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| FCP | A Fonds Commun de Placement or “unincorporated investment fund” is an investment vehicle whose management is entrusted to a regulated body or “société de gestion” |
| FCPE | A Fond Commun de Placement en Entreprise is a fund which is only open to investment by the employees of a company or a group of companies |
| Final Index Date | The date when the final level of the equity index is recorded |
| Final index level | This is the final level of the underlying index used in calculating the return from a structured product
Often the final index level is the average level of the index calculated over, say the final 12 months of the term of the product |
| Fixed Upside | A return based on the assets of an underlying basket. Usually, an asset is considered to have a fixed growth if it hasn't fallen. Otherwise, the fall is recorded. Other structures are based on a pre-determined number of top-performing assets to be given a fixed growth, while the remainder assets are recorded at their performance, positive or negative |
| Fixings | In most structured product the calculation of the final return is based on the movement of some underlying price or index. In order to determine this movement the level of the underlying must be taken at specific times (usually at the start and end of the product’s term). These price or index levels, used in calculating the return, are sometimes called fixings |
| Flip Flop | A return based on a fixed interest rate for an initial period, followed, at the discretion of the provider, by a variable coupon usually linked to Euribor or similar other interest rate indices. Once the provider has made the switch to the variable coupon payment, all future coupons will be interest-rate linked. These products are also known as Flipable or Switch |
| Floater | An income product offering a coupon that rises when the underlying reference rate rises. The coupon is calculated as a fixed rate plus the floating reference rate |
| Floor | This type of open-ended fund allows for a protected level to be set at regular intervals, typically once a year. Most of the investment will be placed in equities, the rest in buying put options and selling call options |
| Floor Fund | This is the name given to a particular type of structured product that offers a minimum return, usually at least the sum invested, plus some additional return based on the performance of the stock market. The key feature of this particular product is that it has no defined term i.e. it is open-ended so investments and redemptions can be made at any time
The fund (it is usually a Unit Trust or OEIC) invests primarily in shares and purchases put options to protect this share portfolio in the event of any fall in the stock market. Often the cost of these put options is recouped by selling call options on the shares that are held in the fund |
| Flow & Others | Highly standardised structured products, usually issued in large numbers and on a regular basis. Sweden Exchange-listed products that do not have a primary subscription period |
| Forward start option | An option whose strike price is determined only during its life (according to a rule defined in the contract) |
| Futures | A futures contract is a form of derivative contract, typically traded on a regulated exchange. The contract allows the buyer for example, to fix a price now for the underlying at a set date in the future. If the price on that date is higher than the purchase price of the futures contract then the buyer will make a profit but conversely if the price is lower then he will make a loss. Profits and losses are exactly proportional to the size of the futures position and the final level of the underlying
Futures contracts allow buys and sellers to take a view on whether the reference underlying index, price or rate will rise or fall before the contract expires Typical futures contracts are referenced to equity indices such as the FTSE100 or S&P500, government bond prices such as Gilts or US Treasury Bonds, and interest rates such as sterling LIBOR |
| FX Rate | Foreign exchange rate |