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credit allows the customer to draw bills on itup to a certain amount (line of credit).The bills are then accepted and usuallyalso discounted by the bank. Mostfrequently used in international trade.

acceptare, accept.dacceptation aceptacin

Acceptanceprice In the underwriting business, the price paid by the banks to the issuers for underwriting a new securities' issue. Theacceptance price is lower than the issue price to the general public, thedifference being the banks' gross profitmargin or commission.

Prixdacceptation Precio deaceptacin

Account party The party which addresses the bank for the issue of aletter of credit, e.g. theaccount party can be an importer, a buyer, a construction contractor or a

supplier bidding on a contract.

Partiecomptable

Parte solicita

Accountspayable

Money due to suppliers. Also called payables and trade payables.

Dettes passives Cuentas a p

Accountsreceivable

Money due from customers. Also calledreceivablesand trade receivables.

Dettes actives Cuentas acobrar, activcorriente, acexigible, efea cobrar, valexigibles.

Accrualaccounting

An accounting method where revenuesare recognized when earned and

expenses when incurred, regardless of the actual timing of the cash receiptsand expenditures. Compare withcashaccounting.

Comptabilitcumulative

Contabilidadvalores

devengados.

Accruedinterest

(1) Interest earned but not collected.(2) Interest earned, but still unpaid,since the latest payment date.(3) Interest due from the date of issue or the last coupon date on an interest- bearing security, or from the last date of payment on a loan.

Intrts courus Intresacumulado,intresdevengado,intres venci

Accruedliabilities Accounting items entered on theliabilities side of the balance sheet which relate to previous operations;such as income received during the pastfinancial year but which relates to thenew fiscal year, or expenses incurredduring the past year but not payableuntil the following year.

Passifstransitoires Pasivoacumulado
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Acid test /Quick ratio

A liquidity ratiomeasuring a company'sability to pay immediate liabilities. It isexpressed as: current assets lessinventories, divided by currentliabilities. Compare withQuick ratio.

Ratio deliquidit

Prueba cida

Active income Income resulting from the activeconduct of trade or business. Revenu actif Ingreso actActual(s) The physical commodity or security

underlying afuturescontract. It mayalso be designated "cash" or "physicals".

Physique(s) Actual(s)

Ad ValoremDuty(According tovalue)

Any charge, tax, or duty (tariff)calculated and applied as a percentageof the value (price) of the item. Thehigher the value of an item, the higher the ad valorem duty.

Droits AdValorem (enfunction de lavaleur)

Derecho AdValorem

Addendum A supplement or appendix attached to adocument (such as a bill of exchange)which can be used for endorsement.

Addendum Suplemento

Advance A loan, usually short-term (i.e. one tothree years), taking the form of anoverdraftto a company or individual.

Avance Prstamo,anticipo,adelanto

Advanceagainstdocuments(A/D)

A loan secured by the documentscovering the shipments, which remain incontrol of the creditor.

Avance contredocuments

Prstamo codocumentos,Adelanto sobdocumentos

Advance import

deposits

A foreign exchange control technique

whereby importers are required todeposit a percentage of the value of a product with the designated authoritiesfor a specified period of time.

Avances

relatives auxdepotsdimportation

Depsitos

previos a laimportacin

AdvancedPaymentBond/Guarantee

(1) A bond provided by a supplier to a buyer to assure him that advance payments made to the supplier will bereturned if the contractual obligationsare not fulfilled. The bond is issued upto the amount of the advance paymentsspecified in the contract. The value of

the bond normally decreases as thesupplier fulfils the obligations for whichthe advance payments were made. Such bond may be either conditional or unconditional.(2) An arrangement whereby a companyemploying a contractor makes fundsavailable to him to purchase equipment

Obligation,garantie de paiementanticip

Bono de paganticipado,garanta de panticipado
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and to cover the organizational expensesinvolved in getting the constructionunder way.

Advised letter of credit

A commercialletter of creditwhoseauthenticity has been verified by a bank,

usually located in the beneficiary'scountry. The bank then advises the beneficiary of the authenticity of theletter of credit, without however undertaking any payment obligation.

Lettre de creditnotifie

Carta de crdnotificada

Advising bank Also known as the notifying bank. Thisis the bank operating in the exporter'scountry which handlesletter of crediton behalf of the foreign bank, by notifyingthe exporter that the credit has beenopened in his favour and informing him

of the terms and conditions of the letter of credit. It does not necessarily haveresponsibility for payment.

