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

price mechanism	Same as market mechanism.
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.
footsie	The FTSE 100.
value	1
interest payment dates	Most bonds pay interest twice per year
strategic and economic dialogue	The US-China Strategic and Economic Dialogue, S&ED.
capital gain	1
euroyen bond	A Eurobond that ...
accounts	1
biased growth	See bias.
simple interest	A method of calculating and quoting interest which takes no account of interest on interest
ccd	Cash Concentration or Disbursement.
professional oversight board	(POB)
allegation	An assertion of fact, to be proven in court.
shareholder	An individual or entity who owns stock of a corporation.
457 plan	A deferred compensation plan referenced in Section 457 of the Internal Revenue Code for state and local governments, and in some cases, tax-exempt organizations
limean	1
cns	USA
repayment supplement	VAT
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.
gatt-speak	Variation on GATT-think.
standard deviation	A measure of how far a variable moves over time away from its AVERAGE (mean) value.
rio summit	The United Nations Conference on Environment and Development, held 3-14 June 1992 in Rio de Janeiro, Brazil
purchased annuity	In its simplest form, a contract purchased from an insurance company that pays a periodic income (for example monthly, quarterly, semi-annually, or annually) for the life of a person, or for the lives of two (or sometimes more) persons.Many variations on this basic theme are available.Generally that part of an annuity representing a return of capital is not taxable.
ip	1
insure	1
marginal benefit	The increase in well being caused by an additional unit of some activity, such as the consumption of a good
collector of taxes	1
dividends	1
predatory pricing	Predation.
direct collection	The recovery of outstanding receivables by a third party in exchange for a fee, which is usually a percentage of the outstanding amount.
dynamic consistency	The property that a plan made at one time continues to be optimal at a later time if anticipated conditions prevail
dividend growth model	(DGM)
hs	Hang Seng.
tot	Terms of trade
continuous mortality investigation	(CMI)
keiretsu	A group, or network, of manufacturing and
additional voluntary contributions	(AVC)
journal entry	Accounting
time deposits	Term deposits.
vesting	The process of earning a right (through being employed for a period of time) not to lose or “forfeit” all or a portion of a retirement benefit
vct	UK tax
kappa	In relation to options, the same as Vega.
visibles balance	Economics
delta hedge	Delta hedging.
equity method	A method of accounting for an associated undertaking in a group of companies
multilateral	Among a large number of countries, usually including all countries that are members of a large international organization, such as the WTO
bankruptcy	When a person or firm is unable to repay debts
vernon product cycle	See product cycle.
prospective	Measures based on forecast data, rather than actual past data.
adjustment bureau	A company providing claims adjustment services to insurance companies without an internal claims department.
unit value	The value of one unit of a segregated fund
london inter-bank mean rate	(LIMEAN)
deferred taxation	Accounting
goode report	Pensions
lehman brothers government/corporate ...	An unmanaged ...
factor abundance	The abundance or scarcity of a primary factor of production
liabilities	1
reps and warranties	Documentation
demand	1
genetically modified organism	Plants or animals (or products thereof) whose genetic makeup has been determined or altered by genetic engineering
pension	A periodic payment made to a Pensioner under a pension scheme
newly industrializing economy	Newly Industrializing Country but also including Taiwan and Hong Kong, which are not unambiguously countries.
annual effective yield	Near enough the same as Effective Annual Rate.
counterfeit goods	Products that appear to duplicate branded goods without the permission of the brand owner
automated commercial environment	ACE is an online system developed by U.S
logrolling	The exchange of political favors, especially among legislators who agree to support each others' initiatives
cfa	Communaute Financiere Africaine.
long run	Referring to a long time horizon
basic needs	See living wage.
summary prospectus	A short-form prospectus that mutual funds generally may use with investors if they make the long-form prospectus and additional information available online or on paper upon request.
drawings	Accounting
trustee	An individual or other entity who holds or manages assets for the benefit of others
ar	Accounts Receivable.Also known as Receivables.Sometimes written as A/R.
swap	An over-the-counter forward agreement involving a series of cash flows exchanged between two parties on specified future dates.
ssc	Shared Service Centre.
annuity	A contract between an individual and an insurance company under which the insurer promises to make periodic payments to the individual (or another designated person) for an indefinite period (e.g., the life of the individual) or for a set period
diamonds	The hardest mineral known consisting of nearly pure carbon in crystalline form used in industry for cutting and as valuable jewelry.
open currency position	An open position.
upper-middle income country	See Middle Income Country.
large country	A country that is large enough for its international transactions to affect economic variables abroad, usually for its trade to matter for world prices
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
free trade	A situation in which there are no artificial barriers to trade, such as tariffs and NTBs
average directional index adx	ADX fluctuates between 0 and 100
output tax	The VAT on goods and services out of a business.
harmonized system	An international system for classifying goods in international trade and for specifying the tariffs on those goods
undistorted	The absence of any distortion.
bequest	The process of giving stocks, bonds, or any other assets to the beneficiary of a will.
cost-push inflation	A type of inflation that develops due to an increase in the costs of production
lien	A legal right to hold the property of another party or to have it sold or applied in payment of a claim.
shares	Certificates or book entries representing ownership in a corporation or similar entity.
interim deed	Law and Pensions
cross-licensing	The permission by two firms to use each other's intellectual property rights.
self fulfilling prophecy	A prediction that comes true entirely because people believe it and act on that basis
continuous linked settlement	(CLS)
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.
dividend re-investment plan:	An investment plan in certain circumstances act as a tax efficient option to the growth plan
cheque clearing	The process by which a cheque is presented to and accepted by the drawee bank, the institution on which it is drawn.
code of practice	1
at sight	Denotes a negotiable instrument when presented to the drawee
term loan	Nonamortized loan for a specified period, at the end of which the entire principal amount is due.
dividend cleaning company	UK Tax
benefit in kind	(BIK)
rationality	See ECONOMIC MAN.
annuity due	An annuity whose payment is to be made immediately, rather than at the end of the period.
stock turnover	Near enough the same as inventory turnover ratio.
cyclically adjusted budget balance	an estimate of what the budget balance would be if real GDP were exactly equal to potential output.
jubilee 2000	A movement advocating the cancellation of debts that burden developing countries, intended to occur in the year 2000.
accrued benefit	The benefits (usually in the form of pension payments) an employee earns on...
running yield	A measure of the return on a fixed income security
adjudication	UK tax
five hundred dollar rule	A regulation ...
deflation	The opposite of inflation
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.
lettre de change relevé	(LCR)
partnership	A partnership is a business entity which is created when two or more individuals and/or entities join together to conduct a business, with the goal of making a profit
nasdaq	National Association of Securities Dealers Automated Quotations system, which is owned and operated by the National Association of Securities Dealers
debt securities	IOUs created through loan-type transactions-commercial paper, bank CDs, bills, bonds, and other instruments.
acknowledge	"Certify the authenticity of a signature on a brokerage or bank document, such as for an account transfer.",
alternate payee	An individual who is recognized as having a right to receive some or all of...
open-ended investment company	(OEIC)
international coffee organization	An intergovernmental organization set up in 1963 that administers the International Coffee Agreement
rights of accumulation	The right to buy over a period of time
adventure capitalist	Entrepreneur willing to invest money in a risky or uncertain venture in an effort to expand the company in a different area.
opas	Occupational Pensions Advisory Service.
factor share	The fraction of payments to value added in an industry that goes to a particular primary factor.
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.
ex post analysis	Analysis of the effects of a policy, such as trade liberalization or formation of a PTA, based on information available after the policy has been implemented and its performance observed
seasonal quota	A restriction on the quantity of imports of a good for a specified period of the year.
fiscal cliff	A combination of ...
de-grouping charge	UK tax
nasdaq	An acronym for the National Association of Securities Dealers Automated Quotation System
tombstone advertisements	A written advertisement placed by the investment bankers in a public offering of securities as a matter of record once the deal has been completed.
glide path	The change over time in a target date fund's asset allocation mix to shift from a focus on growth to a focus on income.
footloose industry	An industry that is not tied to any particular location or country, and can relocate across national borders in response to changing economic conditions
binomial option pricing model	(BOPM)
securities and exchange commission	The primary U.S
treasurer	A person appointed to manage the financial aspects of a society, company, city or other governing body
treasury securities	‘Full Faith and Credit' obligations of the US Government issued by sale at periodic auctions, and delivered and cleared electronically.
national insurance contributions	(NICs)
replacement contract netting	Also known as Close-out netting.
fir	Factor intensity reversal.
jtic	An acronym meaning Joint Tenants in Common
isa	International Services Agreement.
onu	Organización de Naciones Unidas (Spanish for United Nations)
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.
inventory	Inventory is composed of three classes of materials: raw materials to be used in the product, goods in the process of being manufactured and finished goods ready for shipment to the customer.
net international reserves	International reserves minus reserves that have been borrowed from the IMF and other governments.
exchange rate target	See target.
back value date	Compensation practice of banks in some jurisdictions where debits to a customer's statement of account will reflect a date prior to the actual outflow of funds.
exchange distribution	A type of trade ...
discount windows	a protection against bank runs in which the Federal Reserve stands ready to lend to banks in trouble.
headquarters services	The activities of a firm that typically occur at its main location and that contribute in a broad sense to its productivity at all of its locations and plants
yuan	The principal unit of the renminbi, the currency of China
econometrics	Mathematics and sophisticated computing applied to ECONOMICS
agency theory	This theory states that company directors act on behalf of shareholders as their agents.An important consequence of agency theory is agency costs
quota sampling	A statistical sampling technique whereby the population is divided into sub classes and each sub class is allocated a quota.
portfolio manager	The individual, team, or firm that makes the investment decisions for an investment fund, including the selection of the individual investments.
law of large numbers	An alternative name for the Central limit theorem.
roo	Rule of origin.
horizontal intercept	the point at which a curve hit the horizontal axis; it indicates that value of the x-variable when the value of the y-variable is zero.
demand side policy	Economics
raw material	A good that has not been transformed by production; a primary product.
corporation	A corporation is a separate legal entity, which is formed by application to either the federal government, or one of the provincial/territorial governments
time value of money	(TVM)
lisbon treaty	The treaty that went into force on December 1, 2009, revising the institutions of the European Union
less-than-fair-value	Less than fair value in a case of dumping.
pending update	An indication that intra-day activity is taking place on an equity you own.
unrealised profit	Accounting
isocost line	A line along which the cost of something -- usually a combination of two factors of production -- is constant
protocol of accession	Legal document specifying the procedures for a country to join an international agreement or organization, including the rights and responsibilities that accompany such accession.
eur	SWIFT currency code for the Euro.
heuristic	Describing an approach to problem solving which emphasises practical experience rather than theoretical explanations.
mark-to-market	The process to record daily changes in futures or options markets and to debit or credit the margin accounts accordingly.
transnational	Transnational corporation/company.
autex	Electronic alert system for brokers
ca	1
central account	Also known as master account.
insolvency	See solvency.
global recession	1
fixed shares option	A withdrawal plan option which provides for the liquidation of the client's account by a set future time.
lbo	See LEVERAGED BUY-OUT.
reconciliation	In appraising, estimating a single value from the different approaches; see weighted average.
fully valued	A stock that has reached a price that accurately reflects the strength of the company.
hope scholarship credit	An education tax credit that can be claimed only for qualified tuition and expenses that have been incurred at an eligible institution and are not covered by other assistance
ias 17	International Accounting Standard 17, dealing with leases.Issued by the International Accounting Standards Board.
exotic	A description meaning that there are non-standard features in a financial contract.
carrier	A firm that provides transportation of persons or goods.
confidence fairy	A term used frequently in New York Times opinion pieces by Paul Krugman during and after the global recession that began in 2007, referring to the views of those who believe that the economy can be stimulated by balancing government budgets so as to reassure potential investors.
bearer form	A security not registered in the issuing corporation's books but is payable to its bearer (the person possessing it).
act	1
opportunity cost	The cost of something in terms of opportunity foregone
welfare state	A set of government programs that attempt to provide economic security for the population by providing for people when they are unemployed, ill, or elderly.
shipper	The firm or other entity that purchases shipping services
www	World Wide Web.
leontief technology	A production function in which no substitution between inputs is possible: F(V) = mini(Vi/ai), where V is a vector of inputs Vi, and ai are the constant per unit input requirements
summary plan description	A document summarizing the terms of a retirement plan in plain language
goodwill	When one corporation acquires another, goodwill (an intangible asset) will be shown on the purchaser's consolidated balance sheet if the purchaser pays more than the agreed-upon value of the fixed assets acquired.
discrete time	The division of time into indivisible units
financial model	A simplified representation of a financial situation, using a selected set of simplifying assumptions and relationships
proposition 13	A California referendum limiting the amount of annual property tax increases.
activity	The volume of a stock or exchange over a given period of time.,
direct tax	A tax which is levied on a taxpayer who is intended to suffer the final burden of paying tax.
united nations organizations	The complex and extensive system of organizations that exist under the umbrella of the United Nations
piecemeal tariff reform	The reduction of only one tariff (or a subset of tariffs) by a country that has additional tariffs on other products.
fixed annuity	An annuity that accumulates savings or distributes income at guaranteed rates and in guaranteed amounts
indifference curve	A means of representing the preferences and well being of consumers
mrt	Marginal rate of transformation.
electronic purse	A reloadable multi-purpose prepaid card which may be used for small retail or other payments instead of coins
beneficiary	A person, persons or trust designated to receive the plan benefits of a plan participant in the event of the participant's death.
residue of qualifying expenditure	(RQE)
dro	Days Receivables Outstanding
irrational	Maths
gross domestic product	(GDP)
s&p 500	1
escheat	When property ...
delta	1
binomial tree	A set of multiple possible outcomes - often shown in a diagram - built up from a series of individual binomial steps.
cipfa	The Chartered Institute of Public Finance & Accountancy.
syndicated loan	A loan from a number of different lenders acting collectively.Historically the lenders were normally banks, acting through an 'agent bank'
request for information	(RFI)
fiscal discipline	Management of the government budget so as to avoid excessive fiscal deficits
convention expenses	Any travel ...
euro banking association	(EBA)
overshooting	See exchange rate overshooting.
negotiating bank	International trade
natural resource	Anything that is provided by nature, such as deposits of minerals, quality of land, old-growth forests, fish populations, etc
idiosyncratic risk	In the Capital Asset Pricing Model, same as Specific risk.
hot	Heckscher-Ohlin Theorem.
intermediate input	An input to production that has itself been produced and that, unlike capital, is used up in production
bilateral	Involving two parties only
irts	Increasing returns to scale.
williams % r	Williams %R is a momentum indicator that measures overbought and oversold (bullish) levels.
sets	Stock Exchange Electronic Trading System.
redesignation	An individual who makes an excess contribution to a Traditional IRA for a given tax year may in some cases apply the contribution to the next tax year by means of redesignation
brokerage window	An optional feature that allows participants to open a self-directed brokerage account within an employer-sponsored retirement plan
market segmentation	Segmented markets.
ias 7	International Accounting Standard 7, dealing with statement of cash flows.Issued by the International Accounting Standards Board.
american-style option	A type of option that can be exercised at any time between the purchase date...
delvar	Risk management
tariff protection	Protection provided by a tariff.
risk tolerance	The degree to which you can tolerate volatility in your investment values.
technological progress	A technological change that increases output for any given input.
constant net asset value	(CNAV)
zero rated	VAT
trade share	This can mean a variety of things, but most commonly it refers either to imports or exports as a percentage of GDP.
interest sensitive stock	Any stock with a ...
coupon	The interest payment on a bond, so-named because bonds originally were pieces of paper with small sections, called coupons, that were cut off and exchanged for the interest payments.
wholesale markets brokers' association	(WMBA)
anticipation note	A type of short term bond which will be paid off with the proceeds from a subsequent,...
smes	Small and Medium-sized Enterprises.
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
imm	International Monetary Market.
designated investment manager	The individual or company designated to act in a fiduciary capacity with respect to investment management under the plan.
period certain	A payment feature that may be available in an annuity contract that guarantees periodic payments for no less than a set period of time
corporate note	An unsecured promise made by the borrower to pay interest and repay the principal at a specific date.
active income	Income received in return for a performed service
agent	One party authorized to act on behalf of another
junk bond	Issues rated below investment grade (as evaluated by credit rating agencies)
ftse 250	1
percentile	Division of a frequency distribution into 100 equal parts.
discounted cash flow	(DCF)
fitch	Fitch Ratings, a leading credit rating agency.
assistance holdback amount	The assistance holdback amount of a registered disability (RDSP) is the total amount of Canada Disability Savings (CDSG) and Canada Disability (CDSB) paid into the RDSP in the immediately preceding 10-year period, less any amount of CDSG or CDSB paid in that 10-year period that has been repaid to the government
sorp	Financial reporting
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
equity	A property's value in excess of the total amount of charges or liens against it
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.
interest	The amount paid by a borrower to a lender above the amount (the principal) that has been borrowed.
sterling commercial paper	(SCP)
factor space	A graph in which the axes measure quantities of factors.
private benefit	The benefit to an individual economic agent, such as a consumer or firm, from an event, action, or policy change
central securities depository	(CSD)
cia	1
provisional transfer	A conditional transfer in which one or more parties retain the right by law or agreement to revoke the transfer.
edifact	UN/EDIFACT.
fraud compensation fund	(FCF)
shareholder service fees	A charge to shareholders of a mutual fund to cover the fund's shareholder servicing, distribution, and marketing costs
amortization method	A distribution calculation method for making penalty-free early withdrawals...
non wasting chattel	Tax
contingent order	a client's order to buy stock and sell a covered call option
participating interest	Accounting
input	a good or service used to produce another good or service.
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
exogenous	Coming from outside, usually in the context of an economic model, in which it means only that it is not explained within the model.
fps	Faster Payments Service.
country size	Any of many measures of the size of a country
target balancing	A cash concentration technique whereby all account balances are physically transferred into a nominated account leaving a predetermined amount in the sub-accounts
linear reduction	Same as linear cut.
suitability	The appropriateness of an investment for a particular investor, taking into account his or her income, investment objectives, financial status and level of investment sophistication.
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
delict	Law
exempt gain	UK Tax
net	After deduction
bank	1
love of variety	Preference for variety.
underhedging	Underhedging means hedging an amount less than the total related risk exposure, for example by the use of a derivative instrument with a principal amount of 50% (of the related risk exposure).The effect of underhedging in this way is to reduce the variability of the net hedged exposure - for example by 50% in this case - but without fixing the whole of the related risk exposure.
days billing outstanding	Also known as Days sales outstanding.
industrialization	The establishment and subsequent growth of industrial production in a country, usually meaning heavy manufacturing.
open ended	A Structured Product with no defined end date
imports	The quantity or value of all that is imported into a country.
pmi	Pensions Management Institute.
scatter diagram	A diagram showing the relation between two quantities
market clearing	Equality of quantity supplied and quantity demanded
below the line	See above the line.
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
net debit cap	Caps.
abi	Association of British Insurers.
accept giros	Credit transfer
inflow	See capital inflow.
fragmentation	The splitting of production processes into separate parts that can be done in different locations, including in different countries
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.
roth ira	A type of IRA that can only receive nondeductible contributions
stochastic	Random; arising from a process that generates different values each with some probability
ebit	earnings before net interest expense and taxes.
monopoly	A situation in which a single company owns all or nearly all of the market for a given type of product or service
leptokurtotic	Statistics
foreseeable loss	1
fisher-weil duration	Risk management
international specialization	See specialization.
fiscal period/fiscal year	Many businesses prepare their accounting records on a calendar year basis, with December 31 as their year-end date
poba	Professional Oversight Board for Accountancy.
fixed income security	A security that makes a fixed periodic payment to the owner of the security.
fixed duty	UK tax
lender of last resort	An institution that has the capacity and willingness to make loans when no one else can
portfolio turnover	The relative length of time and frequency with which investments are purchased and sold within a portfolio during a given year.
necessity	Economics
current prices	Refers to prices in the present, rather than in some base year; e.g., "GDP at current prices" means GDP as measured, in contrast to real GDP, or "GDP at XXXX prices," where the latter is measured in the prices of year XXXX.
associated undertaking	UK group accounting
applied research	Utilizing pure research to develop real-world products.
multifactor model	A model with more than two factors
sss	Securities Settlement System.
simulation	A model of a financial or other process, especially one containing random components.
nominal wage	The wage of labor in units of currency, not adjusted for inflation, and thus not in terms of the goods that it will buy
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
escrow	A financial instrument held by a third party on behalf of others until their written or oral instructions or obligations have been fulfilled.
profit after tax	Sometimes used as an alternative name for Net profit.
spotting profitability with roce	This straightforward ratio measures whether a company is efficient, money-making or neither.
capital	1
ground rents	Perpetual leases given by landowners to tenants, used predominantly in Maryland and Pennsylvania prior to 1885
pauper labor argument	The view that a country loses by importing from another country that has low wages, presumably by lowering wages at home
member nominated trustee	Pensions
edgeworth-bowley box	A geometric device showing allocations of 2 goods to 2 consumers in a rectangle with dimensions equal to the quantities of the goods
heterogeneous	Not all the same
invitation to treat	In contract law, an indication of a willingness to consider offers.
international chamber of commerce	Calling itself the "voice of world business," the ICC promotes the cause of international business and open markets
jic	Just In Case.
disintermediation	Disintermediation refers to the general process of cutting out of the financial intermediary by companies which are in a position to borrow and lend funds between themselves, or to directly access the capital market.Disintermediation developed as consequence of the worsening credit quality of banks following the debt crisis in the 1980s, which resulted in many large companies commanding credit ratings that were as good as, or better than, the banks.
total account assets	The total value of your account, which consists of the total market value plus the value of any unsettled trades.
liabilities	Amounts owed. These may be current, which means due to be paid within 1 year, or they may be long term, which means not due for at least 1 year.
export bias	Any bias in favor of exporting
prepaid finance charge	Charges on a loan agreement which are not included as part of the principle amount being...
trade credit	1
unsolicited rating	In relation to credit ratings, a credit rating which has not been requested by the issuer of the obligation being rated, and which is generally not paid for by the issuer.The informational basis of an unsolicited credit rating is normally muchless than that of a solicited credit rating, generally excluding - for example - in depth meetings with the issuer's management.
gni	Gross national income.
correspondent	A mortgage banker.
market rate	1
junk bond	a bond with a speculative credit rating (BB from S&P, Ba from Moody’s) or lower
business review	UK and other financial reporting
on-migration	The further migration of a person to yet another country.
annualized	A procedure where figures covering a period of less than one year are extended to cover a 12-month period.
price elasticity of supply	Economics
lan	Local Area Network.
rebasing	UK Tax
empirical finding	Something that is observed from real-world observation or data, in contrast to something that is deduced from theory.
payables	Accounting
caf	Corporacion Andina de Fomento.
zaibatsu	A large capitalist enterprise in pre-World-War-II Japan, usually centered around a single family and encompassing a wide variety of companies
law of demand	the principle that a higher price for a good or service, other things equal, leads people to demand a smaller quantity of that good or service.
annual effective rate	(AER)
greek letters	In options analysis, same as Greeks.
payroll deduction contribution amount	The amount of money you elect to have automatically deducted from your pay and contributed to your retirement plan account each pay period
dornbusch-fischer-samuelson model	See DFS Model
ias 23	International Accounting Standard 23, dealing with borrowing costs.Issued by the International Accounting Standards Board.
risk averse	Someone who thinks RISK is a four-letter word
financial reporting	1
payable date	The date when unitholders will receive dividends assuming they have elected not to reinvest those payments in additional units
adverse selection	The tendency for insurance to be purchased only by those who are most likely to need it, thus raising its cost and reducing its benefits.
delta var	(DelVaR)
regionalism	The formation or proliferation of preferential trading arrangements.
paradox	As used in economics, it seems to mean something unexpected, rather than the more extreme normal meaning of something seemingly impossible
investment vehicle	A selected means of making an investment.
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.
unit elastic	Having an elasticity equal to one
plan sponsor	An employer who establishes and maintains a qualified retirement plan.
contribution	A deposit into a retirement plan
iban	International Bank Account Number.
double counting	Counting the same thing twice, or more than twice
ceiling	See price ceiling.
cumulative frequency distributions	Statistics
cad	1
irredeemable bond	Also known as Perpetual bond.
actuarial gain	Actuarial gains and losses.
capital loss	A loss arising on a chargeable disposal for UK tax purposes.
cica	CICA is the Canadian Institute of Chartered Accountants
bond purchase agreement	A legally ...
single legal account pooling	A cash management technique based around a single legal master account structure in the name of the parent or group financing company where the other participant accounts act as memo accounts of that legal account
second state pension	Also known as State Second Pension.
board of directors	The managers of a company elected by the shareholders or members.
economic sanction	The use of an economic policy as a sanction.
eafe index	Europe, Australasia, and Far East index (EAFE index)
debit balance	Financial accounting
discontinuance method	Pensions
silver	A precious metal used in coins, jewelry, electrical connections, photographic processing, etc.
skewness	Statistics
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.
avc	Pensions
injury	Harm to an industry's owners and/or workers
ldc	For many years, the acronym LDC has stood for less developed country, which was more or less the same as developing country
digit	Used in indicating the extent of disaggregation of data within a classification system
portfolio diversification	See diversified portfolio.
term deposits	Deposits, including certificates of deposit, for fixed periods of time.
exponential function	ex the inverse of the natural logarithm of x.
simultaneous equations	A set of related equations including two or more variables.For example:y = 3x andx + y = 1
product cycle	The life cycle of a new product, which first can be produced only in the country where it was developed, then as it becomes standardized and more familiar, can be produced in other countries and exported back to where it started
conference board	A "global, independent business membership and research association working in the public interest," founded in 1916
vanilla option	An normal option with no special or unusual features.
nasdaq	The National Association of Securities Dealers Automated Quotation, also called the "electronic stock market." The NASDAQ composite index measures the performance of more than 5,000 U.S
exempt	VAT
impost	1
nominal yield	A measure of the return on a fixed income security
registered exports and imports	If a country regulates what can be traded, then "registered" means legal
average annual total return	The yearly average percentage increase or decrease in an investment's value that includes dividends, gains, and changes in share price.
criminal law	Laws dealing with crimes against the public and members of the public.
joint control	Financial reporting
capital allowances	UK tax
misery index	1
icsd	International Central Securities Depository.
investment fund	A supply of ...
opec	An intergovernmental organization dedicated to the stability and prosperity of the petroleum market
futures	See derivatives.
import deposit	A requirement that importers put some amount of money in an account for some period of time
oil shock	A large increase in the relative international price of oil (petroleum)
quantity quota	A quota specifying quantity, in units, weight, volume, etc
commodities of the future	Our rising global population is putting all sorts of pressures on the ...
revolving credit facility	(RCF)
common-law partner	For purposes of the Income Tax Act, a common-law partner is a person (of the same or opposite sex) who lives with the taxpayer in a conjugal (marriage-like) relationship, and (a) has lived with the taxpayer for a continuous period of at least one year, or (b) is a parent of a child of whom the taxpayer is a parent, by birth or adoption, or (c) has custody and control of your child (or had custody and control immediately before the child turned 19 years of age) and your child is wholly dependent on that person for support.
creditors	1
emh	Efficient Market Hypothesis.
keynesian cross	a diagram that identifies income-expenditure equilibrium as the point where the planned aggregate spending line crosses the 45-degree line.
scholarship trusts	A type of managed product created to help parents save for their children's post-secondary education
eurozone	1
juridical person	An entity other than a natural person, such as a partnership or a corporation, that is given some of the same rights as persons under the law.
discount rate	1
ma-cug	Member-Administrated Closed User Group.
standardization	1
no load fund:	A scheme that doesn't charge any processing fee - in investment parlance, load-at the time of entry or exit.
rationalization	A reorganization of a company in order to increase its efficiency
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.
capital gains short term	The difference between an asset's purchase price and selling price (when the difference is positive) that was earned in under one year.
central intelligence agency	Intelligence gathering (and espionage) agency of the United States government, publisher of the World Fact Book.
exchange	1
slave trade	1
range	The high price and low price which a security or a market average has attained during a given period.
lien waivers	Documents signed by subcontractors and suppliers indicating they have received payments in full.
under-invoicing	The provision of an invoice that states price as less than is actually being paid
nasdaqs	National Association of Securities Dealers Automated Quotation System - developed by the NASD
efficient	describes a market or economy that takes all opportunities to make some people better off without making other people worse off.
eminent domain	The government's sovereign power of condemnation over private property for the benefit of the community; an example of police power.
management buyout	a type of leveraged buyout (LBO) in which the acquiring group is led by the firm’s management.
security	1
concentration ratio	A common measure of industry concentration, defined as the percent of sales in the industry accounted for by the largest n firms
terminal loss	When a depreciable fixed asset is sold, its capital cost allowance (CCA) class is reduced by deducting the lower of its original cost, or its proceeds of sale
initial net asset value:	Portfolio's Net Asset Value (NAV) on its inception date.
so	Banking
common tangent	A straight line that is tangent to two or more curves
t-notes	Treasury Notes.
base year	The year used as the basis for comparison by a price index such as the CPI
cmp	USA
kri	Key Risk Indicator.
soca	UK
acss	Automated Clearing Settlement System.
giro system	A type of Credit Transfer System.
geared	Gearing.
polish plumbers	Shorthand for migrant workers from central and Eastern Europe into Western Europe, after the enlargement of the European Union from 15 to 25 members
test statistic	A statistical quantity calculated from observed quantities which we use to test the null hypothesis.
direct tax	A tax on any form of income
statement of practice	UK Tax
european currency unit	(ECU)
asset turnover	Asset turnover - An asset turnover is a formula used to determine if a company is using its assets as efficiently as possible to generate maximum profit and or sales
factor bias	See bias.
ftse 100	1
maturity date	The date on ...
bottom line	1
advantage	Usually refers to a cost advantage, though it could refer to a strategic advantage (such as first mover advantage) or to a superiority of technology or quality.
obligation	What a member country of the WTO is required to do and not do
diversification	A risk ...
large capitalization	A reference to either a large company stock or an investment fund that invests in the stocks of large companies.
public debt	The amount that has been borrowed by a government.
salary	A fixed regular payment made by an employer, often monthly for professional or office work as opposed to manual work.
grey market	A colloquialism used to describe the unlisted if, as, and when market for newly issued but as of yet, unlisted securities
condemnation	See eminent domain.
dairy agreement	See International Dairy Agreement.
unrated	Not having a credit rating.
add	Anti-dumping duty.
wasting asset	an asset, which has a limited life and thus, decreases in value (depreciates) over time
statistical tax	See para tariff.
differential swap	An arrangement involving the exchange of payments denominated in different currencies and with a different floating exchange rate
path dependent	The property that where you get to depends on how you got there
risk	1
501 organization	A 501(c)(3) organization is a not-for-profit organization existing and operating under the guidelines of Section 501(c)(3) of the Internal Revenue Code.
poisson distribution	A discrete probability distribution that gives the expected frequency of occurrence of certain type of random events.
hedging	A protective manoeuvre; a transaction intended to reduce the risk of loss from price fluctuations.
at the figure	At the nearest whole number
term to maturity	The length of time that a segregated fund policy must be held in order to be eligible for the maturity guarantee
diminishing returns	The fall in the marginal product of a factor or factors that eventually occurs as input of that factor rises, holding the input of at least one other factor fixed, according to the Law of Diminishing Returns.
mtn	Medium Term Note.
present value	See NET PRESENT VALUE.
vanilla	Near enough the same as Plain vanilla.
reverse consensus	The requirement, in the WTO DSM, of a consensus to reject a panel report, rather than to accept it as was required under the GATT, thus achieving automaticity.
statutory liability	Pensions
total revenue	total sales and other revenue for the period shown
international tax	1
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
theta	Options analysis
merchanting	The act by a resident of one country of buying a good in another country and reselling it in that or a third country, without the good ever entering the merchant's country of residence.
jpy	SWIFT currency code for the Japanese Yen.
management discussion and analysis	(MD & A)
source group	A collection (group) of sources that move in unison
annual percentage yield	The effective, or true, annual rate of return
customs area	A geographic area that is responsible for levying its own customs duties at its border.
durability	Pensions
economic welfare	See welfare.
assets	1
great depression	The depression that began in 1929 and lasted well into the 1930s, in the United States, Europe, and other industrialized parts of the world.
other things equal assumption	in the development model, the assumption that all relevant factors except the one under study remain unchanged.
cpd	1
accept	"To agree to specified terms, as in a contract.",
delegated legislation	1
secure sockets layer	(SSL)
market rate	The interest rate or exchange rate at which a market clears.
trade filxture	A commercial tenant's improvement to leased property that remains the tenant's personal property no matter how permanently it is attached.
banker's acceptance	(BA)
store of value	One of three basic properties of money: the ability to retain value over time, and therefore be useful for those who wish to sell something now and not spend he proceeds until later.
option to tax	VAT
tsr	Total Shareholder Return.
mpc	1
mark of origin	A physical mark on a good, indicating its country of origin
statistical inference	The process of using observations of a sample to estimate the properties of a population.
standard & poors	One of the major credit rating companies.
disintegration	Another term for fragmentation
lawson doctrine	The view, attributed to Nigel Lawson, U.K
downgrade	1
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
trade distortion	A policy that alters the amount of trade, up or down, from what it would otherwise be
bogor goals	The objectives agreed upon at a 1994 meeting of APEC leaders in Bogor, Indonesia
capital gain:	The amount by which an asset's selling price exceeds its initial purchase price
nonlinear curve	a curve in which the slope is not the same between every pair of points.
457 plan	A 457 plan gives employees of certain state and local government organizations the opportunity to contribute a certain portion of wages to a tax-deferred retirement account
round trip restriction	A policy that limits the number of times an investor can exchange in to and out of a fund within a given time frame
washington consensus mark 2	Name sometimes given to the views expressed by Dani Rodrik and co-authors, who amend or even replace the Washington Consensus with "get the institutions right." See Rodrik et al
pmm	Product Market Matrix.
leveraged buyout	Similar to a Leveraged takeover.
romalpa clause	A retention of title clause in a contract of sale.
global competitiveness index	An index of the competitiveness of the nations in the world, compiled each year by the World Economic Forum
amex major market index	This index of 20 blue-chip industrial stocks closely tracks the changes in the Dow Jones Industrial Average
kaleidoscope comparative advantage	A variant of fragmentation due to Bhagwati and Dehejia (1994).
duty-free	Without tariff, usually applied to imports on which normally a tariff would be charged, but that for some reason are exempt
kuznets curve	An inverse U-shaped relationship between per capita income and inequality, suggesting that inequality is low in very poor countries, rises as they develop, and then ultimately falls as income rises still further
ias 16	International Accounting Standard 16, dealing with property, plant and equipment.Issued by the International Accounting Standards Board.
payable through draft	(PTD)
capital adequacy directive	(CAD)
revaluation	1
real exchange rate	1
corporation tax self assessment	UK tax
weighted average maturity	(WAM)
interest	Money paid for the use of money and expressed as a percentage rate per unit of time
food security	1
quick ratio	Note that Inventory is excluded from the sum of assets financially
listed security	a stock or bond listed on an exchange, and can therefore be traded on that exchange.
liquidity management	The analysis and management of an organisation's working capital and its sources of finance to ensure that it is able to pay its obligations when they fall due.
competitiveness	Usually refers to characteristics that permit a firm to compete effectively with other firms due to low cost, superior technology, or aggressive marketing, perhaps internationally
point of sale	(POS)
alerts:	An intimation facility by which a mutual fund informs you (by phone, post or e-mail) when the sell target specified by you on a scheme is reached.
