Stock market index
A stock index or stock market index is a measurement of a section of the stock market. It is computed from the prices of selected stocks, it is a tool used by investors and financial managers to describe the market, to compare the return on specific investments. Two of the primary criteria of an index are that it is investable and transparent: the method of its construction should be clear. Many mutual funds and exchange-traded funds attempt to "track" an index with varying degrees of success; the difference between an index fund's performance and the index is called tracking error. Stock market indices may be classified in many ways. A'world' or'global' stock market index — such as the MSCI World or the S&P Global 100 — includes stocks from multiple regions. Regions may be defined geographically or by levels of income. A'national' index represents the performance of the stock market of a given nation—and by proxy, reflects investor sentiment on the state of its economy; the most quoted market indices are national indices composed of the stocks of large companies listed on a nation's largest stock exchanges, such as the American S&P 500, the Japanese Nikkei 225, the Indian NIFTY 50, the British FTSE 100.
Other indices may be regional, such as the FTSE Developed Europe Index or the FTSE Developed Asia Pacific Index. Indexes may be based on exchange, such as the NASDAQ-100 or NYSE US 100, or groups of exchanges, such as the Euronext 100 or OMX Nordic 40; the concept may be extended well beyond an exchange. The Wilshire 5000 Index, the original total market index, represents the stocks of nearly every publicly traded company in the United States, including all U. S. stocks traded on NASDAQ and American Stock Exchange. Russell Investment Group added to the family of indices by launching the Russel Global Index. More specialized indices exist tracking the performance of specific sectors of the market; some examples include the Wilshire US REIT which tracks more than 80 American real estate investment trusts and the Morgan Stanley Biotech Index which consists of 36 American firms in the biotechnology industry. Other indices may track companies of a certain size, a certain type of management, or more specialized criteria — one index published by Linux Weekly News tracks stocks of companies that sell products and services based on the Linux operating environment.
Some indices, such as the S&P 500, have multiple versions. These versions can differ based on how the index components are weighted and on how dividends are accounted for. For example, there are three versions of the S&P 500 index: price return, which only considers the price of the components, total return, which accounts for dividend reinvestment, net total return, which accounts for dividend reinvestment after the deduction of a withholding tax; as another example, the Wilshire 4500 and Wilshire 5000 indices have five versions each: full capitalization total return, full capitalization price, float-adjusted total return, float-adjusted price, equal weight. The difference between the full capitalization, float-adjusted, equal weight versions is in how index components are weighted. An index may be classified according to the method used to determine its price. In a price-weighted index such as the Dow Jones Industrial Average, NYSE Arca Major Market Index, the NYSE ARCA Tech 100 Index, the price of each component stock is the only consideration when determining the value of the index.
Thus, price movement of a single security will influence the value of the index though the dollar shift is less significant in a highly valued issue, moreover ignoring the relative size of the company as a whole. In contrast, a capitalization-weighted index such as the S&P 500 or Hang Seng Index factors in the size of the company. Thus, a small shift in the price of a large company will influence the value of the index. Traditionally, capitalization- or share-weighted indices all had a full weighting, i.e. all outstanding shares were included. Many of them have changed to a float-adjusted weighting which helps indexing. An equal-weighted index is one. For example, the Barron's 400 Index assigns an equal value of 0.25% to each of the 400 stocks included in the index, which together add up to the 100% whole. A modified capitalization-weighted index is a hybrid between capitalization weighting and equal weighting, it is similar to a capitalization weighting with one main difference: the largest stocks are capped to a percent of the weight of the total stock index and the excess weight will be redistributed amongst the stocks under that cap.
