Glossary extracted starting with manual seeds, with BOW for the domain biz and language EN

binomial distribution	A discrete probability distribution that applies when an experiment is conducted n times with each trial having a probability p of success and each trial is independent of every other trial.
accounts	1
transaction	Dans le contexte d'Euroclear, résultat de l'appariement et de l'exécution d'un ordre d'achat ou de vente avec des ordres compatibles de sens contraire.
lead time	The amount of time between when an action is initiated and when it is completed, and thus the amount of time before you want it to be done that you must initiate the action
professional oversight board	(POB)
allegation	An assertion of fact, to be proven in court.
semi-fixed cost	A semi-fixed cost is where the cost is fixed within limited ranges of activity, but which increases when the level of activity becomes greater than this limited range.An example of a semi-fixed cost is where extra supervision salaries have to be paid each time an extra shift is worked.If the total semi-fixed cost were plotted on the y-axis of a graph, with the x-axis being the level of activity, the shape of the cost curve would be a series of steps going up.
b/f	Brought forward.Also written BF.
pn	Tax and pensions
limean	1
cns	USA
repayment supplement	VAT
vertical integration	Merging with a company at a different stage in the production process, for instance, a car maker merging with a car retailer or a parts supplier
bearer bond	A bond/security that is not registered in the name of a specific owner
time series	A set of data recorded at successive periods of time.
capital market swap	A capital market swap is a longer-term derivative instrument
monopolistic	Having some power to set price.
industry wide scheme	Pensions
ip	1
insure	1
combined code	The former guidance on corporate governance issued by the UK Financial Reporting Council.Superseded by the UK Corporate Governance Code.
american-style option	A type of option that can be exercised at any time between the purchase date...
collector of taxes	1
dividends	1
dividend growth model	(DGM)
dynamic consistency	The property that a plan made at one time continues to be optimal at a later time if anticipated conditions prevail
hs	Hang Seng.
cpa	A designation by the American Institute of Certified Public Accountants for those who pass an exam and meet work-experience requirements.
single matching engine	Input and matching system which would be introduced to enable customers of different group (I)CSD to facilitate the matching and settlement of cross-system transactions in book-entry form.
additional voluntary contributions	(AVC)
sse	Single Settlement Engine
vct	UK tax
trend analysis	Trend analysis is based on reviewing historical price data, often for the purpose of predicting future price changes based on assuming the continuation of historical trends.Trend analysis is an important aspect of Technical analysis.In a simple trending process, the correlation coefficient between successive periods' price movements is positive.In other words, there is a greater probability that a subsequent price movement will be in the same direction as the previous period's movement (rather than in the opposite direction from the previous period's movement).
non trading loan	Tax
actif	La négociation d'un titre a commencé ou un titre a été réactivé après une suspension.
brc	British Retail Consortium.
autarky price	Price in autarky; that is, the price of something within a country when it is not traded by that country
time to expiry	The number of days or months or years until expiry of an option or other derivative instrument.
mfr	Minimum Funding Requirement.
indices	Montant basé sur la valeur d'un indice.
date jouissance	Date à partir laquelle commencent à sexercer droits économiques càd perception dividendes attachés à laction
pension protection fund	(PPF)
london inter-bank mean rate	(LIMEAN)
goode report	Pensions
regulatory fees	Amount of money charged by a regulatory authority, e.g
laspeyres index	A weighted index using quantities entirely based on prior year data.
mitigate	Risk mitigation.
year low	The lowest price at which a security has traded during the current year.
cultural argument for protection	The view that imports undermine a country's culture and identity -- for example by changing consumption patterns to ones more similar to those abroad, or by reducing demands for domestically produced art and music -- and therefore that imports should be restricted.
eusprig	The European Spreadsheet Risks Interest Group.Established in 1999 to promote information, action, conferences and other dialogue on spreadsheet risk management.(Pronounced yewsprig.)
reps and warranties	Documentation
independent commission on banking	(ICB)
arm's length	Arm's length principle.
sustainable growth	A term much used by environmentalists, meaning economic GROWTH that can continue in the long term without non-renewable resources being used up or pollution becoming intolerable
lhs	Left-hand side, usually referring to what appears to the left of the equal sign in an equation, and therefore usually the dependent variable that is explained by the right-hand side.
annual effective yield	Near enough the same as Effective Annual Rate.
instrument family	The first qualifier in the CFI - ISO 10962 classification of a security
panier	Ensemble regroupant différentes classes d'actifs.
management expenses	Tax
droits de sortie	Prix payé par l'investisseur lors du remboursement d'un investissement tel qu'un fonds d'investissement.
privity of contract	A legal concept relevant to contracts, particularly to contracts for the sale of goods or services, which provides that only the parties to the contract have rights and obligations under it.
grace period	1
endorsement	A signature on the back of a negotiable instrument by which the signer transfers ownership of the instrument to another party.
settlement sub-system	The system operated by the CSD to process the settlement of instructions, manage the Securities Accounts balances and the Purchasing Powers and provide reporting to the Clients.
eact	European Association of Corporate Treasurers.
restrictive covenant	A clause included in a contract, such as a contract of employment, to stop the parties working with competitors during the period of the agreement and for some time thereafter
tangible net worth	(TNW)
lease	An agreement in which one party gains a long-term rental agreement, and the other party receives a form of secured long-term debt.
corporate action option	A corporate action may include a series of choices from which a client may make elections of his holdings on the action to be taken by the paying agent
cash correspondent	A financial institution that executes cash transfers on behalf of its clients.
discontinuance	Pensions
opb	Occupational Pensions Board.
extranet	A wide area network (WAN) in which two or more organisations share information using internet protocols with access limited to the participants.
transformation	Transformation is the process by which transactions that are open at, or after, the record date/election transfer date are cancelled and/or replaced by new transactions in accordance with the terms of the reorganisation.
positive volume index	An index that focuses on days where the volume has significantly increased from the previous day's trading.
fill or kill	an order type that means the order is to be cancelled if it cannot be executed in its entirety immediately.
interim deed	Law and Pensions
asct	Australia
patents	In 1899 the commissioner of the American Office of Patents recommended that his office be abolished because “everything that can be invented has been invented”
fts	Funds Transfer System.
continuous linked settlement	(CLS)
equivalent annual rate	(EAR)
code of practice	1
integrated settlement model	SSSs settle transactions directly in their own system without the constant involvement of the payment system
association of corporate treasurers	(ACT)
quantitative analysis	The study of economic and stock valuation patterns in order to identify and profit from any anomalies.
dividend cleaning company	UK Tax
courtesy amount recognition	(CAR)
gui	Graphical User Interface
adibor	Abu Dhabi Interbank Offered Rate.
adjudication	UK tax
transaction	In a Euroclear context, it is the result of the matching and execution of either a purchase or sale order with compatible opposite orders.
insolvency	Inability to pay financial obligations as they fall due.
multiple bar chart	Statistics
lvts	Large Value Transfer System.
membre de marché	Membre d'un marché organisé/réglementé doté de certains privilèges en matière de négociation
settlement bank	A Client which is permitted under the Standard Form Agreement it has entered into with a Euroclear group CSD to make and/or receive payments by means of the (I)CSD Systems as a bank for the account of itself and/or one or more other Clients in connection with the Domestic Service.
closed pension scheme	A pension scheme which does not admit new members
ergv	The screen channel available for interacting with the RGV system in Euroclear France.
default netting	Also known as Close-out netting.
open-ended investment company	(OEIC)
cost behaviour	Budgeting
sicav	Société d'Investissement à Capital Variable.
interbank offered rate	(IBOR)
electronic purse	A reloadable multi-purpose prepaid card which may be used for small retail or other payments instead of coins
date négociation	Date à laquelle transaction est conclue
redistributor agent	The institution that receives and redistributes certain business information, e.g
retail price index	(RPI)
premier agent	Etablissement financier du débiteur qui reçoit la transaction de paiement du propriétaire du compte ou de la partie autorisée, puis traite l'instruction.
letters of representation	Representations by management used by auditors as a source of evidence, which have been formally noted and signed by the directors of the company being audited.
opas	Occupational Pensions Advisory Service.
actuarial liability	Pensions
vsp	Voting service provider
pro rata	In proportion to. A pro rata refund for a partially fulfilled contract would be for the proportion of the contract which is unfulfilled.
euromarket	1
seasonal quota	A restriction on the quantity of imports of a good for a specified period of the year.
de-grouping charge	UK tax
actuarial gain	Actuarial gains and losses.
alternative investment market	(AIM)
judgment decree	Specifies the awards made by the court in a civil case.
pension fraction	The fraction of pensionable salary for each year of pensionable service which forms the basis for a pension in a Defined Benefit pension scheme.
pie chart	a circular graph that shows how some total, usually expressed in percentages, is divided among its components.
lower rated	UK
negligent misrepresentation	A false statement of fact made honestly but carelessly.
uncovered	1
binomial option pricing model	(BOPM)
alimony	Payments made to after separation or divorce to a former spouse
treasurer	A person appointed to manage the financial aspects of a society, company, city or other governing body
national insurance contributions	(NICs)
bank float	Time during which a remittance in the banking system is available neither to the payer nor to the payee.
replacement contract netting	Also known as Close-out netting.
opération de collatéralisation	Toute opération entre un Compensateur Espèces et une Banque Centrale au terme de laquelle (i) le Compensateur Espèces vend des instruments financiers à la Banque Centrale en contrepartie d'un prix d'achat et (ii) les deux parties s'engagent irrévocablement à ce que le Compensateur Espèces rachète à la Banque Centrale le même nombre d'instruments financiers pour un prix d'achat identique.
bid bond	A form of guarantee by a bank or insurance company to a potential customer against a tenderer's failure to sign a contract in accordance with the terms of the tender.
consortium company	UK tax
distributions obligatoires à options	OST grâce auxquelles l'émetteur (ou son agent) offre à l'investisseur la possibilité de choisir le type de produits qu'il recevra.
cagr	Compound Annual Growth Rate.Calculated - for example - from total growth over a multiple years period as:CAGR = ([End amount]/[Starting amount])(1/n) - 1Where n = number of yearsFor example, sales grow from $100m to $150m over a two-year period.CAGR = (150/100)(1/2) - 1 = 22.5%.
promisee	A person to whom a promise is made.
sollicitation de consentement	Sollicitation d'une partie aux détenteurs d'un titre particulier pour le consentement d'un changement important.
productivity	output per worker; a shortened form of the term labor productivity.
compounding factor	(CF)
frais	Somme d'argent payée pour la fourniture de services financiers ne pouvant être catégorisés par un autre qualificatif.
business contingency management	(BCM)
m&m	Capital structure theory
asset purchase facility	(APF)
business continuity	Arrangements that aim to ensure that post-trade service providers meet agreed service levels even if one or more components of their systems fail or if they are affected by an unusual external event.
settlement risk	A general term used to designate the risk that settlement in a transfer system will not take place as expected
eur	SWIFT currency code for the Euro.
heuristic	Describing an approach to problem solving which emphasises practical experience rather than theoretical explanations.
at the market	A purchase or sell order in which the broker is to execute the order at the...
replacement asset relief	UK Tax
transnational	Transnational corporation/company.
master repurchase agreement	A written contract covering all future transactions between parties to repurchase-reverse repurchase agreement that establishes each party’s rights in the transactions
glass-steagall act	USA
trco	Treasury Counterparty.
accrual	1
ca	1
central account	Also known as master account.
indemnity clause	A term in a contract whereby one party seeks to transfer liability for contractual problems to another person.
efficiency wages	wages that employers set above the equilibrium wage rate as an incentive for workers to deliver better performance.
offer	The lowest price at which a person is willing to sell; as opposed to bid which is the highest price at which one is willing to buy.
euro overnight index average	1
exotic	A description meaning that there are non-standard features in a financial contract.
amicus brief	A document filed in a legal proceeding by an interested party who is not directly part of the case
general pool	Tax
act	1
fcp	Fonds Commun de Placement
balancing allowances	UK tax
rational expectations	In forming opinion about future events, the use of all available information to assess the probabilities of the possible states of the world
www	World Wide Web.
book reserve	1
administrateur postmarché	Partie s'assurant que tous les détails de la négociation ont bien été recueillis et signalés, tel qu'exigé par l'ensemble des parties impliquées dans la négociation, y compris les contreparties, l'investisseur et les parties au règlement.
actions privilégiées convertibles	Actions privilégiées qui, au choix du détenteur, sont convertibles en d'autres valeurs mobilières, généralement des actions ordinaires, à un taux prédéfini
financial model	A simplified representation of a financial situation, using a selected set of simplifying assumptions and relationships
copyright	The legal right to the proceeds from and control over the use of a created product, such a written work, audio, video, film, or software
red tape	The bureaucratic inconvenience one must suffer (forms to be filled out and approved, etc.) in order to get action by an organization
market restriction	Any government-imposed or legal requirement that impedes the ability of suppliers and demanders to interact freely, such as limits on quantity or price
endorser	The individual or legal entity that signs a document such as a cheque and by doing so relinquishes ownership to a specific amount of funds.
residue of qualifying expenditure	(RQE)
irrational	Maths
equilibrium	A state from which there is no pre-existing tendency to move.
random sampling	Statistical sampling technique where a sample is chosen such that each possible sample has an equal chance of being selected.
s&p 500	1
contra proferentem	Interpreting a contractual term against the interests of the party who inserted the term in the contract.
pensionable service	The period of service in years that is taken into account when calculating the benefits payable under a Defined Benefit pension scheme.
bureau of economic analysis	The government agency within the United States Department of Commerce that collects macroeconomic data, especially the National Income and Product Accounts, as well as data on balance of payments and international investment.
revealed preference	The use of the value of expenditure to "reveal" the preference of a consumer or group of consumers for the bundle of goods they purchase compared to other bundles of equal or smaller value
class action	An action where an individual represents a group in a court claim
put/call ratio	the ratio of put trading volume divided by the call trading volume
binomial tree	A set of multiple possible outcomes - often shown in a diagram - built up from a series of individual binomial steps.
request for information	(RFI)
domestic package	Term no longer used
assembly plant	Location of physical assembly plant where an assembly line is located and production-line assembly work occurs.
langage de balisage extensible	Format texte simple et très flexible dérivé du langage normalisé de balisage généralisé (SGML) (ISO 8879)
euro banking association	(EBA)
comptable de fonds	Partie chargée de l'enregistrement comptable des actifs et passifs disponibles du fonds, du calcul des prix de négociation et de la valeur d'actif net du fonds
equity risk premium	(ERP)
policy instrument	A particular type of policy that can be used in varying degrees or intensities
williams % r	Williams %R is a momentum indicator that measures overbought and oversold (bullish) levels.
charge on income	Tax
sweatshop	A manufacturing workplace that treats its workers inhumanely, paying low wages, imposing harsh and unsafe working conditions, and demanding levels of performance that are harmful to the workers.
test statistic	A statistical quantity calculated from observed quantities which we use to test the null hypothesis.
giro	A credit transfer order.
pvp	Funds transfer
constant net asset value	(CNAV)
zero rated	VAT
accruals basis	1
straight-through processing	(STP)
participant indirect	Dans le cadre d'ESES, un Participant Indirect est un Client qui ne détient pas de Compte d'Instruments Financiers mais a reçu mandat d'un Teneur de Compte Direct l'autorisant à envoyer des instructions SBI et/ou SLAB au CSD relatives au Compte d'Instruments Financiers du Teneur de Compte Direct et, le cas échéant, au Compte Espèces associé, au nom et pour le compte du Teneur de Compte Direct.
wholesale markets brokers' association	(WMBA)
accumulative swing index	The Accumulative Swing Index, based on the Swing Index, is a swing or wave system...
international capital market association	(ICMA)
kyc	Know-Your-Customer.
common stock	securities representing ownership in a company and carrying voting privileges.
conservateur	Partie conservant et administrant les actifs pour le compte du propriétaire.
imm	International Monetary Market.
reference currency	Also known as Base currency.
cash against documents	(CAD)
step2	A bulk clearing for EUR-denominated low-value cross-border transactions within the EU
ftse 250	1
fitch	Fitch Ratings, a leading credit rating agency.
double dip	1
pension plan	Pension scheme.
ccp	Central Counterparty.
accretive	Growing in size by external addition
top-down method	Corporate action processing method whereby the issuer's agent or the CSD automatically distributes proceeds to clients, without any action required on the part of such holders
sorp	Financial reporting
négociateur	Partie interagissant avec les contreparties dans le cadre d'un marché (c.-à-d
abstract of title	A transaction record for a piece of land, recording transfers and claims that...
tax risk	1
gamma	Options analysis
procedural protectionism	The use of cumbersome legal procedures to restrain trade, as when imports that will ultimately be permitted must first go through costly or time-consuming certification processes.
sct	SEPA Credit Transfer.
shelf life	The length of time that a good can be stored while still remaining useful enough to sell
injunction	1
vertical axis	the vertical number number line of a graph along which values of y-variable are measured; also referred to as the y-axis.
sterling commercial paper	(SCP)
dematerialisation	The elimination of physical certificates or documents of title which represent ownership of securities, so that securities exist only as accounting records.
