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  1. Vienna Stock Exchange
  2. Knowledge
  3. Definitions and Formulas
  4. Certificates – Terms

Certificates – Terms

Terms - Alphabetical Index

AskAsk sizeBarrier
BidBid Ask Order IndicatorBid size
CapChange in % / abs.Continuous Auction
CurrencyDenomination currencyFloor
Historic closeIndicative priceInitial value
ISINISIN UnderlyingIssuer
LastLast trading dayLast volume
Long/shortMaturity dateMaturity date (endless)
Name underlyingNumber of issued certificatesNumber of trades
OpenPrice fixingPWT
RatioSettlement priceStrike
Surplus indicatorSurplus quantityTrading form
Trading hoursTurnover valueTurnover volume
Types of certificatesVolatilityVWAP
Year highYear low

Ask

Price at which a security is offered for sale.

Ask size

Best ask size

If bid/ask shows a zero value and if bid/ask size shows a tradable volume the order book contains a market order. There are the following basic types of orders:

Market Order: Market orders are unlimited buy or sell orders to be executed at the next price that is determined.
Limit Orders: Limit orders are buy or sell orders to be executed at the set limit price or better.

Barrier

Generally, a barrier is the limit at which a pre-defined event takes place if the price falls below or climbs above it. For example, the payout of an additional amount in the case of bonus certificates, a loss in the case of discount certificates, expiry of a leverage certificate when the knock-out barrier is reached, etc.

Bid

Price a prospective buyer is willing to pay.

Bid Ask Order Indicator

Indicates if the order type of Bid/Ask is a market order or a limit order. 0: Market Order, 1: Limit Order

Bid size

Best bid sizeIf bid/ask shows a zero value and if bid/ask size shows a tradable volume the order book contains a market order. There are the following basic types of orders:Market Order: Market orders are unlimited buy or sell orders to be executed at the next price that is determined.Limit Orders: Limit orders are buy or sell orders to be executed at the set limit price or better.

Cap

Fixed highest amount from which an investor can profit on a long position when the price of the underlying goes up (upper limit – barrier). A cap is common in discount certificates.

Change in % / abs.

Percentage change / absolute change of last trade price to the last trade price of the previous trading day resp. the previous last trade price generally.

Continuous Auction

The continuous auction lasts for the whole trading day. It starts with a pre-trading phase followed by the main trading phase and a post-trading phase. The main trading phase is triggered at a specific time after the pre-trading phase. The order matching is concluded via auctions. An auction is composed of two phases: firstly a pre-call phase and optionally of a call phase, secondly a price determination phase. In the pre-call or call phase all market participants can enter new orders, modify or delete existing ones. Market makers or specialists can also enter or delete quotes.
The trading procedure continuous auction is available as of the 24th of November 2008 for trading in certificates.

Currency

Denomination currency of a certificate.

Denomination currency

The currency in which the certificates are issued.

Floor

Fixed lowest amount from which an investor can profit on a short position when the price of the underlying drops (lower limit – barrier).

Historic close

Last historic close of listing.

Indicative price

The auction price that would have been determined if the auction were to close at this point in time.

Initial value

The starting value of the underlying is between the barrier and the cap for bonus-certificates. If the value never reaches or falls below this barrier throughout the life of the certificate, it is repaid in any case on maturity plus an additional amount (bonus). When it rises above the bonus level, the payout is the higher value. The issuer can define a maximum amount in this case (cap). Should the underlying drop below the barrier during the life of the bonus-certificate, repayment is the closing price of the underlying at maturity.

ISIN

(International Securities Identification Number) Individual Securities Identification Number, prodived for electronic registration of securities on an international basis.

ISIN Underlying

The value of a derivative, e.g. warrant, certificate, performance linked bond, exchange traded fund (ETF) is derived from the value of the underlying instrument. Typical underlyings are stocks, indices, currencies, commodities or also stock baskets.

Issuer

Credit institutions issue certificates in the form of debt securities.

Last

Last trade price.

Last trading day

Last day on which a certificate can be traded on the exchange.

Last volume

Number of traded securities of the last trade.

