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C

top of pageCAC 40 index:

An index based on the daily quotation of 40 major stocks on the Paris stock exchange.

Français: Indice boursier CAC 40
Español: Indice CAC 40

 

 

top of pageCall …:

(1) Call loans: Credits usually granted to brokers, dealers or investment banks which may be called in by the lender, or repaid by the borrower, at any time without having to give notice.

(2) Call money: Money deposited or borrowed, usually between banks and financial institutions, with an interest rate and no fixed maturity. It can thus be called for repayment by the lending bank on demand, or repaid by the borrower at any time without prior notice.

(3) Call price: The price at which a security can be redeemed when called.

(4) Call option: An Option giving its holder the right, though not the obligation, to purchase a certain number of assets (such as securities, foreign exchange, commodities, etc.) at a predetermined price (strike price) within a specific period of time. A call option will thus be exercised if the spot price goes above the strike price. If it is not exercised within the specified period of time, the option expires. Compare with Put option.

Français: Appeler
Español: Call ...

 

 

top of pageCall Account:

A deposit account, usually interest bearing, from which funds can be withdrawn at call.

Français: Compte courant
Español: Call ...

 

 

top of pageCallable bond:

A bond which the issuer has the right to redeem prior to maturity, by paying some specified call price.

Français: Obligation remboursable par anticipation
Español: Bono exigible

 

 

top of pageCapital:

In general, the money used to run a business. The term may also be used in a narrower sense to refer to the company's equity or shares (authorized and/or issued), or in some cases to its equity, plus reserves, plus retained profit (also referred to as shareholders funds).

Français: Capital
Español: Capital

 

 

top of pageCapital adequacy:

In banking, this refers to the ratio of a bank's capital resources (share capital plus reserves) to its total deposits. Deductions are made from the former for investments in subsidiaries, goodwill and premises. A high ratio of capital adequacy is generally regarded as an indicator of a financially reliable bank.

Français: Adéquation du capital
Español: Nivel de (los) recursos propios

 

 

top of pageCapital appreciation:

The increase in the value of an asset over a period of time.

Français: Plus value en capital
Español: Plusvalía

 

 

top of pageCapital appreciation bonds:

These are usually zero-coupon bonds sold Below par.

Français: Appréciation en capital d’obligations
Español: Bono de plusvalía

 

 

top of pageCapital budgeting:

The evaluation and selection of a company’s planned capital expenditures.

Français: Budget en capital
Español: Presupuesto de capital, presupuesto de gastos de capital, presupuesto de inversiones

 

 

top of pageCapital expenditures:

Expenditure used for the acquisition of long-term fixed assets, such as plant and equipment.

Français: Immobilisations
Español: Gastos de capital, desembolso de capital, gastos de inversión

 

 

top of pageCapital exports:

Movements of capital from one country to another. These flows may take a variety of forms, such as direct investments abroad, portfolio investments, grants etc. When the export of capital occurs in response to fears of political risk, and in violation of the regulations on the international transfer of funds, it is referred to as Flight.

Français: Exportations de capitaux
Español: Exportación de capital

 

 

top of pageCapital gains:

The difference between the net price at which a security (shares, bonds etc) is sold and the net cost originally paid to purchase it. If a stock is sold below cost, the difference is a capital loss.

Français: Gains en capital
Español: Beneficios y pérdidas de capital

 

 

top of pageCapital investment loan:

A loan granted to finance the purchase of Fixed assets, i.e. property, plant, machines, equipment, etc.

Français: Prêt destiné à financer des immobilisations
Español: Préstamo para inversiones de capital

 

 

top of pageCapital market:

The financial market where medium- and long-term debt instruments (such as bonds and shares of businesses and public authorities) are traded. Opposite: Money market.

Français: Marché des capitaux
Español: Mercado de capitales, mercado del dinero, mercado financiero

 

 

top of pageCapital mortgage:

A Mortgage to secure a specific credit/transaction.

Français: Hypothèque
Español: Hipoteca de capital

 

 

top of pageCapital ratio:

In banking, this indicates a bank's ratio of equity plus reserves to its total assets. A high ratio implies that the bank has a cushion against bad debts, i.e. the possibility of writing them off against capital.

Français: Ratio de capital
Español: Relación entre el capital y los activos

 

 

top of pageCapital stock (USA):

See Share capital (UK).

Français: Capital de dotation
Español: Capital stock (USA)

 

 

top of pageCapital-output ratio:

A measure of the efficiency of the use of capital. The ratio indicates the amount of capital required to produce a determined level of output. The lower the ratio, the more efficient is the firm or economy. Sometimes the ratio is expressed as the incremental capital-output (ICOR), which measures the increase in the stock of capital of a firm, industry or economy over the increase in output over the same period.

Français: Ratio du capital-production
Español: Relación capital-producto, razón capital-producto

 

 

top of pageCapital structure:

The structure of the liabilities and shareholders' equity side of a business' balance sheet, especially the ratio of debt to equity and the proportion of short and long maturities.

Français: Structure du capital
Español: Estructura de capital

 

 

top of pageCapitalization:

The debt and/or equity mix of a firm's assets.

Français: Capitalisation
Español: Capitalización

 

 

top of pageCapitalized:

Expenditure which has been recorded in the business’ asset accounts and then depreciated or amortized, as appropriate, for items with a useful life of more than one year.

Français: Capitalisé
Español: Capitalized

 

 

top of pageCapitalized value:

The current value of a future stream of income. To calculate their current value, future payments are discounted at a specific discount rate, so that the further in the future they are due the less they are worth now. The discount rate used is the anticipated interest rate over the period, which indicates the opportunity cost of capital, i.e. the income lost from not having the future payment to invest now.

Français: Valeur capitalisée
Español: Valor capitalizado

 

 

top of pageCapped FRNs:

A Floating Rate Note which pays a normal floating rate note coupon up to a maximum set interest rate. If market rates rise beyond the reference rate, the coupon is fixed at the capped rate. Capped floating rate notes are mainly issued by banks.

Français: Titre à taux d'intérêt variable avec un maximum déterminé
Español: Bono de interés flotante con techo, bono de interés variable con techo

 

 

top of pageCarriage Paid To (CPT):

Carriage Paid To (CPT) and Carriage and Insurance Paid to (CIP) a named destination. Used in place of CFR (Cost and Freight) and CIF (Cost, Insurance and Freight), respectively, for shipment by modes other than water, usually for the inland portion of a shipment.

Français: Port payé
Español: Flete pagado hasta, porte pagado hasta

 

 

top of pageCaribbean Common Market (CARICOM):

A regional trade agreement between 13 English-speaking Caribbean nations.

Français: Marché commun des Caraïbes
Español: Mercado Común del Caribe

 

 

top of pageCarrier:

A freight/transport company operating by air, ocean, road, rail, canal etc. See also inland.

Français: Transporteur
Español: Transportista, cargador

 

 

top of pageCartel:

An organization of independent producers of goods or services, set up to regulate the production, pricing or marketing practices of its members in order to limit competition and to maximize their market power. The Organization of Petroleum Exporting Countries (OPEC) is among one of the most well known cartels.

