asia, but not including Japan. To invest in the emerging market countries in the Asia ex-Japan universe many investors may look to indexes for passive management approaches. Mutual funds that are classified as Asia ex-Japan seek to focus on stocks in these countries exhibiting high growth potential.

Asia ex-Japan

Founded in 1966, the Asian Development Bank's headquarters are in Manila, Philippines. Its primary mission is to foster growth and cooperation in the region.

The Asian Development Bank's primary mission is to foster growth and cooperation among countries in the Asia-Pacific Region. Membership as of July 2021 includes:
ADB Regional Members
**Year of membership**
Afghanistan
Brunei Darussalam
Cook Islands
Federated States of Micronesia
Hong Kong, China
Kyrgyz Republic
Lao People's Democratic Republic
Marshall Islands
New Zealand
Papua New Guinea
People's Republic of China
Philippines
Republic of Korea
Solomon Islands
Taipei,China
Timor-Leste
Turkmenistan
Source: Asian Development Bank
ADB Non-Regional Members
**Year of membership**
Netherlands
Switzerland
United Kingdom
United States
Source: Asian Development Bank
The Agreement Establishing the Asian Development Bank, known as the ADB Charter, vests all the powers of the institution in the Board of Governors, which in turn delegates some of these powers to the Board of Directors. The Asian Development Bank provides assistance to its developing member countries, the private sector, and public-private partnerships through grants, loans, technical assistance, and equity investments to promote development. The ADB provides assistance to its developing member countries, the private sector, and public-private partnerships through grants, loans, technical assistance, and equity investments to promote development. The Asian Development Bank's (ADB) primary mission is to promote economic growth and cooperation in the Asia-Pacific Region.

Asian Development Bank

The Asian financial crisis was a series of currency devaluations and other events that spread through many Asian markets beginning in the summer of 1997.

The Asian financial crisis, also called the "Asian Contagion," was a sequence of currency devaluations and other events that began in the summer of 1997 and spread through many Asian markets. Explicit and implicit government guarantees to bail out domestic industries and banks; cozy relationships between East Asian conglomerates, financial institutions, and regulators; and a wash of foreign financial inflows with little attention to potential risks, all contributed to a massive moral hazard in East Asian economies, encouraging major investment in marginal, and potentially unsound projects. This also meant the appreciation of East Asian currencies that were pegged to the U.S. dollar, which led to major financial pressures accumulating in these economies as Japanese and German exports became more and more competitive with other East Asian exports. East Asian governments and connected financial institutions found it increasingly difficult to borrow in U.S. dollars to subsidize their domestic industries and also maintain their currency pegs. The Asian crisis led to some much-needed financial and government reforms in countries such as Thailand, South Korea, Japan, and Indonesia.

Asian Financial Crisis

The Australian Securities Exchange acts as a market operator, clearing house and payments facilitator and provides educational materials to retail investors.

Overview of NYSE Quantitative Initial Listing Standards

Other major exchanges include the Tokyo Stock Exchange or TSE, the New York Stock Exchange (NYSE), the Nasdaq, and the London Stock Exchange (LSE). The Exchange in its current form was created through the merger of the Australian Stock Exchange and Sydney Futures Exchange in 2006. Electronic trading gained strong traction with NYSE’s 2005 acquisition of rival market the Archipelago Exchange—a fully electronic exchange that listed new and fast-growing companies. For example, for first-time investors, ASX offers free resources for understanding the public markets, exploring different asset classes, and developing a personal investment strategy.

Australian Securities Exchange (ASX)

The Athens Stock Exchange, also known as the ASE or ATHEX, is a stock exchange located in Athens, Greece.

ATHEX Clear: Clearing -- Derivatives Market

The Athens Stock Exchange, also known as the ASE or ATHEX, is a stock exchange located in Athens, Greece. The Main Market consists of mainly mid- and large-capitalization companies that have growth prospects.
The Derivatives Market’s organization and support are realized by ATHEX, and the Clearing House is ATHEX Clear, which also belongs to the Hellenic Exchanges Group. The Athens Stock Exchange (ATHEX) supports Greece’s capital markets by operating the equities and derivatives markets as well as an alternative market. The Athens Stock Exchange (ATHEX) supports Greece’s capital markets by operating the equities and derivatives markets as well as an alternative market. The Athens Stock Exchange, also known as the ASE or ATHEX, is a stock exchange located in Athens, Greece.

Athens Stock Exchange (ATHEX)

An autonomous investment is an investment in a country that is made without regard to its level of economic growth.

An autonomous investment is when a government or other body makes an investment in a foreign country without regard to its level of economic growth or the prospects for that investment to generate positive returns. An autonomous investment is when a government or other body makes an investment in a foreign country without regard to its level of economic growth or the prospects for that investment to generate positive returns. Autonomous investments include inventory replenishment, government investments in infrastructure projects such as roads and highways, and other investments that maintain or enhance a country's economic potential. Autonomous and induced investments can be thought of in terms of the marginal propensity to invest (MPI): the change in investment expressed as a proportion of the change in economic growth. In contrast to induced investment, which seeks to take advantage of economic opportunities, autonomous investment is made for necessities or purposes of stability or security.

Autonomous Investment

B-shares are equity share investments in companies based in China. They trade in foreign currency on two different Chinese exchanges, either U.S. dollars or Hong Kong dollars.

The term B-shares refers to equity share investments in companies based in China. There are many other funds for investors who want exposure to China’s equity market, including:
The Shanghai Composite Index, which is a benchmark index that holds all A-shares and B-shares offered by Chinese companies on the Shanghai Stock Exchange, provides one of the most comprehensive indexes for tracking Chinese equities. A total of 54 companies trade B-shares on the Shanghai Stock Exchange while 55 shares trade on the Shenzhen Stock Exchange. CN tracks the MSCI China All Shares Index which includes B-shares, A-shares, and H-shares. China generally only allowed residents to trade these shares but opened up this class of shares to foreigners under the Qualified Foreign Institutional Investor program, the Renminbi Qualified Foreign Institutional Investor program, and the Stock Connect program.

