Edison

The greater value of goods and services produced compared with the value of the goods and services bought. At system level, it is given by total production less intermediate consumption, which is equal to the gross internal product calculated at factor cost.

Two companies are defined as affiliates if they are controlled by the same parent company or if one of the two holds an interest (not a majority interest) in the other.

An arrangement between two or more parties regarding the exchange of services according to defined rules.

Associazione Italiana Analisti Finanziari, the Italian Financial Analysts’ Association, whose main activity focusses on market analysis and the professionalism of its members.

The part of the return on a financial instrument that does not depend on market trends.

The writing off of the cost of a long-term investment over the entire period of its utilisation. Also defined as amortisation is the repayment of a bond loan by the issuer, observing the timing and the conditions laid down in the regulations for the bond loan issue.

A person that studies and forecasts the best opportunities for investments in securities.

Associazione Nazionale dei Promotori Finanziari, the Italian Financial Salesmen Association.

A document that is published annually by all public limited companies. It is divided into the management report, the balance sheet, the profit and loss account and the notes to the financial statements.

Laws whose purpose is to prevent situations arising in which industrial monopolies or oligopolies may impair the functioning of the free market.

Typically consists in buying and reselling financial instruments (or others closely related to them), over a short time horizon with the aim of profiting from the difference in price arising from market inefficiency.

In an arbitration clause, the parties commit themselves to refer the solution of certain disputes to one or more arbitrators.

Any asset or credit belonging to an economic agent.

The balance of a current account that is actually available to the customer. It is the sum in the account to which deposits that have not yet been cleared are to be added.