English

Payment to members of parliament for their expenses in connection with their political mandate (parliamentary mandate). – In older documents, also payment to officials without a fixed salary (honorary officials) as reimbursement for their…

In older documents, another name for the lottery ticket, namely the proceeds from sales at the end of a day. Attention: The financial encyclopedia is protected by copyright and may only be used for…

In older documents, another name for the lottery ticket, namely the proceeds from sales at the end of a day. Attention: The financial encyclopedia is protected by copyright and may only be used for…

In the case of a company, one day’s cash proceeds from sales. – In old documents also a duty that was to be paid as a percentage – of the (business) proceeds or –…

Price determined by the exchange at the end of each trading day on the basis of the prices paid during the last trading minutes. It is used primarily on commodity exchanges to determine the…

Price determined by the exchange at the end of each trading day on the basis of the prices paid during the last trading minutes. It is used primarily on commodity exchanges to determine the…

In ancient Greek philosophy, an inner voice in every human being that warns in decisive acts of choice and thus discourages the execution of a dangerous activity. Transferred from there to the financial world…

Early levy for the construction and maintenance of a dam (a barrier for preventing the passage of water) on coasts and along river and canal banks. – Before the regulation – contemporary: rectification –…

In relation to the financial market in general, the amount of money lost from a financial transaction. Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without…

In relation to the financial market, a meeting of several people who have been defrauded by a financial vulture. Experience shows that these are sought via the Internet and are now also brought together…

A – location, usually far away abroad, because permission to do business at home is not available, – from which persons motivated by very high commissions – via telephone, e-mail, forums and also via…

The population of EU member Denmark had opted out of the common monetary policy, EU military policy, and police and legal cooperation in 1993 after voting against the Maastricht Treaty. A referendum on the…

A compulsory tax (tribute) formerly payable to the Danes by the peoples they ruled. – A levy for manning and equipping an armed force to counter predatory incursions by the Danes, also called Danish…

Said in older literature for usury of interest, for charging an interest rate above the market rate in financial transactions. – See agiotage, finance, finance vulture, money sucker, plus making, rebbes, sin money, overcharge,…

Persian gold coin weighing 8.4 grams from the 6th cent. bc. Chr., which remained widespread in Asia Minor for a long time. According to some, the name derives from the Persian word “dari” for…

In 1696, the Company of Scotland was founded in Scotland as a joint stock company with the aim of establishing a Scottish colony in Darien in the eastern part of Panama. Efforts were made…

Trading platform for financial products outside the stock exchange. Until now, regulators have approved such trades mainly when large orders would have had an undesirable impact on the market. – See counterparty, central, market,…

In financial parlance, this refers to dubious contacts with trading partners on the Internet, where the partners can usually neither be determined locally nor classified in terms of their fairness and reliability. – See…

At an institution, the search for specific accounts, transactions, operations, sales, and other events, usually by way of special computer programs. – The use of refined statistical techniques to find out answers to gordian…

In the language of the ECB, basically the results of forward-looking surveys: of expectations among market participants. In contrast, hard data are the EX POST measured numbers of events that actually occurred. – See…

With regard to monetary policy, the fact that timely and reliable data on the current economic situation are hardly available. For the ECB, this is compounded by the fact that the comparability of the…

Debt instrument named after the American financial politician Charles G. Dawes (1865-1951), which the German Reich issued in 1924 with a coupon of originally seven percent in the amount of 960 million gold marks…

German share index, containing around thirty blue chips, but reflecting a total of around seventy percent of German stock market capitalization. The index was introduced on July 1, 1988, and very quickly became the…

An option contract that refers to a specific index level of the Dax. – See bonus certificate, Kerviel scandal, option. Attention: The financial encyclopedia is protected by copyright and may only be used for…

On the stock exchange, an order to buy or sell which expires automatically if it could not be executed by the end of the trading hours (order which instructs the broker to cancel any…

