Dictionary_of_Banking_and_Finance

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Dictionary of third edition A & C Black ț London www.acblack.com Originally published by Peter Collin Publishing in 1991 Second edition published 1999 Third edition published 2003 Reprinted 2005 A & C Black Publishers Ltd 38 Soho Square, London W1D 3HB © P. H. Collin 1991, 1999 © Bloomsbury Publishing Plc 2003 © A & C Black Publishers Ltd 2005 All rights reserved. No part of this publication may be reproduced in any form or by any means without the permission of the publishers. A CIP record for this book is available from the British Library eISBN-13: 978-1-4081-0227-5 ISBN-10: 0 7136 7739 2 ISBN-13: 978 0 7136 7739 3 A & C Black uses paper produced with elemental chlorine-free pulp, harvested from managed sustainable forests. Text typeset by A & C Black Printed in Italy by Legoprint Preface to the first edition This dictionary provides a basic vocabulary of terms used in the fields of banking, investment, the Stock Exchange, and general finance. It covers both British and American usage. The main words and phrases are defined in simple English, and many examples are given to show how the words may be used in context. In some cases, the definitions are expanded by explanatory comments. We also give qutoations from newspapers and financial magazines from various parts of the world. The supplements at the back of the book offer additional information. Preface to the second edition The vocabulary of banking and finance, like that of so many modern disciplines, moves forward rapidly, and we have expanded and edited the text of the dictionary to keep pace with current changes. We have also made a further selection of recent quotations from newspapers and magazines. At the same time, to make the dictionary more useful to students, we now give phonetic transcriptions for all the headwords. Preface to the third edition The text and supplements have been thoroughly revised for this new edition and many new entries have been included to reflect recent changes in the field of banking and finance. We are grateful to Stephen Curtis for his help with this edition. Thanks are also due to Katy McAdam, Joel Adams, Daisy Jackson, Sarah Lusznat, Jill Garner and Sandra Anderson for the excellent presentation of the text. Pronunciation Guide The following symbols have been used to show the pronunciation of the main words in the dictionary. Stress is indicated by a main stress mark (  ) and a secondary stress mark (  ). Note that these are only guides, as the stress of the word changes according to its position in the sentence. Vowels Consonants back b buck ɑ harm d dead ɒ stop ðother a type d jump aυ how f fare aə hire  gold aυə hour h head ɔ course j yellow ɔ annoy k cab ehead l leave eə fair m mix e make n nil eυ go ŋ sing  word p print i keep r rest i happy s save ə about ʃ shop  fit t take ə near tʃ change u annual θ theft u pool v value υ book w work υə tour x loch  shut  measure z zone A A / sŋ(ə)l e /,AA/ db(ə)l e /, AAA / trp(ə)l e / noun letters that show how reliable a particular share, bond or company is considered to be ć These bonds have a AAA rating. ‘…the rating concern lowered its rating to single-A from double-A, and its senior debt rating to triple-B from single-A’ [Wall Street Journal] COMMENT : The AAA rating is given by Standard & Poor’s or by Moody’s, and in- dicates a very high level of reliability for a corporate or municipal bond in the US A1 / e wɒn / adjective ˽ ship which is A1 at Lloyd’s a ship which is in the best possible condition according to Lloyd’s Register AAD abbreviation Arab accounting dinar ABA abbreviation American Bankers Association abandonment / əbndənmənt / noun an act of giving up voluntarily something that you own, such as an op- tion or the right to a property abatement / əbetmənt / noun an act of reducing ABA transit number / e bi e trnzt nmbə / noun a number allo- cated to an American financial institu- tion, such as a bank ( NOTE : The number appears on US cheques in the top right-hand corner, above the ‘check routing symbol’.) ABI abbreviation Association of British Insurers above par / əbv pɑ / adjective re- ferring to a share with a market price higher than its par value above the line / əbv ðə lan / ad- jective , adverb 1. COMPANIES forming part of normal income and expenditure before tax ć Exceptional items are noted above the line in company ac - counts. 2. relating to revenue items in a government budget 3. ADVERTISING re- lating to advertising for which payment is made (such as an ad in a magazine or a stand at a trade fair) and for which a commission is paid to an advertising agency. Compare below the line absolute / bsəlut / adjective com- plete or total absolute monopoly / bsəlut mə- nɒpəli / noun a situation where only one producer produces or only one sup- plier supplies something ć The com- pany has an absolute monopoly of imports of French wine. ć The sup- plier’s absolute monopoly of the prod- uct meant that customers had to accept his terms. absolute title / bsəlut tat(ə)l / noun a form of ownership of a piece of land in which the owner’s right is guaranteed by being registered with the Land Registry ( NOTE : Absolute title also exists to leasehold land, giving the proprietor a guaranteed valid lease.) absorb / əbzɔb / verb to take in a small item so that it forms part of a larger one ˽ overheads