An assessment of the extent to which a stock fund or other similar investment fund's assets have appreciated or depreciated, which may have tax implications for investors. Positive exposure would mean that the assets in the fund have appreciated and that shareholders will have to pay taxes on any realized gains on the appreciated assets. Negative exposure denotes that the fund has a loss carryforward that can cushion some of the capital gains.Calculated as: |||For example, a stock fund with a million shares currently has assets that are worth a total of $100 million. Six months ago, the assets were only worth $50 million and the fund still has $10 million worth of losses that can be carried forward. In this case, the capital gains exposure is 40% or, in other words, if the fund manager realizes the gains, each investor will have to pay taxes on a $40 capital gain.
股市平准基金 特点 股市平准基金作为政府调控股市的一种金融工具，股市平准基金具有五个特点。 （1）政策性基金。政府设立股市平准基金的根本目标是实现证券市场的稳定，防止股价暴涨暴跌，其组建、操作、评价、管理的全过程都受政策的影响或直接接受政府的指令，成为政府对证券市场实施直接调控的手段之一。 （2）非盈利性基金。这是平准基金与其他证券投资基金的最大区别。任何除平准基金之外的证券投资基金无不以为投资者获取最大的利润收益作为目的，而平准基金作为一种政府行为并不刻意追求盈利性，是否能有效地稳定股票市场才是衡量其业绩的首要指标，因此，其行为和一般基金主体有着很大的差异。 （3）基金规模较大。如果基金的规模不够充分大，对证券市场的影响力就不足，当然就无法产生“逆向熨平”的效果，从而不能起到“定海神针”的作用。 （4）平准基金的资金来源有法定的渠道或其基本组成是强制性的，如国家财政拨款、向参与证券市场的相关单位征收等，一般不向社会公开筹集。 （5）平准基金的操作和管理有特别的规定和程序，以保证“三公”的原则，不至于损害绝大多数投资者的利益。 主要目的 股市平准基金中国设立股市平准基金的主要目的可以归纳为三点。 第一，丰富政府平抑股市波动性的手段，提高政府针对证券市场的宏观调控能力，从而增强中国股市的稳定程度，促进中国股市健康、稳定发展。 第二，夯实中国股票市场的制度性基础，增强中国股市整体抗御系统和非系统风险的能力，提高风险管理水平。这一点在中国未来全面对外开放资本市场的情况下显得尤为重要。 第三，通过股市平准基金的运作，体现国家的产业政策，调整市场资金的流向，促进重点产业的发展。 资金来源 股市平准基金按照有关专家的估计，通常情况下中国股市平准基金的规模应保持在500亿～1000亿元左右，这么大的一笔钱如何筹措确实是一个难题。结合中国的现实情况，可行的资金来源有四个方面。 （1）财政拨款。财政的宗旨是“取之于民，用之于民”，多年来广大投资者为中国股市的发展做出了巨大的贡献，也承担了相当大的损失，并且，上市公司一直担当着利税上缴大户的角色。既然国家能拿出450亿美元外汇储备注资中国银行和中国建设银行以推动其改制，现在为了促进股市的健康发展而提供一部分资金的支持也是理所应当的。 （2）由目前对股票交易征收的印花税中每年划出一定的比例作为基金基本和稳定的来源。近年来，伴随着股票市场的波动，中国印花税的增减变动幅度也很大，正常情况在200亿元左右，如果国家把印花税收入的10%划入平准基金，则每年就至少有 20亿元，累积下来规模会相当可观。 （3）由券商和机构投资者根据其股本总额上缴一定的比例。这部分可以视为向券商和机构投资者收取的保证金，是他们作为证券市场的主要参与者和有较大影响力者所必须为证券市场本身的稳定承担的义务。 （4）针对新发、增发和配股公司，可以从其溢价和冻结资金利息中提取一定比例用于充实平准基金。 （5）国有股转让（包括将来国有股转流通股）过程中股票溢价部分的一定比例。 运作 股市平准基金准基金组织体系由三大部分组成：由证监会财政部和中国人民银行任命的专员，上交所或深交所委派的专家，以及特聘的资深经济学家和证券业协会代表组成委员会，负责入市的时机、交易的规模、基金发展战略等重大事项的决策；由具备丰富证券交易经验的优秀专业人员组成基金管理公司，遵照决策委员会的指令，制定实施计划，从事具体的股票买卖操作；基金的运作过程总体上统一受证监会监控，这样就形成决策、操作、监控既相互分立又相互牵制的科学运行系统。 基金管理公司平时的工作以筹集和管理资金为主，当股市运行平稳或波动幅度不大时，不采取任何干预行动。只有股市指数出现年30%以上、6个月20%以上的波动时，平准基金才入市用逆向操作的方法平抑波动性。 平准基金买卖的股票以上交所和深交所影响力比较大的成分股和国家重点扶持行业的领头股为主要目标，这样做一是为了尽快地稳定股市指数，二是有利于体现国家宏观发展战略，引导市场的资金走向。这里还有一个现实的问题，即平准基金的交易客体究竟选择流通股还是国有股？