obligation lineaire obligatie	Belgian government bond.
tls	Transport Layer Security.
edifact	UN/EDIFACT.
fraud compensation fund	(FCF)
ssf	Pensions funding
position netting	The netting of instructions relating to obligations between two or more parties, as a result of which neither satisfies nor discharges those original individual obligations
foreign exchange swap	A composite shorter term foreign exchange contract involving an agreement for;1
fps	Faster Payments Service.
country size	Any of many measures of the size of a country
technical provisions	Pensions
statute	A law established by an act of the legislature.
linear relationship	the relationship between two variables in which the slope is constant and therefore is depicted on a graph by a curve that is a straight line.
participant in an fts	A party which participates in a transfer system
aggregate	As an adjective or noun (with stress on the first syllable), this refers to the sum or total of multiple items
treasury inflation-protected securities	(TIPS)
european-style option	1
marginal analysis	The determination of optimal behavior by comparing benefits and costs at the margin, that is, benefits and costs that result from small (i.e., marginal) changes
rapprochement	In international relations, an improvement in relations between two countries that have previously been less than cordial.
delict	Law
joint arrangement	Financial reporting
chinese economic area	Unofficial name for the area comprising Hong Kong, Taiwan, and either China as a whole or just its Special Economic Zones.
partie créditrice	"Partie recevant les espèces
exempt gain	UK Tax
icma	International Capital Market Association.
mpt	Modern Portfolio Theory.
minimum funding requirement	(MFR)
days billing outstanding	Also known as Days sales outstanding.
joint operation	Financial reporting
pmi	Pensions Management Institute.
market clearing	Equality of quantity supplied and quantity demanded
paiement d'intérêts	Paiement régulier d'intérêts, uniquement en espèces, distribué aux détenteurs d'un actif porteur d'intérêts
inflection point	An event that changes the way we think and act.-Andy Grove, Founder of Intel.
debit card	A card enabling the holder to have purchases directly charged to funds on an account at a deposit-taking institution (this may sometimes be combined with another function, for example, that of a cash or cheque guarantee card)
abi	Association of British Insurers.
truncation	Banking
club deal	1
semi-variable cost	A semi-variable cost has a fixed element and a variable element.An example of this would be a telephone bill with a fixed line rental plus a rate per unit used.If the total semi-variable cost were plotted on the y-axis of a graph, with the x-axis being the level of activity, the shape of the cost curve would be an upward-sloping ramp.
concert party	An agreement between a number of people to acquire shares in a company in order to accumulate a significant holding of its voting shares.
contract for difference	The same as Contract for differences.
accept giros	Credit transfer
member	1
interest rate guarantee	(IRG)
client	Any person who has entered into an arrangement with a Euroclear group (I)CSD in order to receive Business Services through one or more Parties in one or more Business Roles.
shipping service	The act of transporting a good from one location to another on behalf of a client
sonia	Sterling Overnight Index Average
fragmentation	The splitting of production processes into separate parts that can be done in different locations, including in different countries
dividend date	Date from which the economic rights start (i.e
claimant company	In the context of UK group tax relief, the company which obtains the benefit of the relief from another group company (the surrendering company) under group relief provisions.
rbtr	Real-time gross settlement system
stochastic	Random; arising from a process that generates different values each with some probability
remboursement intégral/remboursement anticipé	Le droit d'un émetteur de rembourse un encours d'émission d'obligations ou d'actions privilégiées avant maturité (si il y en à).
pooling	1
consumer support estimate	Introduced by the OECD to quantify agricultural policies, this measures transfers to or from consumers that are implicit in these policies
foreseeable loss	1
leptokurtotic	Statistics
sbi intermediary	In the ESES context, any Client, acting as Party or Indirect Party, entitled to receive transaction notices in the SBI platform as an intermediary.
csa	Credit Support Annex.
financial reporting council	(FRC)
igta	International Group of Treasury Associations.
poba	Professional Oversight Board for Accountancy.
withdrawal type	The withdrawal type that displays on the Withdraw Money from Your IRA screens depends upon your date of birth
intra vires	Within the legal power or authority of a person, official or body.
fixed duty	UK tax
demand schedule	a list or table showing how much of a good or service consumers will want to buy at different prices.
process costing	A costing system whereby costs are accumulated for each separate process or operation for a period of time, and then averaged by dividing the total cumulative costs for the period by a measure of the output for the same period
european depository receipt	Also called Global Depository Receipt (GDR)
data provider	A source of financial information
annuity factor	(AF)
sla	Service Level Agreement.
primary contributions	UK National Insurance contributions paid by employees.
sdd	SEPA Direct Debit.
ancillary system	In particular, when reference is made in the TARGET context to ancillary systems (AS); these include retail payment systems, large-value payment systems, foreign exchange settlement systems, money market systems, clearing houses and securities settlement systems (SSSs)
interlinking	Credit transfer
esg	Environmental Social and Governance.
simulation	A model of a financial or other process, especially one containing random components.
demand curve	The graph of quantity demanded as a function of price, normally downward sloping, straight or curved, and drawn with quantity on the horizontal axis and price on the vertical axis
occupational pension scheme	A pension scheme provided by an employer to its employees, whether of a defined benefit or a defined contribution nature
profit after tax	Sometimes used as an alternative name for Net profit.
name change	The issuing company changes its name
assimilative capacity	The extent to which the environment can accommodate or tolerate pollutants.
foreign security	Term no longer used
member nominated trustee	Pensions
pcaob	Public Company Accounting Oversight Board.
t-statistic	A measure of statistical significance
wide area network	(WAN)
jic	Just In Case.
acquisition	Definition: An acquisition is when one larger company purchases a smaller company. Not to be confused with a "merger", which is when two approximately equal-sized companies merge to combine forces
extensible markup language	Simple and very flexible text format derived from Standard Generalized Markup Language (SGML) (ISO 8879)
bottom-up method	Corporate action processing method through which the Euroclear group (I)CSD Client typically generates relevant securities and/or cash transfers from its account to the system paying agent account, in accordance with the issuer's notification
authorisation	Treasury
white collar worker	A worker who performs non-manual tasks.
veil of incorporation	Company law
business review	UK and other financial reporting
settlement unwind	Near enough the same as unwinding.
preliminary rulings	The process whereby a national court with a case including a question of the validity or interpretation of community law can (or if it is a final court of appeal, must) refer that specific question to the European Court of Justice for a binding determination.
cash terms	Credit terms under which the buyer generally has a week to 10 days to make the payment.
factor space	A graph in which the axes measure quantities of factors.
floating charge	Law
demand deposit account	A type of bank account from which the depositor can transfer funds without prior notice to a third party via a cheque, wire transfer, or an automated clearing house transfer.
short chargeable accounting period	Tax
ebf	European Banking Federation
erisa	US pensions
equilibrium	The state where market supply and demand balance each other and, therefore, prices are stable.
lan	Local Area Network.
uk payments administration ltd	(UKPA)
empirical finding	Something that is observed from real-world observation or data, in contrast to something that is deduced from theory.
rebasing	UK Tax
strategic partnership	An alliance between organizations to achieve some objective
iteration	A repeated calculation process in which the results or other outputs from the earlier runs are used directly as inputs - or to calculate the inputs - for subsequent runs of the calculation.Iteration is particularly useful for solving problems which cannot be solved by simple formulae or other algebraic methods
execution	the process of completing an order to buy or sell securities
shadow director	Company law
corporate action notification	A message to provide an account owner with the details of a corporate action.
financial reporting	1
baa	British Airport Authority.
london interbank bid rate	(LIBID)
one tailed test	A statistical significance test where the critical region consists of only one tail of a distribution.
time series graph	A visual representation of a graph showing time on the horizontal axis and the size of the item on the vertical axis.
lse.	London Stock Exchange
iban	International Bank Account Number.
concertina tariff reduction	The reduction of a country's highest tariff to the level of the next highest, followed by the reduction of both to the level of the next highest after that, and so forth
material adverse change	(MAC)
cad	1
cumulative frequency distributions	Statistics
real-time settlement	Funds transfer
net book value	(NBV)
qualifying asset	Tax
webcheck	A low-cost online service provided by Companies House in the UK to make company accounts and other company information readily available to the public.Limited summary information is provided free of charge.
second state pension	Also known as State Second Pension.
instrument type	Synonym = Security type The classification of financial instruments into various groups according to their individual characteristics
aggregate method	In pensions funding, an example of a projected benefits funding method.
exchange member	A member of an exchange with certain trading privileges
discontinuance method	Pensions
participant	See 'Client'.
legislature	Body of the State with law making powers.
mandatory security distribution	Corporate action that occurs without any action being required on the part of the holders of the security
close-out netting	A special form of netting that occurs following some predefined event such as default
skewness	Statistics
settlement institution	Funds transfer
intranet	A local area network (LAN) or wide area network (WAN), typically belonging to one company, which uses the open standards of the internet rather than proprietary software for communication among computers.
practice note	(PN)
avc	Pensions
proprietary identifier	One of two types of financial institution identification recognised by ISO standards
exponential function	ex the inverse of the natural logarithm of x.
direct payment method	With this method, the System Paying Agent (SPA) distributes cash proceeds directly to the holders on the payment date based on the holders' position in the underlying security at close of business on the record date.
exempt	VAT
patent	Government grant of the exclusive privilege of making or selling a new invention, design or process for a predetermined number of years.
designated-time net settlement system	(DNS)
changement	Changement générique, c.-à-d
joint control	Financial reporting
capital allowances	UK tax
titres à revenu fixe	Un investissement qui fournit un retour sous forme de paiements périodiques fixes ainsi que le remboursement du capital à échéance
financial action task force	(FATF)
forward forward deposit	A forward forward deposit is a contract struck today, for the physical depositing of funds at a fixed future date
oft	Office of Fair Trading.
revolving credit facility	(RCF)
creditors	1
worst n years	On the Historical Analysis screen, this is a graph of the worst values returned from the market for your asset-allocation mix over the time period that are shown.
ifts	Interbank Funds Transfer System.
real-time transmission	Funds transfer
ma-cug	Member-Administrated Closed User Group.
net settlement	Funds transfer
response deadline	The date and time by which clients must send instructions to Euroclear Bank.
mandatory reorganisation	Reorganisation corporate action that usually occurs without any action required on the part of individual holders of the security
cash flow statement	It shows the cash movements within an entity, broken down into several categories - prescribed by accounting rules for external reporting and by management's requirements for internal reporting.Same as Cashflow statement.
central intelligence agency	Intelligence gathering (and espionage) agency of the United States government, publisher of the World Fact Book.
active member	Pensions
regulatory news service	(RNS)
it	Information Technology.
power of a test	Type II Error.
fed funds	US banking
demand price	the price of a given quantity at which consumers will demand that quantity.
dividend valuation model	(DVM)
separate personality principle	Company law
gui	Voir Interface graphique utilisateur
judicial review	In a case of unfair trade, the mechanism for appealing a decision.
instructeur de négociation	Partie décidant d'une ou plusieurs négociation(s) suivant la stratégie du décideur en matière d'investissement
notification d'ost	Message informant le teneur de comptes des détails d'une OST.
so	Banking
t-notes	Treasury Notes.
complementary goods	When you buy a computer, you will also need to buy software
management discussion and analysis	(MD & A)
kri	Key Risk Indicator.
cmp	USA
soca	UK
geared	Gearing.
report card	A quantitative ranking of a financial institution's level of service and customer responsiveness
substantial shareholding	UK Tax
offsite improvements	Refers to improvements made to land outside a lot's boundaries, such as the installation of streets, sidewalks and sewers.
seuil déclenchement	Ordre qui devient exécutable quà partir d certain seuil Cet ordre est surtout utilisé en cas décrochage ou hausse inattendus du marché
chartered insurance institute	(CII)
warranties	Documentation
statement of practice	UK Tax
tender bond	Also known as a bid bond.
ftse 100	1
caribbean development bank	A financial institution whose members are primarily the countries of the Caribbean region and whose purpose is to foster economic development in the region.
opération de lcp	Toute transaction sur titres avec livraison contre paiement dénouée dans le Système, et dont la partie espèces est dénouée sur un compte espèces.
bottom line	1
méthode de paiement classique	Méthode selon laquelle un coupon est distribué sur un compte sur la plate-forme unique, généralement à la date de mise en paiement de la distribution d'espèces
advance corporation tax	(ACT)
rule of origin	A rule included in a FTA specifying when a good will be regarded as produced within the FTA, so as to cross between members without tariff
rescission	The legal remedy of cancelling, terminating or annulling a contract and restoring the parties to their original positions.
mandatory corporate action	A corporate action that occurs without any action required on the part of individual holders of the security
pbo	Pensions
continuous random variable	A random variable that can take any real number value within a certain range.
ex int	Ex interest.
french banking federation	"The professional body representing over 500 commercial, cooperative and mutual banks operating in France and includes both French and foreign-based organisations.Its missions : research, analysis and proposals on any issues concerning the profession, at national and international levels; Member information service; Public relations to enhance public perception of banks and the part they play in the economy."
non trade deficit	UK tax
sip	Statement of Investment Principles.
opération sur titres	Evénement pouvant survenir pendant la durée de vie d'un titre
vanilla	Near enough the same as Plain vanilla.
c21	Clearing 21 ®
direct send	Banking
krugman specialization index	A measure of the extent to which a country's production patterns differ from those of a comparison group of countries
statutory liability	Pensions
primary statements	Financial reporting
code d'identification des banques	Donnée unique identifiant avec précision les établissements financiers impliqués dans des transactions financières internationales
var	Value at Risk.
règles banque centrale	Pour chaque Banque Centrale, les règles et règlements édictés par la Banque Centrale, régissant entre autres l'ouverture et la tenue des comptes espèces ouverts dans les livres de la Banque Centrale.
option holder	An option holder is the party which enjoys the benefit of choosing whether or not to deal on the terms specified in the option
positive yield curve	A yield curve demonstrating short-term rates which are lower than long-term rates.
utility function	A function that specifies the utility (well being) of a consumer for all combinations goods consumed (and sometimes other considerations)
pdse	Participant Direct de Système Exogène
riding the yield curve	1
bimbo	Buy-in and management buy-out.
durability	Pensions
cash concentration	The movement of funds from outlying depository locations to a central bank account where they can be utilised and managed more effectively.
all or none	A stipulation of a purchase or sell order which instructs the broker to either...
cpd	1
cpi	A measure of price changes in consumer goods and services such as gasoline, food, and automobiles
settlement connect	An interface through which securities transaction instructions are entered from the Clearing 21® platform.
delegated legislation	1
nordic investment bank	An international financial institution, owned by a group of the five Nordic countries plus the three Baltic countries, that funds clients in the private and public sectors of the member countries as well as in emerging markets around the world.
secure sockets layer	(SSL)
banker's acceptance	(BA)
graphical user interface	The screen interface used for interacting with the CREST system.
bond issue	1
option to tax	VAT
tsr	Total Shareholder Return.
fee simple absolute	See absolute fee simple title (fee simple).
short run	Referring to a short time horizon, usually one in which some aspects of behavior that would vary over a longer time do not have time to do so
tirage au sort	Remboursement partiel avant la date d'échéance finale d'un titre.
blue sky	A slang term for laws that various Canadian provinces and American states have enacted to protect the public against securities frauds
transactions externes	"
change	Generic change, e.g
service métier	A service provided by a Euroclear Group (I)CSD comprising a set of system functions within the (I)CSD Systems and related services to which a Party is provided access.
romalpa clause	A retention of title clause in a contract of sale.
surd	Maths
mandatory reorganisation with options	These are mandatory reorganisations for which the holder has a choice in the proceeds
unifi standard	See 'ISO 20022 Financial Services'.
instruments financiers	"Ce terme ne désigne pas seulement les valeurs mobilières classiques ; il couvre également les produits financiers innovants récemment apparus sur différents marchés, tendance que l'on s'attend à voir se poursuivre dans l'avenir."
actuarial gains and losses	Pensions accounting
payable through draft	(PTD)
options	Contract that grants the holder the privilege to either buy or sell the assets specified at a predetermined price or formula at or within a time in the future.
royal assent	In the UK, the Queen's assent to making a Bill an Act of Parliament.
capital adequacy directive	(CAD)
lessor	In a lease contract, the owner of the leased asset.
supply price	The price at which a given quantity is supplied; the supply curve viewed from the perspective of price as a function of quantity.
tbf	Transfert Banque de France
corporation tax self assessment	UK tax
payment order	An order or message requesting the transfer of funds (in the form of a monetary claim on a party) to the order of the payee
shallow discount bond	UK Tax
zero balance account	(ZBA)
clearing	The procedure by which an organization acts as an intermediary and assumes the role of a buyer and seller for transactions in order to reconcile orders between transacting parties.
first year allowance	(FYA)
non-resident bank accounts	Bank accounts held by individuals or legal entities that have no claim to residency in the country in which these bank accounts are held.
watch list	A list of securities you want to track
point of sale	(POS)
agent	The party that acts on behalf, or upon request, of another party.
contingent item	A condition which exists at a reporting date where the outcome will be confirmed only on the occurrence or non-occurrence of one or more uncertain future events.
