Capped Indices

Indices for which there is a maximum relative weight bymarket capitalization for any one constituent. Any individual constituent of theindex can represent no more than a specified percent of the index. The individual constituents of the S&P/TSX Capped Composite and S&P/TSX Capped 60 indices are capped at 10%, while the individual constituents of the S&P/TSX Capped sector indices are capped at 25%.

Cash Settlement

Settlement of an option contract not by delivery of the underlying shares, but by a cash payment of the difference between the strike or exercise price and the underlying settlement price.

list of banks found in Germany

Commerzbank AG ,
Kaiserplatz
60311 Frankfurt am Main
Telefon: (0 69) 1 36 20
http://www.commerzbank.de
Deutsche Bank AG ,
Theodor-Heuss-Allee 70
60484 Frankfurt am Main
Telefon: (0 69) 9 10-00
http://www.deutsche-bank.de
Deutsche Postbank AG ,
Friedrich-Ebert-Allee 114 - 126
53113 Bonn
Telefon: (02 28) 9 20-0
http://www.postbank.de
UniCredit Bank AG ,
Am Tucherpark 16
80538 München
Telefon: (0 89) 37 8-0
http://www.hypovereinsbank.de
Regional Banks
Aareal Bank AG ,
Paulinenstraße 15
65189 Wiesbaden
Telefon: (06 11) 3 48-0
http://www.aareal-bank.com
abcbank GmbH ,
Venloer Straße 47 - 53
50672 Köln
Telefon: (02 21) 5 79 08-350
http://www.abc-bank.de
AKA Ausfuhrkredit-Gesellschaft mbH ,
Große Gallusstr. 1 – 7
60311 Frankfurt am Main
Telefon: (0 69) 2 98 91-00
http://www.akabank.de
Aktivbank AG ,
Stuttgarter Str. 20-22
75179 Pforzheim
Telefon: (0 72 31) 4 44 36-0
http://www.aktivbank.de/
Allgemeine Beamtenkasse Kreditbank AG ,
Invalidenstr. 28
10115 Berlin
Telefon: (0 30) 2 85 35-0
http://www.abkbank.de/
Archon Capital Bank Deutschland GmbH ,
Ernst-Reuter-Str. 119
95030 Hof
Telefon: (09281) - 1 40 15 -0
http://www.archoncapitalbankdeutschland.de/
Augsburger Aktienbank AG ,
Halderstr. 21
86150 Augsburg
Telefon: (08 21) 50 15-0
http://www.aab.de/
AXA Bank AG ,
Colonia Allee 10-20
51067 Köln
Telefon: (0 180 05) 77 1089(bundesweit 14 Cent pro Minute)
http://www.axabank.de
Baader Bank AG ,
Weihenstephaner Str. 4
85716 Unterschleissheim
Telefon: (0 89) 51 50-0
http://www.baaderbank.de/
Bank Schilling & Co. AG ,
Am Marktplatz 10
97762 Hammelburg
Telefon: (0 97 32) 9 04-0
http://www.bankschilling.de
Bankhaus August Lenz & Co. AG ,
Holbeinstr. 11
81679 München
Telefon: (0 89) 9 60 12-0
http://www.banklenz.de
Bankhaus Bauer AG ,
Lautenschlagerstr. 2
70173 Stuttgart
Bankhaus Dr. Masel AG ,
Heerstr. 18 - 20
14052 Berlin
Telefon: (0 30) 30 06 83-0
http://www.bankhaus-masel.de/
Bankhaus E. Mayer AG ,
Friedrichring 28 - 30
79098 Freiburg
Telefon: (07 61) 2 82 00-0
http://www.bankhaus-mayer.de/
Bankhaus Gebr. Martin AG ,
Kirchstr. 35
73033 Göppingen
Telefon: (0 71 61) 67 14-0
http://www.martinbank.de
Bankhaus Hallbaum AG ,
An der Börse 7
30159 Hannover
Telefon: (05 11) 30 12-0
