May 10, 2010 13:23
14 yrs ago
23 viewers *
English term
integral multiples
English
Bus/Financial
Finance (general)
I am trying to understand this concept when talking about trading of financial instruments.
Examples:
The ICMA is publishing this guidance note summarising the key issues which arise in the context of issuance of bearer debt securities with a denomination being €50,000 and an integral multiple of another lesser amount, usually €1,000 (“50k+1k denominations”).
Registered Notes to be offered to institutional accredited investors will be issued in denominations of U.S.$100,000 and thereafter higher integral multiples of U.S.$10,000 in excess thereof, or its equivalent in any other currency as may be agreed between the relevant Issuer and the relevant Dealer(s).
The actual text is about emissions trading (allowances to be traded as financial instruments) and reads as follows:
Each bid shall state the following:
- the number of allowances in integral multiples of lots of 500 or 1 000 allowances;
The full text of the document is available here:
http://ec.europa.eu/environment/climat/emission/pdf/proposed...
Examples:
The ICMA is publishing this guidance note summarising the key issues which arise in the context of issuance of bearer debt securities with a denomination being €50,000 and an integral multiple of another lesser amount, usually €1,000 (“50k+1k denominations”).
Registered Notes to be offered to institutional accredited investors will be issued in denominations of U.S.$100,000 and thereafter higher integral multiples of U.S.$10,000 in excess thereof, or its equivalent in any other currency as may be agreed between the relevant Issuer and the relevant Dealer(s).
The actual text is about emissions trading (allowances to be traded as financial instruments) and reads as follows:
Each bid shall state the following:
- the number of allowances in integral multiples of lots of 500 or 1 000 allowances;
The full text of the document is available here:
http://ec.europa.eu/environment/climat/emission/pdf/proposed...
Responses
| 3 +4 | whole-number multiples |
Armorel Young
|
Responses
+4
5 mins
Selected
whole-number multiples
One of the meanings of integral is "entire or whole; not fractional" (Chambers dictionary).
So in the example quoted, where the "lesser amount" is £1,000, the quantity must be a whole number times that amount - so it could be £2,000 but it could not be £1,500.
So in the example quoted, where the "lesser amount" is £1,000, the quantity must be a whole number times that amount - so it could be £2,000 but it could not be £1,500.
4 KudoZ points awarded for this answer.
Comment: "Many thanks!"
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