On the stock exchange, an order to buy or sell which expires automatically if it could not be executed by the end of the trading hours (order which instructs the broker to cancel any…

Unless otherwise defined, this refers to the market value of an asset at a given point in time. In the case of some listed goods, the price may fluctuate widely within a day. Therefore,…

Unless otherwise defined, this refers to the market value of an asset at a given point in time. In the case of some listed goods, the price may fluctuate widely within a day. Therefore,…

A purchase in which securities or goods are delivered and accepted for cash on the day of the trade. – Entering into positions which are closed out on the same day (anyone who actively…

A purchase in which securities or goods are delivered and accepted for cash on the day of the trade. – Entering into positions which are closed out on the same day (anyone who actively…

Form of securities trading in which positions are entered into within one trading day and closed out again – usually on the same day or – in up to five days (innergame swing method)…

In the case of Internet banks, the need to offer services on a 24-hour basis (24-hour call center). This results in very high costs, especially because of the night shift premium and Sunday premium…

In the case of Internet banks, the need to offer services on a 24-hour basis (24-hour call center). This results in very high costs, especially because of the night shift premium and Sunday premium…

Unless otherwise defined, in the stock market this means a short-term loan secured by marketable securities (a loan which can be called at any time, meaning that the lender may request its reimbursement at…

Unless otherwise defined, in the stock market this means a short-term loan secured by marketable securities (a loan which can be called at any time, meaning that the lender may request its reimbursement at…

Generally, the period of time offered to a borrower to remedy a default situation before an event of default is formally declared – Formerly, in bills of exchange, often two days granted after their…

Days of Inventory Outstanding (DIO), also known as “days inventory”, is a financial metric that measures the average number of days a company holds inventory before selling it. This metric is used to evaluate…

Period that indicates how long it takes a company on average to pay its trade payables. The corresponding figure is calculated by multiplying trade payables by 365 and dividing by revenue, i.e. all income…

Key figure that reflects the average payment period used by customers. It is calculated more precisely by multiplying trade receivables by 365 and dividing by revenue. – The ratio obtained in this way should…

Days Sales Outstanding (DSO) is a financial ratio that measures the average number of days it takes a company to collect payment after a sale has been made. It is a measure of the…

Charge for the freeing of a ship trapped in frozen waters by an ice-breaker; see § 621 HGB (German Code of Commerce). – See handling charge, boarding charge, ford charge, harbor charge, wharfage, cap…

Generally, the removal of an asset or liability – or part thereof – from a company’s balance sheet (the process of no longer booking an asset on balance sheet, often connected with now booking…

The seizure of a debtor’s body for the purpose of enforcing the outstanding debts of the deceased by the relatives. This was widely practiced in the Roman Empire; however, it was condemned as immoral…

Banknotes of the USA on which a deceased president is depicted (any denomination of banknotes in the USA that includes a portrait of an American dead president on it). – See Bob, Geldbezeichnungen, volkstümliche…

A deposit given to the creditor – the bank – which cannot be realized, for example, because the security has been stolen. Attention: The financial encyclopedia is protected by copyright and may only be…

A deposit given to the creditor – the bank – which cannot be realized, for example, because the security has been stolen. Attention: The financial encyclopedia is protected by copyright and may only be…

Employees of a bank and of a company in general who – especially after reorganization or in the wake of mergers and acquisitions – are dispensable (employees that are no longer considered useful or…

Employees of a bank and of a company in general who – especially after reorganization or in the wake of mergers and acquisitions – are dispensable (employees that are no longer considered useful or…

In a broad sense, any agreement that is reached after negotiation. – In particular, an active action in the financial market that leads to a result and roughly congruent with the term engagement. –…

The only decisive reason or reasons which – in general – speak against participation in an investment, a deal, and – in a narrower sense, in the case of a bank, against granting a…

The rate at which business proposals and investment pitches are received by financiers such as investment bankers and other funding institutions. – See Deal, Roadshow. Attention: The financial encyclopedia is protected by copyright and…

