Copy of `Oesterreichische Nationalbank - Dictionary`

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

swap
an agreement for an exchange of payments between two counterparties at some point(s) in the future and according to a specified formula....

swap
An arrangement whereby two companies lend to each other on different terms, e.g. in different currencies, and/or at different interest rates, fixed or floating....

swap points
The difference between the exchange rate of the forward transaction and the exchange rate of the spot transaction in a foreign exchange swap....

swap points
The swap points are the forward transaction and the exchange rate of the spot transaction. The swap points of the euro vis-à-vis the foreign currency are quoted according to general market conventions....

swap rate
In the case of an interest rate swap, the market interest rate paid by the party responsible for the fixed payments. In general, a well-defined market rate exists for this payment, and when a swap is initiated, the fixed rate paid is usually quite close to the market swap rate. However, as the swap matures the fixed rate paid on the swap stays cons...

swap rate
The market interest rate on the fixed rate side of a swap. At the time the swap is initiated, the swap rate will typically be the same as the fixed rate payment (adjusted for any negotiated premium or discount). As rates move, the swap rate may differ materially from the fixed rate exchanged under a specific swap agreement....

swap seller
A party to an interest rate swap agreement who is required to make variable interest rate payments determined by the reference index rate named in the swap contract. Often called the seller of the swap or said to be short the swap....

swaption
A swaption is an option on an interest rate swap....

swaption
A swaption refers to an option to enter a future swap contract with a fixed interest rate already agreed upon today (forward swap). Since a swaption represents an option on a forward swap, it may be transferred into a delta-weighted forward swap, which is then broken down according to the method already described....

sweet crude
Crude oil containing low levels of sulfur compounds, especially hydrogen sulfide [H2S]. The facilities and equipment to handle sweet crude are significantly simpler than those required for other potentially corrosive types of crude oil....

swing back into black
Bank Berlin Swings Back Into Black;...

Swiss Market Index
The SMI® is a capital-weighted index, unadjusted for dividends. It comprises the highly liquid shares of up to 30 of the most important large-cap Swiss companies (so-called blue chips), which represent approximately 80% of the total market capitalization. Its first calculation took place on 30 June 1988. The capital factor was determined in such a...

Swiss National Bank
The Swiss National Bank conducts the country`s monetary policy as an independent central bank. In conjunction with fiscal and competition policy, this serves to create an appropriate environment for economic growth. The National Bank is obliged by Constitution and statute to act in accordance with the interests of the country as a whole. It conside...

syndicate loan
large loan arranged by a syndicate (consortium) of banks...

syndicated lending
big loans that are parceled into chunks and sold off to other banks and investors such as insurance companies...

synthetic
As a noun: Customized hybrid instruments created by blending an underlying price on a cash instrument with the price of a derivative instrument. It is a combination of security holdings which mimics the price movement of another, single security (i.e., synthetic call: long position in a stock combined with a put on that position; a protected long s...

system disturbance
System disturbance is defined as unavailability of the payment system for more than 30 minutes during business hours or within the last 30 minutes before settlement cut-off....

system of finance courts
The courts in this system rule on public-law matters relating to taxes and levies, for example disputes between the state and the employer regarding the proper collection and paying over of deductions from pay . It is a two-tier system; the Finance Courts (FG) are the courts of first instance, and appeals are heard by the Federal Finance Court (BFH...

System of National Accounts
A new, internationally-agreed system of national accounts will henceforth be implemented by government statisticians around the world. The table below gives a simplified picture of what the SNA is trying to achieve. Its aim is to record the nature of stocks and flows that are part of the economic system, applying the same concepts, definitions and ...

systematic error
An error that affects all the measurements similarly. For example, if a ruler is too short, everything measured with it will appear to be longer than it really is (ignoring random error). If your watch runs fast, every time interval you measure with it will appear to be longer than it really is (again, ignoring random error). Systematic errors do n...

systemic disruption
events whose impacts have the potential to threaten the stability of the financial system, by transmission from one financial institution to another, including through the payment system....

systemic risk
Systemic risk is the risk that a localized problem in the financial markets could cause a chain of events which ultimately cripple the markets. For example, a default by a major market participant might cause liquidity problems for a number of that institution`s counterparties. This might cause those counterparties to fail to make payment on their ...

systemic risk
the risk that the failure of one participant in a transfer system, or in financial markets generally, to meet its required obligations will cause other participants or financial institutions to be unable to meet their obligations (including settlement obligations in a transfer system) when due. Such a failure may cause significant liquidity or cred...

Tacis
Tacis programme : Launched by the European Commission in 1991, it provides grant-financed technical assistance to 13 countries of eastern Europe and central Asia. (See Enlargement)...

tag
A two-digit identifier of a field, sometimes followed by a letter. It marks the presence and start of the field. A letter indicates the format option chosen for the field....