conditional probability	The probability that a particular event will occur, when it is given that another event has already occurred.
consular fees and formalities	Charges and procedures required of importers
bis	1
annual equivalent rate	Also known as Effective annual rate.
independent events	Statistics
receiver finality	Funds transfer
theta	a measurement of how much an option's price decays for every one day that passes.
restricted balance	This balance type is used to block securities in the Party account in relation to elections relating to certain corporate actions
associated company	UK tax
cfc	Tax
multinational corporation/company	(MNC)
definitive deed	Law and Pensions
market equilibrium	Equality of quantity supplied and quantity demanded
ergv	poste de travail destiné à l'interaction avec le système RGV d'Euroclear France.
stet-core	Alternative name for the CORE system.
partial fill	a situation when only a portion of the total volume of your buy or sell order trades, leaving the remaining volume unfilled.
online	1
engine of growth	Term sometimes used to describe the role that exports may have played in economic development, both of some of the regions of recent settlement in the nineteenth century and of the more recent NICs
togc	Transfer Of a Going Concern.
out of the money	(OTM)
cii	Chartered Insurance Institute.
registered securities	Registered securities (or securities in registered form) are securities, title to which is determined by reference to entries in a register/record of holders kept by the issuer (or its agent) or the operator of a settlement system in accordance with the laws under which the securities are constituted.
corporate plan	A plan of the total resources of an organisation for the achievement of quantified objectives within a specific period of time.
inefficiently low quality	a form of inefficiency in which sellers offer low-quality goods at a low price even though buyers would prefer a higer quality at a higher price; often a result of a price ceiling.
tpi	Titre au Porteur Identifiable
sovereignty	Independence exercised and enjoyed by a national or other entity.In particular, the degree of independence in financial affairs enjoyed by a country.
titres de créance	Instrument financier matérialisant les sommes d'argent dues par l'émetteur au détenteur à des dates spécifiées.
international commodities clearing house	(ICCH)
tax haven	A location, usually a country, where either rates of taxation or levels of enforcement are low, so that high taxes in other countries can be avoided by moving or locating there.
pension liabilities	1
bdf	Banque de France
guarantee	1
price indexation	Pensions
oeic	Open-Ended Investment Company.
un/edifact	United Nations directories for Electronic Data Interchange For Administration, Commerce and Transportation
instrument category	The second qualifier in the CFI - ISO 10962 classification of a security.
equation	A mathematical statement that two expressions are equal to each other.For example:y = 3x
upper earnings limit	UK pensions and tax
cf	1
annual effective rate	(AER)
franchising	A form of licensing by which the owner - the franchiser - distributes or markets a product, method, or service through affiliated dealers called franchisees
share capital	1
affidavit	A sworn statement made in writing under the supervision of a notary or other...
jurisdiction	Law.1
opdu	Occupational Pensions Defence Union.
funding method	Pensions
augmentation	Pensions
intended settlement date	This is the date defined by the client on which the transaction is due to settle.
metric	1
a shares	This term has two distinct meanings with relatively equal usage
revenue expenditure	Tax
payment	1
set-off	Situation whereby a debtor may acknowledge the claimant's demand but pleads his own claim in order to extinguish the claimant's demands either in full or in part.
registered bond	Issued to a specific owner; it cannot be transferred without the owner's endorsement.
the pensions advisory service	(TPAS)
insider dealing	Dealing in company securities with a view to making a profit or avoiding a loss while in possession of information that, if generally known, would affect their price.In the modern era, insider dealing is now illegal in fully developed markets
positive	Refers to "what is," in contrast to normative which involves value judgments as to "what ought to be." The word is not, in this use, the opposite of either "negative" or "harmful."
frictional unemployment	That part of the jobless total caused by people simply changing jobs and taking their time about it, because they are spending time on job search or are taking a break before starting with a new employer
large value transfer system	(LVTS)
jumbo certificate of deposit	USA
van	Value-Added Network.
pay as you go	(PAYG)
standard rated	UK VAT
mnc	Multinational corporation/company.
market order	A type of order that directs the broker to execute the order as quickly as possible at the best price available
ancillary system interface	Standardised interface of the Single Shared Platform of TARGET2, which controls and distributes the information pertaining to Ancillary Systems and, in particular, securities settlement systems activity.
consumer surplus	The difference between what a consumer would be willing to pay for a good or service and what that consumer actually has to pay
taxable transaction	UK Tax
tail	Statistics
vesting	Pensions
confiscation risk	The risk that assests in a foreign country may be confiscated, expropriated or nationalised, or that the distant owner's control may be interfered with.
retracement	a price movement in the opposite direction of the previous trend.
gbp	SWIFT currency code for the United Kingdom/Great Britain pound sterling.
national insurance	A UK tax paid by individuals and employers to secure certain benefits such as a state pension.
corporation tax return	UK tax
discharge	Release from a legal obligation imposed by contract or law.
icas	The Institute of Chartered Accountants of Scotland.
direct deposit	The electronic transfer of funds directly into the beneficiary's account
underlying price	1
lcr	Lettre de change relevé.
assemblée générale ordinaire	Réunion annuelle obligatoire d'actionnaires qui permet aux détenteurs de resterinformés et impliqués dans les décisions et le fonctionnement de la société
puttable	1
compounding	one of the most powerful laws of math on the side of the investor
défaillance	Incapacité résultant généralement d faillite à exécuter transfert fonds ou valeurs mobilières dans conditions initialement prévues pour raisons autres que techniques ou temporaires défaillance doit être distinguée lopération non dénouée
appointed actuary	Pensions
llp	Limited Liability Partnership.
digital signature	Digital signatures are the electronic equivalent of a manual signature which both verify the sender of the message and allow the recipient to check that the message has not been tampered with
abbreviated accounts	UK company law
ssap 4	UK Statement of Standard Accounting Practice 4, dealing with accounting for government grants.
default	Failure to complete a funds or securities transfer according to its terms for reasons that are not technical or temporary, usually as a result of bankruptcy
règlement net continu	Système d'écriture comptable automatisé, qui centralise le règlement des transactions appariées et maintient un flux efficace des soldes de titres et d'espèces.
co-variance	Same as Covariance.
slept analysis	Social, Legal, Economic, Political and Technological analysis.
tax depreciation	US tax
clearing	Banking
sweeping	Near enough the same as Zero balancing.
sovereignty	A country or region's power and ability to rule itself and manage its own affairs
import quota	a form of inefficiency in which sellers offer high-quality goods at a high price even though buyers would prefer a lower quality at a lower price; often the results of a price floor.
standard deviation	A common measure of the dispersion of a random variable or of a sample of data
pe-ach	Pan-European Automated Clearing House.
ogive	Statistics
opérations adossées	Chaîne de transactions sur titres entre au moins trois contreparties portant sur l'achat et la vente d'un seul titre, pour un règlement à une date unique
corporate treasurer	An individual skilled in the theory and practice of corporate treasury.
member of an fts	Funds transfer
game	A theoretical construct in game theory in which players select actions or strategies and the payoffs depend on the actions or strategies of all players.
sfo	1
international monetary market	(IMM)
data mining	A type of database application that looks for hidden patterns in large groups of data.
probability	How likely something is to happen, usually expressed as the ratio of the number of ways the outcome may occur to the number of total possible outcomes for the event
uk corporate governance code	The UK Corporate Governance Code - issued by the Financial Reporting Council - sets out standards of good practice for larger companies in relation to their board leadership and effectiveness, remuneration, accountability and relations with shareholders.The Corporate Governance Code updates and replaces the former Combined Code.
fin de journée calendaire	« Clôture » désigne le moment du jour calendaire constituant la fin d'une journée entière tel que défini dans la documentation juridique/officielle relative à l'opération.
foreign currency swap	1
forecast	a simple prediction of the future.
fixed interest	Also known as fixed rate.
transaction notice	A statement that summarises all of the characteristics of the order (buy, sale) that was carried out.
statutory instrument	(SI)
free float	Also known as a clean float.
time deposit account	A type of interest-bearing account from which the depositor cannot withdraw funds in advance of an agreed upon time without incurring a penalty.
net profit	1
egm	Extraordinary general meeting
loan agreement	A legal document setting out the terms under which lending is agreed and providing for remedy if the terms are breached.
indemnity	An obligation of one party to reimburse another party for losses which have occurred or which may occur.
effective rate of interest	Same as Effective interest rate.
registrar of companies	The Heads of Companies House in England and Wales, Scotland and Northern Ireland.
debt service ratio	A ratio used to assess a country's creditworthiness
edi	Electronic Data Interchange.
monopolies and mergers commission	(MMC)
surrendering company	In the context of UK group tax relief, the company which passes a trading loss to another group company under group relief provisions.
event of default	The event of breaching a loan agreement
dvp	Delivery Versus Payment system.
good till cancelled order	An order that is valid from the date entered until the close of business on the date specified in the order
frc	Financial Reporting Council.
accounting period	1
bunds	German government bonds.
per incuriam	Law
asymmetric information	The failure of two parties to a transaction to have the same relevant information
firm bid/firm offer	Unconditional order to purchase or sell securities during a specific period at a specified price.
poll	Voting method where every holder present has a number of votes which corresponds to the number of securities it holds.
monnaie banque centrale	Un règlement est dit en monnaie banque centrale si le mouvement de paiement s'effectue directement et irrévocablement entre des comptes dans les livres de la banque centrale.
fixing	1
electronic funds transfer	(EFT)
same-day funds	Funds transfer
breach of contract	Failing to perform any term of a contract, written or oral, without a legitimate legal excuse.
cima	Chartered Institute of Management Accountants.
collective action problem	The difficulty of getting a group to act when members benefit if others act, but incur a net cost if they act themselves.
antitrust law	USA
andrews pitchfork	The lines formed by Andrews' Pitchfork can help predict channels of support...
camps	USA
bank draft	A draft drawn by a bank on itself
tick value	Tick.
offshore	A term describing entities located or based outside of one's national boundaries.
securities account	An account opened by a Client through a Party with a Euroclear group (I)CSD to which are credited securities held by the Client with that (I)CSD.
residual value	1
cfd	Contract for Differences.
term deposits	Deposits, including certificates of deposit, for fixed periods of time.
ansa	Association Nationale des Sociétés par Actions
matching	The process for comparing the trade or settlement details provided by counterparties to ensure that they agree with respect to the terms of the transaction.
balance and transaction activity	Banking
bic	Bank Identifier Code
bankers’ acceptance	A draft, bill or exchange accepted by a bank or trust company
ace	USA
scheme specific funding	(SSF)
service level agreement	(SLA)
lettre de change relevé	(LCR)
proximité	Fonction d'optimisation servant à résoudre les dépendances de règlement-livraison dans un système de règlement brut en temps réel.
convex hull	The boundary of the set of points that are either members of, or convex combinations of, points from two or more other sets
deletion	A mechanism where some or all transfers to/from a defaulting participant are excluded from the settlement process
scheme auditor	Pensions
cms	Constant Maturity Swap.
direct actions	Law
aibor	Amsterdam Interbank Offered Rate.
notional pooling	Banking
non-deliverable forward	(NDF)
remote payment	A payment carried out through the sending of payment orders or payment instruments (for example by mail).Contrasted with face-to-face payment.
quartile deviation	Half of the inter quartile range.
frs 21	UK Financial Reporting Standard 21, dealing with events after the balance sheet date
treasury counterparty	(TRCO)
pestle analysis	Political, Economic, Social, Technological, Legal and Environmental analysis.
waiver	The voluntary and intentional surrender of a known right or claim
option	A contract that permits one party to buy from (or sell to) the other party something at a prespecified price during a prespecified period of time, leaving the choice of whether to do this or not (whether to "exercise" the option) up to the first party, which buys the option
herstatt risk	Continuous linked settlement.
governance	A framework that provides guidance on strategy including assessing risk, ensures effective monitoring of management and makes certain that managers are accountable to stakeholders.In the commercial context, this framework is known as corporate governance.
value product	Price times quantity produced, as in marginal value product.
product market matrix	(PMM)
worst n-year period	On the Historical Analysis screen, this is the worst market return based on your asset-allocation mix over a 35-year period
relative income hypothesis	People often care more about their relative well being than their absolute well being
unleveraged	The same as Ungeared.
end-of-month settlement	End-of-month settlement is the opposite from rolling settlement whereby the settlement date of a party's securities transaction instruction is deferred until the end of the month
payoff	1
non-executive director	(NED)
account nature	Account type used in ESES
division of labor	Splitting a production process across multiple workers, each performing a different task repeatedly rather than having a single worker perform all tasks
plain vanilla	A description meaning that there are no additional non-standard features in a financial contract
documentation risk	The risk that contracts or business relationships may have unforeseen adverse legal consequences as a result of the way in which they are documented
marginally attached workers	nonworking individuals who say they would like a job and have looked for work in the recent past but are not currently looking for work.
corporation tax	1
offer for sale	An offering of securities for subscription by the general public.
type de compte	Donnée qui identifie pleinement un compte titres
spot month	the current trading month
cash balance pension scheme	A pension scheme in which the benefits are expressed in terms of a fund value that accumulates through indexation of the fund and the addition of future accrual
basic state pension	The flat rate pension (in the UK) paid to all who have met the minimum National Insurance contribution requirements and reached the statutory retirement age.
contrepartie centrale	Agent qui se porte acquéreur face à tout vendeur et cédant face à tout acheteur, pour une catégorie spécifique de contrats/obligations, (ceux exécutés sur un marché réglementé, par exemple).
administration order	UK insolvency law
availability	1
contract for differences	(CFD)
spa	System paying agent
wda	UK tax
pay	1
withdraw from	This field signifies the account from which the funds will be redeemed and distributed.
multi-employer pension scheme	An occupational pension scheme operated on behalf of two or more employers connected by common ownership or management or some other close association.
allonge	Paper attached to a document for additional endorsements when there isn't enough space for the signatures.
cola	US Pensions
crd	Capital Requirements Directive.
créancier	Partie recevant les actifs de la partie débitrice/d'origine (par exemple des espèces, des titres)
spe	Special Purpose Entity.Similar to a Special Purpose Vehicle.
prête-nom	Dans un rapport fiduciaire, c'est une personne qui détient le titre sur la propriété au profit d'une autre personne
inflation risk	The risk of adverse effects resulting from increases in prices, either prices generally or those of particular classes of goods or services.
corporate	1
frrp	Financial Reporting Review Panel.
eftpos	Electronic Funds Transfer at Point of Sale.
ray	A straight line drawn from the origin of a diagram
correlation	Correlation describes the extent to which changes in one variable are associated with - or predictable from - changes in another variable.
contingency	An economic event, usually negative, that is in the process of occurring and, therefore, has not yet been resolved.
non wasting chattel	Tax
fraud	A criminally false representation by means of a statement or conduct made knowingly or recklessly in order to gain a material advantage
ia	1
sovereign issuance	1
bénéficiaire final	Dernière partie bénéficiaire d'un transfert d'espèces
pivot account	Account opened in the name of the system paying agent and used as intermediary account between the system paying agent's account and the accounts of the entitled holders during the processing of the corporate action.
titre composé	Combinaison de différents types d'instruments financiers pour créer une unité
risk neutral valuation	Methods which do not depend on knowing or assuming the attitudes to risk of market participants
levered	The same as Geared.
stamp duty land tax	(SDLT)
automated order entry system	An electronic system which bypasses the floor broker in order to expedite the execution of smaller orders.
federal reserve bank	US Banking
winding-up	1
multiplier	the ratio of total change in real GDP caused by an autonomous change in aggregate spending to the size of that autonomous change.
iosco	International organisation of securities commissions
droits d'attribution	Droits accordés à des détenteurs anciens les autorisant à recevoir de nouveaux titres gratuits.
handicraft method	An approach to quantifying the price effects of a nontariff measure by comparing the prices of goods that are affected by the NTM with prices of goods that are not affected
posting / allocation	Calculation method allocating expenses to the cost of the various products in order to calculate the complete cost.
treasury management	The practice and theory of corporate treasury.
tcn	Titres de créances négociables
wasting chattel	UK Tax
alienation clause	A type of clause which allows the lender to demand full payment when mortgaged property is conveyed to another owner.
export credits guarantee department	(ECGD)
federal corporate income tax	US tax
inverse supply function	A function representing the relationship between quantity supplied and price, specified for convenience with price as a function of quantity instead of the more usual quantity as a function of price
certificate	Another name for stock, certificate actually refers to the physical piece of paper representing ownership in a company.
terminal loss relief	UK Tax
interbank funds transfer system	(IFTS)
ets	Emission Trading Scheme.
auditors' report	A required constituent of a company's annual audited accounts
homogeneous of degree zero	The property of a function that, if you scale all arguments by the same proportion, the value of the function does not change
skewed distribution	Statistics
average life	The length of time that will pass before one-half of a debt obligation has been retired.
interim security	A short term security distributed to facilitate the election process of a corporate action
libid	London Interbank Bid Rate.
e-purse	Also known as Electronic purse.
etcms	Euroclear Trade Capture and Matching System
going concern	1
cash cow	1
type	the classification of an option contract as either a put or a call.
occupational pensions advisory service	(OPAS)
wrongful trading	Where a director allows the company to continue trading when he knows or ought to have concluded that the company could not settle its debts.