http://www.bankhaus-hallbaum.de
Bankhaus Herzogpark AG ,
Pienzenauerstr. 27
81679 München
Telefon: (0 89) 540 42 42-0
http://www.herzogpark.eu
Bankhaus Löbbecke AG ,
Behrenstr. 36
10117 Berlin
Telefon: (0 30) 8 84 21-0
http://www.bankhaus-loebbecke.de/
Bankhaus Neelmeyer AG ,
Am Markt 14 - 16
28195 Bremen
Telefon: (04 21) 36 03-0
http://www.neelmeyer.de
Bankhaus Rautenschlein GmbH ,
Hötensleber Str. 49
38364 Schöningen
Telefon: (0 53 52) 94 51-0
Bankverein Werther Aktiengesellschaft ,
Ravensberger Str. 23
33824 Werther
Telefon: (0 52 03) 7 06-0
http://www.bankverein-werther.de
Berlin-Hannoversche Hypothekenbank AG ,
Budapester Str.1
10787 Berlin
Telefon: (0 30) 2 59 99-0
http://www.berlinhyp.de
Berlin-Hannoversche Hypothekenbank AG ,
Landschaftstr. 8
30159 Hannover
Telefon: (05 11) 30 11-0
http://www.berlinhyp.de
BHF-BANK Aktiengesellschaft ,
Bockenheimer Landstr. 10
60323 Frankfurt am Main
Telefon: (0 69) 7 18 - 0
http://www.bhf-bank.com
BIW Bank für Investments und Wertpapiere AG ,
Haus-Broicher-Straße 222
47877 Willich
Telefon: 02156-4920-0
http://www.biw-bank.de
BMW Bank GmbH ,
Heidemannstr. 164
80939 München
Telefon: (0 180) 3 25 25 80
http://www.bmwfs.de
BNY Mellon Asset Servicing GmbH ,
Strahlenbergerstraße 45
63067 Offenbach am Main
Telefon: (0 69) 66 77 44-0
http://www.bhfassetserv.com/
CACEIS Bank Deutschland GmbH ,
Lilienthalallee 34-36
80939 München
Telefon: (0 89) 5 40 00-0
http://www.caceis.de/
Clearstream Banking AG ,
Neue Börsenstr. 1
60487 Frankfurt am Main
Telefon: (0 69) 2 11-0
http://www.clearstream.com/
comdirect bank AG ,
Pascalkehre 15
25451 Quickborn
Telefon: (0 41 06) 7 04-0
http://www.comdirect.de
Commerz Finanz GmbH ,
Schwanthalerstr. 31
80336 München
Telefon: (0 89) 5 51 13-0
http://www.dresdner-cetelem.de
COREALCREDIT BANK AG ,
Corealcredit Haus
Grüneburgweg 58-62
60322 Frankfurt am Main
Telefon: (0 69) 71 79-0
http://www.corealcredit.de/
Credit Suisse (Deutschland) AG ,
Junghofstraße 16
60311 Frankfurt am Main
Telefon: (0 69) 2 69 11-0
http://www.credit-suisse.de
CreditPlus Bank AG ,
Augustenstr. 7
70178 Stuttgart
Telefon: (07 11) 66 06-615
http://www.creditplus.de
CRONBANK AG ,
Im Gefierth 10
63303 Dreieich
Telefon: (0 61 03) 3 91-255
http://www.cronbank.de
CVW-Privatbank AG ,
Hauptstr. 14
91452 Wilhermsdorf
Telefon: (0 91 02) 93 91-0
http://www.cvw-privatbank-ag.com/
DAB bank AG ,
Landsberger Str. 300
80687 München
Telefon: (0 89) 5 00 68-0
http://www.dab-bank.com
Degussa Bank GmbH ,
Theodor-Heuss-Allee 74
60486 Frankfurt am Main
Telefon: (0 69) 3600 2222
http://www.degussa-bank.de
Delbrück Bethmann Maffei AG ,
Bethmannstrasse 7 - 9
60311 Frankfurt am Main
Telefon: (0 69) 21 77-0
http://www.DeBeMa.de
Deutsche Bank Privat- und Geschäftskunden AG ,
Theodor-Heuss-Allee 72
60486 Frankfurt am Main
Telefon: (0 69) 9 10-00
http://www.deutsche-bank.de/start/

