// Localized strings related to the English glossary ///////////////////////////////////////////////////////////////////// // Initialize the strings associated to nodes of the glossary // LocStr[""][""]: title shown in TOC and default title // LocStr[""]["_banner"]: title shown on top of the page, if different from title in TOC // LocStr[""]["_sitemap"]: title shown in sitemap, if different from title in TOC ///////////////////////////////////////////////////////////////////// function initGlossaryStringsEn(){ LocStr["en"]["ABE_Node_toc"] = "EBA"; LocStr["en"]["g_ABE_Node_toc"] = "Euro Banking Association. A Consortium of banks which have pooled their resources to establish a private cross-border payments system in euro, now called STEP1 for retail payments and STEP2 (previously ECS) for large payments."; LocStr["en"]["ABS_Node_toc"] = "ABS"; LocStr["en"]["g_ABS_Node_toc"] = "Asset Backed Securities are a type of bond or note issue that is backed by a pool of (usually) private underlying assets. The pooling of these cash flows and their division into tranches make them accessible to investors."; LocStr["en"]["actif_Node_toc"] = "Asset"; LocStr["en"]["g_actif_Node_toc"] = "The totality of a company’s possessions of value. Financial assets include: securities, receivables and positive cash balances."; LocStr["en"]["agence_de_notation_Node_toc"] = "Credit rating agency"; LocStr["en"]["g_agence_de_notation_Node_toc"] = "A company that evaluates the viability of certain types of debt issuers, and assigns them a credit rating, which the market then uses to set credit terms."; // No definition for "Agent de transfert" which only referred to "transfert agent" in French LocStr["en"]["agio_Node_toc"] = "Bank or service charges"; LocStr["en"]["g_agio_Node_toc"] = "Equivalent to interest. The premium or percentage added on a financial transaction. (Source: edubourse.com)"; LocStr["en"]["ALM_Node_toc"] = "ALM"; LocStr["en"]["g_ALM_Node_toc"] = "Asset and Liability Management. A risk management technique designed to help a bank maintain a comfortable surplus of revenues from its investments beyond its financing needs. ALM usually focuses on a bank’s interest rate risk. For a more comprehensive explanation, see this article in the Risk Glossary site."; LocStr["en"]["alpha_Node_toc"] = "Alpha"; LocStr["en"]["g_alpha_Node_toc"] = "Coefficient used to gauge the performance of an investment in relation to the risk assumed, measured by its beta."; LocStr["en"]["appel_de_marge_Node_toc"] = "Margin call"; LocStr["en"]["g_appel_de_marge_Node_toc"] = "The call requiring the deposit of cash to offset the adverse price movement of a security to bring the amount of a guarantee deposit into line with the value of a debt with which it is associated."; LocStr["en"]["arbitrage_Node_toc"] = "Arbitrage"; LocStr["en"]["g_arbitrage_Node_toc"] = "A trading approach which strives to take advantage of price gaps between different stock-market exchanges or between assets that are similar or of the same type."; LocStr["en"]["asset_management_Node_toc"] = "Asset management"; LocStr["en"]["g_asset_management_Node_toc"] = "The management of one or more clients’ investments by a financial services professional."; LocStr["en"]["asset_swap_Node_toc"] = "Asset swap"; LocStr["en"]["g_asset_swap_Node_toc"] = "A financial contract in which the interest on a fixed-rate investment (like a bond) is exchanged for that of a floating-rate investment (e.g. an index)."; LocStr["en"]["balance_Node_toc"] = "Balance"; LocStr["en"]["g_balance_Node_toc"] = "Sum of total credits and total debits of an account."; LocStr["en"]["banque_centrale_Node_toc"] = "Central bank"; LocStr["en"]["g_banque_centrale_Node_toc"] = "Key to financial markets, a country's central bank regulates banks, acts as a lender of last resort to the banking system and as the required transfer point for interbank payments."; LocStr["en"]["beta_Node_toc"] = "Beta"; LocStr["en"]["g_beta_Node_toc"] = "A coefficient measuring the volatility, or systematic risk, of a security relating to the market. It is determined by measuring the performance of the security over a period of five years, and calculating the percentage change for every percentage change in the market."; LocStr["en"]["BIC_Node_toc"] = "BIC"; LocStr["en"]["g_BIC_Node_toc"] = "Bank Identifier Code. Eleven-character code provided to a participant in the SWIFT network. See BIC directory in the SWIFT site."; LocStr["en"]["bilan_Node_toc"] = "Balance