TAIEX
the European Commission`s bureau for technical assistance and information exchange...

takeover bid
The amount a company or group of investors is willing to pay in order to acquire a company. The bid is an offer to the shareholders of the target company. The shareholders will have to approve of the bid before an acquisition can be made, and can vote to hold out for more money from the acquiring company or to wait for a competing bid....

take-up ratio
Dependency ratio = Pop 65+ / Pop (15-64) ** Employment = Employed / Pop (15-64) ** Take up ratio = Pensioners / Pop 65+ ** Benefit ratio = Average pension / GDP per worker...

TALIBOR
TALIBOR (Tallinn Interbank Offered Rate) and TALIBID (Tallinn Interbank Bid Rate) are average interest rates, calculated on the basis of the respective interbank interest rates on loans and deposits of the quoting banks....

talonas
In October 1992, Russian ruble replaced by provisional coupon currency, the talonas (pl., talonai), pegged at parity with ruble; talonas had been circulating parallel with ruble since May 1992....

talonas
talonas was introduced May 1 1992, to circulate in parallel, and valued at par with the Russian ruble. Lithuania left the ruble area on October 1, 1992 when the talons was made sole legal tender and was allowed to float. On June 25, 1993 the talonas was replaced by the litas at a fixed conversion rate of 100 talonai per 1 litas....

tamperproof
the proven capacity of devices to resist all attacks....

tap issue
issues of debt securities where the subscription thereof may continue or further tranches thereof may be issued after listing has been granted...

tap stock
Tap stock is an issue of stock which has identical features to an outstanding normal issue. The tap stock is thus completely fungible with the original outstanding issue. Tap stock issues are generally smaller than normal issues, and are aimed to respond to pockets of demand in the market for a particular stock....

TARGET
Acronym for Trans-European Automated Real-Time Gross Settlement Express Transfer System. The payment mechanism which will include the national RTGS systems and their linkages. It will process cross-border payments after the start of Stage Three....

Target
The Trans-European Automated Real-time Gross Settlement Express Transfer system is a Real-time Gross Settlement system for the euro. Target is composed of the national RTGS systems, the ECB payment mechanism and interlinking, and has been established by the Guideline ECB/1998/NP13 of 16 November 1998 on Target, as amended, which was repealed and re...

TARGET
Trans-European Automated Real-time Gross settlement Express Transfer: the TARGET system is defined as a payment system composed of one RTGS system in each of the countries which participate in stage three of EMU and the European Central Bank (ECB) payment mechanism. RTGS systems of non-participating countries may also be connected, provided that th...

TARGET information system
The TARGET information system (TIS) is a common information tool that allows all TARGET participants to gain simultaneous access to standardised information on the status of the TARGET system via the information providers Reuters, Telerate/Bridge and Bloomberg. In accordance with the experience gained and the requests of TARGET users, a new version...

TARGET Internal Audit Function
A substructure of the Internal Auditors Committee (an ESCB committee)...

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

TARGET reimbursement scheme
`Target reimbursement scheme` or the `reimbursement scheme` or the `scheme` shall mean the scheme for reimbursement in cases of malfunctioning of Target referred to in Article 3(h) of this Guideline...

Task Force on Documentation
A task force of the Information Technology Committee (an ESCB committee)...

Task Force on Enlargement
A task force of the International Relations Committee (an ESCB committee)...

Task Force on Risk Management Guide
A task force of the Information Systems Security Working Group, a working group of the Information Technology Committee (an ESCB committee)...

Task Force on the Service Sector
A task force of the Monetary Policy Committee (an ESCB committee)...

tax allowance
A deduction from gross income allowed under the tax laws to reduce the taxable income of an individual or firm. This may be on grounds of equity, because having to pay the deductible item, for example mortgage interest, lowers ability to pay tax relative to the tax payer with the same gross income but no comparable tax liability. Tax allowances may...

tax allowance
An allowance creates reduction in taxable income, unlike a tax relief, which arises when an expense is incurred....

tax avoidance
The minimising of tax liability using methods that are entirely legal but probably frowned upon by the tax authorities. In other words, the exploitation of tax loopholes....

tax base
The amount on which a tax rate is applied. When economists speak of the tax base being broadened, they mean a wider range of goods, services, income, etc. has been made subject to a tax. In the case of income tax, the tax base is taxable income. Some kinds of income are excluded from the definition of taxable income, such as a portion of capital ga...

tax base
The set of incomes on which direct taxes, and transactions on which indirect taxes, are levied. The tax base is lowered by all allowances and exemptions....

tax base
The sum of taxable activities, collective value of real estate, and assets subject to tax within a community....