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
complete information	The assumption that economic agents (buyers and sellers, consumers and firms) know everything that they need to know in order to make optimal decisions
ec directive 2007/64/ec	Directive on Payment Services, (PSD), which sets out the legal foundation for the creation of an EU-wide single market for payments.Replaced Directive 97/5 EC.
skill	The abilities acquired by workers through education, training, and experience that permit them to be more productive
return	The profit (or loss) earned (incurred) through investing.
scale economies	Increasing returns to scale.
decile	Statistics
irrevocable and unconditional transfer	A transfer which cannot be revoked by the transferor and which is final.
r&d	Research and development.
lc	Letter of Credit.
secondary stock	The common stock of a smaller company that is not generally an industry leader.
risk register	Risk management
mmc	Monopolies and Mergers Commission.
wam	Weighted Average Maturity.
associated company	UK tax
cash basis accounting	Under the cash basis for preparing accounting records, the revenues and expenses are recorded when the revenues are received and the expenses are paid
cover	1
multinational corporation/company	(MNC)
gnp	Gross National Product.
early distribution	Distributions taken from a Traditional or Roth IRA before age 59½ are called early distributions
offeree	The person to whom an offer is made.
bond	Evidence of a debt that is owed by a borrower who has agreed to pay a specific rate of interest, usually for a defined time period
stet-core	Alternative name for the CORE system.
reference currency	Also known as Base currency.
online	1
pensionable service	The period of service in years that is taken into account when calculating the benefits payable under a Defined Benefit pension scheme.
public finance	A general term encompassing both the spending by government and the methods used to pay for that spending, especially taxation and borrowing.
togc	Transfer Of a Going Concern.
cii	Chartered Insurance Institute.
public company	1
lse	London Stock Exchange.
circular flow of income	An economic model illustrating the flow of money from firms to households (in return for factor services provided) and from households to firms (in return for goods and services).
ttm	Trailing twelve months is usually the total of the last 4 quarters of financial information reported by the company
primary product	A good that has not been processed and is therefore in its natural state, specifically products of agriculture, forestry, fishing, and mining.
ifts	Interbank Funds Transfer System.
european communities	The name adopted in 1967 by the European Economic Community when it merged with the ECSC and Euratom
dedt/equity ratio	Indicator of financial leverage
remote deposit capture	A service that allows a company to deposit cheques by scanning them in their offices, and to create an image-based deposit that is then transmitted to the bank for posting.
nominal annual rate	The rate of return per annum named or quoted in a market, under the quoting convention for the given market.Market quotations are usually given per annum, and for this reason the term nominal rate is often used interchangeably with nominal annual rate.For example, GBP overnight interest payable at the periodic rate of 0.014% per day, would conventionally be quoted on a nominal annual basis as:365 x 0.014% = 5.11%.Not to be confused with the effective annual rate.Also known as market rate or nominal rate.
pension liabilities	1
annual report	A yearly report or record of an investment's (e.g., a mutual fund's or company's) financial position and operations.
deflection	See trade deflection, production deflection, and investment deflection, .
after-tax contribution	The salary amount you contribute into a defined contribution plan, using a portion of your salary that has already been included in your taxable income
warehousing	Entering into a swap without having entered into a matching swap, but with the expectation of hedging either through a matched swap or a portfolio of swaps.
principal	1) the original amount invested in a security; 2) the owner of a company.
required minimum distribution	After a Traditional IRA holder reaches 70 ½, a minimum amount must be distributed from the IRA every year
defensive stock	A stock that tends to resist declines in the stock market.
medium-term expenditure framework	An integrated approach to policy, planning, and budgeting by developing countries that estimates expenditures out three years from the present
payment float	The time interval between the receipt of an invoice by the payor, including the credit period, and the time the payor's bank account is charged for funds in payment of the invoice
qualified retirement plan	A pension, profit-sharing or employer-maintained retirement plan meeting the requirements of Sections 401 (a), 403(a) or 501(c) of the Internal Revenue Code.
price indexation	Pensions
ias 29	International Accounting Standard 29, dealing with financial reporting in hyperinflationary economies.Issued by the International Accounting Standards Board.
negative list	1
unrecorded contract	A written document designed to create a legal relationship between the parties but not to encumber any property
rtc	Regional Treasury Centre.
oeic	Open-Ended Investment Company.
public information rating	Credit ratings
profit sharing plan	This is a type of defined contribution retirement plan
port	The facility at which ships dock and transfer cargo and passengers to and from land.
intangible service	Same as service, since all services are intangible.
diversionary dumping	Dumping of a good, not directly into a country, but indirectly through a third country where it is minimally further processed for export.
imports	1
against the box	A short sale made by the holder of a long position in the same stock
cf	1
arbitration	A method of dispute resolution in which an independent arbitrator is chosen to assist aggrieved parties recover damages.
funded scheme	A defined benefit pension scheme where assets are accumulated in advance of the benefits commencing to be paid.Most UK corporate defined benefit pension schemes are funded.
deductible	This is the amount of money that an insured person agrees to pay per claim or per accident toward the total amount of an insured loss.
share capital	1
increasing returns to scale	A property of a production function such that changing all inputs by the same proportion changes output more than in proportion
metric	1
redemption yield	Also known as Yield to maturity.
redemption fee	The fee charged by some mutual funds when the investor sells shares back to the investment company
assignee	Individual to whom a title, claim, property, interest, or right has been transferred.
composite currency	A currency defined as a specified combination of two or more currencies, normally existing only as a unit of account rather than as a physical currency
aggregate demand	(AD)
fixed income contracts	Investments generally issued by insurance companies or banks that pay a set interest rate over a set time period, with a promise to repay the principal at maturity
bovine meat agreement	See International Bovine Meat Agreement.
child labor deterrence act	A bill introduced into the US Congress by Tom Harkin, but never passed, that would have prohibited imports of products produced by child labor.
large value transfer system	(LVTS)
pay as you go	(PAYG)
global trade analysis project	A project based at Purdue University, providing a data base and CGE modeling tools for analysis of global trade.
standard rated	UK VAT
flat	Pertaining to a bond that is traded without accrued interest.
gdp function	Same as revenue function.
stockpiling	The storage of something in order to have it available in the future if the need for it increases
mnc	Multinational corporation/company.
lease	A contract for the rental of property
commercial banks	Established primarily to serve the community's business needs
nonconvexity	The property of an economic model or system that the sets representing technology, preferences, or constraints are not mathematically convex
bowed	Curved
parent currency	The currency of the parent company of a multinational group.
import protection	See protection.
microeconomics	Economic theory which studies the behaviour of an individual or individual firm.
tail	Statistics
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.
absorption rate	Absorption Rate refers to the ability at which properties are able to be sold...
uk gaap	United Kingdom Generally Accepted Accounting Principles.
ration	1
investment company	Mutual funds, Closed-end companies, and other companies that are principally engaged in the business of investing the funds of shareholders
attest	To affirm as true.
icas	The Institute of Chartered Accountants of Scotland.
illiquid	A security or a market that is lacking activity.
contingent protection	Administered protection.
qualified higher education expenses	Under a qualified plan:A distribution from a qualified plan is deemed to satisfy the requirements for a hardship withdrawal if it is made for payments of tuition, related educational fees, and room and board expenses for the next 12 months of post-secondary education for the employee, or the employee's spouse, children or dependents
underlying price	1
nonbinding	Refers to a restriction that currently has no effect because the behavior that it would prevent would not happen even without the restriction
judgment decree	Specifies the awards made by the court in a civil case.
declaration date	the date on which a firm’s directors meet and announce the date and amount of the next dividend.
direct sales comparison approach	See market-data approach.
rebalancing	1
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
earnings credit allowance	Calculated by banks to offset against bank charges and fees in jurisdictions which typically do not allow the payment of credit interest on current or checking accounts.
punitive tariff	A high tariff the purpose of which is to inflict harm on a foreign exporter as punishment for some previous behavior.
foreign corrupt practices act	U.S
ssap 4	UK Statement of Standard Accounting Practice 4, dealing with accounting for government grants.
population	At the beginning of the 20th century the population of the world was 1.7 billion
market mechanism	The process by which a market solves a problem allocating resources, especially that of deciding how much of a good or service should be produced, but other such problems as well
fixed percentage option	The option in a withdrawal plan that provides the limit with a payment equal to the liquidated value of a set percentage of the mutual fund account.
standard trade model	There is probably no agreement as to what should be considered the "standard" trade model
co-variance	Same as Covariance.
lorenz curve	The graph of the percent of income owned by the poorest x percent of the population, for all x
proxy	a document intended to provide shareholders with information necessary to vote in an informed manner on matters to be brought up at a stockholders’ meeting.
vax ratio	The ratio of value added to gross exports
year-on-year	Compared to the corresponding data from one year previously
clearing	Banking
interest rate cap	An agreement whereby the seller of the cap agrees to compensate the buyer if interest rates rise above an agreed rate on a series of pre-agreed dates.
lease option	A rental agreement including a tenant's option to purchase the property.
partnership	Law
international monetary market	(IMM)
nominal tariff	The nominal protection provided by a tariff; that is, the tariff itself
leading	Foreign exchange risk management
sensitive	1
alimony	Payments made to after separation or divorce to a former spouse
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
economy	a system for coordinating society's productive activities.
heir	A person who ...
loan	A loan is a feature that may be offered by your plan that enables you to borrow money from your plan account and pay it back through automatic after-tax payroll deduction
loan agreement	A legal document setting out the terms under which lending is agreed and providing for remedy if the terms are breached.
straddle	an options strategy where the purchase or sale of an equal number of puts and calls is made
effective rate of interest	Same as Effective interest rate.
g-15	Group of Fifteen.
edi	Electronic Data Interchange.
401 plan	A popular contribution program, available through many employers
ipr	Intellectual Property Rights
factoring	See export factoring.
event of default	The event of breaching a loan agreement
terms of trade effect	The effect of a tariff on the terms of trade
international externality	An externality that extends across national borders
frc	Financial Reporting Council.
foreign tax credit	Credit allowed against a domestic tax liability for foreign taxes paid or suffered.
limited liability	The maximum that an owner (or partial owner, such as a stockholder or partner) of a business can be required to lose in the event that the business fails or acquires financial obligations greater than its value
per incuriam	Law
swot analysis	Strategic analysis.A systematic assessment of the Strengths, Weaknesses, Opportunities and Threats of an enterprise.
at best	Most advantageous outcome
sme	Small or Medium-sized Enterprise.(Sometimes pronounced smee.)
chaps	Clearing House Automated Payment System.
electronic funds transfer	(EFT)
develop	To experience a sustained and substantial increase in per capita income; thus to undergo economic development.
income taxes payable	Money owed various taxing agencies but not yet paid.
technique	1
public procurement	Government procurement.
factor-using	Biased in favor of using more of a particular factor.
bank draft	A draft drawn by a bank on itself
joint venture	(JV)
offshore	A term describing entities located or based outside of one's national boundaries.
residual value	1
cfd	Contract for Differences.
hipc	Heavily indebted poor countries.
market index	A statistical measurement tool, often referred to as an index, used to measure performance of a segment of the securities market (e.g., Standard & Poor's 500).
perfect markets	Near enough the same as Efficient markets.
tips	US Government debt
global supply chain	A production process that is distributed over many countries, with production in one country providing inputs to production in another, which in turn provides inputs to a third, and so on
ascending triangles chart pattern	With ascending triangles, trend lines converge with a horizontal trend line...
service level agreement	(SLA)
tax-exempt bonds	These are sometimes referred to as "municipals" or "munis " and are issued by state and local governments
average true range	Average True Range (ATR) is a volatility indicator
frs 6	The current UK Financial Reporting Standard 6, dealing with acquisitions and mergers.Acquisitions and mergers are known more generally as 'business combinations'
gray market	Refers to goods that are sold for a price lower than, or through a distributor different than, that intended by the manufacturer
spoke	See hub and spoke integration.
direct actions	Law
export subsidy	1
foreign bond	A bond that is ...
marginal propensity to consume	(MPC)
non-deliverable forward	(NDF)
treasury bill - t-bill	A short-term ...
fiscal stimulus	A tax cut and/or an increase in government spending
cum dividend	1
cash disbursements for product	(see Product Purchases)
pestle analysis	Political, Economic, Social, Technological, Legal and Environmental analysis.
commodity risk	Risk management
waiver	The voluntary and intentional surrender of a known right or claim
gdp per capita	GDP divided by population.
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
inventory write-off	An accounting term for the formal recognition that a portion of a company's inventory no longer...
conflict diamonds	Blood diamonds.
national champion	A firm that achieves a dominant position in an industry due to government policies favoring it and encouraging it also to play a major role in world markets
overcollateralization	The posting of more collateral than is needed
usance	Tenor.
liquid	Possessing liquidity.
dol	Acronym for the U
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.
relative income hypothesis	People often care more about their relative well being than their absolute well being
market balance	Market equilibrium
disclosure statement	The disclosure statement must explain in plain language the rules that govern an IRA
unleveraged	The same as Ungeared.
wrap account	Also known as a wrap fee program
bias	1
payoff	1
non-executive director	(NED)
general lien	A lien on all property of a debtor, both real and personal.
allowable loss	An allowable business investment loss (ABIL):
income approach	Estimating the value of an income-producing property by capitalizing its net annual income.
nondistorting transfer	A transfer payment that does not introduce inefficiencies
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.
stress-testing	A process for exploring how a portfolio of ASSETS and/or liabilities would fare in extreme adverse conditions
tax exempt	usually refers to municipal bonds
ratio write	buying stock and selling calls against the stock
attrition	The decline in employment in a firm or industry that occurs naturally due to workers' quitting or retiring
plain vanilla	A description meaning that there are no additional non-standard features in a financial contract
corporation tax	1
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.
accumulation bond	A bond issued at ...
spot month	the current trading month
performance target	In the international economic context, this is likely to refer to one of several targets specified by the IMF as a condition for a loan to a developing country.
sunk costs	Project appraisal.Expenditure which has already taken place, or to which an organisation is already irrevocably committed, are sunk costs.Sunk costs are irrelevant to project appraisal: "Sunk costs don't count."A common mistake in project appraisal and analysis is the inclusion - in error - of sunk costs in the analysis.
mpc	Marginal propensity to consume.
paperless credit transfers	Credit transfers that do not involve the exchange of paper documents between banks
unbanked	A slang term for ...
availability	1
wda	UK tax
g-8	The G-7 plus Russia, which met as a full economic and political summit from 1998 to 2008.
crd	Capital Requirements Directive.
cost basis source	The origin of the cost basis information for a position
reverse engineering	The process of learning how a product is made by taking it apart and examining it.
foreign institutional investor	An institutional investor based in another country
can	Comunidad Andina (Spanish for Andean Community)
international commodities clearing house	(ICCH)
distortion	Any departure from the ideal of perfect competition that therefore interferes with economic agents maximizing social welfare when they maximize their own
wage	The payment for the service of a unit of labor, per unit time
corporate	1
certainty	Precise knowledge of an economic variable, as opposed to belief that it could take on multiple values
exchange fee	A fee that may be imposed by certain investment providers when an investor transfers monies from one fund to another within the same fund family
allodial system	Land ownership free and clear of any rent or service due the government.
nontradable	1
inland revenue	(IR)
nondeductible contribution	A nondeductible contribution is a contribution made to a Traditional IRA and designated by a Traditional IRA holder as nondeductible either by choice or because of ineligibility to make a deductible contribution
eftpos	Electronic Funds Transfer at Point of Sale.
disclosure	One of the principles of securities regulation in Canada
contingency	An economic event, usually negative, that is in the process of occurring and, therefore, has not yet been resolved.
correlation	Correlation describes the extent to which changes in one variable are associated with - or predictable from - changes in another variable.
nash	Used as an adjective applied to a strategy in a game, this means that it is part of a Nash equilibrium.
nominal return	The stated, contractual rate of interest on a fixed-income security
smoot-hawley tariff	The Tariff Act of 1930, this raised average U.S
sovereign issuance	1
disguised protection	Any policy other than a tariff or other border measure that has the effect of benefiting a domestic industry and cannot be justified as correcting a distortion.
venture capital	funds provided to startup firms and small businesses with high growth potential
fixed-income securities	Investments that provide for payment of fixed interest over a specified period of time (e.g., bonds).
suit to quiet title	See quiet title.
periphery	This is something that is on the edge
proxy	A shareholder vote on matters that require shareholders' approval.
long term debt	value of obligations of over 1 year that require that interest be paid.
risk neutral valuation	Methods which do not depend on knowing or assuming the attitudes to risk of market participants
federal reserve bank	US Banking
sppi	Services Producer Price Index.
labor market	A market for labor
after hours trading	Also known as .late
winding-up	1
fixed factor	A factor of production the quantity of which cannot be changed
bank qualified	Refer to Investment Grade
equity wash	Equity wash is a provision of a stable value product whereby direct transfers between certain competing funds must be directed to an equity fund or other non-competing fund option of the plan for a stated period of time (usually 90 days) before such transferred funds may be directed to any other plan-provided competing fixed income fund
broker	1
dummy	In a regression analysis, a dummy (or dummy variable) is used to capture an explanatory variable that is either on (with a value of one) or off (zero)
general securities	A term used to describe the area which handles the buying and selling of stocks and bonds.
tombstone	A situation in which one participant's gains result only from another participant's equivalent losses
export credits guarantee department	(ECGD)
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
bid	Banco Interamericano de Desarrollo (Spanish for Inter-American Development Bank)
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
terminal loss relief	UK Tax
employee	An individual who provides services to an employer for compensation (generally based on the "common law" definition of employee).
reversal	1
ets	Emission Trading Scheme.
finance vehicle	An operation involving the setting up of an offshore subsidiary for the purpose of issuing debt and lending the borrowings on to the parent or another subsidiary
prohibited subsidy	A subsidy that is forbidden under the rules of the WTO
wide band	An exchange regime in which the exchange rate is pegged, but the limits of intervention are set further apart than the usual ± one or two percent
accounts payable turnover	Definition: The number of times trade payables turnover during the year.
group rrsp	See Group RRSPs on our Company Pensions page.
cmi	Insurance and Pensions
municipal bonds	Municipal bonds are issued by state, county, or city governments
inflation targeting	A principle of monetary policy that the rate of inflation should be kept within a pre-specified range, using expansionary policy when the rate is below that range and contractionary policy above it.
underwriting group	Bankers who receive a commission for underwriting a new issue.
debt to equity ratio	indicator of financial leverage
e-purse	Also known as Electronic purse.
disposable income	Income minus taxes
yield curve:	A curve that shows the relationship between yields and maturity dates for a set of similar bonds, usually Treasuries, at a given point.
principal value	The amount stated on the face of a security, exclusive of interest or premium
cash cow	1
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
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.
industrial buildings allowance	(IBA)
services	Products of economic activity that you can’t drop on your foot, ranging from hairdressing to websites
net imports	Imports minus exports
type ii error	An error that occurs in significance testing when the null hypothesis is accepted when it is actually false
accounts receivable conversion	(ARC)
credit rating	An assessment of the credit worthiness of individuals and corporations
day count	1
error term	Also known as Alpha.
current liabilities	1
major turn	A reversal in the intermediate or long term direction of the stock market's movement.
current ratio	an indicator of a company's short-term debt paying ability
mfn status	The status given by the U.S
indemnity	An obligation of one party to reimburse another party for losses which have occurred or which may occur.
llp	Limited Liability Partnership.
recording	Formal filing of documents affecting a property's title.
dollar price	Percentage of ...
return on assets	indicator of profitability
in-the-money	A call (put) option on an asset with the strike of the option below (above) the value of the asset.
optimal capital structure	1
tnc	Transnational corporation.
ltd	The abbreviation used in the United Kingdom to represent a limited liability company, thus analogous to "Inc", for incorporated, in the United States and AG in German speaking countriess.
technical rally	A short term rise in the stock market that is an interruption in a longer term downtrend.
tunnel	See snake in the tunnel.
continuing professional development	(CPD)
primary contributions	UK National Insurance contributions paid by employees.
non-callable bond	If a bond can be called (redeemed) prior to maturity, the bond is said to be callable
principal employer	Pensions
clearing bank	1
factors	1
irrevocable letter of credit	Letter of credit than cannot be amended or cancelled without the agreement of all parties involved.
of record	On the company's books or records
non-utilisation fee	A commitment fee which is charged on the undrawn balance of a committed lending facility.
financial future	Futures.
member-administered closed user group	(MA-CUG)
ytm	Yield to maturity.
risk premium	1
bird	Banque Internationale pour la Reconstruction et le Developpement
bad debts	In accounting terms, bad debts are a potential source of overstatement of assets as a result of credit customers being unable to pay their debts to the company.In commercial terms, bad debts are a potential source of losses.
voluntary restraint agreement	Same as a VER.
special tax treatment	If you meet certain requirements, you may be eligible to elect special tax treatment on a lump sum distribution that you take from your employer plan
convention	A statement of principle as to acceptable behavior
simple average	The arithmetic mean of a set of numbers, weighting each of them equally
credit support annex	(CSA)
bund	The German ...
embargo	The prohibition of some category of trade
mtn programme	Facility for a series of Medium Term Note (MTN) issues with common documentation which is updated regularly.
short life asset	UK Tax
butterfly spread	an option strategy combining a bull and bear spread
pki	Public Key Infrastructure.
post	See ex post.
settlement	1
long term assets	value of property, equipment and other capital assets minus the depreciation
inward-oriented development	A strategy of promoting development by encouraging production, as well as research and development, for domestic markets
core	The set of allocations that cannot be improved upon by a subset of consumers trading among themselves
administrative agency	A unit of government charged with the administration of particular laws
investment contract	Investment contracts are offered to retirement savings plans by insurance companies and banks
trade act of 1962	Trade Expansion Act of 1962.
key performance indicator	(KPI)
office for national statistics	(ONS)
deterministic	Describing a model or other situation in which a given set of inputs will always produce the same result.
high water mark	Used in the context of how a hedge fund manager is compensated
time horizon	The expected number of months, years, or decades an individual will be investing to achieve a particular financial goal.
forward forward rate	1
computable general equilibrium	Refers to economic models of microeconomic behavior in multiple markets of one or more economies, solved computationally for equilibrium values or changes due to specified policies
bill	1
accounting	The practice and theory of preparing accounts for an organisation, whether for internal or for external use.
cusip	a number assigned to a security for the purposes of information processing
ceo	Chief Executive Officer.
transmission mechanism	See monetary transmission mechanism.
self correcting	A problem that cures itself if allowed to do so
stabilize	To reduce the size of fluctuations in an economic variable over time
optimum	1
factor	1
natural wastage	Attrition.
erisa	Employee Retirement Income Security Act of 1974
load	A sales charge assessed on certain investments to cover selling costs
organization of american states	An international organization of the countries of the Western Hemisphere, fostering cooperation among them and advancing their common interests
concave	Said of a curve that bulges away from some reference point, usually the horizontal axis or the origin of a diagram
median	See AVERAGE.
risk	In the context of investing, risk means the possibility that an investment or portfolio of investments will not achieve the desired rate of return over a given period of time
product differentiation	See differentiated product.
taxable person	VAT
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
tariff revenue	See revenue.
immigration	The migration of people into a country.
par	1
competitive	1
national sovereignty	See sovereignty.
faculty of actuaries	(FOA)
homothetic demand	Demand functions derived from homothetic preferences
book	Also known as Book value.
base currency	1.The base currency in a foreign exchange rate quotation is the currency which there is one of.For example in the quotation 1 GBP = 1.4600 USD, the base currency is GBP; meaning one British pound is exchanged for a variable number of USD, depending on the rate quoted.Also known as the Reference currency or the Fixed currency
return on capital	(ROC)
nullification	See nonviolation
single undertaking	A term, in trade negotiations, for requiring participants to accept or reject the outcome of multiple negotiations in a single package, rather than selecting among them.
extraordinary general meeting	(EGM)
accounting equation	A form of double entry bookkeeping which identifies the debit and credit elements...
u.s. government agency securities	Securities issued by government agencies rather than issued directly by the U.S
aec	1
net economic welfare	Same as MEW
sector	A portion of the economy producing a particular category of goods or services, as the agricultural sector, the banking sector, etc.
average weighted maturity	The length of time until the average security in a fund will mature or be redeemed...
depreciation	systematic charges against earnings to write off the cost of an asset over its estimated useful life because of wear and tear through use, action of the elements, or obsolescence.
floating rate	A term used to describe the interest payments negotiated in a particular contract
condition precedent	1
intercontinental exchange	(NYSE: ICE)
deferred pensioner	A person entitled to preserved benefits under a Defined benefit pension scheme; also referred to as a deferred member.
baltic dry index	An index of the rates charged for chartering large ships that transport coal, iron ore, and grain
tender panel	A group of banks which are invited to bid competitively for financial instruments on an auction basis
approved list	Bonds or other securities that a bank may hold as investments.Also known as...
mergers and acquisitions	The combination of what were previously two separate firms into one, either by their joining (merging) together as more or less equals or by one acquiring the other
index fund:	A scheme whose portfolio mirrors a particular index, both in terms of composition and individual stock weight ages
deep integration	Refers to economic integration that goes well beyond removal of formal barriers to trade and includes various ways of reducing the international burden of differing national regulations, such as mutual recognition and harmonization
capital control	Any policy intended to restrict the free movement of capital, especially financial capital, into or out of a country.
ots	The Office of Thrift Supervision.
multinational	Abbreviation for multinational corporation/company.
annuitant	An individual who is entitled to receive benefits from an annuity.
long term assets	Value of property, equipment and other capital assets minus the depreciation
bearer	Description of a Bearer instrument.
perfect capital mobility	1
cash flow	Total changes that affect the cash account during an accounting period.
swiftnet	Funds transfer
protectionism	Advocacy of protection
cariforum-ec epa	An economic partnership agreement between the European Community and the CARIFORUM countries, signed in 2008.
specie	Coins, normally including only those made of precious metal.
sic	abbreviation for Standard Industrial Classification
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
disclosure statement	Statement required by law to provide customer with rules and regulations governing their retirement plan and financial disclosure information.
crc energy efficiency scheme	Environmental policy
fair market value	The fair market value is the value of an IRA as of a certain date
ias 8	International Accounting Standard 8, dealing with accounting policies, changes in accounting estimates and errors.Issued by the International Accounting Standards Board.
accounts payable	The amount owed by one party to its creditors
trade promotion authority	New (in 2000) name being used for Fast Track.
unlawful detainer	Persons in default and illegally retaining possession of property.
r2	Beta should be considered with R-squared (R2), a historical measurement which indicates how closely a fund’s past fluctuations have correlated with the fluctuations of its benchmark index, such as the S&P 500
cross-country regression	The use of regression analysis on data from multiple countries, the purpose being to describe and perhaps explain their differences
stepping stone	See stumbling bloc.
personal property	Movable property that does not fit the definition of realty
marginalism	1
laissez-faire	A free market system.
depreciating asset	UK tax
indifference curves	Economics
load	see "Sales Charge."
wan	Wide Area Network.
prospectus/letter of offer	A type of owner's manual for unitholders
money market deposit accounts	A deposit account which pays a floating interest rate based on the rates that short-term highly liquid financial instruments pay.
macroeconometric model	An econometric model of macroeconomic relationships, usually intended to capture the overall functioning of a national economy.
damages	A sum of money paid in compensation for loss or injury
net asset value	The simplest measure of how a scheme is performing, it tells how much each unit worth is at any point of time
socialism	An economic system in which some of the individual needs of the population are provided by government
real national income	National income adjusted for inflation.
export substitution	1
real estate	Land including the buildings or improvements on it and its natural assets such as water, minerals, etc.
qualitative	1
embedded option	A term used to describe the convertible, retractable or extendible features of some securities
economic indicator	A variable that is measured and publicly reported and that is considered meaningful not only for itself but as a sign of how rapidly the larger economy is expanding or contracting.
procurement officer	A government official responsible for purchasing goods and services and for deciding among alternative suppliers.
lpi	Limited Price Indexation.
tax avoidance	The use of legal means to reduce tax liabilities or to achieve favourable tax timing differences.
total asset turnover	Net sales divided by total assets
aged accounts receivable	An aged accounts receivable report shows the amounts in accounts receivable according to how long they have been outstanding, such as current, over 30 days, over 60 days, and over 90 days
highly-compensated employee	The IRS defines employees as "highly compensated" if they meet one or more of the following criteria:• During the "determination" (current) year or the "look-back" (preceding) plan year, they owned more than 5 percent of their company• During the look-back (preceding plan) year, they earned more than the minimum annual salary as indexed, and, if their employer elects, were in the top 20% of the employees ranked in order of compensation.
reshoring	The reversal of offshoring
strategic partnership	An alliance between organizations to achieve some objective
kimberly process	An international certification system for export and import of diamonds, initiated in 2000, intended to stop the trade in blood diamonds.
euronote facility	The allows borrowers to issue short-term notes through a variety of note distribution mechanisms, under the umbrella of a medium-term commitment from banks.
final trade barrier	See definitive.
import quota auction	See auction quota.
marginal social benefit	The marginal benefit of an activity, such as consumption an additional unit of a good, where benefit here includes all positive effects on society as a whole, such as positive externalities, not just the benefit accruing to the consumer of the good
idle time	Unproductive time spent by employees due to factors beyond their control.
documentary collection	An international payment method that processes the collection of a draft and accompanying shipping documents through international correspondent banks.
interaction	(of choices) my choices affect your choices, and vice versa; a feature of most economic situations
financial reporting standard	(FRS)
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.
bootstrapping	Bootstrap.
reference price	See minimum price system.
chlorinated chicken dispute	The issue of whether Europe should be able to restrict, or require labeling of, US exports of chicken that has been bathed in a chlorine solution to kill bacteria.
exercise	To implement the right of the holder of an option to buy (in the case of a call) or sell (in the case of a put) the underlying security.
unit investment trusts	which make a one-time public offering of only a specific, fixed number of redeemable securities called "units" and which will terminate and dissolve on a date specified at the creation of the UIT.
cash letter	Banking
mandatory injunction	Law
discount broker	A stockbroker who charges a reduced commission, but provides no investment advice.
certfmm	The Certificate in Financial Maths & Modelling awarded by the Association of Corporate Treasurers.
cusfta	Canada-US Free Trade Agreement.
ned	Non-Executive Director.
standardised corporate environment	(SCORE)
indemnity	A contractual agreement made between different parties to compensate for any damages or losses.
policy instrument	A particular type of policy that can be used in varying degrees or intensities
statutory funding objective	(SFO)
private rating	Credit ratings
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.
despatches	VAT
fed	The United States Federal Reserve System
gm	General Motors.
shock	An unexpected event that affects an economy (see ASYMMETRIC SHOCK).
countertrade	International trade
institutional investor	An organization that invests large amounts of money
agreement on agriculture	See Agriculture Agreement.
real	1
neoclassical ambiguity	In the specific factors model, the fact that the effect of a change in relative prices on the real wage of the mobile factor cannot be known a priori, since the wage rises relative to one price and falls relative to the other.
means testing	The linking of the level of a state pension or supplementary benefit to the wealth or income of the recipient of the pension.
endorsement	A signature on the back of a negotiable instrument by which the signer transfers ownership of the instrument to another party.
rfp	Request for Proposal.
initial allowance	(IA)
aggregate measure of support	Variation of aggregate measurement of support.
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
single trader	Also known as Sole trader.
incumbent advantage	The importance of being there already
microeconomics	the branch of economics that studies how people make decisions and how those decisions interact.
cash concentration or disbursement	(CCD)
scheme actuary	Pensions
seniority	The order in which CREDITORS are entitled to be repaid
churning	An unethical practice employed by some brokers to increase their commissions by excessively trading in a client's account
simple investment accounting	Financial reporting
exchange rate pass-through	See pass-through.
disallowable expenditure	Tax
risk policy	Risk management
labour theory of value	The notion that the value of any good or service depends on how much LABOUR it uses up
statement of recommended practice	(SORP)
stp	Straight-Through Processing.
bulk transfer	Pensions
ray	A straight line drawn from the origin of a diagram
consolidated omnibus budget ...	A COBRA health ...
frs 22	UK Financial Reporting Standard 22, dealing with earnings per share
fair trade federation	An organization of businesses in North America that adhere to the principles of the Fair Trade Movement.
administrator	1
enterprise zone	1
yen block	A group of currencies, if it exists, whose values are tied more to the Japanese yen than to the US dollar.
government actuary's department	(GAD)
triad	1
index	An investment index tracks the performance of many investments as a way of measuring the overall performance of a particular investment type or category
aaa	(Credit ratings)
common law marriage	Recognized in California as eligible for community property.
agriculture	Production that relies essentially on the growth and nurturing of plants and animals, especially for food, usually with land as an important input; farming
disequilibrium	1
open-ended document:	A scheme that investors can enter and exit at any point of time, as its then prevailing NAV
intellectual property	Any idea or work that can be considered proprietary in nature and is thus protected from infringement by others.
signatory	One who has signed an agreement.
spot rate	1
michigan consumer sentiment index	A survey of consumer confidence conducted by the University of Michigan
whoops	Slang for the ...
ons	UK Office for National Statistics.
target asset allocation	The mix of stocks, bonds, and short-term reserves that is ideal, based on your circumstances.
finance	1
fct	Fellow of the Asociation of Corporate Treasurers.
advising bank	In transactions involving letters of credit (LCs), an institution advising the beneficiary (exporter), of an LC opened in its favour.
domestic support	A policy that assists domestic industry, including a subsidy to production, payment not to produce, price support, and other means of increasing the income of producers.
ssl	Secure Sockets Layer.
expenditure share	The fraction of expenditure (usually consumer expenditure) that is spent on a particular good or purpose
capital flow	International capital movement.
reverse positive pay	Banking
myners report	Pensions
demand schedule	A list of prices and corresponding quantities demanded, or the graph of that information
short-term debt	An account shown ...
ams	Aggregate measure of support.
deductive value	A method of customs valuation when transaction value is not available: find the first price at which the good is sold inside the importing country and deduct costs incurred after importation.
bull spread	1
boston consulting group	(BCG)
leakage	Economics
annual percentage rate	The effective interest rate.
deed of amendment	Law
injury test	The determination by an administrative authority, in a request for administered protection, of whether the domestic industry has experienced sufficient injury to meet the requirement of the protection requested: material injury in cases of unfair trade or serious injury in cases of safeguards.
taxpayer's charter	A statement setting out the entitlement of a UK taxpayer in relation to the level of service and fairness to expect from Her Majesty's Revenue & Customs (HMRC).
intensive	Of production, using a relatively large amount of an input
pure competition	Same as perfect competition.
deposit	1
caps	1.USA
ec	1
earnings	1
curb	A temporary restriction on program trading in a particular security or market, usually to reduce dramatic price movements.
erm	1
rating	The grading of the credit quality of a debt obligation.
account	Financial relationship between two parties involving a transfer of funds, and...
beggar thy neighbor	For a country to use a policy for its own benefit that harms other countries
required beginning date	The required beginning date is generally April 1 following the year a Traditional IRA holder reaches age 70½.
class b shares	Class B shares typically do not have a front-end sales load
guidance	Pensions
holding period return	A transactional rate of return measure that takes into account all cash flows and increases or decreases in a security's value for any time frame
defendant	Law
lifestyle fund	A fund that maintains a predetermined risk level and generally uses words, such as "conservative," "moderate," or "aggressive," in its name to indicate the fund's risk level
autarkic	Associated with the situation of autarky.
working capital cycle	An aspect of working capital management, measuring the length of time - positive or negative - between paying creditors and receiving cash from customers.
disaggregation	The opposite of aggregation, this refers to the categorization of data into a greater number of smaller categories.
peso problem	1
idb	1
standard & poor's	(S&P)
legal personality	The essential feature of a company is that it exists as a separate legal entity distinct from its members
specialization	a situation in which different people each engage in the different task that he or she is good at performing.
arithmetic mean	Simple average, equal to the sum of all values divided by the number of values.This...
flow	A flow, or flow variable, is an economic magnitude describing behavior that occurs over time and is therefore meaningful only relative to the unit of time
last in first out	1
bcg	USA
prohibitory injunction	Law
encroachment	Improvements overlapping adjoining property.
zero coupon bond	a bond that pays principal at maturity, but pays no interest prior to maturity
corporate card	Also known as travel and entertainment card.
front-end load	A commission or ...
ex ante	Before the fact; that is, before some event has taken place.