sheet"; LocStr["en"]["g_bilan_Node_toc"] = "A statement of a company’s, assets, liabilities and owner’s equity at a given point in time."; LocStr["en"]["BMTN_Node_toc"] = "MTN"; LocStr["en"]["g_BMTN_Node_toc"] = "Medium-term note"; // BRN: not translated, specific to French market // broker: not included, simply translated as courtier in the French glossary LocStr["en"]["call_Node_toc"] = "Call"; LocStr["en"]["g_call_Node_toc"] = "Buy or buy-back option."; LocStr["en"]["cap_Node_toc"] = "Cap"; LocStr["en"]["g_cap_Node_toc"] = "Contract that protects the buyer by putting a cap on a rate rise."; LocStr["en"]["chambre_de_compensation_Node_toc"] = "Clearing house"; LocStr["en"]["g_chambre_de_compensation_Node_toc"] = "An agency or corporation of an exchange that takes responsibility for settlement and delivery, the collection and maintenance of margin monies and, possibly, the implementation of netting operations."; LocStr["en"]["comptant_Node_toc"] = "Cash or spot market"; LocStr["en"]["g_comptant_Node_toc"] = "A market in which the transactions are said to be settled instantaneously (as opposed to futures or forward markets). In practice, settlement generally occurs two days after the deal is reached."; LocStr["en"]["confirmation_Node_toc"] = "Confirmation"; LocStr["en"]["g_confirmation_Node_toc"] = "Sending a message in free text (fax, telex) or in standardised text (SWIFT) to the counterparty summarising the characteristics of the transaction that has just been negotiated."; LocStr["en"]["coter_Node_toc"] = "Quote (to)"; LocStr["en"]["g_coter_Node_toc"] = "To publish the price at which someone is willing to bid or sell a given product."; LocStr["en"]["cotation_Node_toc"] = "Quotation"; LocStr["en"]["g_cotation_Node_toc"] = "Establishment of an asset's price"; LocStr["en"]["coupon_Node_toc"] = "Coupon"; LocStr["en"]["g_coupon_Node_toc"] = "The coupon, which was detachable from the bond in the past, represents the bearer’s interest. Today, the bearer no longer receives a physical bond certificate, but the term “coupon” continues to designate the interest amount paid on a periodic basis by the bond issuer."; LocStr["en"]["cours_Node_toc"] = "Trading price"; LocStr["en"]["g_cours_Node_toc"] = "The price at which a security is traded on a given market (e.g. currency exchange rate: the exchange rate between different currencies). - Share price: price at which share is trading."; LocStr["en"]["courtier_Node_toc"] = "Broker"; LocStr["en"]["g_courtier_Node_toc"] = "Firm acting as a market intermediary."; LocStr["en"]["couverture_Node_toc"] = "Hedge"; LocStr["en"]["g_couverture_Node_toc"] = "Protection against the risk generated by a position. Two methods are possible: sell back this position, which amounts to cancelling it by negotiating a contract in the opposite direction, or use an appropriate financial instrument, generally speaking, a derivative. "; LocStr["en"]["criee_Node_toc"] = "Outcry quotation"; LocStr["en"]["g_criee_Node_toc"] = "Trading system in which orders are communicated to brokers in a trading pit, by hand signals or voice. Although losing ground to electronic trading, outcry (also called open-outcry) quotation remains popular in the United States."; LocStr["en"]["deboucler_Node_toc"] = "Unwind"; LocStr["en"]["g_deboucler_Node_toc"] = "To buy back a short position or sell a long position"; LocStr["en"]["devise_Node_toc"] = "Currency"; LocStr["en"]["g_devise_Node_toc"] = "The monetary unit of a country. The term is also used in contrast to the euro: payment in currency = payment in a currency other than the euro."; LocStr["en"]["dividende_Node_toc"] = "Dividend"; LocStr["en"]["g_dividende_Node_toc"] = "The portion of net profit distributed in cash to shareholders. Those holding shares are paid dividends on a prorata basis, according to the number of shares they own."; LocStr["en"]["emetteur_Node_toc"] = "Issuer"; LocStr["en"]["g_emetteur_Node_toc"] = "An entity seeking to raise funds via the issuance of debt (bonds, money market instruments) or equity (shares)."; LocStr["en"]["EMTN_Node_toc"] = "EMTN"; LocStr["en"]["g_EMTN_Node_toc"] = "Euro Medium Term Note"; LocStr["en"]["enrichissement_Node_toc"] = "Transaction enhancement"; LocStr["en"]["g_enrichissement_Node_toc"] = "Addition of information needed (e.g. payment instructions) for the transaction’s execution."; LocStr["en"]["ETF_Node_toc"] = "ETF"; LocStr["en"]["g_ETF_Node_toc"] = "Exchange Traded Fund: A fund that tracks an index, and is traded on organised