have absorbed all our profits all our profits have gone in paying overhead expenses ˽ to ab- sorb a loss by a subsidiary to include a subsidiary company’s loss in the group accounts ˽ a business which has been absorbed by a competitor a small busi- ness which has been made part of a larger one absorption / əbzɔpʃən / noun the process of making a smaller business part of a larger one, so that the smaller company in effect no longer exists absorption costing / əbzɔpʃən kɒstŋ / noun a form of costing for a product that includes both the direct costs of production and the indirect overhead costs as well absorption rate / əbzɔpʃən ret / noun a rate at which overhead costs are absorbed into each unit of production abstract / bstrkt / noun a short form of a report or document ć to make an abstract of the company accounts a/c , acc abbreviation account accelerate / əkseləret / verb 1. to make something go faster 2. to reduce the amount of time before a maturity date accelerated depreciation / ək- seləretd dpriʃeʃ(ə)n / noun a system of depreciation which reduces the value of assets at a high rate in the early years to encourage companies, as a result of tax advantages, to invest in new equipment COMMENT : This applied in the UK until 1984; until then companies could depreci- ate new equipment at 100% in the first year of purchase. acceleration / əkseləreʃ(ə)n / noun the act of making an unpaid balance or bond repayment become payable immediately accept / əksept / verb 1. to take some- thing which is being offered ˽ to accept delivery of a shipment to take goods into the warehouse officially when they are delivered 2. to say ‘yes’ or to agree to something ć She accepted the offer of a job in Australia. ć He accepted £2000 in lieu of notice. ć 60% of shareholders have accepted the offer. acceptable / əkseptəb(ə)l / adjective which can be accepted ć Both parties found the offer acceptable. ć The terms of the contract of employment are not acceptable to the candidate. ć The offer is not acceptable to the shareholders. acceptance / əkseptəns / noun 1. the act of signing a bill of exchange to show that you agree to pay it ˽ to present a bill for acceptance to present a bill for payment by the person who has ac- cepted it 2. ˽ acceptance of an offer the act of agreeing to an offer ˽ to give an offer a conditional acceptance to accept an offer provided that specific things happen or that specific terms ap- ply ˽ we have their letter of accep- tance we have received a letter from them accepting the offer 3. a bill which has been accepted 4. the act of accepting an offer of new shares for which you have applied acceptance credit / əkseptəns kredt / noun an arrangement of credit from a bank, where the bank accepts bills of exchange drawn on the bank by the debtor: the bank then discounts the bills and is responsible for paying them when they mature; the debtor owes the bank for the bills but these are covered by letters of credit acceptance sampling / əkseptəns sɑmplŋ / noun the process of testing a small sample of a batch to see if the whole batch is good enough to be accepted accepting house / əkseptŋ haυs /, acceptance house / əkseptəns haυs / noun a firm (usually a merchant bank) which accepts bills of exchange (i.e. promises to pay them) at a discount, in return for immediate payment to the is- suer, in this case the Bank of England Accepting Houses Committee / əkseptŋ haυzz kəmti / noun the main London merchant banks, which or- ganise the lending of money with the Bank of England. They receive slightly better discount rates from the Bank. acceptor / əkseptə / noun a person who accepts a bill of exchange by sign- ing it, thus making a commitment to pay it by a specified date access / kses / noun ˽ to have ac- cess to something to be able to obtain or reach something ć She has access to large amounts of venture capital. í verb to call up data which is stored in a com- puter ć She accessed the address file on the computer. Access / kses / a credit card system formerly operated by some British banks, part of the MasterCard network access fee / kses fi / noun a fee charged to bank customers for using on- line services access time / kses tam / noun the time taken by a computer to find data stored in it accident insurance / ksd(ə)nt nʃυərəns / noun insurance which will pay the insured person when an accident takes place accident policy / ksd(ə)nt pɒlsi / noun an insurance contract absorption rate 2 accident policy which provides a person with accident insurance accommodation / əkɒmədeʃ(ə)n / noun 1. money lent for a short time 2. ˽ to reach an accommodation with creditors to agree terms for settlement with creditors accommodation address / ə- kɒmədeʃ(ə)n ədres / noun an ad- dress used for receiving messages, but which is not the real address of the company accommodation bill / əkɒmə- deʃ(ə)n bl / noun a bill of exchange where the person signing (the ‘drawee’) is helping another company (the ‘drawer’) to raise a loan accordance / əkɔdns / noun ˽ in accordance with in agreement or conformity with, as a result of what someone has said should be done ć In accordance with your instructions we have deposited the money in your cur- rent account. ć I am submitting the claim for damages in accordance with the advice of our legal advisers. accord and satisfaction / əkɔd ən stsfkʃən / noun the payment by a debtor of (part of) a debt accordingly / əkɔdŋli / adverb in agreement with what has been decided ć We have received your letter and have altered the contract accordingly. according to / əkɔdŋ tu / preposi- tion 1. in accordance with ć The com- puter was installed according to the manufacturer’s instructions. ć The shares were bought according to written instructions from the client. 