股权分置是中国股市的特色，尽管在特定的环境中也曾发挥过特殊的过渡作用，但现在普遍被认为是引致中国股市一系列矛盾和缺陷的根本症结所在，长期以来一直为人所诟病。股权分置是囿于双轨经济条件下的权宜之计，虽然解决起来有相当大的难度，但无论是政府还是市场都决心已定，同股不同权、不同利的扭曲现象终将得以修正。中国股市指数的制定目前仍以流通股的价格变动为基准，并未考虑非流通股的因素，因此，理所当然地股市平准基金的交易对象也应当是流通股，这样的局面将一直持续到股权分置问题彻底得以解决，也就是股票实现全流通的时刻为止。 成功例子最成功的例子当属香港政府1998年的对国际金融炒家的一场成功的狙击战。1998年8月，索罗斯等一批国际炒家发动冲击香港联系汇率和香港股市的"立体式"袭击。一方面索罗斯联同其它财力雄厚的"大鳄"指挥旗下基金大手沽售港元，三度冲击在港奉行多年的联系汇率，港元兑美元汇率从高位迅速下降。同时，至 1998年8月14日，恒指已下挫至接近6500点，是当时近5年的新低，港府决定干预股市及期指市场，动用了1180亿港元的外汇基金购买香港股票，炒家不断抛空股票，港府则力接沽盘。经过14日的"火拼"，港府终成功击退炒家：1998年8月28日恒指以7829点收市，成交额达790亿港元，创出单日成交纪录的历史性新高。随后，香港财政司立即注册成立了外汇基金投资有限公司，负责管理"入市"行动中购买的股票。到2001年为止的32个月中，香港政府当时动用的外汇基金已经尽数回笼。同时还赚回1100多亿。2002年，外汇基金通过盈富基金，将手中的港股平稳地转入香港市民的手中，顺利完成了"救市"的历史使命。 相关词条 标准差 避险基金 成长型基金 产业投资 产业投资基金 场内基金 对冲基金 FOF 分散风险 非交易过户 房地产投资信托基金 股票基金 公司型基金 公募基金 股市平准基金 货币市场基金 参考资料1、http://www.gupiao-waihui.cn/jijin/jijinzhishi/4254.html2、http://news.xinhuanet.com/fortune/2008-06/25/content_8433194.htm3、http://www.stnn.cc/fin_op/200807/t20080710_810500.html
The fee that is paid to a financial advisor for recommending a load mutual fund based on the needs and time-frame of an investor. Fees differ according to the class of mutual fund shares, and are paid to the advisor for recommending a fund that suits an investor's time and goals. Depending on the share class, advisor's can either receive a one-time fee up-front or an annual fee as long as the investor holds the asset. The fee that an investor pays on A shares is upfront, starting at around 4-5% and decreases as more is invested. An investor with a large amount to invest over the long-term would be best suited with A shares. An investor with the same time-frame, but less to invest might do better in B shares. C shares are best for those investing for the short-term. Note that 12b-1 fees, the fees paid to a mutual fund's management, are higher for B and C shares, and lower for A shares. When choosing a class of shares, an investor should consider first how long they can invest. The advisor will get paid either way for directing you into the investment.Also, investors who already have a fund picked out should pick a no-load fund, sidestepping the extra fees. The load goes to pay for the advice of the advisor. If that advice is not needed, don't pay the price for it.
In currencies, this is the abbreviation for the Macau Pataca. |||The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion.
A requirement imposed on market makers (and in some instances, non market makers) to report each trade immediately after the transaction is completed. Traded stocks are subject to real-time trade reporting within 90 seconds of execution.
