Erasmus Programme of 3 million by 2012. The Lifelong Learning Programme 2007–2013 replaced the Socrates programme as the overall umbrella under which the Erasmus (and other) programmes operate from 2007. The Erasmus Mundus programme is another, parallel programme that is oriented towards globalising European education. Whereas the Erasmus Programme is open to Europeans, Erasmus Mundus is open to non-Europeans with Europeans being exceptional cases. On 9 May 2012, Fraternité 2020 was registered as Europe's first European Citizens' Initiative. Its goal was to increase the budget for EU exchange programmes like Erasmus or the European Voluntary Service from 2014. To be successful it
EFETF (Exchange for ETF) to manage their inventories in ETF positions which they have hedged with futures EFETF (Exchange for ETF) An Exchange For ETF (EFETF) transaction is one in which ETF units are exchanged for futures contracts which have the same underlying index; this is usually any of the broad based equity indices in North America, Europe, and Asia for which there is a liquid future available. Typical indices are S&P, FTSE, DAX, CAC40. It is similar to an Exchange for Physical (EFP) in which the constituent basket of stocks is exchanged for a futures contract. Usually traded via a broker who will