G) promote the placement of internal and external loans as the agent of the Federal Government. Its main legal responsibilities are as follows:ī) exercise the control over credit in all of its forms.ĭ) be the depository of the official reserves of gold and foreign currency.Į) inspect the financial institutions and apply any penalties when applicable.į) carry out buying and selling operations of federal government securities as an instrument of monetary policy. Administers the country‘s international reserves and oversees the National Financial System. BĬentral Bank of Brazil is the federal body that executes the government‘s monetary policies. The average of the profits associated with a security over a period of time.Īverage toll is calculated by dividing consolidated toll revenues by the total vehicle equivalent number of each concessionaire and all concessionaires. Statutory limit established by means of a general shareholders‘ meeting that allows the board of directors to approve a company‘s increase in capital.Īverage price of an asset during a day of trading. The setting up of an ADR Level I program is considered as the first step for entering the capital market in the United States.Įxpresses the relation between one ADR and the stocks in the country of origin.īrazilian Association of Stock Market Analysts and Investment Professionals.ġ) Operation in which an investor makes profits without risk by making simultaneous transactions in two or more markets.Ģ) A system that allows physical and financial settlements of inter-market operations so that the same investor, trading on the cash market, can buy from one stock exchange and sell the same asset on another one in equal quantities, as long as there is an agreement made between the two stock exchanges. ADR – Level III has the same level of demands as ADR – Level II, but they must be issued with new shares and the consequent capital funding. It should be pointed out that for these first two levels, new stocks are not issued. The level of demands and of transparency is greater than ADR – Level I. ADR – Level II is traded on the US stock exchange. ADR – Level I is the one with the lowest demands and is traded on the OTC (Over-the-Counter) market. There are three levels of ADR, each one with different demands of transparency and conformity to North American standards. ADR was created with the objective of giving more access to the US capital market for foreign companies. Only the series of adjusted quotations make it possible to analyze the evolution of a share‘s price over time.Īmerican Depositary Receipts – certificates of stocks from non-American companies issued and traded in US capital market. Market value of a share adjusted by all the earnings that affect its value such as dividends, deployments, groupings, or bonuses.
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