high-grade fund / High-Grade-Fund / high-grade fund / high-grade fund Investment fund investing solely in first-class assets.
high-priced shares / schwere Papiere / titres lourds / titoli pesanti Shares with a market price which far exceeds the average. They are therefore generally acquired only by large investors.
high-yield bond / High-Yield-Bond / obligation à haut risque et à haut rendement / high yield bond Bond which is rated BB+ or below by the leading rating agencies, or is of comparable quality. Because of their inferior credit quality, high-yield bonds offer a higher return than paper with a better credit rating, but also involve higher risks. The chief issuers of high-yield bonds are companies and emerging markets. Opposite: investment grade bond.
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Hk
HKFE / HKFE / HKFE / HKFE Abbr. for Hong Kong Futures Exchange.
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Ho
holding company / Holdinggesellschaft / société holding / società holding Company with permanent holdings in other, legally independent companies for the purpose of control or financing. See also holding privilege.
holding privilege / Holdingprivileg / privilège des sociétés mères et filiales / privilegio per le holding Tax relief granted to holding companies by the Swiss federal government and most cantons.
home banking Obsolete name for electronic banking.
hostile takeover / feindliche Übernahme / rachat hostile / scalata ostile Takeover, usually made in the form of a public offering, with the intention of replacing the current management of the target company. Opposite: friendly takeover.
hot issue Newly issued securities strongly oversubscribed in the primary market and often traded at higher-than-issue prices in the secondary market.
hot money Synonym for flight capital.
hotel financing / Hotelfinanzierung / financement hôtelier / finanziamento alberghiero Financing especially adapted to the needs and practices of the hotel industry. For banking institutions, hotel financing is an important facet of the commercial lending business in tourist regions.
house bank / Hausbank / banque principale / banca di riferimento Bank with which a company transacts the major part of its business.
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Ia
IAS / IAS / IAS / IAS Abbr. for International Accounting Standards.
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Ib
IBAN / IBAN / IBAN / IBAN Abbr. for International Bank Account Number.
IBRD Abbr. for International Bank for Reconstruction and Development. Synonym for the World Bank.
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Id
IDA Abbr. for International Development Association. One of two organizations (along with the IFC) later created to further the aims of the World Bank by providing loans to underdeveloped countries at less rigorous terms than the Bank would normally stipulate.
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IFA Abbr. for Investment Fund Act.
IFC Abbr. for International Finance Corporation. An organization of the World Bank Group. It was created to further economic development in LDCs by dealing with private investors acting without government guarantors. IDA.
ifo Business Climate Index / ifo Geschäftsklima-Index / Indice IFO / indice Ifo della fiducia delle imprese Also known as the ifo index. German leading indicator of economic trends published every month and derived from a survey of over 7,000 companies conducted by the ifo Institute for Economic Research. Firms polled are asked to offer their assessment of the economic situation and provide details of their short-term plans.
illiquid; not easily marketable / unkurant / non courant / illiquido Also: not easily marketable. Refers to securities that are difficult to sell and value. Opposite: marketable.
illiquidity / Illiquidität / illiquidité / illiquidità A lack of liquid and easily marketable assets resulting in payment liabilities and obligations not being met on time. See also insolvency.
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IMF / IWF / FMI / FMI Abbreviation for International Monetary Fund.
import credit Synonym for documentary credit.
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in option Synonym for knock-in option.
in the money / im Geld / dans la monnaie / in the money Situation where the spot price of an option's underlying is well above (call) or below (put) the strike price. See also at the money, out of the money.
income See yield.
income statement Synonym for profit and loss account.
index / Index / indice / indice Indicator which can be used to compare the value or level of a statistic with its value or level at an earlier point in time, accounting for changes due to factors such as price changes and movements in the economy. See also share index.
index certificate Basket product based on a number of equities selected on the basis of an index or in accordance with particular criteria laid down by the issuing bank. See also basket certificate.
index fund / Indexfonds / fonds indiciel / fondo indicizzato Investment fund whose portfolio is selected to match the structure of a recognized stock market index.
index future / Index-Future / future sur indices / future su indice A financial future based on the development of a share or price index within a specified period. See also share index.
Index Growth Linked Unit / Index-Growth-linked-Unit / Index Growth linked Unit / Index Growth linked Unit Abbreviation: IGLU. Structured product consisting of a bond and a call option on the market index. IGLUs offer a synthetic diversified share portfolio which is also hedged against losses (minimum capital redemption is guaranteed). See also structured product.
index hedging / Index-Hedging / garantie indicielle / index hedging Strategy of hedging a share portfolio with put options on a share index, e.g. SMI. See also hedging.
index-linked bond issue / Indexanleihe / emprunt indexé / prestito indicizzata Bond issue which links the amount to be repaid for principal and interest to the changes in a specific index. A price index clause can protect bondholders to a large extent against the consequences of monetary erosion (inflation).
indicator / Indikator / indicateur / indicatore A series of data used as a proxy for the development of another statistic. See also economic indicator.
indirect listing / indirekte Kotierung / cotation indirecte / quotazione indiretta Also known as indirect quotation. Term used in foreign exchange for a method of indicating currency prices, whereby one unit (or 100 units) of the home currency is expressed in units of a foreign currency. Most countries use direct listing.
indirect mortgage loan / indirekter Hypothekarkredit / crédit hypothécaire indirect / credito ipotecario indiretto A mortgage credit in which a debt instrument secured by real estate (such as a mortgage note) is pledged as collateral. If the debtor becomes insolvent, the bank can dispose of or realize the property only after it has obtained title to it. See also mortgage loan, direct mortgage loan.
indirect quotation Synonym for indirect listing.
individual custody / Einzelverwahrung / dépôt individuel / custodia individuale Also: jacket custody. The safekeeping of securities separate from the customer's holdings of other types of securities or from the securities of other customers. Opposite: collective custody.
Industrials / Industrie / Industrie / Industria Equity sector incorporating shares of companies producing capital goods, offering corporate services, and transports. The respective MSCI Sector index acts as a benchmark for shares of companies belonging to this sector.
inflation / Inflation / inflazione / inflation Increase in the general level of prices and wages and a decrease in the purchasing power of money, resulting from growth in the money supply in relation to the supply of goods. Opposite: deflation. See also inflation rate.
inflation rate / Inflationsrate / taux d'inflation / tasso d'inflazione Statistically determined measure of the rise in price levels and therefore the decline in the value of money. The inflation rate shows the percentage change in price levels over a given period (month, year). See also inflation.
Information Technology / Info-Technologie / Technologies de l'information / Informatica Equity sector incorporating shares of companies developing, producing and/or distributing software, hardware, or semiconductors. The respective MSCI Sector index acts as a benchmark for shares of companies belonging to this sector.
inhouse fund / Inhouse-Fonds / inhouse fund / inhouse fund Fund created by a closely restricted group of investors for the purpose of joint capital investment and managed according to the principle of risk diversification. Unlike investment funds, inhouse funds may not be publicly advertised.
initial margin / Initial Margin / marge initiale / margine iniziale In forward contracts, amount of cash or eligible securities required to be deposited by the buyer or seller at the clearing office via a broker or bank before engaging in margin transactions. See also variation margin.