Français: Cartel
Español: Cártel

 

 

top of pageCash accounting:

An accounting method which reports expenditures and revenues when the actual cash outflow or inflow has occurred.

Français: Comptabilité "cash"
Español: Contabilidad de caja

 

 

top of pageCash against documents (CAD):

A method of payment where the title documents to the goods are transferred to the buyer upon payment in cash, usually with the intervention of a commission house or other intermediary.

Français: Paiement "cash" contre présentation des documents
Español: Pago contra entrega de documentos

 

 

top of pageCash discount:

A reduction, usually expressed as a percentage, in the price of a product or the amount of a bill if payment is made promptly and in cash.

Français: Escompte "cash"
Español: Descuento por pago al contado

 

 

top of pageCash flow:

The flow of cash payments to or from a firm during a given period of time. Expenditures are sometimes referred to as "negative" cash flows.

Français: Flux de trésorerie
Español: Flujo de caja, flujo de efectivo, tesorería

 

 

top of pageCash in advance (CIA):

A payment method whereby the buyer pays the price of the goods or services in full, prior to the actual shipment of the goods or provision of services. In turn, the seller does not ship the goods or render the services until he has received payment from the buyer. Once the corresponding payment has been made, the seller sends the documents directly to the buyer. Under such a payment method, the seller therefore retains total control over the transaction, with the buyer assuming all the risks (e.g. that the goods ordered and paid for may not be received by the desired date). This technique is usually only used for small purchases or when the goods are built to order. It may also used when the buyer's creditworthiness is doubtful, or when the political or economic environment of his country is unstable, etc. In both Cash in advance and Open account the buyer pays the seller directly, via cheque or money transfer, and the bank's role is limited to moving the funds from buyer to seller.

Français: Avance en liquide
Español: Pago por adelantado

 

 

top of pageCash market:

The market in which commodities, treasury bills and other debt securities are traded against cash, for immediate delivery.

Français: Marché au comptant
Español: Mercado al contado, mercado de productos disponibles

 

 

top of pageCash payment:

In international trade transactions, this refers to the portion paid by the importer prior to shipment (usually 15% of the total sales price or invoice value). It is mandatory for the extension of most medium and long-term guarantee/insurance and trade financing facilities.

Français: Paiement cash
Español: Pago en efectivo, pago al contado

 

 

top of pageCash price:

See Spot price.

Français: Prix cash
Español: Mercado de entrega inmediata

 

 

top of pageCash with order (CWO):

A payment technique whereby the buyer pays for the goods when ordering them, with the transaction being binding on both parties.

Français: Cash avec ordre
Español: Pago al pedido

 

 

top of pageCategory I or II countries:

A classification of countries under the Consensus framework, based on GNP per capita income.

Français: Pays de la catégorie I ou II
Español: Países de categría I o II

 

 

top of pageCD:

Abbreviation for Certificate of Deposit.

Français: CD
Español: CD

 

 

top of pageCedel (Centrale de Livraison de Valeurs Mobilières):

A Luxembourg-based, computerized clearing house for Eurobonds.

Français: Cedel
Español: Cedel

 

 

top of pageCentrally Planned Economy:

See Command economy.

Français: Economie planifiée et centralisée
Español: Economía de planificación centralizada, economía dirigida

 

 

top of pageCertificate:

(1) A record, attestation, confirmation.

(2) A collective document of title for several shares in an investment fund.

(3) A stock (shares) certificate showing the number of units, par value, voting rights.

Français: Certificat
Español: Certificado

 

 

top of pageCertificate of Deposit (CD):

A money market instrument and negotiable claim, issued by a bank against a short to medium-term deposit (usually for 1-12 months but in exceptional cases up to 5 years). CDs were first created in U.S. dollars but now also exist in other currencies. They can be bought and sold on the secondary market and have become an increasingly important source of funds for banks.

Français: Certificat de dépôt (CD)
Español: Certificado de depósito

 

 

top of pageCertificate of inspection:

A document certifying that the merchandise was in good condition immediately prior to shipment or conforms to the original order. Pre-shipment inspection is compulsory for the import of goods into many developing countries.

Français: Certificat de contrôle
Español: Certificado de inspección

 

 

top of pageCertificate of manufacture:

An official statement by the producer of goods that the manufacturing has been completed and that the goods are now at the disposal of the buyer.

Français: Certificats de fabrication
Español: Certificado de fabricación

 

 

top of pageCertificate of origin:

A document certifying the country of origin of the merchandise exported. Such documents, required by some nations for tariff purposes, are usually obtained through a semi-official organization such as a local chamber of commerce. A certificate may be required even if the accompanying commercial invoice provides such information. See also Rules of origin.

Français: Certificat d'origine
Español: Certificado de origen

 

 

top of pageC.F.R:

Abbreviation of Cost and Freight.

Français: C.F.R.
Español: C.F.R.

 

 

top of pageCharges Forward:

A banking term indicating that foreign and domestic bank commissions, interest and government taxes related to the collection of a draft are to be charged to the drawee.

Français: Contre remboursement
Español: Gastos a cargo del librado

 

 

top of pageChicago Board of Trade:

The first Futures market in the world.

Français: Chicago Board of Trade
Español: Consejo de Comercio de Chicago

 

 

top of pageChicago Board Options Exchange:

The first Options market in the world.

Français: Chicago Board Options Exchange
Español: Consejo de Cambio de Opciones de Chicago

 

 

top of pageChicago Mercantile Exchange:

The second largest Futures market in the world.

Français: Chicago Mercantile Exchange
Español: Consejo de Intercambio Mercantil

 

 

top of pageC & I:

Abbreviation of Cost and Insurance.

Français: C & I
Español: C & I

 

 

top of pageC.I.F.:

Abbreviation of Cost, Insurance and Freight.

Français: C.I.F.
Español: C.I.F.

 

 

top of pageC.I.F. & C.:

Abbreviation of Cost, Insurance, Freight and Commission.

Français: C.I.F. & C.
Español: C.I.F. & C.

 

 

top of pageC.I.F. & E.:

Abbreviation of Cost, Insurance, Freight, and (Currency) Exchange.

Français: C.I.F. & E.
Español: C.I.F. & E.

 

 

top of pageCIP: Carriage and Insurance Paid to

See Carriage Paid To.

Français: Transport et assurance payés à
Español: Flete pagado hasta, porte pagado hasta

 

 

top of pageCircular Letter of credit:

A letter of credit, purchased by a person intending to travel abroad, authorizing him to obtain funds in local currency at any one of a number of listed correspondent banks.

Français: Lettre de crédit circulaire
Español: Carta de crédito circular

 

 

top of pageCIRCUS:

A combined interest rate and currency swap.

Français: CIRCUS
Español: Swap de monedas

 

 

top of pageCIRR:

See Commercial Interest Reference Rate.

Français: CIRR
Español: CIRR

 

 

top of pageCISG:

See Convention on Contracts for the International Sales of Goods.

Français: CISG
Español: CISG

 

 

top of pageClaims payments:

Payments made by an Export credit agency after the expiry of the Claims-waiting period on an insured or guaranteed loan, where the original borrower or borrowing-country guarantor has failed to pay. The ECA records such claim payments as unrecovered claims.

