C

CAC 40 (index)

The CAC 40 is the benchmark index of the Paris Bourse (stock exchange), comprising the 40 largest and most actively traded stocks. Using a base value of 1,000 at December 31, 1987, it is weighted by the stock market capitalization of each of its constituent companies. The Conseil Scientifique des Bourses de Valeurs decides which companies to include in the index, based on a number of criteria, including liquidity and economic weight of the sector in which the companies operate. CAC stands for “Cotation Assistée en Continu”.

capital gain/capital loss

The difference, negative / positive, between the sale price and purchase price of a share.

cash market

A market requiring that deliveries and payments take place on the day of transaction.

Clearing agencies

A clearing agency centralizes all stock market transactions. It facilitates the circulation of securities between affiliated establishments by over-the-counter operations and other capital operations. It is also offers custody services (CED-Central Securities Depositery). Clearing agencies are Euroclear France in France, Clearstream in Germany and Iberclear in Spain.

Clearstream

See clearing agencies.

CNMV - Comisión Nacional del Mercado de Valores

The CNMV (National Commission of the Stock market) is in charge of the supervision and inspection of the Spanish stock markets and of the activity of all its actors. It was created in 1988. The aim of the CNMV is to ensure transparency of the Spanish stock markets as well as the protection of the investors. It also controls the information given by issuers and investment services companies (incl. collective instrument).

See also AMF and BaFin.

consensus

A forecasting method established by a sample group of financial analysts. Consensus opinions provide a good reflection of the financial market’s opinion of a company and its potential at a given moment in time.

consolidation

An accounting method used to show the financial position of different companies in a corporation as though they were a single company. “Consolidated sales” or “consolidated income” designate the results of a group comprising several subsidiaries.