B-Shares

Bank Bill Swap Bid Rate (BBSY) is the interest rate used in the financial markets for the pricing of Australian dollar securities, and for financing short-term debt.

The Bank Bill Swap Bid Rate (BBSY) is an Australian benchmark interest rate quoted and dispersed by the data provider Thompson Reuters Information Service. In Australia, the BBSY is the interest rate used in the financial markets for the pricing and valuation of Australian dollar securities and used by banks to borrow money and to determine short-term floating interest rates. BBSY, or Bank Bill Swap Bid Rate, is the rate commonly used by banks, financial institutions, and investors as it determined short-term floating interest rates. The floating rate used in interest rate swaps is BBSY plus (or minus) a margin, e.g. BBSY + 35 basis points. The semi-annual fixed interest rate is 2%, and the floating rate is BBSY + 0.35% to be paid on a semi-annual basis.

Bank Bill Swap Bid Rate (BBSY)

The Barcelona Stock Exchange is one of Spain's four major stock exchanges.

The Barcelona Stock Exchange (BCN) is one of Spain's four major stock exchanges. The following exchanges are in the BME Group: Iberclear Stock Exchange, Valencia Stock Exchange, BME Consulting, Barcelona Stock Exchange, Madrid Stock Exchange, and the Bilbao Stock Exchange. The other official stock exchanges of Spain are Bilbao Stock Exchange (_Bolsa de Bilbao_), the Madrid Stock Exchange (_Bolsa de Madrid_), and the Valencia Stock Exchange (_Bolsa de Valencia_). The other official stock exchanges of Spain are Bilbao Stock Exchange (_Bolsa de Bilbao_), the Madrid Stock Exchange (_Bolsa de Madrid_), and the Valencia Stock Exchange (_Bolsa de Valencia_). The Barcelona Stock Exchange has an integrated communications network that provides for optimum access to the following markets: Interconnected Stock-Market System, floor trading, MAB and Latibex, warrants and ETFs, Fixed Income and Public Debt Trading System, Catalonian Public Debt Market, in addition to the options and futures markets.

Barcelona Stock Exchange

BATX stocks refer to the stocks of four of the Chinese technology giants: Baidu, Alibaba, Tencent, and Xiaomi

BATX is an acronym for four very popular Chinese technology stocks: Baidu, Alibaba, Tencent, and Xiaomi. Without competition from foreign businesses, many Chinese technology companies have been able to flourish, and while government support has helped the BATX companies to grow regionally, these companies have seized opportunities to expand globally.
BATX is made up of four companies: Baidu Inc. (BIDU), which is listed on the NASDAQ; Alibaba Group Holdings Ltd. (BABA), which is listed on the New York Stock Exchange (NYSE); Tencent Holdings Ltd. (ADR), which is listed in the over-the-counter markets; and Xiaomi Corp., which is listed on the Hong Kong Stock Exchange. Without competition from foreign businesses, many Chinese technology companies have been able to flourish, and while government support has helped the BATX companies to grow regionally, these companies have seized opportunities to expand globally. BATX is an acronym for four very popular Chinese technology stocks: Baidu, Alibaba, Tencent, and Xiaomi.

BATX Stocks

The La Paz Stock Exchange was founded in 1989 and offers fixed income, indexes, and commodities trading in Bolivia. 

The exchange moved to an electronic platform but also allows negotiation to take place in the arena or the physical trading floor.
Trading began on the La Paz Stock Exchange on Oct. 20, 1989. The term La Paz Stock Exchange (BBV) refers to a stock exchange located in La Paz, Bolivia. The exchange, which is also known as _Bolsa Boliviana de Valores_ and the Bolivian Stock Exchange, is the only one in the South American country. The exchange moved to an electronic system on Feb. 3, 2020, which is called _Bolsa Electrónica SMART BBV_ or SMART BBV Electronic Exchange.

La Paz Stock Exchange (BBV)

The Berlin Stock Exchange (XBER), also known as the Borse Berlin, operates two trading systems, Xontro and Equiduct.

The Berlin Stock Exchange (XBER), also known as the Börse Berlin, is one of the oldest stock exchanges in Germany, founded in 1685. International investors use the XBER to trade in stocks, bonds, certificates, warrants, public funds, exchange-traded funds (ETFs), and exchange-traded commodities (ETCs).
Trading starts at 8 a.m. and operates until 8 p.m. Berlin time.
Trades are conducted in euros.
The Berlin Stock Exchange has strong international leanings and claims to list the stocks of 15,000 companies from 82 nations. The Berlin Stock Exchange (XBER), also known as the Börse Berlin, is one of the oldest stock exchanges in Germany, founded in 1685. ETS, operating under the brand name Equidict Systems Ltd., is the electronic trading platform and is responsible for XBER operations, maintenance, and future development of the exchange's trading system. The Berlin Stock Exchange, or Börse Berlin, is one of Germany's oldest markets, founded in 1685.

Berlin Stock Exchange (XBER)

BHD (Berhad) is a three-letter suffix used by Malaysian companies to denote limited liability, similar to LLC in the U.S. or Ltd. in the U.K.