securitisation	1
intercompany transactions	Transactions resulting from members of groups of companies trading with each other.
deflation	a fall in the overall level of prices.
accounts receivable conversion	(ARC)
money market yield	(MMY)
day count	1
direct account holder	In the ESES context, this is a Party that holds one or more Securities Accounts and that is able to transfer securities in the CSD System, using either free of payment instructions or delivery versus payment instructions.
apv	Adjusted Present Value.
annuity	A series of fixed-amount payments paid at regular intervals over the specified period of the annuity.
perpetuity factor	The fraction 1/r used when evaluating a fixed perpetuity.Using this simple formula assumes a constant periodic cost of capital (r) for all periods from now to infinity.Sometimes known as the Perpetuity formula.
salary	A fixed regular payment made by an employer, often monthly for professional or office work as opposed to manual work.
intermediate securities distribution	The distribution of intermediate securities or privilege that gives the holder the right to take part in a future corporate action.
invention	The tangible form of a technological idea, which could include a laboratory prototype, drawings or formulas.
aca	Associate of the Institute of Chartered Accountants in England and Wales.
bank identifier code	A unique data that identifies precisely the financial institutions involved in international financial transactions
optimal capital structure	1
euroclear uk & ireland	The Central Securities Depository (CSD) of the United Kingdom and Ireland
valuation basis	Pensions
fatf	Anti-money laundering
clearing float	The delay between the time a cheque is deposited by a payee and the time the payor's bank account is debited.
two tailed test	A statistical significance test where the critical region consists of both tails of the distribution.
smart cards	Stored value cards, plastic cards with embedded integrated computer chips capable of storing data, including monetary value that can be electronically replenished.Also known as a chip card or integrated circuit card.
dernier agent	Etablissement financier du créancier qui reçoit la transaction de paiement pour le compte d'un titulaire de compte ou d'une autre partie désignée, et impute la transaction sur le compte.
lorenz curve	The graph of the percent of income owned by the poorest x percent of the population, for all x
continuing professional development	(CPD)
usaid	USA
financial reporting review panel	(FRRP)
auditing practices board	(APB)
principal employer	Pensions
direct costs	Costs which can be directly associated with the production of particular units or types of product.
clearing bank	1
factors	1
coefficient of determination	A statistical measure of the goodness of fit of a proposed regression with the observed data.
occupational pensions regulatory authority	(OPRA)
of record	On the company's books or records
financial future	Futures.
member-administered closed user group	(MA-CUG)
inside day	a day in which the total range of price is within the range of the previous days price range.
bird	Banque Internationale pour la Reconstruction et le Developpement
producer support estimate	Introduced by the OECD to quantify support in agriculture, it measures "transfers from consumers and taxpayers to agricultural producers as a result of measures [of] support," expressed as percentage of gross farm receipts
stress test	Stress testing is a form of scenario analysis in which worst case data are input into a financial model.The idea is to test whether creditworthiness - or any other attribute being modelled - is robust enough to survive the selected 'worst case' scenario
mct	Member of the Association of Corporate Treasurers.The MCT Advanced Diploma is the full membership qualification for the ACT and leads to the designatory letters MCT.
icb	Independent Commission on Banking.
badges of trade	Tax
demand price	The price at which a given quantity is demanded; thus the demand curve viewed from the perspective of price as a function of quantity.
utility	1
offre publique d'échange	Offre faite aux actionnaires d'échanger leurs avoirs contre d'autres titres et/ou des espèces
cut-off time	The deadline defined by a system to accept securities transaction instructions for a specific defined settlement cycle.
credit support annex	(CSA)
lower earnings limit	Pensions and tax
better factories cambodia	A program of the International Labor Organization initiated in 2001 to improve working conditions in the garment factories of Cambodia producing for export
draft	A written order from one party (the drawer) to another (the drawee) to pay a party identified on the order (payee) or the bearer a specified sum, either on demand (sight draft) or on a specified date (time draft).
short life asset	UK Tax
pki	Public Key Infrastructure.
linear regression model	A linear relationship between a dependent variable Y and one or more independent variables X plus a stochastic disturbance u: Yi=b0+b1X1i+...+bnXni+ui.
cluster sampling	A statistical sampling technique where the population is first divided up into non-overlapping areas and then some clusters are selected at random with items selected within these selected clusters at random.
dependant	1
core	The set of allocations that cannot be improved upon by a subset of consumers trading among themselves
target balance	Banking
administrator	An individual appointed by a probate court to handle the estate of a person...
mm	Capital structure theory
probate	A provincial fee charged for authenticating a will
positive linear relationship	A straight line relationship; the forecast or other dependent variable increases as the independent variable increases.
mean	The arithmetic average of the values of an economic or statistical variable
office for national statistics	(ONS)
key performance indicator	(KPI)
forward forward rate	1
bill	1
soft commodity	Used to describe commodities such as coffee, cocoa, sugar and fruit
frequency curve	Statistics
historical simulation method	In Value at Risk analysis, an alternative to the Delta-normal method of calculating the underlying probability distribution.This is conceptually the simplest alternative method to the delta-normal
accounting	The practice and theory of preparing accounts for an organisation, whether for internal or for external use.
thin capitalisation	Tax
uel	UK pensions and tax
euro1	Run by the Euro Banking Association's clearing arm, EURO1 is a high-value clearing for EUR-denominated cross-border transactions
tcp	Transmission Control Protocol.
concave	Said of a curve that bulges away from some reference point, usually the horizontal axis or the origin of a diagram
payment system	A set of instruments, banking procedures and, typically, interbank funds transfer systems that facilitate the circulation of money.
semi-annual basis	Nearly enough the same as Semi-annual rate.
ach credit transaction	An automated clearing house (ACH) transaction that involves the transfer of funds from an originator's account to a receiver's account.
sfp	Statement of Funding Principles.
unemployment rate	The percentage of the work force that is looking for work but unable to find jobs.
taxable person	VAT
immigration	The migration of people into a country.
faculty of actuaries	(FOA)
srd	Service de Règlement Différé
book	Also known as Book value.
return on capital	(ROC)
pension scheme	Any type of arrangement whereby members of the scheme become entitled to receive a Pension
multi-level governance	A theoretical perspective on the organization of modern states that acknowledges flexible structures of overlapping jurisdictions, both above and below the national government as well as in a lateral relationship to it.
sepa credit transfer	(SCT)
domestic security	Term no longer used
banque europeenne d'investissement	(BEI)
condition precedent	1
modelling	Writing and using models, especially financial models.
open contract netting	Near enough the same as Close-out netting.
technical analysis	the use of price and volume data (as revealed in charts) to make predictions about future movement in stock prices
baltic dry index	An index of the rates charged for chartering large ships that transport coal, iron ore, and grain
mfn tariff	The tariff level that a member of the GATT/WTO charges on a good to other members.
book entry	An electronic method of registering ownership of and transferring securities.
continuous mortality investigation	(CMI)
cepal	Comision Economica para America Latina y el Caribe (Spanish for Economic Commission for Latin America and the Caribbean.
chargeable gains group	Tax
defined benefit pension scheme	(DB)
election withdrawal	The client's wish to reverse a previously made election.
distinguish	Law
multinational	Abbreviation for multinational corporation/company.
ssrb	Spreadsheet Standards Review Board.The SSRB oversees the implementation of Best Practice Spreadsheet Modelling Standards.
blue book	The UK City Code on Takeovers and Mergers.
agm	Annual General Meeting
grace period	A time allowed, usually ten days, for making late payments without a penalty being imposed.
frs 17	UK Financial Reporting Standard 17, dealing with retirement benefits.FRS 17 replaced - and widened the scope of - the earlier UK Statements of Standard Accounting Practice SSAP 24
nics	National Insurance Contributions.
collection float	The interval between when a cheque is mailed and the time the payee receives available funds in its bank account.
electronic lockbox	A funds collection service that records the receipt of incoming wire transfer and Automated clearing house (ACH) payments, reformats the data, and transmits it to the company in whatever format it desires.
crc energy efficiency scheme	Environmental policy
sponsor	1
periodic rate of interest	The total interest for any given period - for example 0.014% per day.The given period may be less than one year, equal to one year, or more than one year.Another example of a periodic rate of interest would be 12.36% per two years.Not to be confused with the effective annual rate and the nominal annual rate, which are different.
rgv2	Relit Grande Vitesse 2
ibor	InterBank Offered Rate.
case law	Reported decisions of the courts.
winding up	Winding-up.
bba	British Bankers' Association.
cf-office	See The centre for securities administration
radié	Le titre ne respecte plus les conditions de cotation de la Bourse et est retiré de la liste officielle de cotation.
redistribution	A policy that taxes some individuals and uses the proceeds to pay transfers to others.
roc	Return On Capital.
passing-off	Law
cboi	Banque Centrale d'Irlande
sod	Sum of the digits.
deduct from beneficiary	Banking.The process of deducting bank fees directly from the payment account
pensionable salary	The salary to which the pay related formula in a Defined Benefit pension scheme is applied
cum div	Abbreviation for Cum dividend.
risk tolerance	Risk tolerance describes objective(s) for control of the risk and desired level of performance
depreciating asset	UK tax
garnishee	Garnishee order.
european economic area.	(EEA)
wan	Wide Area Network.
treasury	1
mandatory cash distribution	A mandatory cash distribution is a corporate action that generally does not require any action from the individual holders of the security
standardised normal distribution	A normal frequency distribution whose mean is zero and whose standard deviation is 1.0.The normal distributions set out in standard tabulations are standardised normal distributions.The related Excel function is =NORMSDIST()
imputation system	Tax
règles du dépositaire central	Les Règles de fonctionnement du Dépositaire Central Euroclear France, telles qu'approuvées par l'AMF.
oecd	Organisation for Economic Co-operation and Development.
serious fraud office	(SFO)
exponential constant	Exponential.
ppf	Pension Protection Fund.
lpi	Limited Price Indexation.
reorganisation claims	See 'Transformation'.
put redemption	Early redemption of a bond at the election of the bond holder subject to the terms and conditions of the issue.
gsk	GlaxoSmithKline.
pensions regulator	A body appointed under UK pensions legislation with the objectives of working proactively to protect pension benefits, reducing the risk of claims on the PPF and promoting the good administration of pension schemes
margin of safety	The margin of safety is the extent to which sales may fall below their existing level before break-even point is reached.
stp	Straight-Through Processing.
afc	Agence Française de Codification
bid-ask	Also known as Bid-offer.
financial reporting standard	(FRS)
interaction	(of choices) my choices affect your choices, and vice versa; a feature of most economic situations
occupational pensions board	(OPB)
approximation	1
repudiate	Contract law
bootstrapping	Bootstrap.
entity	1
promissory note	An unsecured note which unconditionally promises in writing to pay a certain sum of money to a person either on demand or at a future time.Sometime referred to as note.
cash letter	Banking
mandatory injunction	Law
hkd	SWIFT currency code for the Hong Kong Dollar.
napf	UK National Association of Pension Funds.
certfmm	The Certificate in Financial Maths & Modelling awarded by the Association of Corporate Treasurers.
orderly marketing arrangement	An agreement among a group of exporting and importing countries to restrict the quantities traded of a good or group of goods
payment versus payment	(PVP)
ned	Non-Executive Director.
zero balancing	A method of cash concentration whereby funds are moved between a group of accounts leaving all but one (the main account) with a zero balance.
statement of investment principles	(SIP)
pure play	A company devoted to one line of business, or a company whose stock price is highly correlated with the fortunes of a specific investing theme or strategy.
forwarding agent	A financial institution that prepares the payment instruction and forwards it to the first agent in the payment chain, as is the case in a relay scenario for payment transactions.
forgery	Signing another person's name to any document or altering or falsifying documents.
sequestred balance	See 'Restricted balance'.
icma	International Capital Market Association
bond equivalent yield	(BEY)
standardised corporate environment	(SCORE)
ostensible authority	Law
cci	Common Communication Interface
insider	Any person who has or has access to valuable nonpublic information about a corporation.
head and shoulders	A chart pattern which approximates to the shape of a person's head and shoulders, implying a fall in share prices.
statutory funding objective	(SFO)
dumping margin	In a case of dumping, the difference between the "fair price" and the price charged for export
zero based	An approach to planning as if each planning period were the first in operation.All structures and activities should be justified as if they were new proposals.
gm	General Motors.
drawer	The person or company issuing a cheque.
despatches	VAT
par rate	Also known as Par yield.
per	Price to Earnings Ratio or Price-Earnings Ratio.
dual resident company	Tax
sicav	Open-end investment company
pin	Personal Identification Number.
reinsurance	The process of insurance companies insuring underwritten policies with other institutions in order to offset exposure.
rfp	Request for Proposal.
correlation	A measure of the extent to which two economic or statistical variables move together, normalized so that its values range from −1 to +1
initial allowance	(IA)
tuna-dolphin case	Actually a pair of cases, resulting from the U.S
stare decisis	Law
certificat cf	Obligation au porteur ou action au porteur néerlandaise avec un certificat et une feuille de coupon attachée
international swap dealers association	(ISDA)
garnishee order	An order from a court forbidding a bank to release money that it holds in the account of one party for as long as that party owes money to a second party
arm	USA
lessee	In a lease contract, the user of the leased asset.
cash concentration or disbursement	(CCD)
scheme actuary	Pensions
linear	Straight-line.
business role	One of a certain number of defined roles a Party may perform in the (I)CSD Systems: the role(s) of a Party determines the Business Services to which the Party may have access.
without recourse	A phrase followed by the signature of a drawer or endorser of a negotiable instrument, whereby liability is disclaimed to subsequent holders in the event of non-payment.
simple investment accounting	Financial reporting
statement of recommended practice	(SORP)
bulk transfer	Pensions
annualizing	The making of calculations for a period of less than a year as if the period...
blank endorsement	Endorsement of a negotiable instrument without naming the person to whom it would be paid.Also known as Endorsement in blank.
representations	Documentation
administrator	1
fonds commun de placement	Fonds mutuel émis dans le cadre de la législation française.
government actuary's department	(GAD)
rqe	UK tax
bnr	Bordereau numérique de retrait (withdrawal receipt)
actuarial valuation	1
cost of equity	(Ke)
social benefit	The benefit to society as a whole from an event, action, or policy change
companies house	The official UK government register of UK companies.The main functions of Companies House are to:1
aedbf	Association Européenne pour le droit Bancaire et Financier
member	See 'Client'.
haven	See Tax haven.
ons	UK Office for National Statistics.
marginal utility	In a utility function, the increase in utility associated with a one-unit increase in consumption of one good; or the partial derivative of the utility function.
finance	1
debt management office	(DMO)
fct	Fellow of the Asociation of Corporate Treasurers.
monnaie banque commerciale	Un règlement est dit monnaie banque commerciale en cas de mouvement du paiement entre les comptes des banques (contrairement à la monnaie banque centrale).
ssl	Secure Sockets Layer.
score	Standardised Corporate Environment.
reverse positive pay	Banking
legal title	See asolute fee simple title (fee simple).
asx	Australia
myners report	Pensions
demand schedule	A list of prices and corresponding quantities demanded, or the graph of that information
certificat	Preuve de propriété d'une société montrant le nombre d'actions et tous les éléments en rapport avec la valeur.
diversification	The process of spreading risk such that no single event can have a catastrophic effect
european monetary agreement	An intergovernmental organization administered by the OECD that facilitated settlement of balance of payments accounts among its member states from 1958 to 1972
regional cheque processing centre	(RCPC)
implied term	Law
boston consulting group	(BCG)
ultra vires	Beyond the scope or in excess of legal power or authority of a person, official or body.
deed of amendment	Law
deferred pensioner	A person entitled to preserved benefits under a Defined benefit pension scheme; also referred to as a deferred member.
component bar chart	A type of bar chart, where each bar is split into several component parts.
asset backed commercial paper	(ABCP)
accrued benefits	Pensions
ec	1
erm	1
swap spread	1
depositary trust clearing corporation	Dépositaire central titres pour marché américain
guidance	Pensions
clearstream	The Deutsche Borse settlement and custody system.
defendant	Law
re-invoicing company	A company, typically established in a low tax domicile, to which members of a group sell their goods and services for onward sale to third party customers
invoicee	The party identified in a commercial invoice as the liable party.
specialization	a situation in which different people each engage in the different task that he or she is good at performing.
capital requirements directive	Banking
gmp	Guaranteed Minimum Pension.
commutation	Pensions
bcg	USA
detailed service description	A description of a specific service offered as incorporated by reference in the Operating Manual.
last in first out	1
french banking federation	The professional body representing over 500 commercial, cooperative and mutual banks operating in France and includes both French and foreign-based organisations
discovery assessment	UK tax
writing down allowance	1
liquidity provision	See 'Puchasing power'.
prohibitory injunction	Law
ordinary least squares	The simplest and most common method of fitting a straight line to a sample of data: by minimizing the sum of the squares of the deviations of the data from the line.
corporate card	Also known as travel and entertainment card.
paasche index	A weighted index using quantities entirely from the current year's data.