2. as stated or shown by someone ‘…the budget targets for employment and growth are within reach according to the latest figures’ [Australian Financial Review] account / əkaυnt / noun 1. a record of financial transactions over a period of time, such as money paid, received, bor- rowed or owed ć Please send me your account or a detailed or an itemised ac- count. 2. ( in a shop ) an arrangement which a customer has to buy goods and pay for them at a later date, usually the end of the month ć to have an account or a charge account or a credit account with Harrods ć Put it on my account or charge it to my account. ć They are one of our largest accounts. ˽ to open an account ( of a customer . ) to ask a shop to supply goods which you will pay for at a later date ˽ to open an account, to close an account ( of a shop ) to start or to stop supplying a customer on credit ˽ to settle an account to pay all the money owed on an account ˽ to stop an account to stop supplying a customer until payment has been made for goods supplied 3. ˽ on account as part of a to- tal bill ˽ to pay money on account to pay to settle part of a bill ˽ advance on account money paid as a part payment 4. a customer who does a large amount of business with a firm and has an ac- count with it ć Smith Brothers is one of our largest accounts. ć Our sales peo- ple call on their best accounts twice a month. 5. ˽ to keep the accounts to write each sum of money in the account book ć The bookkeeper’s job is to enter all the money received in the accounts. 6. STOCK EXCHANGE a period during which shares are traded for credit, and at the end of which the shares bought must be paid for ( NOTE : On the London Stock Exchange, there are twenty-four accounts during the year, each running usually for ten working days.) 7. notice ˽ to take account of inflation, to take inflation into account to assume that there will be a specific percentage of in- flation when making calculations í verb ˽ to account for to explain and re- cord a money transaction ć to account for a loss or a discrepancy ć The reps have to account for all their expenses to the sales manager. account aggregation / əkaυnt reeʃ(ə)n / noun a service for on- line banking customers, which allows them to group various accounts, includ- ing credit card accounts, together accountancy / əkaυntənsi / noun the work of an accountant ć They are study- ing accountancy or They are accoun- tancy students. ( NOTE : The US term is accounting in this meaning.) accountant / əkaυntənt / noun a per- son who keeps a company’s accounts or deals with an individual person’s tax af- fairs ć The chief accountant of a manu- facturing group. ć The accountant has shown that there is a sharp variance in our labour costs. ć I send all my income tax queries to my accountant. accommodation 3 accountant accountant’s opinion / ə - kaυntənts əpnjən / noun a report of the audit of a company’s books, carried out by a certified public accountant account book / əkaυnt bυk / noun a book with printed columns which is used to record sales and purchases account day / əkaυnt de / noun a day on which shares which have been bought must be paid for (usually a Mon- day ten days after the end of an ac- count). Also called settlement day account end / əkaυnt end / noun the end of an accounting period account executive / əkaυnt - zekjυtv / noun 1. an employee who looks after customers or who is the link between customers and the company 2. an employee of an organisation such as a bank, public relations firm or advertising agency who is responsible for looking after particular clients and handling their business with the organisation accounting / əkaυntŋ / noun the work of recording money paid, re- ceived, borrowed or owed ć accounting methods ć accounting procedures ć an accounting machine ć The auditors have introduced a new accounting system. ‘…applicants will be professionally qualified and have a degree in Commerce or Accounting’ [Australian Financial Review] accounting period / əkaυntŋ pəriəd / noun a period of time at the end of which the firm’s accounts are made up Accounting Standards Board / ə- kaυntŋ stndədz bɔd / noun a committee set up by British accounting institutions to monitor methods used in accounting account number / əkaυnt nmbə / noun a special number given to an account, either a bank account (in which case it appears on cheques) or a cus- tomer account account reconcilement / əkaυnt rekənsalmənt / noun same as bank reconciliation accounts department / əkaυnts dpɑtmənt / noun a department in a company which deals with money paid, received, borrowed or owed accounts manager / əkaυnts mndə / noun the manager of an ac- counts department accounts payable / əkaυnts peəb(ə)l / noun money owed by a company accounts receivable / əkaυnts r- sivəb(ə)l / noun money owed to a company account statement / əkaυnt stetmənt / noun a written document from a bank showing the balance of an account at the end of a period account trading / əkaυnt tredŋ / noun buying shares and selling the same shares during an account, which means that the dealer