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top of pageAbove par:

A share or a bond whose market value is higher than its nominal value or face value. For example, if long-term interest rates decrease after the issue of the bond, the bond's price will increase above par. Opposite: Below par

Français: Au dessus du pair
Español: Por encima de la par, por encima de su valor nominal, por encima de la paridad



top of pageAcceptance:

A time draft (or bill of Exchange ) on which the drawee has written the word "accepted" over his signature, thereby becoming unconditionally obliged to pay at maturity. The draft must first be presented for acceptance, by which the drawee becomes the "acceptor", and then for payment.

(1) Bank(er's) Acceptance :a draft of which a bank is both drawee and acceptor; i.e. the bank gives its guarantee to make the payment should the buyer default.

(2) Trade acceptance: a draft, usually issued from the sales of merchandise, whose drawee and acceptor is an individual or a business entity.

Français: Acceptation
Español: Aceptación



top of pageAcceptance credit:

Short-term loan by which the bank allows the customer to draw bills on it up to a certain amount (line of credit). The bills are then accepted and usually also discounted by the bank. Most frequently used in international trade.

Français: Crédit d’acceptation
Español: Crédito de aceptación



top of pageAcceptance price:

In the underwriting business, the price paid by the banks to the issuers for underwriting a new securities' issue. The acceptance price is lower than the issue price to the general public, the difference being the banks' gross profit margin or commission.

Français: Prix d’acceptation
Español: Precio de aceptación



top of pageAccount party:

The party which addresses the bank for the issue of a letter of credit , e.g. the account party can be an importer, a buyer, a construction contractor or a supplier bidding on a contract.

Français: Partie comptable
Español: Parte solicitante



top of pageAccounts payable:

Money due to suppliers. Also called payables and trade payables.

Français: Dettes passives
Español: Cuentas a pagar



top of pageAccounts receivable:

Money due from customers. Also called receivables and trade receivables.

Français: Dettes actives
Español: Cuentas a cobrar, activo corriente, activo exigible, efectos a cobrar, valores exigibles



top of pageAccrual accounting:

An accounting method where revenues are recognized when earned and expenses when incurred, regardless of the actual timing of the cash receipts and expenditures. Compare with cash accounting.

Français: Comptabilité cumulative
Español: Contabilidad de valores devengados



top of pageAccrued interest:

(1) Interest earned but not collected.

(2) Interest earned, but still unpaid, since the latest payment date.

(3) Interest due from the date of issue or the last coupon date on an interest-bearing security, or from the last date of payment on a loan.

Français: Intérêts courus
Español: Interés acumulado, interés devengado, interés vencido



top of pageAccrued liabilities:

Accounting items entered on the liabilities side of the balance sheet which relate to previous operations; such as income received during the past financial year but which relates to the new fiscal year, or expenses incurred during the past year but not payable until the following year.

Français: Passifs transitoires
Español: Pasivo acumulado



top of pageAcid test / Quick ratio:

A liquidity ratios measuring a company's ability to pay immediate liabilities. It is expressed as: current assets less inventories, divided by current liabilities. Compare with Quick ratio.

Français: Ratio de liquidité
Español: Prueba ácida



top of pageActive income:

Income resulting from the active conduct of trade or business.

Français: Revenu actif
Español: Ingreso activo



top of pageActual(s):

The physical commodity or security underlying a futures contract. It may also be designated "cash" or "physicals".

Français: Physique(s)
Español: Actual(s)



top of pageADB:

See African Development Bank, Asian Development Bank.

Français: Banque Africaine de Développement, Banque asiatique de développement
Español: Banco Africano de Desarrollo, Banco Asiático de Desarrollo



top of pageAd Valorem Duty (According to value):

Any charge, tax, or duty (tariff) calculated and applied as a percentage of the value (price) of the item. The higher the value of an item, the higher the ad valorem duty. See duty.

Français: Droits Ad Valorem (en fonction de la valeur)
Español: Derecho ad valorem



top of pageAddendum:

A supplement or appendix attached to a document (such as a bill of exchange ) which can be used for endorsement.

Français: Addendum
Español: Suplemento



top of pageADR:

Abbreviation for American Depository Receipts

Français: Quittances/Certificats de Dépôts Américains
Español: Recibo americano de depósito



top of pageAdvance:

A loan, usually short-term (i.e. one to three years), taking the form of an overdraft to a company or individual.