Moreover, in 2005, Standard & Poor's introduced the S&P Pure Growth Style Index and S&P Pure Value Style Index, attribute-weighted. That is, a stock's weight in the index is decided by the score it gets relative to the value attributes that define the criteria of a specific index, the same measure used to select the stocks in the first place. For these two indexes, a score is calculated for every stock, be it their growth score or the value score and accordingly they are weighted for the index. One argument for capitalization weighting is that investors must, in aggregate, hold a capitalization-weighted portfolio anyway; this gives the average return for all investors. Investors use theories such as modern portfolio theory to determine allocations; this considers risk and return and does not consider weights
Ireland is an island in the North Atlantic. It is separated from Great Britain to its east by the North Channel, the Irish Sea, St George's Channel. Ireland is the second-largest island of the British Isles, the third-largest in Europe, the twentieth-largest on Earth. Politically, Ireland is divided between the Republic of Ireland, which covers five-sixths of the island, Northern Ireland, part of the United Kingdom. In 2011, the population of Ireland was about 6.6 million, ranking it the second-most populous island in Europe after Great Britain. Just under 4.8 million live in the Republic of Ireland and just over 1.8 million live in Northern Ireland. The island's geography comprises low-lying mountains surrounding a central plain, with several navigable rivers extending inland, its lush vegetation is a product of its mild but changeable climate, free of extremes in temperature. Much of Ireland was woodland until the end of the Middle Ages. Today, woodland makes up about 10% of the island, compared with a European average of over 33%, most of it is non-native conifer plantations.
There are twenty-six extant mammal species native to Ireland. The Irish climate is influenced by the Atlantic Ocean and thus moderate, winters are milder than expected for such a northerly area, although summers are cooler than those in continental Europe. Rainfall and cloud cover are abundant; the earliest evidence of human presence in Ireland is dated at 10,500 BC. Gaelic Ireland had emerged by the 1st century AD; the island was Christianised from the 5th century onward. Following the 12th century Norman invasion, England claimed sovereignty. However, English rule did not extend over the whole island until the 16th–17th century Tudor conquest, which led to colonisation by settlers from Britain. In the 1690s, a system of Protestant English rule was designed to materially disadvantage the Catholic majority and Protestant dissenters, was extended during the 18th century. With the Acts of Union in 1801, Ireland became a part of the United Kingdom. A war of independence in the early 20th century was followed by the partition of the island, creating the Irish Free State, which became sovereign over the following decades, Northern Ireland, which remained a part of the United Kingdom.
Northern Ireland saw much civil unrest from the late 1960s until the 1990s. This subsided following a political agreement in 1998. In 1973 the Republic of Ireland joined the European Economic Community while the United Kingdom, Northern Ireland, as part of it, did the same. Irish culture has had a significant influence on other cultures in the field of literature. Alongside mainstream Western culture, a strong indigenous culture exists, as expressed through Gaelic games, Irish music and the Irish language; the island's culture shares many features with that of Great Britain, including the English language, sports such as association football, horse racing, golf. The names Éire derive from Old Irish Eriu; this in turn comes from the Proto-Celtic *Iveriu, the source of Latin Hibernia. Iveriu derives from a root meaning'fat, prosperous'. During the last glacial period, up until about 10,000 BC, most of Ireland was periodically covered in ice. Sea levels were lower and Ireland, like Great Britain, formed part of continental Europe.
By 16,000 BC, rising sea levels due to ice melting caused Ireland to become separated from Great Britain. Around 6000 BC, Great Britain itself became separated from continental Europe; the earliest evidence of human presence in Ireland is dated at 10,500 BC, demonstrated by a butchered bear bone found in a cave in County Clare. It is not until about 8000 BC, that more sustained occupation of the island has been shown, with evidence for Mesolithic communities around the island; these Mesolithic communities lived as hunter-gatherers across the island until about 4000 BC. Some time before 4000 BC, Neolithic settlers arrived introducing cereal cultivars, domesticated animals such as cattle and sheep, large timber building, stone monuments; the earliest evidence for farming in Ireland or Great Britain is from Co.. Kerry, where a flint knife, cattle bones and a sheep's tooth were carbon-dated to c. 4350 BC. Field systems were developed in different parts of Ireland, including at the Céide Fields, preserved beneath a blanket of peat in present-day Tyrawley.
