Literature: authors starting with E
78 studies, books and laws, each with its reference, a sentence on the content and the pages that cite it. All letters
Easley et al. (2021) · The Active World of Passive Investing
Easley, David; Michayluk, David; O'Hara, Maureen; Putniņš, Tālis J.. Review of Finance 25 (5), pp. 1433–1471. doi:10.1093/rof/rfab021
Most ETFs are active in form or in function; an activeness index shows a growing share of highly active ETFs with their own patterns of fees, turnover and flows.
Cited in: Active ETFs: how they work and what they deliver · Glossary: Active ETF
Eberhart et al. (1990) · Security Pricing and Deviations from the Absolute Priority Rule in Bankruptcy Proceedings
Eberhart, Allan C.; Moore, William T.; Roenfeldt, Rodney L.. The Journal of Finance 45 (5), pp. 1457–1469. doi:10.1111/j.1540-6261.1990.tb03723.x
In 30 Chapter 11 cases, shareholders received on average 7.6% of the total distribution more than they were entitled to under the absolute priority rule; share prices anticipated this.
Cited in: Distressed debt: strategies, bankruptcy law, recovery rates and returns when investing in crises · Glossary: Absolute priority rule
Eberhart et al. (1999) · The Equity Performance of Firms Emerging from Bankruptcy
Eberhart, Allan C.; Altman, Edward I.; Aggarwal, Reena. The Journal of Finance 54 (5), pp. 1855–1868. doi:10.1111/0022-1082.00169
The stocks of 131 firms emerging from Chapter 11 earned large positive excess returns over the following 200 trading days, more likely because of market misjudgement than because of mismeasured risk.
Cited in: Distressed debt: strategies, bankruptcy law, recovery rates and returns when investing in crises
Edwards et al. (2007) · Corporate Bond Market Transaction Costs and Transparency
Edwards, Amy K.; Harris, Lawrence E.; Piwowar, Michael S.. The Journal of Finance 62 (3), pp. 1421–1451. doi:10.1111/j.1540-6261.2007.01240.x
Transaction costs of US corporate bonds in 2003–2005 decline markedly with order size and fall once TRACE publishes the prices.
Cited in: Market making and bond trading: spread, inventory, axes, RFQ, cross trades and matrix pricing
Edwards et al. (2023) · More Equal Than Others: 20 Years of the S&P 500 Equal Weight Index
Edwards, Tim; Di Gioia, Davide; Stoddart, Grace. S&P Dow Jones Indices, June 2023; accessed October 26, 2026. Source
Twenty years of the S&P 500 Equal Weight: a higher return than the S&P 500 since its launch in 2003, but 22% rather than 5% turnover a year over ten years.
Cited in: Equal weight vs cap weight: weighting, rebalancing and factor tilts
SPIVA Europe (2025) · SPIVA Europe Year-End 2024
Edwards, Tim; Di Gioia, Davide; Chapman, Florence; Didio, Nick. S&P Dow Jones Indices. Source
Compares active funds in Europe with their benchmarks: over ten years, counting each fund equally, 93% of equity funds and 79% of bond funds underperformed.
Cited in: Active or passive investing: ETFs versus fund managers
SPIVA Europe (2026) · SPIVA Europe Mid-Year 2026
Edwards, Tim; Pineros, Sara; Smith, Euan. S&P Dow Jones Indices, October 13, 2026; accessed October 25, 2026. Source
The share of active funds in Europe that lagged their benchmark up to the end of June 2026, broken down into equity and bond funds.
Cited in: Active ETFs: how they work and what they deliver · Active or passive in bonds and commodities: why the rules differ from equities
Efron (1979) · Bootstrap Methods: Another Look at the Jackknife
Efron, B.. The Annals of Statistics 7 (1), pp. 1–26. doi:10.1214/aos/1176344552
Introduces the bootstrap: determining the distributions of estimators by resampling with replacement from the data themselves.
Cited in: Monte Carlo simulation: how safe is your plan? · Bootstrap: future scenarios from your own history · Michaud resampled optimization: more stable portfolio weights through simulation · Monte Carlo methodology: how Portfolio Lab simulates wealth paths
Efron and Tibshirani (1993) · An Introduction to the Bootstrap
Efron, Bradley; Tibshirani, Robert J.. Chapman & Hall.
Textbook on the bootstrap: confidence intervals, standard errors and tests by resampling from the data.
Eggers and Hainmueller (2013) · Capitol Losses: The Mediocre Performance of Congressional Stock Portfolios
Eggers, Andrew C.; Hainmueller, Jens. The Journal of Politics 75 (2), pp. 535–551. doi:10.1017/s0022381613000194
Contradicts earlier studies: members of Congress traded without an information advantage from 1985 to 2001 and from 2004 to 2008, and a passive index fund would have done better on average.
Cited in: Insider trading: what is prohibited, what is allowed and what insider purchases reveal
Eichholtz (1997) · A Long Run House Price Index: The Herengracht Index, 1628–1973
Eichholtz, Piet M. A.. Real Estate Economics 25 (2), pp. 175–192. doi:10.1111/1540-6229.00711
Hedonic repeat-sales index of the houses on Amsterdam's Herengracht: in 1973 they were worth only twice as much in real terms as in 1628; after the Second World War, real prices rose by about 3.2% a year.