Banquenotificatrice

Banconotificador

AdvisoryCapacity

A term designating the fact that the powers of a shipper's agent or representative abroad are limited, andthat he is not authorized to takedecisions or make adjustments without previously referring to his principals.Compare withwithout reserve.

Capacitnotificatrice

Calidad deasesor

After date A phrase indicating that payments on a

draftor other negotiable instrumentaredue on a specific date after the presentation of the draft to thedrawee. Compare withafter sight, at sight.

Aprs la date Plazo fecha

After sight This expression is written on adraftor other negotiable instrument, meaningthat it becomes payable on a certain dateafter having been presented for acceptance (e.g. 90 days). The periodstarts the date the bill is signed andaccepted by the drawee. In order to let

the holder of the bill know when the bill becomes payable, the drawee must addthe date of his acceptance.

Aprs prsentation

Plazo vista

After-tax cashflow

The total cash generated by aninvestment annually. This is defined as profit after-tax plus depreciation, or operating income after tax plus the taxrate times depreciation.

Flux detrsorerie aprsimpts

Flujo de cajadespus deimpuestos
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After-tax realrate of return

This is defined as the after-tax rate of return on an investment minus theinflation rate

Taux derentabilit reelaprs impts

Tasa derendimiento despus deimpuestos, tade rentabilid

real despusimpuestosAfricanDevelopmentBank

Established in 1963, with itsheadquarters in Abidjan, Cte d'Ivoire.The ADB provides financing throughdirect loans to African member states tocover the foreign exchange costsincurred in bank-approved development projects in these countries. Fifty-oneAfrican countries are members. TheADB is financed by member countries

of theOECD.

BanqueAfricaine deDveloppement

Banco africade desarrollo

AfricanDevelopmentFoundation(ADF)

An independent, non-profit governmentcorporation established to providefinancial assistance to grass-rootsorganizations in Africa. The ADF became operational in 1984.

FondationAfricaine deDveloppement

FundacinAfricana pardesarrollo, F

Agency fee(managementfee)

An annual fee payable by the borrower,usually to cover the costs incurred bythe lender in administering the loan.

Honoraires,commissiondagence,

Comisin deagente,Comisin deadministraciComisin de

gestinAgency for InternationalDevelopment(AID)

Created in 1961 to administer foreigneconomic assistance programmes of theUS government. AID has field missionsand representatives in approximately 70developing countries in Africa, LatinAmerica, the Caribbean and the Near East.

Agence pour leDveloppementInternational

Agencia parDesarrolloInternaciona

Agency shopclause

Provisionin acollective bargainingagreementthat allemployeesof the firm(whether or notmembersof the union)

paya fixed monthlysumto the union asa conditionof employment.Thisarrangement(where it islegal) servesasa compromise between the union'sobjectiveto eliminatefree riders, andmanagement'sobjective to make unionmembershipa voluntarydecisionof eachemployee.
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Agent A legally independent person,authorized by another person (the principal) to act on his behalf as anintermediary or to conclude businesstransactions. The agent usually receives

a fee or a commission (often a percentage of the sale price) for theservices rendered. In asyndicated loan,the agent is the bank which manages theloan on behalf of the participating banks.

Agent Agente,representantmandatario

Agentdistributor service (ADS)

A fee-based service providing U.S.exporters with a customized overseassearch for interested and qualifiedforeign representatives (such as foreignimport agents and distributors).

Agentdistributeur deservices

Servicio deagentedistribuidor

Agio A security sells at agio when its marketvalue is higher than its nominal or par value. In foreign exchange operationsthis is the premium paid to exchangeone currency for another. Opposite:Disagio.

Agio, prime Agio

Agreed Minute This embodies the terms agreed upon ina Paris Clubrescheduling meeting. Itforms the basis for bilateral discussions between individual creditor governments (includingexport credit

agencies) and debtor countries onagreements for implementation of therescheduling. The Minute normallyspecifies the coverage of debt-service payments to be consolidated, thecut-off date, the consolidation period, the proportion to be rescheduled and thedeferred debt.

Procs verbalconvenu

Acta aproba

Air waybill A bill of ladingused for thetransportation of air freight, describingconditions, liability, shipping

instructions, nature of the commodityand applicable transportation charges. Itis a non-negotiable instrument of air transport acting as a receipt for theshipper, and indicating that the carrier has accepted the goods listed thereinand is thereby committed to carry theconsignment to the airport of

Lettre devoiturearienne

Carta de porareo
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destination, according to the specifiedconditions.

All-in cost Total costs, whether foreseeable or not. Tout-inclu dansle cot

Costo todoincluido

All-in rate The interest rate on a loan which

includes the cost of Compensating balances, Commitment feesand anyother charges.