Français: Paiements relatifs aux réclamations
Español: Pago de una indemnización

 

 

top of pageClaims-waiting period:

The period of time exporters or banks must wait after the default of the importer/borrower before the Export credit agency will pay their corresponding claim.

Français: Période d'attente des réclamations
Español: Período de carencia

 

 

top of pageClaused Bill of lading:

A bill of lading on which the carrier has noted some exceptions to having accepted the shipper's merchandise for transport in "apparent good order and condition".

Français: Connaissement clausé
Español: Conocimiento de embarque con cláusulas restrictivas, conocimiento de embarque con reservas

 

 

top of pageClean bill of lading:

A bill of lading on which the carrier has indicated that the goods were received in "apparent good order and condition", without damages or other irregularities as to the condition of the goods or packaging. Compare with Foul Bill of lading and Claused Bill of lading.

Français: Connaissement net
Español: Conocimiento de embarque limpio, conocimiento de embarque sin reservas, conocimiento de embarque sin objeciones

 

 

top of pageClean draft:

A draft to which no documents have been attached.

Français: Traite nette
Español: Giro sin documentos, letra sin documentos, letra no documentaria

 

 

top of pageClean letter of credit:

A letter of credit payable upon presentation of the draft, without any supporting document being required.

Français: Lettre de crédit nette
Español: Carta de crédito simple

 

 

top of pageClean floating:

The free movement of a currency on the foreign exchange markets, with no intervention by the government or Central Bank. Opposite: Dirty float.

Français: Flottement libre
Español: Flotación limpia

 

 

top of pageClearing banks:

The commercial banks participating in a Clearing system.

Français: Banques compensatrices
Español: Banco de compensación

 

 

top of pageClearing Houses:

Also known as Clearing Offices, these are institutions which undertake settlement of the credit/debt positions (stemming from sales of securities and derivatives, bank payments, foreign exchange transactions, etc.) between the members of the Clearing system. Clearing houses play a key role in rationalizing and facilitating the conduct of financial transactions.

Français: Chambre de compensation
Español: Cámara de compensación

 

 

top of pageClearing system:

A system set up by a group of financial institutions to settle various payments between themselves. The best known clearing systems are those created for sorting the payment of cheques drawn on one bank and owed to another. Other types of clearing schemes include those for sorting out payments linked to the sale of bonds (such as Cedel, and Euroclear for the sale of Eurobonds).

Français: Système de compensation
Español: Sistema de compensación

 

 

top of pageClip and strip bonds:

These are bonds whose principal and coupon portions may be split and sold separately.

Français: Obligations à coupon détachable
Español: Bonos cortados y separados

 

 

top of pageClosed-end lease:

A lease contract in which there is no residual value at the end of the lease. See also Leasing.

Français: Crédit-bail à valeur résiduelle nulle à l’échéance
Español: Arrendamiento cerrado

 

 

top of pageClosing accounts:

The balance sheet and profit and loss account (income statement) of a company, prepared at the end of each financial year.

Français: Comptes de bouclement
Español: Cuenta de cierre, cuenta compensadora

 

 

top of pageClosing documents:

The documents designed to complete a business transaction.

Français: Documents de clôture
Español: Documento de cierre

 

 

top of pageClub of Paris:

See Paris Club.

Français: Club de Paris
Español: Club of Paris

 

 

top of pageClub of ten:

See Group of ten.

Français: Club des dix
Español: Club of ten

 

 

top of pageCofinancing:

A general term indicating the joint financing of large projects. With specific reference to developing countries, cofinancing is usually provided for large infrastructure type projects in the form of loans or grants by several lenders, including commercial banks, the World Bank or other multilateral agencies and export credit agencies or other financial institutions.

Français: Cofinancement
Español: Cofinanciamiento, cofinanciación

 

 

top of pageCollateral:

Literally, "at the side". The term refers to assets pledged as security for a credit, lease or other commitment or liability. Collateral usually takes the form of assets readily convertible into cash, such as merchandise, bonds, shares, etc. See also Pledge.

Français: Garantie
Español: Garantía (prendaria)

 

 

top of pageCollateral bonds:

An American term, to indicate those bonds which are secured by collateral, such as the pledging of mortgages (collateral mortgage bonds).

Français: Obligations garanties
Español: Bono garantizado

 

 

top of pageCollateral loan (USA); Lombard loan (UK):

Advances made against the pledging of collateral.

Français: Prêt garanti (USA) ; Prêt-Lombard (GB)
Español: Préstamo con garantía prendaria

 

 

top of pageCollection:

(1) The presentation for payment of any obligation, bill of exchange, draft or other instrument

(2) A payment arrangement whereby the seller ships the goods and draws a bill of Exchange (draft) on the buyer. The Collection papers are then sent to the seller's bank with clear instructions for collection through one of its correspondent banks, located in the country of the buyer. Usually, the title to the goods does not pass to the buyer (unless the buyer is indicated as Consignee on the transport document) until the buyer has paid or accepted the draft. Collections are an alternative payment arrangement to Open account or Cash in advance. They are usually used in connection with the sale of goods rather than the provision of services. See also Documentary Collection.

Français: Encaissement
Español: Recaudación, cuestación, colecta, cobranza, cobro

 

 

top of pageCollection papers:

All documents (invoices, Bill of lading, etc.) submitted to a buyer in order to receive the payment for a shipment.

Français: Effets destinés à l'encaissement
Español: Documento de cobranza

 

 

top of pageCommand economy; centrally planned economy:

An economy where resources, investment, jobs etc. are allocated and controlled by government decision.

Français: Economie dirigiste, Economie centralement planifiée
Español: Economía de planificación centralizada, economía dirigida

 

 

top of pageCommercial bill:

A Bill of exchange which finances a short-term self-liquidating commercial transaction, as for the export of goods.

Français: Effet commercial
Español: Efecto de comercio

 

top of pageCommercial Interest Reference Rate (CIRR):

A market interest rate, for a specific currency and a specific country for officially supported export loans, set under the Consensus.

Français: Taux d'intérêt de référence commercial
Español: Tasa de interés comercial de referencia, tipo de interés comercial de referencia

 

 

top of pageCommercial invoice:

An accounting document (bill) by which the seller claims payment from the buyer for the value of the goods and/or services supplied. It is prepared by the seller and gives a description of the merchandise, its price, etc. Commercial invoices are also often used by the government to determine the true value of goods, to assess the applicable custom duties and to prepare consular documentation. In this case, the government of the country of import specifies the form, content, number of copies, language and other characteristics of the invoice to be drawn up.

Français: Facture commerciale
Español: Factura comercial

 

 

top of pageCommercial paper:

This is a form of Promissory note backed by standby Letters of credit. The term applies to notes and acceptances with a specified maturity date received by a business enterprise in payment for goods sold or services rendered. Commercial papers are widely used in the United States as a reliable source of short-term financing. When rolled forward they can also be used to satisfy longer-term financing needs.