BHD is a suffix for Berhad, which is used in Malaysia to identify a public limited company. According to the Forbes ranking—which is based on a combination of sales, profits, assets, and market value—the largest companies in Malaysia include:
1.  Maybank Bhd (#394)
2.  Tenaga Nasional Bhd (#503)
3.  CIMB Group Holdings Bhd (#620)
4.  Public Bank Bhd (#646)
5.  Petronas Chemicals Group Bhd (#1268)
6.  RHB Bank Bhd (#1448)
7.  Axiata Group Bhd (#1508)
8.  Sime Darby Bhd (#1535)
9.  Hong Leong Financial Group Bhd (#1568)
10.  Sime Darby Plantation Bhd (#1624)
11.  Maxis Bhd (#1779)
12.  Genting Bhd (#1811)
13.  AmBank Group Bhd (#1911) Berhad, BHD, or Bhd after a company’s name indicates that it is a Malaysian public limited company (PLC) while the extended suffix Sendirian Berhad (SDN BHD) denotes that it is a private limited company. SDN BHD companies are typically small or midsized enterprises (SME) while BHD companies are the largest companies in Malaysia. BHD companies have stricter financial reporting standards than SDN BHD companies because they must disclose their financial statements to the public.

BHD (Berhad)

The Big Bang refers to the day the stock market was deregulated in London, which took place on October 27, 1986. 

The Big Bang refers to the day the stock market was deregulated in London, England. The changes created in the Big Bang led to even more significant changes in the financial markets throughout London. The changes created in the regulatory environment eventually led to the building of the Financial Services Authority (FSA) — the quasi-judicial body that regulated the financial services industry in the United Kingdom from 2001 to 2013.
Prior to the Big Bang The Big Bang witnessed many changes in the financial markets, including the removal of fixed commission charges, the distinction between stockbrokers and stockjobbers, and the switch from open-outcry to electronic trading. Thatcher’s finance minister, Nigel Lawson, implemented the changes that resulted in the Big Bang on one single day: October 27, 1986.

Big Bang

"Big figure" is the entire price of a currency being traded. Price quotes in international currency markets often omit the whole number.

The term big figure refers to the stem, or whole dollar value, of a price quote. The big figure is quoted only when the big figure is moving fast or approaching a new level, requiring clarification. Any participant in the spot market will know the current big-figure level of the yen, which fluctuates in value between roughly 90 to 110 yen per dollar. The big figure is usually omitted when traders post quotations in fast-paced markets such as the interbank currency market. Even in the interbank markets, traders may need clarification on the big figure if the exchange rate is moving very rapidly.

Big Figure

A blue chip swap is when an investor buys a foreign asset, and then trades that asset domestically, usually profiting from depreciated exchange rates.

Capital Controls: Myth and Reality A Portfolio Balance Approach to Capital Controls

DOING BUSINESS IN ARGENTINA AND BRAZIL: LEGAL ASPECTS OF FINANCIAL REGULATIONS

Deposit Interest Rate in Argentina1994-2020

Argentina's Monetary and Exchange Rate Policies after the Convertibility Regime Collapse

Argentina imposes currency controls as its economic crisis deepens

Blue chip swap describes a type of international asset trading in which an investor purchases a foreign asset, usually at a depreciated local price, and then trades that asset in a domestic trade, usually capitalizing on a depreciated exchange rate. Blue chip swap describes a type of international asset trading in which an investor purchases a foreign asset, usually at a depreciated local price, and then trades that asset in a domestic trade, usually capitalizing on a depreciated exchange rate. When Argentina got rid of its fixed exchange rate in 1991, it tied its peso to the U.S. dollar.﻿﻿ The exchange rate plummeted, which made it a perfect time for blue chip swaps. , Argentina abandoned the fixed-rate plan in favor of a managed float plan that sent the exchange rate for the peso plummeting in relationship to the dollar and gave rise to the blue chip swap market.﻿﻿ This type of exchange became prominent in Argentina because of that nation's economic history of saving its wealth in U.S. dollars, in response to a long history of inflation crises in Argentina going back to the 1970s.﻿﻿ These crises decreased confidence in the Argentinian peso and initiated a particularly severe period of hyperinflation in Argentina between 1989 and 1990.

Blue Chip Swap

The Bombay Stock Exchange (BSE), established in 1875, is the first and largest securities market in India. Discover more about the BSE here.

The Bombay Stock Exchange (BSE) is the first and largest securities market in India and was established in 1875 as the Native Share and Stock Brokers' Association. Based in Mumbai, India, the BSE lists close to 6,000 companies and is one of the largest exchanges in the world, along with the New York Stock Exchange (NYSE), Nasdaq, London Stock Exchange Group, Japan Exchange Group, and Shanghai Stock Exchange. In addition to the Bombay Stock Exchange (BSE), other major international stock exchanges include:
The New York Stock Exchange (NYSE) is considered the largest equities-based exchange in the world, based on the total market capitalization of its listed securities. Established in 1875 as the Native Share and Stock Brokers' Association, the Bombay Stock Exchange (BSE) is Asia's first exchange and the largest securities market in India. The Bombay Stock Exchange (BSE) is the first and largest securities market in India and was established in 1875 as the Native Share and Stock Brokers' Association.

Bombay Stock Exchange (BSE)

Bottomry, referring to the ship's bottom or keel, describes a transaction where a ship's owner borrows money and uses the vessel itself as collateral.

Bottomry--The Gold Question.; United States District Court--Southern District. Before Judge Betts

Bottomry, referring to the ship's bottom or keel, is a maritime transaction, where the owner of a vessel borrows money and uses the ship itself as collateral. Bottomry, referring to the ship's bottom or keel, is a maritime transaction, where the owner of a vessel borrows money and uses the ship itself as collateral. The interest received by the lender on a bottomry loan is known as maritime interest and may be more than the legal rate of interest. Where the ship's owner pledged the vessel as collateral as securing the debt, the deal was known as a bottomry bond. With bottomry contracts, the lender assumes responsibility because the repayment of money only happens if the voyage is a success.