10q form	This is the quarterly report that each public company is required to submit to the Securities and Exchange Commission.
normative	Refers to value judgments as to "what ought to be," in contrast to positive which is about "what is."
competitive equilibrium	See equilibrium.
autonomous	Refers to an economic variable, magnitude, or entity that is caused independently of other variables that it may in turn influence; exogenous.
indicated dividend	total amount of dividends that would be paid on a share of stock over the next 12 months if each dividend were the same amount as the most recent dividend
isda	1
equity wash	A provision of a stable value product whereby direct transfers between certain competing funds must be directed to an equity fund or other non-competing fund option of the plan for a stated period of time (usually 90 days) before such transferred fund may be directed to any other plan-provided competing fixed income fund.
standard deviation	A statistical measure of the degree to which an individual value in a probability distribution tends to vary from the mean of the distribution.
unctad meetings	The inter-governmental meetings from which UNCTAD gets its name, which occur every four years and began in 1964.
unnatural trading bloc	A trading bloc among countries that are not natural trading partners.
bound tariff	See tariff binding.
supply	Economics
international accounting standards	(IAS)
accounting standards board	(ASB)
municipal bonds	Represents borrowing by state or local governments to pay for special projects such as highways or sewers
ebrd	European Bank for Reconstruction and Development.
electronic check	USA
affiliated chains	Affiliated Chains - affiliated chains are retail operations that are none competing with each other, and act as a single entity when purchasing services and goods
icaew	The Institute of Chartered Accountants in England and Wales.
leading indicator	Leading indicators are statistics which are used to forecast how the economy will be performing in the future
hormone dispute	See beef hormone case.
equity - real estate	The value of property beyond the total amount owed on the property
variable	a quantity that can take on more than one value
unit class	Investment funds that are divided into units (e.g., collective investment funds) instead of shares may offer more than one type or group of units, each of which is considered a class (e.g., "Class A")
unemployment trap	When unemployed people who receive benefits, either from the GOVERNMENT or from private CHARITY, are deterred from taking a new job because the reduction or removal of benefit if they do will make them worse off
component bar chart	A type of bar chart, where each bar is split into several component parts.
agency	Name for the arrangement where an agent intermediates between purchaseers and...
seniority	The benefit of ranking ahead of the claims of other creditors in right of payment in a liquidation.
mf	(Credit ratings)
capital market imperfection	Anything that interferes with the ability of economic agents to borrow and lend as much as they wish at a fixed rate of interest that truly reflects probability of repayment
matching contribution	An employer contribution made in relation to the amount of salary deferral contributions made by a participant
nasdaq composite index	The Nasdaq Composite Index is a market capitalization weighted, unmanaged index that is designed to represent the performance of the National Association of Securities Dealers Quotation System, which includes more than 5,000 stocks traded only over the counter and not on an exchange
human development index	An index produced by UNDP for 169 countries (as of July 2011) to measure three aspects of human development: life expectancy and health; knowledge; and standard of living.
lessee	In a lease contract, the user of the leased asset.
settlement netting	Also known as payment netting.
receivables	Accounting
international organization for standardization	An NGO that develops and publishes international standards
deposit float	The sum of each cheque deposited into a bank account multiplied by its availability in days.
pigouvian	1
divestiture	Refers to the sale of a subsidiary company, also called "spin-off."
market share	Usually refers to the fraction of sales in a national or international market for a product that is by a particular firm
acceptance	"The contractual agreement entered into when the drawee of a time draft writes...
foc	First order condition.
business contingency management	(BCM)
price support	Government action to increase the price of a product, usually by buying it
risk aversion	Desire to avoid uncertainty
civil society	The name used to encompass a wide and self-selected variety of interest groups, worldwide
indirect costs	Costs of a business that cannot be directly associated with the production of a particular unit or type of product.
snake	An arrangement in which currencies were pegged to each other but left free to float as a group against the U.S
tax elasticity	The elasticity of the real revenue from a tax with respect to the real tax base, for a given tax law.
portfolio turnover ratios:	A measure of how frequently a scheme buys or sells securities
whistleblowing	Whistle blowing.
ag	Comparable to "Inc" in the U.S
development project	A project intended to increase a developing country's ability to produce in the future
chips	Clearing House Interbank Payment System.
strategic business unit	(SBU)
external economies of scale	A form of increasing returns to scale in which productivity and thus costs of individual firms depend on the output of their entire industry, rather than just their own
credibility	The condition of being believed
covariance	Statistics
business	1
exponential smoothing	A method for analyzing the trend in a time series.
combined code	The former guidance on corporate governance issued by the UK Financial Reporting Council.Superseded by the UK Corporate Governance Code.
trmc	Treasury Risk Management Committee.
producer subsidy equivalent	1
record date:	The date on which a scheme's books are closed to finalize the list of unit holders who will be entitled to receive the benefits such as dividends, right and bonus
switch trading	A form of countertrade in which a buyer in one country of exports from a second pays for it with an obligation due from a third party.
practice note	(PN)
giffen goods	Named after Robert Giffen (1837-1910), a good for which demand increases as its price rises
tax point	VAT
translation risk	Also known as Translation exposure.
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
insourcing	Same as inshoring, and opposite of outsourcing.
ukfi	United Kingdom Financial Investments.
patent	The legal right to the proceeds from, and control over the use of, an invented product or process, granted for a fixed period of time, usually 20 years
ratio decidendi	Law
toxic	In relation to loans or other debt, of very poor credit quality, especially when previously represented as being of strong credit quality.
direct costs	Costs which can be directly associated with the production of particular units or types of product.
float neutral	Banking
optimal output	1
sarbox	The Sarbanes-Oxley Act.
direction of trade	1
equity	ownership in a company or other item, or percentage of ownership
capm	Capital Asset Pricing Model.
soft dollars	commission payments that are used to pay for additional services besides trading securities
bill of exchange	Any document demanding payment.
face-to-face payment	A payment that is made by the physical exchange of instruments by the payer and the payee, both of which are in the same physical location.
deletion	A mechanism where some or all transfers to/from a defaulting participant are excluded from the settlement process
useful economic life	Accounting
capitalization weighted index	a stock index, which is computed by adding the capitalizations of each individual stock and dividing by a predetermined divisor
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.
keogh plan	A qualified tax-deferred retirement plan for persons who are self-employed and unincorporated or who earn extra income through personal services aside from their regular employment
non-reciprocal	Not reciprocal
quotation/quote	1
administrative entry procedure	Formalities required to bring a product into a country
emerging economy	1
settlement date	The settlement date for securities transactions is the date on which payment is made to settle the trade
g77	Same as G-77.
transit routing number	(TRN)
expectation	The expectation of a variable is the same as its expected value, and is also used with both meanings.
standard	Rule and/or procedure specifying characteristics that must be met for a product to be sold in a country's domestic market, typically to protect health and safety
retained earnings	The final accounting profit (or loss) for the reporting period which is transferred to the profit and loss reserve in the balance sheet to be accumulated with prior periods' profits and losses.
attachment	The act of seizing a debtor's property and placing it under a court's control.
full service brokerage firm	A brokerage firm that provides customers with a wide range of products and services including advice concerning what securities to buy and sell.
time value of money	The idea that a dollar today is worth more than a dollar in the future, because the dollar in the hand today can earn INTEREST during the time until the future dollar is received.
mutatis mutandis	Latin phrase meaning, approximately, "allowing other things to change accordingly." Used as a shorthand for indicating the effect of one economic variable on another, within a system in which other variables that matter will also change as a result
deferred account	An account that postpones tax liabilities until a later date
tax cum subsidy	This phrase is used to indicate a policy that may be either a tax or a subsidy, depending on which will achieve the stated objective, which is usually to alter or set a relative price
sunk costs	When what is done cannot be undone
american	American-style option.
aps	1
pension benefit guaranty corporation	(PBGC)
acca	Association of Chartered Certified Accountants, UK-based professional association.
capital consumption allowance	The name used in the National Income and Product Accounts for depreciation of capital.
debit collection system	Banking
front-end load fund	This type of mutual fund charges a sales commission, often in the range of 2% to 5%, when the mutual funds are purchased
cash positioning	Also known as account positioning.
hedging	1
epu	European Payments Union.
chaebol	A form of large business in South Korea, a conglomerate consisting of many companies centered around a parent company
translational exposure	Also known as Translation exposure.
procyclical	Varying with the business cycle, being high when national income is high or rising and vice versa
interpolation	1
sdr	Special Drawing Rights.
de minimis exempt tax	UK VAT
derivative	1
non-performing loan	(NPL)
excess reserves	a bank's reserves over and above the reserves requireed by law or regulation.
mfn tariff	The tariff level that a member of the GATT/WTO charges on a good to other members.
ethics	1
probability distribution	A specification of the probabilities for each possible value of a random variable.
penny stocks	Low-priced speculative issues selling at less than $1 a share
dns	Designated-time Net Settlement.
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
alpha	A measure of risk-adjusted performance
turnover	1
gravity equation	An estimated equation of the gravity model.
zero	1
average annual total return	A percentage used to report historical investment performance of a mutual fund or other similar-type investment
pro rata	In proportion to
depth of market	A measure of the ...
factoral terms of trade	Either single factoral terms of trade or double factoral terms of trade
free lunch	"There is no such thing as a free lunch." This statement implies that there is not normally any opportunity to earn risk-free profits in financial markets.
stop limit order	this is similar to a stop order
authorisation	Treasury
correlation result	A theoretical property of models with arbitrary numbers of goods or other variables that takes the form of a correlation among variables rather than a strict prediction for each one
ministerial	A meeting of ministers
percentage point	A one percent increment
classical transfer problem	The transfer problem
escap	Economic and Social Commission for Asia and the Pacific.
trade secret	A piece of information, known to a firm but not to others, about its production or business practices
mnt	Pensions
transhipment	See transshipment.
accounts receivable turnover	Definition: Number of times that trade receivables turnover during the year.
feldstein-horioka puzzle	The finding by Feldstein and Horioka (1980) that levels of savings and investment are highly correlated across countries, suggesting that international capital mobility is less that many had previously thought.
excess contribution	The amount of an IRA contribution exceeding the allowable limits is an excess contribution
international organization for migration	International organization assisting migrants and the management of migration.
sender finality	Funds transfer
util	Utility.
vinerian	Associated with the work of economist Jacob Viner, as in the Vinerian concept of trade diversion.
random sampling	Statistical sampling technique where a sample is chosen such that each possible sample has an equal chance of being selected.
corridor	An option hedging strategy, near enough the same as a Collar.
cross elasticity	1
accrual basis accounting	Using the accrual basis for preparing accounting records, revenues and costs are recorded in the accounting period in which they occur, even if the revenues have not been received or the costs have not been paid
statistical distribution	Near enough the same as frequency distribution.
vendor	Seller-lender under a real property sales contract.
advisory netting	Also known as Position netting.
foreign investing risk	This is the risk of investing in a mutual fund that invests outside of the United States
screwdriver plant	A factory that only assembles a product, from parts that were produced elsewhere
investment vehicle	In general, any method by which to invest.
value date	1
ledger balance	Balance in a bank account that reflects all items that have been deposited or cleared through the account
increasing returns industry	An industry whose technology displays substantial increasing returns to scale
ic card	Integrated Circuit card.
transactional exposure	Also known as Transaction exposure.
ticker symbol	A unique symbol used to trade shares of stocks in open market exchanges
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.
palladium	A rare silver-white metal of the platinum group.
incoterms	International commercial terms; that is, the language of international commerce
real money balances	The real value of the amount of money held by a person, household, or firm, or the amount in circulation in the economy.
credit caps	Caps.
semiannual	Semi-annual rate.
dixit-stiglitz utility	The Dixit-Stiglitz function used as a utility function.
omc	Organización Mundial de Comercio (Spanish for World Trade Organization)
syndicate	a group of financial firms acting jointly on a temporary basis
international cartel	See cartel.
cspi	Corporate Services Price Index.
purchasing power parity	Purchasing power parity theory predicts that differences in periodic inflation rates will be offset and exactly matched by the change in the spot foreign exchange rate between the two related currencies over time.
backlog	The total value of sales orders waiting to be fulfilled.
adjusted present value	(APV)
nordic countries	Denmark, Finland, Iceland, Norway, and Sweden.
coordination	Cooperation in setting economic policy, especially across countries, so that policies of different governments reinforce each other rather than canceling each other out.
stumbling bloc	The term that Bhagwati (1991) used, together with building bloc(k) or stepping stone, to address whether PTAs help move the world toward or away from multilateral free trade
greeks	In options analysis, delta, gamma, vega, rho and theta are known collectively as the Greek letters or the Greeks
financial risk	1
supply and demand model	a model of how a competitive market works.
rising yield curve	This means that prevailing market yields are higher for longer maturities
bond ratio	A financial ...
concurrent ownership	Real estate ownership by more than one party,such as partnerships, tenants in common, community property and joint tenancy.
sdlt	UK Tax.Stamp Duty Land Tax.
convertible currency	A currency that can legally be exchanged for another or for gold
debtor management	Near enough the same as receivables management.
auto pact	See Canada-US Auto Pact.
opportunity cost	the real cost of an item: what you must give up in order to get it.
annual interest	UK tax
product	A good or service that is produced.
takeover	The acquisition by one firm of another.
hmce	Her Majesty's Revenue & Customs.
tangible asset	An asset which, in contrast to an intangible asset, has a physical or material existence
voidable contract	A contract that may be rejected by either of the parties.
exchangeable bond	(XB)
non-monetary items	Accounting
variability	1
predators' ball	An annual ...
bp-curve	In the Mundell-Fleming model, the curve representing balance of payments equilibrium
carbon reduction commitment	Environmental policy
positive statement	Statements of fact, which are capable of proof or disproof.
unstable	Not stable, by either of its definitions
acquisition cost	The net sum of costs required in order to obtain a property, equipment, or client....
appreciation	The increase in value of an asset.
zero coupon bond	(ZCB)
trendlines	Trendlines are a visual representation of support and resistance in any time ...
crude	Crude oil.
xml	Extensible Markup Language.
consolidation adjustments	Accounting
fiu	Anti-money laundering
creditor management	Also known as payables management.
private placement	Raising of capital via private rather than public placement
previous value	The total market value of a position based on previous close price.
interest	An amount charged or paid for borrowing or using money.
diversion	See trade diversion.
yield	This is a percentage which reflects the annual return on an investment. See dividend yield.
free trade agreement	A negotiated treaty among two or more countries to form a free trade area.
temporary admission	Permission to import a good duty free for use as an input in producing for export
declaration of solvency	Law
rfi	Request for Information.
compensation	1
apt	Acronym for Arbitrage Pricing Theory
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).
funding ratio	Pensions
unincorporated	An unincorporated business is one which is not structured as a company
internet	A wide area network (WAN) to which anyone with the appropriate hardware, software, and communication links has access.
tracking error	A measure of the extent to which the performance of a tracker fund succeeds in matching the performance of the market or index being tracked.
ad	Anti-dumping
cost basis	The price paid to purchase an asset, including commissions and fees
freezing	1
treasury bills	Short-term U.S
cumulation	1
dividends per share	dividends paid for the past 12 months divided by the number of common shares outstanding, as reported by a company
factor scarcity	See factor abundance.
minor	Law
expense ratio:	Every scheme incurs various costs towards managing your money, which it covers from you with in limits
banker's acceptance	A short-term credit investment created by a non-financial firm and guaranteed by a bank as to payment
indigenous innovation policy	A policy introduced by China in 2009 requiring that purchases by government agencies favor products whose intellectual property has been developed, owned, and registered in China.
tender	To offer a product for sale at a specified price, usually in response to a specific request from a potential purchaser
market-data approach	Process of estimating a property's value through exam ination and comparison of actual sales of comparable properties; also know as the direct sales comparison approach.
autonomous consumption	That portion of consumption that is autonomous
declaration	See customs declaration.
sffas	Statement of Federal Financial Accounting Standard.
dynamic hedging	Options trading and hedging
spreadsheet standards	Best Practice Spreadsheet Modelling Standards.Standards designed to provide a comprehensive framework for:1
long	Signifies ownership of securities. If a person is "long" 100 shares of a corporation, it means that they own 100 shares of the corporation. See also "short"
efficient markets hypothesis	Same as the Efficient market hypothesis.
fifty years is enough	50 Years Is Enough.
ioa	Institute of Actuaries.
alienation	The transfer of property, whether voluntary or involuntary, from one entity to another.
corporate services price index	(CSPI)
downstream	Refers to oil and gas operations after the production phase and through to the point of sale.
united nations development programme	The "development network" of the United Nations, operating in 177 countries (as of August 2012) "advocating for change and connecting countries to knowledge, experience and resources to help people build a better life."
net exports	1
average tax equivalent yield	The average tax equivalent yield of all bonds in the ladder (including existing positions).
r squared	An indicator of the reliability of a relationship identified by REGRESSION ANALYSIS
remission	See duty remission.
convex	1
index-linked gic	This is a GIC which is linked to a stock index, and is usually guaranteed to return all of your original investment. The income is taxed as interest, not capital gains, so these are more suitable to be held inside a registered account such as an RRSP, RRIF, etc.
bik	Benefit in Kind.
cpa	Classification of Products by Activity.
positive pay	Banking
value-added network	(VAN)
rollover ira	A transfer of assets from a qualified plan to an Individual Retirement Account without tax. If an investor changes jobs, retires or receives a divorce settlement that includes a distribution from a company retirement plan, it can be "rolled over" into an IRA to preserve capital and maintain its tax-deferred status
spot	On the spot market.
uncertainty	See information.
institute of actuaries	(IOA)
shift and share analysis	A tool for decomposing changes over time in economic magnitudes into those that hold various shares constant versus shifts in those shares
hedonic pricing	The use of statistical techniques such as regression analysis to determine, from the prices of goods with different measurable characteristics, the prices that are associated with those characteristics
treasury security	Securities issued by the U.S
accounting group	A group is deemed to exist for accounting purposes in circumstances where a parent undertaking controls one or more subsidiary or associate undertakings.
false negative	Statistics
roce	Return On Capital Employed.
cross on the board	Also called a put-through or contra order
promotion	The use of policy, especially a subsidy to encourage an activity, such as production in an industry
lock-in	See PATH DEPENDENCE.
double remedy	The use of both an anti-dumping duty and a countervailing duty on the same imports.
reaction curve	The graph of a reaction function.
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.
principal	1
hub and spoke integration	A pattern of economic integration in which one country (the "hub") forms preferential trading arrangements with two or more other countries (the "spokes") that do not form such arrangements with each other.
junk bond	A bond purchased for speculative purposes
proper law	Of a contract, the system of law that is applied in private international law to a contract with foreign elements.
capital gains long term	The difference between an asset's purchase price and selling price (when the difference is positive) that was earned in more than one year.
statutory debt	1
recession	A significant decline in activity spread across the economy, lasting longer than a few months
sffac	Statement of Federal Financial Accounting Concept.
letter of indemnity	A letter guaranteeing that contractual provisions will be met, otherwise financial reparations will be made.
inflation adjusted	Adjusted for inflation.
fama puzzle	The forward premium puzzle.
sic	Standing Interpretations Committee.
community preferences	A set of consumer preferences, analogous to those of an individual as might be represented by a utility function, but representing the preferences of a group of consumers
standard deviation:	A statistical measure of performance fluctuations-generally the higher the standard deviation, the greater the expected volatility of returns
liquidity	1
current ratio	Indicator of short-term debt paying ability
mean	1
lis pendens	Indicates that a law suit is in process.
fasb	1
poverty datum line	Same as poverty line.
grey area measure	A policy or practice whose conformity with existing rules in unclear, such as a VER under the GATT prior to the WTO.
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
marginal propensity to consume	The fraction of a change in income (or perhaps disposable income) spent on consumption
integrated circuit card	(ICC/IC Card)
say's law	The proposition that "supply creates its own demand." The idea is clearest in a barter economy, where the act of supplying one thing is, intrinsically, the act of demanding something else
capital employed	An accounting measure of the total value of resources available to management for use in the business.
pensionable salary	The salary to which the pay related formula in a Defined Benefit pension scheme is applied
monetary integration	The adoption of a common currency by two or more countries.
customs	The process that through which imported goods must pass in crossing the border of a country or other customs area.
aggressive investment strategy	A method of portfolio management that attempts to achieve maximum return
capitalisation issue	Also known as a Bonus issue.
record date	The date on which a fund determines its ‘unitholders of record' who are entitled to an impending dividend or bonus units
united nations	An organization of countries established in 1945 with 51 members, expanded to 193 countries as of August 2012
gross	Before deduction
face value	The face value of a bond is the value the bond is worth at maturity
melitz model	A heterogeneous firm model in which firms employ labor as their only input, firm productivity is chosen randomly, and firms die with some constant probability
principal	The original amount (capital sum) invested, as distinguished from interest or profit.
other long term liabilities	Value of leases, future employee benefits, deferred taxes and other obligations not requiring interest payments that must be paid over a period of more than 1 year.
long life assets	UK tax
target concentration	Banking
payor	The party that issues a cheque.
paye	1
electronic communication network	An electronic system that attempts to eliminate the role of a third party in the execution of orders entered by an exchange market maker or an over-the-counter market maker, and permits such orders to be entirely or partly executed
share classes	Classes represent ownership in the same fund but charge different fees
american stock exchange	The "AMEX" handles the trading for companies that are smaller than those traded on the NY stock exchange
cbi	Confederation of British Industry.
production factor	Factor of production.
trigger price	See minimum price system.
european payments council	(EPC)
nominal	1
indirect trade deflection	Same as internal trade deflection
international development association	One of the five institutions that comprise the World Bank Group, IDA provides interest free loans and other services to the poorest countries.
balance netting	Also known as Single legal account pooling.
value chain	A high-level model of how businesses receive raw materials as input, add value to the raw materials through various processes, and sell finished products to customers
flowback	The sale of shares, originally placed with overseas investors, back into the domestic market by those investors.
exemption clause	Contract law
taxpayer id number	Your Social Security Number or other Tax Identification Number, which must be provided to a mutual fund company to avoid back-up withholding.
average tax rate	The amount paid as tax as a fraction of the amount being taxed
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
pctct	Profits Chargeable to Corporation Tax.
principal	Amount of a debt; one of the parties in a financial transaction.
cable	The sterling/US dollar spot exchange rate.
balance of trade	(BOT)
debtor	A borrower.
gross income	'Obtained annual income from a property before any expenses are deducted.
pooled equilibrium	An equilibrium in which two or more different types of agents behave in the same way and therefore cannot be distinguished.
normal frequency distribution	A normal frequency distribution is a continuous, symmetrical, bell-shaped distribution function
return on assets	The return on assets is a measure of the company's profitability and efficiency
sampling	The statistical technique involved in gathering a selection of items from an entire population in order to estimate properties for the entire population.
market dynamics	The process by which market adjustment takes place
loss-sharing agreement	Also known as Loss-sharing rule.
umbrella scheme	Pensions
risk management	The process of bearing the RISK you want to bear, and minimising your exposure to the risk you do not want
specified investment business	A specified investment business is one whose principal purpose is to derive income (interest, rent, dividends and royalties) from property, unless the business employs more than 5 full time employees
money gdp	Nominal GDP; contrasts with real GDP.
balancing charges	UK tax
g7	The same as G-7.
land reform	The process of changing the pattern of ownership of land in a country, usually by breaking up large holdings and distributing smaller parcels of land to a larger portion of the population
early leaver	Pensions
acceptance	1
stolper-samuelson theorem	1
fixed cost	The cost that a firm bears if it produces at all and that is independent of its output
mark 2	Washington Consensus Mark 2 (or Mark II)
article	A specific section of a negotiated agreement.
stochastic process	A process that exhibits random behaviour
consignment	1
asymmetric shock	An exogenous change in macroeconomic conditions affecting differently the different parts of a country, or different countries of a region
fya	UK tax
present value	The current value of a future revenue stream, discounted by an interest rate factor.
annuity	A series of fixed-amount payments paid at regular intervals over the specified period of the annuity.
long term contracts	Accounting
year of service	A period during which an employee is credited as having worked for the employer for a year.
carbon credits	Environmental policy
bank account	An account maintained by a bank or a building society in which a depositor's money is kept.
collectibles	Art, rugs, rare coins, sports cards, porcelain, etc
mortgage bond	A bond secured ...
financial assistance scheme	(FAS)
dividend	The pro-rata distribution of a corporation's net income as authorized by the board of directors
eligible rollover distribution	Distributions from a qualified retirement plan that can be rolled over into another retirement plan or an IRA
remittance	Payment for goods or services received or as an allowance particularly when sent by post.
bm	Banco Mundial (Spanish for World Bank)
at par	At equality
hm revenue & customs	Her Majesty's Revenue & Customs.
incubated fund	A fund that is ...
statement of comprehensive income	Financial reporting.1
after-acquired collateral	The property a debtor acquires rights to after the debtor agrees to the creation...
beneficiary	The party that is named by the grantor, settler or creator of the trust and is entitled, according to the terms in the respective trust deed, the benefit from the revenues of the trust.
liability	An amount that is owed, in contrast to an asset
floating rate note	(FRN)
settlement agent	An institution that is responsible for managing all aspects of the settlement process (including the calculation of settlement positions and the monitoring of the exchange of payments) on behalf of transfer systems or other settlement arrangements.
product life cycle	See product cycle.
level playing field	The goal of those who advocate protection on the grounds that foreign firms have an unfair advantage
liberal	Associated with freedom and/or generosity
social accountability international	A U.S.-based nonprofit organization that develops and implements the SA8000 international workplace standards.
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.
sharp ratio:	A ratio to measure risk-adjusted performance
reverse casuality	the error committed when the true direction of casuality between two variables is reversed, and the independent variable and the dependent variable are incorrectly identified.
elasticity of transformation	The elasticity of an economy's output of one good with respect to its output of another (holding other outputs, if there are any, constant).
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.)
call risk	A type of bond investment risk that comes into play when interest rates fall
shared service centre	(SSC)
azerbaijan manat new spot	The new currency of Azerbaijan
contingent beneficiary	If all Primary Beneficiaries are deceased, the second-named person, estate, or trust will receive the proceeds of a retirement account upon the account owner's death.
market reserve policy	See law of similars.
tax written down value	(TWDV)
disaggregation	1
morningstar	A leading mutual fund research and tracking firm
index	1
communism	The enemy of CAPITALISM and now nearly extinct
investment committees	1
standard contribution rate	Pensions
capital density	The amount of capital per unit land area in a country
mortgage	1
prior deposit	An import deposit that must be made before importing, often at the time an import license is granted.
invention	The tangible form of a technological idea, which could include a laboratory prototype, drawings or formulas.
preshipment inspection	Certification of the value, quality, and/or identity of traded goods done in the exporting country by specialized agencies or firms on behalf of the importing country
iceberg transport cost	A cost of transporting a good that uses up only some fraction of the good itself, rather than using any other resources
corporate governance	1
data mining	A type of database application that looks for hidden patterns in large groups of data.
g-3	1
globalization	the phenomenon of growing economic linkages amoung countries.
overbought\oversold indicator	An indicator that attempts to define when prices have moved too far and too fast in either direction and thus are vulnerable to reaction.
origin	the point where the axes of a two-variable graph meet.
interdependence	See economic interdependence.
section 301	The provision of U.S
default	Failure to honour the terms of an agreement; for example a loan agreement.
cgs	Credit Guarantee Scheme.
strategic variable	An economic variable that is chosen with regard to, and sometimes with a view to influencing, economic behavior by someone else
promisor	A person who makes a promise.
marginal propensity to save	The fraction of a change in income (or perhaps disposable income) that is saved.
macaulay duration	Duration is the weighted average timing of the cash flows of an instrument, weighted by the present values of the cash flows
nbv	Accounting
final	Irrevocable and unconditional.
head of household	You may claim head of household filing status on your tax return if you are unmarried and pay more than 50% of the costs of keeping up a home for yourself and your dependent(s) or other qualifying individuals.
yield to call	Some bonds can be called (redeemed) by the issuer on specified dates throughout the life of the bond
residue before sale	UK tax
public good	A good that is provided for users collectively, use by one not precluding use of the same units of the good by others.
consumption function	Economics
domestic trade	Commerce within a country; wholesale and retail trade.
consolidation	See Reverse Split.
sez	Special economic zone.
sarl	France.Société à responsabilité limitée, a private limited liability company.Also written 'Sarl'.
twist	1
section 201	The escape clause of the U.S
positive cost collar	Risk management
cer	Australia-New Zealand Closer Economic Relations Trade Agreement.
icc	Integrated Circuit Card.
margin	1
adaptive expectations	A theory of how people form their views about the future that assumes they do so using past trends and the errors in their own earlier predictions
afte	France
product market	The market for a good or a produced service
capital good	A good, such as a machine, that, once in place, becomes part of the capital stock.
analysis	The examination and evaluation of the relevant information to select the best course of action from among various alternatives.
inflation rate	The rate of change in prices
rewarded risk	A rewarded risk is one which is associated with an expected benefit for the party accepting the risk
marine mammal protection act	The 1972 U.S
lock-in period:	The period of time for which investments made in a scheme cannot be withdrawn
npl	Non-performing loan.
same-day funds	Funds transfer
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.)
inventory	A company's merchandise, raw materials, and finished and unfinished products which have not yet been sold.
significance level	A measure of the reliability of the conclusion drawn from the results of a test.
growth and income fund	A mutual fund or other similar-type investment with the objective of generating investment returns through a combination of investments targeted to produce capital appreciation and investments that produce dividends and/or interest.
nation	As used in international economics, a nation is almost invariably a country, or occasionally a similar entity (e.g., Hong Kong) with a single, usually independent government.
eiusdem generis	Latin term meaning 'of the same kind'
status quo	The current situation
turnbull	Turnbull Guidelines.
ptd	Payable Through Draft.
curve	a line on a graph, which may be curved or straight, that depicts a relationship between two variables.
proxy	A person authorised to act for another
position limit	the maximum number of option contracts “on the same side of the market” which can be held by any one investor or group of related investors
zero balance account	(ZBA)
external cost	A negative (i.e., harmful) externality.
capital duty	A tax on the value of a newly formed company, or one that has newly been transfered to a different taxing jurisdiction.
z statistic	A commonly used transformation of a standard normal distribution
blank endorsement	Endorsement of a negotiable instrument without naming the person to whom it would be paid.Also known as Endorsement in blank.
inelastic	Having an elasticity less than one
common law	The law of a country based on custom, usage, and the decisions of the courts
ukla	United Kingdom Listing Authority.
new york stock exchange	(NYSE)
carveout	Same as carve-out.
building and loan associations	Obsolete term for savings and loan associations
aer	Annual Effective Rate.
back-to-back loan	1
failed transaction	A transaction such as a funds or securities transfer, that does not settle on the contractually fixed date
panel	A three-person committee assembled by the WTO to hear evidence in disputes between members, as part of the WTO dispute settlement mechanism
dollarization	1
fcp	Fonds Commun de Placement.
time of supply	VAT
average	A composite measure that can give insight into the movement of the overall market or a particular market segment.
nationalize	To transfer ownership of a private company or a privately owned asset to the national government
negative pledge	A term used in loan documentation
insignificant	1
high yield debt security	A bond with a credit rating of BB (Standard & Poor's) or Ba (Moody's) or lower
liner conference	An agreement between two or more shipping companies to coordinate schedules and prices
fraud	A criminally false representation by means of a statement or conduct made knowingly or recklessly in order to gain a material advantage
merger	the combination of two or more companies into one entity.
growth	See economic growth.
dividend discount model	(DDM)
pattern of trade	See trade pattern.
five forces model	Porter's Five Forces of Competition model.
inflation risk	The danger that the returns from one's investments will fail to keep pace with increase in the general price level
appellate body	The standing committee of the WTO that reviews decisions of dispute settlement panels.
liquidation	Conversion of assets into cash.
tnw	Tangible Net Worth.
efficiency	Getting the most out of the resources used
days in receivables	Definition: This calculation shows the average number of days it takes to collect your accounts receivable (number of days of sales in receivables).
settlement lag	The time-lag that occurs in an exchange-for-value process between the conclusion of the trade/bargain and its discharge by the final exchange of a financial asset for payment.
ratio spread	an options strategy using either puts or calls
dirigiste	Centrally planned; that is, under the direction of a central authority, normally the government
equivalent tariff	Tariff equivalent.
amct	Associate Member of the Association of Corporate Treasurers.
current service cost	Pensions accounting.The increase in the present value of the pension scheme liabilities expected to arise from employee service in the current period.
regulatory risk	1
cheque guarantee card	A card issued as part of a cheque guarantee system
treasury management system	(TMS)
kick out	See Autocallable
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).
promissory note	A written promise to repay an unsecured loan.
codex alimentarius	This is the international "food code," consisting of standards, codes of practice, guidelines, and recommendations for producing and processing food
real business cycle theory	A theory of the business cycle based on random fluctuations in aggregate productivity in a fully employed economy.
indenture	A contract ...
suspension	See duty suspension.
agricultural good	A good that is produced by agriculture
issue date	The day on which the securities e.g
dollar cost averaging	Investing the same amount of money at regular intervals over an extended period of time, regardless of the share price
interest rate option	An option relating to interest rates.Historically this was the right but not the obligation to borrow/lend a specified amount at a specified rate for a specified period.More commonly in practice the option is cash-settled based on the difference between the option strike rate and the current market rate.
plan administrator	The person responsible for administrating a retirement plan or other type of savings plan.
documentation	1
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.
prospective analysis	Ex ante analysis.
gini coefficient	A measure of income inequality within a population, ranging from zero for complete equality, to one if one person has all the income
international competition network	A network for cooperation among the antitrust agencies of a large number of both developed and developing countries.
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.
negative returns	An extreme form of diminishing returns, in which increasing one input holding other inputs constant causes output to fall
plain vanilla	The most basic ...
rent seeking	The using up of real resources in an effort to secure the rights to economic rents that arise from government policies
input tax credit	An input tax credit can be claimed to recover GST/HST which has been paid by a GST registrant. The input tax credit is usually the amount of GST/HST paid. There are special rules for some situations, such as when capital personal property, capital real property, passenger vehicles or aircraft are purchased. See our articles Input tax credits on purchase of passenger vehicles and aircraft, and Input tax credits on motor vehicle allowances.
natural person	This term appears in the GATS where it deals with the international movement of employees of firms that are providing services in another country
econometric model	A set of equations that have been estimated by econometric methods and that are then used, together, to forecast the economy or to calculate effects of changes in the economy
russell midcap growth index	The Russell Midcap Growth Index is an unmanaged index that measures the performance of those companies with higher forecasted growth values.
farm credit system	A complete national banking system for financing the activities of farmers and ranchers.
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.
deal date	The date on which a deal is struck.
non-refundable tax credit	A non-refundable tax credit can only be used to reduce federal or provincial/territorial taxes to zero
demand elasticity	Normally the price elasticity of demand
city code	This is the short-form title of the UK City Code on Takeovers and Mergers, also referred to as the 'Blue Book'.
earth summit	Rio Summit.
treasury bonds	Long-term U.S
bot	Balance of Trade.
extraordinary items	An event not typical of normal business activity and do not occur on a regular basis
derivative	A financial product that derives its value from an underlying security
prepayments	Accounting
disinflation	A slowing of the rate at which prices increase
economic indicators	Statistics or data series that are used to analyze business conditions and current economic activity
legal person	A separate entity recognised in law.
historical method	In Value at risk analysis, a simplified variation of the Historical simulation method
oim	French acronym of International Organization for Migration
first degree homogeneous	Homogeneous of degree 1.
free lunch	There's no such thing
arm's length principle	When a transaction between two related or affiliated parties is conducted (and priced) as if they were unrelated, so that there is no question of a conflict of interest (or of tax avoidance).
recession	Broadly speaking, a period of slow or negative economic GROWTH, usually accompanied by rising UNEMPLOYMENT
good through order	An order to buy or sell that is good for a specified number of days and then is automatically cancelled if it has not been filled.
contributions in kind	Transferring securities into an RRSP
downstream	1
encumbrance	Any lien against a property or any restriction in its use, such as an easement; a right or interest in a property held by one who is the legal owner.
cd	Certificate of Deposit.