In older literature, a term for such transactions that are paid immediately at the current price or debited in current account (a transaction where exchange is immediate, as contrasted to a forward contract, which…

Payment made by the employer to dependents in the event of the death of an employee. In Germany, civil servants used to continue to receive their (basic) salary for three months. – Sum paid…

Payment made by the employer to dependents in the event of the death of an employee. In Germany, civil servants used to continue to receive their (basic) salary for three months. – Sum paid…

A usually windy, unscrupulous corporation – issues an unusually large number of convertible bonds. – If these are converted into a share at maturity, then a dilution of the share capital occurs and –…

A usually windy, unscrupulous corporation – issues an unusually large number of convertible bonds. – If these are converted into a share at maturity, then a dilution of the share capital occurs and –…

Said in older documents for the debtor, that is, someone who is obliged to perform something for another party, the creditor, on the basis of an obligatory relation. – See debito. Attention: The financial…

In older commercial documents – an advance on customs duties (prepaid customs duty), which is received back from the customs administration on the basis of corresponding provisions; – a receipt, in relation to goods…

Often used in older literature to mean “to debit” in the sense of “to debit an account”. Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without…

The debiting of an amount from an account. – Any lien or claim on a tangible asset, such as real estate assets, transportation assets, inventories or equipment. – In the case of a public…

When cash is withdrawn from an ATM, the amount drawn is immediately debited from the account (pay-now principle). Compared with credit cards, debit cards involve lower or no fees for the cardholder and for…

In older documents, debt: that which is to be performed under a contract. – See debent. Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without express…

In the case of a private household, the sum of the claims of the lenders (amount of money a private household owes to creditors). – In the case of a company, the borrowed capital…

In the case of a private household, the sum of the claims of the lenders (amount of money a private household owes to creditors). – In the case of a company, the borrowed capital…

The collapse of a systemic bank, affecting the real economy as a whole – even internationally (a default on debts and/or other obligations taken on by a large financial institution that disrupts not only…

The collapse of a systemic bank, affecting the real economy as a whole – even internationally (a default on debts and/or other obligations taken on by a large financial institution that disrupts not only…

In general, a cap on new government borrowing. Following a referendum in 2001, Switzerland was the first country in the world to introduce a debt brake into the Federal Constitution (Article 126), which has…

In general, a cap on new government borrowing. Following a referendum in 2001, Switzerland was the first country in the world to introduce a debt brake into the Federal Constitution (Article 126), which has…

In the case of a bank, the capital transferred to it by lenders (the capital provided by lenders to a bank), which is necessarily converted into equity if certain capital ratios are not met.…

A derogatory term for the European Monetary Union that emerged around 2009 in connection with the Greek and Irish crises. It has degenerated into a transfer union and community of guarantors in which rescue…

A derogatory term for the European Monetary Union that emerged around 2009 in connection with the Greek and Irish crises. It has degenerated into a transfer union and community of guarantors in which rescue…

The cancellation of debt in favor of a company or government in difficulty as part of a restructuring program (in debt restructuring agreements, a percentage reduction of the amount that will be repaid to…

The cancellation of debt in favor of a company or government in difficulty as part of a restructuring program (in debt restructuring agreements, a percentage reduction of the amount that will be repaid to…

A derogatory term used in financial journalism in connection with the Greek crisis and the considerable imbalances in the national budgets of southern European EMU member states. The term is intended to indicate that,…

A derogatory term used in financial journalism in connection with the Greek crisis and the considerable imbalances in the national budgets of southern European EMU member states. The term is intended to indicate that,…

The practice of even large companies, not only in the USA, to hide losses and debts at subsidiaries. The Sarbanes-Oxley Act of 2002 made this practice a criminal offense in the USA. Thanks to…

The practice of even large companies, not only in the USA, to hide losses and debts at subsidiaries. The Sarbanes-Oxley Act of 2002 made this practice a criminal offense in the USA. Thanks to…

