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Foreign exchange traders' jargon for the $US/sterling exchange rate quote.
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Abbrev. Corporate Affairs Commission. See also: Australian Securities Commission.
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French share index (compagnies des agents de change-40), launched by the Paris Bourse in 1988, ...
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A group of fourteen agricultural 'fair-trading' nations, including Australia, New Zealand, ...
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Closing a futures or options position in one contract month and opening a position on the ...
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See also: bull spread.
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When a company makes a 'call' on shares it asks the holders of partly paid shares to contribute ...
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See also: options.
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Provisions in a bond issue which stipulate a period during which the issuer cannot call an ...
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A term in a bond issue which gives the issuer the right to call the bond for redemption and/or ...
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A swap agreement in which the fixed-rate receiver can terminate the swap on one or more specified ...
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A person dealing in foreign currencies. The word can also refer to a handbook of currency ...
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A branch of economic thinking influenced by economists at the University of Cambridge, England, ...
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The result of the Australian Financial System Inquiry, conducted by a committee chaired by ...
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1.abbrev. common agricultural policy. 2.a ceiling set on interest rates, offering a form ...
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See also: interest-rate collar.
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The proportion of a country's manufacturing plant and equipment that is being used in production, ...
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The value of your investment in your house or business, represented by total assets less total ...
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The record of a country's inflow and outflow of loans and investments, as distinct from trade ...
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A key principle in bank supervision which regards capital as the cornerstone of a bank's strength. ...
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A model that shows the relationship between expected risk and expected return on an investment, ...
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The issued capital of a company, that is, the money contributed by the shareholders who first ...
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The money used by a business to fund its operations - that is, to buy stock, pay wages, install ...
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Payment made, or to be made, for the acquisition of a long-term asset, such as land, a house ...
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What happens when investors panic and send their money out of the country in large quantities. ...
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The result of selling a capital asset at a higher price than it cost. Whether an investor ...
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A tax on income (gain) arising from changes in the market value of assets. Capital gains tax ...
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Securities markets, generally for medium to long-term, large-volume investments and fundraisings, ...
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A ceiling on the level of futures or option contracts a company can hold at a given point ...
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An investment fund which invests principally in assets most likely to increase in value, such ...
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See also: life insurance bonds.
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An investment fund offered by life offices which promises that the individual will be repaid ...
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A term referring to industries which make heavy use of assets and machinery but have few employees, ...
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A generic description of a pooled investment fund with most of its assets (about 70 per cent) ...
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Expenses carried forward in the balance sheet as assets to be matched against future revenue.
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A form of economic and social organisation under which the means of production, distribution ...
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An interim cap component in a multiperiod interest-rate cap agreement.
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Abbrev. capital asset pricing model.
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A long call position with a maximum payout.
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A security which does not pay interest if market rates move above a specified level.
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A loan, generally to buy a house, where the maximum interest rate is 'fixed' by the cap for, ...
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A call option with a lookback strike and a maximum settlement price. See also: lookback ...
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An interest-rate swap with a cap on the floating-rate payment.
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An option to buy a cap.
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A market where purchasers are obliged, either through legislation or lack of alternatives, ...
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Abbrev. certificate for automobile receivables.
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A measure of weight for precious stones, equal to 200 milligrams. Carat is also a measure ...
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Abbrev. certificate of amortising revolving debt.
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An ill-thought-out strategy, such as a one-sided arbitrage. Abbrev. CLM.
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Abbrev. controlled adjustable rate preferred stock.
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A number of businesses or organisations which have grouped together and agreed, often implicitly, ...
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A method of accounting where entries for revenues and expenses are made only at the point ...
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A futures market practice involving the purchase of a physical commodity against the forward ...
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The cash base of the financial system is the sum of currency in circulation, deposits of the ...
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A company that generates a constant flow of cash, usually in a mature industry and with a ...
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The physical market for a commodity as distinct from a futures market, either in the form ...
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Similar to liquidity ratio, this is the amount of cash and easily marketable securities held ...
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Settlement by payment of cash which is based on the difference between settlement price and ...
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Anti-laundering legislation requiring the reporting of any transaction in which $10,000 or ...
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A company with significant amounts of cash and a well-known name running it and its investments. ...
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See also: exchange for physical.
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A type of unit trust first introduced in Australia in December 1980 by the merchant bank Hill ...
