List of Glossary Terms
The PDSnet Glossary of Terms contains definitions and explanations for over 2600 financial market terms. These definitions are constantly kept up-to-date with current topical examples from the markets. They are also updated for changes in legislation and current events like COVID19 and the July 2021 civil unrest.
The terms in the Glossary are directly linked to all PDSnet articles, confidential reports, lecture modules and other material. This means that a client reading one of our publications can immediately see which terms are defined in the Glossary and click through to read the definition. Terms within the definitions in the glossary are similarly linked, which gives the Glossary an enormous educational depth share market investors.
| J150 |
This was a weighted average of all gold shares traded on the JSE until the index was discontinued on 23rd March 2021 and the constituent shares folded into the JSE Precious Metals and Mining... read more |
| JANUARY EFFECT |
An American phenomena which means the tendency for securities prices to recover in January after tax-related selling is completed before the year-end.... read more |
| JET SYSTEM |
A stock market trading system which was used by the Johannesburg Stock Exchange until 13th May 2002. It was replaced by the SETS system. |
| JIBAR |
The interest rate which banks in South Africa charge each other for funds lent in the open market and it is agreed by the ten largest financial institutions in the country. |
| JOB CREATION |
The opening of opportunities to for paid work, mainly to the unemployed. Job creation has been a key objective of the ANC and the government for many years, but... read more |
| JOBBER |
Originally, a stock jobber was a market maker on the London Stock Exchange (LSE), prior to the dematerialisation of shares and the advent of electronic trading in 1986. In South Africa the term... read more |
| JOHANNESBURG INTERBANK AGREED RATE |
The interest rate which banks in South Africa charge each other for funds lent in the open market and it is agreed by the ten largest financial institutions in the country. |
| JOHANNESBURG SECURITIES EXCHANGE |
The primary securities exchange in South Africa. The Johannesburg Stock Exchange, the futures and options markets and the bond... read more |
| JOHN MAYNARD KEYNES |
Keynes was a British economist who devloped the "monetarist" school of thought in economics. He is well known for publishing a book, "The General Theory... read more |
| JOINT STOCK COMPANY |
An old term for a the first companies developed mostly in the UK and Europe. Companies have the advantage of limited liability which means their shareholders cannot lose more than the value of... read more |
| JOSEPH GRANVILLE |
A financial public speaker and writer from America, Joseph Granville championed the the idea of using volumes as a key technical indicator. He developed the On Balance Volume technique (OBV)... read more |
| JOSEPH GRANVILLE'S |
A financial public speaker and writer from America, Joseph Granville championed the the idea of using volumes as a key technical indicator. He developed the On Balance Volume technique (OBV)... read more |
| JSE |
The primary securities exchange in South Africa. The Johannesburg Stock Exchange, the futures and options markets and the bond... read more |
| JSE ALTERNATIVE EXCHANGE (ALT-X) |
The Alt-X is part of the JSE. It is a board which is available to those companies which cannot qualify to list on the "main board".... read more |
| JSE BANKS INDEX |
The JSE Banks Index (J835) is an actuarily weighted average of the prices of the listed banks trading on the JSE. The major listed banks include Firstrand, ABSA, Nedbank, Standard, Investec and... read more |
| JSE CODE |
An abbreviation for securities traded on an organised exchange. Share codes on the JSE are between 3 and 6 letters long - so,... read more |
| JSE GOLD MINING INDEX |
This was a weighted average of all gold shares traded on the JSE until the index was discontinued on 23rd March 2021 and the constituent shares folded into the JSE Precious Metals and Mining... read more |
| JSE GUARANTEE FUND |
The JSE maintains a fund called the "guarantee fund" which protects investors up to a certain limit against the failure of a member firm (i.e. a stockbroker) to recover securities or funds due... read more |
| JSE HANDBOOK |
A regurlarly updated hard-copy book which gives details of all the listed companies on the JSE. This book is updated three times a year and contains abbreviated financials going back five years... read more |
| JSE MAGAZINE |
A quarterly online publication produced by the JSE containing topical articles on the economy, individual listed companies and the investment environment generally. We would advise private investors... read more |
| JSE MEMBER FIRM |
To buy and sell shares on the Johannesburg Securities Exchange, you will need to open an account with a stockbroking firm. Stockbroking firms employ stockbrokers who have passed the necessary... read more |
| JSE OVERALL INDEX |
All stock exchanges have indexes which provide averages of the prices of their listed shares. These averages are normally... read more |
| JSE QUARTERLY MAGAZINE |
A three-monthly magazine sent to stockbrokers, fund managers and various other financial professionals. It is available at: https://www.jsemagazine.co.za |
| JSE RULES AND DIRECTIVES |
Rules and directives established by the JSE to govern all the workings of the exchange in terms of the Stock Exchanges Control Act (SECA). The rules are an extensive document which is available... read more |
| JSE SAPY |
This is the JSE's primary property index (J253) and it includes the 20 largest and most liquid property funds. This index reached a peak at the end of 2017 at an index level... read more |
| JSE SETS |
The London Stock Exchange's "Stock Exchange Trading Service" (SETS) electronic order book. The London Stock Exchange sold its Sets order-driven trading system to the JSE Securities Exchange South... read more |
| JSE TOP 40 |
An index of the 40 biggest companies trading on the JSE. This is a weighted index for the market capitalisation of the companies... read more |
| JSE TOP 40 INDEX |
An index of the 40 biggest companies trading on the JSE. This is a weighted index for the market capitalisation of the companies... read more |
| JSE TRUSTEES (PTY) LTD |
A company formed by the JSE to hold, invest and safeguard the surplus funds belonging to a client and held by a broker who is operating a controlled account on behalf of the client. The investors... read more |
| JSE TRUSTEES RATE |
Stock Broking firms open accounts for their customers so that they can invest on the JSE. Any funds deposited into such accounts and not used to buy shares must be transferred to the JSE Trustees... read more |
| JSE-FIN30 |
An index prepared by the JSE actuaries which is a weighted average of the 30 largest financial and industrial shares trading on the Johannesburg Stock Exchange. The Financial and Industrial 30... read more |
| JSE-IND25 |
The Industrial 25 index contains the largest 25 shares in the industrial sector weighted for their free-float market capitalisation. This index is again dominated by Naspers (over 44% weighting... read more |
| JUDICIAL MANAGEMENT |
A term from the previous Companies Act to allow for a company to be wound up for financial reasons. It is sometimes the case that a company can be saved with good management. Judicial management... read more |
| JUMBO CERTIFICATE OF DEPOSIT |
A CD worth at least $100,000. |
| JUNIOR DEBT |
Also called "junior debt" this is a category of debt instruments which have a lower priority than senior debt on liquidation. So in the event of a default, the senior debt will be paid out first... read more |
| JUNK BOND |
A bond which has less than investment grade - usually a bond issued by a company rather than a government or quasi-government organisation. |
| JUNK STATUS |
There are three major ratings agencies which have made a business out of assessing the credit risk of companies, parastatals and governments worldwide. They are Fitch, Moody's and Standard &... read more |
| JURISTIC PERSON |
An organisation which has a legal personality such as a company. This implies that it is responsible for its own management and debts (and... read more |