English

Unless otherwise defined, a foreign exchange swap transaction in which a currency is sold today and repurchased for the next day or vice versa (simultaneous buying and selling of a currency for delivery the…

In stock exchange parlance, said of one hundred million (an exchange parlance used by traders for one hundred million). Attention: The financial encyclopedia is protected by copyright and may only be used for private…

In stock exchange parlance, said of one hundred million (an exchange parlance used by traders for one hundred million). Attention: The financial encyclopedia is protected by copyright and may only be used for private…

In the past, a tax (duty, impost) on ship cargo, calculated according to the weight of the cargo (amount per ton; based on tons carried). Tonnage was levied especially for the use of canals;…

In the past, a tax (duty, impost) on ship cargo, calculated according to the weight of the cargo (amount per ton; based on tons carried). Tonnage was levied especially for the use of canals;…

A fee payable to the habour master’s office after freighting a ship; tonnage fee is not to be confused with freighting fee. – Payment that incoming (outgoing) ships had to pay in relation to…

In a group of investors (tontiniers; tontiners) – each pays a one-time sum into an account. – The money collected, usually invested in high-yield government bonds, is paid out to the surviving participants (beneficiaries)…

In a group of investors (tontiniers; tontiners) – each pays a one-time sum into an account. – The money collected, usually invested in high-yield government bonds, is paid out to the surviving participants (beneficiaries)…

The opinion that a company, and in particular a bank, is immune to insolvency above a certain – how measured? – size is immune from insolvency. – In the case of a bank, the…

The opinion that a company, and in particular a bank, is immune to insolvency above a certain – how measured? – size is immune from insolvency. – In the case of a bank, the…

Unless otherwise stated, this refers to the fact that a domestic bank is so large that it can no longer be rescued by the comparatively small home state. This is also referred to as…

Unless otherwise stated, this refers to the fact that a domestic bank is so large that it can no longer be rescued by the comparatively small home state. This is also referred to as…

When evaluating stocks, first assessing the overall economic situation and the industry before focusing on the individual stock. – In a top-down approach, investors focus on the asset class [shares, bonds, money-market funds, etc.]…

When evaluating stocks, first assessing the overall economic situation and the industry before focusing on the individual stock. – In a top-down approach, investors focus on the asset class [shares, bonds, money-market funds, etc.]…

The bad habit, widespread in Europe, of a bank’s – and more generally a stock corporation’s – CEO leaving the company due to age to become Chairman of the Supervisory Board. The complaint here…

The bad habit, widespread in Europe, of a bank’s – and more generally a stock corporation’s – CEO leaving the company due to age to become Chairman of the Supervisory Board. The complaint here…

Generally, any payment added to the ordinary price. – Other term for douceur in all four indicated meanings. – Bribe in the sense of payments made to bribe (in English jokingly moneypulating) persons, usually…

On the stock exchange, the term for a security – sometimes also applied to the market as a whole – that has reached the end of an upward movement and is now generally expected…

On the stock exchange, the term for a security – sometimes also applied to the market as a whole – that has reached the end of an upward movement and is now generally expected…

A tax that used to be paid in cash when entering a town – by a person and then also called foot money or – by a loaded vehicle (loaded carrier); in the second…

A tax that used to be paid in cash when entering a town – by a person and then also called foot money or – by a loaded vehicle (loaded carrier); in the second…

Share capital of a corporation that declines in value very quickly with no reasonable prospect of recovery (a stock that is declining in value very fast with no chance to foreseeable reversal). Experience shows…

Share capital of a corporation that declines in value very quickly with no reasonable prospect of recovery (a stock that is declining in value very fast with no chance to foreseeable reversal). Experience shows…

In older documents also the damage, loss, loss from a failed transaction. Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without express consent! University Professor Dr.…

In older documents also the damage, loss, loss from a failed transaction. Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without express consent! University Professor Dr.…

Total Addressable Market (TAM), also known as Total Available Market, is a term used to reference the total market demand for a product or service. It’s the maximum amount of revenue a business could…

