Glossary


Letters: M, N, O
 
Market rigging A criminal activity consisting of disclosing false, exaggerated or biased information or conducting simulated operations in order to provoke an increase or a decrease in the price of financial instruments or securities, or to create the appearance of market activity involving such instruments in order to profit from it
 
Maturity Refers to final deadline date of refund of a loan and/or any other financial debt instrument and all its related interests must be refunded.(See
Debts)
 
Mib30 An index represented by the prices of the 30 most frequently traded securities on the MTA (see MTA), the socalled blue chips (see Blue chip ). The index composition is reviewed periodically
 
Mibtel General stock index of the MTA (see MTA), the largest market of the Italian Stock Exchange
 
Midex The index representing the quotations of thirty shares of medium capitalisation and liquidity traded on the MTA (see MTA). This index composition is also reviewed at least once a semester
 
MTA (Mercato Telematico Azionario - Telematic Stock Market) The main market of the Italian Stock Exchange, conducting transactions involving shares, convertible bonds, warrants, covered warrants, option rights and quotas of closed securities and real estate funds quoted in the official listing
 
Multiples Market multiples are ratios between capitalization at the Stock Exchange or Enterprise Value and a given economic account value (P/E price to earnings; EV/Ebitda, EV/Ebit) or connected with assets and liabilities (EV/Invested Capital). Multiples are used to detect the intrinsic value of a company or any possible over rating or down rating compared to other companies of the segment.
 
Mutual investment funds Financial intermediaries that collect savings from the public to invest them in shares, bonds or public debt securities. Securities and liquidities are owned together by all the participants holding shares in the fund: the value of each share is given by the market value of the whole portfolio, divided by the number of shares
 
Net Asset Value - NAV In a balance sheet, the NAV is the value of assets and liabilities related to a given class of corporate securities. For instance, the net asset value of a stock is the difference between the total investment value less the intangibles, inclusive of goodwill, and the total being divided by the number of securities of that specific class issued by the company. In the case of investment funds, the NAV is given by the total value of the portfolio less the total amount of debts. The NAV is usually calculated on a daily basis and usually has a value lower than the stocks market price since the value of the current assets is usually higher than the historical data used to calculate the NAV..
 
New market Market intended for trading ordinary shares of national and foreign issuers presenting a high growth potential, managed by the Borsa Italiana SpA. It mostly includes small and medium-sized companies operating in dynamic sectors with highly innovative processes and products
 
Official price Average stock price weighted based on the total amount of shares traded during a trading day. Differently from the reference price (see above), the official price reflects the trend of the entire trading day.
 
OPA (Offerta Pubblica di Acquisto) A public offer to buy shares in a specific company (see Takeover )
 
Option A contract according to which a party acquires the right to buy (call option) or sell (put option) a financial security at a given price (strike price), within a certain date (American option) or at a specific point in the future (European option)