has only to pay the differ- ence between the price of the shares bought and the price obtained for them when they are sold accrete / əkrit / verb to have some- thing added to it, especially (of a fund) to have interest added to it accretion / əkriʃ(ə)n / noun the pro- cess of adding interest to a fund over a period of time accrual / əkruəl / noun 1. the act of noting financial transactions when they take place, and not when payment is made 2. a gradual increase by addition ˽ accrual of interest the automatic addi- tion of interest to capital accruals basis / əkruəlz bess /, accruals concept / əkruəlz kɒnsept / noun a method of preparing accounts in which revenues and costs are both reported during the period to which they refer and not during the pe- riod when payments are received or made accrue / əkru / verb to increase and be due for payment at a later date ć In- terest accrues from the beginning of the month. accrued dividend / əkrud dv- dend / noun a dividend earned since the last dividend was paid accrued interest / əkrud ntrəst / noun interest which has been earned by an interest-bearing investment ć Ac- crued interest is added quarterly. acct abbreviation account accumulate / əkjumjυlet / verb to grow in quantity by being added to, or to get more of something over a period of accountant’s opinion 4 accumulate accumulated depreciation 5 active account time ć We allow dividends to accumu - late in the fund. accumulated depreciation / ə- kjumjυletd dpriʃieʃ(ə)n / noun the total amount by which an asset has been depreciated since it was purchased accumulated profit / ə- kjumjυletd prɒft / noun a profit which is not paid as dividend but is taken over into the accounts of the fol- lowing year accumulated reserves / ə- kjumjυletd rzvz / plural noun reserves which a company has put aside over a period of years accumulation / əkjumjυleʃ(ə)n / noun the process of growing larger by being added to, or of getting more and more of something accumulation unit / əkjumjυ- leʃ(ə)n junt / noun a type of unit in a unit trust, which produces dividends which are used to form more units (as opposed to an income unit, which produces dividends which the investor receives as income) ACD abbreviation authorized corporate director ACH abbreviation US automated clearing house achieve / ətʃiv / verb to succeed in doing something, to do something suc- cessfully ć The company has achieved great success in the Far East. ć We achieved all our objectives in 2001. ‘…the company expects to move to profits of FFr 2m next year and achieve equally rapid growth in following years’ [Financial Times] acid test ratio / sd test reʃəυ / noun same as liquidity ratio ACP state noun an African, Carib- bean and Pacific state which is linked to the European Community through the Lomé Convention (1985) acquire / əkwaə / verb to buy ć to ac- quire a company ć We have acquired a new office building in the centre of town. acquirer / əkwaərə / noun a person or company which buys something acquisition / kwzʃ(ə)n / noun something bought ć The chocolate fac- tory is our latest acquisition. ć The company has a record of making profit - able acquisitions of traders in the retail sector. acquisition accounting / kw- zʃ(ə)n əkaυntŋ / noun a full consolidation, where the assets of a subsidiary company which has been purchased are included in the parent company’s balance sheet, and the pre- mium paid for the goodwill is written off against the year’s earnings across-the-board / əkrɒs ðə bɔd / adjective applying to everything or ev- eryone ć an across-the-board price in- crease or wage increase across-the-board tariff increase / əkrɒs ði bɔd trf nkris / noun an increase in duty which applies to a whole range of items act / kt / noun a law passed by parlia- ment which must be obeyed by the peo- ple í verb 1. to work ć He has agreed to act as an agent for an American com- pany. ć The solicitor is acting for us or on our behalf. 2. to do something ć The board will have to act quickly if the company’s losses are going to be re- duced. ˽ to act on something to do what you have been asked to do by someone ć to act on a letter ć The law- yers are acting on our instructions. ACT abbreviation Advance Corpora- tion Tax action / kʃən / noun 1. a thing which has been done ˽ to take action to do something ć You must take action if you want to stop people cheating you. 2. ˽ to take industrial action to do some- thing (usually to go on strike) to show that you are not happy with conditions at work 3. a case in a law court where a person or company sues another person or company ˽ to take legal action to sue someone ć an action for libel or a libel action ć an action for damages ć She brought an action for wrongful dis- missal against her former employer. active / ktv / adjective involving many transactions or activities ć an ac- tive demand for oil shares ć an active day on the Stock Exchange ć Computer shares are very active. active account / ktv əkaυnt / noun an account, such as a bank account or investment account, which is used (i.e. money is deposited and withdrawn) frequently . supplements at the back of the book offer additional information. Preface to the second edition The vocabulary of banking and finance, like that of so many modern. first edition This dictionary provides a basic vocabulary of terms used in the fields of banking, investment, the Stock Exchange, and general finance. It covers