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auto-ex segment

German translation: automatische Ausübung

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:auto-exercise (auto-ex)
German translation:automatische Ausübung
Entered by: Ralf Lemster
Options:
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09:14 Oct 27, 2002
English to German translations [PRO]
Bus/Financial / warrants
English term or phrase: auto-ex segment
A press release about covered warrants:

"Coverage of warrants in both the LSE auto-ex and non auto-ex segments".

What are these auto-ex and non auto-ex segments?

TIA
LegalTrans D
Turkey
an der LSE gehandelte Optionsscheinemissionen mit/ohne automatische(r) Ausübung
Explanation:
Lässt sich leider nicht knapper formulieren - falls das eine Pressemitteilung zum morgigen Start von "Covered Warrants" an der LSE ist, musst du wahrscheinlich etwas kürzen, z.B.:
"Handel von Optionsscheinen an der LSE (automatische/manuelle Ausübung)"

Der Unterschied liegt im Optionstyp: bei bestimmten Optionen kann die Ausübung automatisch erfolgen (meistens bei europäischen Optionen, die sich auf einen bestimmten Referenzpreis, z.B. einen Indexstand zu einem bestimmten Zeitpunkt, beziehen).

Die entsprechende LSE-Website (s.u.) enthält eine Reihe von PDFs mit Hintergrundinformationen; ein paar relevante Auszüge:

What is the procedure for exercising covered warrants?
Automatic exercise can occur where the issuer initiates expiry unilaterally if
exercise is profitable to the warrant holder, without the need for instruction from
the holder’s broker. This applies to most covered warrants but non-automatic
execution will be used for American-style covered warrants that are to be
exercised prior to the warrant’s expiry date. The process for exercise, both
manual and automatic, will use existing CREST functionality.

Expiry of covered warrants in CREST
• CREST can be used for the expiry of covered warrants. The current rules
governing expiry allow the issuer to choose the procedure, providing it is made
explicit in the listing prospectus.
• CREST functionality allows for both automatic and non-automatic exercise in
stock-settled and cash-settled calls and puts (stock-settlement is where the
warrant holder receives the underlying securities at exercise, whereas cash is
received for cash-settled).
Selected response from:

Ralf Lemster
Germany
Local time: 06:55
Grading comment
Danke, Ralf. Wieder etwas Einsicht gewonnen! Gleichzeitig hast Du meine nächste Frage voweggenommen ("CREST"). Danke auch an Andy.
4 KudoZ points were awarded for this answer

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Summary of answers provided
5 +1an der LSE gehandelte Optionsscheinemissionen mit/ohne automatische(r) Ausübung
Ralf Lemster
4automatisches Handelssegment
Andy Lemminger


  

Answers


23 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
automatisches Handelssegment


Explanation:
auto-ex: automatic execution system
LSE: Lisbon Stock Exchange (Börse Lissabon)
non auto-ex: manuelle Ausführung

Andy Lemminger
Canada
Local time: 22:55
Native speaker of: German
PRO pts in pair: 2242
Login to enter a peer comment (or grade)

58 mins   confidence: Answerer confidence 5/5 peer agreement (net): +1
an der LSE gehandelte Optionsscheinemissionen mit/ohne automatische(r) Ausübung


Explanation:
Lässt sich leider nicht knapper formulieren - falls das eine Pressemitteilung zum morgigen Start von "Covered Warrants" an der LSE ist, musst du wahrscheinlich etwas kürzen, z.B.:
"Handel von Optionsscheinen an der LSE (automatische/manuelle Ausübung)"

Der Unterschied liegt im Optionstyp: bei bestimmten Optionen kann die Ausübung automatisch erfolgen (meistens bei europäischen Optionen, die sich auf einen bestimmten Referenzpreis, z.B. einen Indexstand zu einem bestimmten Zeitpunkt, beziehen).

Die entsprechende LSE-Website (s.u.) enthält eine Reihe von PDFs mit Hintergrundinformationen; ein paar relevante Auszüge:

What is the procedure for exercising covered warrants?
Automatic exercise can occur where the issuer initiates expiry unilaterally if
exercise is profitable to the warrant holder, without the need for instruction from
the holder’s broker. This applies to most covered warrants but non-automatic
execution will be used for American-style covered warrants that are to be
exercised prior to the warrant’s expiry date. The process for exercise, both
manual and automatic, will use existing CREST functionality.

Expiry of covered warrants in CREST
• CREST can be used for the expiry of covered warrants. The current rules
governing expiry allow the issuer to choose the procedure, providing it is made
explicit in the listing prospectus.
• CREST functionality allows for both automatic and non-automatic exercise in
stock-settled and cash-settled calls and puts (stock-settlement is where the
warrant holder receives the underlying securities at exercise, whereas cash is
received for cash-settled).


    Reference: http://www.londonstockexchange.com/coveredwarrants/terms.asp...
Ralf Lemster
Germany
Local time: 06:55
Native speaker of: German
PRO pts in pair: 4899
Grading comment
Danke, Ralf. Wieder etwas Einsicht gewonnen! Gleichzeitig hast Du meine nächste Frage voweggenommen ("CREST"). Danke auch an Andy.

Peer comments on this answer (and responses from the answerer)
agree  Manuela Schilling
3 hrs
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