加拿大蒙特利尔交易所（Montreal Exchange, MX） 加拿大蒙特利尔交易所官方网站网址:http://www.m-x.com/ 加拿大蒙特利尔交易所简介 蒙特利尔交易所是加拿大的金融衍生品交易所，成立于1874年，是北美老牌交易所之一。1975年，蒙特利尔交易所率先在加拿大推出股票衍生品交易，随后又在上世纪八十年代早期开始期货交易，2001年成为北美首家完全电子化交易的金融衍生品期权和期货交易所。 蒙特利尔交易所是加拿大历史最悠久的交易所，在衍生产品方面具有很强的优势。蒙特利尔交易所全部采用电子化，可提供的服务包括交易、培训、市场信息、市场操作和规则以及信息技术解决方案等。 蒙特利尔交易所历史 The story of the first exchange in Canada began in 1832 as an informal stock exchange at the Exchange Coffee House in Montreal, Canada. In 1872, Lorn MacDougall, along with his brothers, Hartland St Clair MacDougall and George Campbell MacDougall, James Burnett and Frank Bond were the driving force behind the creation of the Montreal Stock Exchange (name that was used until 1982 when it became the Montreal Exchange . The shareholders voted Lorn MacDougall its first Chairman of the Governing Committee, a position he held until poor health forced him to retire in 1883. The Montreal Stock Exchange, which is situated in the second-largest city in Canada is growing quickly at dawn of the 20th Century. In 1910, the number of trades that were made amounted to about $2.1 million while the Toronto Stock Exchange only amounted to $900,000. It was the time when Montreal truly was the metropolis of Canada even if Toronto was growing in importance, Montreal really dominated. The prosperity of the Montreal Stock Exchange led to the creation of major corporations like Dominion Textile and Montreal Light, Heat and Power. At that time, many majors financial institutions established their headquarters in prestigious buildings on and around St. James Street which was the Wall Street of Canada until the 70's. In 1903, the same year as the construction of New York's now famous Exchange Building, The Montreal Stock Exchange commissioned its architect, George B. Post, to design its magnificent building on St. Francois-Xavier Street. The first World War marks the end of Canada's dependence to London's Market. By contributing greatly to the war effort, Canada's economy is greatly strengthened by the war. All along during the 20's, Montreal's Market experienced an exponantial growth reaching $3.5 million. In 1926 the "Montreal Curb Market" was created to allow trading in speculative and junior stocks. If successfully grown, they could apply for a transfer to the main Exchange. In 1953, the Curb Market was renamed the Canadian Stock Exchange. But awakening was brutal on October 29th, 1929. The loss was evaluated at $5 billion at that time. The 1929's Crisis hit Montreal especially hard. In 1934, due to multiple factors, the Toronto Stock Exchange surpassed Montreal. Still, Montreal's position in Canadian's economy recovered, and it was not until the mid-70's that Toronto became the metropolis of Canada after a decade of trouble in Montreal. For the terrorist Front de libération du Québec, the Montreal Stock Exchange represented a bastion of English-Canadian power. On February 13, 1969 they set off a massive bomb at the Stock Exchange that blew out the northeast wall and seriously injured 27 people. They also bombed many anglophone neighbourhoods in Montreal, such as Westmount. The police investigation led to warrants for the arrest of FLQ members Pierre-Paul Geoffroy, Raymond Villeneuve and Mario Bachand. Geoffroy was eventually arrested and plead guilty to the bombing, while Bachand and Villeneuve fled the country and made their way to France. In addition to security concerns, language became a major issue in the 1970s. In 1977 the provincial government of Québec passed the Charter of the French Language , which decreed that the language of work in Québec would be French. With the majority of Canadian domestic and international business being carried out in English, this law effectively drove all stock trading in major companies to the Toronto Stock Exchange, where business could be done in English. In 1982, the Montreal Stock Exchange changed its name to the Montreal Exchange to reflect the growing importance of financial instruments other than stocks – primarily options and futures – on its trading floor. In 1999, the Vancouver, Alberta, Toronto and Montreal exchanges agreed to restructure the Canadian capital markets along the lines of market specialization, resulting in the Montreal Exchange assuming the position of Canadian Derivatives Exchange for the following 10 years. Trading in the shares of large companies was transferred to the Toronto Stock Exchange (TSX), and in the trading of smaller companies to the new TSX Venture Exchange. This change, which reflected the economic reality that most equity trading had moved to the TSE, caused consternation among those in favour of political independence for the province of Quebec. At the end of 2001, the Exchange had completed its migration from an open outcry environment to a fully automated trading system, becoming the first traditional exchange in North America to complete this transformation. In the process, it modified the market model for trading, from a traditional specialist model to a competing market making model for the equity option market. In February 2004, the Exchange became the sole provider of electronic trading systems and support for the Boston Options Exchange (BOX), making it the first foreign exchange to be responsible for the day-to-day technical operations of an American exchange. That contract now provides the Montreal Exchange with a significant part of its revenue. The Montreal Exchange has a 31.4 % stake in the Boston Option Exchange (BOX). 来自"http://wiki.mbalib.com/wiki/%E5%8A%A0%E6%8B%BF%E5%A4%A7%E8%92%99%E7%89%B9%E5%88%A9%E5%B0%94%E4%BA%A4%E6%98%93%E6%89%80"
A slang term used to refer to something favorable that has happened in business. For example, an employee receiving a raise may reply with the words "cool beans," upon receiving the news. Cool beans is synonomous with "sweet", "that's great news", "awesome", etc. Cool beans is thought to have been popularized in the 1980s.
Funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment. This type of outlay is made by companies to maintain or increase the scope of their operations. These expenditures can include everything from repairing a roof to building a brand new factory. |||The amount of capital expenditures a company is likely to have depends on the industry it occupies. Some of the most capital intensive industries include oil, telecom and utilities.In terms of accounting, an expense is considered to be a capital expenditure when the asset is a newly purchased capital asset or an investment that improves the useful life of an existing capital asset. If an expense is a capital expenditure, it needs to be capitalized; this requires the company to spread the cost of the expenditure over the useful life of the asset. If, however, the expense is one that maintains the asset at its current condition, the cost is deducted fully in the year of the expense.
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