Français: Avance
Español: Préstamo, anticipo, adelanto



top of pageAdvance against documents (A/D):

A loan secured by the documents covering the shipments, which remain in control of the creditor.

Français: Avance contre documents
Español: Préstamo contra documentos, adelanto sobre documentos



top of pageAdvance import deposits:

A foreign exchange control technique whereby importers are required to deposit a percentage of the value of a product with the designated authorities for a specified period of time.

Français: Avances relatives aux dépôts d’importations
Español: Depósitos previos a la importación



top of pageAdvanced Payment Bond/Guarantee:

(1) A bond provided by a supplier to a buyer to assure him that advance payments made to the supplier will be returned if the contractual obligations are not fulfilled. The bond is issued up to the amount of the advance payments specified in the contract. The value of the bond normally decreases as the supplier fulfils the obligations for which the advance payments were made. Such bond may be either conditional or unconditional.

(2) An arrangement whereby a company employing a contractor makes funds available to him to purchase equipment and to cover the organizational expenses involved in getting the construction under way.

Français: Obligation, Garantie de paiement anticipé
Español: Bono de pago anticipado, garantía de pago anticipado



top of pageAdvances:

See Receivables.

Français: Avances
Español: Advances



top of pageAdvised letter of credit:

A commercial letter of credit whose authenticity has been verified by a bank, usually located in the beneficiary's country. The bank then advises the beneficiary of the authenticity of the letter of credit, without however undertaking any payment obligation.

Français: Lettre de crédit notifiée
Español: Carta de crédito notificada



top of pageAdvising bank:

Also known as the notifying bank. This is the bank operating in the exporter's country which handles letter of credit on behalf of the foreign bank, by notifying the exporter that the credit has been opened in his favour and informing him of the terms and conditions of the letter of credit. It does not necessarily have responsibility for payment.

Français: Banque notificatrice
Español: Banco notificador



top of pageAdvisory Capacity:

A term designating the fact that the powers of a shipper's agent or representative abroad are limited, and that he is not authorized to take decisions or make adjustments without previously referring to his principals. Compare with without reserve.

Français: Capacité notificatrice
Español: Calidad de asesor



top of pageAfter date:

A phrase indicating that payments on a draft or other negotiable instrument are due on a specific date after the presentation of the draft to the drawee. Compare with after sight, at sight.

Français: Après la date
Español: Plazo fecha



top of pageAfter sight:

This expression is written on a draft or other negotiable instrument, meaning that it becomes payable on a certain date after having been presented for acceptance (e.g. 90 days). The period starts the date the bill is signed and accepted by the drawee. In order to let the holder of the bill know when the bill becomes payable, the drawee must add the date of his acceptance.

Français: Après présentation
Español: Plazo vista



top of pageAfter-tax cash flow:

The total cash generated by an investment annually. This is defined as profit after-tax plus depreciation, or operating income after tax plus the tax rate times depreciation.

Français: Flux de trésorerie après impôts
Español: Flujo de caja después de impuestos



top of pageAfter-tax real rate of return:

This is defined as the after-tax rate of return on an investment minus the inflation rate.

Français: Taux de rentabilité réel après impôts
Español: Tasa de rendimiento real después de impuestos, tasa de rentabilidad real después de impuestos



top of pageAfrican Development Bank:

Established in 1963, with its headquarters in Abidjan, Côte d'Ivoire. The ADB provides financing through direct loans to African member states to cover the foreign exchange costs incurred in bank-approved development projects in these countries. Fifty-one African countries are members. The ADB is financed by member countries of the OECD.

Français: Banque Africaine de Développement
Español: Banco Africano de Desarrollo



top of pageAfrican Development Foundation (ADF):

An independent, non-profit government corporation established to provide financial assistance to grass-roots organizations in Africa. The ADF became operational in 1984.

Français: Fondation Africaine de Développement
Español: Fundación africana para el desarrollo, FAD



top of pageAfrican Development Fund (ADF):

A fund managed by the ADB.

Français: Fonds Africain de Développement
Español: Fondo africano para el desarrollo



top of pageAgency fee (management fee):

An annual fee payable by the borrower, usually to cover the costs incurred by the lender in administering the loan.