In financial language, the number resulting from adding up several amounts, the whole sum, the entire amount. Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without…

In financial language, the number resulting from adding up several amounts, the whole sum, the entire amount. Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without…

Unless otherwise defined, the date on which a sum owed must be repaid in full. – See covenant, loan, revoked, downgrade trigger clause, third-party default clause, first-lien default clause, event of default, credit freeze,…

In general, the exchange of current income flowing from an asset – usually a security – for payments based on a contractually agreed reference rate (payment of all cash flows generated by the asset…

In general, the exchange of current income flowing from an asset – usually a security – for payments based on a contractually agreed reference rate (payment of all cash flows generated by the asset…

In the case of equities, a key figure used to show the development of a portfolio, usually over a period of one year. Gains and losses from share ownership are netted out, and dividend…

In the case of equities, a key figure used to show the performance of a portfolio, usually over a period of one year. Gains and losses from share ownership are netted out, and dividend…

In older commercial documents, the expense of a business trip or an amount budgeted and set aside for that purpose. Attention: The financial encyclopedia is protected by copyright and may only be used for…

In older commercial documents, the expenses of a business trip or an amount budgeted and set aside for that purpose. Attention: The financial encyclopedia is protected by copyright and may only be used for…

A derogatory term for asset-backed securities that emerged in the wake of the subprime crisis around 2009. However, the demonization of this financial derivative in general is completely unjustified. As with other financial instruments,…

Certificate in the sense of a claim based on a specific underlying asset (reference base; underlying [asset]: Asset on which the transaction is based). Thus, the price of the certificate basically always corresponds to…

Certificate in the sense of a claim based on a specific underlying asset (reference base; underlying [asset]: Asset on which the transaction is based). Thus, the price of the certificate basically always corresponds to…

In the case of a fund, an indicator of the extent to which its return differs from that of a benchmark – e.g. other comparable funds, stock market index – within a certain period…

In the case of a fund, an indicator of the extent to which its return differs from that of a benchmark – e.g. other comparable funds, stock market index – within a certain period…

In older literature often used for – contract in general, – credit covenant: an agreement relating to terms in lending, or – arrangement, settlement between the bank and its customer. Attention: The financial encyclopedia…

Unless otherwise defined, the ability to sell assets and, in particular, financial products at any time at a reasonable price in order to raise cash (the relative ease in which an asset can be…

Agreement between two or more countries in which details of interstate trade are regulated and payment modalities are also specified. Attention: The financial encyclopedia is protected by copyright and may only be used for…

Unless otherwise defined, the transfer of a credit default swap (CDS) from the original seller to another market participant. – Just under half of the CDSs were passed on in this way in the…

Unless otherwise defined, the transfer of a credit default swap (CDS) from the original seller to another market participant. – Just under half of the CDSs were passed on in this way in the…

The total of all exports (goods and services) minus the total of all imports. A positive trade balance means that more goods were exported than imported. The external balance is monitored and evaluated by…

Unless otherwise defined in foreign trade statistics – payment terms granted and utilized in trade in goods with foreign countries as well as – advance payments made and received in the export and import…

at the ECB, the date on which a trade (i.e. an agreement relating to a financial transaction between two counterparties) takes place. – This date may coincide with the settlement date for the transaction…

Unless otherwise defined in the financial market, the date on which a transaction is agreed to by two business partners. – See settlement day. Attention: The financial encyclopedia is protected by copyright and may…

On the exchange, a report, often required by exchange rules, of the details of the execution of a trade (the record of trading information identifying, for example, the brokers taking part in each transaction,…

The assertion that in a monetary union, after the elimination of exchange rate risk in particular, the increase in intra-EU trade is at the expense of the exchange of goods with the rest of…

Entity where electronic records of financial market transactions must be recorded. Regulators, central banks and market participants have a need for reliable trade repositories because they contribute significantly to the transparency of financial markets…