Cited in: Real estate as an investment: rental property, REITs, open-end funds and private real estate
Eisele et al. (2020) · Trading out of sight: An analysis of cross-trading in mutual fund families
Eisele, Alexander; Nefedova, Tamara; Parise, Gianpaolo; Peijnenburg, Kim. Journal of Financial Economics 135 (2), pp. 359–378. doi:10.1016/j.jfineco.2018.12.005
Based on four million equity trades: fund families set the prices of internal cross trades strategically to shift returns between sister funds, and many cross trades are backdated.
Cited in: Market making and bond trading: spread, inventory, axes, RFQ, cross trades and matrix pricing · Glossary: Cross trade
Elliott et al. (2005) · Pairs trading
Elliott, Robert J.; van der Hoek, John; Malcolm, William P.. Quantitative Finance 5 (3), pp. 271–276. doi:10.1080/14697680500149370
Models the spread of a pair as a mean-reverting process that is observed only with noise, and derives trading decisions from it.
Cited in: Pairs trading and statistical arbitrage: idea, methods, research
Ellul et al. (2011) · Regulatory pressure and fire sales in the corporate bond market
Ellul, Andrew; Jotikasthira, Chotibhak; Lundblad, Christian T.. Journal of Financial Economics 101 (3), pp. 596–620. doi:10.1016/j.jfineco.2011.03.020
Insurers, which hold more than a third of investment-grade bonds, sell downgraded bonds under capital pressure; prices fall and then recover, more strongly when the insurance industry itself is in difficulty.
Cited in: Active or passive in bonds and commodities: why the rules differ from equities · Distressed debt: strategies, bankruptcy law, recovery rates and returns when investing in crises · Glossary: Fallen angel
Elton and Gruber (1970) · Marginal Stockholder Tax Rates and the Clientele Effect
Elton, Edwin J.; Gruber, Martin J.. The Review of Economics and Statistics 52 (1). doi:10.2307/1927599
Infers shareholders' marginal tax rates and tax clienteles from the price drop on the ex-dividend day.
Cited in: Dividend strategies and dividend ETFs under scrutiny: irrelevance, factors, risks · Glossary: Ex-dividend date
Elton et al. (2002) · Spiders: Where Are the Bugs?
Elton, Edwin J.; Gruber, Martin J.; Comer, George; Li, Kai. The Journal of Business 75 (3), pp. 453–472. doi:10.1086/339891
The first S&P 500 ETF lagged the index by the amount of its costs and because of delayed dividends.
Cited in: Index providers and valuation points: why the same index is calculated differently · Tracking error and information ratio: deviation from the index · Asset classes with a long history: methodology
Engelberg et al. (2018) · Short-Selling Risk
Engelberg, Joseph E.; Reed, Adam V.; Ringgenberg, Matthew C.. The Journal of Finance 73 (2), pp. 755–786. doi:10.1111/jofi.12601
Short sellers bear risks of their own: lending fees can rise and borrowed shares can be recalled, and this is reflected in prices and returns.
Cited in: Short selling, hedge funds and hedging: types and how they work · Pairs trading and statistical arbitrage: idea, methods, research · Long/short and statistical arbitrage: methodology · Glossary: Borrow fee
Engineered Portfolio (2018) · Accelerating Dual Momentum Investing
Engineered Portfolio. Blog post, Engineered Portfolio, May 2, 2018; not a peer-reviewed publication; accessed October 25, 2026. Source
Blog post: switches monthly between the S&P 500 and international small caps based on the sum of 1-, 3- and 6-month returns, and moves into long-term US Treasuries when both are below zero.
Cited in: Tactical allocation methodology: how the eleven tactical models work
Engle (1982) · Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation
Engle, Robert F.. Econometrica 50 (4). doi:10.2307/1912773
Introduces ARCH models for volatility that clusters over time, the foundation of modern volatility forecasting.
Cited in: Volatility: how much a portfolio fluctuates · VIX: how to read the stock market's fear gauge · Return forecasting models: ARIMA, GARCH, LSTM and machine learning · Glossary: Volatility clustering · Glossary: ARCH model
Engle and Granger (1987) · Co-Integration and Error Correction: Representation, Estimation, and Testing
Engle, Robert F.; Granger, C. W. J.. Econometrica 55 (2), pp. 251–276. doi:10.2307/1913236
Cointegration: time series that wander individually but are tied together by an equilibrium; the Engle-Granger test.
Cited in: Pairs trading and statistical arbitrage: idea, methods, research · Long/short and statistical arbitrage: methodology · Asset analysis: methodology from correlation to cointegration · Glossary: Cointegration · Glossary: Engle-Granger test
Entrop et al. (2009) · The price-setting behavior of banks: An analysis of open-end leverage certificates on the German market
Entrop, Oliver; Scholz, Hendrik; Wilkens, Marco. Journal of Banking & Finance 33 (5), pp. 874–882. doi:10.1016/j.jbankfin.2008.09.019
Open-end leverage certificates: the announced formula for ongoing price adjustment strongly favors the issuer and is consistent with the life-cycle hypothesis, even allowing for credit and jump risk.
Cited in: Glossary: Turbo certificate · Glossary: Life cycle hypothesis (certificates)
Eraslan and Götz (2021) · An unconventional weekly economic activity index for Germany
Eraslan, Sercan; Götz, Thomas. Economics Letters 204, pp. 109881. doi:10.1016/j.econlet.2021.109881
Weekly index of economic activity in Germany built from unconventional, quickly available data, which forms the basis of the Bundesbank's weekly activity index.
Cited in: Economic pulse: how Portfolio Lab calculates early indicators · Glossary: Weekly Activity Index (Bundesbank)
Erb and Harvey (2006) · The Strategic and Tactical Value of Commodity Futures
Erb, Claude B.; Harvey, Campbell R.. Financial Analysts Journal 62 (2), pp. 69–97. doi:10.2469/faj.v62.n2.4084
Individual commodity futures earned hardly any excess return on average, whereas rebalanced portfolios and term structure strategies earned more; warns against naive extrapolation.