tax base
The tax base is the income or economic activity that is subject to tax and the rate indicates how much tax is due from each source. Some tax systems have high rates but have a narrow base, allowing for example, generous deduction of business expenses. Other tax systems have a wide base with few exemptions and lower rates....

tax burden
taxes as a percentage of GDP...

tax credit
Permits taxpayers to subtract specified sums from their tax liability; a credit is applied AFTER final taxable income has been calculated....

tax credit
Reduction in taxes payable to the IRS or local government. A tax credit is more beneficial to the taxpayer than an itemized deduction because it reduces taxes on a dollar-for-dollar basis. Assume a taxpayer`s calculated tax is $25,000 before considering a tax creditor of $2,000. The tax due after the credit is $23,000. example of tax credits on rea...

tax deduction
Permits taxpayers to subtract specified expenditures from taxable income; a deduction is applied BEFORE final taxable income has been calculated....

tax exemption
Permits taxpayers to subtract from their taxable income certain specified sums on a per capita basis....

tax incidence
Defines tax incidence as the positive analysis of the allocation of the burden of a tax with a view to identifying who in the economy ultimately bears the burden of a tax or taxes that are....

tax incidence
Who ends up actually paying a tax. If landlords or businesses have the ability to pass on taxes in the form of price and rent hikes the tax incidence falls on someone else....

tax progressivity
Extent to which a levy imposes a larger relative burden on people with high income than it does on people with low income....

tax progressivity
Tax Progressivity - a form of built-in stability. As GDP rises during prosperity, tax revenues automatically increase and reduce spending. As GDP falls during recession, tax revenues automatically decrease and encourage increased spending. The more progressive the taxes, the more built in stability. Types of Taxes (most progressive to least progres...

tax relief
The system of exemptions and deductions on income and expenditure whereby the Tax Inspector can identify taxable income....

tax year
A calendar year is taken as the financial year covering a period of 12 months. Exceptions: a business is set up or closed down or the financial year is changed to another fiscal year by persons keeping books for an agricultural or forestry business or for a business registered in the Commerical Register (on presentation of important business reason...

taxable income
That part of income which is liable to direct taxes. ... Taxable income may include imputed income, such as the rental value of owner-occupied houses. Total income may be reduced for tax purposes by various allowances, either personal allowances for all taxpayers, or allowances for particular categories, for example in respect of dependents, charit...

taxable income
The amount of net income used to calculate your income tax. Taxable income is your gross income reduced by all your adjustments, deductions, and exemptions....

taxes on income
Taxes on income, both earned (salaries, wages, tips, commissions) and unearned (interest, dividends). Income taxes can be levied on both individuals (personal income taxes) and businesses (business and corporate income taxes)....

Taylor principle
A familiar result is that a necessary condition to ensure determinacy is that the central bank`s response to inflation must be at least unity, i.e., a one percentage point increase in the inflation rate should lead to a greater than one percentage point increase in the nominal interest rate. This has been called the `Taylor Principle.”...

Taylor principle
the proposition that central banks can stabilize the macroeconomy by raising their interest rate instrument more than one-for-one in response to higher inflation...

Taylor Rule
a scientific formula for gauging short-term interest-rate levels...

Taylor Rule
The `Taylor Rule” posits that the central bank moves its interest rate instrument in reaction to movements in inflation and output....

TechMARK
[Welcome to] techMARK - the London Stock Exchange market for innovative technology companies. Designed to meet the unique requirements of technology companies, techMARK comprises companies from the main market that share a common attribute, in this case a commitment to technological innovation. Our aim is to increase the profile, visibility and liq...

technical analysis
Research and examination of the market and securities as it relates to their supply and demand in the marketplace. The technician uses charts and computer programs to identify and project price trends. The analysis includes studying price movements and trading volumes to determine patterns such as Head and Shoulder Formations and W Formations. Othe...

telework
Part-Time Teleworker: Teleworks part of the week but also works in the traditional office. In this analysis, a part-timer teleworks 1 day a week. Full-Time Teleworker: Always works at a remote location. In our analysis, a full-timer is working from home....

temp
to temp - to work on a temporary basis...

template
A template is a preformatted document that serves as a model for other documents. Templates include common formats such as addresses and date entries and allow you to create professional looking letters, memos, reports, and other documents easily....

template
Templates are simple HTML files that are used to generate Web Pages from a database....

temporary employee
`Temporary employee` means an individual hired to perform temporary help service. `Temporary help service` means a service whereby an organization hires its own employees and assigns them to clients to support or supplement the client work force in special work situations such as employee absences, temporary skill shortages, seasonal workloads, and...

temporary employee
Specified term, including an employee engaged for the duration of a specified task or irregular employee...

temporary employment
Temporary employment comprises work under a fixed- term contract, in contrast to permanent work where there is no end-date. Employment under temporary contracts often entails a different set of legal obligations on behalf of employers; in particular, certain aspects of employment protection legislation do not apply to temporary contracts....

