Copy of `Oesterreichische Nationalbank - Dictionary`

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Oesterreichische Nationalbank - Dictionary Category: Economy and Finance Date & country: 04/10/2008, AU Words: 3913

scrip
A temporary document used as a money substitute or as evidence of a right to receive a security or a fractional unit of a security....

SDDS
The SDDS is mainly designed for countries having or seeking access to international capital markets. Countries subscribing to the SDDS undertake to follow good statistical practices in four dimensions: (i) coverage, periodicity and timeliness of the data disseminated; (ii) dissemination of advance release calendars; (iii) integrity of the data; (iv...

SDR
The SDR is an international reserve asset, created by the IMF in 1969 to supplement the existing official reserves of member countries. SDRs are allocated to member countries in proportion to their IMF quotas. The SDR also serves as the unit of account of the IMF and some other international organizations. Its value is based on a basket of key inte...

search engine spider
Crawlers, Agents, Bots, Robots and Spiders: Five terms all describing basically the same thing, but in this article they`ll be referred to collectively as spiders or `agents`. A search engine spider is an automated software program used to locate and collect data from web pages for inclusion in a search engine`s database and to follow links to find...

seasonal adjustment
The adjustment of time-series data to eliminate the effect of intrayear variations that tend to occur each year in approximately the same manner. Examples of such variations include: school terms, holidays, and yearly weather patterns....

seasonal unemployment
Seasonal unemployment is sometimes considered as part of cyclical unemployment. It is the portion of unemployment resulting from lack of demand in certain occupations because of seasonal patterns....

seasonal worker
Seasonal workers, i.e. people who leave the country for several months, but less than a year, to work in another country in sectors in which additional manpower is needed periodically....

secondary bank
A financial institution which accepts deposits and makes loans but which has relatively few branches (in the UK) and therefore does not play a major role in the payments system as far as the general public is concerned. Included in the term are the merchant banks, and other money-market banks, the British overseas banks, consortium banks, and some ...

secondary market
Market for issues previously offered or sold....

secondary market
The market where securities are traded after they are initially offered in the primary market. Most trading is done in the secondary market. The New York Stock Exchange, as well as all other stock exchanges, the bond markets, etc., are secondary markets. Seasoned securities are traded in the secondary market....

secondary sector
The primary sector includes: agriculture; forestry; fishing, and mining. The secondary sector includes manufacturing; utilities and construction. The tertiary sector includes: service industries; wholesale and retail trade; transport and storage; communications, and government....

secondment
New functions given to employees for a temporary period at the same level. Employees resume their former duties at the end of the secondment. The term refers to an assignment between departments and requires a written agreement....

secondment
The practice of one entity making the services of an employee available to another entity for a short period of time while CONTINUING TO REMUNERATE the employee. In the OSCE context, it is the practice whereby participating States make personnel available to the Organisation while continuing to remunerate those personnel....

second-price auction
Whatever the specifics of the auction, the winner is the individual submitting the highest bid. The winner pays the amount of the second highest bid....

secured bank bond
A secured bank bond (fundierte Bankschuldverschreibung) is a certificate of debt issued by a credit institution; the special feature of this debt obligation is that it stipulates the preferential assignment of collateral. Issuance is subject to the guaranteed availability of adequate assets backing the claims created by the debt obligation. The leg...

secured bond
Bond backed by collateral, such as a mortgage or lien, the title to which would be transferred to the bondholders in the event of default....

secured bond
Secured bond - corporate bond that has pledged assets as its collateral....

securities
im Bankenverkehr (Valoren): including banknotes, gold and silver DIETL...

Securities and Exchange Commission
An independent agency of the U.S. government consisting of five members appointed by the President that administers comprehensive legislation governing the securities industry....

securities lending
A practice where owners of securities, either directly or indirectly, lend their securities to (primarily) brokerage firms for a fee. The borrower pledges either cash, securities or a letter of credit to protect the lender. Securities are borrowed by cover fails of deliveries or short sales, provide proper denominations, and enable brokerage firms ...

securities lending
Securities (or stock) lending is an arrangement whereby the ownership of a security is transferred in return for collateral, usually another security, under the condition that the security or similar securities will revert to its original owner at a specified future date....

securities lending
Securities lending and securities borrowing shall mean any transaction in which an institution or its counter-party transfers securities against appropriate collateral subject to a commitment that the borrower will return equivalent securities at some future date or when requested to do so by the transferor, being securities lending for the institu...

securities other than shares
Holdings of securites other than shares, other equity or money market paper, which are usually negotiable and traded on secondary markets or can be offset on the market, and which do not grant the holder any ownership rights over the issuing instituion. This item includes securities (except those negotiated on money markets) which give the holder t...