request for proposal	(RFP)
salary sacrifice	Pensions
compulsory liquidation	A company is liquidated by a court order made as a result of a petition by an appropriate person.
association	A group of individuals who meet for a common purpose.
isda	1
semiconductor agreement	The US-Japan Semiconductor Agreement of 1986 was a VER requiring Japan to limit its exports of semiconductors, mainly "dynamic random access memory" (DRAM) chips to the United States.
convention de compte espèces	Dans le cadre d'ESES, la documentation contractuelle entre une Banque Centrale et un Compensateur Espèces titulaire d'un Compte Espèces ouvert dans les livres de ladite Banque Centrale, et régissant notamment l'ouverture et la tenue des Comptes Espèces ouverts dans les livres de la Banque Centrale.
unctad meetings	The inter-governmental meetings from which UNCTAD gets its name, which occur every four years and began in 1964.
rpi	Retail Price Index.
amortised value	Quantity expressed as an amount representing the current amortised face amount, e.g
shared service centre	(SSC)
league of nations	An intergovernmental organization founded at the end of World War I to prevent wars
supertax	A special tax levied on individuals' incomes above a certain level, in addition to their normal tax liabilities.
dro	Days Receivables Outstanding
interested agent	The party that receives information from other parties about transactions that are being processed, and performs functions such as regulatory oversight and accounting.
international accounting standards	(IAS)
accounting standards board	(ASB)
cfi	Classification of Financial Instruments
adjudication	Also known as a court's ruling
statistical significance	There are lies, damned lies and statistics, said Benjamin Disraeli, a British prime minister
contract	A legally binding agreement between two parties.Essential elements of an enforceable contract include offer and acceptance, consideration, and legal capacity to contract (together with other legal requirements).
rôle métier	One of a certain number of defined roles a Party may perform in the (I)CSD Systems: the role(s) of a Party determines the Business Services to which the Party may have access.
electronic check	USA
legislation	1
icaew	The Institute of Chartered Accountants in England and Wales.
sit	France
weighted average maturity	(WAM)
bei	Banque Europeenne d'Investissement
dishonour	In commercial law, the failure to honour a negotiable instrument
limited price indexation	(LPI)
closing rate method	Also known as All-current rate method.
central location	Statistics
restitution	The legal principle that where a person has benefited undeservedly at another's expense, that person may be required to restore any improper benefit that may have been attained.
newchaps	Newer version of CHAPS (Clearing House Automated Payment System).
agency	Name for the arrangement where an agent intermediates between purchaseers and...
central counterparty	An entity that is the buyer to every seller and the seller to every buyer of a specified set of contracts/obligation (e.g
fixed term loan	A loan with a fixed date or dates for repayment.
scenario analysis	A process of analysing possible future events by considering a number of different potential outcomes.The different scenarios under analysis can involve changing more than one input simultaneously.
standard form agreement	An agreement between a Client and a Euroclear group (I)CSD incorporating the relevant standard terms and conditions of that Euroclear group (I)CSD.
certificat représentatif au porteur	Certificat – au porteur - représentant des titres émis sur un marché étranger afin de promouvoir les échanges hors du pays d'origine des titres sous-jacents.
leveraged	The same as 'geared'.
sovereign debt	1
central european time	The legal standard time of many Central European countries applied during the winter, where the standard time equals the Coordinated Universal Time + 1 hour.
projected benefit obligation	(PBO)
private bill	The term used for legislation that originates from a particular member of Parliament or from a member of the public
tws	Treasury Workstation.
csr	Corporate Social Responsibility.
whistleblowing	Whistle blowing.
evergreen facility	A facility whereby the final maturity may be extended periodically, with the lender's agreement, for a further term (normally a year at a time).
bill gates	Co-founder and more recently non-executive chairman of Microsoft.
transfer value	Pensions
agent intéressé	Partie recevant les informations d'autres parties au sujet des transactions en cours de traitement, et exerce des fonctions telles que la surveillance réglementaire et la comptabilité.
covariance	Statistics
quorum	The minimum number of members/ persons who are required to be present in order to legally transact or conduct business.
ask rate	Near enough the same as offer rate.
private international law	The part of the national law of a country that establishes rules for dealing with cases involving a foreign element.
account	Financial relationship between two parties involving a transfer of funds, and...
tax point	VAT
morris review	A review of the actuarial profession commissioned by the UK government subsequent to the Penrose Enquiry and submitted by Sir Derek Morris in 2005
enchère à la hollandaise	Action effectuée par une partie souhaitant acquérir un titre
asset value	1
ukfi	United Kingdom Financial Investments.
fedwire	Funds transfer
ratio decidendi	Law
distribution obligatoire en espèces	OST survenant généralement sans qu'aucune action ne soit requise de la part des détenteurs/teneurs de comptes individuels du titre
modeling	US spelling of modelling.
float neutral	Banking
classic payment method	With this method, a coupon security is distributed at account level on the Single Platform, generally (but not always) on the payment date of the cash distribution
sarbox	The Sarbanes-Oxley Act.
egm	Extraordinary General Meeting.
company meeting	Is a meeting (potentially virtual) of the different stakeholders of an organisation to which its stakeholders are encouraged to participate in order to vote on various types of company decisions and policies.
show of hands	Voting method whereby votes are cast by raising your hand at the general meeting
legacy platform	One of the current input, matching, settlement and/or reporting systems of the group (I)CSDs.
cf	Centre for securities administration
delta var	(DelVaR)
carbon trading	Environmental policy
unlevered	Near enough the same as Ungeared.
quotation/quote	1
lien	A legal right to hold the property of another party or to have it sold or applied in payment of a claim.
conversion	'A change from a rental format to one of individual ownership.
normal contribution rate	Pensions
codification	Law
bootstrap	1
index	A method of measuring the price fluctuations of a certain selection of securities/shares e.g
flex	Flexible budgeting.
substitute check	US
cibor	Denmark
range	A stocks low price and high price for a particular trading period, such as the close of a day's trading, the opening of a day's trading, a day, a month, or a year.
debtors	1
transit routing number	(TRN)
threshold balancing	A cash concentration technique where the balances of the sub-accounts are physically transferred in their totality into a nominated account each time the sub-accounts' balances reach a predetermined threshold.
foreign csd	Term no longer used
first in first out	(FIFO)
league of arab states	An association of mainly Arabic-speaking countries founded in Cairo in 1945 to strengthen ties amoung the members, coordinate policies among them, and promote their common interests
cik	Caisse Interprofessionnelle - Interprofessionele Kas
boolean	A system of logic in which TRUE is assigned a value of 1, and FALSE is assigned a value of 0.Enabling the construction of more complex logical functions in computers and other electronic equipment.
efficient breach	The violation of a rule or law when the benefit to the violator of doing so exceeds the harm that it does to others
cash equivalent value	(CEV)
zero coupon rate	(ZCR)
aps	1
pension benefit guaranty corporation	(PBGC)
acca	Association of Chartered Certified Accountants, UK-based professional association.
rns	Regulatory News Service.
rhs	Right-hand side, usually referring to what appears to the right of the equal sign in an equation, and therefore usually the portion of the equation that explains the the dependent variable on the left-hand side.
activity based management	Using an activity-based costing system to improve the operations of an organization.
debit collection system	Banking
cash positioning	Also known as account positioning.
intérêt à options	Voir intérêt optionnel
interest offset pooling	Notional pooling.
cpe	Continuing Professional Education.
conversion	Exchange of securities for another type of securities.
expenditure function	A function representing the minimum expenditure needed, at a given price vector P, to achieve a given utility U from a vector of goods consumed X: E(P,U) = minX{PX \| U(X)≥U}
interpolation	1
superficial losses	Occur when an investment is sold and then repurchased at any time in a period that is 30 days before or after the sale.
committed	A committed borrowing facility is one in which the potential lender - for example a bank - is legally obliged to provide the funds when required to do so by the borrower (subject to the borrower complying with the terms of the related facility agreement).A commitment fee will normally be charged to the borrower on any undrawn part of the facility.An alternative basis of charging commitment fees is on the basis of the whole of the facility (whether or not it is drawn down)
post-trade administrator	The party ensuring that all the details of the trade have been collected and reported, as required to all parties involved in the trade transaction including counterparties, the investor, and settlement parties.
rtgs	Real-time gross settlement system
de minimis exempt tax	UK VAT
year high	The highest price at which a security has traded during the current year.
ethics	1
cet	Central European Time
benefit in kind	(BIK)
drp	Disaster Recovery Planning.
real-time processing	Funds transfer
failed transaction	A transaction such as a funds or securities transfer, that does not settle on the contractually fixed date
dc	Pensions
zero coupon bond	(ZCB)
interface de système exogène	Interface standardisée de la plate-forme partagée de TARGET2, qui contrôle et répartit les informations des systèmes exogènes et plus particulièrement celles relatives à l'activité des système de règlement-livraison d'instruments financiers.
inverse demand function	A function representing the relationship between quantity demanded and price, specified for convenience with price as a function of quantity instead of the more usual quantity as a function of price
turnover	1
trade triangle	In the trade-and-transformation-curve diagram, the right triangle formed by the world price line and the production and consumption points, the sides of which represent the quantities exported and imported.
partial re-investment	Tax
authentication	The verification that a legal document is genuine or valid, such as through a seal from an authorized public official.
stop limit order	this is similar to a stop order
wholesale funds transfer system	Near enough the same as Large-value funds transfer system.
local area network	(LAN)
direct holding model	The operating model of the Euroclear group under which in general: a Client in the Domestic Service holds Group CSD Securities directly in the Euroclear group CSD which is the Primary CSD in relation to that security (without the intermediation of any other Euroclear group CSD).
spousal rrsp	A special type of RRSP to which one spouse contributes to a plan registered in the beneficiary spouse's name
economic cooperation	This could mean many things, including any of the many ways that countries work together in the economic sphere to achieve mutual objectives
financial accounting	The collation and presentation of financial information primarily with a view to external financial reporting.
warrants	Instruments financiers permettant au détenteur d'acquérir une quantité déterminée d'un instrument financier, de marchandises, de devises ou autre au cours d'une période prédéfinie, à un prix convenu.
indictable offence	A criminal offence which is heard before a judge and a jury.
share premium account	UK Company law
cheque	A written order from one party (the drawer) to another (the drawee, normally a bank) requiring the drawee to pay a specified sum on demand to the drawer or to a third party specified by the drawer
mnt	Pensions
ofr	Financial reporting
convex combination	The convex combination of two points (or vectors), x and y, is their weighted average, with nonnegative weights on each: λx + (1−λ)y, where 0≤λ≤1.
services producer price index	(SPPI)
invitation to treat	In contract law, an indication of a willingness to consider offers.
group relief	A system of UK tax whereby a member of a group of companies may, in defined circumstances, pass a trading loss to another group company, enabling it to set the loss against its own trading profit, thereby reducing the amount of corporation tax payable by the group as a whole.
actions préférentielles	Voir Actions privilégiées.
fédération bancaire française	"Organisme professionnel représentant plus de 500 banques commerciales, mutualistes et coopératives exerçant en France et incluant des organismes français et étrangers.Ses missions consistent à rechercher, analyser et émettre des propositions sur toute question liée à la profession, aux niveaux national et international
util	Utility.
qualifying time period	UK Tax
coût plus marge	Tarif fixé à un niveau couvrant les frais de fonctionnement plus une marge raisonnable.
corporation or company	A form of business organization created under provincial or federal statutes which has a legal identity separate from its owners
securities applicant	A Securities Applicant is a Client which has applied for the admission of a security by the CSD
legislative risk	The risk of adverse effects arising from changes in relevant laws.
statistical distribution	Near enough the same as frequency distribution.
wire transfer	Term widely used in North America
member of household	A person who has lived in the taxpayer's home for the entire tax year.
value date	1
sales	1
ic card	Integrated Circuit card.
legal personality	The essential feature of a company is that it exists as a separate legal entity distinct from its members
zcb	Zero Coupon Bond.
ansoff	1
revolving loan	A loan available for a set period - for example 5 years - but which is drawn down for shorter set periods, for example 3 or 6 months
advanced diploma	The full membership qualification of the Association of Corporate Treasurers.
employee nominated trustee	Pensions
semiannual	Semi-annual rate.
contract	A contract is a legally binding agreement between two parties.
defined contribution pension scheme	(DC)
adjusted present value	(APV)
statement of affairs	Insolvency law
steer analysis	Social, Technological, Economic, Ecological and Regulatory analysis.
z score	Same as Z statistic.
star	1
business day	A day on which the relevant Euroclear group (I)CSD or (I)CSDs are open for business.
strategic business unit	(SBU)
cf-office	Voir Centre pour l'administration de fonds
guidance note	(GN)
exclusion clause	Contract law
civil law	Body of law concerned with private rights and remedies.
arr	Accounting Rate of Return.
precautionary principle	The view that when science has not yet determined whether a new product or process is safe or unsafe, policy should prohibit or restrict its use until it is known to be safe
assignment	The formal process by which a right or contract is transferred from one party to another.
ex div	Ex dividend.
debtor management	Near enough the same as receivables management.
pension	A periodic payment made to a Pensioner under a pension scheme
annual interest	UK tax
ois	Overnight Indexed Swap.
options d'achat	Contrats entre un acheteur et un vendeur donnant à l'acheteur (détenteur) le droit, mais pas l'obligation, d'acheter les actifs indiqués à un prix ou selon une formule fixé(e), à ou avant une date indiquée
db	Pensions
euroclear sa/nv	The parent company of the group (I)CSDs
voidable contract	A contract that may be rejected by either of the parties.
exchangeable bond	(XB)
variability	1
dvp model 1	One of the three DVP schemes defined by the G10
carbon reduction commitment	Environmental policy
spinoff	A new, independent company created through selling or distributing new shares for an existing part of another company.
positive statement	Statements of fact, which are capable of proof or disproof.
quantum meruit	Law
european community	(EC)
tax relief	A deduction allowed by law in calculating a tax liability.
delivery against payment system	Also known as Delivery versus payment system.
gridlock	A situation that can arise in a funds or securities transfer system in which the failure of some transfer instructions to be executed (because the necessary funds or securities balances are unavailable) prevents a substantial number of other instructions from other participants from being executed.
faster payments service	(FPS)
xml	Extensible Markup Language.
fiu	Anti-money laundering
financial intelligence units	(FIUs)
fixed currency	Also known as Base currency.
watch list name	The name you give a watch list and that is displayed when you view a watch list
warranty	A term in a contract containing the statement of a fact (or occasionally an opinion) by the warrantor which reflects an important basis upon which the parties to the agreement have entered into that agreement.
expropriate	To transfer ownership of private property, against the will of its owner, to government
extrapolation	1
rgv	Relit à Grande Vitesse
chargeable consideration	Tax
crc	Carbon Reduction Commitment.
void contract	An invalid contract.
rfi	Request for Information.
declaration of solvency	Law
droits d'entrée	Prix payé immédiatement par l'investisseur lors de sa souscription à un investissement tel qu'un fonds d'investissements.
transfer system	A generic term covering funds transfer systems and exchange-for-value systems.
correlation coefficient	The correlation coefficient is a relative measure of the correlation between two variables
funding ratio	Pensions
ke	Cost of equity.
encryption	A process which electronically scrambles a message so that only persons who have compatible decryption hardware and/or software can interpret the message.
freezing	1
world wide web	The global system of information accessed and linked by the internet.
as is	Term in an agreement, such as for software licensing, indicating that no expressed or implied warranty is provided.
xml	eXtensible Markup Language
retrait de choix	Le désir d'un client de revenir sur un choix fait précédemment.
occupational pensions defence union	(OPDU)
minor	Law
rnc	Continuous Net Settlement
epc	European Payments Council.
business confidence	How the people who run companies feel about their organisations' prospects
contracted in	Pensions
lel	Pensions and tax
finality	Equivalent to Final.
periodic interest	1.The interest - in money terms - for any given period under review.For example £140 per day.2.The periodic rate of interest.
sffas	Statement of Federal Financial Accounting Standard.
roman civil law	Early private property ownership codes enforced on California owners by the Spanish rulers.
spreadsheet standards	Best Practice Spreadsheet Modelling Standards.Standards designed to provide a comprehensive framework for:1
stop loss orders	The opposite of a stop buy order
kleptocracy	Corrupt, thieving GOVERNMENT, in which the politicians and bureaucrats in charge use the powers of the state to feather their own nests
effective annual yield	Near enough the same as effective annual rate.
quasi-issuance balance	In the ESES context, it is a balance type eligible only for a Euroclear entity if it supports a functionality that is specific to a market
certificate	Evidence of ownership of a company showing the number of shares and relevant details on the security.
facility	A term used to describe financial assistance programs offered by lending institutions to help companies requiring capital.
counter-offer	A new offer that varies the terms of the original offer and so rejects the terms of that original offer.
closeness	Optimisation function that attempts to resolve settlement dependencies in a real-time gross settlement system.
mandataire	Dans le cadre d'ESES, un Mandataire est un Client ayant reçu mandat d'un ou plusieurs Parties l'autorisant à émettre au nom et pour le compte de cette Partie des instructions relatives à son (ses) Compte(s) d'Instruments Financiers et, si la Partie est un Teneur de Compte Direct, relatives aux Compte(s) Espèces associé(s).