Français: Effets de commerce
Español: Efecto mercantil, efectos comerciales

 

 

top of pageCommercial register:

An official register of companies engaged in a trade, manufacturing or other type of business based on commercial principles.

Français: Registre du commerce
Español: Registro comercial

 

 

top of pageCommercial risk:

The risk of non-payment by a non-sovereign or private-sector buyer or borrower arising from default, insolvency and/or failure to accept and collect the goods which have been shipped according to the supply contract. Compare with Transfer risk and Political risk.

Français: Risque commercial
Español: Riesgo comercial

 

 

top of pageCommercial Risk Coverage:

An insurance policy or guarantee cover which gives protection to the supplier or a financing bank against losses linked to the verification of a Commercial risk. The specific events covered vary with the policy and the insurance agency. For example, ECAs will not generally cover non-payment due to disputes between the parties to the contract (e.g. over product quality, supplier performance, etc.).

Français: Couverture du risque commercial
Español: Cobertura de riesgo comercial

 

 

top of pageCommission:

Compensation paid for work performed, usually based on the volume of the transaction or calculated as a percentage of the profit. See also Bank commission.

Français: Commission
Español: Comisión

 

 

top of pageCommission agent:

A middleman (such as Broker) who sells the goods without taking title to them, in exchange for a Commission.

Français: Commission d'agent
Español: Comisionista

 

 

top of pageCommission house:

A firm which buys and sells actual commodities or futures contracts on behalf of its clients, in return for charging a commission.

Français: Agence de courtage
Español: Casa comisionista

 

 

top of pageCommissioning:

The date on which, under the contract terms, the plant or equipment supplied should have been completed according to specification.

Français: Mise en exploitation
Español: Comisionada

 

 

top of pageCommitment:

A general term indicating the existence of an obligation.

(1) In the credit insurance business, the firm obligation by an Export credit agency to lend, guarantee or insure a credit according to specified terms, conditions and purposes, for the benefit of a specific importer, as stated in an agreement or equivalent contract.

(2) In the credit business, the credit obligation assumed by a bank, arising from a loan contact or loan contracts, towards a specific customer or borrowing country.

(3) In the securities trade, the obligation arising from new purchases of securities.

Français: Engagement
Español: Compromiso

 

 

top of pageCommitment commission; Commitment commission supplier's fee:

A fee charged by a bank or the supplier of capital goods, payable quarterly or bi-annually, for credit lines granted but not used during the specified period of time.

Français: Commission d'engagement; Commission d'engagement du fournisseur
Español: Comisión de compromiso; comisión de compromiso de proveedores de recursos

 

 

top of pageCommitment fee:

(1) A fee paid (usually on a bi-annual or quarterly basis) by the borrower to compensate his bank for engaging funds under a specific loan agreement, i.e. the fee on the available but undrawn portion of the financial arrangement. The fee is usually a fraction of 1 per cent of the funds committed.

(2) A charge by the forfaiter to agree to forfait a transaction and hold a Discount rate for a specified period of time. The commitment fee will be applied from the date the commitment is made until the date of disbursement or payment.

Français: Commission d'engagement
Español: Comisión de compromiso, comisión de disponibilidad

 

 

top of pageCommitments:

An accounting term used within the credit insurance business, indicating the total amount of loans provided and outstanding plus loans guaranteed or insured by an Export credit agency. Commitments usually include the principal and the interest due from the importing country on disbursed and undisbursed credits. Sometimes they include not only the agency's liabilities but also the uninsured parts of the loans. Thus, for an export credit agency, its commitments are almost always larger than its total Exposure.

Français: Engagements
Español: Compromiso

 

 

top of pageCommitted loan facility:

A legal commitment by a bank to lend to a customer, for instance in the form of a line of credit.

Français: Engagement de facilité de prêt
Español: Facilidad de crédito comprometida

 

 

top of pageCommodity:

Raw materials or primary products (such as tin, coffee, tea, sugar, wool, cotton, rubber, silver, cocoa, etc.) which investors buy and sell, and on which derivatives are often created.

Français: Marchandise, Produit
Español: Producto básico, materia prima, mercancía, mercadería, producto primario

 

 

top of pageCommodity bonds:

Bonds whose interest rates or par value is tied to the market price of a specific commodity.

Français: Obligations basées sur des marchandises
Español: Bono indizado según el precio de un producto básico, bono indexado a productos

 

 

top of pageCommodity Fund:

An Investment fund investing mainly in commodity bills and securities, such as grain contracts.

Français: Fonds basés sur marchandises
Español: Fondo de productos básicos

 

 

top of pageCommodity linked swap; Commodity price swap:

A financial instrument working essentially as an interest rate swap, but whose payments are based on a commodity price index rather than an interest rate index. In a basic commodity price swap, two parties periodically exchange cash payments during a specified period of time. A fixed price payment is typically exchanged against a fluctuating or market price payment, based on the market price of the underlying commodity.

Français: Opération de change Swap liée à une marchandise; Opération swap liée au prix d’une marchandise
Español: Swap basado en productos básicos

 

 

top of pageCommodity swaps:

The exchange of a commodity in its raw form against receipt of the relative refined product (for instance raw sugar in exchange for refined sugar).

Français: Opérations swap sur matière première
Español: Swap de materia prima

 

 

top of pageCommon equity:

The value of the ordinary shares/common stock issued by a firm.

Français: Valeur des actions ordinaires
Español: Capital básico

 

 

top of pageCommon stock:

A US term indicating those securities which represent the ownership of a corporation. They have a discretionary dividend and do not have priority over other types of shares with regard to dividend payments. They are usually the only class of shares which give a voting right at shareholders' meetings. They are known as ordinary shares in the United Kingdom. Compare with Preferred stocks or Preference Shares.

Français: Action ordinaire
Español: Acciones ordinarias

 

 

top of pageCompensating balance:

A deposit account which the bank may require its borrowers to put at its disposal.

Français: Solde compensatoire
Español: Saldo compensatorio

 

 

top of pageCompensation (Buyback):

See Countertrade.

Français: Indemnisation, Dédomagement (Rachat)
Español: Compensacíon

 

 

top of pageCompensatory financing facility:

A special fund set up by the IMF, to assist member countries experiencing balance of payments problems due to temporary falls in the price of the basic commodities which they export and on which they are largely dependent.

Français: Facilité de financement compensatoire
Español: Servicio de financiamiento compensatorio

 

 

top of pageCompensatory Trade:

Any kind of arrangement by which goods and services are bartered.

Français: Commerce compensatoire
Español: Comercio compensatorio

 

 

top of pageCompetitive bidding:

A purchase process whereby the buyer asks potential suppliers to submit competing bids.

Français: Appels d'offres
Español: Licitación pública, concurso público

 

 

top of pageCompletion Guarantee:

A guarantee, usually provided by the contractor or another responsible party through a Performance bond, undertaking that the project will be completed by a certain date and will operate at a specified output or efficiency level.

Français: Garantie d'achèvement
Español: Garantía de terminación

 

 

top of pageCompletion risk:

The risk that the project will not be fully completed or constructed on time, or that it will be delivered with design or technical deficiencies which will not allow it to function properly. This risk may be reduced through the issue of a Completion guarantee.