Bottomry

Brexit refers to the U.K.'s withdrawal from the European Union after voting to do so in a June 2016 referendum.

Brexit Trade Deal Gets a Final OK From E.U. Parliament

Pound Rises as Britain and E.U. Announce a Post-Brexit Trade Deal

Theresa May becomes new British Prime Minister

Prime Minister’s letter to Donald Tusk triggering Article 50

Withdrawal Agreement and Political Declaration

Government loses 'meaningful vote' in the Commons

Prime Minister's statement in Downing Street: 24 May 2019

Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community, as endorsed by leaders at a special meeting of the European Council on 25 November 2018

Migration Statistics Quarterly Report: February 2019

Essential Principles on Financial Settlement

Britain’s €100bn Brexit bill in context

Britain will not commit to Brexit bill figure by October,' says David Davis

PM's Florence speech: a new era of cooperation and partnership between the UK and the EU

Remarks by President Jean-Claude Juncker at today's joint press conference with UK Prime Minister Theresa May

HM Treasury analysis: the long-term economic impact of EU membership and the alternatives

George Osborne: Brexit would force income tax up by 8p in pound - Politics live

EU 'foolish' to erect trade barriers against Britain

New Model Economy For A Post-Brexit Britain

UK Statistics Authority statement on the use of official statistics on contributions to the European Union

Nigel Farage labels £350m NHS promise 'a mistake.'

Gross Domestic Product: Year on Year growth: CVM SA %

This article is more than 9 months old UK economy set for worst year since financial crisis, says Bank of England

Labour market economic commentary: March 2019

Consumer price inflation, UK: November 2018

Consumer price inflation, UK: August 2019

Will New Trade Deals Soften the Blow of Hard Brexit?

One year on: The significance of the 2017 general election

THE FUTURE RELATIONSHIP BETWEEN THE UNITED KINGDOM AND THE EUROPEAN UNION

Nicola Sturgeon 'resets' timetable on independence referendum

Scotland could abandon currency union with UK, says Alex Salmond

David Davis: Norway model is one option for UK after Brexit

Brexit on WTO terms would not be the end of the world: Fox

Liam Fox: Britain does not have capacity to strike trade deals now

Commission concludes that an Excessive Deficit Procedure is no longer warranted for Italy at this stage

'This is a blow to Europe': Leaders in the EU react to Brexit

French presidential election May 2017 – full second round results and analysis

Table of Contents
What Is Brexit?
The Referendum
The Article 50 Negotiating Period
Brexit Negotiations
Arguments For and Against Brexit The revised deal says the entire U.K. will leave the EU customs union upon Brexit, but Northern Ireland will follow EU regulations and VAT laws when it comes to goods and the U.K. government will collect the VAT on behalf of the EU. Questions swirled around the process, in part because Britain's constitution is unwritten and in part because no country has left the EU using Article 50 before (Algeria left the EU's predecessor through its independence from France in 1962, and Greenland—a self-governing Danish territory—left through a special treaty in 1985).
On Nov. 25, 2018, Britain and the EU agreed on a 599-page Withdrawal Agreement, a Brexit deal, touching upon issues like citizen's rights, the divorce bill, and the Irish border. One of the most politically thorny issues facing Brexit negotiators has been the rights of EU citizens living in the U.K. and U.K. citizens living in the EU. Fox wants to roll the terms of existing EU trade deals over into new agreements, but some countries may be unwilling to give Britain (66 million people, $2.6 trillion GDP) the same terms as the EU (excluding Britain, around 440 million people, $13.9 trillion GDP).

Brexit  (British Exit from the European Union)

BRICS is an acronym for the combined economies of Brazil, Russia, India, China and South Africa, which some claimed early in this century were poised to dominate the world economy by 2050.

BRICS is an acronym for Brazil, Russia, India, China, and South Africa. Goldman Sachs economist Jim O'Neill coined the term BRIC (without South Africa) in 2001, claiming that by 2050 the four BRIC economies would come to dominate the global economy by 2050. In 2001, Goldman's O’Neill noted that while global GDP was set to rise 1.7% in 2002, BRIC nations were forecasted to grow more quickly than the Group of Seven, the seven most advanced global economies: Canada, France, Germany, Italy, Japan, the United Kingdom and the U.S. The BRICS nations offered a source of foreign expansion for firms and strong returns for institutional investors.
The party had largely ended by 2015, when Goldman closed its BRICS-focused investment fund. Goldman Sachs merged its BRICS investment fund, which was focused on generating returns from these economies, with the broader Emerging Markets Equity Fund.

Brazil, Russia, India, China and South Africa (BRICS)

The Bahrain Stock Exchange was a stock exchange headquartered in Manama, Bahrain that has now changed its name to the Bahrain Bourse. 

The Bahrain Stock Exchange, abbreviated as BSE, was a stock exchange headquartered in Manama, Bahrain. Since becoming a shareholding company, the Bahrain Bourse has joined several regional and international organizations that bolster its operations and strengthen its abilities, including the Union of Arab Stock Exchanges, the Federation of Euro-Asian Stock Exchanges, the World Federation of Exchanges, the Africa & Middle East Depositories Association, and the Association of National Numbering Agencies. The Law No. (57) of 2009 converted the original Bahrain Stock Exchange to the new a closed Joint Stock Company under the name of Bahrain Bourse B.S.C.(c). Once known as the Bahrain Stock Exchange, the organization has now changed its name and operates as a shareholding company under the name of the Bahrain Bourse, or BHB for short. In 2010, the Bahrain Stock Exchange was dissolved and replaced as a shareholding company with the new name of Bahrain Bourse.

Bahrain Stock Exchange (BSE)

The Bermuda Stock Exchange (BSX) is the main exchange of Bermuda and is one of the largest offshore electronic securities markets in the world.