Français: Honoraires, commission d’agence (honoraires, commission de direction)
Español: Comisión de agente, comisión de administración, comisión de gestión



top of pageAgency for International Development (AID):

Created in 1961 to administer foreign economic assistance programmes of the US government. AID has field missions and representatives in approximately 70 developing countries in Africa, Latin America, the Caribbean and the Near East.

Français: Agence pour le Développement International
Español: Agencia para el Desarrollo Internacional



top of pageAgent:

A legally independent person, authorized by another person (the principal) to act on his behalf as an intermediary or to conclude business transactions. The agent usually receives a fee or a commission (often a percentage of the sale price) for the services rendered. In a syndicated loan, the agent is the bank which manages the loan on behalf of the participating banks.

Français: Agent
Español: Agente, representante, mandatario



top of pageAgent distributor service (ADS):

A fee-based service providing U.S. exporters with a customized overseas search for interested and qualified foreign representatives (such as foreign import agents and distributors).

Français: Agent distributeur de services
Español: Servicio de agente distribuidor



top of pageAgio

A security sells at agio when its market value is higher than its nominal or par value. In foreign exchange operations this is the premium paid to exchange one currency for another. Opposite: Disagio.

Français: Agio, Prime
Español: Agio



top of pageAgreed Minute:

This embodies the terms agreed upon in a Paris Club rescheduling meeting. It forms the basis for bilateral discussions between individual creditor governments (including export credit agencies) and debtor countries on agreements for implementation of the rescheduling. The Minute normally specifies the coverage of debt-service payments to be consolidated, the cut-off date, the consolidation period, the proportion to be rescheduled and the deferred debt.

Français: Procès verbal convenu
Español: Acta aprobada



top of pageAIBD:

The Association of International Bond Dealers, setting market trading rules for the secondary market of Eurobonds.

Français: AIBD
Español: AIBD



top of pageAir waybill:

A bill of lading used for the transportation of air freight, describing conditions, liability, shipping instructions, nature of the commodity and applicable transportation charges. It is a non-negotiable instrument of air transport acting as a receipt for the shipper, and indicating that the carrier has accepted the goods listed therein and is thereby committed to carry the consignment to the airport of destination, according to the specified conditions. Compare Inland Bill of Lading, Through bill of lading.

Français: Lettre de voiture aérienne
Español: Carta de porte aéreo



top of pageAll-in cost:

Total costs, whether foreseeable or not.

Français: Tout-inclu dans le coût
Español: Costo todo incluido



top of pageAll-in rate:

The interest rate on a loan which includes the cost of Compensating balances, Commitment fees and any other charges.

Français: Tout-inclu dans le taux
Español: Tasa todo incluido



top of pageAllonge:

A slip of paper attached to a bill of Exchange , acceptance or notes, providing space for additional endorsement when the back of the bill is already filled with names.

Français: Allonge
Español: Allonge



top of pageAll Risks Coverage:

A clause used in marine insurance, providing the shipment with the broadest kind of standard coverage. It excludes, however, damage to the shipment caused by war, strikes and riots. Compare with the Free of Particular Average and With Average clauses.

Français: Couverture de tous les risques
Español: Cobertura contra todo riesgo



top of pageAlongside:

A term referring to the side of a ship. Goods to be delivered alongside are to be placed on the dock or within reach of the transport ship's tackle so that they can be loaded on board. Goods are delivered alongside at the port of embarkation, excluding loading fees.

Français: Le long
Español: Al costado



top of pageAlpha:

A Yield indicator based on the risk of a security or a portfolio in relation to the market risk. A positive Alpha indicates the extra yield of the security or portfolio awarded to the investor for having taken a risk, rather than simply accepting the average market return. Thus, an alpha of 0.5 means that the security or portfolio has outperformed the estimated market-based return by 0.5%. See also Beta.

Français: Alpha
Español: Alfa



top of pageAmerican Depository Receipts (ADRs):

Domestically traded securities representing claims of foreign stocks.

Français: Certificats de dépôt américains
Español: Recibo americano de depósito



top of pageAmerican option:

An option which can be exercised at any time between the date of purchase and its expiry date. Compare with a European Option.

Français: Option américaine
Español: Opción estadounidense



top of pageAmortization:

(1) The gradual reduction of a debt, through regular repayments of principal instalments and payment of current interest over an agreed period of time, so as to liquidate the debt.

(2) In accounting, a term indicating the systematic writing off of an account or asset over its estimated life. See Depreciation.