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An option settled for an amount of cash equal to the difference, when the option is exercised, ...
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The net amount of money received by an individual or business in a given period. If cashflows ...
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Non-accrual accounting. The basis of accounting for government departments, not for organisations ...
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A swap with irregular cashflows.
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Abbrev. 1: computer-assisted trading system. 2: certificate of accrual on treasury securities.
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Latin for 'let the buyer beware'. In common law, if someone is sold defective goods, he or ...
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Abbrev. central borrowing authority.
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Abbrev. Chicago Board Options Exchange.
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Abbrev. Chicago Board of Trade.
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Abbrev. current cost accounting.
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Abbrev. certificate of deposit.
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Abbrev. Committee for Economic Development of Australia.
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Abbrev. Centrale de Livraison de Valeurs Mobilieres.
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The highest a buyer will bid; from the same metaphor as floor price. See also: floor price.
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Government agency which, in developed countries, oversees the monetary system, controls the ...
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A group of semi-government (state-based) authorities which band together to streamline their ...
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Action taken by a central bank to influence monetary conditions. Intervention can be by direct ...
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A computerised system for the delivery, settlement and safe custody of eurobonds and other ...
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Abbrev. chief executive officer.
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Abbrev. Closer Economic Relations.
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Pass-through securities issued by a trust against a pool of car loans. The certificates are ...
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Pass-through securities issued by a trust that has acquired credit-card receivables. One of ...
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A negotiable bearer security issued by a bank or company as proof of debt. A certificate of ...
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Receipts written against US treasury bonds sold at a deep discount from face value, paying ...
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Lehman's equivalent of Merrill Lynch's TIGRs and Salomon Brothers' CATS, these are securities ...
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An accountant who has qualified under the auspices of the Australian Society of Certified ...
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Abbrev. Commodities Futures Trading Commission (US).
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The list or chain of ownership of a security or property throughout its life. In the days ...
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A breed that became rare with the advent of electronic trading in stock exchanges. Chalkies ...
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Abbrev. Clearing House Automated Payments System.
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The section of the US Bankruptcy Reform Act which sets out flexible measures for dealing with ...
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A form of security, giving a creditor such as a bank, finance company or individual lender ...
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Someone who has met the specific academic and professional requirements of a body such as ...
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In today's language, cartographers of the economy, interest rates, exchange rates and stock ...
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An unconditional order in writing to a bank or other cheque-issuing institution by its customer, ...
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An account offering depositors access to their funds by writing cheques which will be honoured ...
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The principal piece of legislation governing the rights and obligations of parties to a cheque. ...
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Found in insolvency and bankruptcy proceedings, this refers to the practice of selecting contracts ...
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Abbrev. Clearing House Electronic Subregister System.
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The largest commodity exchange in the world. Founded in 1848, it accounts for about half of ...
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A Chicago-based exchange concentrating on trading options contracts such as those over the ...
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The second largest commodity exchange in the world. The Merc, as it is known, began life in ...
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Named after the University of Chicago, which has become associated with notable free-market ...
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A title favoured by heads of companies. The chief executive officer might be the managing ...
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The ethical rather than physical separation of different divisions of a financial or other ...
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Abbrev. Clearing House Interbank Payments System.
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Trading for trading's sake, or to push up prices or generate commissions.
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Abbrev. cost, insurance, freight.
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A right, evidence of something due, title to something such as an asset or sum of money. In ...
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Options of the same type, eg, put or call, based on the same underlying contracts or shares ...
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The foundations of classical economic theory were laid by economists in the late eighteenth ...
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See also: float.
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To process a cheque or other payment instrument so that money is transferred from the payer's ...
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The proceeds of cheques and other payment instruments that have become available for withdrawal ...
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A payment instrument (eg, a cheque) which has been sent by the beneficiary's financial institution ...
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In banking, the mutual exchange of debits and credits by financial institutions, either at ...
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See also: direct clearer
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Centralised premises where direct clearers meet to sort and exchange cheques and other payment ...
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Operated by the UK clearing banks, this provides centralised clearing of payments and settlements. ...
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A computerised subregister of shareholdings, managed by the Australian Stock Exchange to facilitate ...
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New York's electronic system for making payments between banks which are members of the system, ...
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Abbrev. career-limiting move.
