Ubs dictionary of Banking



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UBS Dictionary of Banking






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à la criée / à la criée / à la criée / à la criée
Open outcry trading. French expression for a system of stock market trading where the stock exchange clerks read out the securities in the order they appear on the official quotation list while the dealers gather around the ring and call out the bid and ask prices for each security and make the prices paid known to the registering clerk. Opposite: electronic trading system.

Aa

AAA / AAA / AAA / AAA
Highest debt grade in the rating system used by Standard & Poor's for securities in the international financial markets.

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Ab

abandon / abandonnieren / abandonner / abbandonare
To withdraw from a premium deal. See also premium.

above par / über pari / au-dessus du pair / sopra la pari
Term that indicates that the price of a security is higher than its nominal value. Opposite: below par. See also premium.

ABS
Abbr. for asset-backed security.

absolute return / absolute Rendite / rendement absolu / rendimento assoluto
Investment strategy which does not try to beat a benchmark index. Often the goal ist specified as generating a certain performance in excess of a money market rate.

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Ac

accept order / Accept-Order / ordre d'acceptation / accept order
On the Swiss Exchange: acceptance of an order that is already contained in the central order book.

acceptance / Akzept / acceptation / accettazione
(1) Written declaration on a bill of exchange that the latter is accepted. Acceptance of the bill of exchange must be declared, although it can also be limited to just part of the amount of the bill of exchange. The drawee of the bill of exchange is bound through acceptance to pay the latter on expiry.
(2) Accepted bill of exchange. Opposite: draft.
(3) Acceptance of a contract tender.

acceptance credit / Akzeptkredit / crédit par acceptation / credito di accettazione
Short-term loan under which the bank permits the customer to draw bills up to a certain amount (credit line). The bills are then accepted and usually also discounted by the bank as agreed.

accessory obligation / akzessorische Sicherheit / droit accessoire / garanzia accessoria
Obligation which is incidental to another principal obligation, e.g. the obligation of a surety or lien. The accessory obligation is extinguished with the principal obligation. Opposite: non-accessory obligation: this form of security is separate from the claim it secures and therefore remains in force without the claim (e.g. a land charge).

account / Konto / compte / conto
Synonym for bank account.

account card / Kontokarte / carte de compte / carta di conto
Plastic card issued to bank customers for the efficient handling of transactions carried out over the counter or via ATMs. The necessary control data, such as the customer's PIN, are stored in the magnetic strip.

account statement / Kontoauszug / relevé de compte / estratto conto
A summary in writing of all account transactions within a given period. Depending on the type of account, interest is calculated on a monthly to yearly basis. Can also be accessed online.

accounting standards / Rechnungslegungsvorschriften / règles de comptabilisation / prescrizioni per l'allestimento dei conti
Legally defined procedures to be followed when compiling company accounts and consolidated accounts. In Switzerland, banks comply with the standards laid down in article 6 of the Swiss Federal Law on Banks and Savings Banks and articles 23-27 of the Banking Ordinance on banks' annual and interim reporting. They also follow the guidelines laid down by the Swiss Federal Banking Commission.

account-only check (US); collection-only check (US) / Verrechnungsscheck / chèque à porter en compte / assegno da accreditare
Cheque bearing the endorsement «for clearing only» or «for crediting only» or similar. Such cheques may not be paid out in cash but can only be credited to the beneficiary. The endorsement cannot be cancelled by crossing it out.

accruals and deferrals / Rechnungsabgrenzung / compte de régularisation / ratei e risconti
Balance sheet item covering expenses and income attributable to a different reporting period to that in which they were paid. See also accrued income and prepaid expenses, accrued expenses and deferred income.

accrued expenses and deferred income / transitorische Passiven / passifs transitoires / ratei e risconti passivi
Accounting apportionment items entered on the liabilities side of the balance sheet, such as income already received during the past financial year but relating to the new financial year, or expenses incurred during the past year but not payable until the following year. Opposite of accrued income and prepaid expenses. See also liabilities.

accrued income and prepaid expenses / transitorische Aktiven / actifs transitoires / ratei e risconti attivi
Accounting apportionment items listed on the assets side of the balance sheet, such as expenses paid during the past financial year, but relating to the new fiscal year.

accrued interest / Marchzins / intérêt couru / interesse pro rata
Interest from the most recent coupon date to the present on an interest-bearing security. Also: broken-period interest.

accumulation fund
Synonym for capital appreciation fund.

acquisition
See takeover.


active management / aktives Management / gestion active / gestione attiva
Portfolio management strategy where the manager makes specific investments with the goal of outperforming a benchmark index.

actuarial reserve / Deckungskapital / réserve mathématique / capitale di copertura
Mathematical calculation of the capital required by an insurance or pension fund to finance expected future benefits.