Long/short

Basically leverage-certificates focus on either increasing or falling prices of the underlying. Products, benefiting from increasing prices, are referred to as "long" certificates. Emphasizing on fallin prices, certificates are indicated as "short" ones.

All other certificates are concerned "long" certificates, and are not displayed as "long" separately.

Maturity date

Date on which the redemption of a certificate becomes due.

Maturity date (endless)

An open end certificate or endless certificate has no predefined end date, in contrast to the majority of certificates the maturity date is not defined at the beginning. Typical open end certificates are basket certificates, index certificates and certain leverage certificates.

Name underlying

The value of a derivative, e.g. warrant, certificate, performance linked bond, exchange traded fund (ETF) is derived from the value of the underlying instrument. Typical underlyings are stocks, indices, currencies, commodities or stock baskets.

Number of issued certificates

The total number of certificates issued for trading.

Number of trades

Number of trades of a trading day.

Open

Last open of listing.

Price fixing

Daily valuation price calculated by the exchange for continuously traded certificates.

PWT - Price Without Turnover

A trade in the form of price without turnover can only occur when a liquidity provider enters a price without turnover quote. If there are no executable orders in the orderbook the price without turnover is generated via the bid side of the quote. A price without turnover can only occur in the continuous auction.

Ratio

Stock split rate.

Settlement price

The price which determines the price for physical delivery of trades. In case of derivatives trading the underlying instrument or the price at which contracts are cash settled on the last trading day.

Strike

Strike price (exercise price) is the price at which leverage certificates can be exercised. If the price of the underlying drops below the strike price, the leverage-certificate becomes worthless.

Surplus indicator

possible content: B/S/N

B: surplus in auction is on Buy-side (demand exceeds supply).
S: surplus in auction is on Sell-side (supply exceeds demand).
N: No surplus in auction.

Surplus quantity

A surplus of orders is given if demand in a listing exceeds supply at the end of the call phase in an auction, or if supply exceeds demand at the end of the call phase in an auction. Market participants have the possibility to execute orders from the remaining surplus of an auction (i.e., orders with an auction price limit or a better limit that were left unfilled) at the auction price.

For listings traded with closed orderbook in an auction information concerning potential surplus in auction is available during the entire call phase. For all instruments traded with open orderbook the surplus in auction is displayed only during the Price determination phase.

The Call phase is the opening phase of an auction that is followed by the price determination phase or, if applicable, the order book balancing phase. During this phase, market participants may enter new orders.

Trading form

Continuous trading
Trading form in which securities prices are determined continuously during the trading session.

Auction
A trading procedure on an exchange in which liquidity is concentrated by bundling and taking into account all orders placed. Buy and sell orders are listed opposite to each other in an orderbook and the auction price is determined by applying the principle of matching as many orders as possible.

Trading hours

Time frame during which a security is tradeable on a trading day.

Turnover value

Turnover value of the trading day in double count.

Turnover volume

Turnover volume of the trading day in double count.

Types of certificates

  • Basket Certificate
  • Index Certificate
  • Knock out Certificate
  • Discount Certificate
  • Bonus Certificate
  • Express Certificate
  • Guarantee Certificate
  • Reverse Convertible
  • Outperformance Certificate
  • Other Certificate

Volatility

Measure for the average price range of a stock for a certain period of time. The higher the volatility of a security is, the chancier it can be understood. Statistically seen volatility corresponds to standard deviation.

The calculation of the historical volatility is based on the closing prices (Si, for i=1,...,n) of the last 3 months:

Formel zur Berechnung der Volatilität

The annualised historical volatility is then given by:

Formel zur Berechnung der annualisierten historischen Volatilität

with 256 being the exemplary number of trading days per year.

VWAP

Volume-weighted average price. VWAP represents the total value of stocks traded in a particular security for a given time period, divided by the total volume of stocks traded in that security during that same time period.

VWAP = Turnover volume / Turnover value

Year high

Highest price in the last 52 weeks.
The calculation of is based on intraday trades.

Year Low

Lowest price in the last 52 weeks.
The calculation of is based on intraday trades.

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05/22/2025, 01:32 | Prices 15 minutes delayed | ATX and third party price indications in real-time

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