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In futures, foreign exchange and derivatives trading, to liquidate a position or fulfil an ...
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A theoretical concept describing a country which does not trade with the rest of the world.
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A company share register (list of shareholdings) so tightly held that virtually no exchange ...
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A business or industry in which employees must be members of particular trade unions; employers ...
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The agreement signed in December 1982 between Australia and New Zealand, under which the two ...
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Abbrev. Chicago Mercantile Exchange.
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Abbrev. collateralised mortgage obligation.
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See also: broken date
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A complicated transaction based on several different types of swaps and involving more than ...
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A document made subsequent to a will or deed, changing certain conditions or terms contained ...
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Cooperation between lending agencies such as the World Bank or the Asian Development Bank ...
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A combination of minimum and maximum interest rates. The maximum, or ceiling, works like a ...
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An interest-rate swap with a collar applying to the floating-rate payment stream.
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Property or assets made available by a borrower as security against a loan. A comedian once ...
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Mortgage-backed securities issued in the US since 1983. The mortgage cashflows are segmented ...
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Investments of a genteel sort, such as paintings, artefacts, coins and antiques which are ...
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Conspiratorial agreement between parties, usually to the disadvantage of others.
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A futures market strategy that involves buying and selling the same number of put and call ...
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Abbrev. Council for Mutual Economic Assistance.
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Abbrev. Commodity Exchange of New York.
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A letter issued by a person or an organisation of well-regarded status, containing an expression ...
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A fund comprising the assets of a number of smaller funds, similar to a master trust or trust. ...
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A non-bank bill of exchange (loan) generated by merchant or investment banks and companies. ...
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The technical term used in the US to describe domestic short-term promissory notes issued ...
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A charge made by a bank or merchant bank when loan facilities are established for a borrower.
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An independent organisation providing an open forum for discussion and exchange of ideas on ...
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See also: Vernon Report.
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A US federal agency established in 1975 to regulate commodity trading in the US. Abbrev. CFTC.
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Any physical item produced for trade. In futures trading, commodities usually fall into a ...
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Founded in 1933, the exchange flourished principally on business in gold and silver contracts. ...
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An option to buy or sell (call or put) a commodity such as oil or gold or a commodity futures ...
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A swap where counterparties exchange cashflows based, at least on one side of the swap, on ...
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An agreement adopted by the European Economic Community to maintain agricultural prices and ...
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See also: European Union.
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A security issued by the commonwealth government, as borrower, in return for cash from investors ...
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Ideally, a socioeconomic system in which the means of production, distribution and exchange ...
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In superannuation, the conversion of a pension or annuity entitlement into a lump sum.
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Any two people can form a private company for lawful reasons (a move is under way to reduce ...
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A colloquialism for a management expert or consultant engaged to diagnose the problems of ...
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A tax levied on the income of companies, separately from the income of its shareholders. Company ...
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A one-industry town in which the main employer controls secondary activity and infrastructure ...
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A concept developed by economists in the late-twentieth-century climate of newly emerging ...
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Expenses incurred in meeting the requirements of legislation or regulations. For companies, ...
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So called because it has to comply with certain requirements of the Superannuation Industry ...
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Interest paid on accumulated interest as well as on the capital invested. For example, $100 ...
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An option on an option, such as buying the right to buy a call option or the right to sell ...
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A US federal office established in 1863 to monitor the regulation of commercial banks.
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The trading system used in the US, Canada and Europe, similar to the Australian Stock Exchange's ...
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See also: Australian Conciliation and Arbitration Commission.
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A complex option spread, similar to a butterfly spread but where all options have different ...
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A financial institution acting as an intermediary between overseas traders and local importers ...
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A merging of a number of businesses into one large, multi-purpose organisation which (ideally) ...
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Financial statements representing the combined position of a group of companies, ie, parent ...
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The profit of a group of companies, comprising parent and subsidiaries.
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A group of organisations, sharing the same goals,which combine their resources and risks. ...
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Loans made available to individuals, generally through hire purchase (now called consumer ...
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The demand or desire of individuals to buy goods and services. Consumer spending constitutes ...
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Compiled by the Australian Bureau of Statistics, the consumer price index was introduced in ...
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A futures market expression to describe a situation in which the spot (current) prices are ...
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A potential expense, one that may or may not eventuate, depending how events turn out, but ...
