Ubs dictionary of Banking
vostro account / Vostro-Konto / compte Vostro / conto Vostro
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vostro account / Vostro-Konto / compte Vostro / conto Vostro A foreign bank's account with a domestic bank, either in local currency or foreign currency. The domestic bank maintains the account and prepares the statement. Opposite: nostro account. voting share / Stimmrechtsaktie / action à droit de vote privilégié / azione a voto plurimo Share which carries a greater voting right in relation to the other shares of the same company despite having the same par value. Alternatively, it may carry identical voting rights despite having a lower par value. Shares with the same par value but differing voting rights are not permitted in Switzerland. Voting right shares confer preferential rights upon the shareholder with regard to voting rights (qualified voting rights).  Top
Vr Vreneli / Vreneli / Vreneli / marengo Swiss 20-franc gold coin featuring the head of a woman. A Swiss 10-franc gold coin is known as a 1/2 Vreneli. The 20-franc pieces have a fine gold content of 5.806 grams and a gross weight of 6.45 grams. As in the case of other gold coins, the trading price is determined by supply and demand. The Vreneli is no longer accepted as legal tender in Switzerland.
Wa WAL Abbr. for weighted average life. Wall Street / Wall Street / Wall Street / Wall Street In stock market jargon, synonymous with the New York Stock Exchange and the financial centre of New York. Wall Street is the street that runs through New York's financial district. warehouse receipt / Lagerempfangsschein / récépissé d'entrepôt / ricevuta di deposito Also: warrant. Receipt given by a warehouse for goods stored on its premises. Merely a confirmation, not a tradable instrument. warrant / Warrant / warrant / warrant (1) Warehouse or pledge receipt. In some countries these have the characteristics of securities. (2) Securities underwriting: short for subscription warrant. warrant issue / Optionsanleihe / emprunt à option / obbligazione cum warrant Also: bonds with warrants. Bond issue which bears interest throughout its term to maturity and features a warrant which embodies the right to purchase a share or other security. The warrant may be traded separately from the bond. See also convertible bond issue. watering down effect / Verwässerung / dilution / annacquamento Also: dilution. Loss in the value of the equity paper issued by a company due to the placement of additional stock. waybill / Frachtbrief / lettre de voiture / lettera di vettura A written list detailing goods included in a shipment by rail or road. Unlike a bill of lading, it does not have the status of a security. Top
We wealth management Synonym for portfolio management. weighted average life / gewichtete durchschnittliche Laufzeit / durée moyenne pondérée / scadenza media ponderata Abbr.: WAL. Maturity of each position in a mortgage pool or other debt instrument portfolio weighted by the value of the position to compute an average maturity for the pool. Top
Wh when, as and if issued A term referring to a transaction made conditionally because a security, although authorized, has not yet been issued. white knight / Weisser Ritter / chevalier blanc / cavaliere bianco Company that comes to the aid of another company that is the subject of a planned unfriendly takeover. A white knight often buys larger blocks of shares or makes a merger offer. See also black knight. wholesale banking / Wholesale-Banking / wholesale banking / wholesale banking A bank's business with large corporate clients. Opposite: retail banking. Top
Wi willingness to accept risk Synonym for risk tolerance. willingness to pay / Zahlungsbereitschaft / solvabilité / disponibilità di pagamento Willingness of a company to meet its payment obligations. See also liquidity, solvency. window dressing / Window-Dressing / window dressing / window dressing (1) Trading activity used by mutual fund and portfolio managers near the year end or quarter end to improve the appearance of the portfolio/fund performance before presenting it to clients or shareholders. (2) Bank accounting policy: increasing total assets by taking up interbank assets prior to a reference date so as to present higher liquidity. WINGS / WINGS / WINGS / WINGS Abbreviation for Warrants Into Negotiable Government Securities. WIR / WIR / WIR / WIR Abbreviation for Wirtschaftsring-Genossenschaft, a cooperative based in Basel that has been operating a cashless payments system on the basis of a closed circular flow of money since 1934. See also WIR cheque. WIR cheque / WIR-Check / chèque WIR / assegno WIR Booking orders issued by the individual members of WIR. WIR cheques are not cheques as defined under Swiss law. WIR booking orders are never paid out in cash, but instead entitle the bearer to acquire goods and services offered by WIR participants by way of exchange. withholding tax / Verrechnungssteuer / impôt anticipé / imposta preventiva In Switzerland, this source tax is imposed at the current rate of 35% on domestic income from capital gains and lottery winnings in excess of CHF 50. Tax payments can be reclaimed by persons filing Swiss federal tax returns or credited against cantonal tax liabilities. Individuals and companies domiciled abroad may claim a refund of Swiss withholding tax under double taxation treaties concluded between their country of domicile and Switzerland. without our liability / ohne Obligo / sans engagement / senza obbligo Also: without our guarantee. This or a similar note is used in banking mainly in the following contexts: (1) to refuse any liability in connection with information provided to a third party (2) refusal by a bill endorser to be held liable if the bill is dishonored. See also liability under bills of exchange. without protest / ohne Protest / sans protêt / senza protesto Notation used by the issuer, endorser or guarantor of a bill of exchange to protect the holder against the bill being protested due to non-payment or non-acceptance. See also protest. without recourse Synonym for without our liability. Top
Wo working capital loan / Betriebskredit / crédit d'exploitation / credito d'esercizio Loan granted to temporarily strengthen the working capital of companies and self-employed persons to ease a shortage of liquidity. See also capital investment loan. World Bank / Weltbank / Banque mondiale / Banca mondiale Name commonly used for the International Bank for Reconstruction and Development. Like the International Monetary Fund, it was established in 1944 at Bretton Woods (USA) and has its headquarters in Washington. Both institutions now have more than 180 member countries. Switzerland has been a member since May 1992. The World Bank's primary mission is to fight poverty. In particular, it grants long-term investment loans to developing countries and finances long-term projects aimed at improving the economic and ecological standard of living of the population. Website: www.worldbank.org. worthless security / Nonvaleur / non-valeur / titolo privo di valore Also: valueless security. Security that has lost its value and expired and become a collector's item, or apparently worthless security of a permanently illiquid issuer with a correspondingly poor rating. Top
Wr writer / Writer / souscripteur / writer Synonym for issuer of a covered warrant. writer of a covered warrant Synonym for issuer of a covered warrant.
Ya yankee bond / Yankee-Bond / obligation «yankee» / yankee bond USD-denominated bond issued in the USA by foreign borrowers. Top
Yi yield / Rendite / rendement / rendimento The total income produced by a capital investment expressed in percent. In the case of bonds, the yield to maturity or yield to the earliest possible redemption date is usually taken, the total return being calculated by dividing the annual interest payments and price changes to redemption by the number of years left to maturity. yield spread Synonym for spread (3).
Ze ZEBRAS / ZEBRAS / ZEBRAS / ZEBRAS Abbreviation for Zero Coupon Eurosterling Bearer or Registered Accruing Securities. Stripped UK GBP-denominated government bonds. See also zero bond, coupon stripping. zero bond / Nullcoupon-Anleihe / obligation à coupon zéro / obbligazione zero coupon Also: zero-coupon bond. Bond that makes no regular interest payment during its lifetime. Instead it is issued at a discount against full repayment at maturity. Zero bonds have been issued on the US capital market since 1981, but have also established a foothold in other major capital markets as an alternative to interest-bearing bonds. Top
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