Ubs dictionary of Banking
subject to collection / Eingang vorbehalten / sauf bonne fin / salvo buon fine
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subject to collection / Eingang vorbehalten / sauf bonne fin / salvo buon fine Clause by which the bank reserves the right to reverse or cancel a credit entry if the countervalue of promissory notes and other debt certificates (such as bills of exchange, drafts and cheques) cannot be collected. subordinated issue / nachrangige Anleihe / emprunt de rang postérieur / obbligazione subordinata Bond issue where the lender contracts that his debt will rank behind some or all other debt on liquidation or bankruptcy of the issuer. In Switzerland banks may count up to 100% of their subordinated bond issues with a residual term of 5 years as part of their equity capital; this percentage decreases as the term gets shorter. sub-participation / Unterbeteiligung / sous-participation / sottopartecipazione (1) In the securities underwriting business: where banks that are not members of an underwriting syndicate participate in an issue; the sub-participating banks participate to a certain extent in the rights and obligations of the syndicate. Sub-participation is an attractive option for banks not included in a syndicate. By granting sub-participations, the syndicate banks can reduce their own risk exposure and access a broader group of investors. (2) In the lending business: if a large loan is granted to a borrower, several banks can join together to act as the lender. Each bank provides part of the loan, but only the lead bank deals directly with the client. The lead bank refers to the credit facilities provided by the other banks as sub-participations. subscribed allotment / Repartierung / répartition / riparto Allocation of securities apportioned to the individual subscriber in the case of oversubscribed issues. If more applications for subscription are received than securities available, the individual allotments are reduced accordingly. subscription / Zeichnung; Subskription / souscription / sottoscrizione In subscribing a specific number of securities, the subscriber undertakes to take up the said securities according to the conditions set down in the prospectus if they receive a definitive allocation. subscription form / Zeichnungsschein / bulletin de souscription / modulo di sottoscrizione Order form used in the issuing business. With this form, a subscriber undertakes to take up and pay for allocated securities according to the conditions set down in the prospectus. See also issue, subscription. subscription period / Zeichnungsfrist / période de souscription / periodo di sottoscrizione Period during which subscriptions to a new securities issue can be accepted by the subscribing agent (usually a bank). subscription ratio / Bezugsverhältnis / rapport de souscription / rapporto di sottoscrizione (1) In options trading the subscription ratio specifies how many warrants or certificates are required in order to acquire the right to purchase (call) or sell (put) a share or other underlying at a fixed price. Example: A subscription ratio of 10:1 means that ten warrants are required to purchase/sell an equity. (2) In the case of a capital increase the subscription ratio indicates the relation of the number of old equities to the number of new equities. For instance, a ratio of 5:3 means that there are three new equities for every five old equities. subscription right / Bezugsrecht / droit de souscription / diritto di opzione Privilege given to a shareholder to purchase additional shares. subscription warrant / Optionsschein / certificat d'option / certificato d'opzione Known simply as a warrant. Type of security, usually issued together with a bond or preferred stock, entitling the holder to buy a proportionate amount of common stock at a specified price for a period of years. subsidiary / Tochtergesellschaft / société affiliée / società affiliata Also: subsidiary company. Legally independent company that is controlled by another company, its parent company. The subsidiary may have been founded by the parent company or acquired by it, and forms part of a corporate group. summary bill enforcement procedure / Wechselstrenge / poursuite pour effets de change / rigore cambiario Especially rapid summary bankruptcy proceedings brought against bill and cheque debtors whose names are entered in the commercial register. supervisory authorities / Aufsichtsbehörde / autorité de surveillance / autorità di vigilanza Legally appointed body whose remit is to supervise the activities of financial institutions. In