English

The forward price of any asset in general and of a security or currency in particular (a rate, set today, for a future foreign deal). Attention: The financial encyclopedia is protected by copyright and…

The forward price of any asset in general and of a security or currency in particular (a rate, set today, for a future foreign deal). Attention: The financial encyclopedia is protected by copyright and…

On the foreign exchange market, a market participant who buys/sells foreign exchange forward in the expectation that the spot rate of the chosen currency at maturity will be higher/lower than the contractually fixed forward…

On the foreign exchange market, a market participant who buys/sells foreign exchange forward in the expectation that the spot rate of the chosen currency at maturity will be higher/lower than the contractually fixed forward…

Generally, any purchase or sale of a commodity today but with delivery at a later date (any buy or sell transaction with delayed performance). – See futures, option, forward transaction in the narrower sense,…

Generally, any purchase or sale of a commodity today but with delivery at a later date (any buy or sell transaction with delayed performance). – See futures, option, forward transaction in the narrower sense,…

A financial derivative in which the conclusion and execution of an exchange transaction on the foreign exchange market are separated in time. – The partners agree to buy (sell) a certain amount of foreign…

Central bank measures must always take account of all kinds of lags. Therefore, a central bank must never base its decisions solely on the current situation, which often earns it instant criticism. – This…

Statements that express expectations. Such statements must be clearly distinguished from actual statements in announcements made by companies in the financial market for regulatory purposes. – See ad hoc announcement, disclosures, veiled, regulatory avoidance,…

Generally the term for financial futures contracts not traded on the stock exchange, not standardized, but agreed individually between contracting parties. As a rule, they contain a precisely defined delivery date; settlement takes place…

Under Basel II, a simple method of internal rating in which only probabilities of default are to be estimated; other parameters (loss rate in the event of insolvency, recovery rate from the liquidation of…

Between 1871 and 1873, a boom set in in Western Europe and the USA, during which the steering function of interest rates was severely impaired. A painful crash occurred in 1873; at 1 p.m.…

In older documents also the name for a gold coin. – Since 2000, popular German-language designation for the ECB’s 50-euro bill. – See money denominations popular, German-language. Attention: The financial encyclopedia is protected by…

In the financial market, a group – such as the Landesbanken in Germany, for example – which, within a larger whole – in this case, the German institutions as a whole – clearly and…

In the context of the ECB’s monetary policy, the fact that the key interest rate set by the central bank for the currency area as a whole by no means leads to the same…

Negative term for the fact that, with regard to an institution, – several authorities are responsible for supervision, in Germany for example the Deutsche Bundesbank and the Bundesanstalt für Finanzdienstleistungsaufsicht (Federal Financial Supervisory Authority)…

The ECB conducts credit operations against adequate collateral and executes them through settlement systems operated by national and international central securities depositories. To ensure high standards, the ECB prescribes implementation principles that contain detailed…

At Cornerstones for a card equipped with interoptability established as part of the European Commission’s Single European Payment Area (SEPA) efforts. – See Card Verification Value, chip card, community card, computer payment, EMV guideline,…

In the parlance of financial journalists, the second president of the ECB, Frenchman Jean-Claude Trichet (born in Lyon on December 20, 1942), who took office (succeeding Willem F. Duisenberg) on November 1, 2003, and…

Trifle clause (trifle = here: a matter, event, or circumstance of minor, unimportant, trivial importance or significance) in insurance contracts, including credit insurance. According to this clause, the insurance does not kick in until…

In older documents – the carriage fee for a letter item, the postage (postage, mail rate) or – the prepayment of a letter item, usually by affixing a stamp (postage stamp; postage stamp). –…

In older documents, a customer who fraudulently (intend to defraud) obtains a loan from the bank. – See delinquent, demarketing, customer, lazy, delinquency rate. Attention: The financial encyclopedia is protected by copyright and may…

The – sometimes considerable: it was reported in 2012 of up to 100 euros – crediting of an unknown sender to an account with the note that in the event of a telephone call-back,…

The withdrawal of the state from the monetary system and the complete privatization of the monetary system, also called Marktgeldsystem (marketdriven monetary system). Everyone should be free to offer his own money. The most…

Money in a company’s accounts that is not currently needed to finance current operations or investments and that can therefore be applied yielding interest. – See cash flow, EBITDA, profit, operating, price cash flow.…

In the case of shares of a particular class, the portion that is traded on the stock exchange, i.e. not held permanently in fixed ownership (the proportion of shares available to purely financial investors.…

In the case of shares of a particular class, the portion that is traded on the stock exchange, i.e. not held permanently in fixed ownership (the proportion of shares available to purely financial investors.…

The proportion of shares in a stock corporation that is not held in fixed ownership (the proportion of shares available to purely financial investors). – According to the definition of Deutsche Börse AG, blocks…