An extensive field system, arguably the oldest in the world, consisted of small divisions separated by dry-stone walls. The fields were farmed for several centuries between 3500 BC and 3000 BC. Wheat and barley were the principal crops; the Bronze Age – defined by the use of metal – began around 2500 BC, with technology changing people's everyday lives during this period through innovations such as the wheel. According to John T. Koch and others, Ireland in the Late Bronze Age was part of a maritime trading-network culture called the Atlantic Bronze Age that included Britain, western France and Iberia, that this is where Celtic languages developed; this contrasts with the traditional view that their origin lies in mainland Europe with the Hallstatt culture. During the Iron Age, a Celtic language and culture emerged in Ireland. How and when the island became Celtic has been debated for close to a century, with the migrations of the Celts being one of the more enduring themes of archaeological and linguistic studies.
The most recent genetic research s
In finance, a futures contract is a standardized forward contract, a legal agreement to buy or sell something at a predetermined price at a specified time in the future, between parties not known to each other. The asset transacted is a commodity or financial instrument; the predetermined price the parties agree to buy and sell the asset for is known as the forward price. The specified time in the future—which is when delivery and payment occur—is known as the delivery date; because it is a function of an underlying asset, a futures contract is a derivative product. Contracts are negotiated at futures exchanges, which act as a marketplace between buyers and sellers; the buyer of a contract is said to be long position holder, the selling party is said to be short position holder. As both parties risk their counter-party walking away if the price goes against them, the contract may involve both parties lodging a margin of the value of the contract with a mutually trusted third party. For example, in gold futures trading, the margin varies between 2% and 20% depending on the volatility of the spot market.
The first futures contracts were negotiated for agricultural commodities, futures contracts were negotiated for natural resources such as oil. Financial futures were introduced in 1972, in recent decades, currency futures, interest rate futures and stock market index futures have played an large role in the overall futures markets; the original use of futures contracts was to mitigate the risk of price or exchange rate movements by allowing parties to fix prices or rates in advance for future transactions. This could be advantageous when a party expects to receive payment in foreign currency in the future, wishes to guard against an unfavorable movement of the currency in the interval before payment is received. However, futures contracts offer opportunities for speculation in that a trader who predicts that the price of an asset will move in a particular direction can contract to buy or sell it in the future at a price which will yield a profit; the Dutch pioneered several financial instruments and helped lay the foundations of the modern financial system.
In Europe, formal futures markets appeared in the Dutch Republic during the 17th century. Among the most notable of these early futures contracts were the tulip futures that developed during the height of the Dutch Tulipmania in 1636; the Dōjima Rice Exchange, first established in 1697 in Osaka, is considered by some to be the first futures exchange market, to meet the needs of samurai who—being paid in rice, after a series of bad harvests—needed a stable conversion to coin. The Chicago Board of Trade listed the first-ever standardized'exchange traded' forward contracts in 1864, which were called futures contracts; this contract was based on grain trading, started a trend that saw contracts created on a number of different commodities as well as a number of futures exchanges set up in countries around the world. By 1875 cotton futures were being traded in Bombay in India and within a few years this had expanded to futures on edible oilseeds complex, raw jute and jute goods and bullion; the 1972 creation of the International Monetary Market, the world's first financial futures exchange, launched currency futures.
In 1976, the IMM added interest rate futures on US treasury bills, in 1982 they added stock market index futures. Although futures contracts are oriented towards a future time point, their main purpose is to mitigate the risk of default by either party in the intervening period. In this vein, the futures exchange requires both parties to put up initial cash, or a performance bond, known as the margin. Margins, sometimes set as a percentage of the value of the futures contract, must be maintained throughout the life of the contract to guarantee the agreement, as over this time the price of the contract can vary as a function of supply and demand, causing one side of the exchange to lose money at the expense of the other. To mitigate the risk of default, the product is marked to market on a daily basis where the difference between the initial agreed-upon price and the actual daily futures price is re-evaluated daily; this is sometimes known as the variation margin, where the futures exchange will draw money out of the losing party's margin account and put it into that of the other party, ensuring the correct loss or profit is reflected daily.