fédération bancaire européenne	Association représentative du secteur bancaire européen
zero cost	1
ioa	Institute of Actuaries.
self-sufficiency argument for protection	The view that a country is better off providing for its own needs than depending on imports
downstream	Refers to oil and gas operations after the production phase and through to the point of sale.
engagement letter	1
cns	Continuous Net Settlement
claimant	Law
nbt	Net profit Before Tax.
fonds commun de placement	(FCP)
internet	A wide area network (WAN) to which anyone with the appropriate hardware, software, and communication links has access.
negative linear relationship	A straight line relationship; the forecast or other dependent variable increases as the independent variable decreases.
vvpr	Verlaagde Voorheffing/Précompte Réduit
migration	The permanent relocation of people from one country to another
rtgs	Funds transfer
corporate action reference	Reference assigned by the account servicer to unambiguously identify a corporate action.
lockbox	A collection system in which a bank or a third party receives, processes, and deposits a company's mail receipts
settlement agent	The party that provides settlement, custody, and accounting services for its own, or someone else's, assets.
positive pay	Banking
value-added network	(VAN)
earnings credit rate	(ECR)
partial exemption	VAT
refinancing risk	1
institute of actuaries	(IOA)
labor standard	Any of many conditions of workers in the workplace that are viewed as important for their well being, and minimum levels of which are advocated by labor rights activists and have been agreed to by many of the countries that are members of the ILO.
statement /receipt	A detailed summary of an account
open transactions management	The process of managing open term transactions that are affected by corporate actions giving rise to market claims, transformations and buyer protection processing.
value at risk	Value at risk models, widely used for RISK MANAGEMENT by BANKS and other financial institutions, use complex computer algorithms to calculate the maximum that the institution could lose in a single day's trading
advertorial	An advertisement disguised as editorial.
securities clearance account	Securities Clearance Account means a securities clearance account opened in connection with the Euroclear System by Euroclear Bank on its books in the name of a client or in the name of another Clearance System.
materiality	This is a threshold at which insignificance becomes significance
match pay	Also known as Positive pay.
false negative	Statistics
roce	Return On Capital Employed.
cross on the board	Also called a put-through or contra order
ip	Internet Protocol
bona fide	Latin term referring to persons or actions that are in good faith and honest.
willingness to pay	The largest amount of money that an individual or group could pay, along with a change in policy, without being made worse off
consensus in idem	A Latin term meaning a meeting of the minds and signifying agreement between parties.
proper law	Of a contract, the system of law that is applied in private international law to a contract with foreign elements.
statutory debt	1
action	Price action refers to the movement of price and volume during a certain window...
service agreement	A contract specifying the service to be provided.
corporate action	An event which may occur during the lifespan of a security
sic	Standing Interpretations Committee.
annuity	Payment received over a period of regular intervals
money purchase	Pensions
value judgement	1
quorum	The minimum acceptable level of individuals with a vested interest in a company needed to make the proceedings of a meeting valid under the corporate charter.
inter quartile range	Statistics
atlantic council	An organization based in Washington, DC, that seeks to promote leadership and engagement in international affairs.
montreal protocol	The Montreal Protocol on Substances that Deplete the Ozone Layer, signed in 1987, limited trade in products containing CFCs
statement of funding principles	(SFP)
third party	The party that is a customer of either a direct or indirect system member
ibei	International Business Entity Identifier
retail funds transfer system	A funds transfer system which handles a large volume of payments of relatively low value in such forms as cheques, credit transfers, direct debits, ATM and related transactions.
ic	1
transmission control protocol	(TCP)
fasb	1
lis pendens	Indicates that a law suit is in process.
us commercial paper	(USCP)
range	the difference between the high and low price during a given period.
cheque truncation	Banking
model	A representation of a real situation using a selected set of simplifying assumptions and relationships
integrated circuit card	(ICC/IC Card)
sensitivity	The degree of variability in a financial value or decision, associated with changes in one or more of the inputs.
day order	An order to buy or sell securities, valid only on the day for which the order is placed.
pensions research accounting group	(PRAG)
internationalization	Another term for fragmentation
pensions management institute	(PMI)
internet protocol	(IP)
strategy	In game theory, a set of actions and contingent actions for the several stages of a sequential game, that is, a plan of action for each stage contingent on the outcome of preceeding stages.
market economy	an economy in which decisions about production and consumption are made by individual producers and consumers.
fbf	French Banking Federation
accrual rate	Pensions
lerner-pearce diagram	This name is sometimes given (for years, by me at least) to the Lerner Diagram
cross-guarantees	1
mortality	Pensions
partie négociatrice	Partie qui joue un rôle actif dans la planification et l'exécution des transactions créant ou liquidant des investissements parmi les actifs des investisseurs, ou qui transfer d'un investissement à un autre les actifs de l'investisseur
avis d'opéré	Relevé qui récapitule l'ensemble des caractéristiques de l'ordre (achat, vente) qui a été exécuté.
insolvency act	(IA)
multilateral net settlement position	Funds transfer
final salary pension scheme	A Defined Benefit pension scheme where the benefit for each year of membership is related to the pensionable salary received in the final year, or sometimes to the average pensionable salary over the last two or three years.
long life assets	UK tax
payor	The party that issues a cheque.
target concentration	Banking
paye	1
billet de trésorerie	Emprunt sous forme de billet à court terme émis par des sociétés
cmcds	Constant Maturity Credit Default Swap.
net interest	1
operational risk	Operational risk is the risk of adverse effects resulting from inadequate or failed internal processes, people and systems and / or external events such as adverse changes to the economic environment
iban	International Bank Account Number
internet protocol	Telecommunication's protocol used on networks that support internet and allows data to be sent in blocks referred to as packets
cbi	Confederation of British Industry.
european payments council	(EPC)
mic	Market Identifier Code
cash reserves	1
balance netting	Also known as Single legal account pooling.
liquidator	An insolvency practitioner appointed to wind up a company.
sef	Systeem Effecten
exemption clause	Contract law
cio	Chief Information Officer.
group accounts	Financial reporting
pctct	Profits Chargeable to Corporation Tax.
joint venture	Type of equity participation in which the lender puts up the funds, the developer contributes special expertise and the two become partners in the project.
credit transfer	A payment order or possibly a sequence of payment orders made for the purpose of placing funds at the disposal of the beneficiary
pie chart	A circle which represents the whole amount and containing wedge-shaped sectors which indicate the fraction in each category
gross amount	Amount of money before any deductions and allowances have been made.
normal frequency distribution	A normal frequency distribution is a continuous, symmetrical, bell-shaped distribution function
loss-sharing agreement	Also known as Loss-sharing rule.
pictogram	A visual representation using a number of symbols to indicate a particular quantity.
umbrella scheme	Pensions
treasury workstation	(TWS)
funding	1
contributions holiday	Pensions
free carrier	A term, abbreviated FCA, denoting that a good for export to a buyer is to be delivered to a carrier specified by the buyer.
qualifying expenditure	Tax
securities settlement system	A system which permits the holding and transfer of securities, either free of payment (FOP) or against payment (Delivery Versus Payment-[DVP]).
monotonic	Changing in one direction only; thus either strictly rising or strictly falling, but not reversing direction.
balancing charges	UK tax
local securities record	A record of holders of securities held in a Euroclear group CSD, kept in the territory of that CSD.
projected unit method	Pensions funding
iberclear	The Spanish central securities depository.
early leaver	Pensions
au porteur / nominatif	Titres émis soit au porteur soit au nominatif mais avec le même numéro d'identification.
safety margin	The extent to which a key variable or input can fall below its current or planned level, without endangering the entity or project under review.
sender finality	Funds transfer
fya	UK tax
carbon credits	Environmental policy
emigration	The migration of people out of a country.
histogram	Statistics
euroclear niec	Nederlands Interprofessioneel Effectencentrum NIEC B.V
edr	European Depository Receipt
statement of comprehensive income	Financial reporting.1
dog	1
liberal	Associated with freedom and/or generosity
fbf	Férération Bancaire Française
personal identification number	(PIN)
upgrade	1
operating unit	A part of a larger business having separately identifiable objectives, responsibilities and management.More significant operating units may also be Strategic Business Units.
board for actuarial standards	(BAS)
frequency polygon	A diagram that illustrates a frequency distribution using lines instead of bars.
infrastructure	The party that provides, through common membership, services to create a fair and open process for the execution of transactions between trading parties, and the creation of settlement obligations.
tax written down value	(TWDV)
capital adequacy	1
investment committees	1
standard contribution rate	Pensions
objects clause	Company law
tort	Law
issa	International securities services association
corporate governance	1
chlorofluorocarbon	A chemical once used in refrigerators, air conditioners, and as aerosol propellants that, when released high into the atmosphere, destroyed the ozone
significance testing	A statistical test which measures whether there is sufficient evidence to reject the null hypothesis (at the chosen significance level) in favour of the alternate hypothesis.Also known as Hypothesis testing.
csd of reference	Associated to each security, a CSD of reference corresponds to the CSD at which settlement operations take place and which therefore holds the securities balances.
summary financial statements	In the UK, public companies listed on the Stock Exchange are no longer required to send their members a full set of detailed accounts each year
origin	the point where the axes of a two-variable graph meet.
spreadsheet	1
employer	Pensions
default	Failure to honour the terms of an agreement; for example a loan agreement.
group payment arrangements	Tax
prospective benefits funding method	Pensions funding
geometric mean	Geometric mean returns are calculated by taking account of compounding.(Contrasted with the arithmetic mean, which ignores compounding).For example, the geometric mean return calculated from sample returns of 4%, 5% and 6% is given by: (1.04 x 1.05 x 1.06)(1/3) -1 = 4.9968%.
symmetric distribution	Statistics
final	Irrevocable and unconditional.
compte emission	"Dans le cadre d'ESES, tout compte ouvert au nom d'un émetteur dans les livres du CSD au débit duquel sont enregistrés tous les instruments financiers d'une même émission admis par le CSD ; dans le cas d'instruments financiers dématérialisés, tous les instruments financiers de l'émission concernée seront enregistrés au débit du Compte Emission ; les Comptes Emission ne sont pas considérés comme des Comptes d'Instruments Financiers dans le cadre des Conditions Générales."
poisson distribution	A discrete probability distribution that gives the expected frequency of occurrence of certain type of random events.
residue before sale	UK tax
kimberly process	An international certification system for export and import of diamonds, initiated in 2000, intended to stop the trade in blood diamonds.
business service	A service provided by a Euroclear Group (I)CSD comprising a set of system functions within the (I)CSD Systems and related services to which a Party is provided access.
debt on the employer	Pensions
government paper	Government-issued securities issued for a range of periods
continuing professional education	(CPE)
withdrawal receipt	Explanatory and detailed receipt of a withdrawal from an account
twist	1
goodwill	Generally understood to represent the value of a well-respected business - its name, customer relations, employee relations, among others
contribution	Management accounting
asi	Ancillary System Interface
state second pension	(S2P)
icc	Integrated Circuit Card.
indicative price	Estimated price, e.g
lagrangian	A function constructed in solving economic models that include maximization of a function (the "objective function") subject to constraints
afte	France
consolidated group accounts	These report the activities of a group of companies presented as if they were a single entity.
contingent risk	A risk that may arise depending on particular events
experience gains and losses	Pensions
tiers	Partie cliente d'un membre direct ou indirect du système, inconnue de l'administrateur des transactions du système, et n'ayant ni responsabilité ni droits vis-à-vis du système.
analysis	The examination and evaluation of the relevant information to select the best course of action from among various alternatives.
statutory surplus basis	Pensions
registre local	Registre des avoirs présents dans un compte titres physiquement détenus/tenu dans le territoire du CSD concerné.
domestic service	Set of services provided by Euroclear group CSDs.
pensioner	Someone who receives a pension under a pension scheme.
giro system	A type of Credit Transfer System.
currency interest rate swap	(CIRS)
settlement netting	Also known as payment netting.
price to earnings ratio	(PER)
lognormal	Characteristic of a lognormal frequency distribution.Sometimes written "log-normal" or "log normal".(Not to be confused with the Natural logarithm, which is different.)
ccp	Central counterparty
méthode de paiement direct	Méthode selon laquelle l'agent payeur du système distribue les produits en espèces directement aux détenteurs à la date de mise en paiement, en fonction de la position des détenteurs/teneurs de comptes dans le titre sous-jacent à la fin de la date d'arrêté.
docking provision	A part of an agreement among a group of countries to allow other like-minded countries to join the agreement on specified terms without renegotiating the agreement.
significance level	A measure of the reliability of the conclusion drawn from the results of a test.
shareholders	The owners of a company.
equilibrium price	The price at which the quantity demanded equals the quantity supplied.
eiusdem generis	Latin term meaning 'of the same kind'
trigger price mechanism	The system put in place for US imports of steel in 1978 to speed up investigations of dumping
pre-matching	See 'Pre-matching process'.
assemblée générale extraordinaire	Réunion autre que l'assemblée générale ordinaire entre les actionnaires, les dirigeants et tous autres membres d'une société
turnbull	Turnbull Guidelines.
probability	The study of chance providing an objective measure of uncertainty.Probabilities range between 1 (=100%) and 0 (=0%)
cc	Competition Commission.
ptd	Payable Through Draft.
dtc	Depository Trust Company.
participant direct de target2	Etablissement de crédit responsable vis-à-vis du compensateur espèces du règlement des paiements sur la plate-forme TARGET2.
pearson's coefficient of skew	Statistics
z statistic	A commonly used transformation of a standard normal distribution
common law	The law of a country based on custom, usage, and the decisions of the courts
usd	SWIFT currency code for the United States Dollar.
lsa	Legal Safekeeping Account
bpr	Business process re-engineering.
gross redemption yield	(GRY)
ukla	United Kingdom Listing Authority.
edgar	Electronic Data Gathering, Analysis and Retrieval
avoir effectif	"Quantité dénouée de titres détenus dans un compte donné à uninstant T."
scheme rules	Pensions
rho	1
back-to-back loan	1
prospective	Measures based on forecast data, rather than actual past data.
ccd	Cash Concentration or Disbursement.
share premium	UK Law
pension assets	1
dns	Designated-time Net Settlement.
supply schedule	the price of a given quantity at which producers will supply at different prices.
fcp	Fonds Commun de Placement.
time of supply	VAT
non-group csd	A CSD that is not a member of the Euroclear group.
remboursement final	Remboursement total d'émission d'un titre de créance, d'un fond ou d'un action privilégiée, à maturité.
opcvm	Organisme de Placement Collectif en Valeurs Mobilières
research and development	The use of resources for the deliberate discovery of new information and ways of doing things, together with the application of that information in inventing new products or processes.
vault	The protected warehouse in which physical documents are stored.
default	Failure to fulfil the terms of a loan agreement
x-axis	the horizontal number line of a graph along which values of the y-variable are measured; also referred to as the horizontal axis.
escrow balance	See 'restricted balance'
bas	Board for Actuarial Standards.
asb	1
indexation allowance	UK tax
système interbancaire de télécompensation	(SIT)
cheque guarantee card	A card issued as part of a cheque guarantee system
treasury management system	(TMS)
goal congruence	The beneficial alignment of the objectives of different groups within an organisation.In particular, alignment of the goals of senior management with those of middle managers and junior staff.
credit transfer system	A funds transfer system through which credit transfer (or giro) orders and the related information and funds may be transmitted for the purpose of executing credit transfers (or bank/postal giros).Also known as Giro system.
profit and loss account	1
standby takeout commitment	In construction finance, the agreement by an interim lender to advance funds to take out the construction lender.
average contribution percentage	A test applied to retirement plan contributions in order to prevent the plan...
relit +	Règlement Livraison de Titres Plus: revocable channel of RGV2
documentation	1
consortium relief	UK tax
liquidated damages	A clause in a contract stipulating the damages payable in the event of breach.
dividend clawback	An arrangement by which the sponsors of a project agree to use dividends they previously received from the project to cover any subsequent cash deficiencies.
partie initiatrice	Partie à l'origine du paiement à l'agent transmetteur ou au premier agent
ccd+	Cash Concentration or Disbursement plus Addendum.
méthode descendante	Traitement des opérations, où l'agent de l'émetteur ou le CSD distribue automatiquement les revenus aux clients concernés, sans qu'aucune action ne soit requise de leur part
arbitration	A method of dispute resolution in which an independent arbitrator is chosen to assist aggrieved parties recover damages.
grouped frequency distribution	Statistics
opra	Occupational Pensions Regulatory Authority.
takeover panel	A self-regulatory body in the UK which administers the City Code, comprising representatives from various financial regulatory bodies and interested groups from the City.
irrevocable and unconditional transfer	A transfer which cannot be revoked by the transferor and which is final.
si	Statutory Instrument.
back-to-back transactions	A chain of securities transactions among three or more parties involving the purchase and sale of a single security, for settlement on a single date
circles	Optimisation function in CREST which attempts to resolve settlement dependencies.
model	a simplified representation of a real situation that is used to better understand real0life situations.