Cited in: Active or passive in bonds and commodities: why the rules differ from equities · Liquid real assets: inflation protection with tradable real assets in a portfolio
Erb and Harvey (2013) · The Golden Dilemma
Erb, Claude B.; Harvey, Campbell R.. Financial Analysts Journal 69 (4), pp. 10–42. doi:10.2469/faj.v69.n4.1
Critically examines popular claims such as “gold protects against inflation”; the real gold price is historically high and very volatile.
Cited in: All Weather portfolio: ready for every economic climate? · Real return: what is left after inflation · Gold in a portfolio: safe haven, inflation hedge or just shiny? · Liquid real assets: inflation protection with tradable real assets in a portfolio · Glossary: Gold
Erel et al. (2024) · Risk-Adjusting the Returns to Private Debt Funds
Erel, Isil; Flanagan, Thomas; Weisbach, Michael S.. National Bureau of Economic Research, Working Paper 32278. doi:10.3386/w32278
After risk adjustment with equity and bond factors, a typical private debt fund earns no significant excess return net of fees; before fees it is positive.
Cited in: Private credit and public credit compared: returns, risks and what the research shows · Private debt in practice: direct lending, unitranche, mezzanine, loan structure and fund vehicles
Erikson and Wlezien (2008) · Are Political Markets Really Superior to Polls as Election Predictors?
Erikson, Robert S.; Wlezien, Christopher. Public Opinion Quarterly 72 (2), pp. 190–215. doi:10.1093/poq/nfn010
Properly discounted poll leads beat the Iowa Electronic Markets from 1988 to 2004; traders overestimate the uncertainty of the campaign.
Cited in: Prediction markets as bets on events: what they can and cannot do
Estep and Kritzman (1988) · TIPP: Insurance without complexity
Estep, Tony; Kritzman, Mark. The Journal of Portfolio Management 14 (4), pp. 38–42. doi:10.3905/jpm.1988.409172
Time-invariant portfolio protection: the floor is a fixed share of the highest portfolio value to date and is ratcheted up.
Cited in: CPPI: portfolio insurance with cushion, floor and multiplier · CPPI backtest: methodology · Glossary: TIPP
Estrada (2008) · Black Swans and Market Timing
Estrada, Javier. The Journal of Investing 17 (3), pp. 20–34. doi:10.3905/joi.2008.710917
A handful of days decide long-term returns: missing the best ten days costs a large part of the gains.
Estrella and Hardouvelis (1991) · The Term Structure as a Predictor of Real Economic Activity
Estrella, Arturo; Hardouvelis, Gikas A.. The Journal of Finance 46 (2), pp. 555–576. doi:10.1111/j.1540-6261.1991.tb02674.x
A steep yield curve signals stronger real growth; the slope beats leading indicators and survey forecasts.
Cited in: Market expectations: what the yield curve, inflation-linked bonds and options reveal about the future · Yield curve: what the term structure reveals and why an inverted curve is seen as a warning sign · Macro dashboard and regime analysis: methodology
Estrella and Mishkin (1998) · Predicting U.S. Recessions: Financial Variables as Leading Indicators
Estrella, Arturo; Mishkin, Frederic S.. Review of Economics and Statistics 80 (1), pp. 45–61. doi:10.1162/003465398557320
The slope of the yield curve predicts US recessions one to two quarters ahead better than many other indicators.
Cited in: Market expectations: what the yield curve, inflation-linked bonds and options reveal about the future · Yield curve: what the term structure reveals and why an inverted curve is seen as a warning sign · Macro dashboard and regime analysis: methodology · Glossary: Inverted yield curve · Glossary: Yield curve slope · Glossary: Recession · Glossary: Recession probability
Estrella and Trubin (2006) · The Yield Curve as a Leading Indicator: Some Practical Issues
Estrella, Arturo; Trubin, Mary R.. Current Issues in Economics and Finance (Federal Reserve Bank of New York) 12 (5). Source
Practical rules for the New York Fed's recession model: the 10-year Treasury yield minus the 3-month T-bill on a bond-equivalent basis as a monthly average, a probit for recession twelve months ahead with α = −0.6045 and β = −0.7374, estimated from 1959 to 2005; the level of the spread says more than its change.
Cited in: Market expectations: what the yield curve, inflation-linked bonds and options reveal about the future · Macro dashboard and regime analysis: methodology · Glossary: Bond-equivalent yield · Glossary: Probit model · Glossary: Recession probability
ETFGI (2026) · Active ETF Assets Reach Record US$ 2.59 Trillion as Industry Posts Highest-Ever YTD Inflows of US$ 590 Billion at end July
ETFGI. ETFGI LLP, press release, August 24, 2026; accessed October 25, 2026. Source
Assets, number of products and inflows of active ETFs worldwide at the end of July 2026.
Eurex, TAIC (2026) · Trade at Index Close (TAIC) – Eurex T7 Entry Services
Eurex. Eurex Frankfurt AG; accessed October 27, 2026. Source
Off-exchange negotiated trades in equity index and credit index futures that are eligible for EFP-I, at the index close plus an agreed basis; they are entered as soon as the closing level is available.