Switzerland, the Swiss Federal Banking Commission (FBC) is responsible for monitoring banks and investment funds. supply-side economics The belief that an adequate supply of goods is important in fighting inflation and that a higher rate of business investment is needed to produce those goods efficiently. A cut in the marginal rates of income taxes is advocated in order to encourage people to work harder as well as to save and invest more. support purchase / Stützungskauf / achat de soutien / acquisto di sostegno Stock market purchase order aimed at preventing a decline in price that would be undesirable from the buyer's perspective, or at supporting the price of a security or the exchange rate of a currency. surety credit / Avalkredit / crédit d'aval / credito di avallo Also: guarantee credit. A bank grants credit, thereby assuming liability for a bill guarantee up to a given amount (guarantee limit). See also contract bond, bill guarantee. surrender value / Rückkaufswert / valeur de rachat / valore di riscatto The amount an insurance company will repay to a policyholder who wishes to terminate his policy early. Usually, the life insurance policy premiums must have been paid for at least three years. The surrender value is used as a guideline for determining the credit line granted against the pledge of life insurance claims as collateral. suspense account / Interimskonto / compte intérimaire / conto interinale Also interim account. An account for the temporary entry of charges or credits, pending determination of their ultimate disposal. Frequently used in connection with doubtful accounts receivable.  Top
Sw swap / Swap / swap / swap In general: financial term for a combined or simultaneous buying and selling operation. (1) Swaps between central banks: transactions that are frequently carried out in connection with the IMF or the BIS to bridge international liquidity crises. (2) Capital-market swaps: agreements whereby the two parties undertake to swap payments over a specified period on specified dates and at conditions fixed in advance. The swap contract can either refer to the exchange of interest payments (interest-rate swap) or the exchange of interest payments and nominal amounts in different currencies (currency swaps). (3) Synonym for currency swap. (4) Synonym for debt-equity swaps. SWIFT / SWIFT / SWIFT / SWIFT Abbreviation for Society for Worldwide Interbank Financial Telecommunication. Domiciled in Brussels, the company operates a computer-guided communications system to rationalize international payment transfers. Swiss Accounting and Reporting Recommendations / Fachempfehlungen zur Rechnungslegung / Recommandations relatives à la présentation des comptes / raccomandazioni concernenti la presentazione dei conti Also: Swiss GAAP. Recommendations supplementing the financial reporting provisions of Swiss company law which aim to increase the meaningfulness and comparability of annual accounts, and are designed to provide standards in line with international principles which present a true and fair view of a company's financial position, results of operations and cash flows. Adherence to these recommendations is a prerequisite for listing on the stock exchange. See also Generally Accepted Accounting Principles, International Financial Reporting Standards. Swiss Bankers Association / Schweizerische Bankiervereinigung / Association suisse des banquiers / Associazione svizzera dei banchieri Abbr.: SBA. Association established to represent the interests of the banking community in Switzerland. Based in Basel. Swiss Bankers Travellers Cheque / Swiss Bankers Travellers Cheque / Swiss Bankers Travellers Cheque / Swiss Bankers Travellers Cheque Travellers cheques issued by the Swiss Bankers Travellers Cheque Centre, which are accepted worldwide and are replaced within 24 hours if lost or stolen. Swiss Banking Law / Bankengesetz / loi sur les banques / legge sulle banche Swiss Federal Law on Banks and Savings Banks dated 8 November 1934, and revisions. Designed primarily to protect creditors, the Banking Law also defines licensing policy, minimum liquidity requirements, capital adequacy, accounting principles, and internal and external supervision. The law governs the operations of all banks, private bankers and savings banks. Swiss Code of Obligations / Obligationenrecht / code des obligations / Codice delle obbligazioni Abbr.: OR. The Swiss Code of obligations is the fifth part of the Swiss Civil Code (ZGB). It contains provisions on debts, claims, contracts, securities and forms of company. Swiss consumer price index / Landesindex der Konsumentenpreise / indice suisse des prix à la consommation / indice nazionale dei prezzi al consumo An index that measures price performance in Switzerland, showing the extent to which the cost of living has become more or less expensive as a result of price changes but not of changes in consumer behaviour or in the quality of goods and services. See also consumer price index. Swiss Exchange / Schweizer Börse / Bourse suisse / borsa svizzera Official name: SWX Swiss Exchange. Swiss Federal Banking Commission / Eidgenössische Bankenkommission / Commission fédérale des banques / Commissione federale delle banche Supervisory and implementing authority for the Banking Law and the Law on Investment Trusts, appointed by the Federal Council and acting independently of the Federal Administration and the Swiss National Bank. The Banking Commission maintains a permanent Secretariat in Berne. Swiss Foundation for Accounting and Reporting Recommendations / Fachkommission für Empfehlungen zur Rechnungslegung / Commission pour les recommandations relatives à la présentation des comptes / Commissione per le raccomandazioni relative alla presentazione dei conti Abbr.: ARR. Foundation whose remit is to standardize Swiss accounting principles. It is responsible for the Swiss Accounting and Reporting Recommendations. Swiss franc bond issue of foreign borrowers / Schweizerfrankenanleihe ausländischer Schuldner / emprunt en francs suisses de débiteurs étrangers / prestito in franchi svizzeri emessi da debitori esteri CHF-denominated bond offering (mostly straight, convertible or warrant issues) placed on the Swiss capital market by foreign borrowers (companies, government agencies or states). Usually runs for 5 to 15 years. Swiss GAAP ARR / Swiss GAAP FER / Swiss GAAP RPC / Swiss GAAP RPC See Swiss Accounting and Reporting Recommendations. Swiss Interbank Clearing / Swiss Interbank Clearing / Swiss Interbank Clearing / Swiss Interbank Clearing Abbreviation: SIC. Company which settles electronic payment transactions between banks under the supervision of the Swiss National Bank. Website: www.sic.ch. Swiss Market Feed / Swiss Market Feed / Swiss Market Feed / Swiss Market Feed Abbr.: SMF. Swiss Exchange information system that provides all prices on a continuous basis with their trading volumes and times, the best bid and ask prices with accumulated amounts and accumulated daily volumes. Swiss Market Index / Swiss Market Index / Swiss Market Index / Swiss Market Index / Abbr.: SMI. Share index calculated on the basis of the Swiss stocks with the highest market capitalizations. The Swiss Market Index was calculated for the first time on 30 June 1988. Swiss National Bank / Schweizerische Nationalbank / Banque nationale suisse / Banca nazionale svizzera Abbr.: SNB. Switzerland's central bank. Its three tasks as set down in the law are to ensure the supply and distribution of cash, to facilitate payment systems and to pursue credit and currency policies that serve the interests of the country as a whole. Website: www.snb.ch. Swiss New Market Index / Swiss New Market Index / Swiss New Market Index / Swiss New Market Index Abbreviation: SNMI. Index, adjusted for dividends, which shows the price performance of the segment of growth companies from Switzerland and abroad (start-up companies). The SNMI has been published since 1 March 2000. Swiss Performance Index / Swiss Performance Index / Swiss Performance Index / Swiss Performance Index Abbreviation: SPI. Broadest based Swiss share index, covering all domestic companies listed on the Swiss Exchange. Weighted by capitalization and dividend-adjusted, the SPI is an ideal benchmark for performance comparisons. Swiss Performance Presentation Standards / Swiss Performance Presentation Standards / normes de présentation SPPS / Swiss Performance Presentation Standards Abbr.: SPPS. Recommendations issued by the Swiss Bankers Association aimed at ensuring uniform and modern performance reporting. The objectives are to ensure full disclosure and fair presentation of the performance of asset managers, and also to enable performance comparisons. See also Global Investment Performance Standards (GIPS), Gold GIPS. Swiss Private Bankers Association / Vereinigung Schweizerischer Privatbankiers / Association des Banquiers Privés Suisses / Associazione dei banchieri privati svizzeri Abbreviation: SPBA. Swiss Private Bankers Association, based in Geneva. Website: www.swissprivatebankers.com. swissmint / swissmint / swissmint / swissmint Official mint of the Swiss Confederation. Website: www.swissmint.ch. switch / Switch / switch / switch Restructuring and shifting within a portfolio, with the weightings of positions in certain securities being reduced and that of others being increased. SWX / SWX / SWX / SWX Abbreviation for SWX Swiss Exchange. SWX Swiss Exchange / SWX Swiss Exchange / SWX Swiss Exchange / SWX Swiss Exchange Official name of the Swiss bourse. Abbreviation: SWX. SWX was created in 1995 with the merger of the exchanges in Geneva, Basel and Zurich. Since 1996, all securities on the Swiss Exchange have been traded electronically, and floor trading thus abolished. SWX is supervised by the Swiss Federal Banking Commission (SFBC). See also virt-x. Website: www.swx.com. Top