Means of payment that carry an expiration date and thus money that cannot be saved: In other words, money that has been deprived of its function as a store of value. The intention behind…

An investor who avoids the effort and cost of gathering his own information in a market and bases his decisions on others (a follower who evades the cost of finding the best course of…

An investor who avoids the effort and cost of gathering his own information in a market and bases his decisions on others (a follower who evades the cost of finding the best course of…

A stand at an exhibition or trade fair that is exempt from a seat fee, usually awarded to a charitable institution. – In a kindergarten, the exemption from fees for a child from a…

A law that came into force at the beginning of 2006 that guarantees everyone a right of access to official information vis-à-vis the federal authorities. However, there are so many exceptions to the official…

The amount payable for the carriage of goods by the shipper (consignor; consigner) or consignee of the shipment to the carrier (forwarder, CH: Spetter; freight carrier) according to the tariff of freight. – See…

In Germany, traders on the stock exchange who conduct their business primarily in the over-the-counter market segment. – See stockbroker, stock exchange member, lead broker. Attention: The financial encyclopedia is protected by copyright and…

The claim, repeatedly made in many publications, that – even worldwide – stock market prices would fall if the thirteenth day of the month were a Friday. Exact statistical measurements have clearly disproved this…

In recent financial history, several striking price falls on the stock exchange each on a Friday, – the first probably on Friday, December 6, 1745 in London in connection with fears of a French…

The influential American national economist and Nobel laureate Milton Friedman (1912-2006) predicted that the European Monetary Union would fail at the latest when severe disruptions occur on the world markets. – As recently as…

Additional benefits paid by employers to employees, such as subsidies for health, accident, life and disability insurance, private use of a company car, reimbursement of transport costs, subsidized supply of goods, meals in a…

Earlier payment to fully or partially discharge the service obligation of a bondman (villein, bondman) within the framework of serfdom (soccage; Fron, also Frohn: personal affiliation to a landlord and obligated to him for…

In some specialized institutions and private bankers, this is still the usual point of reception adjacent to the entrance area. Here, the customer is greeted and, as a rule, also assigned to a specific…

The one-time fee charged by a bank for processing (handling) the loan application (arrangement fee; handling fee, in older documents also manipulation fee) and usually due in advance. – See arrangement fee, bank charges,…

All activities of bank personnel that require personal contact with the customer. Gradually, in the course of empowerment from around 1980, the decision-making powers of front-office staff were considerably strengthened at almost all institutions,…

The frontloading of reserve requirements by banks when the overnight rate falls below the interest rate on the main refinancing operation. – The frontloading of euro cash to credit institutions as well as the…

In the narrower sense, the touting of worthless papers, usually as a secret tip, by – personal visit of a representative at home, then also called Kaltaquise, or by – telephone call from a…

In older economic literature and in socialist accusatory literature against the marked-based economy, the calculation of interest and compound interest in loan contracts. – See interest. Attention: The financial encyclopedia is protected by copyright…

Recorded by the ECB for the euro area as part of the HICP. There were some country-specific recording differences, which were largely harmonized in 2011. – Cf. ECB Monthly Bulletin, April 2011, p. 41…

tannin salon fee): A fee levied by some municipalities for visits to a tanning salon (solarium with tanning bed; tanning bed: a boxlike bed equipped with sunlamps [= simulated sunlight] to produce brownness of…

A payment made in some areas of Germany for sparing the women of the house from fudging. – On the day before Ash Wednesday, young men there went from yard to yard with music…

Unless otherwise defined, a card used to pay for the refueling of internal combustion engine vehicles at petrol stations. Such cash cards are issued by companies to the managerial staff, while often lower ranking…

Unless otherwise defined, a card used to pay for the refueling of internal combustion engine vehicles at petrol stations. Such cash cards are issued by companies to the managerial staff, while often lower ranking…

Method of measuring all financial instruments at full fair value. According to this standard, only financial instruments that are not held to maturity are recognized at fair value. Bank loans are measured at market…

This ambiguous term is also used in supervisory law to describe an administrative capacity to which (risk) monitoring tasks are assigned in the company (governance: strategic and operational risk management across the business organization).…

The special assets (capital stock) established and managed by a capital management company, through which unit certificates are issued. – In insurance terms, the tied assets invested in connection with the funded pension plan.…

Until now, anyone offering shares of a capital management company for sale has not required a license or liability umbrella (liability coverage: insurance to protect the customer). – Cf. 2007 Annual Report of BaFin,…

In older literature often said for the securities exchange. – The term “fund” also used to have the general meaning of asset. Attention: The financial encyclopedia is protected by copyright and may only be…