The Bermuda Stock Exchange (BSX) is a stock exchange headquartered in Hamilton, Bermuda. Other domestic companies listed on the exchange include Argus insurance group, Bank of N.T. Butterfield, Bermuda Aviation Services, and West Hamilton Holdings. The sponsor’s role is to ensure that the applying issuer receives guidance and advice that is fair and that the issuer completes the application fully, submitting all necessary paperwork and serving as a communication liaison to the exchange during the application. Generally, the BSX requires an applying issuer to have a sponsor that is either a listing member or trading sponsor of the exchange. International issuers listed on the exchange include Zeno Capital Limited, HongKong Land Holdings, United Pharmaceuticals International, and Apollo Enterprise Solutions.

Bermuda Stock Exchange (BSX)

CAC 40 is the French stock market index that tracks the 40 largest French stocks based on the Euronext Paris market capitalization. 

The CAC 40 is the French stock market index that tracks the 40 largest French stocks based on the Euronext Paris market capitalization. Among them are:
Lyxor ETF CAC 40 (CAC)
EasyETF CAC 40 (E40)
Amundi ETF CAC 40 (C40)
DBXT CAC 40 (X40)
ComStage ETF CAC 40 (PC40) The CAC 40 is the French stock market index that tracks the 40 largest French stocks based on the Euronext Paris market capitalization. The CAC 40 started with a base value of 1,000 in December 1987 and continued to operate on a total market capitalization system until 2003 when it was changed to a free float-adjusted market capitalization methodology. The CAC 40 index represents the 40 largest equities listed on the Euronext Paris in terms of liquidity, and includes such companies as L’Oreal, Renault, and Michelin.

CAC 40

Canadian income trust is an investment fund that holds income-producing assets and distributes payments to unitholders on a periodic basis.

Applicable rate of part XIII tax on amounts paid or credited to persons in countries with which Canada has a tax convention

About Form 1116, Foreign Tax Credit (Individual, Estate, or Trust)

A Canadian income trust is a type of investment trust that holds stable, income-producing assets and distributes payments to unitholders, or shareholders, on a periodic (monthly or quarterly) basis. Canadian income trusts reinvest their cash flow so their dividends are generally eligible for the 15% dividend tax rate.﻿﻿ However, it is important for U.S. investors who are interested in investing in a Canadian income trust to keep in mind that payments from these trusts are subject to a Canadian withholding tax of 15%.﻿﻿ In some cases, depending on where the shares are held, it's possible for U.S. investors to claim a foreign tax credit with IRS Form 1116. A Canadian income trust is a type of investment trust that holds stable, income-producing assets and distributes payments to unitholders, or shareholders, on a periodic (monthly or quarterly) basis. A Canadian income trust is an investment fund that holds income-producing assets and distributes payments to unitholders, or shareholders, on a periodic basis. Canadian income trusts usually hold assets that generate consistent demand and steady revenues, such as oil, coal, natural gas, or other natural resources.

Canadian Income Trust

Cash plus funds, commonly found in Australia, are formulated for conservative investors seeking preservation of capital and reasonable returns.

Vanguard Cash Plus Fund—Fund Investment Guidelines

Cash plus fund is a type of fund, commonly found in Australia, which is formulated for conservative investors seeking preservation of capital and reasonable investment returns. Cash plus funds are estimated to be comparable to A- (long-term) by the rating agency, Standard & Poor's Financial Services LLC.﻿﻿ Time outlook is typically around seven or eight months, but can run shorter or longer depending on the specifics of an individual cash fund.
Just like the risks associated with cash plus funds, the returns for these funds are also low.
Even though portfolio managers of cash plus funds of often design them for shorter-term investment horizons, investors can usually expect competitive performance over the long term if they choose to leave their money in the cash plus fund for a more extended period. These funds usually offer a mix of short-term debt securities and money-market investments which give the opportunity to achieve higher yields than traditional cash funds. This on-par performance happens because the mix of investments in the fund is designed to offer low-risk, steady performance and that kind of investment strategy may work for a variety of goals.
Cash plus funds are also quite diversified in their holdings. Depending on the goals of the investor, this may or may not be a point of concern.
Cash plus funds usually offer a mix of short-term debt securities and money-market investments for investors in Australia.

Cash Plus Fund is a conservative investment

Celtic Tiger refers to the country of Ireland during its economic boom years between 1995 and around 2007.

It wasn’t luck that made Ireland’s Celtic Tiger roar

Inventor of ‘Celtic Tiger’ phrase bails out of bank job

Ireland (1999), Development Co-operation Review

Ireland's economic miracle: What is "The Celtic Tiger"

Ireland’s economic year: The pain has most definitely not been equally shared

Irish economy expected to rebound in second half of year, EU forecast

Table of Contents
What Is Celtic Tiger?
Understanding Celtic Tiger
Causes of the Celtic Tiger
History of Celtic Tiger
Celtic Tiger FAQs Gardiner referred to Ireland as the Celtic Tiger in a 1994 investment report for Morgan Stanley about Ireland’s economy.﻿﻿ The period of the Celtic Tiger has also been referred to as The Boom or Ireland’s Economic Miracle. Celtic Tiger is a nickname for Ireland during its boom years—between 1995 and 2007— when its economy was growing rapidly. The Irish economy grew at an average annual rate of 9.4% between 1995 and 2000, and between 1987 and 2007, Ireland’s GDP grew by 229%. Table of Contents
What Is Celtic Tiger?
Understanding Celtic Tiger
Causes of the Celtic Tiger
History of Celtic Tiger
Celtic Tiger FAQs There are many cited root causes of the Celtic Tiger: low corporate taxes, low wages, U.S. economic boom, foreign investment, stable national economy, adequate budget policies, EU membership, and EU subsidies.

