An organisation, normally a merchant bank, that arranges the details of an issue of stocks or shares, and the necessary compliance with the London Stock Exchange regulations in connection with the listing of that issue.
Istisna’a
Construction financing, where the financial institution funds the manufacturer during the construction of the asset, acquires title to that asset on completion and immediately passes title to the developer on agreed deferred payment terms.
Itayose
A method of trading employed on Japanese exchanges. Under the itayose method, which is used in the case of opening trades and the like, all orders reaching the floor before the opening are treated as simultaneous orders, and in accordance with the principle of priority, each buy order is compared with sell orders till its quantity and price are matched by a sell order and treat the price as a single price for the consumation of the transaction.
Kassakurs
On German stock exchanges, the official cash settlement price established once per day, for orders of the amount of less than 50 shares.
Kassenverein
German securities clearing and deposit bank.
Kerb trading
Trading that takes place after the market has closed.
Kursmakler
The function of the Kursmakler is to act as an intermediary between persons admitted to deal on German stock exchanges and to fix official prices of those securities to which he/she is entrusted. The Kursmakler are subject to certain legal restrictions in the conclusion of business on their own account.
Kursmaklerkammer
A public body representing the Kursmakler of the German stock exchanges. The Kursmaklerkammer is responsible for the allocation of securities among the Kursmakler, for the control of the settlement of prices and for the editing of the Official List.
Kyoto Protocol
An international emissions reduction treaty signed in 1997 in the Japanese city of Kyoto. It is a protocol to the UN Framework Convention on Climate Change, under which the signatories are obligated to cut overall greenhouse gas emissions by an average of 5.2% below 1990 levels over the period 2008-2012.