Cited in: Order types and execution: from limit orders to MOC, VWAP, TAS and BTIC · Glossary: BTIC
Eurex (2026) · EURO STOXX 50® Index Total Return Futures (TESX): product page and contract specifications
Eurex. Eurex Frankfurt AG; accessed October 25, 2026. Source
Total return futures are traded via the TRF spread, an annual funding spread in basis points; the trade types are Trade at Index Close (TAIC) with the index closing level and Trade at Market (TAM).
Cited in: Basket swaps, total return swaps or futures: building market exposure efficiently · Order types and execution: from limit orders to MOC, VWAP, TAS and BTIC · Glossary: BTIC
Eurex (2026) · EURO STOXX 50® Index Futures (FESX): product page and contract specifications
Eurex. Eurex Frankfurt AG; accessed October 26, 2026. Source
Contract value of €10 per index point, minimum price change of one point, expiry in the March, June, September and December cycle on the third Friday, cash settlement.
Eurex (2026) · Euro-Bund Futures (FGBL): product page and contract specifications
Eurex. Eurex Frankfurt AG; accessed October 26, 2026. Source
Contract value of €100,000, price quoted as a percentage of par with a tick of 0.01 = €10, delivery of German federal bonds on the 10th calendar day of the delivery months March, June, September and December.
Delegated Regulation (EU) 2017/565, Art. 19 (2017) · Delegierte Verordnung (EU) 2017/565 zur Ergänzung der Richtlinie 2014/65/EU, Artikel 19 (hohe Mitteilungsfrequenz innerhalb eines Tages)
Europäische Kommission. Amtsblatt der Europäischen Union L 87 vom 31.3.2017; Schwellen laut Simmons & Simmons, abgerufen am 31.10.2026. Source
High message intraday rate: on average at least two messages per second in one financial instrument or four per second across all financial instruments on a trading venue.
Cited in: Glossary: High-frequency trading
MiFID II, Art. 4 (2014) · Richtlinie 2014/65/EU vom 15. Mai 2014 über Märkte für Finanzinstrumente (MiFID II), Artikel 4 Abs. 1 Nr. 39 und 40 (algorithmischer Handel, hochfrequente algorithmische Handelstechnik)
Europäisches Parlament; Rat der Europäischen Union. Amtsblatt der Europäischen Union L 173 vom 12.6.2014; Wortlaut der Begriffsbestimmungen abgerufen am 31.10.2026. Source
Algorithmic trading: an algorithm determines order parameters with little or no human intervention; high-frequency trading additionally involves infrastructure to minimize latency, order entry without humans and high message rates.
Cited in: Glossary: High-frequency trading · Glossary: Co-location
Regulation (EU) 2020/1503, Art. 21 (2020) · Verordnung (EU) 2020/1503 über Europäische Schwarmfinanzierungsdienstleister für Unternehmen, Artikel 21 (Kenntnisprüfung und Simulation der Fähigkeit, Verluste zu tragen)
Europäisches Parlament; Rat der Europäischen Union. Wortlaut über gesetze.legal, abgerufen am 31.10.2026. Source
Non-sophisticated investors simulate a loss of 10% of their net worth; above €1,000 or 5% of net worth per offer, a risk warning and explicit consent are required.
Cited in: Glossary: P2P loan
EBA (2025) · The EBA publishes the results of its 2025 EU-wide stress test
European Banking Authority. EBA, press release, August 1, 2025; accessed October 25, 2026. Source
2025 EU-wide stress test of 64 banks (75% of EU banking assets) over three years; in the adverse scenario designed by the ESRB and the ECB, the CET1 ratio falls by 370 basis points to 12%.
ECB (2025) · Eurosystem moving to next phase of digital euro project (press release, October 30, 2025)
European Central Bank. European Central Bank; accessed October 25, 2026. Source
The next phase of the digital euro: a pilot from mid-2027 and readiness for a possible first issuance in 2029 if the regulation is adopted in 2026; the ECB will decide on issuance only after that.
Cited in: Digital assets: tokenization, stablecoins, crypto securities and the digital euro · Glossary: Digital euro
ECB, July 2026 survey (2026) · Results of the ECB Survey of Professional Forecasters for the third quarter of 2026 (press release)
European Central Bank. ECB, July 24, 2026; accessed October 27, 2026. Source
53 responses, surveyed from 1 to July 6, 2026: expected inflation of 2.7% for 2026, 2.2% for 2027, 2.0% for 2028 and 2.0% in the longer term (2031).
ECB, Survey of Professional Forecasters (2026) · Background on the survey of professional forecasters
European Central Bank. ECB; accessed October 27, 2026. Source
Survey conducted since January 1999 four times a year (January, April, July, October) among experts at financial and other institutions: point forecasts and probability distributions for inflation, core inflation, growth and unemployment for the current, next and following year, for rolling horizons and for the longer term.
Cited in: Market expectations: what the yield curve, inflation-linked bonds and options reveal about the future · Macro dashboard and regime analysis: methodology · Glossary: Survey of Professional Forecasters
ECB, yield curves (2026) · Euro area yield curves
European Central Bank. ECB; accessed October 27, 2026. Source
Daily euro area yield curves (spot, forward and par yields) for residual maturities from 3 months to 30 years, one based on AAA-rated government bonds and one on all government bonds; data from September 6, 2004, updated at 12:00 on every TARGET business day.
ECB, yield curve methodology (2026) · ECB yield curve methodology (Technical Notes)
European Central Bank. ECB, undated; accessed October 27, 2026. Source
The curves are based on the Nelson-Siegel-Svensson model, using bonds with residual maturities from 3 months to 30 years and excluding floating-rate, inflation-linked and perpetual bonds; formula for the instantaneous forward rate.