Français: Risque d'achèvement
Español: Riesgo de terminación

 

 

top of pageCompound duties:

See duty.

Français: Droits composés
Español: Arancel compuesto

 

 

top of pageCompound interest:

The interest rate on a loan calculated not only on the original principal of the loan but also on the accrued interest (i.e. interest accrued on previous due interest added to the principal). Over time interest charges will therefore grow exponentially. For instance, a £100 loan earning compound interest of 10% per annum will accumulate to £110 by the end of the first year, £121 by the end of the second year, etc. Compare with Simple interest.

Français: Intérêt composé
Español: Interés compuesto

 

 

top of pageCompound value:

The final value of a sum earning Compound interest.

Français: Valeur composée
Español: Valor compuesto

 

 

top of pageComprehensive coverage:

See Whole turnover coverage.

Français: Couverture complète tous risques
Español: Comprehensive coverage

 

 

top of pageConcessional funds/loans:

Sometimes referred to as Soft loans, these are a form of finance for borrowers provided by financial institutions at interest rates below market rates, where the interest differential is usually covered by a government subsidy to the financial institutions involved.

Français: Fonds ou prêts subventionnés
Español: Préstamo en condiciones favorables

 

 

top of pageConcessionality level:

A measure of the degree of concessionality of a credit offered at below-market interest rates or partially as a grant. The participants to the OECD Consensus have agreed on common methods for the calculation of concessionality. See also Grant element.

Français: Niveau de subvention
Español: Nivel de concesiones

 

 

top of pageConfirmation:

A written statement by a business to acknowledge its involvement in a specific deal. For instance, any transaction on the securities' market should be followed by a confirmation spelling out the settlement date, terms, commission, etc.

Français: Confirmation
Español: Confirmación

 

 

top of pageConfirmed Letter of credit:

A letter of credit to which the bank in the exporter's country has added its confirmation, implying that the exporter will be paid even in the event of default by the foreign buyer and/or the foreign bank.

Français: Lettre de crédit confirmée
Español: Carta de crédito confirmada

 

 

top of pageConfirming service:

A financial service, offered by an independent agency in the exporter's country, which confirms the overseas buyer’s order and makes payment for the goods in the currency of the exporter. It is mainly used in Europe and allows for the smooth co-ordination and full payment of the export transaction. The items eligible for confirmation include the exported goods, inland, air and ocean transportation costs, forwarding fees, custom brokerage fees and duties.

Français: Service de confirmation
Español: Confirmante

 

 

top of pageConfirming bank:

This is frequently the same institution as the Advising bank. The confirming bank will add its commitment to that of the issuing bank to pay the beneficiary of a Letter of credit, provided that all the documents are in order.

Français: Banque confirmatrice
Español: Banco confirmante

 

 

top of pageConfirming house:

A private independent company whose business is the Confirmation of short- or medium-term obligations of foreign importers towards exporters under a Letter of credit or another type of deferred payment arrangement. The confirming house will confirm the importer's orders to the manufacturer, either by guaranteeing payment or by undertaking to pay on behalf of the importer for whom it acts as agent. Confirming houses extensively rely on credit insurance extended by Export credit agencies to mitigate the risks inherent in their business.

Français: Organisme confirmateur
Español: Comisionista

 

 

top of pageConglomerate:

A company involved in two or more unrelated businesses, often with the aim of diversifying its operations and sources of income and thus reducing risks. Conglomerates usually consist of a group of firms owned by a Holding company, acting as the "umbrella" organization in which all shares are vested.

Français: Conglomérat
Español: Conglomerado

 

 

top of pageConsensus:

Formally named the "Arrangement on Guidelines for Officially Supported Export Credits", it consists of a framework of rules governing Export credits agreed by the members of the OECD's export credit group. The Consensus guidelines set the minimum interest rates allowed on officially supported export credits, maximum repayment terms, notification procedures when the guidelines are exceeded and the terms under which supplier and buyer credits can be made available to overseas customers.

Français: Consensus
Español: Acuerdo

 

 

top of pageConsignee:

The person, firm or representative named in a freight contract to whom the shipped goods are to be delivered and turned over at a particular destination. For export control purposes, the nature of the consignee may be differentiated between intermediate and ultimate consignee.

Français: Consignataire
Español: Destinatario, consignatario, receptor

 

 

top of pageConsignment:

A sale arrangement whereby the exporter (consignor) delivers the merchandise to an agent (consignee) under an agreement that the agent will sell it for the account of the exporter. Under this kind of arrangement, the consignor/exporter retains title to the goods until thy are sold, while the consignee/agent sells the goods in exchange for a Commission and remits the net proceeds to the consignor.

Français: Consignation
Español: Consignación

 

 

top of pageConsignor:

The seller or shipper of merchandise.

Français: Consignateur
Español: Expedidor, remitente, cargador

 

 

top of pageConsolidated debt:

A long-term, funded debt of a public authority (e.g. bond issue). Opposite: Floating debt.

Français: Dette consolidée
Español: Deuda consolidada

 

 

top of pageConsolidation:

(1) With reference to government debt, the term indicates the conversion of outstanding short-term debts into fixed, long-term debts.

(2) Within a stock exchange, the term refers to the stabilisation of price levels on the stock exchange following a downturn.

(3) When relating to a holding, the term indicates the process of combining and merging the

separate balance sheets of the companies belonging to the group into one single consolidated balance sheet.

Français: Consolidation
Español: Consolidación

 

 

top of pageConsortium bank:

A bank set up and owned by a group of other banks, with no one of them holding a majority share. The participants of the consortium may or may not be of the same nationality. Consortium banks are common in the Euromarket and are active in loan Syndication.

Français: Banque du consortium
Español: Banco consorcial

 

 

top of pageConsortium project:

A project structured by two or more parties as a partnership or Joint venture.

Français: Projet de consortium
Español: Proyecto en consorcio

 

 

top of pageConstruction Loan:

See Contractor loan.

Français: Prêt à la construction
Español: Construction loan

 

 

top of pageConsular declaration:

A formal statement addressed to the consul of the foreign country of export, describing the goods to be shipped. The approval of the consul must be obtained before shipment.

Français: Déclaration consulaire
Español: Declaración consular

 

 

top of pageConsular documents:

Documents such as Bills of lading, Certificates of origin or special Consular invoice forms which need to be officially signed by the consul of the country of destination of a shipment.

Français: Documents consulaires
Español: Documentos consulares

 

 

top of pageConsular invoice:

A document, required by some countries, which provides information on the shipment of goods (e.g. consignor, consignee, value of the shipment, etc.). It needs to be certified by a consular official of the country of export and is then used by the local customs officials to verify the value, quantity and nature of the shipment.

Français: Facture consulaire
Español: Factura consular

 

 

top of pageConsumer credit:

A credit, granted by a firm to its clients, for the purchase of goods or services. Also known as retail credit.

Français: Crédit à la consommation
Español: Crédito al consumo, crédito al consumidor

 

 

top of pageConsumer durables:

Goods, purchased by individual consumers, which are supposed to have a relatively long "life", such as cars, domestic appliances etc., as opposed to consumer goods.