Securities Settlement Working Group
A working group of the Payment and Settlement Systems Committee (an ESCB committee)...

securitization
Securitization is the creation of fixed-income securities backed by mortgage and auto loans, credit-card receivables, and the like....

securitization
the bundling of loans into debt securities...

securitization
the packaging of assets such as mortgages and credit-card receivables into tradable securities....

securitization
The process of creating a pass-through, such as the mortgage pass-through security, by which the pooled assets become standard securities backed by those assets. Also, refers to the replacement of nonmarketable loans and/or cash flows provided by financial intermediaries with negotiable securities issued in the public capital markets....

securitization
turning the income stream from loans into tradeable securities;...

security
A certificate representing a fraction of a corporation`s capital or debt (share, participation certificate, bond, etc.)....

security
A security is defined as an instrument that is traded or tradeable....

security policy
A security policy states management`s intentions to support information security and provides an explanation of the bank`s security organisation. It also establishes guidelines that define the bank`s security risk tolerance. The policy may define responsibilities for designing, implementing, and enforcing information security measures, and it may e...

Security Working Group
A working group of the Banknote Committee (an ESCB committee)...

seed capital
The capital originally invested in a new business venture, sometimes called `start-up funds.`...

SEFER
Survey of Country Distribution of Long-Term Securities Held as Foreign Exchange Rerserve Assets (SEFER), conducted by the IMF...

segregation
a method of protecting client assets and positions by holding or accounting for them separately from those of the carrying firm or broker....

seigniorage
government revenue from money creation...

seigniorage
In a historical context the term seigniorage was used to refer to the share, fee or tax which the seignior, or sovereign, took to cover the expenses of coinage and for profit. With the introduction of paper money, larger profits could be made because banknotes cost much less to produce than their face value. When central banks came to be monopoly s...

seigniorage derived from coins
Royalty or percentage paid by persons bringing bullion to a mint for conversion into coin, but nowadays synonymous with the royalty paid by mints in respect of the precious metal versions of coins sold direct to collectors. It arises from the medieval right of the king to a small portion of the proceeds of a mint, and amounted to a tax on moneying....

seigniorage derived from coins
the revenue raised from coining...

seigniorage for coins
The gain to the government from the difference between the face value of minted coins put into circulation and the cost of producing them (including the cost of the metal used in the coins). Seigniorage is considered a means of financing and is not included in the budget totals....

seigniorage income
The seigniorage income of each NCB is deemed to be the amount that would be earned if its note issue liabilities formed part of its liability base and, therefore, earned interest at the Eurosystem`s main refinancing rate....

self-financing ratio
This item shows to what extent the additions to fixed assets and investments are financed from funds internally generated by the company (--> cash flow)....

self-selection
Consequence of a contract that induces only one group (e.g. low risk individuals) to participate....

self-selection
Targeting through design features that ensure that only the target population makes use of the program, e.g. through setting a wage rate in public works that is lower than market rate - creating a disincentive for those who have employment options in the market....

sell-buybacks
transactions that have the same economic effect and intent as a repurchase agreement and which consist of two distinct simultaneous purchase and sale transactions for different value dates - one for immediate settlement and the other for forward settlement. Typically sell-buybacks do not allow for marking to market and margin calls....

selling short
A technique employed by an investor who believes the market price of a security will drop. The investor borrows stock, which he then sells (even though he doesn`t own it). If the price of the stock drops, the investor can buy the same stock for less than what he originally sold it for, and make a profit, after paying the brokerage commission for bo...

semolina dumpling
a traditional soup garnish...

sender
Sender means the person who issues a payment order, including the originator and any sending bank....

sending NCB-ECB
`sending NCB/ECB` shall mean the ECB or the NCB at which the sending participant maintains its RTGS account ECB/2001/3...

sending participant
`sending participant` shall mean the participant which has initiated a payment by giving a payment orderECB/2001/3...