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.
smac function	An acronym for the CES function based on the names of the four authors who introduced it in Arrow et al
member of household	A person who has lived in the taxpayer's home for the entire tax year.
qualified retirement plan	Any type of retirement plan afforded special tax treatment because it meets the requirements set forth in the Internal Revenue Code.
operating leverage	A measurement of the degree to which a firm or project relies on fixed rather than variable costs.
schengen agreement	An agreement (later, convention) signed in 1985 to remove all frontier controls and permit free movement of persons between the participating countries of the Schengen Area
stakeholder pension scheme	UK Pensions
deviation	See standard deviation.
foa	Faculty of Actuaries.
trust	1
gross processing margin	The difference between the cost of a raw commodity and the income it generates once sold as a finished product.
burst	In the case of a price bubble, the usually sudden reversal of a price from rising over time to falling.
public key infrastructure	(PKI)
leakage	A release of information to certain people before the official public announcement.
long	1
audit	1
poverty trap	Another name for the UNEMPLOYMENT TRAP.
m	In economic models involving international trade, M is usually chosen to represent imports, and X to represent exports, perhaps because I and E have too many other uses.
mc	1
nyse	New York Stock Exchange.
bermudan	Bermudan-style option.
sec	US
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.
iosco	International Organization of Securities Commissions.
binding	1
simple ira	A SIMPLE (Savings Incentive Match Plan for Employees) IRA is a simplified, tax-favored retirement plan for small employers that provides for elective contributions by employees, mandatory employer contributions, and meets certain vesting, participation and administrative requirements.
treasury bills	The U.S
constraint set	The set of options among which a decision-maker is able to choose, given its resources and the market conditions that it faces.
transnational corporation	1
tax break	Any provision of the tax code, such as a tax credit or tax deduction, that reduces the amount of tax that a firm or individual will pay, perhaps in return for behavior that the government wishes to encourage.
stir	Short Term Interest Rate.For example STIR futures are short term interest rate futures.
consideration	A required element in a contract by which something of value, including a promise, is exchanged for the act or promise of another.
liffe	London International Financial Futures Exchange.
commission:	A percentage cut paid by a fund house to an intermediary for bringing in business
capital note	Fixed income products issued by companies as a source of short term debt.
envelope	The outermost points traced out by a moving curve.
accommodation paper	A bill or note endorsed by one party (the accommodation party) on behalf of...
product mix diagram	A diagram introduced by Hausmann et al
naperian	Alternative spelling of Napierian.
yield spread	The difference between the yield on a particular bond and the yield on an otherwise comparable bond that is considered, like a U.S
prospectus	Formal written document to sell securities that describes the plan for a proposed business enterprise, or the facts concerning an existing one, that an investor needs to make an informed decision
intra-day credit	Daylight credit.
unit value	The dollar value of each unit on a given date.
cost of living	The cost of a representative bundle of goods and services in consumption, usually as measured by the consumer price index.
investment	1
transactions motive	A desire to hold money to enable day-to-day transactions to be settled efficiently.
mail float	The time interval outstanding between the time a cheque is mailed and its receipt at the designated address.
itm	1
knowledge capital	The knowledge-based assets that a firm acquires -- through R&D or by licensing technology from others, for example -- that it is then able to use for its activities throughout the firm, including in multiple production facilities.
savings	1
structural subordination	Risk management.An effective reduction in the ranking of the claim of a lender or other creditor resulting from a combination of: (1) The ownership structure of the borrower, for example in a group of companies; and (2) Holding a claim against the 'wrong' legal entity.For example, the claims of the creditors of a holding company may become structurally subordinated to the claims of creditors of the subsidiary companies in the same group
santiago principles	Formally called the Generally Accepted Principles and Practices, these are guidelines for the proper administration of sovereign wealth funds agreed to by the International Working Group of Sovereign Wealth Funds.
composite good	A fictional good that is used in economic analysis to stand in for a large number of goods, usually all other goods than the one that is the focus of attention.
luxury good	Economics
dcf	Discounted Cash Flow.
supply curve	A graph of the relationship between the PRICE of a good and the amount supplied at different prices
ifrs 12	International Financial Reporting Standard 12, dealing with disclosure of interests in other entities.Issued by the International Accounting Standards Board.
vested balance	The value of your account balance that you are entitled to under the plan's rules
annual percentage yield	The effective annual rate of return including the effect of compounding interest.Abbreviated...
instability	The property of not being stable; thus, moving around over time, and/or uncertain in its movement over time.
financial account	This is the term used in the balance of payments statistics, since sometime in the 1990s, for what used to be called the "capital account." See capital account, the "common" definition 2.
dispute settlement mechanism	The procedure by which the WTO settles disputes among members, primarily by means of a three-person panel that hears the case and issues a report, subject to review by the Appellate Body.
eis	UK tax
capital account	Economics
treasury bonds and notes	Treasury notes and bonds are issued by the U.S
financing activities	UK financial reporting
fair trade	1
absolute return:	A 20 percent absolute return earned over one year isn't the same as 20 percent earned over two years
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.
tax rebate	The refund of a tax that has been overpaid
529 plan	A college savings plan sponsored by individual states
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”
partial re-investment	Tax
compound interest	The calculation of Interest on principle including previously paid interest
organisation	A body consisting of more than one individual, united for the achievement of a business or administrative purpose.Types of business organisations include commercial companies and partnerships formed for the purpose of making profits.Types of non-profit making organisations include local governments.
old age security	A government pension plan payable at age 65 to all Canadian citizens and legal residents
ex interest	(Ex int).1
foreign sales corporation	Refers to a provision of the U.S
accumulating net asset value	(ANAV)
sbtc	Skill-biased technical change.
satisficing	Seeking or achieving a satisfactory outcome, rather than the best possible
investment risk	The possibility of losing some or all of the amounts invested or not gaining value in an investment.
lifecycle fund	A mutual fund or other similar-type investment with the objective of gradually reducing risk over time by moving to a more conservative investment line-up as the investor nears a specific date in time (normally, retirement date)
federal reserve board	US Banking
export licensing	See licensing.
transaction date	Same as Trade date.
judicial review	In a case of unfair trade, the mechanism for appealing a decision.
quota auction	The sale of rights to import under an auction quota.
forward value dating	Compensation practice of non-US banks where credits to a customer's account statement will reflect a date later than the actual date funds were received.
european option	An option that can only be exercised on a specified date - normally the business day prior to expiration.
balance of payments	(BOP)
united nations statistics division	The United Nations agency that collects and maintains various statistical databases, including extensive data on international trade.
marking duty	An additional duty added to the price of an imported good if its country of origin is not properly marked, to cover the cost of marking it.
yankee debt securities	Foreign bonds denominated in U.S
pest analysis	Political, Economic, Social and Technological analysis.
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.
world intellectual property organization	The United Nations organization that establishes and coordinates standards for intellectual property protection.
compensated demand curve	A demand curve constructed under the assumption that demander's income is not held constant, but rather is varied to hold level of utility at a constant level
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
gross margin %	The gross margin percentage is gross margin divided by total revenue.
market cycle	The period between the 2 latest highs or lows of the S&P 500, showing net performance of a fund through both an up and a down market
risk mitigation	The use of techniques to reduce the likelihood or the potential size of adverse effects on the organisation
distribution	1
technology intensive	Referring to an industry in which technology is advancing rapidly, and thus where successful operation requires heavy expenditure on R&D.
liberalism	The set of views associated with being liberal, in the sense of freedom.
intervention	See market intervention and exchange market intervention.
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.
assured payment system	(APS)
compounding	The amount of interest is computed not only on the principal amount owed or borrowed but also on the interest that is owed on the principal amount
franked investment income	(FII)
pension protection fund ombudsman	(PPFO)
the bank	UK
joint and several liability	Law
factor proportions	1
nondistorted	Without distortions
internalize	To cause, usually by a tax or subsidy, an external cost or benefit of someone's actions to be experienced by them directly, so that they will take it into account in their decisions.
power of a test	Type II Error.
unrealized gain/loss	The amount of a gain or loss on a particular security that would occur (or be realized) if the security was sold.
economic decision	A decision about an economic issue, most commonly about how to allocate resources among multiple purposes.
day's sales outstanding	Also called average collection period, this ratio is calculated as
fund family	A group or "complex" of mutual funds, each typically with its own investment objective, that is managed and distributed by the same company
rollover ira	Also called a "Conduit IRA," this is an Individual Retirement Account that can hold eligible money distributed from an employer's qualified retirement plan, 403(b) or governmental 457(b) plan
migration of shares	The term usually describes the reclassification of Class B shares to Class A shares after a set number of years in the Class B fund
neutral	1
expectations theory	Expectations theory states that the best measure of the market's average expectation of the outturn spot foreign exchange rate at a given future date is the current market forward rate for the same maturity.Expectations theory also applies in the interest rate market, and indeed in any market where forward prices are quoted.So for example in the interest rate market, expectations theory suggests that the current market forward interest rate is the best measure of the average market expectation of the outturn spot interest rate at the given future date.
tangible net worth	(TNW)
dim sum bond	A bond, issued in Hong Kong and denominated in the Chinese currency, renminbi.
leontief paradox	The finding of Leontief (1954) that U.S
overheads	Any accounting cost that cannot be traced directly to a product or service is known as an overhead.
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.
remuneration	Payment in return for services rendered.
substitute in production	One good is a substitute for another in production if an increase in output of one (or a rise in its price) causes a decrease in output of the other.
diminishing returns	The Law of diminishing returns is a theory describing the contribution to total production which is expected to result from the addition of extra units of one factor of production.According to the law of diminishing returns the contribution of the extra factors of production may rise at first, but after some point will always start to fall
liffe	London International Financial Futures Exchange
b/ba/bbb	(Credit rating)
frs 4	The former UK Financial Reporting Standard 4
harberger-laursen-metzler effect	The conjecture or result that a terms of trade deterioration will cause a decrease in savings due to the decrease in real income, and therefore that a real depreciation will cause an increase in real expenditure
eurodollar	Originally referred to U.S
bullet gic	A type of ...
commodities	Basic items or staple products such as agricultural or mining products - grain, cotton, metals, etc.
shark repellent	Any number of measures taken by a corporation to discourage an unwanted takeover attempt.
discrete random variable	A random variable for which it is possible to make a finite list of all possible values.
black monday	The most notorious day in financial history (October 19, 1987)
economic summit	A meeting, usually of government leaders, to discuss economic conditions and policies
treasury inflation-indexed securities	(TIIS) USA
return on investment	(ROI)
asset play	Asset Play - An asset play is when a stock that is believed to be way undervalued, based on the value of the entire assets the company holds or owns
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.
fluctuate	To move up and down.
tpas	The Pensions Advisory Service.
cost function	A function relating the minimized total cost in a firm or industry to output and factor prices.
non-governmental organization	A not-for-profit organization that pursues an issue or issues of interest to its members by lobbying, persuasion, and/or direct action
repudiatory breach	Law
rcpc	Regional Cheque Processing Centre.
unsystematic risk	In the Capital asset pricing model, near enough the same as Specific risk.
pending trade	Any buy or sell instruction that has not been completed or confirmed.
mark to market basis	1
forward points	Forward points (for example one month forward points of 5-8) are a conventional short-form method of quoting multiple forward foreign exchange rates, by reference to the related foreign exchange spot quote.The spot foreign exchange quote is adjusted by applying, for example, the one month forward points to it, to calculate the full one month forward foreign exchange quote.
stamp duty land tax	(SDLT)
express term	A provision of a contract agreed to by the parties in words, written or spoken.
life expectancy	The expected value of the number of years a person has yet to live at a given age or, if age is unspecified, at birth, based on the distribution of actual deaths in the population to which the person belongs
note	A signed instrument acknowledging a debt and promising repayment.
border protection	1
assessment	The process of placing a value on an asset for the purpose of taxation
enemy	See natural enemy.
accounts receivable management	The different strategies that can be adopted to manage the collection of outstanding receivables.
monopolistic competition	A market structure in which there are many sellers each producing a differentiated product
notch	Credit rating
petition	Written application to a court requesting a remedy available under law.
upstream	1
kpi	Key Performance Indicator.
euronote	Generally used to describe a short-term promissory note, denominated in a eurocurrency, issued through an underwritten facility as opposed to by means of an uncommitted programme.
friends and enemies version	A weak version of the Stolper-Samuelson Theorem, involving natural friends and enemies, that holds with multiple goods and factors.
cost of living adjustment	(COLA)
ceiops	Formerly the Committee of European Insurance and Occupational Pensions Supervisors now the European Insurance and Occupational Pensions Authority (EIOPA).
international central securities depository	(ICSD)
gross expense ratio	See Expense Ratio.
out-turn	Same as Outturn.
customs valuation agreement	The Customs Valuation Agreement of the WTO replaced the Customs Valuation Code, but specified similar rules: Use a transaction value when available; if not, use deductive value or computed value.
generally accepted accounting principles	(GAAP)
class action	An action where an individual represents a group in a court claim
co-efficient of determination	Same as coefficient of determination.
plan year	Any consecutive-month period that has been chosen by the plan for keeping its records
gross national income	1
collecting bank	International trade
share for share exchange	The exchange or swap of one shareholding for another, usually on a takeover or merger.Also written 'share-for-share exchange'.
bif	Bank Insurance Fund.
physical asset	a claim on a tangible object that gives the owner the right to dispose of the object as he or she wishes.
equilibrium	A state from which there is no pre-existing tendency to move.
regression analysis	The statistical technique of finding a straight line that approximates the information in a group of data points
active management	The use of professional investment managers to actively manage an investment portfolio by defining investment objectives and making decisions about which investments to purchase, hold, and/or sell, with the goal of exceeding returns of related market indices.
contribution	Management accounting
board of trustees	A governing board elected or appointed to direct the policies of an institution.
bondholder	The owner of a ...
monopolies and mergers commission	(MMC)
distress dumping	Intermittent dumping.
mean reversion	The tendency for subsequent observations of a random variable to be closer to its mean than the current observation
downstream guarantee	A guarantee ...
sigma	1
novation	Law
variable cost	The portion of a firm or industry's cost that changes with output, in contrast to fixed cost.
antique	A collectible or other item which is old (generally at least 100 years old)...
business model	The purpose, strategy and trading practices of a business.
asymmetric encryption	Also known as Public key encryption.
blue chip mutual funds	Blue Chip Mutual Funds focus on well known companies with long histories of paying dividends and increasing profits
discount rate	The interest rate charged by the Federal Reserve to member banks that borrow funds
skew	1
experience	Pensions
designated investment alternative	The investment options picked by your plan into which participants can direct the investment of their plan accounts.
production possibilities schedule	A table reporting various combinations of outputs that are possible for an economy, given its technology and factor endowments
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.
decile rank	Performance over time, rated on a scale of 1-10
extranet	A wide area network (WAN) in which two or more organisations share information using internet protocols with access limited to the participants.
time value	the portion of the premium that is based on the amount of time remaining until the expiration date of the option contract, and that the underlying components that determine the value of the option may change during that time
geographical indication	A label identifying where a product was produced or grown, and implying characteristics or quality particular to that location
international stock fund	This type of fund generally invests in stocks and bonds of companies located outside the United States.
dynamic economies of scale	A form of increasing returns to scale in which average cost declines over time as producers accumulate experience, so that average product rises with total output of the firm or industry accumulated over time
specificity rule	The principle that the optimal policy for correcting a distortion is one that deals most directly, or specifically, with that distortion.
samueson-stolper	See Stolper-Samuelson Theorem.
gross profit margin	Definition: Indicator of how much profit is earned on your products without consideration of selling and administration costs.
european commission	(EC)
home bias	1
employee contribution plan	A ...
true and fair view	Accounting
exhaustion	1
minimum required distribution	No later than April 1 of the year following the year in which you reach age 70 1/2, the IRS generally requires you to withdraw a minimum amount of money from your tax-deferred retirement accounts for that year
hazardous waste	Toxic waste materials jeopardizing the value of real estate.
floating rate bond	Same as a Floating rate note (FRN).
ex-post	Historical.
cum int	Abbreviation for Cum interest.
actual market	A condition of the market typified by heavy transaction volume
shadow currency	1
ecu	The former European Currency Unit.
frs 11	UK Financial Reporting Standard 11, dealing with impairment of fixed assets and goodwill.The development of FRS 11 shadowed the development of the international standard on the same subject, IAS 36.
asian option	An option whose final value is determined in accordance to the average level of the Underlying on a set of pre-specified dates e.g
transportation cost	See transport cost.
default surcharge	UK tax
cash flow	Regular income from property rentals.
autoregressive	Predicting future data using past information
gmo	Genetically modified organism.
normative statement	A statement which incorporates personal opinion.
exchange risk	Uncertainty about the value of an asset, liability, or commitment due to uncertainty about the future value of an exchange rate
rest of world	In a model or in a display of data that include one or more countries specifically, row=rest of world is used to represent collectively all of the other countries of the world (or all other countries for which data are available).
measure of economic welfare	An aggregate figure that adjusts GDP in an attempt to measure a country's economic well-being rather than its production, with adjustments for leisure, environmental degradation, etc.
opening	The beginning of a securities trading session.
motor vehicle	A motor vehicle is defined by the Income Tax Act as "an automotive vehicle designed or adapted to be used on highways and streets but does not include (a) a trolley bus, or (b) a vehicle designed or adapted to be operated exclusively on rails"
export similarity index	See Finger-Kreinin index .
liquidator	An insolvency practitioner appointed to wind up a company.
dollar standard	An international financial system in which the U.S
interest cost	Pensions
parent undertaking	An undertaking is a parent undertaking in relation to another undertaking if it controls that undertaking in one or more ways defined in companies legislation.
data presentation	Ways of illustrating statistical results.
magnetic ink character recognition	(MICR)
central bank reserves	International reserves.
trademark	A name, word, symbol, or device that allows the trademark owner to dictate its use in identifying a product.
commission	Fees paid to a broker for executing a trade, such as buying or selling stock or an ETF.
deep market	The situation in which it is possible to trade large amounts of securities without significantly affecting the price.
watchlist	Credit rating
cafta	U.S.-Central American Free Trade Agreement, also called CAFTA-DR.
ethical trading initiative	An alliance of multinational companies, nongovernmental organizations, and labor unions seeking to promote and identify ethical trade.
locomotive effect	The effect that economic expansion in one large country can have on other parts of the world economy, causing them to expand as well, as the large country demands more of their exports.
benchmark:	A standard used for comparison
longevity risk	The risk that you will live longer than expected, with the potential result that you run out of money before you die.
frs 20	UK Financial Reporting Standard 20, dealing with share-based payment
apacs	The former Association of Payment Clearing Services
selling expense	Advertising, promotional materials, sales commissions, sales-related travel and entertainment, trade shows, etc.
import authorization	The requirement that imports be authorized by a special agency before entering a country, similar to import licensing.
allocation	Designation of an item to a specific purpose or place
hereditaments	Things capable of being inherited.
benefit-cost analysis	Same as cost-benefit analysis.
zero sum	By analogy with a zero sum game, a situation is said to be zero sum if a gain for anyone requires a loss for someone else
global bond	This type of ...
gift tax	Taxes imposed by the federal government upon the transfer of property or money by gift during lifetime.
reciprocal	Applied to an agreement, especially a trade agreement, this means that both (or all) parties to the agreement make concessions to the other(s)
neighborhood production structure	A structure of technology for a general equilibrium model due to Jones and Kierzkowski (1986)
12b-1 fee	A mutual fund fee, named for the SEC rule that permits it, used to pay for broker-dealer compensation and other distribution costs
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
vertical specialization	Another term for fragmentation
sarbanes-oxley	(SOX/SOXA/Sarbox)
standard trading unit	The replacement term for a board lot under the Universal Market Integrity Rules (UMIR), which recognizes that different marketplaces may use different sizes for board lots.
amortised cost	The amortised cost of a financial asset or financial liability is:1
special purpose vehicle	(SPV)
pi	Profitability Index.
carbon tariff	A tariff levied on the basis of carbon dioxide that an import's production emits into the atmosphere
fungible	You can't tell them apart
open markets	Markets that are free of restrictions on who can buy and sell.
p/b ratio	P/B ratio (date).
open interest	The total number of outstanding futures or options contracts.
solicited rating	In relation to credit ratings, a credit rating requested by - and generally paid for by - the issuer of the obligation being rated.
real-time gross settlement system	(RTGS)
international banking facilities	(IBFs)
floor	The lowest acceptable limit as restricted by controlling parties.
movement of natural persons	Mode 4 of four modes of supply under the GATS, this involving the temporary movement across national borders of natural persons employed by or associated with a firm in order to participate in the firm's business
industry	The category describing a company's primary business activity
articles of association	This is the formal document that explains the internal organisation of a UK company
arithmetic mean	The arithmetic mean of a set of data is the simple average calculated by adding up all of the values and dividing by the total number of items
present value	The current worth of a sum of money that will be received sometime in the future.
blue chip stock	The issues of normally strong, well-established companies that have demonstrated their ability to pay dividends in uncertain markets.
steeple analysis	Social, Technological, Economic, Environmental, Political, Legal and Ethical analysis.
competitive advantage	Competitiveness
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.
zeroing	The practice used by the U.S
cusip number	The Committee on Uniform Security Identification Procedures, which was established under the auspices of the American Bankers Association to develop a uniform method of identifying municipal, government and corporate securities.
pestel analysis	The same as PESTLE analysis.
strgl	Statement of Total Recognised Gains and Losses.
capital personal property	There are special rules for GST registrants for claiming input tax credits on the purchase of capital personal property.
amended return	Form filed to correct, supplement, or replace an original tax return
dbo	Days Billing Outstanding.
balancing adjustment	UK Tax
warp	Weak axiom of revealed preference.
trade policy review mechanism	The periodic review of the trade policies and practices of the member countries of the WTO, conducted and published by the WTO
renegotiable rate mortgage	See rollover loan.
inheritance tax	A tax placed on heirs for the right to receive property from another at death.
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.
jtwros	An acronym meaning Joint Tenants with Rights of Survivorship
intertemporal	Occurring across time, or across different periods of time.
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.
second unbundling	See 2nd unbundling.
systematic risk	risk related to market fluctuations in the Capital Asset Pricing Model
second best	Refers to what is the optimal policy when the true optimum (the first best) is unavailable due to constraints on policy choice
budget	1
group of seventy seven	G-77.
tax comp	Tax computation.
caisse populaire	A cooperative, ...
collusion	See CARTEL.
pre-settlement risk	Pre-settlement risk is the risk that one party to a contract becomes insolvent before delivering its side of the contract
united states customs service	The agency of the U.S
non trading loan	Tax
credit spread	1
doing business	A project of the World Bank that rates and ranks countries of the world by several indicators of the ease of doing business, such as starting and closing a business, getting credit, enforcing contracts, and employing workers.
lifo	Last-In—First Out
award id	The unique number that identifies a particular restricted stock award.
compensation	Compensation typically includes base salary, commissions, bonuses, overtime and vacation pay
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.
external diseconomy	Negative externality.
producer prices	See FACTORY PRICES.
bona fide	Latin term referring to persons or actions that are in good faith and honest.
ach operator	An automated clearing house (ACH) association or Federal Reserve Bank that processes and distributes ACH transactions received from an originating financial institution.
multiples valuation	A method of business valuation which is based on a relevant measure and the ratio of value to that measure for a comparable business (or a comparable group of businesses).The most widely used financial measure for this purpose for a mature business is accounting earnings.For other types of businesses, relevant measures might include - for example - turnover, or numbers of subscribers.
stock management	Near enough the same as inventory management.
commingling	There are two definitions of commingling for IRA purposes
per capita income	Income per person, usually measured as GDP divided by population.
equity income fund	A mutual fund or other similar-type investment with the objective of securing returns through a combination of investments in well-established companies that pay dividends and companies with projected moderate growth (e.g., stock appreciation).
consortium members	UK tax
delinquent	A term describing the failure to meet required obligations according to schedule.
accounting exposure	The potential impact on an entity's accounts of a particular policy or transaction
short-term	1
amortisation	1
entrepreneur	The life and soul of the capitalist party
dow	Dow Jones Industrial Average
pan-european automated clearing house	(PE-ACH)
corporate treasurer	An individual skilled in the theory and practice of corporate treasury.
regression analysis	A statistical technique that establishes the best linear relationship between the variable to be predicted from one or more input or explanatory variables.
index number problem	A question the answer to which depends on a choice of weights
eusprig	The European Spreadsheet Risks Interest Group.Established in 1999 to promote information, action, conferences and other dialogue on spreadsheet risk management.(Pronounced yewsprig.)
export requirement	A requirement by the government of the host country of FDI that the investor export a certain amount or percentage of its output.
discouraged workers	Individuals that are available and willing to work but cannot find jobs and have not made specific efforts to find a job within the previous month.
payment versus payment	(PVP)
point elasticity	See elasticity
deflator	The ratio of a nominal magnitude to its real counterpart
free rider	Someone who enjoys the benefits of a public good without bearing the cost
international tropical timber organization	An organization created in 1983 for consultation among producers and consumers of tropical timber
fv	Future Value.
vesting	To have a non-forfeitable right to an allocated portion of an account ownership.
import licensing	See licensing.
barter	a transaction in which people directly exchange goods or services that they have for goods and services that they want.
tranches	A piece, portion ...
capital gains tax	(CGT)
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.
interest rate spread	See spread.
pbgc	US
isoquant	A curve representing the combinations of factor inputs that yield a given level of output in a production function.
implied rate of interest	1
variance	Another measure of risk often used interchangeably with volatility
de maximis	The maximum amount to which a person will be liable.
official receiver	An officer of the court who is employed by the insolvency service to manage compulsory company liquidations
capitalism	An economic system in which capital is mostly owned by private individuals and corporations
condominium	Fee simple ownership of an apartment or a unit, generally in a
bdr	Bearer Depository Receipt.
federal reserve	US Banking
no-load	Implies no sales charges.
payee	The party to which a cheque is made payable.
high value-added	Like high technology, this too is a vague term
ask/offer price	Price at which the seller is asking for the bond
aggregate	Total, sum.
credit ratings	In order to help us assess the credit worthiness of a bond issuer, there are agencies that study the financial strength of bond issuers, and assign credit ratings to them
false positive	Statistics
cleared balance	The funds in a bank account which are available for the account holder to drawn down against.
cev	Pensions
growth stock	The stock of a company that is expected to experience high growth in the future
fiduciary	A person vested with legal power to be used on behalf of another person.
certrm	The Certificate in Risk Management awarded by the Association of Corporate Treasurers.
continuous time	The use of a continuous variable to represent time, as in an economic model.
series ee savings bonds	The U.S
international exhaustion	See exhaustion.
political economy	1
sequential game	A game with multiple stages, played one after the other.
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.
service	1
monetary items	Accounting
preference for variety	The increased utility that people experience when they have access to a larger number of differentiated product varieties
domestic supply	Supply of a product by sellers in one's own country.
moody's	Moody's Investors Service, a leading credit rating agency.
https	Hypertext Transfer Protocol, Secure.
fundamental equilibrium exchange rate	This seems to mean the same as equilibrium exchange rate
associate	Financial accounting
gross settlement system	A transfer system in which the settlement of funds or securities transfers occurs individually on an order-by-order basis according to the rules and procedures of the system, in other words without netting debits against credits.
eurodollars	Dollars held in time deposits in banks outside the United States
capm	See CAPITAL ASSET PRICING MODEL.
equities	Shares issued by a company which represent ownership in it
tenor	1
positive relationship	a relationship between two variables in which an increase in the value of one variable is associated with an increase in the value of the other variable
absolute value	the value of a number without regard to a plus or minus sign.
basis	1
customs valuation code	A plurilateral agreement of the Tokyo Round specifying rules for customs valuation.
allocation	An assignment of economic resources to uses
tax-deferred retirement plan	This is a retirement plan that allows you to postpone (or defer) paying current income taxes on any pre-tax contributions you make to the plan as well as contributions (if any) that may be made by your employer
advance-decline	(A-D)
time inconsistency	The problem that arises when a decision maker, especially a policy maker, prefers one policy in advance but a different one when the time to implement arrives
emi	European Monetary Institute
frs 24	UK Financial Reporting Standard 24, implements International Accounting Standard IAS 29, Financial Reporting in Hyperinflationary Economies.
income elasticity	Normally the income elasticity of demand; that is, the elasticity of demand with respect to income.
injection	Economics
us gaap	United States Generally Accepted Accounting Principles.
fii	UK tax
deterministic	Not random
full reconciliation	A financial institution service that matches cheques paid against the file of cheques issued by the company
debase	To reduce the value of
attained age method	Pensions funding
obiter dicta	Law
primarily	Canada Revenue Agency (CRA) uses "more than 50%" as their guideline to interpret the word "primarily" in the Income Tax Act and the Excise Tax Act.
economic vulnerability	The extent of a country's exposure to lost sales and especially lost supplies of needed products due to changes in foreign markets and foreign policies
interbank rate	The rate of interest charged by a bank on a loan to another bank
lease	A contract whereby the owner of an asset (the lessor) offers rights to use the asset to another party (the lessee) for a certain period
london gazette	The Gazette is the official newspaper where certain statutory notices are required to be published
cash book	Accounting
cross rate	1
epa	Economic partnership agreement.
variance-covariance method	Near enough the same as Delta-normal method.
corporate plan	A plan of the total resources of an organisation for the achievement of quantified objectives within a specific period of time.
physical	Bonds are issued in several different delivery forms
confidence level	The degree of assurance that a specified failure rate is not exceeded.
debt crisis	1
leontief composite	A composite of two or more goods or factors that includes them in fixed proportions, analogous to the Leontief technology.
dishonour	In commercial law, the failure to honour a negotiable instrument
frustration	Law
eurocurrency	Currency ...
technical regulation	A requirement of characteristics (such as dimensions, quality, performance, or safety) that a product must meet in order to be sold on a country's market
partnership	A legal relationship between two or more persons who join to conduct business with each contributing money, property, labor or skill
theory of second best	See second best.
cost-benefit analysis	The use of economic analysis to quantify the gains and losses from a policy or program as well as their distribution across different groups in a society.
product market matrix	(PMM)
economies of scale	Increasing returns to scale.
growth stock	a company, which over a period of time seems destined for above-average expansion
ev	A measure of a company's value
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
blood diamonds	Also called conflict diamonds these are diamonds the mining and marketing of which have been used to finance, or have otherwise contributed to, civil war
high-yield bond	Issues rated below investment grade (as evaluated by credit rating agencies)
endogenous	1
csd	Central Securities Depository.
partnership	A form of business organization that involves two or more people contributing to the business and legislated under the federal Partnership Act.
similars	See law of similars.
credit card	A card allowing someone to make a purchase on borrowed money
earmarking	1
cobden-chevalier treaty	A preferential trade agreement between Britain and France that went into effect in 1860
hedging	A general term used to describe any of several risk-reduction strategies
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
take-over bid	an offer made to security holders of a company to purchase voting securities of the company which, with the offerer’s already owned securities, will in total exceed 20% of the outstanding voting securities for the company
issuing bank	Bank that issues a letter of credit
at the bell	The immediate open or close of trading
trade imbalance	A trade surplus or trade deficit.
break-up value	Also known as liquidation value.
treasury notes	Intermediate-term U.S
rational agent	Most economic models assume that agents are rational, meaning that they do the best they can, given the constraints they face, to maximize their own well being.
asset management	1
complement	One good is a complement for another if an increase in demand for one (or a fall in its price) causes an increase in the demand for the other
perpetuity formula.	Same as Perpetuity factor.
commercial service	Any service provided by a firm, as opposed to a government agency or an individual worker.
swift	Originally the Society for Worldwide International Financial Communication, now just called SWIFT, this is a member-owned cooperative of financial institutions that provides a platform for exchanging financial information
active management	A portfolio-management strategy which focuses on outperforming a benchmarked...
matador bond	A term used to ...
du pont analysis	A method of performance measurement that was started by the DuPont Corporation in the 1920s, and has been used by them ever since
quantity	The quantity refers to the number of bonds being offered
index fund	A mutual fund or other similar-type investment with the objective of achieving approximately the same investment returns as a specific market index by including investments that mirror the components of the index.
mixing regulation	1
matching	1
special product	Same as sensitive product.
certfin	The Certificate in Financial Fundamentals for Business awarded by the Association of Corporate Treasurers.
court	An institution for the resolving of disputes.
voting stock	Shares of a corporation which give the shareholder a right to vote on matters pertaining to the corporation. A corporation may have voting and non-voting stock.
international equity style box	A visual ...
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
prospectus	Printed material offering a security for sale, which provides full disclosure of legally required information regarding the security.
vat return	VAT
portfolio holdings	Investments included in a portfolio.
action to quiet title	A lawsuit brought to court in order to review and preside over all land disputes,...
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.
financial accounting standards board	The private-sector organization that sets accounting standards for the United States, the Generally Accepted Accounting Principles.
emission trading scheme	Environmental policy
aggregate supply	The total supply of a country's output, usually assumed to be an increasing function of its price level in the short run but independent of the price level in the long run.
stocks	When you own a company's stock, you own part of the company
annual adjustment	VAT
indicated yield	the yield, based on the most recent quarterly rate times four
electronic commerce	(EC)
remedy	A legal procedure used to enforce a right or to redress an injury.
entry age method	Pensions funding
ucits	Undertaking for Collective Investments In Transferable Securities.
carve-out	Documentation and regulation
statement of cash flows	Financial reporting
marshall plan	A U.S
duopoly	A situation in which two companies own all or nearly all of the market for a given type of product or service.
grace period	A time allowed, usually ten days, for making late payments without a penalty being imposed.
quality	One dimension along which products can be differentiated
charge on income	Tax
public key encryption	Public key encryption, uses a pair of keys, one public, one private, to send encrypted messages
atm	1
specified shareholder	A specified shareholder of a corporation is a person who, either alone or together with others with whom that person is not dealing at arm's length, owns 25% or more of the voting shares of the corporation, or owns shares of the capital stock of the corporation having a fair market value of 25% or more of the fair market value of the issued and outstanding shares of the corporation
trade mission	1
multiplier effect	Economics
accession country	A country that is waiting to become a member of the EU.
acquisition	The act of obtaining control of a corporation, called a target, either by stock...
enterprise risk management	(ERM)
competition commission	(CC)
equity capital	Share capital which has unlimited rights to participate in the distribution of either dividends or capital.
sd	1
excess supply	Supply minus demand
sunrise industry	An industry that is new and expected to grow rapidly, often through high technology
physical	1
frn	Floating Rate Note.
optical character recognition	(OCR)
arbitration	A process in which a disagreement between two or more parties is resolved by...
kurtosis	A statistical measure of the shape of a frequency distribution, in relation to a comparable normal distribution
treasury stock	Stock reacquired by the issuing company and available for retirement or resale
internationalization	Another term for fragmentation
zero based budgeting	(ZBB)
transshipment	1
convexity	This is just the state of being convex
kindleberger spiral	A diagram introduced by Kindleberger (1973) showing the dramatic downward spiral of world trade during the first years, 1929-33, of the Great Depression
payg	Pay As You Go.
social indifference curve	A curve showing the combinations of goods that, when available to a country, yield the same level of social welfare.
return on assets	(ROA)
optimal tariff	The level of a tariff that maximizes a country's welfare
semi-strong market efficiency	One form of the Efficient Market Hypothesis (EMH)
pv	Present Value.
call	1
cross-currency interest rate swap	(CCIRS)
cost of sales	What it costs to produce the product or service
special purpose entity	(SPE)
static gains from trade	The economic benefits from trade that arise in static models, including the efficiency gains from exploiting comparative advantage, the reduced costs from scale economies, reduction in distortion from imperfect competition, and increased product variety
irs	1
gilder	The unit of currency of the Netherlands.
counter-offer	A new offer that varies the terms of the original offer and so rejects the terms of that original offer.