Cited in: Market expectations: what the yield curve, inflation-linked bonds and options reveal about the future · Macro dashboard and regime analysis: methodology · Glossary: Instantaneous forward rate · Glossary: Svensson model
European Commission (2015) · Fact Sheet: New EU rules to promote investments in infrastructure projects (amendment of the Solvency II Delegated Regulation)
European Commission. European Commission, fact sheet of September 30, 2015, reproduced in the EU documentation of the Senate of the Netherlands (Eerste Kamer); accessed October 25, 2026. Source
Qualifying infrastructure investments become a separate category under Solvency II; the equity shock falls from 49% to 30%, and the bond shock, for example for a 20-year bond of credit quality step 3, from 30% to 20%.
Cited in: Infrastructure investing: equity and debt, revenue models, valuation and research
Solvency II Delegated Regulation (2015) · Delegierte Verordnung (EU) 2015/35 zur Ergänzung der Richtlinie 2009/138/EG (Solvency II), Art. 168 und 169 (Aktienrisiko) [Delegated Regulation (EU) 2015/35 supplementing Directive 2009/138/EC (Solvency II), Articles 168 and 169 (equity risk)]
European Commission. Text in EIOPA's Solvency II Single Rulebook; accessed October 25, 2026. Source
Standard formula for equity risk: a shock of 39% for type 1 equities, 49% for type 2 equities and 36% for qualifying infrastructure corporates, each plus the symmetric adjustment (92% of it for infrastructure corporates).
Cited in: Infrastructure investing: equity and debt, revenue models, valuation and research
European Commission (2017) · Delegierte Verordnung (EU) 2017/565 vom 25. April 2016 zur Ergänzung der Richtlinie 2014/65/EU (MiFID II), Artikel 50 (Informationen über Kosten und Nebenkosten) [Delegated Regulation (EU) 2017/565 of April 25, 2016 supplementing Directive 2014/65/EU (MiFID II), Article 50 (information on costs and associated charges)]
European Commission. Official Journal of the European Union, March 31, 2017; text of Article 50 accessed October 25, 2026 via gesetze.legal. Source
Investment firms disclose all costs and associated charges aggregated as a cash amount and a percentage, annually ex post and on a personalized basis, with an illustration of the cumulative effect of costs on return.
Cited in: Portfolio reporting: how to report return, risk, attribution and costs properly · Glossary: Ex-post cost disclosure
EU Climate Benchmarks Regulation (2020) · Delegierte Verordnung (EU) 2020/1818 vom 17. Juli 2020 zur Ergänzung der Verordnung (EU) 2016/1011 durch Mindeststandards für EU-Referenzwerte für den klimabedingten Wandel und für Paris-abgestimmte EU-Referenzwerte [Delegated Regulation (EU) 2020/1818 of July 17, 2020 supplementing Regulation (EU) 2016/1011 as regards minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks]
European Commission. Official Journal of the European Union L 406, December 3, 2020; accessed October 25, 2026. Source
Minimum standards for climate indices: greenhouse gas intensity at least 30% (climate transition) or 50% (Paris-aligned) below the investment universe, then at least 7% lower each year, with exclusions under Article 12.
Cited in: ESG ETFs: index rules, ratings, returns and the limits of sustainable funds · ESG methodology: sustainability in the look-through · Glossary: Paris-aligned benchmark · Glossary: Climate transition benchmark
Delegated Regulation (EU) 2024/2759 (2024) · Delegierte Verordnung (EU) 2024/2759 vom 19. Juli 2024 zur Ergänzung der Verordnung (EU) 2015/760 durch technische Regulierungsstandards (Rücknahmepolitik, Liquiditätsmanagement, Abgleich von Übertragungen, Kosten) [Delegated Regulation (EU) 2024/2759 of July 19, 2024 supplementing Regulation (EU) 2015/760 with regard to regulatory technical standards (redemption policy, liquidity management, matching of transfers, costs)]
European Commission. Official Journal of the European Union, October 25, 2024, in force since October 26, 2024; accessed October 25, 2026. Source
Sets the maximum an ELTIF may pay out per redemption date (Annex I by redemption frequency and notice period, Annex II with the minimum share of liquid assets), optional anti-dilution tools and the total expense ratio.
Cited in: Glossary: Semi-liquid fund · Glossary: Notice period · Glossary: Redemption gate
European Commission (2025) · Vorschlag für eine Verordnung zur Änderung der Verordnung (EU) 2019/2088 und der Verordnung (EU) Nr. 1286/2014, COM(2025) 841 final [Proposal for a Regulation amending Regulation (EU) 2019/2088 and Regulation (EU) No. 1286/2014, COM(2025) 841 final]
European Commission. European Commission, Brussels, November 20, 2025; Council document 15751/25 (English version), accessed October 25, 2026. Source
Proposal to restructure the SFDR into three product categories, transition (Article 7), ESG basics (Article 8) and sustainable (Article 9), each requiring at least 70% matching investments and mandatory exclusions.
Cited in: ESG ETFs: index rules, ratings, returns and the limits of sustainable funds
European Commission (2026) · Application of the GDPR (General Data Protection Regulation)
European Commission. European Commission, information page on Regulation (EU) 2016/679; accessed October 25, 2026. Source
What counts as personal data (including location data, IP addresses, cookie and advertising identifiers), and the point that only irreversibly anonymized data fall outside the GDPR.