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The Corporations Law requires listed companies and other entities which raise money from the ...
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A legally enforceable agreement between individuals or entities. In real estate, an exchange ...
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The date on which two parties enter into a transaction (usually foreign exchange or futures).
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Confirmation sent from broker to client detailing the purchase or sale of shares carried out ...
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See also: forced savings.
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Shares on which only part of the capital amount and any premium due has been paid. The outstanding ...
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A US term to describe a preferred stock (preference share) whose dividend is adjusted from ...
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A stake of sufficient size to allow the holder to control the company, although this would ...
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A gathering of people with similar interests, ostensibly to discuss matters of mutual professional ...
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An arbitrage strategy used in options trading to take advantage of a temporary mispricing, ...
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A new issue of bonds timed to coincide with the maturity of an earlier issue, usually with ...
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A premium paid by an issuer who wishes to redeem bonds before maturity.
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A currency readily exchanged for another, or for gold. Major currencies such as the $US, sterling ...
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A fixed-interest security issued to a lender by a company in return for cash. It differs from ...
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Shares which can be redeemed after a specific date, ie, exchanged for cash by the issuing ...
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Similar to convertible preference shares but compulsorily convertible to ordinary shares at ...
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A measure showing the sensitivity of the change in the price of a fixed-interest security ...
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The legal procedures entailed in transferring deeds of property from seller to buyer. The ...
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At one time an organisation of individuals who had combined for mutual benefit, such as buying, ...
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See also: economists.
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(1894 - 1971)Copland is remembered as the major architect of the Premiers' Plan or Copland ...
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Buying so much of a commodity or share that a degree of control over its price is achieved.
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An adjective, as in 'corporate client', that has become popularly used in business as a noun; ...
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State government agencies which operated from the 1970s as delegates of the National Companies ...
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General disenchantment with business life. See also: burnout.
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A takeover merchant; someone who trades in companies rather than in the products of the companies, ...
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A watchdog committee of company directors, established separately from the board and elected ...
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A high-sounding label for thinking up ways for a company to conduct its business and make ...
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An association of individuals recognised under law as having an existence and rights and obligations ...
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Legislation which came into force in 1991, replacing the earlier cooperative scheme of legislation ...
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Changing the structure of a government or semi-government body so that it operates on business ...
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A movement up or down in market prices that is seen as reversing an earlier trend. Usually ...
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The historical statistical relationship between different markets, which can be used to take ...
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The risk that the price of something will change because of a change in the correlation. This ...
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A bank acting as a point of contact for another in a country or state where the second bank ...
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A combination of two caps, one bought by a borrower at a predetermined strike price and a ...
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A set of restrictions placed on UK banks in 1973 to control the growth of some forms of interest-bearing ...
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A method of accounting used within a firm to attribute direct and overhead costs to production ...
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The cost of funding a physical position which has to be priced into a transaction or arbitrage, ...
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The full costs of imports, not merely the price of goods once landed. The term is used to ...
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Evaluation of the pros and cons of a course of action. Is it worth spending or doing X to ...
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Trying to improve business performance by using cheaper methods of production, for example ...
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Working out a price ticket for a manufactured item which takes account of the fixed and variable ...
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See also: inflation.
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Abbrev. certificates on government receipts.
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Established in January 1949 as a non-voluntary association of communist countries trading ...
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A largely academic organisation established in June 1993 to provide a structured process for ...
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The credit and performance risk in any financial transaction, such as a swap or foreign-exchange ...
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An additional signature on a document to guarantee its authenticity. A precaution against ...
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A generic term used to describe any form of international trade that involves an element of ...
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A duty imposed on imported goods when the importing country believes the price of the goods ...
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The maximum amount a lender will provide to borrowers in a particular country, irrespective ...
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The risk associated with dealing with another country, ie, a cross-border transaction, including ...
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The annual rate of interest promised to the buyer of bonds. A 10 per cent coupon entitles ...
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A conventional fixed-for-floating interest-rate swap.
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An agreement between two or more parties that binds them from certain actions, eg, a borrower ...
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A temporary document. In insurance, a cover note is issued to an applicant, usually for a ...
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A short call option covered by a long position in the underlying asset.
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A form of riskless arbitrage, this technique involves exploiting the differential between ...
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An option contract backed by ownership of the underlying physical asset (security or commodity). ...