Celtic Tiger

A certificate of origin is a document declaring in which country a commodity or good was manufactured. 

A certificate of origin (CO) is a document declaring in which country a commodity or good was manufactured. There is no standardized certificate of origin (CO) form for global trade, but a CO, normally prepared by the exporter of goods, has at least the basic details about the product being shipped, a tariff code, the exporter and importer, and the country of origin. With an electronic certificate of origin (eCO), you can submit the required documentation online and get an electronic certificate stamped by a chamber of commerce in less than a day or get an expedited paper certificate overnight. The exporter, with knowledge of the specific requirements of border control at the importing country, will document these details, get the CO notarized by a chamber of commerce, and submit the form with the shipment. Free trade agreements made by the U.S. with other countries may necessitate a specific form be issued by the exporter as proof of origin so products can qualify for preferential duty rates.

Certificate of Origin (CO)

Canada Education Savings Grant is a grant from the Government of Canada paid directly into a beneficiary's Registered Education Savings Plan (RESP).

Apply for the Canada Education Savings Grant (CESG) – How Much a Child Could Get

The Canada Education Savings Grant (CESG) is a grant from the Government of Canada paid directly into a beneficiary's Registered Education Savings Plan (RESP). A request must be made to the government for the matching contributions.
While the grant is intended to begin by age 15 or before, 16- or 17-year-old children can also receive CESG matching if one of the following two requirements are met:
1.  A RESP has been opened with contributions of $2,000 before December 31 of the calendar year the child turned 15 with no money withdrawn.
2.  A RESP has been opened with at least annual contributions of $100 made to the RESP in at least four individual years before December 31 of the year the child turned 15 with no money withdrawn. Anyone can open an RESP for a child—not just a child’s parent.
The CESG provides 20 cents on every dollar contributed per year, up to a maximum of $500 per year, which makes annual contributions of $2,500 eligible for matching. The Canada Education Savings Grant (CESG) is a grant from the Government of Canada paid directly into a beneficiary's Registered Education Savings Plan (RESP). Canada Education Savings Grant is a grant from the Government of Canada paid directly into a beneficiary's Registered Education Savings Plan (RESP).

Canada Education Savings Grant (CESG)

CHESS, operated by the Australian Stock Exchange, facilitates the transfer of a security's legal ownership from a seller to a buyer/

ISO 20022 Migration for the Australian Payments System – Issues Paper – April 2019

The Clearing House Electronic Subregister System (CHESS) is a computer system operated by the Australian Stock Exchange (ASX) that facilitates the transfer of a security's legal ownership from a seller to a buyer and also any monetary transactions between the two parties. Sponsored securities holders receive a holder identifying code, a unique code that, when used in combination with the participant code of the holder’s participant representative, can provide the authority necessary to transfer ownership of securities in CHESS. The Clearing House Electronic Subregister System (CHESS) is a computer system operated by the Australian Stock Exchange (ASX) that facilitates the transfer of a security's legal ownership from a seller to a buyer and also any monetary transactions between the two parties. Anyone who holds securities on CHESS must be either a participant or the client of a participant – for example, the client of a registered broker. Participants are allowed to access CHESS and need to be authorized by the ASTC or sponsored by a participant to access CHESS.

Clearing House Electronic Subregister System (CHESS)

Constant currencies are exchange rates used by international companies to eliminate the effects of foreign currency fluctuations in financial statements.

Constant currencies are exchange rates used to eliminate the effect of fluctuations when calculating financial performance numbers for publication in financial statements. Here’s how that could look:
USD Revenue
USD Net Profit
AUD/USD Exchange Rate
AUD Revenue
AUD Net Profit
Eliminating the currency fluctuation's effects, AUD revenue and net profit numbers now show growth of 20%. Based on this, the financial results, translated to AUD, would be:
USD Revenue
USD Net Profit
AUD/USD Exchange Rate​
AUD Revenue
AUD Net Profit
These results do not use constant currency. Constant currencies can be calculated by converting current numbers using the prior period’s average exchange rate, or by adjusting previous numbers to reflect the current year’s exchange rate. Business executives believe these currency fluctuations mask the true financial performance of a company and, as a result, often choose to also disclose figures that assume that exchange rates during the period did not move.

Constant Currencies

The Copenhagen Stock Exchange (CSE) serves as Denmark's official market for securities. 

Tools such as American Depositary Receipts (ADRs) and domestic funds that trade in shares of international stocks may provide a more convenient method of investing in international equities. Today, the CSE lists two major equity indices for Danish shares, the OMX C20, and OMX C25. The CSE manages the OMX C20, a stock index launched in 1989 containing 20 of the exchange's blue chip companies. Nasdaq Nordic is the subsidiary of Nasdaq OMX that includes the Copenhagen, Stockholm, Helsinki, and Iceland exchanges.

Copenhagen Stock Exchange (CSE)

Country risk is a term for a set of risks associated with investing in a particular country. 

Country risk refers to the uncertainty associated with investing in a particular country, and more specifically the degree to which that uncertainty could lead to losses for investors. In particular, country risk denotes the risk that a foreign government will default on its bonds or other financial commitments increasing transfer risk. Professional analysts who must assess such risk will often peruse MSCI index data, looking for correlation coefficients to find ways of measuring the effect of country risk in a particular location. In a broader sense, country risk is the degree to which political and economic unrest affect the securities of issuers doing business in a particular country. BlackRock Inc., for example, publishes the BlackRock Sovereign Risk Index (BSRI), a quarterly sovereign risk index that tracks current risk levels and trends for various countries and regions.

Country Risk

CREST is the central securities depository for markets in the United Kingdom and for Irish stocks.