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
chindia	A collective name for China and India, sometimes used in discussing the increasing role that these two countries play in the international economy.
corporate bond	A bond issued by a corporation, rather than by a government
frs 29	UK Financial Reporting Standard 29, implements the International Financial Reporting Standard IFRS 7, Financial Instruments: Disclosures, together with the related amendment to International Accounting Standard IAS 1, Presentation of Financial Statements – Capital Disclosures
economic integration	See integration.
import promotion	Any policy that encourages imports
foreign exchange contract	Also known as currency contract.
market value added	(MVA)
buy-back	A company's purchase of its common shares either by tender or in the open market for cancellation, subsequent resale or for dividend reinvestment plans.
finance act	An annual Act of Parliament in the UK which contains the tax legislation from the budget.
qualified retirement plan	A plan that meets the requirements of Internal Revenue Code Section 401(a) and is eligible for special tax considerations
stackelberg equilibrium	A game theoretic equilibrium in which one player acts as a leader and another as a follower, the leader setting strategy taking account of the follower's optimal response
b/f	Brought forward.Also written BF.
annuity due	An annuity in which each of the cash flows is paid in advance (at the start of each period).
elliot wave theory	A theory used in technical analysis based on the rhythms found in nature
trading partner	A trading partner of one country is any other country with which it trades
capital market swap	A capital market swap is a longer-term derivative instrument
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.
preferential trading arrangement	1
industry wide scheme	Pensions
swap overlay	Risk management
nafta taa	A program of NAFTA, NAFTA Transitional Adjustment Assistance is a version of trade adjustment assistance that applies to workers impacted by trade with or shift of production to Mexico or Canada.
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
bearer bonds	Bearer bonds are unregistered bonds which are payable to the bearer
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.
municipal bond	A bond issued by a municipality or state agency.
ag	Germany
sole importing agency	An entity, either private or government, that has been granted by government the exclusive right to import certain goods.
technology spillover	Same as technology transfer, though usually not done intentionally by the transferor.
fas	1
brc	British Retail Consortium.
scarcity	The basic economic problem, which arises from people having unlimited wants while there are and always will be limited resources
ifrs 3	International Financial Reporting Standard 3, dealing with business combinations.Issued by the International Accounting Standards Board.
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.
discount house	A UK financial institution that acts as an intermediary between the Bank of England and other parts of the banking system.
customs duty	An import tariff.
mfr	Minimum Funding Requirement.
omitted variable	an unobserved variable that, through its influence on other variables, creates the erroneous appearance of a direct casual relationship among those variables.
harberger triangle	The triangular area, or areas, in a supply and demand diagram that measures the net welfare loss, or dead-weight loss due to a market distortion or policy, such as a tariff.
employer securities	An investment option offered by some retirement plans that generally consists of stock in the corporation sponsoring the plan for its employees.
redlining	Not lending to people in certain poor or troubled neighbourhoods – drawn with a red line on a map – simply because they live there, regardless of their CREDIT-worthiness judged by other criteria.
pension protection fund	(PPF)
graduation	Termination of a country's eligibility for GSP tariff preferences on the grounds that it has progressed sufficiently, in terms of per capita income or another measure, that it is no longer in need to special and differential treatment.
demographic transition	The change that typically takes place, as a country develops, in the birth and death rates of its population, both of which tend eventually to fall as per capita income rises.
price specie flow mechanism	Same as specie flow mechanism.
public debt	government debt held by individuals and institutions outside the government.
sap	Structural adjustment program.
laspeyres index	A weighted index using quantities entirely based on prior year data.
warsaw pact	A "treaty of friendship, co-operation, and mutual assistance" including the Soviet Union and its satellite states in Central Europe
transfer agent	An agent used by a corporation to maintain records of stock or bond owners and deal with associated problems such as lost or stolen certificates
fii	Foreign institutional investor.
greater mekong subregion	The six countries sharing the Mekong river: Cambodia, Lao People's Democratic Republic, Myanmar, Thailand, Viet Nam, and parts of the People's Republic of China (Yunnan Province and Guangxi Zhuang Autonomous Region).
arm's length	Arm's length principle.
market power	1
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.
furniture and fixtures	The furniture and any fixtures (e.g
interbank	Dealing between different financial institutions including banks(rather than between banks and their corporate or retail customers).
free trade association	Free Trade Area.
unit investment trust	A type of investment company that typically makes a one-time "public offering" of only a specific, fixed number of units
duopoly	An oligopoly with two firms.
income disparity	Inequality of income, usually referring to differences in average per capita incomes across countries.
roc	Return On Capital.
short term interest rate	1
dollar cost averaging	An investment strategy that calls for investing a fixed amount of money at set intervals (e.g
offeror	The person who makes an offer.
grace period	1
plan document	The written documents defining the terms of a plan
domestic	From or in one's own country
credit watch	A list of issues and issuers in relation to which a downgrading or upgrading of the credit rating could be imminent.Also known as a Watchlist.
equity funds:	The class of schemes that invest primarily in stocks.
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.
otc derivatives	Derivative securities traded in the over-the-counter market.
opb	Occupational Pensions Board.
fill or kill	an order type that means the order is to be cancelled if it cannot be executed in its entirety immediately.
asct	Australia
growth accounting	Decomposition of the sources of economic growth into the contributions from increases in capital, labor, and other factors
rodrik trilemma	See Trilemma of the World Economy
association of corporate treasurers	(ACT)
quantitative analysis	The study of economic and stock valuation patterns in order to identify and profit from any anomalies.
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.
ohlin definition	The price definition of factor abundance
t-statistic	A measure of statistical significance
de minimis	A legal term implying that a matter is trivial and it is not appropriate to pursue it.
invertible	Said of a matrix if its inverse exists
multiple bar chart	Statistics
transfer	A tax-free movement of funds from one IRA to another IRA of the same type
lvts	Large Value Transfer System.
reflation	Policies to pump up DEMAND and thus boost the level of economic activity
provisional credit	Credit given on a recourse basis when a cheque is deposited.
resource curse	The idea that countries with abundant natural resources are actually likely to be worse off than countries where such resources are scarce
employer contributions	The contributions paid by an employer into an employer sponsored retirement plan
liquidated damages	Present in certain legal contracts, this provision allows for the payment of a specified sum should one of the parties be in breach of contract.
baltic countries	Estonia, Latvia, and Lithuania
current dollars	The phrase, "in current dollars" means "not adjusted for inflation."
default netting	Also known as Close-out netting.
international accounting standards board	An independent body, based in London, that sets accounting standards in the form of the International Financial Reporting Standards.
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.
homothetic tastes	Homothetic preferences.
margin of preference	1
cost behaviour	Budgeting
payment at sight	Written as one of the terms of payment in a letter of credit, this means that the payment will be made immediately when the completion of the trade is documented, as opposed to after some specified delay.
sicav	Société d'Investissement à Capital Variable.
step2	A bulk clearing for EUR-denominated low-value cross-border transactions within the EU
affinity fraud	Investment fraud which preys upon specific and identifiable religious, demographic, or ethnic groups.
producer price index	(PPI)
overdraft	An instant extension of credit from a lending institution.
interbank offered rate	(IBOR)
asean economic community	The goal of ASEAN to become more fully integrated economically by 2015, achieving a single market and other objectives.
small and medium-sized enterprises	There is no uniform definition of how large, and by what measure, a firm has to be in order not to be an SME.
super 301	A U.S
harmful externality	Negative externality.
retail price index	(RPI)
revenue	The amount of sales, rental, interest and other income earned by a business
withdrawals	Plans may allow you to take withdrawals (also called distributions) from your plan account for different reasons
lessor	In a lease contract, the owner of the leased asset.
annuity	Payment received over a period of regular intervals
actuarial liability	Pensions
liner code	The United Nations Convention on a Code of Conduct for Liner Conferences
link	See Project LINK.
euromarket	1
moderation	See Great Moderation.
overshooting	Technical analysis
alternative investment market	(AIM)
upstream subsidization	Export of a good one of whose inputs has been subsidized.
lower rated	UK
uncovered	1
total assets	Accounting
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
box diagram	The Edgeworth Box.
apt	1
capital asset pricing model	(CAPM)
samurai bond	A ...
ukpa	UK Payments Administration Ltd.(Formerly known as APACS.)
pari passu	Latin term meaning ‘equal in all respects' and would indicate, for example, that one class of obligation will have the same rights and privileges as another class of obligation.
consortium company	UK tax
economy	The management of the resources of a country, community or business
command economy	When a GOVERNMENT controls all aspects of economic activity (see, for example, COMMUNISM).
notional allowances	UK tax - capital allowances
plurilateral	Among several countries -- more than two, which would be bilateral, but not a great many or all, which would be multilateral.
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.
equity fund	A mutual fund/collective fund in which the money is invested primarily in common and/or preferred stock
compounding factor	(CF)
adequacy of coverage	The degree to which the value of asset is protected against potential losses...
outsourcing	The practice of having an outside entity perform all or part of a business operation which was previously handled in-house.
monthly income plans:	Debt-based schemes whose objective is to generate modest, but stable returns, preferably on a monthly basis.
mid price	Mid market price.
m&m	Capital structure theory
asset purchase facility	(APF)
sample	A group of items selected from a population and used to estimate properties of the population.
capped frn	An issue with an upper limit on the coupon rate
front-end load	A sales charge that may be associated with the purchase of a mutual fund or other similar-type investment
up-trend	A series of increases in value for a specific stock or for the overall market.
trade liberalization	Reduction of tariffs and removal or relaxation of NTBs.
at the market	A purchase or sell order in which the broker is to execute the order at the...
replacement asset relief	UK Tax
glass-steagall act	USA
ebitda multiples	A method of business valuation which is based on accounting Earings before interest, tax, depreciation and amortisation (EBITDA) and the ratio of value to EBITDA of a comparable business (or a comparable group of businesses).EBITDA mulitiple = Total value of firm ÷ EBITDA.For example if the total value of Company A is $630m and its relevant EBITDA is $150m, the EBITDA multiple = $630m/$150m = 4.2.In another case if comparable EBITDA multiples for an unlisted Company B are 6, and its relevant EBITDA is $30m, the total value of Company B's business can be estimated on this basis as 6 x $30m = $180m.
euro overnight index average	1
inheritance tax	State death taxes imposed on property received by inheritance
material adverse change	(MAC)
revocable letter of credit	Letter of credit than can be amended or cancelled at any time without notice to or consent of the beneficiary.
tied aid	Aid that is given under the condition that part or all of it must be used to purchase goods from the country providing the aid.
cascading tariffs	Same as tariff escalation.
modes 1 to 4	See Mode of supply
bankruptcy	The legal process that a person or firm goes through if they are unable to pay their debts
amicus brief	A document filed in a legal proceeding by an interested party who is not directly part of the case
sa	France.Société Anonyme, a public limited liability company.
balance of payments	1
statutory company	A type of company incorporated by private act of parliament.
balancing allowances	UK tax
origin rule	See rules of origin.
senior debt	The highest ranked obligation of a company.
null hypothesis	A statement that is being put to the test
neoclassical production function	A production function with the properties of constant returns to scale and smoothly diminishing returns to individual factors.
consolidation	1
no-load fund	A mutual fund which can be purchased without paying a sales charge.
book reserve	1
international labour organisation	See ILO.
mobility	See labor mobility.
factor intensity uniformity	The absence of factor intensity reversals.
positive linear relationship	A straight line relationship; the forecast or other dependent variable increases as the independent variable increases.
target	Funds transfer
lagrangian	A function constructed in solving economic models that include maximization of a function (the "objective function") subject to constraints
abatement	Generally, abatement is a reduction or lessoning in intensity
tax compliance	The extent to which economic agents pay the taxes that their government has levied
barter economy	An economic model of international trade in which goods are exchanged for goods without the existence of money
eco-label	A label that certifies that a product and its production meet high environmental standards
mutual recognition	The acceptance by one country of another country's certification that a satisfactory standard has been met for ability, performance, safety, etc.
entrepreneurship	The talent, knowledge, and willingness to engage in new activities, especially those that may result in new kinds of firms.
active asset	An item of economic value that is used on a daily basis to facilitate the routine...
attributable profit	In relation to accounting for long-term contracts, that part of the total profit currently estimated to arise over the duration of the contract, after allowing for estimated remedial and maintenance costs and increases in costs so far as not recoverable under the terms of the contract, that fairly reflects the profit attributable to that part of the work performed to date, as at the accounting date.
demander surplus	Same as consumer surplus, but recognizing that demanders in some markets are not, or not all, consumers, even though the concept remains valid as measuring benefit to demanders.
nonrecurring	An expression used to describe earnings that are unusual or one-time events.
emerging growth fund	Emerging growth funds invest in companies that the fund manager believes are in the developing stage of their life cycle, and offer the potential for accelerating earnings or revenue growth.
sticky price model	A model in which one or more prices are assumed not to change when the markets in which they apply move out of equilibrium
fixed-rate loan	The interest rate remains constant over term of loan.
machinery	The machines owned by the company used to make the product or otherwise assist the company's business.
interest rate collar	A combination of a cap and a floor.
euro-mediterranean partnership	An declaration at a 1995 conference in Barcelona between the 15 members of the European Union and its 12 Mediterranean partners to enter a new phase in their relationship, promoting peace and stability, free trade, and cultural understanding
gresham's law	The proposition that "bad money drives out good." It means that if two moneys have equal value in exchange, perhaps by fiat, but different values for other purposes (as when melted down), then the more valuable money will disappear from circulation, perhaps by leaving the country
industry	the category describing a company’s primary business activity
deduct from beneficiary	Banking.The process of deducting bank fees directly from the payment account
partial	Favoring one person or side over another; not impartial.
financial analysis	1
equity risk premium	(ERP)
tenants in common	See Joint Tenant in Common
limited partnership	A limited partnership will have two classes of partners - general partners, and limited (or special) partners
alm	Asset-Liability Management.
capital expenditure	(Capex)
average portfolio maturity	The average maturity of all the bonds in a bond fund's portfolio.
frsse	Financial Reporting Standard for Smaller Entities.
giro	A credit transfer order.
private company	Private companies are not allowed to offer their shares for sale to the public
platinum	A precious metal used in jewelry, catalytic converters for reducing exhaust contamination, acid proof containers, etc.
accruals basis	1
cash flow	no widely accepted definition exists
straight-through processing	(STP)
accumulative swing index	The Accumulative Swing Index, based on the Swing Index, is a swing or wave system...
standards code	The common name for the Tokyo Round Code on technical barriers to trade.
market	The bringing together of people for the purpose of trade
gn	Guidance Note.
international capital market association	(ICMA)
kyc	Know-Your-Customer.
common stock	securities representing ownership in a company and carrying voting privileges.
quick ratio	Indicator of a company's financial strength (or weakness)
rating outlook	A formal indication by a credit rating agency that it anticipates a change in a particular credit rating at some time in the foreseeable future.
cash against documents	(CAD)
rated	Having a credit rating.
country items	Cheques drawn on banks located outside areas serviced by a federal reserve, city or a regional cheque-processing centre (RCPC).
double entry	Accounting
impossible trinity	The impossibility of combining all three of the following: monetary independence, exchange rate stability, and full financial market integration.
debt management office	(DMO)
intrinsic value	the amount, if any, by which an option is in-the-money.
marginal revenue	The increase in total revenue as a result of selling one more unit.
easement	Access rights over someone else's property.
tax risk	1
conservative investments	A conservative investment, or strategy, focuses primarily on capital preservation rather than capital appreciation.
appropriation	1
sct	SEPA Credit Transfer.
random variable	An economic or statistical variable that takes on multiple (or a continuum of) values, each with some probability that is specified by a probability distribution (or probability density function).
wage insurance	A program to pay displaced workers, when they become re-employed and for a limited period of time, a specified fraction of the difference between their old wage and their lower new wage
government securities:	Debt securities of tenures of every one-year issued by the government
tls	Transport Layer Security.
marginal social cost	The marginal cost of an activity, such as producing an additional unit of a good, where cost here includes all negative effects on society as a whole, such as negative externalities, not just the cost borne by the producer of the good
deposit protection scheme	A scheme which guarantees bank depositors' funds (subject to specified limits) should the bank fail.
exchange rate mechanism	(ERM).1
qe	Quantitative Easing.
prepayment	A feature on MBOs and some asset-backed instruments allowing for full or partial early redemption.
agency costs	Agency theory.
russell 3000® value index	The Russell 3000® Value Index is an unmanaged index that measures the performance of those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values
sensitivity analysis	The refinement of a financial valuation or decision making model
inventories	Goods being kept on hand for future use in production or future sale.
technical provisions	Pensions
bank of canada rate	The Bank of Canada rate that is quoted in the press is actually the target overnight rate
steady state	A type of equilibrium, especially in a neoclassical growth model, in which those variables that are not constant grow over time at a constant and common rate.
passenger vehicle	For purposes of the Income Tax Act, a passenger vehicle is an automobile that was purchased or leased after June 17, 1987
covenant of seisin	Clause in a mortgage that warrants that the mortgagor has title to the property and the authority to pledge it as collateral.
aggregate	As an adjective or noun (with stress on the first syllable), this refers to the sum or total of multiple items
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)
capital	Has two distinct but related meanings
treasury inflation-protected securities	(TIPS)
collusion	1
knowledge transfer	In the context of international economics, this means more or less the same as technology transfer, although it could also include international education services.
icma	International Capital Market Association.
instrument	1
mpt	Modern Portfolio Theory.
minimum funding requirement	(MFR)
rate of return	The investment return (gain or loss) for a specific investment, portfolio of investments, or investment vehicle stated as a percentage for a given period of time.
openness index	1
carry-back contribution	A contribution made to a Roth or Traditional IRA between January 1 and April 15 for the prior tax year is called a carry-back contribution.
load	A sales charge that may be associated with the purchase of a mutual fund or other similar-type investment
joint operation	Financial reporting
independent commission on banking	(ICB)
imbalance	1
export platform fdi	Foreign direct investment from a source country into a host country for the purpose of exporting to a third country.
locked-in retirement account	A LIRA is similar to a Registered Retirement Savings Account (RRSP)
truncation	Banking
club deal	1
contract for difference	The same as Contract for differences.
accounts payable turnover	The accounts payable turnover ratio is calculated as
long term debt/capitalization	an indicator of financial leverage
elastic	Having an elasticity greater than one
interest rate guarantee	(IRG)
merger reserve	An accounting reserve which arises in group accounts on the application of Merger accounting to a business combination.
sec	United States Securities and Exchange Commission
footloose factor	A factor that can move easily across national borders, in contrast to one that, due to inclination or constraints, cannot
sonia	Sterling Overnight Index Average
award date	The date on which an issuer (e.g., your company) awarded you restricted stock awards.
domestic content requirement	A requirement that goods sold in a country contain a certain minimum of domestic value added.
de minimis	A legal term for an amount that is small enough to be ignored, too small to be taken seriously
unfair trade	1
defined contribution pension scheme	(DC)
pooling	1
csa	Credit Support Annex.
financial reporting council	(FRC)
cost of carry	The cost of financing an instrument compared to the interest received
exchange-for-value system	A system dealing with two-way exchanges of assets, often including money.Contrasted with funds transfer systems, which generally deal with one-way transfers of money only.
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.
ex post	After the fact; that is, after some event has taken place.
contract curve	1
supernormal profit	The profit over and above the return which the owners of a company could have earned by investing their money elsewhere.
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
europe agreement	An agreement between the EU and each of ten Eastern European countries (starting with Hungary and Poland in 1994) creating free trade areas and establishing additional forms of political and economic cooperation in preparation for these countries' eventual membership in the EU.
equity beta	In the Capital asset pricing model (CAPM), the relevant measure of total equity risk.Also known as Geared beta.
import	1
market price	1
quorum	The minimum number of members/ persons who are required to be present in order to legally transact or conduct business.
annuity factor	(AF)
sla	Service Level Agreement.
tariff schedule	The list of all of a country's tariffs, organized by product.
exercise	An action by a stockholder taking advantage of a privilege offered by a company or other financial institution
elasticities approach	1
tracking error:	The difference between the returns generated by an index fund and the index it tracks, usually on the negative side
ias 34	International Accounting Standard 34, dealing with interim financial reporting
sdd	SEPA Direct Debit.
subscription price	a fixed price at which a new issue of securities is sold to the public.
esg	Environmental Social and Governance.
interlinking	Credit transfer
futures	Contract to buy or sell a product at a fixed price on a specified date, usually traded on futures exchanges.
uncovered put	a short put option position in which the writer does not have a corresponding short stock position or has not deposited, in a cash account, cash or cash equivalents equal to the exercise value of the put
assimilative capacity	The extent to which the environment can accommodate or tolerate pollutants.
c corporation	An entity established to conduct business and taxed separately from the business owner
pcaob	Public Company Accounting Oversight Board.
var	Value at Risk.
wide area network	(WAN)
affordability index	A standardized gauge used to determine whether a consumer.s financial standing...
transport cost	The cost of transporting a good, especially in international trade.
warrant	An attachment to a debt security which gives a right, normally to purchase another financial instrument, for a specified price under specified conditions
electronic clearing mechanism:	A mode of transferring money from one bank account to another bank account electronically, without issuing cheques
forward rate	1
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
industry	1
specialization index	See Krugman specialization index.
average annual growth rate	The average increase in the value of a portfolio over the period of a year.
chapter 11	1
veil of incorporation	Company law
settlement unwind	Near enough the same as unwinding.
price elastic	Having a price elasticity greater than one (in absolute value).
tiger economy	Any one of several economies that have developed extremely rapidly over a period of years
reaction function	The function specifying the choice of a strategic variable by one economic agent as a function of the choice of another agent
premium	1
underlying	1
negative linear relationship	A straight line relationship; the forecast or other dependent variable increases as the independent variable decreases.
abatement	Pensions
floating charge	Law
labour force	The sum of the population aged 15 years and over who are either employed or unemployed.
erisa	US pensions
uk payments administration ltd	(UKPA)
smaller company size risk	The risk that comes with investing in securities of small-capitalization companies
utility function	A function that specifies the utility (well being) of a consumer for all combinations goods consumed (and sometimes other considerations)
quartile	The division of an ordered distribution into four equal parts in terms of the number of items.
time value	1
nonsterilization	Refers to exchange market intervention that is done without sterilizing its effects on the domestic money supply.
intellectual property protection	Laws that establish and maintain ownership rights to intellectual property
circumvention	Actions taken by traders to avoid paying duties.
resource	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.
offer document:	A document that contains information pertaining to a scheme, intended to help u make an informed decision on whether you want to invest in it or not
value line index	This unmanaged index covers about 1,700 stocks of large companies and is compiled by Value Line, a well known investment analytical firm.
baa	British Airport Authority.
investment bank	A financial intermediary that performs a variety of services
london interbank bid rate	(LIBID)
strike price	See exercise price.
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
flexible price model	Most microeconomic models and models of international trade assume that prices adjust flexibly so as to achieve equilibrium in all markets
nominal price	The the price as it would actually be observed, in current dollars
non-cumulative	A preferred dividend that does not accrue or accumulate if unpaid.
senior debt	Debt which ranks ahead of other unsecured or subordinated debt in right of payment in a liquidation.
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
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.
real terms	Same as real
time horizon	The amount of time a person has until he or she needs to access their investments.
df	Discount Factor.
tradable	1
at the close	Also known as 'on close.' The end of a trading session
quartile	Part of the “ile” family that signposts positions on a scale of numbers (see also PERCENTILE)
government securities	The debt obligations of the US Government.
credit rating	The creditworthiness of a bond, as determined by several credit rating agencies
leptokurtosis	Leptokurtosis is observed in many financial distributions
international labour organization	A United Nations specialized agency that establishes and monitors compliance with international standards for human and labor rights.
rmc	Risk Management Committee.
short-term trading fee	Some mutual funds charge this fee to discourage short-term trading in and out of the fund
aggregate method	In pensions funding, an example of a projected benefits funding method.
ratings	Evaluations of the credit quality of bonds usually made by independent rating services
iso-price curve	A curve along which price is (or prices are) constant, most commonly in factor-price space where it shows the combinations of prices of factors consistent with zero profit in producing a good at a specified price of the good.
housing bubble	A bubble in the prices of housing
shareholder-type expenses	Fees charged directly against a plan participant's or beneficiary's investment
reg. q	Regulation Q.
closure	Pensions
close-out netting	A special form of netting that occurs following some predefined event such as default
treasury counterparty	(TRCO)
open-economy multiplier	The simple Keynesian multiplier for a small open economy
absolute advantage	This is the simplest yardstick of economic performance
gatekeeper	A key contact point for entry into a network.
invisible	In referring to international trade, used as a synonym for "service." "Invisibles trade" is trade in services
deficit	1
supplier surplus	Same as producer surplus, but recognizing that suppliers in some markets are not producers, even though the concept remains valid as measuring benefit to suppliers.
consumption expenditure	Economics
exchange fee	A fee that some funds impose on shareholders if they exchange (transfer) to another fund within the same fund group (or "family of funds").
ir	The former UK Inland Revenue
withdrawal plan	A service offered by many mutual funds that allows you to receive cheques from the fund account on a regular basis.
law of demand	The observation that when price rises, quantity demanded falls
european currency unit	A composite currency that is a basket of most of the currencies of countries in the European Union
defined contribution plan	A retirement plan providing an individual account for each participant
clawback	Corporate finance
m	(Credit ratings)
patent	Government grant of the exclusive privilege of making or selling a new invention, design or process for a predetermined number of years.
marginal rate of transformation	The increase in output of one good made possible by a one-unit decrease in the output of another, given the technology and factor endowments of a country; thus the absolute value of the slope of the transformation curve.
forward forward	Forward forward borrowing, or Forward forward deposit.
designated-time net settlement system	(DNS)
plurilateral agreement	The plurilateral agreements of the WTO contrast with the larger multilateral agreements in that the former are signed by only those member countries that choose to do so, while all members are party to the multilateral agreements.
effective yield	A bond's yield assuming that you reinvest the coupon (interest payments) once you've received payment.
tax credits for families	Sometimes it actually pays to have kids if you are looking for significant tax breaks.
gross profit	The difference between a company's sales and its cost of sales .
automobile	For purposes of the Income Tax Act, an automobile is a motor vehicle designed to carry people on highways and streets, and can carry a driver and no more than 8 passengers
due diligence	Performing an investigation to verify information, often regarding a business which is being considered for purchase.
company voluntary arrangement	An agreement between a company and its creditors concerning the payment of its debts under the provisions of UK insolvency law.
portfolio allocation	Amount of assets in a portfolio specifically designated for a certain type of investment.
swap scheme	A form of countertrade in which goods are exchanged for goods, but at different locations so as to reduce transport costs.
silver standard	A monetary system in which the value of a currency is defined in terms of silver
revenue deficit	1
financial action task force	(FATF)
oft	Office of Fair Trading.
red tape	The bureaucratic inconvenience one must suffer (forms to be filled out and approved, etc.) in order to get action by an organization
treasury securities	Debt obligations of the union government
securities settlement system	(SSS)
spaghetti bowl	Term frequently used by Bhagwati for the tangle of relationships created by multiple overlapping preferential trading arrangements
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.
appraisal	An opinion of value for a property or business.
vii	See Title VII.
unilateral transfer	Transfer payment.
abeda	Arab Bank for Economic Development in Africa
child labor	1
moral rights	In terms of IP , these are the rights of an author or other creative person over how their creation is used, modified, etc
long	Signifies ownership of securities
registrar of companies	The Heads of Companies House in England and Wales, Scotland and Northern Ireland.
roi	Return on investment; see capitalization.
tangible assets	ASSETS you can touch: buildings, machinery, GOLD, works of art, and so on
ias 24	International Accounting Standard 24, dealing with related party disclosures
simple margin	Simple calculation used to establish the spread of LIBOR for and FRN.
regulatory news service	(RNS)
active member	Pensions
balloon option	An option for which the notional payments increase significantly after a set threshold is broken.
it	Information Technology.
trade act of 1934	Reciprocal Trade Agreements Act of 1934.
gdp	Gross Domestic Product.
fed funds	US banking
dividend valuation model	(DVM)
havana charter	The charter for the never-implemented International Trade Organization
complementary goods	When you buy a computer, you will also need to buy software
dilutive acquisition	An acquisition that will decrease the acquiring company's EPS.
positive sum game	A game in which the payoffs to the players may add up to more than zero, so that it may be possible for all players to gain
report card	A quantitative ranking of a financial institution's level of service and customer responsiveness
substantial shareholding	UK Tax
capex	Capital expenditure.
nes	Not Elsewhere Specified
financial professional/investment representative	A registered professional trained in various investments and who may provide information to clients about mutual funds, retirement plans, and other financial products.
chartered insurance institute	(CII)
standard deviation	A statistical measure of risk
warranties	Documentation
marginal cost	The increase in total production cost as a result of producing one more unit.
tender bond	Also known as a bid bond.
ifrs 8	International Financial Reporting Standard 8, dealing with disclosure of information regarding each operating segment.Issued by the International Accounting Standards Board.
unit labor requirement	The amount of labor used per unit of output in an industry; the ratio of labor to output
customs brokerage	A firm that facilitates the clearance of goods through customs by handling the paperwork.
award	A form of compensation, such as a Restricted Stock Award (RSA), offered by some companies to reward employee performance.
advance corporation tax	(ACT)
audit	Professional examination and verification of a company's accounting documents and supporting data for the purpose of rendering an opinion as to their fairness, consistency and conformity with Generally Accepted Accounting Principles.
straight line	1.A basis of allocating total costs or income equally across successive time periods.For example, a fixed asset has a cost of $12m, an expected disposal value of $2m and an expected useful life of 4 years.The total expected accounting cost = $12m - $2m = $10m.Allocated on a straight line basis over 4 years, the depreciation charge in each year would be $10m/4 = $2.5m.The net book value of the fixed asset would be (at the end of each year):Year 1 = 12.0 - 2.5 = $9.5m.Year 2 = 9.5 - 2.5 = $7.0m.Year 3 = 7.0 - 2.5 = $4.5m.Year 4 = 4.5 - 2.5 = $2.0m.Using a straight line basis of depreciation, the net book value of a retained asset will often fall to zero.(But it would never be depreciated to a negative value of course.)2.An estimation method which assumes a straight line relationship between the items under review.Sometimes known as Linear interpolation.
pareto-improving	Making no one worse off and making at least one person better off.
rescission	The legal remedy of cancelling, terminating or annulling a contract and restoring the parties to their original positions.
forum shopping	Taking advantage of differences among international agreements to pursue a trade complaint under the agreement that is most favorable to one's case
trade sector	1
pbo	Pensions
free on board	See FOB.
content protection	See domestic content protection.
ex int	Ex interest.
non trade deficit	UK tax
direct send	Banking
consumer credit	A debt that someone incurs for the purpose of purchasing a good or service.
transaction	An instruction that kicks off the buys and sells in the daily environment
krugman specialization index	A measure of the extent to which a country's production patterns differ from those of a comparison group of countries
primary statements	Financial reporting
ask	1
settlement finality	Also known as final settlement.
time value of money	The basic principle that money can earn interest
erisa	Acronym for the Employee Retirement Income Security Act passed by Congress in 1974, which is the primary federal law governing private pension plans
spot transaction	A transaction where both parties agree to pay each other a specific amount in a foreign currency either on the same day or within a maximum two days of each other.
equity accounting	Financial accounting
technology gap	1
seattle ministerial	The ministerial meeting of the WTO that was held in Seattle, November 30 - December 3, 1999
descriptive statistics	Techniques and measures that help decision makers describe statistics.
riding the yield curve	1
revenue-maximizing output	The level of output (and sales) that brings in the largest revenue to a firm, as opposed to the (usually smaller) output that brings in the largest profit.
technical analysis	Analysis of stocks and markets based on historical trends, in order to predict which trends will continue into the future.
counter-cyclical	Designed to offset or counteract the effects of fluctuations of an economic variable that rises and falls over time
central parity	Par value.
nics	National Insurance Contributions.
sporadic dumping	Intermittent dumping.
capital lease	A capital lease usually involves the lessee paying - over the life of the lease - the full cost of the asset plus a return on the finance effectively provided by the lessor
economic slump	Recession or a slowing of the rate of economic growth that comes close to being a recession.
over the counter	(OTC)
ifrs 11	International Financial Reporting Standard 11, dealing with accounting for joint arrangements.Issued by the International Accounting Standards Board.
exploit	To take advantage of someone or something for one's own benefit
gold	A precious metal used in the manufacture of coins, jewelry, etc.
regulation q	USA
life expectancy	The estimated age at which an individual is statistically likely to die
bond issue	1
limited company	Abbreviation for Limited liability company
pure insurance	See Term Insurance.
consistency	One of four fundamental accounting concepts
monopoly	A market structure in which there is a single seller.
money	1
strip bond	A strip bond is a bond that pays no interest
surd	Maths
non-controlling interest	1
hedge	Making an investment to reduce the risk of adverse price movements in an asset
diminishing marginal utility	The property that marginal utility falls as the quantity consumed of a single good or service rises
management charge	Management fee.
downgrade	A negative change in the rating of a security.
free entry	The assumption that new firms are permitted to enter an industry and can do so costlessly
exposure	See exchange rate exposure.
zero coupon bonds	Zero Coupon Bonds are bonds that do not pay interest during the life of the bond
soe	1
service barrier	Barrier to trade in a service, such as a limit on the functions of a foreign-owned service provider.
shallow discount bond	UK Tax
first year allowance	(FYA)
public bill	Draft legislation dealing with public general interests
exchange-traded funds	Open-ended funds tracking an index that are priced on a continuous basis and can be bought or sold like shares.
cash dispenser	An electromechanical device that permits the withdrawal of cash, typically using machine-readable plastic cards.
technology transfer	The communication or transmission of a technology from one firm or country to another
policy space	The freedom of a developing country to use policies as needed to promote development
external position	The balance of trade or the balance on current account.
spence-dixit-stiglitz	Probably the more accurate identifier for what is often called the Dixit-Stiglitz function, since Spence (1976) preceded Dixit and Stiglitz (1977).
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.
correlation coefficient	The correlation coefficient is a relative measure of the correlation between two variables
p4	Trans-Pacific Strategic Economic Partnership Agreement.
finance director	(FD)
second-best argument for protection	1
guidance note	(GN)
conditional probability	The probability that a particular event will occur, when it is given that another event has already occurred.
gray area measure	Grey area measure
consular fees and formalities	Charges and procedures required of importers
bank for international settlements	(BIS)
bis	1
stock	1
annual equivalent rate	Also known as Effective annual rate.
independent events	Statistics
credit cliff	A slang term meaning that credit deterioration could be compounded by provisions such as rating triggers or financial covenants
total liabilities + equity	The Total Liabilities added to the Total Equity
factor-price space	A graph with factor prices on the axes.
offshore outsourcing	the practice of businesses hiring people in another country to perform various tasks.
vostro	Correspondent banking
customs harmonization	Efforts to adopt common procedures across countries for identifying and valuing imported goods for the purpose of levying customs duties
definitive deed	Law and Pensions
occupational pension scheme	A pension scheme provided by an employer to its employees, whether of a defined benefit or a defined contribution nature
waiver	An authorized deviation from the terms of a previously negotiated and legally binding agreement
implicit price deflator	A broad measure of prices derived from separate estimates of real and nominal expenditures for GDP or a subcategory of GDP
scarce	Available in small supply; opposite of abundant
partial fill	a situation when only a portion of the total volume of your buy or sell order trades, leaving the remaining volume unfilled.
balance of indebtedness	See net foreign asset position.
designated investment alternatives	The investment alternatives designated by the plan into which participants and beneficiaries may direct the investments of assets held in, or contributed to, their accounts.
director	Directors are the people elected by shareholders to oversee the management of the company.
tariffs and retaliation	The process of one country raising its tariff to secure some advantage, to which another country responds by raising its tariff, the first raises its tariff still further, etc
out of the money	(OTM)
quota fill rate	The percentage of an import quota that is used.
learning curve	A relationship representing either average cost or average product as a function of the accumulated output produced
title	A right to ownership of real estate.
production sharing	A term for fragmentation used by Johnson and Noguera (2012).
certificate of deposit	(CD)
margin	If you have securities at a brokerage in a margin account, the brokerage will allow you to borrow a percentage of the value of your holdings
estate tax	A tax imposed by federal and state agencies on the net value of a deceased's estate in excess of $600,000.
investment performance requirement	See performance requirement.
agglomeration	The phenomenon of economic activity congregating in or close to a single location, rather than being spread out uniformly over space.