Français: Biens durables
Español: Bienes de consumo duraderos

 

 

top of pageContango:

A condition in the commodity market when Spot prices are lower than Futures prices. This happens because investors expect commodity prices to rise or remain stable (even with stable prices futures prices will always be slightly higher than spot ones to cover interest costs). Opposite: Backwardation.

Français: Report
Español: Contango

 

 

top of pageContingent claim:

A claim which can only be made if one or more of the specified outcomes occur.

Français: Réclamation liée conditionnelle
Español: Título de crédito eventual

 

 

top of pageContingent liability:

A possible future liability, i.e. a liability which becomes such only if some event occurs. For example, a guarantor becomes liable for his guarantee only if the debt he has guaranteed goes unpaid by the debtor.

Français: Engagement conditionnel
Español: Pasivo contingente, obligación contingente

 

 

top of pageContract bond:

A bond or guarantee, provided by a bank to an overseas importer to cover him against possible negative events.

Français: Obligation contractuelle
Español: Fianza de contratista

 

 

top of pageContractor:

Within a project, the company responsible for the engineering, procurement and construction activities of the project.

Français: Entrepreneur
Español: Contratista

 

 

top of pageContractor loan:

A loan extended to a building contractor or craftsman providing him with the necessary Working capital (to cover salaries, materials and any other periodic production costs). The borrower will subsequently repay the equivalent amount of the loan by using the proceeds of the Permanent financing or the operating revenues at the completion of the project. The term can also be used to refer to a loan facility provided by the building contractor.

Français: Prêt de construction
Español: Préstamo a contratistas

 

 

top of pageConvention on Contracts for the International Sales of Goods (CISG):

A UN convention establishing uniform legal rules for the drafting of international goods sales contracts and covering the rights and obligations of the parties. The CISG applies automatically to all sales contracts between traders from two countries which have both ratified the CISG, unless the parties to the contract explicitly exclude all or part of the CISG or expressly state that they wish to be governed under a law other than the CISG.

Français: Convention relative aux contrats de ventes internationales de biens
Español: Convención sobre los Contratos de Compraventa Internacional de Mercaderías, Convención de Viena sobre Compraventas

 

 

top of pageConversion:

(1) Debt restructuring and refinancing, i.e. the replacement of old obligations or debt instruments with new bonds or instruments of the same company or institution, but on different terms and conditions (a typical example is the conversion of Debentures into equity in the restructuring of public companies).

(2) The Renewal of a bank-issued medium-term loan.

(3) The exchange of Convertible bonds into shares.

(4) In the foreign exchange sector, the exchange of a credit balance or claim expressed in one currency into a balance or claim in another currency.

Français: Conversion
Español: Conversión

 

 

top of pageConversion ratio:

The number of Ordinary shares/Common stock which the security holder will receive if he decides to exercise the option of a convertible security (such as a Convertible bond).

Français: Rapport de conversion
Español: Relación de conversión

 

 

top of pageConvertibility:

The freedom to exchange one currency into another without government restrictions or controls.

Français: Convertibilité
Español: Convertibilidad

 

 

top of pageConvertible:

Loans, preference shares or debentures which carry the option of conversion at a predetermined future date, into cash in the case of a loan, or into ordinary shares for preference shares or debentures.

Français: Convertible
Español: Convertible

 

 

top of pageConvertible bond; convertibles:

Bonds issued by a corporation which may be converted into the corporation's Common stock/Ordinary shares within a specified time period and at a specific price, at the option of the holder.

Français: Obligation convertible, convertibles
Español: Bono convertible

 

 

top of pageConvertible currency:

A currency which can be bought and sold for another currency at will.

Français: Monnaie convertible
Español: Moneda convertible

 

 

top of pageConvertible loan stock:

Long-term debts/debentures/bonds, which are convertible, at some future date and at the option of the lender, into equity, i.e. Ordinary shares/Common stock of the borrowing company.

Français: Prêt convertible en actions
Español: Préstamo de acciones convertibles

 

 

top of pageConvertible preferred stock:

Preferred shares which may be converted into Common/Ordinary shares of the issuing company, at the option of the holder.

Français: Action privilégiée convertible
Español: Acciones preferentes convertibles

 

 

top of pageCorporate bonds:

Debt obligations issued by private corporations, typically paying bi-annual Coupons and whose Face value is repaid at the bond's maturity.

Français: Obligations de la société
Español: Bono empresarial

 

 

top of pageCorporate finance:

Financial transactions undertaken by a corporation.

Français: Financements de société
Español: Finanzas empresariales

 

 

top of pageCorporate tax:

A tax on company profits.

Français: Taxe sur les sociétés
Español: Impuesto sobre las sociedades (de capital)

 

 

top of pageCorporation:

A legal entity which is separate and distinct from its owners, set up for the conduct of economic activities.

Français: Société
Español: Sociedad de capital

 

 

top of pageCorrespondent Bank:

A bank which, within its own country, handles the business of a foreign bank, i.e. receives and makes money payments in addition to rendering other services on behalf of the foreign bank. A bank's accounts held with a correspondent bank are known as Nostro account. Correspondent banks play an essential role in the smooth conduct of foreign trade and financial transactions.

Français: Banque correspondante
Español: Banco corresponsal

 

 

top of pageCosmetic interest rates:

The term refers to interest rates, below market rates, which are specified in some government contracts, without however entailing a Grant element. These rates are sought by some borrowing countries and are "cosmetic" because in reality exporters compensate for the lower interest rate by raising the value of the export contract.

Français: Taux d'intérêts cosmétiques
Español: Tipo de interés cubierto

 

 

top of pageCost and freight (CFR):

A pricing term used in the foreign trade of goods through ocean shipment. It indicates that all the expenses for shipment and freight up to the port of destination are included in the quoted price of the goods. The cost of insurance however is left to the buyer's account. When the export is conducted through modes other than ocean shipment, the term used is Carriage paid to (CPT).

Français: Coût et fret
Español: Costo y flete, C y F

 

 

top of pageCost and Insurance:

A pricing term indicating that these costs are already included in the quoted price, i.e. covered by the seller.

Français: Coût et assurance
Español: Costo y seguro

 

 

top of pageCost-Insurance-freight (CIF):

Under this term, the price of the goods quoted by the seller includes the cost of insurance, transport and other miscellaneous charges sustained until the point of debarkation from the vessel. When the goods are transported through modes other than ocean shipments, the term used is Carriage and insurance paid to (CIP).

Français: Coût assurance fret (CIF)
Español: Costo, seguro y flete (CIF)

 

 

top of pageCost, Insurance, Freight and Commission:

A pricing term indicating that all these costs are included in the quoted price by the seller, i.e. covered by him.

Français: Coût, assurance fret et commission
Español: Costo, seguro, flete y comisión

 

 

top of pageCost, Insurance, Freight and Currency Exchange:

A pricing term indicating that these costs are included in the quoted price (i.e. covered by the seller).