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addendum / Allonge / allonge / allungamento
A supplement or appendix attached to a document (deed, bill of exchange, registered share) which can be used for endorsements.

additional dividend
Synonym for extra dividend.

adjust / adjustieren / ajuster / rettificare
To correct share prices when there are changes in capital structures, in particular when subscription rights are reduced or in the case of stock splits or reverse splits.

adjustment on conversion / Konversionssoulte / soulte de conversion / saldo di conversione
Cash amount payable to the bondholder on conversion of a bond or payable to the company by the bondholder if the adjustment is negative. It is made up as follows:
(1) Accrued interest if the term of the new bonds begins after the coupon due date of the old ones.
(2) The amount of the difference in interest if the terms overlap and interest rates differ.
(3) The price difference if the new bonds are issued above or below par value.

admission board / Zulassungsstelle / instance d'admission / ufficio di ammissione
Commission of the Swiss Exchange which decides independently on the admission of securities to the Swiss Exchange and defines the attendant reporting obligations of the listed companies.

admission to stock exchange dealing / Börseneinführung / introduction en Bourse / ammissione alla quotazione
Official listing of a security on a stock exchange.

ADR / ADR / ADR / ADR
American Depositary Receipt. Negotiable registered certificate issued on the US market and evidencing title to non-US equity paper. ADRs are registered with the Securities and Exchange Commission (SEC) and quoted in USD. Holders of ADRs essentially enjoy the same ownership and membership rights as shareholders.

advance payment bond / Anzahlungsgarantie / garantie de remboursement d'acomptes / garanzia di rimborso
Guarantee furnished by a bank that in the event of non-performance of an agreement it will reimburse the customer for amounts paid.

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Af

affidavit / Affidavit / affidavit / affidavit
Sworn or affirmed written statement to authenticate a claim, especially in securities trading, e.g. regarding the origin and ownership of securities. Statement issued by banks to non-resident holders of certain securities for the purpose of obtaining an exemption from Swiss tax on these securities, as they are already taxed in the holder's country of residence.

after-sight bill / Nachsichtwechsel / traite à un certain délai de vue / cambiale a certo tempo vista
Bill of exchange which becomes payable at a certain date after presentation for acceptance (e.g. after one month).

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Ag

agency bond / Agency-Bond / agency bond
Bonds issued by Fannie Mae, Freddie Mac and other agencies.

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Al

allfinanz; bancassurance / Allfinanz / bancassurance / bancassicurazione
Combination of banking and insurance services in one financial institution. Sometimes used to refer to the full range of financial services.

allocation / Zuteilung / attribution / assegnazione
(1) Synonym for subscribed allotment.
(2) Allocation of securities reduced on a pro rata basis if supply and demand cannot be matched at a certain price.

allround fund; balanced fund / Allroundfonds / fonds de placement universel / fondo d'investimento allround
Investment fund which is not restricted to any particular countries, regions or sectors and which invests globally.

alpha / Alpha / alpha / alfa
Ratio which expresses the so-called risk-adjusted performance of an investment fund. If the average return on a security or portfolio is larger than its expected return, the alpha is positive. If the average return is smaller than expected, the alpha is negative.

alternative investment / alternative Anlage / placement de substitution / investimento alternativo
Capital investment that is not attributable to the traditional asset classes such as equities, bonds and money market products. Alternative investments show little correlation with the equity and bond markets and are therefore ideally suited as a portfolio diversification. Examples: private equity, hedge funds, commodities and real estate.

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Am

American Depositary Receipt
Abbr.: ADR.

American-style option / amerikanische Option / option américaine / opzione americana
Option which can be exercised at any time, including on the expiry date. See also European option.

amortization / Amortisation / amortissement / ammortamento
(1) The reduction of a debt by means of payments in instalments.
(2) Obsolete term for depreciation.

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An

annual financial statements / Jahresrechnung / comptes annuels / rendiconto annuale
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