foreign repercussion	The feedback effect on a domestic economy when its macroeconomic changes cause large enough changes abroad for those in turn to cause further changes at home
common communication interface	It is the communication interface with the external world that will provide users with a single access to all Euroclear group services
fixed rate	Interest calculated as a constant prespecified percentage of the principal amount, and payable at prespecified intervals, often semi-annually or annually.Also known as fixed rate interest.
limited liability partnership	(LLP)
deal date	The date on which a deal is struck.
consideration	A required element in a contract by which something of value, including a promise, is exchanged for the act or promise of another.
city code	This is the short-form title of the UK City Code on Takeovers and Mergers, also referred to as the 'Blue Book'.
price test	To pass the price test, a bond's current offered price is compared to its latest third party closing price.
stats	1
wge	Wet Giraal Effectenverkeer.
voluntary corporate action	Corporate action in which holders of a security need to take action if the corporate action is to affect their holdings
cls	Continuous Linked Settlement.
ba	1
actions convertibles	Actions (ordinaires ou privilégiées) qui, au choix du détenteur, sont convertibles en d'autres valeurs mobilières, généralement des actions ordinaires, à un taux prédéfini
legal person	A separate entity recognised in law.
statement of financial position	Financial reporting
g20	The same as G-20.
carveout	Same as carve-out.
actuarial assumption	In the case of retirement plans, an estimate made for the purposes of calculating...
downstream	1
quid pro quo	Latin phrase that means 'what for what or something for something'
tpi	Titre au porteur identifiable
situation de blocage	Situation pouvant survenir dans un système lorsque certaines transactions ne sont pas exécutées (du fait de l'indisponibilité des liquidités ou des soldes titres nécessaires), empêchant l'exécution d'un grand nombre de transactions d'autres clients.
pfandbrief	Germany
debtor days	The same as Days Sales Outstanding.
cap and trade	Environmental policy
uk gilt-edged securities	UK government bonds.
smac function	An acronym for the CES function based on the names of the four authors who introduced it in Arrow et al
gaap	The common set of accounting principles, standards, and procedures
bank identifier code	(BIC)
stakeholder pension scheme	UK Pensions
high saling	Deliberately causing the last sale for the day in a security to be higher than warranted by the prevailing market conditions (also referred to as window dressing).
ansa	French association of joint stock companies
current rate method	All known as All-current rate method.
foa	Faculty of Actuaries.
transaction	1
benefits agency	Pensions
loan recall	In relation to an outstanding collateral management transaction or a bilateral financing transaction, changing the closing date to an earlier date.
public key infrastructure	(PKI)
leakage	A release of information to certain people before the official public announcement.
frag	A ‘Technical Release' from the Institute of Chartered Accountants in England and Wales (ICAEW) Financial Reporting and Advisory Group.
exempt approved status	Pensions
supply curve	The graph of quantity supplied as a function of price, normally upward sloping, straight or curved, and drawn with quantity on the horizontal axis and price on the vertical axis
mc	1
zero based budgeting	(ZBB)
phytosanitary	Pertaining to the health of plants, especially freedom from pests and pathogens
corporate services price index	(CSPI)
fiduciary duty	A fiduciary is a person who occupies a position of trust in relation to someone else such that he is required to act for the latter's benefit within the scope of that relationship.
tax	1
iosco	International Organization of Securities Commissions.
criminal law	Laws dealing with crimes against the public and members of the public.
voluntary liquidation	Members of the company decide to put the company into liquidation.
exercise	To execute the terms of a contract
sampling period	A selected period of time from which a representative sample of data is taken.The selection of different sampling periods can have a substantial effect on the results of statistical analysis, for example of the returns on traded assets.
equilibrium	When SUPPLY and DEMAND are in balance
finance director	(FD)
binary system	A system containing exactly two different types of parts.For example in binary code used in computing all information is represented by a combination of the digits 0 and 1.
frequency	The speed of the up and down movements of a fluctuating economic variable; that is, the number of times per unit of time that the variable completes a cycle of up and down movement
naperian	Alternative spelling of Napierian.
ibrd	International Bank for Reconstruction and Development.
teneur de registre	"Partie responsable du suivi des propriétaires des titres
mail float	The time interval outstanding between the time a cheque is mailed and its receipt at the designated address.
itm	1
bnb	Banque Nationale de Belgique
savings	1
precedent	The process whereby a decision is taken in a certain way because a previous decision was taken that way
supply curve	A graph of the relationship between the PRICE of a good and the amount supplied at different prices
asset-liability management	A form of management employed by companies which coordinates the handling of...
ex dividend	(Ex div).1
offeror	The person who makes an offer.
trade policy research centre	A research organization that was active in the 1970s and 1980s, but that seems no longer to exist, at least in that form
stop order	an order to sell a stock when the price falls to a specified level.
network	A set of connections among a multiplicity of separate entities sharing a common characteristic
modality	Method or procedure
cal-vet	A special program for eligible California veterans to help them finance the purchase of farms and ranches within the state.
sox	Sarbanes-Oxley Act.
eis	UK tax
condition	1
financing activities	UK financial reporting
erp	1
tender to contract cover	A contingent contract providing forward exchange cover for a company tendering competitively for a contract, which is completed only if the company's bid is successful
composite indices	These measure average changes over time for a number of items.
specific performance	The legal obligation for the parties in a contract to fulfill their promises or be in default and subject to a lawsuit.
homothetic	A function of two or more arguments is homothetic if all ratios of its first partial derivatives depend only on the ratios of the arguments, not their levels
fsavc	Pensions
smpg	Securities Market Practice group
standing instruction	Subscription through which the client requests the automatic processing of its preferred options for future corporate actions, where no other specific instruction has been received
multiple	A colloquial term for the price-earnings ratio of a company's common shares.
eft	Electronic Funds Transfer.
ex interest	(Ex int).1
accumulating net asset value	(ANAV)
choix de la devise	Possibilité pour le détenteur de recevoir le paiement des revenus et/ou des remboursements dans l'une des devises, tel qu'établi dans le contrat d'émission.
international banking facilities	(IBFs)
maghreb	The region of West and Central North Africa comprised of Algeria, Libya, Mauritania, Morocco, Tunisia, and Western Sahara
iso 15022	International standard which sets the principles necessary to provide the different communities of users with the tools to design message types to support their specific information flows
back value dating	Back value date.
arbitrage trading program	A program used to simultaneously place orders for stock index futures and the underlying stocks
international standards organisation	Worldwide federation of national standards bodies from more than 146 countries, one from each country
passive income	Tax
pest analysis	Political, Economic, Social and Technological analysis.
repudiation	Law
business service	A service provided by a Euroclear group (I)CSD comprising a set of system functions within the (I)CSD Systems and related services to which a Party is provided access.
period of account	Financial reporting
strgl	Statement of Total Recognised Gains and Losses.
cum interest	1
cashier's cheque	Also known as a bank draft.
statistical significance	A measure of the likelihood that observed statistical data under review might have arisen randomly (rather than as a result of the proposed statistical relationship).If the data under review are NOT statistically significant, then they should not normally be used as a basis for important decisions.It is less likely, for example, that a very small sample of data would produce a statistically significant result.
ftse 350	1
pensions ombudsman	An individual appointed under UK social security legislation empowered to investigate disputes between individual members of occupational pension schemes and the trustees or administrators of those schemes.
deflation	A fall in the general level of prices
econometrics	The application of statistical methods to the empirical estimation of economic relationships
appariement	Processus consistant à comparer les données de la transaction ou du dénouement fournies par les contreparties pour s'assurer qu'elles sont conformes aux conditions de la transaction.
liberalism	The set of views associated with being liberal, in the sense of freedom.
confidence intervals	Statistics
assured payment system	(APS)
conversion	Echange de titres contre d'autres titres.
titres de l'etat britannique	Titres d'Etat émis par le Royaume-Uni.
target fund	Pension funding
concentration account	Also known as Master account.
corporate trustee	Law
pension protection fund ombudsman	(PPFO)
the bank	UK
usa patriot act	Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act, 2001
affiliated companies	A situation that occurs when one company owns a minority interest (less than 50%) in another company
joint and several liability	Law
addback	Tax
billet négociable en euro	Emprunt sous forme de billet à court terme émis par des sociétés
bcc	British Chambers of Commerce.
bibor	Bahrain interbank offered rate.
substitute goods	Goods for which an increase (or fall) in DEMAND for one leads to a fall (or increase) in demand for the other – Coca-Cola and Pepsi, perhaps.
accounting equation	A form of double entry bookkeeping which identifies the debit and credit elements...
batch	The transmission or processing of a group of payment orders and/or securities transfer instructions as a set at discrete intervals of time.
letter of awareness	A formal letter written to a lender, normally by a parent company, acknowledging its relationship with another group company and its awareness of a loan being made to that company
afei	Association Française des Firmes d'Investissements
probability density	For a continuous random variable, a function whose integral over any set is the probability of the variable being in that set.
option d'échange	Choix laissé aux actionnaires d'échanger leurs titres contre d'autres titres et/ou des espèces
internal devaluation	Reduction in a country's nominal wages and prices in order to make it more competitive internationally
approved deferred share trust	(ADST)
type d'instrument	"Synonyme = type de titreLa classification des instruments financiers en plusieurs groupes selon leurs caractéristiques propres
ear	Effective Annual Rate.Also known as Equivalent Annual Rate.
misrepresentation	An untrue statement of fact made by one party to a contract to the other party which induces that other party to enter into the contract.
gazette	London Gazette.
curtailment	Pensions
iso	Acronym of the International Organization for Standardization, chosen to be used in all languages even though it may not exactly match the organization's name in any.
treasury inflation-indexed securities	(TIIS) USA
financial year	UK tax
pob	Professional Oversight Board.
form of agreement	See 'Standard Form Agreement'
tpas	The Pensions Advisory Service.
repudiatory breach	Law
rcpc	Regional Cheque Processing Centre.
secondary contributions	UK Tax.UK National Insurance contributions paid by employers.
mark to market basis	1
express term	A provision of a contract agreed to by the parties in words, written or spoken.
arbitration	An informal hearing held regarding a dispute
md	1
negligence	In legal terms, the failure to do something that a reasonable person would do, or doing something that a reasonable person would not do
rate of time preference	The rate at which a consumer discounts consumption in the future compared to the present
gross interest	1
logarithm	1.The mathematical function which is the inverse of "raising to the power of".Usually abbreviated to "log".For example working with logarithms to the base 10:log10(100) = 2And 102 = 100More generally with logarithms to the base n:logn(x) = the power which, when 'n' is raised to it = xFor example 10(log10(x)) = xAnd generally n(logn(x)) = x2.The logarithm to the base 10.
accounts receivable management	The different strategies that can be adopted to manage the collection of outstanding receivables.
horizontal axis	the horizontal number line of a graph along which values of the x-variable are measured; also referred to as the x-axis.
petition	Written application to a court requesting a remedy available under law.
backward indexation	The setting of wages based in part on past performance of prices.
reporting entity	Financial reporting
upstream	1
eu enlargement	The process of taking more member countries into the EU.
kpi	Key Performance Indicator.
leptokurtic	Leptokurtic frequency distribution.
rdug	Reference Data Users Group
clearstream	The German central securities depository, Clearstream Banking Frankfurt (CBF), and an international central securities depository based in Luxembourg, Clearstream Banking Luxembourg (CBL).
cost of living adjustment	(COLA)
short interest	UK Tax
dso	Days Sales Outstanding.
chartered accountants ireland	The professional association for chartered accountants in Ireland.
international institution	An organization established by multiple national governments, usually to administer a program or pursue a purpose that the governments have agreed upon.
hybrid pension scheme	Either a pension scheme that offers both defined benefit and defined contribution elements, or a scheme that provides a benefit calculated as the better of two alternatives (for example on a defined benefit or defined contribution basis)
out-turn	Same as Outturn.
bordereau numérique de dépôt	Bordereau explicatif et détaillé d'un dépôt dans un compte
co-efficient of determination	Same as coefficient of determination.
creditor management	Also known as payables management.
job costing	A costing system whereby costs are accumulated for each specific order, and therefore used when production is of batches of goods or of individual items with a non-standard specification.
oecd	The OECD is a group of 30 member countries who discuss and develop economic and social policy.
html	HyperText Markup Language.
nonlinear relationships	the relationship between two variables in which the slope is not constant and therefore is depicted on a graph by a curve that is not a straight line.
stochastic	Describing a model or process containing one or more random components.
processing float	The delay between the time a payee or processing site receives a cheque and the time the cheque is deposited.
atp	A program used to simultaneously place orders for stock index futures and the underlying stocks
back test	1
physical asset	a claim on a tangible object that gives the owner the right to dispose of the object as he or she wishes.
compte collectif	Compte Titres unique au sein duquel le Teneur de Comptes Titres rassemble les avoirs de deux ou plusieurs clients sous-jacents, au lieu de recourir à des comptes distincts.
apb	1
effective annual rate	(EAR)
capitalisation	1
loss	1
domestic inter-csd transactions	When the security is eligible in several Euroclear group CSDs and one party is instructing on a depot with the primary issuer CSD and the other is instructing on a depot with the other eligble CSD.
bear spread	1
transfer	1
sigma	1
central securities depositary	An entity which operates a system enabling clients to hold, manage and transfer securities by book entry.
eu	European Union.
elasticity	The degree of responsiveness in one variable to changes in another variable.Typically a percentage change in quantity compared to a percentage change in price
retail payments	This term describes all payments which are not covered by the definition of large-value payments
international payment instruction	(IP)
asymmetric encryption	Also known as Public key encryption.
autoflow	The automated ISO-based STP interface that allows clients to exchange structured data with Euroclear via the CCI
fixed charge	Law
experience	Pensions
skew	1
mean deviation	Statistics
classification des instruments financiers	Une Norme internationale définisant et décrivant des codes permettant un classement des instruments financiers au niveau international
population	The set of all possible items.
mandatory cash distribution	A corporate action that generally occurs without any action being required from the individual holders of the security
earnings cap	Pensions
periodic rate	1
statutory company	A type of company incorporated by private act of parliament.
certificate of incorporation	A document issued by the UK Registrar of Companies giving a company its legal existence and its right to function as a company.
auditing guidelines	These are issued by the Auditing Practices Board in the UK and give guidance to external auditors, but they are not mandatory.
residue after sale	UK Tax
trademark	A name, word, symbol, or device that allows the trademark owner to dictate its use in identifying a product.
aft	Agence France Trésor
ratio	1
soxa	Sarbanes-Oxley Act.Also known as "SOX".
disallowable expenditure	Tax
book-entry system	An accounting system that allows the transfer of claims (for example, securities) without the physical movement of paper documents or certificates.
rapport fiduciaire	Voir Prête-nom.
direct effect	Law
bar chart	A chart where the quantity of an item is represented by the height of a bar.
contrat à terme	Contrat obligeant l'acheteur à recevoir et le vendeur à livrer ultérieurement les actifs indiqués à un prix consenti.
net settlement system	A funds transfer system in which settlement operations are completed on a bilateral or multilateral net basis.
first agent	A financial institution of the debtor that receives the payment transaction from either the account owner or authorised party, and processes the instruction.
party	A Party is a representation of a Client
xb	Exchangeable Bond.
cum int	Abbreviation for Cum interest.
offline	1
ssap 9	UK Statement of Standard Accounting Practice 9, dealing with stocks and long-term contracts.
default surcharge	UK tax
judicial precedent	Law
tms	Treasury Management System.
normative statement	A statement which incorporates personal opinion.
predatory pricing	Charging low PRICES now so you can charge much higher prices later
forecasting	The process of analyzing historical and current data in order to determine future trends.
interest cost	Pensions
adjusted contribution rate	Pensions
magnetic ink character recognition	(MICR)
data presentation	Ways of illustrating statistical results.
behavioral finance	A field of finance that proposes psychology-based theories to explain stock market anomalies
days sales outstanding	(DSO)
london clearing house	See 'LCH.Clearnet'.
columbian exchange	The exchange of goods, but also populations, diseases, and ideas that took place between the Eastern Hemisphere and the Western Hemisphere, across the Atlantic Ocean, in the centuries following the voyage of Christopher Columbus in 1492.
account	1
several liability	Joint and several liability.
time series	Several measurements of a variable taken at regular intervals, such as daily, monthly, quarterly, and so on
career average pension scheme	A defined benefit pension scheme where the benefit for each year of membership is related to the pensionable earnings for that year
allocation	Designation of an item to a specific purpose or place
epim	European Pre-Issuance Messaging
oeic	Open-end investment company
best execution	The responsibility of brokers to provide the most advantageous execution of an order.
voting service provider	A service provider mandated by the Client to act on its behalf
sarbanes-oxley	(SOX/SOXA/Sarbox)
connected person	A person or corporate entity connected to a director, such as a member of the director's family or a company controlled by the director
quarterly instalments	Tax
rule of law	A legal system in which rules are clear, well-understood, and fairly enforced, including property rights and enforcement of contracts.
delegatus non potest delegare	A latin phrase meaning that a person who has been delegated to cannot sub-delegate.
special purpose vehicle	(SPV)
pi	Profitability Index.
security balance	It is the level at which positioning will occur
bond basis	The method used to calculate accrued interest in the eurobond market using a 360 day year of twelve 30 day months (known as 30/360).
