Traduction de «Prix des éléments d'actif » (Français → Anglais) :

Recently it has been suggested in The Economist that western countries really have not achieved the low inflation rates they claim, because they fail to take into account asset prices.

‘physical infrastructure’ means any element of a network which is intended to host other elements of a network without becoming itself an active element of the network, such as pipes, masts, ducts, inspection chambers, manholes, cabinets, buildings or entries to buildings, antenna installations, towers and poles; cables, including dark fibre, as well as elements of networks used for the provision of water intended for human consumption, as defined in point 1 of Article 2 of Council Directive 98/83/EC are not physical infrastructure w ...[+++]ithin the meaning of this Directive.

Therefore, a physical infrastructure that is intended to only host other elements of a network without becoming itself an active network element, such as in the case of dark fibre, can in principle be used to accommodate electronic communications cables, equipment or any other element of electronic communications networks, regardless of its actual use or its ownership, in the absence of any security concerns or prejudice to the future business interests of the owner of the infrastructure.

The exposure between these two bounds is determined as the delta (an options delta measures the sensitivity of an option’s price solely to a change in the price of the underlying asset) adjusted equivalent of the underlying position.

Contracts for differences: A contract for differences (CFD) is an agreement between two parties — the investor and the CFD provider — to pay the other the change in the price of an underlying asset.

The other conditions imposed by the Commission are as follows: - no amendment may be made to the plan without the Commission's prior agreement; - Crédit Lyonnais will be permitted to repurchase hived-off industrial and commercial assets (compare the Usinor-Sacilor case) only at the price at which the assets were transferred to Consortium de Réalisations (CDR - see background below) or at the market price if that is higher than the price at which the assets were transferred to CDR; an overall limit of FF 5 billion has been set on such repurchases; - a clearer separation will have to be made between CDR and Crédit Lyonnais as regards th ...[+++]eir managers, their administration and the system of controlling and supervising the management of the hiving-off mechanism; steps must also be taken to ensure that the committees responsible for managing the hived-off companies remain independent of Crédit Lyonnais and that the bank has no share in the proceeds of CDR's sales; - Crédit Lyonnais will have to use the proceeds of sales to restructure non-performing assets and activities, thereby preventing it from reinvesting those proceeds in the repurchase of industrial or financial holdings; - Société de Participation Banque/Industries (SPBI - see background below) will receive not only the proceeds of the privatization of Crédit Lyonnais but also a substantial share of the bank's profits (in accordance with the "better fortunes" clause).