markets. "; LocStr["en"]["financement_Node_toc"] = "Financing"; LocStr["en"]["g_financement_Node_toc"] = "Any operation to raise cash: borrowings, issuances of bonds or shares, etc."; LocStr["en"]["forex_Node_toc"] = "Forex"; LocStr["en"]["g_forex_Node_toc"] = "Foreign exchange market and its transactions."; LocStr["en"]["franco_Node_toc"] = "Free transfer"; LocStr["en"]["g_franco_Node_toc"] = "Transfer of securities without charge."; LocStr["en"]["hors_bilan_Node_toc"] = "Off-balance sheet"; LocStr["en"]["g_hors_bilan_Node_toc"] = "Amounts representing separate legal entities to which the company may have commitments that do not appear on its balance sheet (source: US GAAP)"; LocStr["en"]["instruction_Node_toc"] = "Instruction"; LocStr["en"]["g_instruction_Node_toc"] = "Message sent by a client to a trustee bank asking it to execute a given transaction: payment receipt, delivery of shares, etc. Unlike a stock-market order, an instruction proceeds from a previously negotiated transaction and does not entail any uncertainty, although its final execution may be subject to unforeseen events."; LocStr["en"]["interbancaire_Node_toc"] = "Interbank market"; LocStr["en"]["g_interbancaire_Node_toc"] = "Foreign exchange market for banks."; LocStr["en"]["investissement_Node_toc"] = "Investment"; LocStr["en"]["g_investissement_Node_toc"] = "Any transaction entailing the purchase of assets: loans, purchases of securities, etc."; LocStr["en"]["livres_Node_toc"] = "Books"; LocStr["en"]["g_livres_Node_toc"] = "Refers to the accounting system in which accounts were previously recorded in books."; LocStr["en"]["mark_to_market_Node_toc"] = "Mark to market"; LocStr["en"]["g_mark_to_market_Node_toc"] = "Valuation (of an asset, contract, position) at market price based on any changes in price of underlying asset."; LocStr["en"]["OAT_Node_toc"] = "OAT"; LocStr["en"]["g_OAT_Node_toc"] = "\"Obligation Assimilable du Trésor\": an important French treasury issue"; LocStr["en"]["obligation_Node_toc"] = "Bond"; LocStr["en"]["g_obligation_Node_toc"] = "Tradable debt security issued by a private company or public entity."; LocStr["en"]["OPCVM_Node_toc"] = "Collective investment schemes"; LocStr["en"]["g_OPCVM_Node_toc"] = "A generic term used that covers both mutual funds (open-ended with legal personality) and European common funds (no legal personality). Collective investment schemes are free to operate throughout the EU in the form of UCITS on the basis of a single authorisation from a member state."; LocStr["en"]["option_Node_toc"] = "Option"; LocStr["en"]["g_option_Node_toc"] = "A financial instrument that gives its holder the right, but not the obligation, to buy or sell an underlying asset at a fixed price in exchange for a premium to be paid to the option’s seller."; LocStr["en"]["ordre_Node_toc"] = "Order"; LocStr["en"]["g_ordre_Node_toc"] = "Instruction to buy or sell (usually securities) on the market. Elements of the final transaction (price, date, quantity, etc.) are undetermined at the time of the order."; LocStr["en"]["OST_Node_toc"] = "Corporate action or event"; LocStr["en"]["g_OST_Node_toc"] = "Corporate actions (or corporate events) Actions initiated by the issuer or another player affecting the issuer’s securities (e.g. bond redemption, dividend payment or split, etc.)."; LocStr["en"]["OTC_Node_toc"] = "OTC"; LocStr["en"]["g_OTC_Node_toc"] = "Over The Counter: off-exchange transactions."; LocStr["en"]["position_Node_toc"] = "Position"; LocStr["en"]["g_position_Node_toc"] = "Situation resulting from commitments made on the market: i.e. taking a buy position (going long) or sell (shorting)."; LocStr["en"]["post_marche_Node_toc"] = "Post-market"; LocStr["en"]["g_post_marche_Node_toc"] = "Refers to all dealings or exchanges occurring after the conclusion of a transaction from which they flow."; LocStr["en"]["produit_derive_Node_toc"] = "Derivative"; LocStr["en"]["g_produit_derive_Node_toc"] = "A financial instrument that offers a return based on the behaviour of a given underlying asset."; LocStr["en"]["reglement_livraison_Node_toc"] = "Settlement-delivery"; LocStr["en"]["g_reglement_livraison_Node_toc"] = "Exchange of securities in return for payment."; LocStr["en"]["remboursement_Node_toc"] = "Repayment of principal"; LocStr["en"]["g_remboursement_Node_toc"] = "At a bond's maturity date, the issuer returns the amount of borrowed capital: the repayment of principal. Each bondholder receives the balance of the bond principal based on the