Sy syndicate / Syndikat / syndicat / sindacato Also referred to as a consortium. Group of companies that come together for a common purpose. See underwriting syndicate. syndicate operation / Konsortialgeschäft / opération en consortium / operazione consortile Joint (usually large-scale) financing operation (bond issue, loan, etc.) by several banks which have formed a syndicate or consortium for the purpose. See also syndicated credit. syndicated credit Synonym for syndicated loan. syndicated loan / Konsortialkredit; syndizierter Kredit; Konsortialdarlehen/ crédit consortial / credito consortile Also: syndicated credit. Credit or loan granted jointly by two or more banks, one of which acts as lead manager. syndication / Konsortialgeschäft / opération en consortium / operazione consortili Also: consortium operation. Financial transaction usually of a considerable size (bond issue, loan, etc) organized by a group of several banks which form a syndicate or consortium for the purpose. systematic risk / systematisches Risiko / risque systématique / rischio sistematico Also referred to as market risk. Risk dependent on factors which influence the entire market and cannot be reduced or eliminated by portfolio diversification.
T/B Abbreviation for treasury bill. T-Bill Short for treasury bill. Ta tacit confirmation / stille Bestätigung / confirmation tacite / conferma tacita Instrument used in connection with letters of credit, whereby the notifying bank issues a commitment at the request of the beneficiary to make a payment as per the conditions of the letter of credit on presentation of the proper documentation, without having a corresponding confirmation order from the opening bank. takeover / Übernahme / reprise / acquisizione Also referred to as acquisition. The transfer of control of a company from one group of shareholders to another. Takeovers are linked to a change in the top management of the target company, the latter being integrated in the acquiring company once the takeover is complete. A distinction is drawn between friendly takeovers and hostile takeovers. See also merger. takeover bid / Übernahmeangebot / offre de reprise / offerta di acquisizione See public offer. takeover financing / Übernahmefinanzierung / financement de reprise de sociétés / finanziamento dell'acquisizione Raising the necessary financial resources for the acquisition of a controlling interest in one company by another company. Such transactions are frequently combined with bank loans, bank guarantees and securities issues. See also leveraged buyout. tangible asset Synonym for real asset. See also intangible assets. Tankan survey / Tankan-Umfrage / indice Tankan / indice Tankan Also referred to as the Tankan report. Comprehensive survey of Japanese companies conducted each quarter by the Bank of Japan and regarded as the benchmark for Japanese business sentiment. Tankan report Synonym for Tankan survey. TARGET / TARGET / TARGET / TARGET Trans-European automated realtime gross settlement express transfer system. Inter-EMU payment system consisting of a network of realtime clearing systems (one per member country). TARGET is configured to be linked to compatible systems in non-EMU countries. tax at source / Quellensteuer / impôt à la source / imposta alla fonte Tax collected at source by withholding the amount of the tax from payments due to the taxpayer. See withholding tax. tax value / Steuerwert / valeur fiscale / valore fiscale The significant value of an asset for taxation purposes. The Federal Tax Authorities issue a special list of binding tax values for a large number of securities. taxation of savings income / Zinsbesteuerung / imposition des revenus de l'épargne / tassazione dei redditi da risparmio EU taxation of interest income from assets belonging to natural persons and held outside their country of residence. Top
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