Europe bank regulator role must be clear says Commerzbank CEO

FRANKFURT, Nov 23 (Reuters) - Commerzbank Chief Executive Martin Blessing urged policymakers to make up their mind about whether a European bank regulator should stabilise financial markets or serve as a tool for back-door financial transfers to weak euro zone states.
"Do we want European supervision to be an institution that truly stabilizes our financial system or more as a vehicle for re-allocation and transfer?" Blessing asked bankers and regulators gathered at a conference in Frankfurt on Friday.
"Funds should be provided to banks only if the ESM/European supervision has the ability to clamp down and receive ownership of failed banks," he said, referring to the European Stability Mechanism, the EU's rescue fund.
The European Central Bank (ECB) was the right institution to take on the task of reforming supervision of lenders in Europe, the German banker said, adding that acommon regulator shouldoversee all banks in Europe.

Argentina will have to pay $1.3bn to hedge funds

Argentina will have to pay $1.3bn to hedge funds that refused to restructure their debts after the country's 2001 default when it makes regular payments to its restructured bondholders in December, a US court has ordered. The ruling, made late onWednesday in New York, raises the possibility that Argentinawill default once more, and if upheld representsa major chink in the armour of sovereign immunity against creditors that has largelyreigned in international law for almost a century. US District Court Judge Thomas Griesa first madethe order earlier this year, which after appealswas unexpectedly largely affirmed by the US federal appeals courton October 26. The case was then sent back to the original judge to clarify certain aspects, such as how much was due to the funds, led by Elliott Associates, an aggressive hedge fund that has made suing countries its hallmark. "It is hardly an injustice to have legal rulings which, at long last, meanthat Argentina must pay the debts which it owes," Judge Griesa saidin an updated opinion."After 10 years of litigation this is a just result." More controversially, thejudge largely reaffirmedthe extent that third parties would be affected by his order. Argentina has refused topay on past judgments against it, arguing that the funds were"vultures" and"scavengers", but JudgeGriesa gave his order teeth by landing an injunction on Argentina, its agents "and other persons who are in active concert or participation with the parties or their agents". This includes Bank of New York Mellon, the trustee of Argentina's restructured bonds, which acts as a conduit of the country's payments to investors in these securities. The judge argued that whenBNY Mellon pays restructured bondholders, those creditors that refused to join the restructuring should also be paid what they are due. Despite vehement protests from BNY Mellon, restructured bondholders and a NewYork Federal Reserve opinion in Argentina's favour, the judge confirmed that his injunction extended to the US payments system -- which some legal experts have argued hasa systemic impact on future sovereign debt restructurings. "It is probably true that these parties are not all agents of Argentina, but they surely are 'in activeconcert or participation' with Argentina in processing the paymentsfrom Argentina to the exchange bondholders,"the order stated.

Averages and Indices

Statistical tools that measure the state of the stock market or the economy, based on the performance of stocks, bonds or other components. Examples are the S&P/TSX Venture Composite Index, the S&P/TSX Composite Index, the Dow Jones Industrial Average and the Consumer Price Index.

Averaging Down

Buying more of a security at a price that is lower than the price paid for the initial investment. The aim of averaging down is to reducethe average cost per unit of the investment.

At-the-Money

When the price of the underlying equity, index or commodity equals the strike price of the option.

Basis Point

One-hundredth of a percentage point. For example, the difference between 5.25% and 5.50% is25 basis points.

Bear Market

A market in which stock prices are falling.