Cited in: Alternative data: job ads, Reddit, X, satellites and card payments · Glossary: Geolocation data
EIOPA (2016) · Final Report on the Call for Advice from the European Commission on the identification and calibration of other infrastructure investment risk categories i.e. infrastructure corporates (EIOPA-16-490)
European Insurance and Occupational Pensions Authority. EIOPA, 2016; accessed October 25, 2026. Source
Recommends a shock of 36% for equity in qualifying infrastructure corporates held in well-diversified portfolios, close to the 39% for listed equities.
Cited in: Infrastructure investing: equity and debt, revenue models, valuation and research
EIOPA (2025) · EIOPA proposes one-to-one capital requirements for EU insurers’ crypto asset holdings (March 27, 2025)
European Insurance and Occupational Pensions Authority. EIOPA; accessed October 25, 2026. Source
Advice to the Commission: insurers' crypto assets should carry a flat 100% capital requirement in the Solvency II standard formula.
Cited in: Crypto in institutional portfolios: access, custody, regulation and risk budget
EIB (2021) · EIB issues its first ever digital bond on a public blockchain (press release 2021-141)
European Investment Bank. European Investment Bank, April 2021; accessed October 25, 2026. Source
A €100 million two-year digital bond on Ethereum under French law, settled with Banque de France digital central bank money.
Cited in: Digital assets: tokenization, stablecoins, crypto securities and the digital euro
UCITS Directive, Art. 51 (2009) · Richtlinie 2009/65/EG vom 13. Juli 2009 (OGAW), Artikel 51 Absatz 3: Gesamtrisiko aus Derivaten [Directive 2009/65/EC of July 13, 2009 (UCITS), Article 51(3): global exposure from derivatives]
European Parliament; Council of the European Union. Text in ESMA's Interactive Single Rulebook; accessed October 25, 2026. Source
A UCITS's global exposure relating to derivatives may not exceed its net asset value; it is calculated from the value of the underlying assets, counterparty risk, future market movements and the time available to liquidate the positions.
Cited in: Basket swaps, total return swaps or futures: building market exposure efficiently · Overlay management with futures: beta, duration and currency overlays, contract numbers and liquidity needs
UCITS Directive (2009) · Richtlinie 2009/65/EG vom 13. Juli 2009 zur Koordinierung der Rechts- und Verwaltungsvorschriften betreffend bestimmte Organismen für gemeinsame Anlagen in Wertpapieren (OGAW), Artikel 52 [Directive 2009/65/EC of July 13, 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), Article 52]
European Parliament; Council of the European Union. Official Journal of the European Union L 302, November 17, 2009; text of Article 52 accessed October 25, 2026 via legislation.gov.uk. Source
Article 52 limits counterparty risk from derivatives to 10% of fund assets for credit institutions and 5% for other counterparties, alongside the 5/10/40 diversification limits.
Cited in: Basket swaps, total return swaps or futures: building market exposure efficiently · How leveraged ETFs are built: swaps, daily rebalancing and gamma risk · Index replication: full replication, optimized sampling and swaps
Short Selling Regulation (2012) · Verordnung (EU) Nr. 236/2012 vom 14. März 2012 über Leerverkäufe und bestimmte Aspekte von Credit Default Swaps, Art. 3, 5, 6, 9, 12 und 14 (konsolidierte Fassung vom 16.01.2024) [Regulation (EU) No. 236/2012 of March 14, 2012 on short selling and certain aspects of credit default swaps, Articles 3, 5, 6, 9, 12, and 14 (consolidated version of January 16, 2024)]
European Parliament; Council of the European Union. Official Journal of the European Union; consolidated version on EUR-Lex, accessed October 25, 2026. Source
Bans naked short sales of shares and naked CDS on sovereign bonds; net short positions in shares must be reported to the supervisor from 0.1% and at each further 0.1 percentage points, and published from 0.5%, by 15:30 on the following trading day.
Cited in: Short selling, hedge funds and hedging: types and how they work · Glossary: Net short position
MAR (2014) · Verordnung (EU) Nr. 596/2014 vom 16. April 2014 über Marktmissbrauch (Marktmissbrauchsverordnung, MAR) [Regulation (EU) No. 596/2014 of April 16, 2014 on market abuse (Market Abuse Regulation, MAR)]
European Parliament; Council of the European Union. Official Journal of the European Union, June 12, 2014; text accessed October 25, 2026. Source
The directly applicable EU regulation against market abuse: inside information and insider dealing, issuers' obligations, and market manipulation; Art. 12 defines what counts as manipulation (misleading transactions and orders, false information, opinions voiced after building up a position without disclosing it), and Art. 15 prohibits it.
Cited in: Pump and dump and penny stocks: how the scam works · Insider trading: what is prohibited, what is allowed and what insider purchases reveal · Glossary: Market manipulation · Glossary: Directors' dealings · Glossary: Ad hoc disclosure · Glossary: Closed period · Glossary: Tippee
PRIIPs Regulation (2014) · Verordnung (EU) Nr. 1286/2014 vom 26. November 2014 über Basisinformationsblätter für verpackte Anlageprodukte für Kleinanleger und Versicherungsanlageprodukte (PRIIP), Artikel 8 und 32 [Regulation (EU) No. 1286/2014 of November 26, 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs), Articles 8 and 32]
European Parliament; Council of the European Union. Official Journal of the European Union; current version accessed October 25, 2026 via gesetze.legal. Source
Structure of the key information document with a summary risk indicator, performance scenarios and costs in euros and percent; UCITS were exempt until December 31, 2022 (Article 32).