initiating party	The party initiating the payment to the forwarding or first agent
unfunded scheme	Pensions
roa	Return On Assets.
multilateral net settlement system	Funds transfer
nopat	Net Operating Profit After Tax.
lien waivers	Documents signed by subcontractors and suppliers indicating they have received payments in full.
real-time gross settlement system	(RTGS)
micr	Magnetic Ink Character Recognition.
slope	the ratio of the "rise" (the change between two points on the y-axis) to the "run" (the difference between the same two points on the x-axis); a measure of the steepness of a curve.
articles of association	This is the formal document that explains the internal organisation of a UK company
formulaire d'option	Formulaire permettant à l'investisseur de choisir le type de distribution de dividende.
bar graph	a graph that uses bars of varying height of length to show the comparative sizes of different observations of a variable.
prospect theory	A theory of 'irrational' economic behaviour
dnb	De Nederlandsche Bank
longevity	Pensions
steeple analysis	Social, Technological, Economic, Environmental, Political, Legal and Ethical analysis.
turnbull guidance	Guidance on internal control issued by the UK Financial Reporting Council.Based on the Turnbull Report (Internal Control: Guidance for Directors on the Combined Code), published by the Internal Control Working Party of the Institute of Chartered Accountants in England and Wales
excel	Computer spreadsheet package produced by Microsoft used to create and format workbooks of spreadsheets, analyze and produce data in graphic forms.
securities distribution	Corporate action that occurs without any action required on the part of individual holders of the security
pestel analysis	The same as PESTLE analysis.
liquidity premium	1
anti-avoidance provision	Tax
bf	Brought Forward.Referring to the opening balance in an account for a period, brought forward from the previous period.Sometimes written B/f.
capital goods scheme	A UK VAT scheme used to reconsider the input tax recovery over a long period for certain classes of assets.
vote par procuration	Procuration écrite donnée par les actionnaires d'une société, autorisant un vote spécifique en leur nom lors des assemblées de la société.
blue collar worker	A worker who performs manual labour.
future value	(FV)
dbo	Days Billing Outstanding.
representations and warranties	A section of a loan agreement in which the borrower asserts the truth of information regarding the borrower's state of affairs
balancing adjustment	UK Tax
allotment rights	Privileges allotted to existing security holders, entitling them to receive new securities free of charge
actions ordinaires	Actionnaires généralement habilités à voter et à recevoir des dividendes
contributions	Pensions
procurement card	Also known as a Purchasing card.
middle office	With the front and back offices, the middle (or mid) office completes the key best practice division of duties and responsibilities in the treasury operation
intertemporal	Occurring across time, or across different periods of time.
credit guarantee scheme	(CGS)
screenflow	Name of the intuitive screen-based application that will offer real-time access to Euroclear group services.
trade acceptance	A draft accepted by a company constituting an unconditional and binding obligation on the part of the company to pay the draft at maturity.
titre provisoire	Titre à court terme distribué afin de faciliter le processus de prise de décision lors d'une OST
normal distribution	Statistics
seasonal tariff	A tariff that is levied at different rates at different times of the year, usually on agricultural products, being highest at the time of the domestic harvest.
tax comp	Tax computation.
arc	1
direct credit	An electronic transfer of funds directly into a bank account.
pre-settlement risk	Pre-settlement risk is the risk that one party to a contract becomes insolvent before delivering its side of the contract
swiftnet	Funds transfer
resident bank accounts	Bank accounts held by individuals or legal entities who are residents of the country in which these accounts are held.
depository trust company	(DTC)
credit spread	1
large-value funds transfer system	A funds transfer system through which large-value and high priority funds transfers are made between participants in the system for their own account or on behalf of their customers
deflation	A sustained fall in prices where the annual change in the CPI is negative year after year.
correlation	A measure of the relationship between two or more securities
electronic wallet	Also known as an electronic purse.
cgo	Central Gilts Office
provisional transfer	A conditional transfer in which one or more parties retain the right by law or agreement to revoke the transfer.
bulk funds transfer system	Also known as retail funds transfer system.
url	Uniform Resource Locator
template transfer	Funds transfer
accounting exposure	The potential impact on an entity's accounts of a particular policy or transaction
chip card	A card containing one or more computer chips or integrated circuits for identification, data storage or special-purpose processing used to validate personal identification numbers (PINs), authorise purchases, verify account balances and store personal records.Also known as an IC (integrated circuit) card or smart card.
consortium members	UK tax
sepa	Single Euro Payments Area.
entrepreneur	The life and soul of the capitalist party
blocked input tax	VAT
remote participant	Funds transfer
eabfl	European Association for Banking and Financial Law
sbi market member	In the ESES context, any Client, acting as Party or Indirect Party, entitled to send transaction notices in the SBI platform as a market member.
pan-european automated clearing house	(PE-ACH)
index number problem	A question the answer to which depends on a choice of weights
dispute settlement	In the GATT, the adjudication of disputes among parties
sterling overnight index average	(SONIA)
international tropical timber organization	An organization created in 1983 for consultation among producers and consumers of tropical timber
fv	Future Value.
replacement ratio	Pensions
deposit float	The sum of each cheque deposited into a bank account multiplied by its availability in days.
single settlement engine	The first building block of the Single Platform, concentrating on the core settlement (i.e
capital gains tax	(CGT)
inverse function	1.A mathematical function which reverses another function.For example the square root function x(1/2) is the inverse function of the square function x2.Another example is the Natural logarithm (log to the base 'e') which is the inverse function of the exponential function ex.2.The function 1/x, also written x-1.(As it happens, the inverse function of 1/x - in the first sense above - is itself, namely 1/x.)
y-axis	the vertical number line of a graph along which values of the y-variable are measured; also referred to as the vertical axis.
pbgc	US
accounting	Definition: Accounting is a field that is responsible for generating financial reports about a company's performance and financial health. These reports are used both in-house and by outside parties
gridlock situation	Situation that can arise in a system in which the failure of some transactions to be executed (because the necessary liquidity or securities balances are unavailable) prevents a substantial number of other transactions from other clients from being executed.
implied rate of interest	1
net working capital	(NWC)
power-of-sale clause	In a deed of trust, it authorizes a lender's attorney to "confess a judgment without process" to speed a foreclosure.
subordinate legislation	Law.Delegated legislation.
federal reserve	US Banking
cch	USA
payee	The party to which a cheque is made payable.
service cost	Pensions
sepa direct debit	(SDD)
cashflow	(CF)
ukpa	UK Payments Administration Ltd.(Formerly known as APACS.)
otc	Over-The-Counter
false positive	Statistics
cev	Pensions
straight bond	A bond which has no conversion rights, nor any other special features.
kondratieff cycle	A cycle in economic activity hypothesized by Kondratieff (1926) to operate over a period of several decades and divided into four phases: spring (expansion), summer (recession), autumn (plateau), and winter (depression)
accrued benefit obligation	(ABO)
ssap 25	UK Statement of Standard Accounting Practice 25, dealing with segmental reporting.
rtc	Regional Treasury Centre.
supply price	the price of a given quantity at which producers will supply at that quantity.
treasury notes	Intermediate U.S
point and figure chart	A chart in the form of series of 'x's and 'o's, representing rising and falling market prices, independent of time.
memorandum of association	Document submitted to the UK Registrar of Companies when seeking registration of a company
bic	Bank Identifier Code.
fournisseur de données	Source d'informations financières fournissant des éléments et des données financières (par exemple des événements, des statistiques et des analyses) à l'intention des investisseurs professionnels et individuels par le biais de différents moyens de communication (par exemple Internet, revue).
logarithm	A particular mathematical transformation often used to express economic variables
certificat de dépôt européen	Egalement appelé certificat de dépôt global/international
freehold estate	See absolute fee simple title (fee simple).
https	Hypertext Transfer Protocol, Secure.
standing order	(SO)
unattributable input vat	VAT which cannot be attributed directly either to exempt supplies nor to taxable supplies.
cgt	Capital Gains Tax.
acquisitions	VAT
basis	1
absolute value	the value of a number without regard to a plus or minus sign.
réorganisation obligatoire à options	Il s'agit de réorganisations obligatoires dans le cadre desquelles le détenteur d'un titre sous-jacent a la possibilité de choisir le type de produits à recevoir
advance-decline	(A-D)
rules	Pensions
real estate	Also termed realty and real property; a portion of the earth's surface extending downward to the center of the earth and upward into space, including all things permanently attached thereto by nature or man and all legal rights therein.
simultaneous equations	A set of related equations including two or more variables.For example:y = 3x andx + y = 1
central bank of ireland	Banque centrale de la République d'Irlande.
act ethical code	Set of principles which should be followed by all members of the Association of Corporate Treasurers.In summary the principles are:(a) Integrity.(b) Independence in making professional judgements.(c) Courtesy and consideration.(d) Professional competence.(e) Confidentiality.(f) Compliance with laws, regulations and conventions.(g) Compliance with codes and rules of other relevant professional bodies.
rollover	In relation to an outstanding collateral management transaction or a bilateral financing transaction, changing the closing date to a later date.
full reconciliation	A financial institution service that matches cheques paid against the file of cheques issued by the company
attained age method	Pensions funding
preference set	The set of vectors of goods or other economic magnitudes that are prefered by an economic decision maker (e.g., consumer) to a given one.
obiter dicta	Law
projected earnings	Pensions
lamfalussy standards	Funds transfer
value-added bank	(VAB)
contracted out/in	Pensions
limite de liquidités	Montant de liquidités ou crédit qu'un compensateur (espèces) a indiqué au CSD comme étant disponible à un compensé (espèces) chaque Jour ouvré.
london gazette	The Gazette is the official newspaper where certain statutory notices are required to be published
stp	Straight Through Processing
amf	Autorité des Marchés Financiers
interfaced settlement model	Transactions are settled using an interface between the payment system and the SSS
business to business	Business conducted between companies, rather than between a company and individual consumers.
variance-covariance method	Near enough the same as Delta-normal method.
account operator	In the context of ESES, a Client that has been authorised by one or more Parties to send instructions in the name of, and on behalf of, each of such other Parties in relation the the latter's Securities Account(s) and the Cash Account linked thereto.
co./co.	Abbreviation for Company.
frustration	Law
at the close	Also known as 'on close.' The end of a trading session
promisor	A person who makes a promise.
short dates	A dealing term meaning periods up to one week, but sometimes used to refer to periods up to a month.
invisible hand	a phrase used by Adam Smith to refer to the way in which an individual's pursuit of self-interest can lead, without the individual's intending it, to good results for society as a whole.
md & a	Financial reporting
residence	Tax
spv	Special Purpose Vehicle.
ndc	Nature de compte - See Account nature.
curve	a line on a graph, which may be curved or straight, that depicts a relationship between two variables.
c/f	Carried forward.Also written CF.
settlement bank agent	An agent is a direct participant in TARGET2 appointed by a settlement bank within the Securities Settlement System (SSS) that does not have a direct account in TARGET2 (in the context of the French market, one also uses the term PR for Participant de Règlement, in order to indicate the Settlement bank agent)
lucas critique	The observation that economic equations estimated under one policy regime are unlikely to be valid under another policy regime, since market participants will take the policy regime into account in forming their behavior
systematic sampling	A sampling technique where the population is ordered in some way - for example alphabetically - and then every nth item is chosen.
effective date	Date at which a process is to be completed or becomes effective.
output price index	A measure of the change in prices of goods sold by UK manufacturers
current unit method	Pensions funding
accounting rate of return	(ARR)
market claims	These types of transfers are used to ensure that the benefit of a distribution reaches the contractually entitled party.
strategic analysis	The systematic review and planning of an organisation's longer term objectives and the means of realising those objectives.Strategic analysis tools include:Environmental impact matrix, often referred to as PEST analysisMarket life cycleMarket environment matrixPorter's Five ForcesValue chain analysisBoston matrixAnsoff's product-market matrixSWOT analysis
earmarking	1
bounded rationality	A theory of human decision making that assumes that people behave rationally, but only within the limits of the information available to them
future	Contract that obliges the buyer to receive and the seller to deliver the assets specified at an agreed price in the future.
break-up value	Also known as liquidation value.
legal risk	1
actuarial standards board	USA (ASB)
awards canceled/forfeited/declined	Grants that were awarded and then canceled prior to vesting.
settlement finality directive	Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payments and securities settlement systems.
final party	The party that is the ultimate beneficiary of the cash transfer
disperse	Term no longer used
historical method	In Value at risk analysis, a simplified variation of the Historical simulation method
seasonally adjusted	There are seasonal patterns in many economic activities; for instance, there is less construction in winter than in summer, and spending in shops soars as Christmas approaches
conditional quantity	Minimum quantity of securities to be accepted (used in the framework of conditional privilege on election)
type i error	An error that occurs in significance testing when the null hypothesis is rejected when it is actually true.Also known as a 'false positive'
pay as you earn	(PAYE)
uk gilt edged securities	Titres d'Etat du Royaum-Uni.
overnight indexed swap	(OIS)
matching	1
certfin	The Certificate in Financial Fundamentals for Business awarded by the Association of Corporate Treasurers.
court	An institution for the resolving of disputes.
sequencing	Shorthand for implementing economic reforms in the right order
ecgd	Export Credits Guarantee Department.
accounting reference date	The date to which a reporting entity's accounts are made up.
remote disbursement	Cash management technique to delay payments by writing cheques and drafts drawn on bank branches in remote locations.
agent transmetteur	Etablissement financier qui prépare l'instruction de paiement et la transmet au premier agent de la chaîne de paiement, comme c'est le cas pour la transmission des transactions de paiement.
offeree	The person to whom an offer is made.
binomial	Binomial probability distributions assume that at any one time there are only two possible outcomes
vat return	VAT
action to quiet title	A lawsuit brought to court in order to review and preside over all land disputes,...
days receivables outstanding	(DRO)
socialism	The exact meaning of socialism is much debated, but in theory it includes some collective ownership of the means of production and a strong emphasis on equality, of some sort.
partie débitrice	Partie qui apporte les espèces ou les titres
return on capital employed	(ROCE)
emission trading scheme	Environmental policy
solvency	1
b2b	Business to Business.
perquisite	Usually shortened to perk, which is the more common usage.
annual adjustment	VAT
made-to-measure tariff	A tariff set so as to raise the price of an imported good to the level of the domestic price, so as to leave domestic producers unaffected
sovereign immunity	The legal doctrine that the property of a foreign government is exempt from the jurisdiction of domestic courts
loaded mutual fund	a fund that has an upfront charge to purchase or a charge to sell the shares rather than built in charges only.
agm	Annual General Meeting.
indicated yield	the yield, based on the most recent quarterly rate times four
ssap 21	The current UK Statement of Standard Accounting Practice 21, dealing with accounting for leases and hire purchase contracts.(To be superseded in due course by a replacement standard currently being developed jointly with the FASB.)
electronic commerce	(EC)
entry age method	Pensions funding
industrial buildings allowance	(IBA)
qualified public depository	Per Florida Statute 280, means any bank, saving bank or savings association that:
downsize	Reducing the size of a company by eliminating workers and/or divisions within the company.
community law	The law created by the European Community.
customs clearance	The processing of imported goods through a country's border procedures for inspection and taxation.
firrea	The Financial Institutions Reform, Recovery and Enforcement Act of 1989.
statement of cash flows	Financial reporting
country items	Cheques drawn on banks located outside areas serviced by a federal reserve, city or a regional cheque-processing centre (RCPC).
shareholders' funds	(SHF)
indemnity	A contractual agreement made between different parties to compensate for any damages or losses.
separate legal order	An autonomous legal system
public key encryption	Public key encryption, uses a pair of keys, one public, one private, to send encrypted messages
float	1
aim	Alternative Investment Market.
enterprise risk management	(ERM)
competition commission	(CC)
sd	1
law of large numbers	An alternative name for the Central limit theorem.
standard error	A measure of the possible error in a statistical estimate.
enabling act	A provision that confers on appropriate officials the power to create law.
physical	1
exchange rate	The price of one currency in terms of another, for example £1 = $1.85, so £1 is the equivalent of $1.85 or $1 is the equivalent of £0.54.
funding level	Pensions
arbitration	A process in which a disagreement between two or more parties is resolved by...
optical character recognition	(OCR)
kurtosis	A statistical measure of the shape of a frequency distribution, in relation to a comparable normal distribution
distribution à options	Evénement par lequel l'émetteur d'un titre (ou l'agent de son choix) accorde un droit aux détenteurs du titre
certificate of ownership	A certificate issued to prove ownership of a given security.
fmcg	Fast Moving Consumer Goods.
payg	Pay As You Go.
return on assets	(ROA)
réorganisations complexes	Pour le groupe Euroclear, il s'agit d'OST pouvant faire l'objet de choix, c.-à-d
cross-currency interest rate swap	(CCIRS)
secondary legislation	Law.1
know-your-customer	(KYC)
special purpose entity	(SPE)
heure de l'europe centrale	l'Heure légale de nombreux pays d'Europe centrale appliquée durant l'hiver, où l'heure locale correspond au temps universel + 1 heure.
mode	Statistics