From paper-based to electronic securities post-trading: Financial automation and the case of CREST

CREST is the central securities depository for markets in the United Kingdom and for Irish stocks. Registrars who are CREST members hold stocks of British companies, while exchange-traded funds (ETFs) and Irish securities are settled through CREST members directly. Because CREST maintains a clearing system and holds securities, it can offer same-day clearing for securities transactions. But because sponsored members generally have far fewer technical and financial resources than full members, they are reliant upon their sponsoring members to interface with the CREST system. The system operates an electronic settlement system used to settle international securities, and also holds stock certificates on the behalf of its customers.

CREST

Dalal Street is the equivalent of Wall Street to India and the home of the Bombay Stock Exchange, the leading stock exchange in the country.

Dalal Street is a street in downtown Mumbai, India, that houses the Bombay Stock Exchange (BSE), the largest stock exchange in India, and other reputable financial institutions. Dalal Street is a street in downtown Mumbai, India, that houses the Bombay Stock Exchange (BSE), the largest stock exchange in India, and other reputable financial institutions. Today, Dalal Street is a metonym for the entire Indian financial sector, much like Wall Street is in the United States. Much like Wall Street in the United States, Dalal Street has become a metonym for the entire Indian financial sector. Dalal Street is a street in downtown Mumbai, India, that is home to the Bombay Stock Exchange and other financial institutions.

Dalal Street

The DAX is a German blue chip stock market index that tracks the performance of the 30 largest companies trading on the Frankfurt Stock Exchange.

The DAX—also known as the Deutscher Aktien Index—is a stock index that represents 30 of the largest and most liquid German companies that trade on the Frankfurt Exchange. As of January 15, 2020, the DAX companies included (in alphabetical order):
Covestro AG (1COV:GR)
adidas AG (ADS:GR)
Allianz SE (ALV:GR)
BASF SE (BAS:GR)
Bayer AG (BAYN:GR)
Beiersdorf AG (BEI:GR)
Bayerische Motoren Werke AG (BMW:GR)
Continental AG (CON:GR)
Daimler AG (DAI:GR)
Deutsche Boerse AG (DB1:GR)
Deutsche Bank AG (DBK:GR)
Deutsche Post AG (DPW:GR)
Deutsche Telekom AG (DTE:GR)
E.ON SE (EOAN:GR)
Fresenius Medical Care AG & CO KGaA (FME.GR)
Fresenius SE &Co KGaA (FRE:GR)
HeidelbergCement AG (HEI:GR)
Henkel AG & Co KGaA (HEN3:GR)
Infineon Technologies AG (IFX:GR)
Deutsche Lufthansa AG (LHA:GR)
Linde PLC (LIN:GR)
Merck KGaA (MRK:GR)
MTU Aero Engines AG (MTX:GR)
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (MUV2:GR)
RWE AG (RWE:GR)
SAP SE (SAP:GR)
Siemens AG (SIE:GR)
Vonovia SE (VNA:GR)
Volkswagen AG (VOW3:GR)
Wirecard AG (WDI:GR)
Other major trading exchanges worldwide include:
The New York Stock Exchange (NYSE)
The London Stock Exchange (LSE)
The Tokyo Stock Exchange (TSE) The DAX is a German blue chip stock market index that tracks the performance of the 30 largest companies trading on the Frankfurt Stock Exchange. The DAX—also known as the Deutscher Aktien Index—is a stock index that represents 30 of the largest and most liquid German companies that trade on the Frankfurt Exchange. The DAX index, which tracks 30 large and actively traded German companies, is considered by many analysts to be a gauge for the health of the German economy.

DAX Stock Index

The Dow Jones Sustainability World Index comprises the top stocks in the S&P Global BMI based on economic, environmental, and social criteria.

S&P Global to Acquire the ESG Ratings Business from RobecoSAM

Dow Jones Sustainability North America Composite Index

The Dow Jones Sustainability World Index, or DJSI World, is a global index consisting of the top 10% of the largest 2,500 stocks in the S&P Global Broad Market Index based on their sustainability and environmental practices. The Dow Jones Sustainability World Index, or DJSI World, is a global index consisting of the top 10% of the largest 2,500 stocks in the S&P Global Broad Market Index based on their sustainability and environmental practices. The Dow Jones Sustainability World Index (or DJSI World) represents the top 10% of the biggest 2,500 companies in the S&P Global Broad Market Index based on long-term environmental, social, and governance criteria. Another popular sustainability index is the Dow Jones Sustainability North America Index, which includes the top 20% of the largest 600 stocks listed in the S&P Global Broad Market Index based on environmental, social, and governance practices. As of Aug. 31, 2020, some of the index's top 10 constituents by weight included Microsoft Corp, Nestle, Bank of America, Alphabet Inc, and Unitedhealth Group Inc.﻿﻿ Many companies that become members of the index see it as an opportunity to enhance shareholder awareness of environmental efforts and will issue press releases to announce their index membership and tout their environmental sustainability leadership.

Dow Jones Sustainability World Index

The Dow Jones BRIC 50 Index is a market capitalization-weighted stock index containing 50 of the most liquid and largest companies operating in Brazil, Russia, India, and China (BRIC nations).