Entity where electronic records of financial market transactions must be recorded. Regulators, central banks and market participants have a need for reliable trade repositories because they contribute significantly to the transparency of financial markets…

Unless otherwise defined, the transfer of a company to another owner who buys and continues to run the company (the sale of a company to an industrial player, as opposed to a financial one,…

Unless otherwise defined, the transfer of a company to another owner who buys and continues to run the company (the sale of a company to an industrial player, as opposed to a financial one,…

A bank founded or supported by trade unions and related institutions, especially consumer cooperatives, with the main focus on serving trade union members and the public sector in general. – In Germany, regional union…

Mostly in the form of precisely timed purchases and repurchases made on the stock market to influence the price of a security. – See agiotage, bear raid, Beschores, bull raid, Citigroup manipulation, financial vultures,…

Term used under German law (Section 1 (12) of the German Banking Act): Institutions that engage in proprietary trading, irrespective of whether this is performed as a service for third parties or not. All…

Unavoidable expenses incurred in the purchase or sale of an asset. These mainly include commissions, exchange fees and sales tax (costs of buying and selling marketable assets. Trading costs chiefly include commissions, exchange fees…

Calendar day on which an exchange is open and purchases and sales can be made. – See Exchange Rules, Holiday Calendar. Attention: The financial encyclopedia is protected by copyright and may only be used…

Trading in the hall of an exchange (the area on the floor of an exchange where traders execute orders); brokers move on the wooden floor (parquet) of the hall. – See computer exchange, pit,…

In Germany, a supervisory body located at the stock exchanges that detects irregularities in stock exchange dealings and insider transactions and brings them to the attention of the Federal Financial Supervisory Authority (BaFin) or…

Generally, any institution that constitutes, maintains, or provides a physical or electronic facility or system in which multiple participants have the ability to execute or trade agreements, contracts, or transactions by accepting bids or…

Unless otherwise defined, the difference between the highest and lowest price of a market-listed asset traded during a certain period of time. – See stock exchange, trading platform, spread. Attention: The financial encyclopedia is…

At a bank, the balance of income and expenses from proprietary trading in securities, financial instruments – especially derivatives – foreign exchange and precious metals valued at market prices (mark-to-market approach). The item also…

The operator of a foreign market for financial instruments offers clients direct electronic access to trading on the market in question. Such offers are subject to authorization. – Cf. Annual Report 2008 of BaFin,…

Electronic procedure which – without being an exchange – brings together supply and demand for securities, money market instruments or derivatives according to uniform rules with the aim of concluding contracts, as in exchange…

The facility – provided by an investment firm or another operator, – on which the wishes of individual principals in the purchase or sale of financial instruments pursuant to Section 1 (11) KWG are…

A platform (one-to-all trading system): A platform in which supply and demand for commodities, derivatives or other financial instruments are posted. The platform operator serves as a counterparty to every transaction (proprietary trading platform…

Unless otherwise defined, the time interval during which a company permits its executives and key employees to trade its shares privately, for their own account. – See Compliance, Trading Surveillance Office, Insider Reporting Obligation,…

An event in which people are injured or even killed and/or property is damaged as a result of driving on public roads. – From the point of view of national accounts, traffic accidents increase…

An event in which people are injured or even killed and/or property is damaged as a result of driving on public roads. – From the point of view of national accounts, traffic accidents increase…

Partial issue of a financial instrument (a specific part of a larger transaction; each purchase and resale of a separate block of bank instruments within the total transaction is known as a tranche). In…

Partial issue of a financial instrument (a specific part of a larger transaction; each purchase and resale of a separate block of bank instruments within the total transaction is known as a tranche). In…

Particularly in relation to the securitization structure, the proportion of an individual tranche in relation to the pool as a whole, usually expressed in monetary units. – A pool of receivables put together for…

Particularly in relation to the securitization structure, the proportion of an individual tranche in relation to the pool as a whole, usually expressed in monetary units. – A pool of receivables put together for…