If the margin account goes below a certain value set by the exchange a margin call is made and the account owner must replenish the margin account. This process is known as marking to market, thus on the delivery date, the amount exchanged is not the specified price on the contract but the spot value. Upon marketing, the strike price is reached and creates lots of income for the "caller." To minimize credit risk to the exchange, traders must post a margin or a performance bond 5%-15% of the contract's value. Unlike use of the term margin in equities, this performance bond is not a partial payment used to purchase a security, but a good-faith deposit held to cover the day-to-day obligations of maintaining the position. To minimize counterparty risk to traders, trades executed on regulated futures exchanges are guaranteed by a clearing house; the clearing house becomes the buyer to each seller, the seller to each buyer, so that in the event of a counterparty default the clearer assumes the risk of loss.
This enables traders to transact without performing due diligence on their counterparty. Margin requirements are waived or reduced in some cases for hedgers who have physical ownership of the covered commodity or spread traders who hav
Bannalec is a commune in the Finistère department in the Brittany region in northwestern France. Inhabitants of Bannalec are called Bannalécois. In 2008, 7.91% of primary-school children attended bilingual schools. Communes of the Finistère department François Bazin Sculptor monument to aviatorBannalec is twinned with the Irish town of Castleisland. INSEE Mayors of Finistère Association.
Communes of France
The commune is a level of administrative division in the French Republic. French communes are analogous to civil townships and incorporated municipalities in the United States and Canada, Gemeinden in Germany, comuni in Italy or ayuntamiento in Spain; the United Kingdom has no exact equivalent, as communes resemble districts in urban areas, but are closer to parishes in rural areas where districts are much larger. Communes are based on historical geographic communities or villages and are vested with significant powers to manage the populations and land of the geographic area covered; the communes are the fourth-level administrative divisions of France. Communes vary in size and area, from large sprawling cities with millions of inhabitants like Paris, to small hamlets with only a handful of inhabitants. Communes are based on pre-existing villages and facilitate local governance. All communes have names, but not all named geographic areas or groups of people residing together are communes, the difference residing in the lack of administrative powers.
Except for the municipal arrondissements of its largest cities, the communes are the lowest level of administrative division in France and are governed by elected officials with extensive autonomous powers to implement national policy. A commune is city, or other municipality. "Commune" in English has a historical bias, implies an association with socialist political movements or philosophies, collectivist lifestyles, or particular history. There is nothing intrinsically different between commune in French; the French word commune appeared in the 12th century, from Medieval Latin communia, for a large gathering of people sharing a common life. As of January 2015, there were 36,681 communes in France, 36,552 of them in metropolitan France and 129 of them overseas; this is a higher total than that of any other European country, because French communes still reflect the division of France into villages or parishes at the time of the French Revolution. The whole territory of the French Republic is divided into communes.
This is unlike some other countries, such as the United States, where unincorporated areas directly governed by a county or a higher authority can be found. There are only a few exceptions: COM of Saint-Martin, it was a commune inside the Guadeloupe région. The commune structure was abolished when Saint-Martin became an overseas collectivity on 22 February 2007. COM of Wallis and Futuna, which still is divided according to the three traditional chiefdoms. COM of Saint Barthélemy, it was a commune inside the Guadeloupe region. The commune structure was abolished when Saint-Barthélemy became an overseas collectivity on 22 February 2007. Furthermore, two regions without permanent habitation have no communes: TOM of the French Southern and Antarctic Lands Clipperton Island in the Pacific Ocean In metropolitan France, the average area of a commune in 2004 was 14.88 square kilometres. The median area of metropolitan France's communes at the 1999 census was smaller, at 10.73 square kilometres. The median area is a better measure of the area of a typical French commune.
This median area is smaller than that of most European countries. In Italy, the median area of communes is 22 km2. Switzerland and the Länder of Rhineland-Palatinate, Schleswig-Holstein, Thuringia in Germany were the only places in Europe where the communes had a smaller median area than in France; the communes of France's overseas départements such as Réunion and French Guiana are large by French standards. They group into the same commune several villages or towns with sizeable distances among them. In Réunion, demographic expansion and sprawling urbanization have resulted in the administrative splitting of some communes; the median population of metropolitan France's communes at the 1999 census was 380 inhabitants. Again this is a small number, here France stands apart in Europe, with the lowest communes' median population of all the European countries; this small median population of French communes can be compared with Italy, where the median population of communes in 2001 was 2,343 inhabitants, Belgium, or Spain.