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
production worker	A worker directly engaged in production
subgame perfect	Said of a Nash equilibrium if the portions of the strategies of that equilibrium that pertain to each subgame are also Nash for their subgame
expiration date	The date on which certain rights or option contracts cease to exist
closing rate method	Also known as All-current rate method.
homogenous	Alternative spelling of Homogeneous.
target risk fund	A fund that maintains a predetermined asset mix and generally uses words, such as "conservative," "moderate," or "aggressive," in its name to indicate the fund's risk level
purpose	Most municipal bonds are issued for a specific purpose
guarantee	1
banana war	A trade dispute between the EU and the U.S
asset	Anything having commercial or exchange value that is owned by an individual, institution, or business.
cis	Commonwealth of Independent States.
margin	Has two different meanings
equity risk	The variability of returns to equity investors, often measured by the standard deviation of equity returns
invoice price	Bond pricing
junk	Credit rating
un/edifact	United Nations directories for Electronic Data Interchange For Administration, Commerce and Transportation
quick ratio	A financial ratio which is similar to the current ratio, but more stringent
decile	One of ten segments of a distribution that has been divided into tenths
subsidiary	A firm that is owned and ultimately controlled by another firm
equation	A mathematical statement that two expressions are equal to each other.For example:y = 3x
current price	The "real time" price of a security trading on an exchange.
unemployed	Willing and able to work, looking for work, and without a job.
affidavit	A sworn statement made in writing under the supervision of a notary or other...
opdu	Occupational Pensions Defence Union.
jurisdiction	Law.1
funding method	Pensions
augmentation	Pensions
exception	In a trade agreement, there may be exceptions for sensitive products.
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.
tax avoidance	Doing everything possible within the law to reduce your tax bill
registered bond	Issued to a specific owner; it cannot be transferred without the owner's endorsement.
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.
the pensions advisory service	(TPAS)
provision	In the context of international economics, a provision is likely to mean a portion of an agreement, such as the investment provisions of NAFTA or the balance of payments provisions of the GATT
dmo	Debt Management Office.
small capitalization	A reference to either a small company stock or an investment fund that invests in the stocks of small companies.
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."
diversify	1
jumbo certificate of deposit	USA
quintile	One of five segments of a distribution that has been divided into fifths
van	Value-Added Network.
return to capital	Same as the rental price of capital
tax credit	This is an offset against taxes due
monetary/non-monetary method	A foreign currency translation method
clearing float	The delay between the time a cheque is deposited by a payee and the time the payor's bank account is debited.
annual rate of return	The annual rate of gain or loss on an investment expressed as a percentage.
taxable transaction	UK Tax
mean	The simple mathematical average of a two or more numbers.
alternate hypothesis	The hypothesis that applies when the null hypothesis is false.
gbp	SWIFT currency code for the United Kingdom/Great Britain pound sterling.
freight forwarder	A firm that arranges shipment, including contracting with the carrier and handling associated documentation.
corporation tax return	UK tax
monetary transmission mechanism	1
specific duty	Specific tariff.
ias 12	International Accounting Standard 12, dealing with income taxes.Issued by the International Accounting Standards Board.
corporate income tax	A tax on the profits of corporations
quantitative easing	(QE)
capital outflow	A net flow of capital, real and/or financial, out of a country, in the form of reduced holdings of domestic assets by foreigners and/or increased holdings of foreign assets by domestic residents
vertical integration	When a company expands its business into areas that are at different points of the same production path.
bibor	Bahrain interbank offered rate.
puttable	1
european single market	See single market.
homogeneous	1
serious injury	The injury requirement of the escape clause, understood to be more stringent than material injury but otherwise apparently not rigorously defined.
market risk premium	(MRP)
laursen-metzler effect	See Harberger-Laursen-Metzler Effect.
cross default	A clause in a loan agreement
soft currency	1
index	An index is simply a number that is a statistical measurement of overall performance
commodity	Could refer to any good, but in a trade context a commodity is usually a raw material or primary product that enters into international trade, such as metals (tin, manganese) or basic agricultural products (coffee, cocoa).
registered pension plan	A trust registered with Canada Revenue Agency and established by an employer to provide pension benefits for employees when they retire
infrastructure	The basic physical systems of a nation.
rate of return regulation	An approach to REGULATION often used for a PUBLIC UTILITY to stop it exploiting MONOPOLY power
defined benefit plans	Also known as pensions plans, these plans provide benefits during retirement, which may be based on years of service and earnings (in other words, the benefit is "defined" in advance)
abbreviated accounts	UK company law
principal-agent theory	The theory of interaction between an agent and the principal for whom they act, the point being to structure incentives so that the agent will act to benefit the principal
non-profit organization	An association that is given tax free status
overbought\oversold indicator	in technical analysis: an indicator that attempts to define when prices have moved too far and too fast in either direction and thus are vulnerable to reaction.
marketing board	A form of state trading enterprise, a marketing board typically buys up the domestic supply of a good and sells it on the international market.
invoice	1
spousal individual retirement account	An account established by an employed or self-employed spouse to provide retirement benefits for a non-employed spouse (or for a spouse who elects to be treated as having no compensation or is not covered in a retirement plan.) By law, two accounts must be established.
drawee bank	The bank on which a cheque is drawn, the payor's bank.
value investing	A popular investment style that focuses on identifying under-priced securities
intermittent dumping	Dumping that occurs for short periods of time, presumably to dispose of temporary surpluses of goods and not intended to eliminate competition
geese	See Flying Geese.
descending price auction	Also known as a Dutch auction.
probate	Probate is a court process used to transfer property from a decedent to their named heirs in an estate.
slept analysis	Social, Legal, Economic, Political and Technological analysis.
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
arrears	The amount of debt due to be paid, overdue in payment.
adibor	Abu Dhabi Interbank Offered Rate.
customs user fee	A charge levied on traders for the service of passing through customs.
ccd+	Cash Concentration or Disbursement plus Addendum.
fpe	Factor price equalization.
pe-ach	Pan-European Automated Clearing House.
ogive	Statistics
classical	Referring to the writings, models, and economic assumptions of the first century of economics, including Adam Smith, David Ricardo, and John Stuart Mill.
related specificity	Under customs law, the rule that if a good falls into two or more tariff classifications, that which describes the good most specifically should be applied.
efficient frontier	Portfolio analysis
deferral arrangement	Deferral allows an employee the option of electing to defer part of his or her salary into a retirement plan provided by the employer
installment sale	Paying for property over time.
perfect substitute	A good that is regarded by its demanders as identical to another good, so that the elasticity of substitution between them is infinite.
sfo	1
expenditure	Money that is spent on goods or services.
single column tariff	A tariff schedule that specifies only a single tariff rate for each product
bond	A debt ...
economic model	A collection of assumptions, often expressed as equations relating variables, from which inferences can be derived about economic behavior and performance.
foreign currency swap	1
marginal returns	1
standstill	1
beneficiary elections	If provided for under the plan, the participant’s written designation of the person who will receive the participant’s benefit upon the participant’s death.
fixed interest	Also known as fixed rate.
statutory instrument	(SI)
free float	Also known as a clean float.
net profit	1
rating agencies	Independent organisations that assess credit the quality of corporate and government debt
aladi	Asociación Latinoamericana de Integración (Spanish for Latin-American Integration Association)
constant cost	This could have many meanings, but when stated as an assumption of an economic model, it means that cost of producing a good, per unit, is the same for all units.
constructive notice	In a real estate transaction, the express revelation of a fact, e.g., matters of public record.
tax buoyancy	A measure of how rapidly the actual revenue from a tax rises (including that due to any change in the tax law) as the tax base rises
administrative guidance	In the context of trade policy, this usually refers an informal system of Japanese industrial policy, called gyosei-shido, where official pronouncements serve as guidelines for domestic businesses.
sep-ira	An acronym meaning Simplified Employee Pension—Individual Retirement Account
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.
frs 18	UK Financial Reporting Standard 18, dealing with accounting policies
value manager	A manager that takes a research intensive approach to finding undervalued securities.
convexity	A measure of the rate of change in duration over changes in yields
dvp	Delivery Versus Payment system.
ibf	International Banking Facilities.
international relations	1
accounting period	1
diversification	The strategy of spreading money among different securities to reduce or eliminate company or asset-class risk.
preston curve	The relationship between a country's life expectancy and its real per capita income
section 421	The special safeguards provision of US law that was agreed to by China as part of its accession to the WTO
balassa index	See revealed comparative advantage.
chattel	Tangible moveable property.
employment	People working for pay or in a family-owned enterprise or farm
fixing	1
reserve requirements	Banking
services producer price index	(SPPI)
oea	Organización de Estados Americanos (Spanish for Organization of American States)
aca	Associate of the Institute of Chartered Accountants in England and Wales.
aktiengesellschaft	See AG.
r2	The percentage of a fund's movements that result from movements in the index ranging from 0 to 100
breach of contract	Failing to perform any term of a contract, written or oral, without a legitimate legal excuse.
dual resident company	Tax
cima	Chartered Institute of Management Accountants.
camps	USA
asset allocation model	A pre-determined asset allocation strategy designed to achieve specific investor goals based on risk-tolerance or other defined objectives.
credit	1
barrier	1
fiduciary	A person in a position of trust and confidence who represents another; known as the agent.
tick value	Tick.
entry/exit load	The Fund charges some amount before buying the scheme
barrel's per day	A statistic often used to determine output for oil production.
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
balance and transaction activity	Banking
productivity of labor	See labor productivity.
input	1
proportionate consolidation	Accounting
regulation d	USA
mena	Middle East and North Africa
traditional ira	A term used to describe a regular Individual Retirement Account (IRA), as opposed to a Roth or Education IRA (now known as the Coverdell Education Savings Account).
ace	USA
defered taxes	A non-cash expense that provides a source of free cash flow
withdrawal method	When requesting an IRA distribution, withdrawal method refers to the way in which the proceeds from the withdrawal are to be distributed
ifrs 2	International Financial Reporting Standard 2, dealing with share-based payment.Issued by the International Accounting Standards Board.
tranche	1
dividend	When companies pay part of their profits to shareholders, those profits are called dividends
functional distribution of income	How the income of an economy is divided among the owners of different factors of production, into wages, rents, etc.
cms	Constant Maturity Swap.
number of holdings	Total number of individual securities in a fund or portfolio.
financial supermarket	A financial company that offers a wide range of services to its clients.
bond portfolios made easy	Bonds have typically been viewed as stocks' less-glamorous sidekick, but they deserve a little more respect from investors.
group of five	Five of the world's leading countries that meet periodically to achieve a cooperative effort on international economic and monetary issues.
exchange regime	See exchange rate regime.
notional pooling	Banking
regulation m	An IRS ...
pie chart	a circular graph that shows how some total, usually expressed in percentages, is divided among its components.
replacement cost risk	The risk of loss arising from the need to replace a contract before having paid away the principal amount
final settlement	A settlement which is irrevocable and unconditional.Also known as settlement finality.
sipc	Securities Investors Protection Corporation
mrp	Market Risk Premium.
herstatt risk	Continuous linked settlement.
unit labor cost	The cost of labor per unit of real output.
value product	Price times quantity produced, as in marginal value product.
fdi outflow	Property acquired abroad by a domestic owner.
trade unions	See UNIONS.
export	1
employer	A person (or company) who pays employees for services rendered.
salary deferral agreement	An agreement between an employee and employer allowing the employee to reduce his or her salary and have the employer deposit those reductions into a retirement plan
sanitary and phytosanitary regulations	Government standards to protect health, of humans, plants, and animals
sole proprietorship	A business owned by one person, generally an unincorporated business entity.
supply	1
equilibrium	an economic situation in which no individual would be better off doing something different.
qualified retirement plan	A pension, profit-sharing, or employer-maintained retirement plan meeting the requirements of Sections 401(a), 403(a), or 501(c) of the Internal Revenue Code.
identical preferences	The assumption that individuals -- either within a country or in different countries -- have the same preferences
trade remedy	Protection provided by any of the following: anti-dumping duties, countervailing duties, or safeguards protection.
signature guarantee	Certification that a signature is genuine, made by an officer or authorized employee of a commercial bank, broker-dealer, or other authorized guarantor
batch	The transmission or processing of a group of payment orders and/or securities transfer instructions as a set at discrete intervals of time.
shogun bond	A type of ...
statement of investment principles	(SIP)
process re-engineering	Business process re-engineering.
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
standard deviation	(SD)
diagonal spread	an options strategy in which the purchased options have a longer maturity than the written options
rent	1
tracker fund	A type of mutual fund that provides the same returns as an index
indexing	A portfolio management style that involves buying and holding a portfolio of securities that matches, closely or exactly, the composition of a benchmark index.
administration order	UK insolvency law
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.
blended investments	Blended Investments allocate portions of their portfolio in more than one asset class
contract for differences	(CFD)
pay	1
conditional cash transfer	A program in a developing country to encourage pro-growth and poverty-reducing activities by households, especially education, by paying them cash conditional on behavior, especially sending children to school.
allonge	Paper attached to a document for additional endorsements when there isn't enough space for the signatures.
cola	US Pensions
dispute settlement understanding	The agreement within the WTO creating the dispute settelement mechanism.
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.
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.
spe	Special Purpose Entity.Similar to a Special Purpose Vehicle.
facility fee	A commitment fee which is applied to the total amount of a committed lending facility regardless of the amount drawn.
joint account	An account owned by two or more people which enables all of them to use the account.
authors' rights	Copyright (term used primarily in Latin America)
clearstream	The Deutsche Borse settlement and custody system.
long-dated swap	A long-term agreement between two parties to exchange a set of cash flows for a minimum of one year and up to 15 years in the future.
firm	1
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
frrp	Financial Reporting Review Panel.
residual theory	Corporate finance
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.
risk tolerance	A term describing how much investment risk or variability you are willing to accept.
fiduciary	A person who exercises discretionary control over the assets of another party and has a responsibility to that party
trade model	An economic model that explains certain causes, effects, and/or characteristics of international trade.
externalities argument for protection	The (second best) argument that an industry should be protected because it generates positive externalities for other industries or consumers.
industrialized	Having experienced substantial industrialization
ia	1
commission	The fee charged by a stockbroker for buying or selling securities as agent on behalf of a client.
unrequited transfer	Same as transfer payment
levered	The same as Geared.
continuous random variable	A random variable that can take any real number value within a certain range.
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)
financial services authority	(FSA)
over the counter	An OTC security is any equity security which is not listed on the major stock exchanges.
interest	Money paid for the use of money.
free market	A market that is not interfered with by government constraints on transactions
ratings service	A company, such ...
horizontal spread	an options strategy where the options have the same strike and different expiration dates.
current assets	These are assets which are expected to be either consumed or converted to cash within one year, or are able to be readily converted to cash
world production possibility frontier	The aggregate production possibility frontier for all of the countries of the world
offset requirement	As a condition for importing into a country, a requirement that foreign exporters purchase domestic products and/or invest in the importing country
wasting chattel	UK Tax
accumulation	"The act of purchasing over a period of time
eurodollars	U.S
asian dollars	U.S
quantity theory of money	Economics
municipal bonds	Debt obligations issued by state or local governments to fund public projects
national exhaustion	See exhaustion.
bank of england	(BOE)
implied volatility	The estimated volatility of a stock's price.
interbank funds transfer system	(IFTS)
auditors' report	A required constituent of a company's annual audited accounts
special entry procedure	An administrative procedure that is required as a condition of entry for an imported good, such as transport by the importing country's national fleet, or entry through a specific port or customs station.
business unit	Also known as operating unit.
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
offshoring	Movement to a location in another country of some part of a firm's activity, usually a part of its production process or, frequently, various back office functions.
skewed distribution	Statistics
frictionless trade	The absence of natural barriers to trade, such as transport costs.
quasi-rent	Like economic rent, but usually larger, because it is the excess of return over short run opportunity cost, which does not include the fixed cost of replacing or duplicating fixed assets such as a piece of capital or an invention
inventory	Inventory can include goods for resale, spare parts, materials, works in progress, etc
project link	A research consortium established in 1968 to link together several national econometric models to produce a macroeconometric model of the world economy
escalation	1
madrid agreement	The Madrid Agreement Concerning the International Registration of Marks, signed in 1891, standardized the registration and protection of trademarks and service marks.
assist	A service or other input to production provided by an importer to the foreign exporter, the value of which must be added to the invoice price in calculating its value for customs purposes.
lifecycle fund	A diversified mutual fund that automatically shifts toward a more conservative mix of investments as it approaches a particular year in the future, known as its "target date." A lifecycle fund investor picks a fund with the right target date based on his or her particular investment goal
libid	London Interbank Bid Rate.
net taxes	Taxes minus transfers
treasury management	The practice and theory of corporate treasury.
participation rate	See Gearing
taxable equivalent yield	Taxable equivalent income.
going concern	1
type	the classification of an option contract as either a put or a call.
occupational pensions advisory service	(OPAS)
securitisation	1
deflation	a fall in the overall level of prices.
manufactured good	A good that is produced by manufacturing.
accounts receivable	Amount billed to customers and due from them but not yet collected.
money market yield	(MMY)
will	A legally binding document directing the disposition of one's property
zero degree homogeneous	Homogeneous of degree zero.
useful life	Accounting
panel data	Data on an economic variable that include both multiple economic units and multiple time periods, thus displaying both cross sectional variation and time series variation.
apv	Adjusted Present Value.
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.
stable	1
alps	Adjustable Long-term Puttable Securities.
sovereign default	A failure on the ...
load	Sales charge
foreign sector	This term seems to be used in many ways, including the following: 1
fatf	Anti-money laundering
valuation basis	Pensions
tax evasion	The use of illegal means to reduce tax liabilities.
proprietorship	An unincorporated business owned by one person
ratification	The approval of an international agreement that has been negotiated, such as a trade agreement, by a country's governing body.
usaid	USA
duks	See baffling pigs.
auditing practices board	(APB)
financial reporting review panel	(FRRP)
circular migration	The movement of a country's people first out of the country and then back in.
debt book-entry system	A book-entry system for the issue and registration of debt securities.
occupational pensions regulatory authority	(OPRA)
coefficient of determination	A statistical measure of the goodness of fit of a proposed regression with the observed data.
economic cost	The monetary cost of an object or action, including reductions in wages, profits, and property values, but not including such nonmonetary costs as adverse consequences for health or safety, or negative effects on others.
immfa	Institutional Money Market Funds Association.
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.
shanzhai culture	Originally used in China to describe copies of branded electronic products, the term has expanded to include copying of cultural activities, such as songs and movies, and even celebrities
promise	An undertaking given by one person (the promisor) to another (the promisee) to do or refrain from doing something
basic import price	See minimum price system.
petition	A request for administered protection is called a petition.
net asset valuation	Net asset value.
harrod-balassa-samuelson effect	The Balassa-Samuelson Effect.
mac	Borrowings documentation
utility	1
ministerial declaration	The outcome of a successful ministerial: a document that the ministers have agreed upon.
trade	See FREE TRADE.
afa	The ISO code for the Afghani
quartile	One of four segments of a distribution that has been divided into quarters
standard & poor's index	Broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks commonly known as the Standard & Poor's 500 or S&P 500.
montreal exchange	See Bourse de Montréal.
community development financial ...	A private sector ...
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.
multigood model	A model with more than two goods.
capitalist	1
dependant	1
national	1
target balance	Banking
factor productivity	1
over the counter	In the case of drugs, those that can be purchased without a prescription from a doctor
mm	Capital structure theory
administrator	An individual appointed by a probate court to handle the estate of a person...
accretion	See 'accretion.'
ifrs 1	International Financial Reporting Standard 1, dealing with first-time adoption of international financial reporting standards.Issued by the International Accounting Standards Board.
zbb	Zero Based Budgeting.
mean	The arithmetic average of the values of an economic or statistical variable
sic	Abbreviation for Standard Industrial Classification
all-current rate method	A foreign currency translation method
revenue	1
risk control	Risk management
soft commodity	Used to describe commodities such as coffee, cocoa, sugar and fruit
destabilizing speculation	Speculation that increases the movements of the price in the market where the speculation occurs
frequency curve	Statistics
lipper ratings	The Lipper Mutual Fund Industry Average is the performance level of all mutual funds, as reported by Lipper Analytical Services of New York
oecd	Organisation for Economic Co-operation and Development.
contagion	The phenomenon of a financial crisis in one country spilling over to another, which then suffers many of the same problems.
canada-us auto pact	The "Canada-United States Automotive Products Agreement of 1965" which reduced trade barriers on specified trade between Canada and the United States in automobiles and original-equipment auto parts.
regression model	See linear regression model.
cu	Currency Unit.Used for illustrative purposes in certain accounting standards and training materials, instead of using real currencies to illustrate with.
tcp	Transmission Control Protocol.
loan sharking	When a borrower is charged interest above an established legal rate
external economy	Positive externality.
sfp	Statement of Funding Principles.
semi-annual basis	Nearly enough the same as Semi-annual rate.
interest rate risk:	Risk that interest rates will change, affecting the value of an investment
consolidated group accounts	These report the activities of a group of companies presented as if they were a single entity.
basket	A basket applies to derivative instruments in the marketplace
trade	A verbal (or electronic) transaction involving one party buying a security from another party
built-in stabilizer	Automatic stabilizer.
new protectionism	The most recent wave of protectionism.
exchange economy	See pure exchange economy.
endogenous variable	An economic variable that is determined within a model
sepa credit transfer	(SCT)
prospectus	The legal document which must be given to every investor who purchases registered securities in an offering
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.
children's special allowances	Children's special allowances are non-taxable amounts paid monthly, by the federal government, to agencies, institutions and foster parents who are responsible for the care and education of children under 18.
banque europeenne d'investissement	(BEI)
free enterprise	A system in which economic agents are free to own property and engage in commercial transactions
modelling	Writing and using models, especially financial models.
voice response unit	An electronic system that communicates with the user via a touch-tone phone
open contract netting	Near enough the same as Close-out netting.
upper earnings limit	UK pensions and tax
export platform	The use of a country or region as a place to produce for export to another country
insider	An insider is a director, officer, or large shareholder (more than 10%) who can be presumed to have access to privileged information of the company.
shadow exchange rate	1
discrimination	Unequal treatment
book entry	An electronic method of registering ownership of and transferring securities.
market price	The current price of an asset.
exogenous variable	A variable that is taken as given by an economic model
defined benefit pension scheme	(DB)
distinguish	Law
ssrb	Spreadsheet Standards Review Board.The SSRB oversees the implementation of Best Practice Spreadsheet Modelling Standards.
capital real property	Capital real property includes land and buildings, and any items which are installed in and attached to the buildings or land
structural change	1
international accounting standards board	(IASB)
blue book	The UK City Code on Takeovers and Mergers.
average daily balance	The average amount that exists in an account over a period of time
crowding out	The effect that an increase in one kind of spending can have in reducing another kind of spending
prudence	Accounting
ceteris paribus	Latin phrase meaning, approximately, "holding other things constant." Used as shorthand for indicating the effect of one economic variable on another, holding constant all other variables that may affect the second variable
insolvency practitioner	An insolvency professional in the UK who is either authorised by the Secretary of State for Business, Innovation & Skills or licensed by a recognised professional body.
debt	The amount that is owed, as a result of previous borrowing
abundant	Available in large supply
investment bank	A commercial institution that provides a variety of services to firms and other entities that seek to raise funds and/or invest their own funds
concentration	See industrial concentration.
mutual fund	By far the most popular type of investment company
case law	Reported decisions of the courts.
pigou effect	Named after Arthur Pigou (1877-1959), a sort of WEALTH EFFECT resulting from DEFLATION
position	1
winding up	Winding-up.
bba	British Bankers' Association.
u.s. savings bonds	A U.S
bank cheque	A cheque drawn by a bank on itself
passing-off	Law
profit	1
sod	Sum of the digits.
cum div	Abbreviation for Cum dividend.
change in cash	The net increase or decrease in cash owned by the company from the beginning of the reporting period to the end
garnishee	Garnishee order.
european economic area.	(EEA)
demand curve	Economics
interest rate swap	(IRS)
value dating	A technique employed by banks in some jurisdictions to obtain compensation for services provided to their customers.
armington assumption	The assumption that internationally traded products are differentiated by country of origin
generally accepted accounting principles	The accounting principles set by the Financial Accounting Standards Board and required for use by United States companies
producer price index	a measure of the cost of a typical basket of goods and services purchased by producers
sell short	See short
intensity	The amount that something is used, as compared to something else
serious fraud office	(SFO)
coefficient	1
shift parameter	A parameter that determines only the position of a function, but not its slope or shape, usually by simply increasing the value of the function
gep	Global Economic Prospects.
exponential constant	Exponential.
fcpe	Formerly centrally planned economy
ppf	Pension Protection Fund.
economic relations	Economic activity that involves participants of two countries, most obviously trade but other forms as well
perfect foresight	Exact knowledge of the future
international cotton advisory committee	An association of governments dealing with cotton
acceleration	The clause in a mortgage or trust deed that stipulates the entire debt is due immediately, if the mortgagor defaults under the terms of the contract.
gsk	GlaxoSmithKline.
closing costs	These are expenses involved in buying or selling real estate, such as points, survey charges, title insurance fees, and filing fees for deeds.
indebtedness	The amount that is owed; thus amount of an entity's (individual, firm, or government's) financial obligations to creditors.
internal balance	A target level for domestic aggregate economic activity, such as a level of GDP that minimizes unemployment without being inflationary
shadow price	The implicit value or cost associated with a constraint
trade policy	Any policy affecting international trade, including especially tariffs and nontariff barriers.
bid-ask	Also known as Bid-offer.
approximation	1
occupational pensions board	(OPB)
repudiate	Contract law
financial covenant	A clause in a loan agreement that commits the borrower to operate within predefined financial constraints.For example, an interest cover covenant might state that interest cover will be no less than 3 times; the borrower promises that the ratio will always exceed the set figure
entity	1
stamp duty	(SD)
tvm	Time Value of Money.
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.
receiver finality	Funds transfer
wrap fee	A fee or expense that is added to or "wrapped around" an investment to pay for one or more product features or services.
unbundling	See 2nd unbundling.
international financial statistics	Publication of the International Monetary Fund.
international adjustment process	1
sector breakdown	Breakdown of securities in a portfolio by industry categories.
hkd	SWIFT currency code for the Hong Kong Dollar.
backward integration	Acquisition by a firm of its suppliers.
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.
napf	UK National Association of Pension Funds.
dow jones industrial average	A trademark for one of the oldest and most widely quoted measures of stock market price movements
ricardian equivalence	The controversial idea, suggested by David RICARDO, that GOVERNMENT deficits do not affect the overall level of DEMAND in an economy
perk	The informal, shortened version of perquisite which is a benefit arising as a result of employment in addition to regular remuneration
current yield	The annual return on an investment stated as a percentage of the actual amount invested
discount premium to nav:	The percentage difference between the market price of a unit and its NAV
forgery	Signing another person's name to any document or altering or falsifying documents.
term loan	A bank advance that is contractually agreed for a specified period of time, normally exceeding one year.
monetize	1
bond equivalent yield	(BEY)
sector risk	The danger that a particular industry such as software/biotechnology will plunge.
ostensible authority	Law
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.
head and shoulders	A chart pattern which approximates to the shape of a person's head and shoulders, implying a fall in share prices.
ecb	European Central Bank.
primary environment	See functional currency.
diminishing returns to scale	See decreasing returns to scale, which is the preferred term in order to distinguish it from diminishing returns to a single factor when at least one other is held fixed.
drawer	The person or company issuing a cheque.
probability	The study of chance providing an objective measure of uncertainty.Probabilities range between 1 (=100%) and 0 (=0%)
outsourcing	1
autonomous transaction	In the balance of payments, a transaction that is not itself a result of actions taken officially to manage international payments; in contrast with accommodating transaction.
par rate	Also known as Par yield.
insider information	Material information about a company's activities that has not been disclosed to the public.
cross-hauling	The simultaneous shipment of the same product in opposite directions over the same route
chain of comparative advantage	A ranking of goods or countries in order of comparative advantage
credit estimate	Credit estimates relate to the creditworthiness of a company or of an obligation which does not have a full credit rating.The credit estimate is a private opinion, provided by a credit rating agency to a third party, of what the full credit rating might be, if a full credit rating process and assessment were to be undertaken.
pin	Personal Identification Number.
reinsurance	The process of insurance companies insuring underwritten policies with other institutions in order to offset exposure.
charting	The use of charts and patterns to forecast buy and sell decisions
quid pro quo fdi	FDI in response to the threat of protection
asset bubble	See bubble.
stare decisis	Law
tuna-dolphin case	Actually a pair of cases, resulting from the U.S
mrts	Marginal rate of technical substitution.
abo	Accrued Benefit Obligation.
abstract of title	A transaction record for a piece of land, recording transfers and claims that...
fast track	A procedure adopted by the U.S
international swap dealers association	(ISDA)
arm	USA
iso 9000	A family of standards for quality management systems, maintained by the International Organization for Standardization.
issue	1
linear	Straight-line.
ke	Cost of equity.
portfolio manager	The person or entity responsible for making investment decisions of the portfolio to meet the specific investment objective or goal of the portfolio.
sterling	UK
macroeconomic stabilization	See stabilization policy.
terminal value	1
frequency ratio	A measure of the presence of nontariff barriers, defined as the percentage of a country's tariff lines that are subject to one or a group of NTBs
transfers	Transfer payments.
representations	Documentation
board resolution	The written document signed by the company’s board of directors taking some formal action.
payment system	A set of instruments, banking procedures and, typically, interbank funds transfer systems that facilitate the circulation of money.
tax credit	Imputation system.
homohypallagic	Having a constant elasticity of substitution
s&p	1
rqe	UK tax
equilibrium	1
international	Involving transactions or relations between nations
actuarial valuation	1
return on equity	indicator of profitability
aggressive growth fund	An investment fund that takes higher risk of loss in return for potentially higher returns or gains.
creditworthiness	A measure of the ability and the willingness of a business or of an individual to honour their financial obligations.
laurel-langley agreement	A trade agreement between the Philippines and the United States replacing the Bell Trade Act, signed in 1955 and expired in 1974
rent	Payment for the temporary possession or use of a house, land or other property that is made by the tenant or user to the owner of the property.
spot price	The current price at which a particular commodity can be bought or sold at a specified time and place.
truth-in-lending	See Regulation Z.
deposit	An amount of money placed with a bank for safekeeping, convenience, and/or to earn interest.
exchange rate exposure	The extent to which the stock-market value of a firm varies with changes in exchange rates
seaq	Stock Exchange Automated Quotations system.
hedging	a strategy designed to reduce investment risk
scandinavia	Strictly includes only Denmark, Norway, and Sweden
risk seeking	Someone who cannot get enough RISK
frictional unemployment	Unemployment that results from normal labour turnover, from people entering and leaving the workforce and from the ongoing creation and destruction of jobs.
mortgage companies	Businesses designed to lend money on real or personal property, e.g., Household Finance Company.
annualizing	The making of calculations for a period of less than a year as if the period...
debit caps	Risk management
sentiment indicator	A general term used to describe indicators that gauge investor attitudes towards the market.
financial statements	Accounting
cge	Computable general equilibrium.
score	Standardised Corporate Environment.
state-owned enterprise	A firm owned by government
closure	See macroeconomic closure.
local optimum	An allocation that by some criterion is better than all those in its neighborhood.
asx	Australia
rollback	1
diversification	The process of spreading risk such that no single event can have a catastrophic effect
your first checking account	This owner's manual will show you what to expect from your bank.
regional cheque processing centre	(RCPC)
implied term	Law
default	Nonperformance of a duty; failure to meet an obligation when due.
devaluation	1
concessional sale	Sale of a product at a price lower than the market would indicate
ultra vires	Beyond the scope or in excess of legal power or authority of a person, official or body.
null hypothesis	Statistical analysis
asset backed commercial paper	(ABCP)
beneficiary	The person to whom the assets should be distributed upon the death of the accountholder.
high technology	This is a rather vague term referring to products and industries that arise from recently developed technologies such as electronics, genetic engineering, nanotechnology, etc
advertising	Description or presentation of a product, idea, or organization, in order to...
daylight overdraft	Also known as Daylight credit.
productive efficiency	The production of maximum output from a given set of inputs, thus reaching the production possibility frontier
department for international development	The international aid agency of the United Kingdom government, responsible for promoting economic development and alleviating poverty in developing countries.
subsistence farmer	1
swap spread	1
positive list	In an international agreement, a list of those items, entities, products, etc
remedy	In a trade dispute in the WTO or other forum, the measure recommended by the dispute settlement panel to resolve the dispute, usually a measure that will bring the offending country into compliance with WTO (or other) rules.
bid/ask spread	The difference between the price that a buyer must pay on a market and the price that a seller will receive for the same thing
outside director	Any member of a company's board of directors who is not an employee or stakeholder in the company.
performance	The results of an investment over a given time period
profit margin	an indicator of a company's profitability
equilibrium position	Same as equilibrium level, though perhaps of several variables at once, perhaps as displayed in a graph.
capital requirements directive	Banking
gmp	Guaranteed Minimum Pension.
commutation	Pensions
leaning against the wind	Use of exchange market intervention to try to slow the movement of the exchange rate under a managed float, and/or to reduce the amplitude of its fluctuations.
revealed market access	A measure of the extent to which a country's exports are able to penetrate another country's market, relative to other countries' exports
iba	Industrial Buildings Allowance(s).
director general	Title given to the persons who head certain international organizations, including the WTO.
heavily indebted poor countries	The name given to those poor countries with large debts, the target of initiatives to forgive that debt as a means of assisting development.
chargeable asset	Any asset which is not an exempt asset for UK tax purposes.
discovery assessment	UK tax
affiliated wholesalers	Wholesalers sponsoring a group of affiliated retailers, generally providing...
writing down allowance	1
capital intensity	A measure of the relative use of capital, compared to other factors such as labor, in a production process
amalgamation	A consolidating merger
direct-plus-indirect factor content	A measure of factor content that includes factors used in producing intermediate inputs, factors used in producing intermediate inputs to the intermediate inputs, and so forth
paasche index	A weighted index using quantities entirely from the current year's data.
request for proposal	(RFP)
default	The issuer failing to pay a coupon or redemption payment
international fund	A fund that invests in stocks of companies outside the United States.
nasdaq	the name derives from the “National Association of Securities Dealers Automated Quotation System.” A major national and international over the counter stock market that uses computers and telecommunications for trading securities
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.
exchange rate determination	The process by which a country's exchange rate comes to be what it is
liquidated damages	A clause in a contract stipulating the damages payable in the event of breach.
multistage production	Another term for fragmentation
flexible-bond fund	A fund that can invest in a variety of bonds and alter the mix
buildings	Buildings owned by the company usually to house manufacturing or office space.
jones act	A U.S
rpi	Retail Price Index.
drawee	Drawee bank.
binding overhang	The extent to which a country's tariff binding exceeds its applied rate.
lse	1
game theory	The modeling of strategic interactions among agents, used in economic models where the numbers of interacting agents (firms, governments, etc.) are small enough that each has a perceptible influence on the others.