Rotating device at a bank teller’s counter for exchanging money and documents between the customer and the bank employee, nowadays in most cases technically secured in a special way. – See cash register, queue.…

Generally speaking, any new business transaction or its final execution (the entry or liquidation of a trade) and corresponding to the term business. – In financial language – any movement of money, also –…

Generally speaking, any new business transaction or its final execution (the entry or liquidation of a trade) and corresponding to the term business. – In financial language – any movement of money, also –…

A bank that acts on behalf of and for the account of another institution for a transaction. In almost every case, the commissioned institution can provide the service at a lower cost than the…

A bank that acts on behalf of and for the account of another institution for a transaction. In almost every case, the commissioned institution can provide the service at a lower cost than the…

Unless otherwise defined, the cash held by households for current purchases of goods and services. In older economics, many doctrines were developed on the level of income-dependent? – Transaction Cash. However, in view of…

Unless otherwise defined, the cash held by households for current purchases of goods and services. In older economics, many doctrines were developed on the level of income-dependent? – Transaction Cash. However, in view of…

The difference between the estimated expenses in the course of an engagement and the payments actually incurred at the end of the transaction (the difference between estimated transaction costs and final transaction costs). Particularly…

The difference between the estimated expenses in the course of an engagement and the payments actually incurred at the end of the transaction (the difference between estimated transaction costs and final transaction costs). Particularly…

In the financial market, generally the sum of all costs incurred in a transaction (all the costs of executing a financial transaction; these include brokerage commissions, fees for exercise and/or assignment, exchange fees, and…

In the financial market, generally the sum of all costs incurred in a transaction (all the costs of executing a financial transaction; these include brokerage commissions, fees for exercise and/or assignment, exchange fees, and…

In the case of banks, this is usually part of the internal audit department or compliance department and is dedicated to the retrospective review of transactions in general and advisory services (investment consulting) in…

In the case of banks, this is usually part of the internal audit department or compliance department and is dedicated to the retrospective review of transactions in general and advisory services (investment consulting) in…

Unless otherwise defined, payments made by a bidder to decision-makers of a target company in connection with a takeover. – Because functional fiduciary rules and the interests of employees and shareholders are always affected,…

Unless otherwise defined, payments made by a bidder to decision-makers of a target company in connection with a takeover. – Because functional fiduciary rules and the interests of employees and shareholders are affected, such…

Pursuant to § 9 of the Securities Trading Act (WpHG), financial service providers must report all transactions in financial instruments to the Federal Financial Supervisory Authority (BaFin). In 2006 (2005), BaFin received 707 million…

Pursuant to § 9 of the Securities Trading Act (WpHG), financial service providers must report all transactions in financial instruments to the Federal Financial Supervisory Authority (BaFin). In 2006 (2005), BaFin received 707 million…

Term used in option contracts. It refers to a completed futures transaction, namely the entering into and terminating of a futures contract; such as a sale to cover a purchase; or a purchase to…

Term used in option contracts. It refers to a completed futures transaction, namely the entering into and terminating of a futures contract; such as a sale to cover a purchase; or a purchase to…

Transaction in which the central bank buys or sells assets under a repurchase agreement or grants loans against pledged collateral. – Cf. ECB Monthly Bulletin, October 2007, pp. 93 ff. (comparison of collateral arrangements…

Transaction in which the central bank buys or sells assets under a repurchase agreement or grants loans against pledged collateral. – Cf. ECB Monthly Bulletin, October 2007, pp. 93 ff. (comparison of collateral arrangements…

At the ECB, a procedure in which the ECB enters into transactions directly with only one or a few counterparties, i.e. without using tender procedures. This also includes operations conducted directly via stock exchanges…

In sports in general and in soccer in particular, the money to be paid whenever a player under contract moves between professional clubs. – In the case of a change of ownership of an…

Very broad legal term that includes all unauthorized acts in connection with payment transactions. This also includes providing false personal data when opening a bank account (deceitful data when opening a bank account; account…