The median population given here should not hide the fact that there are pronounced differences in size between French communes. As mentioned in the introduction, a commune can be a city of 2 million inhabitants such as Paris, a town of 10,000 inhabitants, or just a hamlet of 10 inhabitants. What the median population tells us is that the vast majority of the French communes only have a few hundred inhabitants. In metropolitan France just over 50 percent of the 36,683 communes have fewer than 500 inhabitants a
Departments of France
In the administrative divisions of France, the department is one of the three levels of government below the national level, between the administrative regions and the commune. Ninety-six departments are in metropolitan France, five are overseas departments, which are classified as regions. Departments are further subdivided into 334 arrondissements, themselves divided into cantons; each department is administered by an elected body called a departmental council. From 1800 to April 2015, these were called general councils; each council has a president. Their main areas of responsibility include the management of a number of social and welfare allowances, of junior high school buildings and technical staff, local roads and school and rural buses, a contribution to municipal infrastructures. Local services of the state administration are traditionally organised at departmental level, where the prefect represents the government; the departments were created in 1790 as a rational replacement of Ancien Régime provinces with a view to strengthen national unity.
All of them were named after physical geographical features, rather than after historical or cultural territories which could have their own loyalties. The division of France into departments was a project identified with the French revolutionary leader the Abbé Sieyès, although it had been discussed and written about by many politicians and thinkers; the earliest known suggestion of it is from 1764 in the writings of d'Argenson. They have inspired similar divisions in some of them former French colonies. Most French departments are assigned a two-digit number, the "Official Geographical Code", allocated by the Institut national de la statistique et des études économiques. Overseas departments have a three-digit number; the number is used, for example, in the postal code, was until used for all vehicle registration plates. While residents use the numbers to refer to their own department or a neighbouring one, more distant departments are referred to by their names, as few people know the numbers of all the departments.
For example, inhabitants of Loiret might refer to their department as "the 45". In 2014, President François Hollande proposed to abolish departmental councils by 2020, which would have maintained the departments as administrative divisions, to transfer their powers to other levels of governance; this reform project has since been abandoned. The first French territorial departments were proposed in 1665 by Marc-René d'Argenson to serve as administrative areas purely for the Ponts et Chaussées infrastructure administration. Before the French Revolution, France gained territory through the annexation of a mosaic of independent entities. By the close of the Ancien Régime, it was organised into provinces. During the period of the Revolution, these were dissolved in order to weaken old loyalties; the modern departments, as all-purpose units of the government, were created on 4 March 1790 by the National Constituent Assembly to replace the provinces with what the Assembly deemed a more rational structure.
Their boundaries served two purposes: Boundaries were chosen to break up France's historical regions in an attempt to erase cultural differences and build a more homogeneous nation. Boundaries were set so that every settlement in the country was within a day's ride of the capital of a department; this was a security measure, intended to keep the entire national territory under close control. This measure was directly inspired by the Great Terror, during which the government had lost control of many rural areas far from any centre of government; the old nomenclature was avoided in naming the new departments. Most were named after other physical features. Paris was in the department of Seine. Savoy became the department of Mont-Blanc; the number of departments 83, had been increased to 130 by 1809 with the territorial gains of the Republic and of the First French Empire. Following Napoleon's defeats in 1814–1815, the Congress of Vienna returned France to its pre-war size and the number of departments was reduced to 86.
In 1860, France acquired the County of Nice and Savoy, which led to the creation of three new departments. Two were added from the new Savoyard territory, while the department of Alpes-Maritimes was created from Nice and a portion of the Var department; the 89 departments were given numbers based on the alphabetical order of their names. The department of Bas-Rhin and parts of Meurthe, Moselle and Haut-Rhin were ceded to the German Empire in 1871, following France's defeat in the Franco-Prussian War. A small part of Haut-Rhin became known as the Territoire de Belfort; when France regained the ceded departments after World War I, the Territoire de Belfort was not re-integrated into Haut-Rhin. In 1922, it became France's 90th department; the Lorraine departments were not changed back to their original boundaries, a new Moselle department was created in the regaine