number of bonds held."; LocStr["en"]["repo_Node_toc"] = "Repo"; LocStr["en"]["g_repo_Node_toc"] = "Repurchase agreement a contract in which the seller of securities agrees to buy them back at a specified time and price."; LocStr["en"]["SIT_Node_toc"] = "SIT"; LocStr["en"]["g_SIT_Node_toc"] = "\"Système Interbancaire de Télécompensation\": French settlement system for processing high-volume payments."; LocStr["en"]["SLAB_Node_toc"] = "SLAB"; LocStr["en"]["g_SLAB_Node_toc"] = "\"Système de Livraison par Accord Bilatéral\" (Delivery by mutual consent system): a securities delivery subsystem managed by Euroclear France."; LocStr["en"]["societe_de_Bourse_Node_toc"] = "Stock broker"; LocStr["en"]["g_societe_de_Bourse_Node_toc"] = "In France, these firms act as intermediaries in the market trading of securities."; LocStr["en"]["stock_Node_toc"] = "Stock"; LocStr["en"]["g_stock_Node_toc"] = "Designates the volume of share held."; LocStr["en"]["swap_Node_toc"] = "Swap"; LocStr["en"]["g_swap_Node_toc"] = "A contract in which the counterparties agree to exchange one asset for another: e.g. currency or interest rate swaps."; LocStr["en"]["SWIFT_Node_toc"] = "SWIFT"; LocStr["en"]["g_SWIFT_Node_toc"] = "The Society for Worldwide Interbank Financial Telecommunication operates a worldwide electronic messaging network for the major financial market players."; LocStr["en"]["taux_Node_toc"] = "Rate"; LocStr["en"]["g_taux_Node_toc"] = "Price of the money for a given period on a given market."; LocStr["en"]["TCN_Node_toc"] = "Short to medium-term money market instruments"; LocStr["en"]["g_TCN_Node_toc"] = "Equivalent to French TCN: negotiable short- and medium-term debt instruments, generally under seven years, traded on OTC markets"; LocStr["en"]["teneur_de_marche_Node_toc"] = "Market maker"; LocStr["en"]["g_teneur_de_marche_Node_toc"] = "A dealer, who supplies prices and is prepared to buy or sell securities at those stated bid and ask prices. Their role is to maintain a continuous supply of the financial instrument while acting as counterparty to any interested buyer or seller."; LocStr["en"]["tiers_Node_toc"] = "Third party"; LocStr["en"]["g_tiers_Node_toc"] = "Any player outside the entity and with which it has a relationship: e.g. clients, correspondents, counterparties, etc."; LocStr["en"]["trading_Node_toc"] = "Trading"; LocStr["en"]["g_trading_Node_toc"] = "Buying and/or selling securities on the market."; LocStr["en"]["transfert_agent_Node_toc"] = "Transfer agent"; LocStr["en"]["g_transfert_agent_Node_toc"] = "An intermediary mandated by the issuer (usually, a fund) to keep a record of investor orders (subscription or buy-back in the case of a fund), transmit them to the issuer and deal with any problems. In France, they are collective investment scheme coordinators, the intermediary responsible for managing the debt."; LocStr["en"]["tresorerie_Node_toc"] = "Treasury or cash position"; LocStr["en"]["g_tresorerie_Node_toc"] = "The balance of very short-term (under one year) cash credits/debits."; LocStr["en"]["tresorier_Node_toc"] = "Cash manager or cash desk supervisor"; LocStr["en"]["g_tresorier_Node_toc"] = "The person managing the bank’s cash position in the trading room. For each currency in which the entity has positions, the cash manager must find a way to fund those showing a loss and invest the gains of others."; LocStr["en"]["validation_Node_toc"] = "Validation"; LocStr["en"]["g_validation_Node_toc"] = "Important step in any management system: a transaction only takes effect after it has been validated."; LocStr["en"]["VAR_Node_toc"] = "VAR"; LocStr["en"]["g_VAR_Node_toc"] = "Value At Risk"; LocStr["en"]["vendeur_Node_toc"] = "Salesperson"; LocStr["en"]["g_vendeur_Node_toc"] = "Individual in trading room responsible for dealing with bank's clients."; LocStr["en"]["volatilite_Node_toc"] = "Volatility"; LocStr["en"]["g_volatilite_Node_toc"] = "Measure of the rate at which the price of an asset moves up and down over time."; LocStr["en"]["warrant_Node_toc"] = "Warrant"; LocStr["en"]["g_warrant_Node_toc"] = "A derivative instrument giving its holder the option to buy or sell a security; it is listed and traded like a security."; // Invitation to click on images LocStr["en"]["imageClick_toc"] = "Click here to enlarge the image and access the slideshow."; // Note when a glossary note is not available (this node is not part of the glossary tree) LocStr["en"]["unknownGlossaryLink_toc"] = "Sorry, this glossary is not yet available"; }