The assets of a capital management company that are invested wholly or for the most part in various funds (fund portfolio). – See fund of funds. Attention: The financial encyclopedia is protected by copyright…

A fund which does not invest directly in papers as shares, bonds or other securities, but invests risk-weighted in a portfolio of other funds. Through such funds, smaller investors can also invest funds in…

The professional evaluation of funds launched by a capital management company. Performance criteria are primarily the performance and risk of the capital stock. – See analyst, audit, benchmark, bogey, rating, risk monitoring, articulated, Sharpe…

an arrangement – based on private contracts or statutory regulation – relating to the transfer of money and the settlement of accounts – between several members – according to common rules and – following…

an arrangement – based on private contracts or statutory regulation – relating to the transfer of money and the settlement of accounts – between several members – according to common rules and – following…

Unless otherwise defined, the capital stock of an investment company that invests in shares and bonds only. Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without…

Special fund of a capital management company which publicly declares that it makes investments exclusively or predominantly in accordance with certain moral guidelines, each of which is more or less precisely outlined. – See…

capital management company which, in accordance with its articles of association, grants the fund management a very wide discretion in the management of the individual investment funds. – See balanced fund, blind pool, go-go…

Unless otherwise defined, a capital management company domiciled abroad that distributes units in Germany. – Cf. Deutsche Bundesbank Monthly Report of January 2013, pp. 18 f. (funds from Luxembourg lead the field; delimitation issues;…

The special fund set up and managed by a capital management company, in which – both shares – and bonds – and possibly other securities are included. As a rule, the fund’s bylaws specify…

Special fund of a capital management company through which no predetermined number of units is issued. Instead, the fund management issues and redeems new certificates at its reasonable discretion. The price of a certificate…

Unless otherwise defined, the assets established and administered by a public entity with a specific purpose (money funded [in government securities or through the levy of taxes] from a governmental entity with a specific…

Taking into account as many influences as possible that significantly determine the market price of a commodity now or later, such as above all the threat of war, weather, possible substitutes and the economic…

The allocation of capital to a project, financing (provide capital, which means money for a project). – The conversion of a short-term debt into a long-term one, and usually said only by private debtors…

Unless otherwise defined, the ratio of a bank’s loans to nonbanks to deposits from nonbanks. An institution must close this gap by refinancing on the interbank money market (wholesale market). – In times of…

In a narrower sense, the solicitation of donations for a charitable purpose (the practice used by non-profit organizations of petitioning and gathering money by requesting donations from individuals, businesses, or governmental agencies). – In…

A displeasing term for an opaque structure of the public budget, consisting of many individual pots, of not at all or only loosely connected coffers and funds. Today, it is a matter of course…

In a company, the amounts available for a financial investment; namely, money that is dispensable for maintaining current payment transactions (money above the necessary amount temporarily required for handling payment transactions) and is not…

Because – more than probably any other sector of the economy – the financial sector is constantly producing new things, – legal regulations are therefore being introduced internationally, EU-wide and nationally accordingly, and –…

In older documents, the deduction on an invoice for goods that have been defiled or arrived damaged. Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without…

In old documents, the payment of a convict to avoid execution of a sentence execution of corporal punishment (fustigation). – See fine, fustigation money. Attention: The financial encyclopedia is protected by copyright and may…

Unconditional forward transaction, namely financial futures contract – sometimes also related to listed commodities, – which contains an obligation for both contracting parties to buy (long future) or sell (short future) a – financial…

A financial derivative in the form of a standardized, legally binding contract for the purchase or sale of a commodity of a fixed quantity and quality on a specified future delivery date. – The…

A financial derivative in the form of a standardized, legally binding contract for the purchase or sale of a commodity of a fixed quantity and quality on a specified future delivery date. – The…

Trading venue for the purchase and sale of futures contracts on commodities or financial products. – See disclosure obligation, call, Eurex, Euronext, put, option, commodity futures contract, strike price, futures exchange, futures speculator, fungibility,…

Trading center for the purchase and sale of futures contracts on commodities or financial products. – See disclosure obligation, call, Eurex, Euronext, put, option, commodity futures contract, strike price, futures exchange, futures speculator, fungibility,…

A capital management company that sets up and manages a fund of futures contracts, investing client money either in contracts on commodities (commodities), financial products (financials), or both, depending on the focus of the…

Exchange-organized trading in futures; it enables a transfer of risk between different market parties. This transfer is often derived from the need to hedge price risks of the underlying asset. Through a futures contract,…

Major suppliers – such as crude oil companies -, large, influential processors – such as refineries – and, in a broader sense, financially strong speculators who hold contracts (positions held by trade interests or…

Major suppliers – such as crude oil companies -, large, influential processors – such as refineries – and, in a broader sense, financially strong speculators in general who hold contracts (positions held by trade…