Français: Coût, assurance, fret et change monétaire
Español: Costo, seguro, flete y cambio

 

 

top of pageCost of funds:

In general this is the interest rate associated with borrowing money. It is also used as the basis for the loan pricing, i.e. the determination of the interest rate charged on the loan, particularly when the source of funding is uncertain or includes Reserve assets costs. In the case of a commercial bank, the cost of funds for a loan is the Offered rate, i.e. the interest rate which the bank has to pay another bank to borrow funds. See also LIBOR, PIBOR.

Français: Coût des fonds
Español: Costo de fondos

 

 

top of pageCost of Production (COP):

This refers to the sum of the cost of raw materials, components and other inputs used in the production of goods, including an appropriate allocation for general administrative and selling expenses. COP does not include any mandatory minimum general expense or profit.

Français: Coût de production
Español: Costo de producción

 

 

top of pageCosts of manufacture (COM):

Within a Dumping investigation, the costs of manufacture are calculated as the sum of the manufacturing inputs (materials, labour, etc.) plus both the direct and indirect overhead expenses required to produce the merchandise under investigation.

Français: Coût de fabrication
Español: Costo de manufactura

 

 

top of pageCounter Credit:

A variation of Back-to-back credit whereby a second bank (usually that of the original beneficiary) issues a separate letter of credit in favour of the second beneficiary.

Français: Contre-crédit
Español: Contracrédito

 

 

top of pageCounter-indemnity:

An irrevocable commitment by the exporter that he will repay the bank if a Performance bond or a Down-payment bond is called.

Français: Contre-indemnité
Español: Contraindemnización

 

 

top of pageCounterpurchase:

See Countertrade.

Français: Contre-achat
Español: Compra de contrapartida

 

 

top of pageCountertrade:

A means of trading, whereby the exporter is required to accept goods or other instruments of trade in part or whole payment for his sales. This allows the buying country to save foreign currency. Countertrade is thus used by countries experiencing foreign exchange shortages. Countertrade may take different forms, including barter, buy-back or compensation, counterpurchase, offset requirements, swap, switch, evidence or clearing accounts. As a means of payment, countertrade is not encouraged by international and multinational financial institutions as the price setting mechanisms underlying such transactions frequently lack transparency.

(1) Barter is the oldest and simplest method of countertrade by which goods are exchanged against other goods of equivalent value. It is the only way of undertaking trade with no or little money involved. As it does not involve the use of money, it is often used by countries with Blocked currencies.

(2) Counterpurchase is one of the most common forms of countertrade. Under this arrangement, the exporter undertakes to buy goods from the importer or from a company nominated by the importer, or agrees to arrange for their purchase by a third party, within a specific period (usually one-to-five years). Both parties pay for their purchases in cash (at least in part) but commit themselves, by signing a "protocol" contract, to fulfil the purchase counter obligation. The goods being sold in exchange are typically unrelated but may be equivalent in value.

(3) In offset, the exporter agrees to use goods produced in the importer's country as an input of the products being sold, and up to an agreed percentage of the original sale. In a direct offset, the exported goods are an integral part of the final product, and the agreement involves a co-production arrangement based on the transfer of production technology to the importing country. In an indirect offset the selling country agrees to purchase unrelated products from the importing country.

(4) In a compensation or buy-back deal, exporters of equipment, technology, or even entire plants, agree to purchase a certain percentage of the output of the facility as payment

(5) Switch is a complex form of barter, involving a chain of buyers and sellers in different markets and countries, based on the multilateral clearance of bilateral trade imbalances. A specialized countertrade house will typically buy (at a discount) from country A the value of its bilateral trade surplus with country B, and sell it at full value to company or country C, which has a bilateral trade deficit with party A. The trading house will often have to take title to certain goods, which it then has to sell against hard currency.

Français: Commerce d’échange
Español: Comercio de compensación

 

 

top of pageCountervailing duty:

An additional duty, imposed by a country on imported goods, to counter subsidies granted to the exporters of the goods by their domestic governments. Such duty is allowed by the GATT rules, provided that the importing country can prove that the subsidy would directly injure the domestic industry.

Français: Droit compensateur
Español: Derecho compensatorio

 

 

top of pageCountry of export destination:

The country where the exported goods are to be consumed or further processed, as known to the shipper at the time of export. If the shipper is not aware of the country of final destination of the merchandise, the shipment is attributed to the last known country of delivery.

Français: Pays de destination de l’exportation
Español: País de destino de las exportaciones

 

 

top of pageCountry risk:

The general level of political and economic uncertainty in a country. It is the risk of lending to the most creditworthy borrower in that country, namely of investing in securities issued by the national government. In general, banks must assess the economic and financial conditions of the country in which a potential borrower resides. Shortages of foreign exchange are a typical element of country risk which might prevent repayment of the loans.

Français: Risque pays
Español: Riesgo país

 

 

top of pageCountry risk categories:

Used by all Export credit agencies to rank borrowing countries according to their perceived creditworthiness, i.e. their Country risk. Each agency has a different number of risk categories. In general, "category one" countries are those considered as presenting the lowest country risk.

Français: Catégories de risque pays
Español: Categoría de riesgo país

 

 

top of pageCoupon:

The periodic interest payment made to the holders of a Bond during the life of the bond. The coupon may be physically cut off the bond and sent to the authorized paying agent when due for payment.

Français: Coupon
Español: Cupón

 

 

top of pageCoupon Rate:

The stated interest rate payable on a Bond, paid at least once a year.

Français: Taux du coupon
Español: Interés nominal

 

 

top of pageCovenant:

A loan covenant is an undertaking by the borrower to perform certain acts (affirmative covenant), such as providing timely financial statements to the lender, or to refrain from certain acts (negative covenant), such as incurring further debts beyond the agreed level.

Français: Convention
Español: Compromiso de crédito, contrato de préstamo, garantía de préstamo

 

 

top of pageCover:

A general term for the techniques which may be used by a business to manage and control risks. In international trade transactions this may be achieved through the issue of an export credit guarantee/insurance, against the risk of non-payment or of payment delays. In this case, cover is usually, though not always, provided both for Commercial risk and Political risk. Cover is not usually provided for the full value of the due payments but is typically between 90% and 95% of the contract value.

Français: Couverture
Español: Cobertura

 

 

top of pageCovered option:

An option where the option writer owns the underlying stock represented by the option contract. A covered option limits the risk the writer takes because the stock does not have to be bought at the market price, if the holder of that option decides to exercise it.

Français: Option couverte
Español: Valor con moneda de reembolso opcional

 

 

top of pageCPT:

See Carriage Paid To.

Français: CPT
Español: CPT

 

 

top of pageCredit:

A general term for money loaned.

(1) The ability to borrow money on the promise of future repayment.

(2) In accounting, an entry made on the liabilities’ side of an account.

(3) In finance, an amount loaned to a borrower.

Français: Crédit
Español: Crédito

 

 

top of pageCredit agreement:

A contractual document by which the bank or another lender grants a client the loan he has applied for.

Français: Contrat de crédit
Español: Acuerdo de crédito, contrato de crédito

 

 

top of pageCredit commission:

A fee charged by the bank, in addition to the interest rates, to compensate for special services or as a risk premium for the loans being extended. See also Bank commission.