The Dow Jones BRIC 50 Index is a market capitalization-weighted stock index containing 50 of the most liquid and largest companies operating in Brazil, Russia, India, and China (BRIC nations). The following is a breakdown of the subindexes:
**The Dow Jones BRIC Brazil 15 Index** represents 15 of Brazil’s largest and most liquid companies traded on the Bovespa stock exchange.
**The Dow Jones BRIC China 15 Index** represents 15 of China’s largest and most liquid companies whose principal operations are in mainland China but trade on the exchanges of Hong Kong and the United States.
**The Dow Jones BRIC China 15 Capped Index** is a capped version of the Dow Jones BRIC China 15 Index where company weights are capped at 19%.
**The Dow Jones BRIC India 15 Index** represents 15 of India’s largest and most liquid companies traded on the Bombay Stock Exchange.
**The Dow Jones BRIC India 15 Capped Index** is a capped version of the Dow Jones BRIC India 15 Index where company weights are capped at 19%.
**The Dow Jones BRIC Russia 5 Index** represents five of Russia’s largest and most liquid companies traded on the MICEX stock exchange. The subindexes are the Dow Jones BRIC Brazil 15 Index, the Dow Jones BRIC China 15 Index, the Dow Jones BRIC China 15 Capped Index, the Dow Jones BRIC India 15 Index, the Dow Jones BRIC India 15 Capped Index, and the Dow Jones BRIC Russia 5 Index. The Dow Jones BRIC 50 Index is a market capitalization-weighted stock index containing 50 of the most liquid and largest companies operating in Brazil, Russia, India, and China (BRIC nations). The Dow Jones BRIC 50 Index is a market capitalization-weighted stock index composed of 50 of the most liquid and largest companies operating in the BRIC nations.

Dow Jones BRIC 50 Index

The Dhaka Stock Exchange (DSE) is one of two financial marketplaces in Bangladesh. 

The Dhaka Stock Exchange (DSE), located in the Motijheel Park area of Dhaka, is one of two financial marketplaces in Bangladesh. In 1962, the name was revised to East Pakistan Stock Exchange Ltd., and two years later, the name again changed to the current, Dhaka Stock Exchange Ltd.
The Dhaka Stock Exchange is registered as a Public Limited Company (PLC) and is regulated by the Bangladesh Securities and Exchange Ordinance of 1969, the Companies Act of 1994 (Bangladesh) and the Bangladesh Securities and Exchange Commission (SEC) Act of 1993, which established oversight for the Dhaka Stock Exchange. It is cognizant of what it must do to persevere toward this goal and has set an ambitious schedule of objectives that it aims to fulfill in coming years, which include the following:
Attracting more foreign investors in order to attain a steady level of at least 30% total market cap
Achieving a sustainable average daily turnover of BDT 25 billion
Ensuring steady domestic and offshore institutional investments of at least three-quarters of its total investments
Enhancing its offerings by listing government municipal (munis), and corporate bonds
Doubling its number of listed individual company securities
Increasing its scope to offer index futures, exchange traded funds (ETFs), and derivatives
Advancing its technology to enable global trading and settlement The Dhaka Stock Exchange (DSE), located in the Motijheel Park area of Dhaka, is one of two financial marketplaces in Bangladesh. The Dhaka Stock Exchange endeavors to be the leading exchange in its region and a key driver of economic growth.

Dhaka Stock Exchange (DSE)

EAFE is an acronym for Europe, Australasia, and the Far East, the most developed areas of the world outside of North America.

MSCI EAFE INDEX FORMS BASIS OF EFA OPTIONS

Assets in Equity ETFs Linked to MSCI Indexes Surge Past $1 trillion

Europe, Australasia, and the Far East are the most developed geographical areas of the world outside the United States and Canada. The index also features five countries from Australasia (Australia, Hong Kong, Japan, New Zealand, and Singapore), and one from the Middle East (Israel.)
The MSCI EAFE incorporates all the same countries that are represented by MSCI World, minus Canada and the U.S.
**MSCI EAFE Index Countries**
**Australasia**
**Middle East**
Netherlands
Switzerland
New Zealand
United Kingdom
MSCI EAFE Index Countries In addition to the MSCI EAFE Index, MSCI has the MSCI EAFE IMI Index and the MSCI EAFE All-Cap Index. Morgan Stanley Capital International (MSCI) created a stock market index known as the MSCI EAFE to capture the performance of large- and mid-capitalization companies in the EAFE region. Morgan Stanley Capital International (MSCI) created a stock market index known as the MSCI EAFE to capture the performance of large- and mid-capitalization companies in the EAFE region.

Europe, Australasia, Far East (EAFE)

The EAFE Index is a stock index that serves as a performance benchmark for the major international equity markets.

The EAFE Index is a stock index offered by MSCI that covers non-U.S. and Canadian equity markets. The table below shows the sectors represented in the MSCI EAFE Index and their respective weights:
MSCI EAFE Index Sectors
**Weight (%)**
Industrials
Consumer Discretionary
Health Care
Consumer Staples
Information Technology
Communication Services
Real Estate
Another index, developed by MSCI Inc., which represents the performance of the global market is the MSCI ACWI (All Country World Index). As of June 30, 2021, the list of countries by region are provided in the table below:
**MSCI EAFE Index Countries**
**Australasia**
**Middle East**
Netherlands
Switzerland
New Zealand
United Kingdom
The EAFE Index is a market-capitalization-weighted index; its individual components are weighted according to their market capitalization. The top four countries in the EAFE Index, following Japan, include the United Kingdom (14.38%), France (11.52%), Switzerland (9.8%), and Germany (9.41%).
The top 10 company listings on the index were:
2.  ASML Holdings
3.  Roche Holding Genuss
4.  LVMH Moet Hennessy
5.  Novartis
7.  AstraZeneca
8.  Unilever
9.  AIA Group
These companies account for $2.13 trillion in market-cap value, or 12.55%, of the index's market capitalization.
The financial sector of the EAFE has the highest weighting in the index. In comparison, the table below shows the annual performance of both indices from 2007 to 2020:
Annual Performance (%)
**MSCI EAFE**
**MSCI ACWI**
Institutional investors and asset managers use the EAFE index as a performance benchmark for the international developed equity market.

International Markets

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Terms in International Markets