senior debt
Debt that, in the event of bankruptcy, must be repaid before subordinated debt receives any payment....

senior management
Senior management refers to those individuals to whom the director of internal auditing is responsible....

seniority
The order of repayment. In the event of bankruptcy, senior debt must be repaid before subordinated debt is repaid....

sensitivity analysis
Sensitivity Analysis is a method of studying the impact of a change in a single variable upon a plan or forecast. Imagine, for example, a spread sheet which forms the plan for a company. The spreadsheet will have many variables, price, sales volume, cost of raw materials and so on. The sensitivity of a plan to change in a specific variable is the d...

sequencing
move in and out of the work force...

Serbia
From 2003 to 2006, Serbia was part of the State Union of Serbia and Montenegro, into which the Federal Republic of Yugoslavia had been transformed. On May 21, 2006, Montenegro held a referendum to determine whether or not to end the union with Serbia. The next day, state-certified results showed 55.5% of voters in favor of independence, which was j...

Serbia
Serbia, officially the Republic of Serbia (Serbian: Република Србија / Republika Srbija) is a landlocked country in Central and Southeastern Europe, covering the central part of the Balkan Peninsula and the southern part of the Pannonian Plain. It is bordered by Hungary to the north; Romania and Bulgaria to the east; Albania and the ...

series
A set of coins with all possible mintmark and date combinations, such as the Lincoln Memorial Cents from 1959 to date....

series
Options: All option contracts of the same class that also have the same unit of trade, expiration date, and exercise price. Stocks: shares which have common characteristics, such as rights to ownership and voting, dividends, par value, etc. In the case of many foreign shares, one series may be owned only by citizens of the country in which the stoc...

series X, volume Y
1. a. A collection of written or printed sheets bound together; a book. b. One of the books of a work printed and bound in more than one book. c. A series of issues of a periodical, usually covering one calendar year. d. A unit of written material assembled together and cataloged in a library....

series X, volume Y
7a. A succession of usually continuously numbered issues or volumes of a publication, published with related authors or subjects and similar formats. b. A succession of regularly aired television programs, each one of which is complete in and of itself....

serrated
Having a notched or toothed edge, rather like a cog wheel. Coins of this type, struck in electrum, are known from Carthage in the 2nd century BC, and some silver denarii of Rome in the second century AD also come into this category....

service credit
A member`s earned service, prior service, and purchased service....

SETAR model
Self-Exciting Threshold Autoregressive model...

set-aside scheme
Set-aside is a system that was set up by the EU to control the output of cereals by taking land out of production and compensating farmers for their loss of income. It was broadly introduced as part of the 1992 reform of the CAP to reduce over production and the cost of agricultural support. Farmers have to set aside land if they want to claim arab...

set-off
a method of cancelling or offsetting reciprocal obligations and claims (or the discharge of reciprocal obligations up to the amount of the smaller obligations). Set-off can operate by force of law or pursuant to a contract....

settlement
mutual waiver made to put an end to a dispute, §779 BGB; may be achieved in and out of court...

settlement
the completion of a transaction, wherein the seller transfers securities or financial instruments to the buyer and the buyer transfers money to the seller. A settlement may be final or provisional....

settlement
The final step in the transfer of ownership. ... in a securities transaction, settlement includes both the transfer of securities by the seller and the payment by the buyer....

settlement account
`settlement account` shall mean an account at a central bank, a settlement agent or a central counterparty used to hold funds and securities and to settle transactions between participants in a system....

settlement agent
an institution that manages the settlement process (e.g. the determination of settlement positions, monitoring the exchange of payments, etc.) for transfer systems or other arrangements that require settlement....

settlement approach
Cash/settlement approach shall mean an accounting approach under which accounting events are recorded at the settlement date; ECBacctGDL (Glossary)...

settlement institution
the institution across whose books transfers between participants take place in order to achieve settlement within a settlement system....