Français: Commission de crédit
Español: Comisión de crédito

 

 

top of pageCredit history:

Past repayment performance.

Français: Historique du crédit
Español: Antecedentes crediticios

 

 

top of pageCredit line:

See line of credit.

Français: Ligne de crédit
Español: Línea de crédito

 

 

top of pageCredit memorandum:

A written agreement by which the bank grants its client a credit or a line of credit.

Français: Memorandum de crédit
Español: Nota de crédito

 

 

top of pageCredit rating:

See Rating.

Français: Notation de crédit
Español: Credit rating

 

 

top of pageCredit risk insurance:

Insurance designed to cover the risks of non-payment of a credit.

Français: Assurance du risque de crédit
Español: Seguro contra el riesgo de crédito

 

 

top of pageCredit overdrawing:

The drawing of funds beyond the agreed limit or Line of credit. See also Overdraft.

Français: Dépassement de crédit
Español: Giro de crédito en descubierto

 

 

top of pageCreditor clubs:

See Paris club, London club.

Français: Clubs créanciers
Español: Club de París, Club de Londres

 

 

top of pageCreditworthiness; Credit solvency:

The ability to repay loans and debts and, in general terms, the financial strength of a company or a person. It is also determines the Rating of a company or a government placing a bond issue.

Français: Solvabilité Solvabilité du crédit
Español: Solvencia, capacidad crediticia

 

 

top of pageCross-border loans:

Typically, this refers to a situation when a bank in one country lends to a borrower in another country. The term may also refer to a Syndicated loan granted by a group of banks from one or more countries for the financing of a project or a borrower in another country.

Français: Prêts transfrontaliers
Español: Préstamo internacional

 

 

top of pageCross-currency loan:

A loan extended by a bank in one country to a borrower either in the same country or in a second country, where the currency denomination of the loan is that of a third country.

Français: Prêt monétaire croisé
Español: Préstamo entre dos o más monedas

 

 

top of pageCross-hedging:

The practice of Hedging a risk by buying or selling a futures contract which is similar but different from the underlying contract being hedged.

Français: Protection croisée
Español: Coberturas cruzadas

 

 

top of pageCross rate:

An exchange rate between two currencies, calculated as the ratio of the two foreign exchange rates in relation to a third currency, i.e. by pricing the two currencies against a third. e.g.: USD 1 = CHF 1.4900 and USD 1 = DM 1.7950 equals DM 100 = CHF 83.00.

Français: Taux croisés
Español: Tipo cruzado

 

 

top of pageCum dividend:

"With dividend". The purchaser of "cum div" shares or stocks is entitled to the dividend on the next-payment day. i.e. the purchased shares or stocks are sold together with the right to collect the dividend, which has been announced but not yet distributed. Shares and stocks are usually sold "cum div". The opposite "ex div" means that the buyer has purchased them too late to have the right to that year's dividends.

Français: Avec dividende
Español: Con dividendo

 

 

top of pageCurrency option:

The right, though not the obligation, to purchase a specified amount of foreign currency at a predetermined rate and at a specified future date. See Option.

Français: Option monétaire
Español: Opción de cambio

 

 

top of pageCurrency parity:

See Parity.

Français: Parité monétaire
Español: Paridad cambiaria

 

 

top of pageCurrency risk (post-contract or post-natal):

The risk of an unfavourable evolution of the foreign exchange rate, between the time a contractual decision (purchase/sale) has been taken and the time the corresponding foreign currency is bought/sold on the foreign exchange market.

Français: Risque monétaire (postérieur au contrat ou post-natal)
Español: Riesgo cambiario posterior al contrato

 

 

top of pageCurrency risk (pre-contract or ante-natal):

The risk of an unfavourable evolution of the foreign exchange rate between the time of the pricing decision of a transaction involving foreign currency, and the time the actual contractual commitment is made.

Français: Risque monétaire (antérieur au contrat ou ante-natal)
Español: Riesgo cambiario previo al contrato

 

 

top of pageCurrent account (external trade):

See Balance of payments.

Français: Compte courant
Español: Cuenta corriente

 

 

top of pageCurrent assets:

Cash, bank deposits and other assets which can readily (within one year) be turned into cash, such as Bills, Accounts receivable, stock, Marketable securities. Opposite: Fixed assets.

Français: Actifs circulants
Español: Activo corriente, activo circulante

 

 

top of pageCurrent account credit:

If a bank's client draws funds beyond the amount available in his account, he overdraws his account. This overdraft can, in the case of good client, be converted into a current account credit by which the client may draw funds at any time, up to an agreed limit within the contractual period. This facility is particularly useful to cover the changing credit needs of corporate clients. It may take the form of secured or unsecured loan.

Français: Crédit en compte courant
Español: Crédito en cuenta corriente

 

 

top of pageCurrent liability:

Any liability which must be honoured within one year.

Français: Dette courante
Español: Current liability

 

 

top of pageCurrent liabilities:

Liabilities due to be paid within one year from the balance sheet date, for example Dividends, taxes, Trade creditors (UK) / Accounts payable (US).

Français: Dettes courantes
Español: Pasivo circulante, pasivo corriente, pasivo exigible a corto plazo, obligaciones a corto plazo

 

 

top of pageCurrent ratio:

A Liquidity ratio expressed as the ratio between a business' Current assets and its Current liabilities. It is a measure of a company's liquidity which may be used in comparing it with another company or in order to examine its evolution over time. A high current ratio indicates a larger liquidity and thus a greater ability to meet unexpected payments. It may however mean that the company’s resources are inefficiently tied up in unproductive assets, such as cash or debtors. See also Acid test.

Français: Coefficient de liquidité
Español: Coeficiente de solvencia

 

 

top of pageCurrent yield:

This measures the annual income return on a particular security, expressed as an annual percentage: Current yield(%) = Coupon/(Net price*100)

Français: Rendement courant
Español: Rendimiento corriente

 

 

top of pageCushion bonds:

High-coupon bonds which sell at only a moderate Premium because they are callable at a price below that at which a comparable non-callable bond would sell.

Français: Obligations à taux d'intérêt élevé
Español: Bono amortiguador

 

 

top of pageCustoms:

The national authorities charged with the collection of the duties levied by a country on imports and exports. The term may also indicate the procedures involved in such collection.

Français: Douane
Español: Aduana

 

 

top of pageCustoms house broker:

An individual or firm licensed to clear goods at the Customs.

Français: Courtier en douane
Español: Agente de aduanas

 

 

top of pageCustoms Union (CU):

A regional trade agreement whereby member countries agree to remove any tariff and customs barriers on intra-regional trade and to set up a common external tariff on imports from countries outside the Union.

Français: Union douanière
Español: Unión aduanera

 

 

top of pageCutoff date:

This is established at the time of a country's first Paris Club Debt rescheduling. "Post-cutoff date debts", i.e. loans contracted after the cutoff date, are not eligible for rescheduling and have priority in debt servicing over "pre-cutoff date debts".

Français: Date de fermeture, de clôture
Español: Fecha límite

 

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