market volatility	The relative rate at which investment market prices move up and down.
league of nations	An intergovernmental organization founded at the end of World War I to prevent wars
capital gain or loss	A capital gain or loss is the gain or loss resulting from the sale of a capital asset, such as stocks, bonds, art, stamp collections, and real estate.
certitm-pf	The Certificate in International Treasury Management - Public Finance, awarded by the Association of Corporate Treasurers and the Chartered Institute of Public Finance and Accountancy.
paydown	This occurs when ...
cotonou agreement	A partnership agreement between the EU and the ACP Countries signed in June 2000 in Cotonou, Benin, replacing the Lomé Convention
adjudication	Also known as a court's ruling
basis points	See Points.
implicit tariff	1
cap	1
grease payment	Same as facilitating payment.
legislation	1
international financial reporting standards	(IFRS)
sit	France
barter	The exchange of goods for goods, without using money
private cost	The cost to an individual economic agent, such as a consumer or firm, from an event, action, or policy change
limited price indexation	(LPI)
levy	1
bei	Banque Europeenne d'Investissement
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()
central location	Statistics
bimetallism	The definition of the value of a currency in terms of two different metals -- usually gold and silver -- at the same time
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.
quantitative	Expressed in numerical values
closed-end fund:	A type of scheme with a fixed tenure as opposed to the conventional no tenure open-end funds.
variance	A measure of how much an economic or statistical variable varies across values or observations
at sight	See payment at sight.
euribor	The Euro Interbank Offered Rate
leveraged	The same as 'geared'.
international financial reporting standards	A set of accounting standards set by the International Accounting Standards Board and required for use throughout Europe and parts of Asia, Africa and Latin America
sovereign debt	1
shock	1
local content requirement	Same as domestic content requirement.
ebit	An indicator of a company's financial performance calculated as:Revenue - Expenses (excluding tax and interest)
passive management	The process or approach to operating or managing a fund in a passive or non-active manner, typically with the goal of mirroring an index
calibration	In economic models, particularly computable general equilibrium models, this refers to the assignment of values to parameters so as to align the model with real-world data.
projected benefit obligation	(PBO)
russell 2000® index	An index that tracks the stock-market performance of 2,000 small U.S
ifrs 7	International Financial Reporting Standard 7, dealing with financial instruments: disclosures.Issued by the International Accounting Standards Board.
discretionary licensing	See licensing.
perfectly mobile capital	Perfect capital mobility.
watch list	a list of securities selected for special surveillance by a brokerage, exchange or regulatory organization; firms on the list are often takeover targets, companies planning to issue new securities or stocks showing unusual activity.
retail payments	This term describes all payments which are not covered by the definition of large-value payments
vertical market	A focused market that is only able to meet the need of one specific industry.
water in the tariff	1
balance sheet exposure	Exposure which arises from the process of translating balance sheet items denominated in foreign currency into the group accounts denominated in the parent's currency.
income	1
term insurance	A type of insurance policy that pays a death benefit if the insured dies within the given contracted period
european-style option	an option contract that can only be exercised on the expiration date, as distinct from an American-Style option, which can be exercised at any time prior to its expiration date.
price system	Same as market mechanism.
csr	Corporate Social Responsibility.
majority-owned foreign affiliate	A company in another country more than 50% of which is owned by a domestic person or company; thus one form of foreign direct investment.
sterling	British money, particularly the British pound, a formal name for which is the pound sterling.
fixed annuity	A contract that generates guaranteed returns during its accumulation period and level payments during its payout period.
bill gates	Co-founder and more recently non-executive chairman of Microsoft.
cfo	This is the senior manager who is responsible for overseeing the financial activities of an entire company
average yield	The weighted average yield to maturity for the bonds in the ladder.
eib	European Investment Bank.
transfer value	Pensions
financial ratios	Ratios constructed using the various numbers found on Financial Statements
annualize	To extrapolate a value so that it reflects an expected or approximate total...
funds of funds	These are all-in-one funds that invest in other mutual funds.
capital intensive	Describing an industry or sector of the economy that relies relatively heavily on inputs of capital, usually relative to labor, compared to other industries or sectors
ask rate	Near enough the same as offer rate.
efficient portfolio	Portfolio analysis
aggregation	Accounting
business to business	Business conducted between companies, rather than between a company and individual consumers.
dollar-cost averaging	A method of inventing a specific number of dollars over consecutive periods
hedge	To offset risk
promissory note	A written promise to repay an unsecured loan.
omb	Owner Managed Business.
asset value	1
montreal protocol	The Montreal Protocol on Substances that Deplete the Ozone Layer, signed in 1987, limited trade in products containing CFCs
unit isoquant	The isoquant for a quantity equal to one unit of a good
book value	A company's total assets minus intangible assets and liabilities, such as debt
foreign trade zone	An area within a country where imported goods can be stored or processed without being subject to import duty
contributions	Payments made to a retirement plan to fund the retirement benefit
asset management company	A highly regulated organisation that pools money from many people into a portfolio structured to achieve certain objectives
aswp	Any safe world port
target	1
last-in-first-out	An inventory accounting method which assumes that the last goods purchased are the first sold.
modeling	US spelling of modelling.
h-shares	A share of a Chinese company listed on the Hong Kong Stock Exchange.
remote disbursement	Cash management technique to delay payments by writing cheques and drafts drawn on bank branches in remote locations.
egm	Extraordinary General Meeting.
lomé convention	An agreement originally signed in 1975 committing the EU to programs of assistance and preferential treatment for the ACP Countries
zero sum game	A game in which the payoffs to the players add up to zero, so that a gain for one is necessarily equaled by loss to others
phoenix administration	Where a firm is put into administration to avoid losses and get out of contracts before the profitable portion is subsequently bought back.
carbon trading	Environmental policy
unlevered	Near enough the same as Ungeared.
liabilities	Amounts owed
conversion	'A change from a rental format to one of individual ownership.
codification	Law
bootstrap	1
flex	Flexible budgeting.
lost decade	There is, sadly, no single meaning for this term, as it has been applied to many episodes of economies that stagnated for most of a decade
substitute check	US
cibor	Denmark
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
debtors	1
combination bond	A bond, ...
parity	1
first in first out	(FIFO)
obligation	1
substitution effect	That portion of the effect of price on quantity demanded that reflects the changed tradeoff between the good and other alternatives
cloud	An outstanding encumbrance that, if valid, would affect or impair the owner's property title.
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
intellectual property	Copyrights, patents, trademarks and other similar and related rights.
zero coupon rate	(ZCR)
cash equivalent value	(CEV)
barter terms of trade	Can refer to either the net barter terms of trade or the gross barter terms of trade, which are equal under balanced trade
ratchet effect	The implication for a variable that (like a ratchet) can move one direction but not the other
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.
correspondent banking	An arrangement under which one bank provides payment and other services to another bank.Payments through correspondents are often executed through reciprocal accounts - nostro and loro (or vostro) accounts - to which standing credit lines may be attached.Correspondent banking services are primarily provided across international boundaries but are also known as agency relationships in some domestic contexts.A loro account is the term used by a correspondent to describe an account held on behalf of a foreign bank
activity based management	Using an activity-based costing system to improve the operations of an organization.
european	Options
frs 7	UK Financial Reporting Standard 7, dealing with fair values in acquisition accounting.
substance over form	Accounting
external returns to scale	External economies of scale.
unlisted market	See also dealer market.
interest offset pooling	Notional pooling.
systematic accumulation plan	Automatic investments where monthly payments are drawn on a shareholder's bank account and invested in the fund(s) systematically
synthetic collateralized debt obligation	An artificial collateralized debt obligation that is backed by a pool of credit derivatives.
starrett's impossibility theorem	The Spatial Impossibility Theorem of Starrett (1978) that an economy with a finite number of locations and positive, resource-using transport costs cannot possess a competitive equilibrium
alienate	To transfer a property title.
q theory	See TOBIN.
benchmark	Anything that serves as a standard for something's performance to be measured against.
government budget	1
term deposit	An amount held at a bank or other financial institution subject to a minimum time period, or term, before it can be withdrawn without penalty
premium	A fee paid for an insurance policy.
transition economies	Former communist economies that, with varying degrees of enthusiasm, have embraced CAPITALISM.
fill rate	See quota fill rate.
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.
electronic fund transfer	Withdrawals or transfers of funds made by authorized financial institutions through electronic terminal, telephone, computer or magnetic tape.
drp	Disaster Recovery Planning.
keogh plan	An employer-sponsored retirement plan for a partnership (or for a sole proprietorship for self-employed people)
human capital	the improvement in labor created by the education and knowledge embodied in the workforce.
cpa	A designation by the American Institute of Certified Public Accountants for those who pass an exam and meet work-experience requirements.
commodity prices	Usually means the prices of raw materials and primary products.
ch	Clearing House.
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.
marginal propensity	The fraction of a change in income devoted to an activity, such as consumption, importing, or saving
commodity agreement	See international commodity agreement.
authentication	The verification that a legal document is genuine or valid, such as through a seal from an authorized public official.
local area network	(LAN)
linear regression	A statistical technique which aims to establish whether a linear relationship exists between one quantity and another.
risk tolerance	An investor's ability or willingness to endure declines in the value of investments in exchange for a greater potential investment return.
triple bottom line	The assessment of a proposal in terms of its environmental, social and financial consequences.
commercial risk	1
four-firm concentration ratio	See concentration ratio.
marginal propensity to save	(MPS)
short position	The situation of having sold short prior the short contract maturing.
risk	The chance that ...
negotiable cds	A certificate of deposit whose ownership can be easily transferred.
financial accounting	The collation and presentation of financial information primarily with a view to external financial reporting.
indictable offence	A criminal offence which is heard before a judge and a jury.
share premium account	UK Company law
futures contract	An exchange traded agreement to buy or sell a particular type and grade of commodity for delivery at an agreed upon place and time in the future
single european act	Treaty, signed in Luxembourg and The Hague and entering into force 1 July 1987, completing the Single Market
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.
human rights	The conditions and expectations to which every person, by virtue of his or her existence as a human being, is entitled.
adx directional movement index	ADX fluctuates between 0 and 100
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.
absorption	1
qualifying time period	UK Tax
legislative risk	The risk of adverse effects arising from changes in relevant laws.
insider information	relevant information about a company that has not yet been made public
model	A stylized simplification of reality in which behavior is represented by variables and by assumptions about how they are determined and interact
annuity factor method	A distribution calculation method for making penalty-free early withdrawals...
wire transfer	Term widely used in North America
disarticulation	The absence of linkage among sectors of an economy, so that growth in some does not spill over into improved productivity and well being in others.
variable return investment	Investments for which the return is not fixed
limited partnership	A limited partnership will have two classes of partners - general partners, and limited (or special) partners. The liability of the limited partner(s) will be limited to the amount of capital they have contributed to the partnership. However, certain actions by a limited partner will deem them to be a general partner and end the unlimited liability, such as taking an active roll in the management of the business. In a limited partnership there must be at least one general partner who has unlimited liability.
special endorsement	An endorsement of a negotiable instrument that names the party to whom the instrument is being transferred.
sales	1
currency realignment	A change in the par value of a pegged exchange rate.
hostile takeover	A takeover is considered hostile if the target company's board rejects the offer and is resisted strongly by the targeted company, but the bidder continues to pursue it, or the bidder makes the offer without informing the target company's board beforehand.
lintner	Corporate finance
inefficiency	See Efficient market hypothesis.
vertical merger	A merger between two companies producing different goods or services for one specific finished product.
ansoff	1
economic geography	See New Economic Geography.
capital	This is the amount of money you have invested
export management company	A firm that handles the process of exporting for other firms
credit guarantee scheme	(CGS)
contract	A contract is a legally binding agreement between two parties.
educational assistance payment	An educational assistance payment (EAP) is a payment from a Registered Education Savings Plan (RESP) to a beneficiary of the plan, and is made from the earnings and Canada Education Savings Grant (CESG) portion of the RESP
long term liabilities	amount owed for leases, bond repayment and other items due after 1 year.
seigniorage	The difference between what money can buy and its cost of production
fedwire	Funds transfer
standard deviation	A common measure of the dispersion of a random variable or of a sample of data
complementary product	Economics
statement of affairs	Insolvency law
negotiable	A certificate that is transferable by delivery and which, in the case of a registered certificate, has been duly endorsed and guaranteed.
steer analysis	Social, Technological, Economic, Ecological and Regulatory analysis.
labor market restriction	A market restriction in the labor market, most often limits on wages and on the ability of firms to terminate workers.
star	1
z score	Same as Z statistic.
unsecured debt	Unsecured debt has no additional backing beyond the general credit of the issuer.All other things being equal, unsecured debt is riskier for the lender than secured debt.
forward	A forward contract is similar to a futures contract but trades on an OTC basis
exclusion clause	Contract law
international political economy	A field of study within social science, especially political science, that addresses the interrelationships between international economics and political forces and institutions.
bankruptcy costs	Also known as Cost of financial distress.
power of attorney	The legal right to act on behalf of another individual.
crest	The central securities depository for UK and Irish markets
arr	Accounting Rate of Return.
sensitivity analysis	A technique for determining what might happen in a decision analysis if a key prediction turns out to be wrong.
assessor	A public official who performs assessments
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
ahead of you	Ahead Of You - An ahead of you is a term used to note a specific status, or standing, of a security order to be executed at the same price to another trader, but that will be listed behind the other trader's order in the specialist's book
association of caribbean states	A group of 25 countries of the Caribbean that signed a convention in 1994 to foster "consultation, cooperation and concerted action."
assignment	The formal process by which a right or contract is transferred from one party to another.
free capital markets	This is not a standard term, but it seems to be used, variously, to describe the absence of government regulation of international capital flows, the absence of government or central bank intervention in exchange markets, and the absence of interference with national financial and development policies by international financial institutions.
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.
cap	A maximum coupon.
eas	East Asia Summit.
anticipated holding period	The projected duration of a limited partner's possession of an asset
ias 27	International Accounting Standard 27, dealing with separate financial statements.Issued by the International Accounting Standards Board.
credit rating	An assessment of creditworthiness
thin capitalisation	Tax
ex div	Ex dividend.
para-tariff	A charge on an imported good instead of, or in addition to, a tariff.
hardship withdrawal	If provided for under the plan, a participant may make a hardship withdrawal from his or her account before retirement due to a serious financial emergency.
catch-up contribution	If you reach age 50 or older by the end of the calendar year and have contributed the maximum plan or IRS limit to your plan account, you may be able to make an extra pretax contribution above the annual limit that would otherwise apply, if your plan allows
forced labor	The use of labor that is compelled to work, subject to physical punishment if it does not.
ois	Overnight Indexed Swap.
equivalent annual rate	(EAR)
db	Pensions
disinvest	1
b2b	Business to Business.
reserves	Accounting
incremental var	Risk management
flexible budgeting	A comparison of budgeted costs at the budgeted activity level with actual costs at the actual activity level is meaningless if there is a significant difference between budgeted and actual activity levels
binomial	Binomial probability distributions assume that at any one time there are only two possible outcomes
efficiency	See economic efficiency.
collective investment fund	An investment pool offered by a bank or trust company that operates much like a mutual fund.
quantum meruit	Law
free exit	The assumption that firms are permitted to leave an industry and can do so costlessly
market-timing	An investment strategy based on predicting market trends
tax relief	A deduction allowed by law in calculating a tax liability.
faster payments service	(FPS)
book value	The value as recorded in a company's books, in other words its accounts including its published balance sheet
certicm	The Certificate in International Cash Management awarded by the Association of Corporate Treasurers.
european monetary institute	A temporary institution that existed from January 1994 to June 1998 during the years leading up to the European Central Bank and the introduction of the euro
swift	Society for Worldwide International Financial Telecommunications.
option	See DERIVATIVES and BLACK-SCHOLES.
financial intelligence units	(FIUs)
dependent	A person who relies on someone else for financial support
probability density	For a continuous random variable, a function whose integral over any set is the probability of the variable being in that set.
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.
watch list name	The name you give a watch list and that is displayed when you view a watch list
fund manager:	The person responsible for managing a schemes money.
scheme specific funding	(SSF)
extrapolation	1
assignment of rents	A contract which transfers rents and income from the tenant of a property to...
crc	Carbon Reduction Commitment.
cross-border supply	The provision of an internationally traded service across national borders without requiring physical movement of buyer or seller, as when the service can be provided by long-distance communication
volatility	The extent to which an economic variable, such as a price or an exchange rate, moves up and down over time.
effective annual rate	(EAR)
random walk	Characterizing the behavior of a random variable that is, essentially, equally likely to rise as to fall at each step
quantitative easing	1
depo	Depo market.
ability to pay	Generally, ability to pay refers to one's ability to meet existing or future...
prisoners' dilemma	A strategic interaction in which two players both gain individually by not cooperating, but leading to a Nash equilibrium in which both are worse off than if they cooperated
fidelity balanced composite index	The Fidelity Balanced Composite Index is an unmanaged, hypothetical combination of unmanaged indices
encryption	A process which electronically scrambles a message so that only persons who have compatible decryption hardware and/or software can interpret the message.
world wide web	The global system of information accessed and linked by the internet.
involuntary lien	Lien imposed upon a property by law, such as a lien for delinquent taxes, a mechanic's lien or a judgment.
fiscal year	the 12-month accounting period of a business
occupational pensions defence union	(OPDU)
cost advantage	Possession of a lower cost of production or operation than a competing firm or country
export-import bank	(Ex-Im Bank)
epc	European Payments Council.
coo	Chief Operating Officer.
initial sales charge	A commission paid to the financial adviser at the time that the policy is purchased
lic	Low income country.
trough	The point in the business cycle when an economic contraction reaches its lowest level before turning up
management accounting	Management accounting is primarily concerned with the provision of information to internal managers for the purposes of planning, controlling and decision making.
management expenses	Tax
annual	Yearly.
roman civil law	Early private property ownership codes enforced on California owners by the Spanish rulers.
promisee	A person to whom a promise is made.
cpe	Continuing Professional Education.
fixed cost	A cost which stays the same regardless of the level of production or other activity.
welfare economics	The branch of economic thought that deals with economic welfare, including especially various propositions relating competitive general equilibrium to the efficiency and desirability of an allocation
revolver	Revolving loan.
zero cost	1
lading	See bill of lading.
otc	Over the counter; see over-the-counter market.
returns to scale	Same as increasing returns to scale.
engagement letter	1
claimant	Law
currency bloc	1
bullet	1) A one-time ...
tax-deferred annuity	A program available to employees of certain public school systems and nonprofit organizations
fonds commun de placement	(FCP)
financial statements	These usually consist of a Balance Sheet, Income Statement, Cashflow Statement, and Notes to the Financial Statements
boeing-airbus dispute	A trade dispute between the US and EU, concerning subsidies that each alleges the other provides to its large aircraft manufacturer.
direct rollover	A tax-free movement of funds from a qualified retirement plan to another qualified plan or an IRA
trade bias	See bias of a trade regime.
neighborhood	In mathematical Euclidean space, a small set of points surrounding and including a particular point
migration	The permanent relocation of people from one country to another
legislature	Body of the State with law making powers.
withdrawn this contract year	The total amount you have withdrawn in the Current Contract Year.
credit default swap	(CDS)
court of international trade	See U.S
turnover ratio	The percentage the underlying investments held in a mutual fund, similar-type investment, or other investment portfolio turn over during a year
earnings credit rate	(ECR)
partial exemption	VAT
factor payment	The amount paid to a factor for its service in production.
transfer paradox	A transfer that makes the recipient worse off (i.e., an immiserizing transfer) and/or that makes the donor better off.
prohibitive tariff	A tariff that reduces imports to zero.
financial modelling	The process of writing and using financial models.(Spelled modeling in North America.)
accreting swap	A type of interest rate swap
escape clause	1
cost of financial distress	Corporate finance
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
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'
refinancing risk	1
marshallian adjustment	A market adjustment mechanism in which quantity rises when demand price exceeds supply price and falls when supply price exceeds demand price.
structural adjustment program	The list of budgetary and policy changes required by the IMF and World Bank in order for a developing country to qualify for a loan
bankers' acceptance	A bankers' acceptance is a short term debt instrument guaranteed by a bank, and sold through a brokerage company to investors.
advertorial	An advertisement disguised as editorial.
regulatory failure	When REGULATION generates more economic costs than benefits.
materiality	This is a threshold at which insignificance becomes significance
match pay	Also known as Positive pay.
industrial revenue bonds	Bonds issued for developing an industrial park or for constructing a building for lease to commercial tenants.
open-end investment company	The more formal name for an open-end mutual fund, indicating that it continuously issues and redeems (buy back) its shares on demand.
inflation	1
note	A financial ...
variable cost	A cost which increases as the level of production (or other activity) increases, because it is incurred as a consequence of the production or other activity.
slippage	the difference between estimated and actual transaction costs
consensus in idem	A Latin term meaning a meeting of the minds and signifying agreement between parties.
gross progress indicator	An alternative to gross domestic product that is intended to take account of costs that are not internalized by economic agents, such as crime and pollution.
vra	Voluntary restraint agreement, same as a VER.
interest coverage	Also called times interest earned, interest coverage reflects the ability of the company to pay its interest
mew	Measure of economic welfare.
fixed charge coverage	Operating profit plus lease payments divided by interest expense plus lease payments
visegrad group	Also called the Visegrad Four, the group consists of Czech Republic, Hungary, Poland, and Slovakia
service agreement	A contract specifying the service to be provided.
unearned revenue	When an individual or company receives money for a service or product that has yet to be fulfilled.
money purchase	Pensions
value judgement	1
inter quartile range	Statistics
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.
peg	1
statement of funding principles	(SFP)
news	Unexpected information
ad valorem tariff	Tariff defined as a percentage of the value of an imported good.
ic	1
transmission control protocol	(TCP)
pay-out ratio	the dividend for a particular time period divided by the earnings for the same time period
us commercial paper	(USCP)
wholly foreign owned enterprise	While logically this term could apply to any foreign-owned enterprise in any country, it is used primarily for such enterprises in China.
capital preservation	An investment goal or objective to keep the original investment amount (the principal) from decreasing in value.
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
accrual basis accounting	A method of accounting that tracks revenues and expenses as they are incurred....
continuous disclosure	In Ontario, a reporting issuer must issue a press release as soon as a material change occurs in its affairs and, in any event, within ten days
import surge	An unusual increase in the quantity of imports of a product, such as may be used as the basis for requesting safeguard protection.
horizontal integration	Production of different varieties of the same product, or different products at the same level of processing, within a single firm
m&a	Mergers and Acquisitions
cheque truncation	Banking
education ira	Now named Coverdell Education Savings Account, it is a type of individual retirement account enabling the contribution of up to $500 per year in 2001 for each child up to the age of 18 by the parents in the family
model	A representation of a real situation using a selected set of simplifying assumptions and relationships
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.
international fisher effect	The theory that exchange-rate changes will match, or be expected to match, international differences in nominal interest rates
mean	See AVERAGE.
assignor	An individual who transfers a title, claim, property, interest, or right to another person.
compare local interest rates	Search and compare the best checking and savings rates nationwide from Bankrate.com
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)
opportunity cost	The expected return that is foregone by investing in a project, rather than in the next best use of capital or other resources.It is the opportunity cost of capital and other resources that is the relevant economic measure for financial decision making purposes.
fund company	A commonly used ...
inception date	The date that a fund began operations.
pensions management institute	(PMI)
zero profit	A situation in which profit in an industry is zero, usually as a result of free entry and exit
internet protocol	(IP)
friend	See natural friend.
ex-im bank	Export-Import Bank.
co-efficient	Same as Coefficient.
payables management	A policy of paying suppliers late reduces the amount of financing required from other sources, but this could increase the risk of penalty charges for late payment and will also inconvenience suppliers with whom a good relationship is important.Effective payables management involves - among other things - finding an appropriately balanced level of payables.Also known as creditor management.
catch up contribution	Individuals age 50 and older may make an additional contribution over the maximum annual limit to Traditional IRAs and Roth IRAs
corporate treasury	A corporate function concerned with the management of financial risk
lerner-pearce diagram	This name is sometimes given (for years, by me at least) to the Lerner Diagram
cross-guarantees	1
mortality	Pensions
insolvency act	(IA)
duty	Tax
zollverein	The German customs union formed among various German states starting in 1818 and viewed as a precursor to German unification.
short-term capital flow	A capital flow that is short-term; of interest because such capital flows are likely to be very liquid and therefore easily reversed and sources of instability in exchange markets.
cumulative voting	The procedure of voting for a company's directors, where each shareholder is entitled one vote per share times the number of directors to be elected
coefficient of correlation	Same as Correlation coefficient.
specific factors model	A model in which some or all factors are specific factors
power of attorney	Giving someone the ability to act on your behalf in specific instances
tariff act of 1930	Smoot-Hawley Tariff.
cmcds	Constant Maturity Credit Default Swap.
net interest	1
internal revenue service	(IRS)
trilemma of international finance	The trilemma in which any two of the following preclude the third: 1
fixed costs	Production costs that do not change when the quantity of output produced changes, for instance, the cost of renting an office or factory space
cesr	Committee of European Securities Regulators
missing trade	See mystery of the missing trade.
ach debit transaction	An automated clearing house (ACH) transaction that moves funds from the receiver's account to the originator's account.
g-77	A coalition of developing countries within the United Nations, established in 1964 at the end of the first session of UNCTAD, intended to articulate and promote the collective economic interests of its members and enhance their negotiating capacity
euroland	Also known as Euro zone.
cash reserves	1
import coverage ratio	See coverage ratio.
assignment	The random process by which the clearing corporation allocates the exercise of an option to a member firm
rescheduling	The renegotiation of the terms of an existing debt obligation, often in the area of sovereign debt.
cio	Chief Information Officer.
innovation	The creation or introduction of something new, especially a new product or a new way of producing something.
pie chart	A circle which represents the whole amount and containing wedge-shaped sectors which indicate the fraction in each category
horizontal integration	When a company expands its business into different products that are similar to current lines.
cone of diversification	See diversification cone.
technology	1
treasury workstation	(TWS)
funding	1
contributions holiday	Pensions
observer	1
corporacion andina de fomento	A financial institution created to "promote and foster the integration of the Andean region." It acts as a development bank for Latin America.
style	An investment philosophy or approach pursued by a fund manager as seen by the types of stocks held, such as large-cap value or small-cap growth companies.
monotonic	Changing in one direction only; thus either strictly rising or strictly falling, but not reversing direction.
intangible assets	Accounting
gic	A GIC is a guaranteed investment certificate
foreign trade	Trade (definition #3)
strategic petroleum reserve	The strategic stockpile of oil held by the United States government.
depo market	The short-term interbank market for deposits and loans
fd	Finance Director
sunk cost	A cost that has already been incurred and cannot be reversed, which therefore cannot be avoided by current or future action
economy	A set of interrelated economic production and consumption activities.
balanced budget	1
emigration	The migration of people out of a country.
histogram	Statistics
consumption externality	An externality arising from consumption.
dog	1
ad valorem	Per unit of value (i.e., divided by the price).
personal identification number	(PIN)
cpa	USA
at the full	At the nearest whole number
correlation	A statistical measure of how two securities move in relation to each other.
upgrade	1
interest rate differential	The difference between short-term interest rates prevailing in two money centres at a given moment.
dollar cost averaging	This is a method of investing
treasury bill	A U.S
basis swap	A swap that exchanges two floating interest rates, each being calculated on a different basis
board for actuarial standards	(BAS)
frequency polygon	A diagram that illustrates a frequency distribution using lines instead of bars.
bilateral net settlement system	A settlement system in which participants' bilateral net settlement positions are settled between every bilateral combination of participants.
capital adequacy	1
investment banker	A firm that provides assistance to organizations who are in need of raising funds to finance their activities..
outflow	See capital outflow.
euratom	The European Atomic Energy Community, created in 1956 along with the EEC.
objects clause	Company law
invisibles balance	Economics
adverse terms of trade	A terms of trade that is considered unfavorable relative to some benchmark or to past experience
tort	Law
surcharge	See import surcharge.
chlorofluorocarbon	A chemical once used in refrigerators, air conditioners, and as aerosol propellants that, when released high into the atmosphere, destroyed the ozone
g8	The same as G-8.
customs classification	1
sustainable development	Economic development that is achieved without undermining the incomes, resources, or environment of future generations.
time deposit	A savings account or CD held for a fixed-term with the understanding that the depositor can only withdraw by giving written notice.
ccc	Cash Conversion Cycle.
spreadsheet	1
solow neutral	A particular specification of technological change or technological difference that is capital augmenting.
rebalance to target	On the Participant Website, the participant may rebalance his/her fund balances to allocations he/she sets in the "Realign Investments" screen.
prospective benefits funding method	Pensions funding
procurement	See government procurement.
congestion	The costs and inefficiencies that result when a space becomes crowded
car	Courtesy Amount Recognition.
symmetric distribution	Statistics
effective exchange rate	An index of a currency's value relative to a group (or basket) of other currencies, where the currencies in the basket are given weights based on the amount of trade between the countries that use the currencies
title insurance	See owner's title insurance.
creation	See trade creation.
zero substitution	An elasticity of substitution of zero
investment adviser	generally, a person or entity who receives compensation for giving individually tailored advice to a specific person on investing in stocks, bonds, or mutual funds
recharacterization	A recharacterization occurs when an individual makes a contribution to a Roth or Traditional IRA, and later moves either all or a portion of the original contribution or conversion amount, plus net income attributable (NIA), to another IRA on or before the individual's tax return due date (plus extensions) for the year for which the contribution/conversion was made
awards vested	The number of shares or units in a restricted stock award that have vested and paid.
superior good	A good the demand for which is income elastic.
debt on the employer	Pensions
net output	The output of a product that is available for final users, after deducting amounts of it used up as an intermediate input in producing itself and other products
ceec	Central and Eastern European countries.
speculation	1
continuing professional education	(CPE)
dynamic model	Any model with an explicit time dimension
option seller	Option writer.
advance	1
state second pension	(S2P)
principal risk	The risk of losing the entire principal amount of a principal contract.
collar hedge	Risk management
long bond	The U.S
original sin	In the context of financial problems of developing and emerging economies, this refers to their difficulty in borrowing abroad in their own currencies
cccccc	Capacity, capital, character, collateral, conditions, compliance.
marxist	Referring to the writings of Karl Marx and to a body of economic thought based, more or less loosely, on those writings.
demutualization	When a mutual ...
cogsa	Carriage of Goods by Sea Act.
treasury bond - t-bond	A marketable, ...
vertical intercept	the point at which a curve hits the vertical axis; it shows the value of the y-variable when the value of the x-variable is zero.
aud	SWIFT currency code for the Australian Dollar.
bot	Balance of trade.
gross capital formation	Same as gross domestic investment.
differentiated product	1
granting clause	Words of conveyance in a deed or mortgage.
currency interest rate swap	(CIRS)
holder in due course	A person who has acquired possession of a negotiable instrument through proper negotiation for value, in good faith, and without notice of any defects to it.
home market effect	The tendency in industries with increasing returns to scale for large countries to be net exporters
initial underlying level	The closing value of the Underlying on the Strike Date
marginal analysis	the study of marginal decisions.
discount	1
financial markets	Markets trading financial instruments.
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.
social benefit	The benefit to society as a whole from an event, action, or policy change
eact	European Association of Corporate Treasurers.
shareholders	The owners of a company.
trigger price mechanism	The system put in place for US imports of steel in 1978 to speed up investigations of dumping
cc	Competition Commission.
sticky wages	nominal wages that are slow to fall even in the face of high unemployment and slow to rise even in the face of labor shortages.
dtc	Depository Trust Company.
final good	A good that requires no further processing or transformation to be ready for use by consumers, investors, or government
negative relationship	a relationship between two variables in which an increase in the value of one variable is associated with a decrease in the value of the other variable
pearson's coefficient of skew	Statistics
cumulative returns period	The cumulative returns period shows the compounded rate of return over a stated period of time
ifrs interpretations committee	The body of the International Accounting Standards Board (IASB) which interprets the application of IASs and IFRSs and provides guidance on financial reporting issues not specifically addressed in IASs and IFRSs.Previously called the International Financial Reporting Interpretations Committee (IFRIC).
usd	SWIFT currency code for the United States Dollar.
corporate tax	Corporate income tax.
global trade information services	A subscription service that describes itself as "the leading supplier of international merchandise trade data."
gross redemption yield	(GRY)
advisory fee	A charge paid to a mutual fund's managers for their services; usually includes fund administration costs and investor relations
marginal var	Risk management
edgar	Electronic Data Gathering, Analysis and Retrieval
abs	Asset-Backed Securities.
results-based trade policy	The use of trade policies targeted to specific indicators of economic performance
exports	1
scheme rules	Pensions
serps	UK Pensions.The former UK State Earnings Related Pension Scheme.
rho	1
sbu	Stategic Business Unit.
pension assets	1
harmonization	1
share premium	UK Law
regional trade agreement	1
vendor placing	The allotment of shares as consideration to the vendor, usually the vendor of a business
esma	European Securities and Markets Authority.
other sources	Amount of funds generated during the period from operations by sources other than depreciation or deferred taxes
covenant	A promise in an indenture, or any other formal debt agreement, that certain activities will or will not be carried out.
short-term investments	Short-term investments help to bring stability to your portfolio
closed-end fund	A closed-end ...
effective protective rate	Same as effective rate of protection.
annual report:	A book type document released by a fund house once in a year that details its state of affairs
bank transfer	A remittance process whereby a payer may make a payment at any branch of any bank for the account of a payee at any branch of the same or any other bank
negative cost collar	Risk management
eurobonds	1
necessity test	A procedure to determine whether a trade restriction intended to serve some purpose is necessary for that purpose.
peril point	The point beyond which tariff reduction in an industry would cause it serious injury
annuitize	To begin to receive payments from an annuity.
russell indexes	A group of indexes that are widely used to benchmark investment performance
systematic withdrawal plan :	A payment plan that lets you withdraw pre-decided amounts from your investments as in a scheme at periodic intervals
commercial	A term used to refer to any party or organization involved in producing, transporting, or merchandising a commodity.
price-cost margin	The amount by which the price of a product exceeds its cost.