temporary job
A temporary job has a predetermined end date, or will end as soon as a specified project is completed. Information is collected to allow the sub-classification of temporary jobs into four groups: seasonal; term or contract, including work done through a temporary help agency; casual job; and other temporary work....

temporary nonperformance
Situation where, in a contractual relationship, performances are not rendered as specified under the terms of the contract. The various forms of temporary non-performance are impossibility of performance , default and defective performance. Impossibility of performance denotes a situation where it is not possible for anybody to render the performan...

temporary worker`s employer
Viewed strictly in terms of contract law, it is the lessor , i.e. the entrepreneur who hires out employees as temporary workers to third parties, who is in the first instance their employer. In reality, however, in the hiring-out of labour the lessor`s authority as an employer is confined to making the arrangements with the third party who is to be...

tender bond
A municipal bond or note, with an embedded forward sale price linked to the market rate on a specific Treasury bond or note or a Constant Maturity Treasury (CMT) rate. The underlying municipal will be sold at par plus an enhanced yield if the Treasury-linked rate is below a designated level. It will be sold at a discount to par as the linked rate r...

tender offer
The Division of Corporation Finance (of the SEC) reviews documents that publicly-held companies are required to file with the Commission. The documents include: documents concerning tender offers (a tender offer is an offer to buy a large number of shares of a corporation, usually at a premium above the current market price). SEC...

tender panel
A group of banks who are asked to subscribe as a syndicate for the issue of euronote facilities....

tenderloin steak
The cuts from the tenderloin are the most desirable beef cuts in terms of tenderness. The trimmed tenderloin makes an excellent roast or it can be cut into steaks. Grilling, broiling, and sautéing are the best methods for cooking tenderloin steaks. Various names for tenderloin steaks include: filet mignon, tournedos, filet steak, châteaubriand, bi...

tenure
Tenure appointments shall be for an indefinite term and may be terminated only by (1) retirement, (2) acceptance of resignation, (3) demonstrable financial exigencies, (4) discharge for cause, or (5) the reduction or elimination of a department or similar academic unit. Only faculty that hold full-time tenure-track appointments at the rank of profe...

term bond
Term bonds: Bonds whose principal is payable at maturity. Often referred to as bullet-maturity bonds or simply bullet bonds. Related: Serial bonds....

term job
Term or contract job: job that is not seasonal and in which there is a definite indication from the employer before the job was accepted that the job will terminate at a specific point in time, or at the end of a particular task or project. This includes work done through a temporary help agency....

term or contract job
Term or contract job A job that is not seasonal and in which there is a definite indication from the employer before the job was accepted that the job will terminate at a specific point in time, or at the end of a particular task or project. This includes work done through a temporary help agency....

term structure
Term Structure of Interest Rates and Volatility - Refers to the variability of short-term rates relative to longer-term rates. It has been documented that short-term rates exhibit greater variability or volatility than long-term rates. However, longer-term instruments experience greater price sensitivity than short-term instruments for a given chan...

term structure of interest rates
The `term structure` of interest rates refers to the relationship between bonds of different terms. When interest rates of bonds are plotted against their terms, this is called the `yield curve`. Economists and investors believe that the shape of the yield curve reflects the market`s future expectation for interest rates and the conditions for mone...

termination
A unilateral declaration of intent by one contracting party to the other to the effect that the contractual relationship is to be ended at a specified time. It takes effect when it is received by the contracting partner. Unless provisions in the contract of employment or a collective agreement regulate otherwise, no special formalities need be obs...

terms of trade
Allocation of inputs into two or more economies that take advantage of differences in comparative advantages and, through specialization, improve the production of the economies. Note that a change in the terms of trade should cause all domestic production to change (i.e. re-allocates all inputs), rather than just imports....

terms of trade
Ratio of export and import prices....

territorial authorities
Public-law entities whose jurisdiction is defined in terms of a geographically demarcated portion of national territory. They are also legal persons under public law, although constituted not on a membership basis but on a territorial basis. Their members are the people living in the area in question. The most important territorial authorities are ...

tertiary 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....

texting
This uses the letters above the numbers on the phone to spell out messages to send via mobile phones....

TFP
However, total output could also change if the effectiveness of the workers and equipment used in production changes. For instance, suppose a manufacturer of plastic products figures out some mechanical modification that reduces wastage of plastic, i.e., the modification allows the same quantity of products to be manufactured using less plastic. In...

the employed
Employed - In the Current Population Survey, those individuals 16 years of age or older who worked at least one hour for pay or profit or worked at least 15 unpaid hours in a family business during the reference week are considered employed. Individuals are also counted as employed if they had a job but did not work because they were ill, on vacati...