Français: Amortissement
Español: Amortización



top of pageAndean Group:

A group of Latin American countries formed in 1969 to promote regional economic integration among medium-sized countries. Its member states include Bolivia, Colombia, Ecuador, Peru and Venezuela.

Français: Groupe andéen
Español: Grupo Andino



top of pageAnnuity:

A stream of annual cash flows for a specified period of time. Opposite: Perpetuity.

Français: Annuité
Español: Renta anual, anualidad



top of pageAntidumping:

A set of laws and practices intended to counteract dumping practices.

Français: Antidumping
Español: Antidumping



top of pageA/P (Authority to pay):

An authorization, usually by a bank to a seller, for the purchase, with or without recourse, of draft(s), document(s) and/or goods up to a designated amount.

Français: Autorisation à payer
Español: Autoridad para pagar



top of pageApplication for letter of credit:

A written request by an applicant (an importer or purchaser) to his bank to open a letter of credit. The notification of the opening of the letter of credit is usually done via a correspondent bank.

Français: Demande de lettre de crédit
Español: Solicitud de carta de crédito



top of pageArbitrage:

The purchase of financial instruments (e.g. foreign exchange or securities) or commodities on one market with the intention of selling them simultaneously on another market to take advantage of the price differential between the two markets. The arbitrageur (the person carrying on the business of arbitrage) may earn a profit by exploiting the differences in the rates of exchange or the prices of securities or commodities involved. Arbitrage is attractive only if the price difference is large enough to cover the costs incurred (such as the costs of transporting the goods from one market to the other).

Français: Arbitrage
Español: Arbitraje



top of pageArrangement on Guidelines for Officially Supported Export Credits:

See Consensus.

Français: Dispositions directrices pour les Crédits à l’export officiellement soutenus
Español: Arrangement on Guidelines for Officially Supported Export Credits



top of pageArrangement Fee:

Fee charged by a commercial bank which assists in arranging complex forms of financing, including export credit insurance. Sometimes called a Management Fee.

Français: Honoraire d’arrangement
Español: Comisión de acuerdo



top of pageArrears:

Generally speaking, debt-service payments not made by the due date. In the specific field of export credits, arrears are overdue payments by borrowers, which have not yet resulted in claims against the export credit agencies.

Français: Arriérés
Español: Mora, atrasos



top of pageASEAN:

Association of South-East Asian Nations.

Français: Association des Nations du sud-est asiatique
Español: Asociación de Naciones del Sudeste Asiático



top of pageAsian Development Bank (ADB):

Established in 1966 to foster economic growth and co-operation in Asia and to help accelerate the economic development of members. The ADB headquarters are in the Philippines.

Français: Banque Asiatique de développement
Español: Banco Asiático de Desarrollo



top of pageAsian Pacific Economic Co-operation (APEC):

The Asian Pacific Co-operation was initiated by Australia at the Canberra Conference (Australia) of 1989. Its members are: Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand (members of the Association of South-East Asian Nations countries), plus Australia, Canada, Chile, China, Hong Kong, Japan, New-Zealand, Papua-New-Guinea, South Korea, Taiwan and the United States.

Français: Coopération économique de l’Asie du Pacifique
Español: Cooperación Económica Asia-Pacífico (CEAP)



top of pageAsked/ask price:

The price at which securities (including foreign exchange or foreign bank notes) are offered for sale. Opposite: Bid.

Français: Cours vendeur
Español: Precio de vendedor, precio de oferta, precio nominal



top of pageAsset-backed security:

A security issued by a financial institution and backed by an asset (e.g. a commodity).

Français: Titre garanti par des actifs
Español: Título con activos en garantía



top of pageAsset/equity ratio:

The ratio of total assets to stockholder’s equity.

Français: Ratio actifs sur fonds propres
Español: Relación entre activos y beneficios



top of pageAsset turnover ratio:

A measure of asset efficiency, defined as net sales divided by total assets.

Français: Ratio actifs / Chiffre d'affaires
Español: Razón de rotación de activos



top of pageAssets:

A term indicating everything a company owns which has a monetary value listed on the balance sheet (cash funds, credit balances, supplies, equipment and facilities, etc.). Assets can be financial assets (such as bills), fixed assets (equipment) and intangible assets (goodwill, patent). Opposite: liabilities.

Français: Actifs
Español: Activos



top of pageAssignee:

The acquirer of a title, interest or ownership transferred by an assignor. See Assignment.