Settlement Managers Sub-group
Subgroup of the TARGET Management Working Group, working group of the Payment and Settlement Systems Committee (an ESCB committee)...

settlement netting
`Settlement netting` refers to situations when a clearing house or a securities settlement system computes positions without taking risks itself....

settlement netting
The terms `settlement netting` and `payment netting` are often used interchangeably. For the purposes of this section, `settlement netting` will be used in the general sense to refer to the various means of netting foreign exchange settlements and `payment netting` will refer to the mode of settlement netting that occurs just prior to value date. h...

settlement netting
When settlement is due, a netting process is run by the CCC which results in a single net long or short position per member, per issue, per settlement date, per depository. Both bonds and cash amounts are netted down, on both the opening and closing legs of the repo. The net position is the difference between all the long and short positions result...

settlement obligation
an amount due from a financial institution to other financial institutions as a result of the clearing of payments....

settlement risk
Settlement risk is the loss exposure arising when a bank performs on its obligation under a contract prior to the counterparty performing on its obligation. Settlement risk frequently arises in international transactions because of time zone differences. This risk is only present in transactions that do not involve delivery versus payment and gener...

settlement risk
the risk that a party will default on one or more settlement obligations to its counterparties or to a settlement agent....

severance payment
Severance pay: A sum of money usually based on length of employment for which an employee is eligible upon termination....

share
A share in a corporation is a fractional interest in the ownership of the corporate entity....

share buyback
Generally, buyback programs increase the value of a company`s shares by increasing the demand for shares and also reducing the supply. Buybacks can also be a way of handing out a tax-free dividend....

share of social expenditure
expenditure on health, education and training...

share subscription
A subscription is a promise to buy shares at a specified price. Although such a promise may be made after the corporation has been formed and is a going concern, most of the legal problems associated with subscriptions involve preincorporation subscriptions. Since the promoters require assurance that sufficient equity capital will be raised to supp...

shares and other equity
Holdings of securities which represent property rights on corporations or quasi-corporations. These securities generally entitle the holders to a share in the profits of corporations or quasi-corporations and to a share in their own funds in the event of liquidation....

Sharpe ratio
A formula developed by Nobel Laureate Bill Sharpe that attempts to measure how a fund performs relative to the risk it takes. Take a fund`s returns in excess of a guaranteed investment (a 90-day T-bill) and divide by the standard deviation of those returns. The bigger the Sharpe ratio, the better a fund performed considering its riskiness....

Sharpe ratio
The annualised returns of a portfolio, minus the returns on a risk-free asset (normally the short-term interest-rate), divided by the portfolio`s annualised volatility. The Sharpe ratio outlines the real rate of return on a risky asset in comparison with those of a risk-free asset (e.g. the rate of interest on a savings account)....

short hedge
Selling futures contracts to protect against possible declining prices of commodities that will be sold in the future. At the time the cash commodities are sold, the open futures position is closed by purchasing an equal number and type of futures contracts as those that were initially sold....

short position
A position wherein a person`s interest in a particular series of options is as a net writer (i.e., the number of contracts sold exceeds the number of contracts bought)....

short sale
a sale of securities which the seller does not own and thus must be covered by the time of delivery; a technique used (1) to take advantage of an anticipated decline in the price or (2) to protect a profit in a long position. Also called short position....

short-term loan
The sub-category short-term loans (F.41) consists of all transactions in short-term loans (AF.41) that is loans with a short-term original maturity (see paragraph 5.22.) and loans repayable on demand....

short-term working
A temporary reduction of normal working hours in an establishment, or complete cessation of work for a specified (usually very brief) period, which is necessitated by a lack of orders. Short-time working (also referred to as `Feierschichten`) accompanied by a corresponding reduction in pay may not be imposed unilaterally by the employer. It may be ...

short-time working
Short-time working occurs when employees are laid off for a number of contractual days each week, or for a number of hours during a working day...

shoulder surfing
Shoulder surfing is using direct observation techniques, such as looking over someone`s shoulder, to get information. Shoulder surfing is an effective way to get information in crowded places because it`s relatively easy to stand next to someone and watch as they fill out a form, enter a PIN number at an ATM machine, or use a calling card at a publ...

SICS
Securities Information Clearing and Settlement. OeKB`s electronic clearing and settlement system....

sideways movement
When the indicator is moving up, the security is outperforming the base security. Sideways movement means the stock and security are rising and falling by the same percentage. When it is moving down, the security is performing worse than the base security....

sideways trend
Seen in a bar chart when prices tend not to go above or below a certain range of levels....

sideways trend
Sideways Trend: A period of lateral price movement within a relatively narrow price range....