Cited in: Portfolio reporting: how to report return, risk, attribution and costs properly · Glossary: Key information document (KID)
SFDR (2019) · Verordnung (EU) 2019/2088 vom 27. November 2019 über nachhaltigkeitsbezogene Offenlegungspflichten im Finanzdienstleistungssektor (Offenlegungsverordnung, SFDR) [Regulation (EU) 2019/2088 of November 27, 2019 on sustainability-related disclosures in the financial services sector (Sustainable Finance Disclosure Regulation, SFDR)]
European Parliament; Council of the European Union. Official Journal of the European Union L 317, December 9, 2019; accessed October 25, 2026. Source
Since March 2021, governs what financial products must disclose about sustainability risks (Article 6), promoted environmental or social characteristics (Article 8) and sustainable investment objectives (Article 9).
Cited in: ESG ETFs: index rules, ratings, returns and the limits of sustainable funds · Portfolio reporting: how to report return, risk, attribution and costs properly · ESG methodology: sustainability in the look-through · Glossary: SFDR · Glossary: Article 6 fund · Glossary: Article 8 fund · Glossary: Article 9 fund
MiCA (2023) · Verordnung (EU) 2023/1114 vom 31. Mai 2023 über Märkte für Kryptowerte (MiCA), Artikel 50 (Verbot der Gewährung von Zinsen) und Artikel 54 (Anlage der Geldbeträge) [Regulation (EU) 2023/1114 of May 31, 2023 on markets in crypto-assets (MiCA), Article 50 (prohibition on granting interest) and Article 54 (investment of funds)]
European Parliament; Council of the European Union. Official Journal of the European Union L 150, June 9, 2023; text via ESMA's Interactive Single Rulebook, accessed October 25, 2026. Source
Issuers of e-money tokens and crypto-asset service providers may not grant interest; at least 30% of the funds received must be held in segregated accounts with credit institutions, and the rest in secure, liquid assets in the same currency.
Cited in: Digital assets: tokenization, stablecoins, crypto securities and the digital euro · Glossary: E-money token
Regulation (EU) 2023/606 (2023) · Verordnung (EU) 2023/606 vom 15. März 2023 zur Änderung der Verordnung (EU) 2015/760 in Bezug auf die Anforderungen an die Anlagepolitik und die Bedingungen für die Tätigkeit europäischer langfristiger Investmentfonds sowie in Bezug auf den Umfang der zulässigen Anlagevermögenswerte, die Anforderungen an die Portfoliozusammensetzung und Diversifizierung und die Barkreditaufnahme sowie andere Vertragsbedingungen [Regulation (EU) 2023/606 of March 15, 2023 amending Regulation (EU) 2015/760 as regards the requirements pertaining to the investment policies and operating conditions of European long-term investment funds and the scope of eligible investment assets, the portfolio composition and diversification requirements and the borrowing of cash and other fund rules]
European Parliament; Council of the European Union. Official Journal of the European Union, March 20, 2023, applicable from January 10, 2024; accessed October 25, 2026. Source
Reform of the ELTIF Regulation (ELTIF 2.0): at least 55% eligible investments, borrowing of up to 50% of net asset value when marketed to retail investors, redemptions before maturity under conditions, and a suitability assessment instead of a minimum investment.
Cited in: Private debt in practice: direct lending, unitranche, mezzanine, loan structure and fund vehicles · Glossary: ELTIF
Directive (EU) 2024/2994 (2024) · Directive (EU) 2024/2994 of 27 November 2024 amending Directives 2009/65/EC, 2013/36/EU and (EU) 2019/2034 as regards the treatment of concentration risk arising from exposures towards central counterparties and of counterparty risk in centrally cleared derivative transactions
European Parliament; Council of the European Union. Official Journal of the European Union; accessed October 25, 2026. Source
Amends the UCITS Directive, among others: the limits on counterparty risk apply to derivatives that are not cleared through an authorized central counterparty; to be transposed by June 25, 2026.
Cited in: Index replication: full replication, optimized sampling and swaps
Directive (EU) 2026/804 (2026) · Richtlinie (EU) 2026/804 vom 30. März 2026 zur Änderung der Richtlinie 2014/49/EU über Einlagensicherungssysteme [Directive (EU) 2026/804 of March 30, 2026 amending Directive 2014/49/EU on deposit guarantee schemes]
European Parliament; Council of the European Union. Official Journal of the European Union, April 20, 2026; accessed October 26, 2026. Source
Temporary coverage of high balances of at least €500,000 for six months (up to €2.5 million for real estate transactions) in addition to the €100,000; to be transposed by May 11, 2028.
Cited in: Glossary: Deposit insurance
European Parliament (2026) · Legislative Train Schedule: Digital euro (as of September 20, 2026)
European Parliament. European Parliament; accessed October 25, 2026. Source
Status of the legislative procedure on the digital euro: the negotiating mandate was confirmed by the plenary in July 2026; Parliament and Council still differ on the remuneration model, distribution and holding limits.
Cited in: Digital assets: tokenization, stablecoins, crypto securities and the digital euro · Glossary: Digital euro
ESMA, ETF guidelines (2014) · Leitlinien zu börsengehandelten Indexfonds (Exchange-Traded Funds, ETF) und anderen OGAW-Themen (ESMA/2014/937DE) [Guidelines on ETFs and other UCITS issues (ESMA/2014/937), German version]
European Securities and Markets Authority. ESMA, August 1, 2014; accessed October 29, 2026. Source
Leveraged UCITS index funds must comply with the limits on global exposure under Article 51(3) of the UCITS Directive (commitment approach or relative VaR) and describe in the prospectus the leverage policy, costs, risks, reverse leverage and the deviation from the multiple over longer periods.
