Financy Glossary
The online dictionary of financial terms



Each Way

When a broker earns a commission on both the sale end and the buy end of a trade, it is known as “each way”.


Earning Asset

An earning asset is an asset that produces income.


Earnings Momentum

An increasing rate of movement in earnings per share from one period to the next.


Electronic Public Offering

A public offering of shares where those who want to purchase shares can apply electronically, e.g. over the internet.

The term is used both for initial public offerings (IPO:s) and new issuing of shares, as long as prospective buyers can apply for shares electronically.



The returns arising from office or employment, usually in the form of compensation or perquisites.

The word emolument can also simply mean advantage, but this usage is considered archaic.


Entitlement Offer

An entitlement offer is a time-limited offer to purchase a security or other asset that cannot be transferred to another party. An entitlement offer is offered at a set price.
A common example of an entitlement offer is when a quoted company offers its shareholders to buy new shares in the company for a set share price. (The set share price is normally below the current market price.) If there was no transfer ban, the offer would be called a rights offer, not an entitlement offer.


Equity Option

This is an option that gives the holder the right to buy (if it is a call option) or sell (if it is a put option) a preset quantity of the underlying equity (company stock).

The equity option is the most common type of equity derivative.



Euroclear is a Belgium-based financial services company that specializes in the settlement of securities transactions as well as the safekeeping and asset servicing of these securities. Euroclear provides services to financial institutions in over 90 different countries.

In addition to being the leading International Central Securities Depositary (ICSD), Euroclear also acts as the Central Securities Depository (CSD) for Belgian, Dutch, Finnish, French, Irish, Swedish and UK securities.

Euroclear was originally a part of J.P. Morgan & Co. It was created to settle trades on the eurobond market. Today, Euroclear is owned by Belgium-based Euroclear SA/NV.


Exchange Traded Fund

Exchange traded funds (ETF:s) are funds where the units can be traded on stock exchanges.

ETF:s are open ended, which means that new units can be issued after the initial issue. In this regard, they are similar to unit trusts.


Execute And Eliminate

An Execute and Eliminate order is an order that may be executed fully or partially, and if it is executed partially, the unexecuted part of the order is eliminated instead of being left in the order book.

Example: The client tells the broker to purchase 100 shares in AT&T for a maximum share price of $50. When the share price of AT&T matches the price, the broker will execute the order. However, there wasn’t 100 shares for sale for this price, only 80. 80 shares are bought and the order is then eliminated from the order book. The broker will not continue to hunt for the remaining 20 shares.

Execute and Eliminate is an order that can be used with human brokers and in electronic trading service systems.