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A warrant issue backed by the issuer's holding in the underlying asset (security or commodity).
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A call option writer owning the securities or commodities over which the option is written. ...
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Abbrev. certified practising accountant.
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Abbrev. Cheques and Payments Orders Act.
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An oil refiner's operating margin - the difference between the prices of crude oil and those ...
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The report of a committee chaired by Sir John Crawford, set up to investigate the possibilities ...
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See also: exchange rate.
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In the context of monetary policy, the Reserve Bank uses credit - in the sense of funds provided ...
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Also known as plastic money, this is an increasingly popular facility enabling people to buy ...
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State legislation uniform across Australia under an agreement among the various ministers ...
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The amount that results from translating a bank or investment bank's off-balance-sheet liabilities ...
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A type of loan, structured with regular, usually monthly, repayments which incorporate principal ...
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The maximum debt a customer is allowed to run up under a borrowing facility such as a line ...
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A measurement of the creditworthiness of an individual or business. The rating is based on ...
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One of the information 'banks' which compile records of credit performance of individuals ...
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The danger that a borrower will not repay a loan. This risk always exists; the degree of risk ...
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An additional amount included in a security's yield (or discounted price) which reflects what ...
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1. The difference between two securities' yields based solely on differences in credit quality. ...
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The outcome of government monetary policy to restrict the expansion of credit. Under a credit ...
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A financial cooperative, one of a number of varieties of non-bank financial institutions supervised ...
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The peak credit-union body, responsible for policy development, central banking and settlement ...
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A warning issued by a credit-rating agency regarding a bank or company whose credit-rating ...
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Someone to whom money is owed. A secured creditor is someone holding a security over an asset ...
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A country with a balance of payments surplus. See also: debtor nation.
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See also: scheme of arrangement.
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A rate calculated using the rates of two currencies against a third (usually the $US) to arrive ...
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See also: currency swap.
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An interest-rate swap that calls for each counterparty being a floating-rate payer in its ...
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An option paying the holder the difference between the spread on two currency base rates and ...
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An option struck at an exchange rate between two currencies, generally with its premium in ...
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A risk made famous in the 1970s by the failure of Germany's Herstatt Bank to pay what it owed ...
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See also: currency swap.
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The impact on the demand for, say, cream if the price of milk rises. It helps determine whether ...
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A general term for hedging in different markets, say, offsetting the risk of one position ...
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Funding the loss or low return from one line of goods or services by raising the price of ...
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A cheque across which have been drawn two parallel lines with the words 'not negotiable' written ...
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The situation where a broker acts on both sides of the transaction, as agent for the buyer ...
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Occurs when a government, to finance a budget deficit, borrows much of the available cash, ...
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Abbrev. Council for Security Cooperation in Asia-Pacific.
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Signifying that a buyer of a bond is entitled to the next interest payment due. See also: ...
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A label for shares which, when sold, carry an entitlement for the purchaser to receive a dividend ...
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Securities traded 'cum interest' carry the right to the next interest payment.
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Shares quoted 'cum rights' are those whose price includes the right to a new issue. See ...
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Usually preferred shares whose holders accumulate or accrue dividend entitlements in years ...
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The form of exchange used by a country; its money. Currencies can be 'hard' (strong and easily ...
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A combination of different currencies to produce a single index or unit of value, such as ...
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A borrowing made up of a variety of currencies, to minimise exchange-rate risk.
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A conventional swap in the sense that the interest rate in one currency is fixed and in the ...
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An option that gives the holder, in exchange for a premium paid at the outset, the right but ...
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A swap where the counterparties exchange equal principal amounts of two currencies at the ...
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A record of a country's payments and receipts for imports and exports, traded services such ...
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Accounting terminology for cash or other assets that would in the ordinary course of business ...
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An alternative method of historical cost accounting; a system of valuing assets based on their ...
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Accounting language for financial obligations which must be due or payable within the normal ...
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A measure of liquidity. It measures the proportion of current assets available to offset current ...
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The base metals market term for an interest-rate swap.
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Abbrev. Credit Union Services Corporation (Australia) Ltd.
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A bank or other financial institution holding securities on behalf of clients.
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Federal government duty levied on imports to Australia. Customs and excise were significant ...
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See also: deficit.
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Also tunnel. See also: collar.
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