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.
asb	1
bas	Board for Actuarial Standards.
indexation allowance	UK tax
système interbancaire de télécompensation	(SIT)
data exchange	An arrangement in which a financial institution or a third-party reporting service gathers and consolidates account balances and transactions from various financial institutions with which the company has accounts.
intellectual property right	The right to control and derive the benefits from something one has invented, discovered, or created.
total market value	The total value of an account as of the previous business day, taking into account any market fluctuations up to that day.
paris convention	The Paris Convention for the Protection of Industrial Property is a treaty administered by WIPO concerning industrial property such as patents, trademarks, and appellations of origin.
income distribution	A description of the fractions of a population that are at various levels of income
affordability analysis	A detailed examination of an individual's ability to afford a house, taking...
law of diminishing returns	The principle that, in any production function, as the input of one factor rises holding other factors fixed, the marginal product of that factor must eventually decline.
profit and loss account	1
american option	An option which can be exercised anytime during its lifespan
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.
first order condition	One of the mathematical necessary conditions for maximization, used routinely in solving economic models
consortium relief	UK tax
propensity	The extent to which an economic agent is inclined to use income for a particular purpose, such as the (marginal or average) propensity to import, or propensity to consume, measured as the fraction of income (or of a change in income, if marginal) devoted to the activity.
minimum import price	See minimum price system.
ccirs	Cross-Currency Interest Rate Swap.
grouped frequency distribution	Statistics
opra	Occupational Pensions Regulatory Authority.
linkage	See forward linkage and backward linkage.
book entry	Most bonds are issued in book entry form, which means that there is no physical bond certificate
icch	International Commodities Clearing House.
si	Statutory Instrument.
maturity guarantee	The minimum dollar value of the contract after the guarantee period, usually 10 years
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.
tangent line	a straight line that just touches a nonlinear curve at a particular point; the slope of the tangent line is equal to the slope of the nonlinear curve at that point.
bearer instrument	A valuable document, which does not bear the name of its legal owner and may be redeemed by whoever is in possession of it
eurocredit	The Eurocredit market is where highly rated borrowers can gain access to medium-term bank lending
normal good	A good the demand for which rises with income if relative prices do not change
ecoa	See Equal Credit Opportunity Act (ECO).
standard cost	A pre-determined cost of a unit of production or service on the basis of a specification of all the factors affecting costs given normal efficiency.
forward premium puzzle	The Fama Puzzle, based on the Fama regression, that the forward premium systematically under predicts the change in the spot rate, and sometimes is actually negatively correlated with it
stats	1
smuggle	To take a good across a national border illegally
option	1
labor intensive	A process or industry that requires large amounts of human effort to produce goods.
cls	Continuous Linked Settlement.
schedule	1
ba	1
ach	Automated Clearing House System.
taxable equivalent yield	The taxable equivalent yield (TEY) is a calculated value that calculates the pre-tax yield an investor would need to get so that after paying tax, the after tax yield would be equal to the tax-free yield on a municipal bond.
stratified sampling	A statistical sampling technique which divides the data into non-overlapping areas based on a particular condition
bank float	Time during which a remittance in the banking system is available neither to the payer nor to the payee.
statement of financial position	Financial reporting
prospectus	A document that discloses important investor information regarding a mutual fund, such as objectives, current holdings, and related fees and expenses
participation rate	The fraction of a country's working-age population that is employed or seeking employment.
signature guarantee	A warranty by the guarantor that the signature of the shareholder is genuine and the shareholder is competent and authorized to sign
default	Failure to repay a loan
g20	The same as G-20.
tariff deficit	Despite appearances, this is not a term in international economics
growth rate	Percentage rate at which stocks or earnings are growing
fulfillment	The system necessary for accurate delivery or an ordered item, including subscriptions and direct marketing.
marginal product	In a production function, the marginal product of a factor is the increase in output due to a unit increase in the input of the factor; that is, the partial derivative of the production function with respect to the factor
quid pro quo	Latin phrase that means 'what for what or something for something'
financial analysis	The techniques used to determine money needs in a business
bf	Brought Forward.Referring to the opening balance in an account for a period, brought forward from the previous period.Sometimes written B/f.
in-service withdrawal	A withdrawal of certain contributions, as specified in the plan document, from the employer-sponsored retirement plan while you are still actively employed.
commercial paper	An unsecured, ...
small open economy	An economy that is small enough compared to the world markets in which it participates that (as a good approximation) its policies do not alter world prices or incomes
pfandbrief	Germany
third way	An economic philosophy espoused by some leftish political leaders in the late 20th century, including Bill Clinton and Tony Blair
pollution haven	A country that, because of its weak or poorly enforced environmental regulations, attracts industries that pollute the environment.
debtor days	The same as Days Sales Outstanding.
cap and trade	Environmental policy
frs 26	UK Financial Reporting Standard 26, implements the recognition, measurement and hedge accounting requirements of the International Accounting Standard IAS 39.
initial public offering	The first sale of stock by a private company to the public
bank identifier code	(BIC)
current rate method	All known as All-current rate method.
inside day	a day in which the total range of price is within the range of the previous days price range.
granularity	The presence within an industry of large firms
herfindahl index	A standard measure of industry concentration, defined as the sum of the squares of the market shares (in percentages) of the firms in the industry.
assets	Anything having commercial or exchange value that is owned by a business, institution or individual.
m&a	Mergers and Acquisitions.
benefits agency	Pensions
cross hedge	The act of hedging ones position by taking an offsetting position in another good with similar price movements.
shareholder equity	ownership interest of common and preferred stockholders in a company
technology	the technical means for the production of goods and services.
negative divergence	the situation when two or more indicators, indexes, or averages, fail to show confirming trends.
allowance	A sum set aside for an occurrence that may or may not come to pass
hicksian surplus	See Marshallian surplus.
speculator	Anyone who engages in speculation
custodial account	An account established for the benefit of a minor or other beneficiary
investment policy statement	The agreement between a portfolio manager and a client that provides the guidelines for the manager.
money order	An instrument used to remit money to the named payee, often used by persons who do not have a cheque account relationship with a financial institution, to pay bills or transfer money to another person or to a company
exempt approved status	Pensions
capital mobility	The ability of capital to move internationally
frag	A ‘Technical Release' from the Institute of Chartered Accountants in England and Wales (ICAEW) Financial Reporting and Advisory Group.
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
cfo	Chief Financial Officer.
phytosanitary	Pertaining to the health of plants, especially freedom from pests and pathogens
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
prepaid expenses	A prepaid expense occurs when services or supplies are purchased but not used by the end of the accounting period, such as property taxes (if your fiscal year-end is not the same as the year-end for property taxes) and insurance.
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.
judgment lien	Charge upon the property of a debtor resulting from a court decree, properly entered, declaring that the owner is indebted and fixing the amount of the indebtedness.
price to earnings ratio	(PER)
exercise	To execute the terms of a contract
taxable bonds	These bonds are primarily issued by the U.S
employer-sponsored retirement savings plan	Any of several plans set up by employers so that their employees may take advantage of tax-deferral on retirement savings
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.
market segmentation theory	A theory on the structure of the yield curve
heckscher-ohlin core propositions	See core propositions.
non-registered account	A type of ...
canada revenue agency	Canada Revenue Agency, formerly Canada Customs and Revenue Agency, and formerly Revenue Canada Taxation. The CRA administers tax laws for the Government of Canada, and for most provinces and territories. The CCRA became the CRA on December 12, 2003.
ibrd	International Bank for Reconstruction and Development.
unity	One
contraction	Represents a downturn in the economy and can lead to a recession if prolonged.
automated order entry system	An electronic system which bypasses the floor broker in order to expedite the execution of smaller orders.
money	Refers to cash (currency and coin) in official currency (the legal tender) guaranteed by the relevant government.
frs 13	The former UK Financial Reporting Standard 13
net	1
zero-sum game	A situation in which one participant's gains result only from another participant's equivalent losses
splintering	Another term for fragmentation
buy american act	U.S
knowledge capital model	A model of a multinational enterprise in which knowledge capital plays an essential role
precedent	The process whereby a decision is taken in a certain way because a previous decision was taken that way
ex dividend	(Ex div).1
nikkei	A stock market index for the Tokyo Stock Exchange.
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
incidence	See tax incidence.
asset allocation:	How a fund's corpus is distributed in percentage terms across the various asset classes it chooses to invest in.
network	A set of connections among a multiplicity of separate entities sharing a common characteristic
sox	Sarbanes-Oxley Act.
modality	Method or procedure
ias 19	International Accounting Standard 19, dealing with employee benefits.Issued by the International Accounting Standards Board.
the advantages of bonds	Bonds contribute an element of stability to almost any portfolio and offer a safe and conservative investment.
market-out clause	A clause that allows a dealer to cancel the issue if market conditions changed to the point where the issue becomes un-saleable.
condition	1
tracing	The principle, sometimes applied in rules of origin, that only the domestically-produced content of intermediate inputs can count as domestic in products that use them as inputs
developed country	A country whose per capita income is high by world standards.
universal copyright convention	One of two international copyright conventions (the other is the Berne Convention, the UCC standardizes how an author may claim copyright so as to be recognized under national laws.
de facto director	One who acts as a director without having been formally appointed as one
erp	1
extended trading	Trading conducted on electronic exchanges either after regular trading hours are over or before they begin
inefficient portfolio	Portfolio analysis
eft	Electronic Funds Transfer.
zba	Zero Balance Account.
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.
to market	See pricing to market.
continuation pattern	A chart formation indicating that the current trend will continue.
pension fund	1
commodity terms of trade	1
amplitude	The extent of the up and down movements of a fluctuating economic variable; that is, the difference between the highest and lowest values of the variable
auction	Selling property to the highest bidder.
firm	an organization that produces goods and services for sale.
technique of analysis	A method used for displaying or manipulating economic models.
equalization	See factor price equalization.
maghreb	The region of West and Central North Africa comprised of Algeria, Libya, Mauritania, Morocco, Tunisia, and Western Sahara
economies of scale	A decrease in production costs per unit as a result of increasing production output.
spousal consent	When IRA holders wish to name someone other than or in addition to his or her spouse as primary beneficiary of the IRA, spousal consent is generally required in states maintaining community or marital property laws.
arbitrage trading program	A program used to simultaneously place orders for stock index futures and the underlying stocks
beta:	The indicated level of volatility associated with the fund as compared to its benchmark, for e.g
put call parity	Put-call parity theory.
liquidity preference theory	A theory that tries to explain the shape of the yield curve
markup	1
annecy round	The second (1949) of the trade rounds conducted under the auspices of the GATT.
repudiation	Law
cum interest	1
atm	Automated Teller Machine
cashier's cheque	Also known as a bank draft.
export promotion	A strategy for economic development that stresses expanding exports, often through policies to assist them such as export subsidies
subgame	A portion of a game that is itself a game.
ftse 350	1
textiles	Cloth
ex ante analysis	Analysis of the effects of a policy, such as trade liberalization or formation of a PTA, based only on information available before the policy is undertaken
econometrics	The application of statistical methods to the empirical estimation of economic relationships
confidence intervals	Statistics
medium term note	A note that usually matures in 5-10 years.
time bins	Risk management
aggregation	The combining of two or more kinds of an economic entity into a single category
target fund	Pension funding
concentration account	Also known as Master account.
usa patriot act	Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act, 2001
adjustment cost	The cost -- temporary but sometimes severe -- incurred by a person or firm in moving from one equilibrium to another
be	Bill of Exchange.
public rating	Credit ratings
credit score	A summary based on the credit record of an individual or a business, to represent their creditworthiness
inheritability	The right to leave an estate to a specific designee.
bcc	British Chambers of Commerce.
money laundering	The conversion of large amounts of money the source of which one wants to hide (e.g., from drug trafficking) into a form that appears to be legitimate
decreasing returns to scale	A property of a production function such that changing all inputs by the same proportion changes output less than in proportion
incremental cash flows	In financial decision making, the incremental cash flows are those which will be different, depending on whether or not the decision is implemented.It is only the incremental cash flows which should theoretically be taken account of in making the related financial decision.For example, 'Sunk costs don't count'.
personal-use property	Personal-use property includes cars, boats, furniture, cottages and other property purchased for personal use.
currency reserves	This usually means international reserves.
european investment bank	The "long-term lending bank of the European Union." It supports projects within the member states as well as in countries that are working to become members states of the EU.
jv	Joint Venture.
approved deferred share trust	(ADST)
labor force	The number of available workers in a country, defined as the sum of those who are employed and those who are classed as unemployed.
adb	1
private bill	The term used for legislation that originates from a particular member of Parliament or from a member of the public
gazette	London Gazette.
risk spreading	The holding of a diversified portfolio.
investing style	In the context ...
deregulation	The reduction or elimination of government power within a particular industry
stamp duty	An ad-valorem or flat rate charged upon certain documents.
trade date	The trade date for securities transactions is the date the the transaction was entered into
monetary stimulus	Expansionary monetary policy
financial year	UK tax
pob	Professional Oversight Board.
tick	The minimum PRICE change possible in a financial marketplace.
v4	The Visegrad Group of countries.
folio number:	A unique account number, akin to a bank account number given by fund house to you
penny stock	A low-priced stock whose ownership generally entails substantial risk.
export-import company	A firm whose business consists mainly of international trade: buying goods in one country and selling them in another, thus both exporting and importing
alcan	Acuerdo de Libre Comercio de América del Norte (Spanish for North American Free Trade Agreement)
profit shifting	1
short-term bond fund	This mutual fund invests in bonds that mature in one to three years
infant industry argument	The theoretical rationale for infant industry protection.
bilateral quota	An import (or export) quota applied to trade with a single trading partner, specifying the amount of a good that can be imported from (exported to) that single country only.
metzler diagram	A diagram showing the joint determination of savings, investment, and the interest rate in two countries
provision	A legal clause ...
import quota	See quota.
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
logarithm	A particular mathematical transformation often used to express economic variables
first-in-first-out	Inventory items acquired earliest are sold first.
american depository receipt	(ADR)
gross interest	1
baccalaureate bond	A zero-coupon ...
bond mandate	A letter of instruction and authorisation given to a lead manager by the issuer of a bond.
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.
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.
reporting entity	Financial reporting
market	1
leptokurtic	Leptokurtic frequency distribution.
short interest	UK Tax
ibor	InterBank Offered Rate.
dso	Days Sales Outstanding.
interest rate risk	The likelihood of a decline in value in a security because of changes in interest rates
chartered accountants ireland	The professional association for chartered accountants in Ireland.
international monetary fund	Entity whose purpose is to promote cooperation and collaboration on international monetary and trade issues.
inventory investment	the value of the change in total inventories held in the economy during a given period
median	1
lagging	Risk management
inshoring	Term used occasionally as an opposite to offshoring, when a foreign firm relocates a part of its productive activity into the domestic economy.
constant yield method	One of two ways ...
repatriation	To return something, especially money or profit, to the country of its owner or its origin.
technical inefficiency	See X-efficiency.
daylight exposure	Also known as Daylight credit.
msci world index	An index of major world stock markets, including the United States
content requirement	See domestic content requirement.
jgb	Japanese Government Bond.
source	A source is the origin of your money in your retirement plan
back value dating	Back value date.
html	HyperText Markup Language.
appreciate	See appreciation.
ratio	A ratio is the relation in number or degree between two things
stochastic	Describing a model or process containing one or more random components.
accrued benefit obligation	(ABO)
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
sector	A particular group of stocks usually found in one industry.
unit tariff	Specific tariff.
customs valuation procedure	The method by which a customs officer determines the customs value
apb	1
capitalisation	1
resource allocation	Sometimes said to be the fundamental problem of economics: how to allocate an economy's resources (including its land, labor, natural resources, etc.) to the various purposes to which they could be put.
cost per share	The amount you paid for your grant (if any).
u.s. government securities	Debt instruments issued by the U.S
equity	A synonym for stock, the term refers to an ownership interest in a corporation.
bear spread	1
circular flow	The "circular flow of income and expenditure" refers to the fact that income earned in production is spent on goods that were produced, providing the funds to pay that income
tax credit	A provision of the tax code that specifies an amount by which a taxpayer's taxes will be reduced in return for some behavior.
b2c	Business to Customer.
social cost	The cost to society as a whole from an event, action, or policy change
transfer	1
expected value	The arithmetic mean value of a population.
overriding trust deed	See wraparound encumbrance.
cabotage	1
outward fdi	Foreign direct investment by a domestic firm establishing a facility abroad
eu	European Union.
international payment instruction	(IP)
net worth	Same as equity
fixed charge	Law
population	The set of all possible items.
mean deviation	Statistics
nominal rate of protection	The protection afforded an industry directly by the tariff and/or NTB on its output, ignoring effects of other trade barriers on the industry's inputs
overhead	The costs of a firm that are not directly related to its output, usually interpreted in economic models as fixed costs.
golden parachute	Lucrative benefits given to top executives in the event that a company is taken over by another firm, resulting in the loss of their job
brics	Acronym for four large low-income countries, Brazil, Russia, India, and China, that were growing rapidly in the early years of the 21st century
principal residence exemption	This exemption partially or completely eliminates any capital gain resulting from the disposition of a person's principal residence
contingent assets	Financial accounting
index	A benchmark against which to evaluate a fund's performance
periodic rate	1
earnings cap	Pensions
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
washington consensus	A set of economic practices and reforms deemed by international financial institutions (located in Washington, D.C.) to be helpful for financial stability and economic development; often imposed as conditions for economic assistance by these institutions
benchmark	The performance of a predetermined set of securities, used for comparison purposes (e.g
webb-pomerene act	US legislation enacted in 1918 exempting certain exporters and exporter associations from anti-trust legislation.
emu	European Economic and Monetary Union.
soxa	Sarbanes-Oxley Act.Also known as "SOX".
gaap	GAAP stands for generally accepted accounting principles. The financial statements of a business must be prepared according to GAAP. The primary source for generally accepted accounting principles is the CICA handbook.
cash flow statement	A Cash Flow Statement shows where cash comes from, what it is spent on during the reporting period and the net increase or decrease in cash owned by the company during this period.
direct effect	Law
agent	Agency.
chiang mai initiative	An agreement in 2000 among the "ASEAN+3" countries (ASEAN plus China, Japan, and S
permit	A license issued by government granting permission to engage in some activity, such as to export, import, or invest.
product purchases	Cash spent by the company on those items necessary to directly produce the product or service.
bar chart	A chart where the quantity of an item is represented by the height of a bar.
epz	Export processing zone.
enterprise	A firm.
xb	Exchangeable Bond.
cepr	1
rate of inflation	Inflation rate.
offline	1
judicial precedent	Law
tms	Treasury Management System.
pareto-optimal	Having the property that no Pareto-improving change is possible.
tragedy of the commons	The tendency of a publicly available resource to be overused, because individual users do not bear the full cost of their use, which is instead shared by everybody
autoregressive	Using previous data to predict future data.
announcement date	The date on which a firm's directors meet to announce the date and amount of...
operating expenses	See selling, general and administration SG&A expenses.
bretton woods	A town in New Hampshire at which a July 1944 conference of 44 countries launched the IMF and the World Bank
skilled labor	Labor with a high level of skill or human capital
forecasting	The process of analyzing historical and current data in order to determine future trends.
adjusted contribution rate	Pensions
tariff redundancy	See redundant tariff.
incomplete information	See complete information.
days sales outstanding	(DSO)
building bloc	Or building block
asset management fee	The fee charged by the asset management company (AMC) for portfolio management
allocative efficiency	Refers to whether or not an allocation is efficient
fcu	Fictional Currency Unit.Used for illustrative purposes in some foreign exchange training materials.
several liability	Joint and several liability.
account	1
greenshoe	the over-allotment option in an IPO
acceleration	Loan documentation
adv form	A form detailing financial information regarding a registered investment advisor which is filed with the SEC commission.
statistically significant	1
time series	Several measurements of a variable taken at regular intervals, such as daily, monthly, quarterly, and so on
political economy of protection	The study of reasons, especially political ones, that countries choose to use protection
negotiable instrument	A promise to pay money which is freely transferable without formality from one person to another
sole trader	A sole trader effectively entails an individual trading alone.Also known as a single trader.
reinsurance	The insurance that is sold to companies that sell insurance to the public, thus protecting them, in turn, from major losses due especially to major disasters such as hurricanes and floods.
employer matching contributions	If provided for under the plan, employer matching contributions may be discretionary or mandatory
nikkei stock average index	An index of 225 leading stocks traded on the Tokyo stock exchange.
forward forward deposit	A forward forward deposit is a contract struck today, for the physical depositing of funds at a fixed future date
barro misery index	See misery index.
extraordinary redemption	A provision that ...
all-inclusive encumbrance	See wraparound encumbrance.
registered representative	A brokerage firm employee who is registered with the Securities and Exchange commission to handle investor accounts.
ratio covenant	An undertaking given in a loan agreement by the borrower that it will operate its business within a financial constraint specified in the form of balance or other financial ratios.
deposit account	Accounts in credit unions, banks, and savings and loan associations
certitm	The Certificate in International Treasury Management awarded by the Association of Corporate Treasurers.
rule of law	A legal system in which rules are clear, well-understood, and fairly enforced, including property rights and enforcement of contracts.
auto sales	The major producers of domestic automobiles report sales monthly
delegatus non potest delegare	A latin phrase meaning that a person who has been delegated to cannot sub-delegate.
orange box	See amber box.
cyclical unemployment	The portion of unemployment that is due to the business cycle and thus rises in recessions but then disappears eventually after the recession ends.
unfunded scheme	Pensions
roa	Return On Assets.
nopat	Net Operating Profit After Tax.
bcm	Business contingency management
micr	Magnetic Ink Character Recognition.
fas	Same as FOB but without the cost of loading onto a ship
ifric	International Financial Reporting Interpretations Committee
central limit theorem	It states formally that the average of a large number of independent identically distributed random variables will have a normal distribution.The central limit theorem is important in sampling theory
joint product	One of two or more products (goods and/or services) that are produced by a single production process, such as milking a cow to produce both milk and cream
redemption	When the principal of the bond is paid off, the bond is said to be redeemed
nondiscrimination	The treatment of all others equally, or at least subject to the same rules and procedures
prospect theory	A theory of 'irrational' economic behaviour
investment banking	the practice of raising money for companies
neoclassical economics	Most of modern, mainstream economics based on neoclassical assumptions
marginal value product	The value of the marginal product of a factor in an industry; that is, the price of the good produced times the marginal product
blockade	A militarily enforced interference with a country's trade, usually by naval forces preventing access to its ports.
liquidity premium	1
ricardo-viner model	A specific factors model with a single specific factor in each industry and one mobile factor, named after two of the many who used this as the standard model of trade prior to the Heckscher-Ohlin Model
cepii	"The CEPII is France's leading institute for research on the international economy." Known particularly for the economic data that it makes available.
new growth theory	See GROWTH.
gold exchange standard	A monetary system that sought to restore features of the Gold Standard in the 1920s and again in the Bretton Woods System, while economizing on gold
new product	See product cycle.
russell 3000® index	The Russell 3000® Index is an unmanaged market-capitalization-weighted index measuring the performance of the 3,000 largest U.S
blue collar worker	A worker who performs manual labour.
future value	(FV)
input-output	Refers to the structure of intermediate transactions among industries, in which one industry's output is an input to another, or even to itself.
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)
pi	Credit ratings
procurement card	Also known as a Purchasing card.
fdi spillover	See spillover.
harkin bill	The Child Labor Deterrence Act, introduced into the US Senate by Iowa Senator Tom Harkin several times from 1992 through 1999 but never passed into law.
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.
tax concession	A special provision for a firm not to pay a tax that it would otherwise owe, provided by a local, state, or national government as an inducement to invest
normal distribution	Statistics
capital gain	Profit from a sale of an investment constitutes a capital gain
arc	1
cica	CICA is the Canadian Institute of Chartered Accountants. The CICA publishes the CICA handbook, which provides the primary source of generally accepted accounting principles.
variable costs	Operating expenses that fluctuate with occupancy, such as utilities and maintenance costs.
correction	A reverse ...
depository trust company	(DTC)
accounts receivable	Money owed to a business for merchandise or services sold on an open account.
electronic wallet	Also known as an electronic purse.
recession	A significant decline in economic activity
durable good	A good that can continue to be used over an extended period of time.
import elasticity	Usually means the import demand elasticity.
tax-free gifts	Gifts free from any federal gift tax imposition; up to $10,000 annually from each donor to each donee.
cgo	Central Gilts Office
truncated	cut; in a truncated axis, some of the range of values are omitted, usually to save space.
life cycle	See product cycle.
url	Uniform Resource Locator
ranches	Land grants for grazing or farming issued by the king of Spain to political or military agencies in California.
reserves	1
beneficiary	A person who will inherit money or other property left by a decedent
targeting	See industrial targeting
national insurance	A UK tax paid by individuals and employers to secure certain benefits such as a state pension.
walras' law	The property of a general equilibrium that if all but one of the markets are in equilibrium, then the remaining market is also in equilibrium, automatically
sepa	Single Euro Payments Area.
corpus:	The amount of money available with a scheme for investing
eviction	Legally dispossessing occupants of real property for unlawful detainer.
sar-sep	A salary deferral SEP (simplified employee pension plan) established by the employer allowing an employee to defer a pretax portion of his/her salary into an IRA
trading loan	Where a company borrows or lends money for the purpose of the trade.
boycott	To protest by refusing to purchase from someone, or otherwise do business with them
insider trading	The buying or selling of a security by insiders who possess material, nonpublic information about the security
blocked input tax	VAT
endogenous protection	Protection that is explained as the outcome of economic and/or political forces
rights of accumulation	A term referring to the reduction in sales charges if the current share purchase qualifies for a breakpoint when aggregated with the existing value of other eligible holdings.
navigation acts	Laws passed by England in 1651 and 1660 that required goods shipped to, and later also from, England to and from the colonies to be carried in English ships
annualized return:	In the above example, had you earned the 20 percent over say two years, your absolute return is 20 percent, but your annualize return is 10 percent
sterling overnight index average	(SONIA)
open-market operation	a purchase or sale of U.S
capital scarce	A country is capital scarce if its endowment of capital is small compared to other countries
money market:	The market for short-term debt instruments maturing in one year or less
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.)
deferred annuity	An annuity contract under which periodic income payments begin at a future date
formula approach	A procedure for organizing multilateral trade negotiations using a formula for tariff reductions as a starting point
atlantic council	An organization based in Washington, DC, that seeks to promote leadership and engagement in international affairs.
airbus	Airbus, a subsidiary of EADS, is a company producing aircraft in Europe
pro bono	To work for the good of the public rather than for a profit or income.
net working capital	(NWC)
moody's investors service	One of the major bond credit rating services.
fixture	Article of personal property attached permanently to a building or land so that it becomes part of the real property.
bill of exchange	(BE)
cch	USA
pension plans	Also known as defined benefit retirement plans, these plans provide benefits during retirement, which may be based on years of service and earnings (in other words, the benefit is "defined" in advance)
sepa direct debit	(SDD)
fiscal crisis	This occurs when a unit of government runs a fiscal deficit and is unable to borrow to finance it
production possibility curves	A graphical representation of the amount of two products which can be made by an economy, assuming all resources are fully utilised.
substitute	One good is a substitute for another if an increase in demand for one (or a fall in its price) causes a decrease in demand for the other
courtesy amount recognition	(CAR)
auction quota	An import quota that is allocated by selling the rights to the highest bidder
flexible benefit plan	A plan that offers a choice among cash and/or qualified benefits such as group term life insurance, accident and health insurance, group legal services, dependent care assistance and vacations.
g-10	Group of Ten.
short position	a position wherein a person’s interest in a particular series of options is as a net writer (i.e., the number of contracts sold exceeds the number of contracts bought).
income elastic	Having an income elasticity greater than one.
demand loan	Also known as an overdraft.
participant in an fts	A party which participates in a transfer system
certificate of deposit	A certificate made out in the owner's name showing that a certain amount of money is on deposit at a bank and is earning interest at a specified rate.
nonproduction worker	A worker not directly engaged in production
diversifiable risk	In the Capital asset pricing model, also known as Specific risk.
trade dependency	See dependency theory.
mutualization	The process of ...
short	1
tariff heading	The descriptive name attached to a tariff line, indicating the product to which it applies
import bias	1
lien	A legal claim by one party against the property of another assecurity for a debt.
economic value added	A measure of a company's financial performance coined by Stern Stewart & Co
bic	Bank Identifier Code.
vertical fdi	Foreign direct investment by a firm to establish manufacturing facilities in multiple countries, each producing a different input to, or stage of, the firm's production process
p/e ratio:	The ratio of the last closing price and the earnings per share
glide path	A strategy typically employed by target-date funds and other similar-type investment vehicles to gradually reduce risk over time by moving to a more conservative investment line-up as the investor nears a specific date in time (normally, retirement date).
scatter diagram	a graph that shows points that correspond to actual observations of the x- and y-variables; a curve is usually fitted to the scatter of points to indicate the trend in the data.
standing order	(SO)
fixing instrument	Risk management
user fee	See customs user fee.
net income	1
unattributable input vat	VAT which cannot be attributed directly either to exempt supplies nor to taxable supplies.
swap	1
trade facilitation	One of the Singapore Issues, this refers in the Doha Declaration to "expediting the movement, release and clearance of goods, including goods in transit." This includes customs procedures and other practices that may add to the cost or time requirements of trade.
cost-push inflation	Inflation caused by an increase in costs for firms (for example, trade unions driving up wages), which in turn are passed on to consumers in the form of higher prices.
registered	Bonds Registered bonds are bonds that are issued as a physical certificate, and the owner is registered with the bond trustee
cgt	Capital Gains Tax.
acquisitions	VAT
tier 2 capital	A term used to describe the capital adequacy of a bank
nash equilibrium	An important concept in GAME THEORY, a Nash equilibrium occurs when each player is pursuing their best possible strategy in the full knowledge of the strategies of all other players
chief financial officer	This is the senior manager who is responsible for overseeing the financial activities of an entire company
apparel	Clothing
market risks	Mutual Fund investments are subject to market risks
tws	Treasury Workstation.
non-market-clearing	A situation or economic model in which a market or markets do not clear, perhaps because something prevents prices from adjusting to discrepancies between supply and demand.
settlement date	The date on which securities are delivered and the purchase price is paid
effective duration	A duration calculation for bonds with embedded options
differential treatment	See special and differential treatment.
projected earnings	Pensions
value-added bank	(VAB)
spillover	A positive externality
time draft	Draft that demands payment at a specified future date.
equilibrium level	The value taken on by an economic variable in equilibrium, as opposed either to some other value, or to its rate of change.
contracted out/in	Pensions
increasing cost	1
net book value	(NBV)
convergence	The process of becoming quantitatively more alike
autocorrelation	A technique used to detect cyclic activity within the market.Also known as 'lagged...
variable life insurance policy	A life insurance contract that provides financial compensation to the named beneficiaries in the event of the insured's death
structural adjustment	A programme of policies designed to change the structure of an economy
frs 15	UK Financial Reporting Standard 15, dealing with tangible fixed assets.FRS 15 allows a high level choice as to whether the carrying values of tangible fixed assets are based on their orginal cost or on a revalued amount
input tax credit	An input tax credit can be claimed to recover GST/HST which has been paid by a GST registrant
definitive	With reference to a tariff or other trade barrier applied as a result of administered protection, this refers to the barrier imposed at the completion of the administrative process, as opposed to the preliminary barrier that may have been imposed at an earlier stage
moral hazard	The tendency of individuals, firms, and governments, once insured against some contingency, to behave so as to make that contingency more likely
short dates	A dealing term meaning periods up to one week, but sometimes used to refer to periods up to a month.
common currency	A currency that is shared by more than one country
will	A legal document detailing how you want your assets to be distributed upon your death
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.
k	In economic models, K is commonly used to represent "capital." This is presumably due to the fact that German for capital is kapital, and also the fact the C is more commonly used to represent consumption.
horizontal equity	One way to keep TAXATION fair
spv	Special Purpose Vehicle.
c/f	Carried forward.Also written CF.
competitiveness index	A measure of an economy's international competitiveness, such as the Global Competitiveness Index.
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
estate	A person's assets that are earmarked to be passed down to specified beneficiaries, typically specified in a last will and testament.
accounting rate of return	(ARR)
productivity	A measure of the amount of output per unit of input.
open outcry	A kind of auction system used by market traders under which all bids and offers are made openly by public, competitive outcry with the use of hand signals.
porter's diamond	The four determinants of competitive advantage of nations, as identified by Porter (1990): factor conditions; demand conditions; related and supporting industries; and firm strategy, structure, and rivalry.
amendment	A change or addition to a legal document which, when properly signed, has the same legal power as the original document.
load:	A fee levied by scheme on an investor at the time of buying or selling units, expressed as a percentage of the scheme's NAV
mode of supply	The method by which suppliers of internationally traded services deliver their service to buyers
deficit financing	1
redemption fee	A fee that may be charged in connection with selling a mutual fund or other similar-type investment
entrepreneur	A person who starts a business.
segregated funds	A type of mutual fund, sold by insurance brokers, which is guaranteed to return all or part of your initial investment. Segregated funds may be protected from creditors under certain circumstances. When a preferred beneficiary is designated, the funds are paid to the beneficiary upon death, avoiding probate.
legal risk	1
reconversion	A reconversion is a conversion of an amount from a Traditional IRA to a Roth IRA, where such amount had previously been converted and recharacterized.
awards canceled/forfeited/declined	Grants that were awarded and then canceled prior to vesting.
actuarial standards board	USA (ASB)
trade restriction	Any policy that reduces the amount of exports or imports, such as a tariff, quota, or other nontariff barrier.
interest	The cost associated with borrowing money.
interest factor	From a table, the numbers derived from formulas designed to indicate the present or future worth of money.
pay as you earn	(PAYE)
business	Activities undertaken for the purpose of earning profits.Larger businesses are normally undertaken by companies
overnight indexed swap	(OIS)
gatt ministerial	A ministerial meeting conducted under the GATT.
municipal bond	A debt security ...
ecgd	Export Credits Guarantee Department.
accounting reference date	The date to which a reporting entity's accounts are made up.
custodian	One who is responsible for the maintenance of an account but has no investment or management responsibilities.
fixed asset	A tangible long-term asset such as land, building or machinery, held for use rather than for processing or resale
days receivables outstanding	(DRO)
return on capital employed	(ROCE)
learning by doing	Refers to the improvement in technology that takes place in some industries, early in their history, as they learn by experience, so that average cost falls as accumulated output rises
solvency	1
fixed currency	Also known as Base currency.
financial risk	uncertainty about future outcomes that involve financial losses and gains.
boe	Bank of England.
perquisite	Usually shortened to perk, which is the more common usage.
sovereign immunity	The legal doctrine that the property of a foreign government is exempt from the jurisdiction of domestic courts
final good and services	goods and services sold to the final, or end, user.
agm	Annual General Meeting.
non-elective contribution	An employer contribution to a cash or deferral arrangement other than an elective deferral such as a profit sharing contribution
ifrs 4	International Financial Reporting Standard 4, dealing with insurance contracts.Issued by the International Accounting Standards Board.
preliminary	With reference to a tariff or other trade barrier applied as a result of administered protection, this refers to a barrier imposed part way through the administrative process, as opposed to the definitive barrier that is imposed when the administrative process is complete.
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
default premium	The additional ...
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%.
immiserizing transfer	A transfer that makes the receiving country worse off.
downsize	Reducing the size of a company by eliminating workers and/or divisions within the company.
firrea	The Financial Institutions Reform, Recovery and Enforcement Act of 1989.
preference	What consumers want (see REVEALED PREFERENCE).
round	See trade round.
maturity date	The maturity date of a bond is the date on which the bond will be repaid
shareholders' funds	(SHF)
shipping service	The act of transporting a good from one location to another on behalf of a client
percentile	Part of the “ile” family that signposts positions on a scale of numbers (see also QUARTILE)
separate legal order	An autonomous legal system
individual annuity contract	An annuity contract generally entered into between an insurance company and a person or persons.
acceptance credit	A UK money-market term for a bill of exchange drawn by a customer on its bank, which is accepted and then discounted by the bank, the proceeds being paid to the customer.
cutthroat competition	Predation.
aim	Alternative Investment Market.
subordination	The ranking of the claims of a creditor or other claimant after those of other creditors, for example subordinated debt.
dividends per share	Dividends paid for the past 12 months divided by the number of common shares outstanding, as reported by a company
irs	Increasing returns to scale = IRTS.
quoted currency	The currency which is quoted as the number of units per 1 unit of the base currency.
currencies	Money issued by governments
domestic international sales corporation	A type of U.S
operating expenses	The essential things that a company must purchase in order to maintain business.
exports	The quantity or value of all that is exported out of a country.
enabling act	A provision that confers on appropriate officials the power to create law.
currency manipulation	The use of exchange market intervetion to keep the exchange rate above or below the equilibrium exchange rate
funding level	Pensions
aibor	Amsterdam Interbank Offered Rate.
small business deduction	The small business deduction is a reduction in corporate taxes for Canadian controlled private corporations, or CCPCs
fmcg	Fast Moving Consumer Goods.
bep	Break even point.
bad debt expense	Accounting
elasticity pessimism	The view that elasticities of demand for imports are sufficiently small that the Marshall-Lerner Condition will be violated
quarter	One of the four three-month periods into which the calendar year is divided for the reporting of economic data.
secondary legislation	Law.1
utility possibility frontier	In a diagram with levels of individual utility on the axes, a curve showing the maximum attainable levels of utility in a given situation, such as free trade or autarky
know-your-customer	(KYC)
peso	The unit of currency of Mexico.
mode	Statistics
benign neglect	Refers to doing nothing about a problem, in the hope that it will not be serious or will be solved by others