Français: Cessionnaire
Español: Cesionario



top of pageAssignment:

The transfer of the legal right, interest or ownership (title) from a creditor (assignor) to a new creditor (assignee). A distinction is made between a single assignment (where only a specific claim is assigned) and a blanket assignment where all receivables are assigned. In the case of an option, an assignment is made when the option writer (seller) receives an exercise notice obliging him to sell (in the case of a call) or to buy (in the case of a put) the underlying security at the specified strike price.

Français: Cession
Español: Cesión, traspaso, transferencia



top of pageAssignment credit:

A credit granted against the fiduciary assignment of one or several receivables to a bank. The accounts receivable act as a security for lending. See Discount credit.

Français: Crédit contre cession
Español: Crédito cedido



top of pageAssignor:

The person who transfers the title, interest or ownership to a third party. See Assignment.

Français: Cédant
Español: Cedente



top of pageAssociation of International Bond Dealers:


Français: Association internationale des courtiers en obligations
Español: Asociación de Agentes Internacionales de Bolsa



top of pageAssociation of South-East Asian Nations (ASEAN):

Established in 1967 to promote political, economic and social co-operation among its six member countries: Indonesia, Malaysia, Philippines, Singapore, Thailand and Brunei. Laos, Papua-New-Guinea and Vietnam are observers, whereas South Korea has special status.

Français: Association des Nations du sud-est asiatique
Español: Asociación de Naciones del Sudeste Asiático



top of pageAt best:

A buying or selling order by a customer to a broker, to buy or sell a certain security at the best currently available price. In the case of a buying order it is therefore "at the lowest possible price", and "at the highest possible price" in the case of selling order. The buyer or seller does not have to specify any maximum or minimum price for the execution of the order by the broker.

Français: Au mieux
Español: Por lo mejor



top of pageAt call:

Money deposited by a bank or at a bank, without any fixed maturity date. The money may be withdrawn at any time when the depositor "calls" for it.

Français: Sur demande
Español: A la vista



top of pageAt market:

See At best.

Français: Au prix du marché
Español: At market



top of pageAt par:

A term meaning the "same value", implying that the price of the security is equal to its face value. Securities are issued at par, par price, par rate. Compare with above par and below par.

Français: Au pair
Español: At par



top of pageAt sight:

A term indicating that payment on a draft or other negotiable instrument is due upon presentation or demand. Compare with After Date, After Sight.

Français: A vue
Español: A la vista



top of pageAt-the-money option:

An option with an exercise price equal to, or close to, the current market price of the underlying security.

Français: A l'option monétaire
Español: Opción a la par



top of pageAuthority to pay:

See A/P.

Français: Autorité de paiement
Español: Autoridad para pagar



top of pageAuthorized bank:

A bank allowed by a country’s public authorities to process the decentralized payment transfers.

Français: Banque autorisée
Español: Banco autorizado, banca delegada



top of pageAval:

A form of guarantee, generally given by a commercial bank, on a negotiable instrument. An aval is usually an unconditional guarantee of payment and is not affected by the terms of the underlying transaction. Avals are recognized only in certain countries (mainly European), though usually not in countries with an Anglo-Saxon legal base.

Français: Aval
Español: Aval



top of pageAverage collection period:

The number of days required, on average, to collect accounts receivable.

Français: Période d’encaissement moyenne
Español: Período promedio de cobranza



top of pageAverage due date:

The mean date of payment of several sums becoming payable at different dates (applies particularly to a bill of exchange).

Français: Date d’échéance moyenne
Español: Fecha promedio de vencimiento



top of pageAverage Life:

The sum of the amounts outstanding of the loan at the end of each year, throughout its entire life, divided by the total principal sum borrowed. It gives the average life of the loan in years.

Français: Vie moyenne
Español: Vida media



top of pageAverage payment period:

The number of days, on average, in which a firm pays off its accounts payable.

Français: Période de paiement moyenne
Español: Período medio de pago



top of pageAverage rate of return (ARR):

The ratio of average net earnings to average investment.

Français: Taux moyen de rentabilité
Español: Tasa de rentabilidad media



top of pageAverage term:

In relation to a bond issue, the maturity calculated on the date halfway between the earliest and the latest date stipulated for repayment.

Français: Durée moyenne
Español: Plazo promedio


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