Cited in: How leveraged ETFs are built: swaps, daily rebalancing and gamma risk
ESMA (2024) · Guidelines on funds' names using ESG or sustainability-related terms (ESMA34-1592494965-657)
European Securities and Markets Authority. ESMA, final report, May 14, 2024; accessed October 25, 2026. Source
Funds with ESG or sustainability terms in their names must align at least 80% of their investments accordingly and, depending on the term, apply the exclusions of the Paris-aligned or climate transition benchmarks.
Cited in: ESG ETFs: index rules, ratings, returns and the limits of sustainable funds · ESG methodology: sustainability in the look-through
ESMA clearing obligation register (2024) · Public Register for the Clearing Obligation under EMIR (ESMA70-151-2218)
European Securities and Markets Authority. ESMA, last updated June 4, 2024; accessed October 25, 2026. Source
Certain interest rate derivatives (basis, fixed-to-float and overnight index swaps, FRAs) and two European index CDS are subject to the clearing obligation under EMIR; equity derivatives are not on the list.
Cited in: Basket swaps, total return swaps or futures: building market exposure efficiently
ESMA, Consolidated Tape (2025) · ESMA selects the first Consolidated Tape Provider for bonds
European Securities and Markets Authority. ESMA, announcement, July 3, 2025; accessed October 25, 2026. Source
ESMA selects, according to the MiFIR criteria, the first operator of a consolidated tape for bonds in the EU, which is to provide a consolidated view of trading for five years under ESMA's direct supervision.
Cited in: Market making and bond trading: spread, inventory, axes, RFQ, cross trades and matrix pricing
ESMA, UCITS eligible assets (2025) · Final Report on the Technical Advice on the review of the UCITS Eligible Assets Directive (ESMA34-2087785638-1548, June 26, 2025)
European Securities and Markets Authority. ESMA; accessed October 25, 2026. Source
Advice to the European Commission: look-through to the ultimate underlying, exposures to ineligible assets only within a 10% limit; direct investment in crypto assets would require amending the UCITS Directive itself.
Cited in: Crypto in institutional portfolios: access, custody, regulation and risk budget
ESMA, DLT Pilot Regime (2025) · Report on the functioning and review of the DLT Pilot Regime (Article 14, ESMA75-117376770-460, June 25, 2025)
European Securities and Markets Authority. ESMA; accessed October 25, 2026. Source
A review of the DLT Pilot Regime since March 23, 2023: three authorized infrastructures by the end of May 2025, low volumes, and a recommendation for higher thresholds and a permanent framework.
Cited in: Digital assets: tokenization, stablecoins, crypto securities and the digital euro
ESMA (2026) · Costs and Performance of EU Retail Investment Products 2025 (ESMA50-1949966494-4065)
European Securities and Markets Authority. ESMA, market report, March 3, 2026; accessed October 25, 2026. Source
Annual comparison of the costs and returns of EU funds; ESG funds are about 5 basis points cheaper on average, while equity ETFs have similar ongoing costs with and without ESG features.
Cited in: ESG ETFs: index rules, ratings, returns and the limits of sustainable funds
ESMA, bond transparency (2026) · ESMA publishes list of supplementary deferrals for sovereign bonds
European Securities and Markets Authority. ESMA, announcement, February 19, 2026, updated March 31, 2026; accessed October 25, 2026. Source
The new regime of publication deferrals for bonds under MiFIR applies from March 2, 2026, with supplementary deferrals for sovereign bonds from May 4, 2026.
Cited in: Market making and bond trading: spread, inventory, axes, RFQ, cross trades and matrix pricing
ESMA, T+1 (2026) · Statement on T+1 preparations (ESMA74-2119945926-3773, July 20, 2026)
European Securities and Markets Authority. ESMA; accessed October 25, 2026. Source
EU financial markets will move to a T+1 settlement cycle on October 11, 2027.
Cited in: Digital assets: tokenization, stablecoins, crypto securities and the digital euro
ESMA (2026) · Guidelines on Liquidity Management Tools (LMTs) of UCITS and open-ended AIFs (ESMA34-671404336-1364)
European Securities and Markets Authority. ESMA, March 12, 2026; accessed October 26, 2026. Source
Guidelines on the selection and calibration of liquidity management tools for open-ended funds: at least two tools, preferably one quantity-based and one anti-dilution tool; suspensions only in exceptional cases and on a temporary basis.
Cited in: Liquidity risk: measuring market liquidity, liquidity premiums and the tools of open-ended funds · Glossary: Liquidity management tool
ESA (2015) · Sentinel-2 User Handbook
European Space Agency. ESA, Issue 1, Revision 2, July 24, 2015. Source
Handbook for the freely available Sentinel-2 imagery: 13 spectral bands at 10, 20 and 60 m resolution, with a revisit every 5 days using two satellites under cloud-free conditions.
Cited in: Alternative data: job ads, Reddit, X, satellites and card payments · Ship tracking data and satellite images: what they reveal about commodities
Evans and Archer (1968) · Diversification and the Reduction of Dispersion: An Empirical Analysis
Evans, John L.; Archer, Stephen H.. The Journal of Finance 23 (5), pp. 761–767. doi:10.1111/j.1540-6261.1968.tb00315.x
Examines how the volatility of randomly assembled, equally weighted stock portfolios falls with the number of holdings; this is the origin of the rule of thumb of about ten stocks.
Cited in: Stock picking: why individual stocks are so hard to get right
Journal article details checked via Crossref. The articles paraphrase the key findings; verbatim quotes are short and checked against the original.