Loans at risk of default (impaired) or already determined to be irrecoverable (uncollectible) at a bank. – See arrangement, default rate, expected, default loss, default probability, debt-equity swap, default, reintermediation, distance to default, calibration,…

Loans at risk of default (impaired) or already determined to be irrecoverable (uncollectible) at a bank. – See arrangement, default rate, expected, default loss, default probability, debt-equity swap, default, reintermediation, distance to default, calibration,…

Any promise of debt, namely an obligation in any form to repay money received from the creditor in accordance with the terms of a contract (a paper or electronic document that allows the borrowing…

Generally, any declaration in which a debtor expresses his will to make a payment to a creditor. – The term “deed” is widely understood in traditional legal doctrine as a linguistic image consisting of…

Generally, any declaration in which a debtor expresses his will to make a payment to a creditor. – The term “deed” is widely understood in traditional legal doctrine as a linguistic image consisting of…

Financial instrument for which the interest rate is reset at regular intervals on the basis of a reference index (benchmark index) and thus adjusted to changes in short- or medium-term market interest rates. In…

Financial instrument for which the interest rate is reset at regular intervals on the basis of a reference index (benchmark index) and thus adjusted to changes in short- or medium-term market interest rates. In…

Financial instrument in which the interest rate is fixed for the entire term of the contract. – See interest rate, fixed interest rate. Attention: The financial encyclopedia is protected by copyright and may only…

Financial instrument in which the interest rate is fixed for the entire term of the contract. – See interest rate, fixed interest rate. Attention: The financial encyclopedia is protected by copyright and may only…

Generally, a document that evidences a loan or contractual obligation (any document that is issued with a promise of repayment on a certain maturity date at a specified rate of interest. These types of…

Generally, a document that evidences a loan or contractual obligation (any document that is issued with a promise of repayment on a certain maturity date at a specified rate of interest. These types of…

EmissionsRahmenvertrag): A contractual framework and model documentation for the purpose of simplified, standardized issuance of securities on the capital market. – See continuous issuance. Attention: The financial encyclopedia is protected by copyright and may…

In the financial market, the mutual debt relationships existing between two contracting parties (one party’s exposure to another party). – See clearing, netting, account, current. Attention: The financial encyclopedia is protected by copyright and…

In the financial market, the mutual debt relationships existing between two contracting parties (one party’s exposure to another party). – See clearing, netting, account, current. Attention: The financial encyclopedia is protected by copyright and…

In the context of the Stability and Growth Pact – the gross total debt at nominal value – at the end of the year – after netting out within and across government sectors. –…

In the context of the Stability and Growth Pact – the gross total debt at nominal value – at the end of the year – after netting out within and across government sectors. –…

Generally, any act of trying to get debt under control, and more broadly, any effort to achieve a balanced creditor structure through the use of appropriate financial instruments and maturities. – With regard to…

Generally, any act of trying to get debt under control, and more broadly, any effort to achieve a balanced creditor structure through the use of appropriate financial instruments and maturities. – With regard to…

In a narrower sense, the external debt of a country. – In the broader sense, total government debt. – Cf. ECB Monthly Bulletin, March 2013, p. 93 (note 3); ECB Monthly Bulletin, April 2013,…

In a narrower sense, the external debt of a country. – In the broader sense, total government debt. – Cf. ECB Monthly Bulletin, March 2013, p. 93 (note 3); ECB Monthly Bulletin, April 2013,…

Disclosure requirements for cross-border public offerings of debt securities and their admission to trading. – Cf. BaFin Annual Report 2007, p. 65 (deliberations on a corresponding guideline in the International Organization of Securities Commissions).…

Unless otherwise defined, the ratio of borrowed capital to the total capital of a company or industry calculated according to certain rules; the borrowing ratio: the percentage of total assets financed by a company’s…

One of the convergence characteristics defined in Article 104 (2) of the TEC. The debt ratio is defined as “the ratio of government debt to gross domestic product at market prices.” More detailed definitions…