Tout-inclu dans

le taux

Tasa todo

incluido

Allonge A slip of paper attached to a bill of Exchange, acceptanceor notes, providing space for additionalendorsementwhen the back of the bill isalready filled with names.

Allonge Allonge

All RisksCoverage

A clause used inmarine insurance, providing the shipment with the broadest kind of standard coverage. It

excludes, however, damage to theshipment caused by war, strikes andriots. Compare with theFree of Particular AverageandWith Average clauses.

Couverture detous les risques

Cobretura cotodo riesgo

Alongside A term referring to the side of a ship.Goods to be delivered alongside are to be placed on the dock or within reach of the transport ship's tackle so that theycan be loaded on board. Goods aredelivered alongside at the port of

embarkation, excluding loading fees.

Le long Al costado

Alpha AYieldindicator based on the risk of asecurity or a portfolio in relation to themarket risk. A positive Alpha indicatesthe extra yield of the security or portfolio awarded to the investor for having taken a risk, rather than simplyaccepting the average markets return.Thus, an alpha of 0.5 means that thesecurity or portfolio has outperformedthe estimated market-based return by

0.5%.

Alpha Alfa

AmericanDepositoryReceipts(ADRs)

Domestically traded securitiesrepresenting claims of foreign stocks.

Certificats dedptamricains

ReciboAmericano ddepsito

Americanoption

Anoptionwhich can be exercised at anytime between the date of purchase andits expiry date.

Optionamricaine

Opcinestadouniden
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intention of selling them simultaneouslyon another market to take advantage of the price differential between the twomarkets. The arbitrageur (the personcarrying on the business of arbitrage)

may earn a profit by exploiting thedifferences in the rates of exchange or the prices of securities or commoditiesinvolved. Arbitrage is attractive only if the price difference is large enough tocover the costs incurred (such as thecosts of transporting the goods from onemarket to the other).

ArrangementFee

Fee charged by a commercial bank which assists in arranging complexforms of financing, includingexport

credit insurance. Sometimes called aManagement Fee.

Honorairedarrangement

Comisin deacuerdo

Arrears Generally speaking, debt-service payments not made by the due date. Inthe specific field of export credits, arrears are overdue payments by borrowers, which have not yet resultedin claims against theexport creditagencies.

Arrirs Mora, atras

AsianDevelopment

Bank (ADB)

Established in 1966 to foster economicgrowth and co-operation in Asia and to

help accelerate the economicdevelopment of members. The ADBheadquarters are in the Philippines.

BanqueAsiatique de

dveloppement

Banco Asitde desarrollo

Asked/ask price The price at which securities (includingforeign exchange or foreign bank notes)are offered for sale. Opposite:Bid.

Cours vendeur Precio devendedeur, precio de ofe precio nomin

Asset-backedsecurity

A security issued by a financialinstitution and backed by an asset (e.g. acommodity).

Titre garanti par des actifs

Ttulo conactivos engaranta

Asset/equity

ratio

The ratio of total assets to stockholders

equity.

Ratio actifs sur

fonds propres

Rlacion ent

activos y beneficiosAsset turnover ratio

A measure of asset efficiency, definedas net sales divided by total assets.

Ratio actifs/Chiffredaffaires

Razn derotacin deactivos

Assets A term indicating everything a companyowns which has a monetary value listedon the balance sheet(cash funds, credit

Actifs Activos
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balances, supplies, equipment andfacilities, etc.). Assets can be financialassets (such as bills), fixed assets(equipment) andintangible assets (goodwill, patent). Opposite:liabilities.

Assignee The acquirer of a title, interest or ownership transferred by anassignor . Cessionnaire CesionarioAssignment The transfer of the legal right, interest or

ownership (title) from a creditor (assignor ) to a new creditor (assignee).A distinction is made between a singleassignment (where only a specific claimis assigned) and a blanket assignmentwhere allreceivablesare assigned. Inthe case of anoption, an assignment ismade when the option writer (seller)

receives an exercise notice obliging himto sell (in the case of a call) or to buy (inthe case of a put) the underlyingsecurity at the specifiedstrike price.

Cession Cesin, trastransferencia

Assignmentcredit

A credit granted against the fiduciaryassignment of one or several receivablesto a bank. The accounts receivable actas a security for lending.

Crdit contrecession

Crdito cedi

Assignor The person who transfers the title,interest or ownership to a third party.

Cdant Cedente

Association of

InternationalBond Dealers(IBD)

The Association of International Bond

Dealers, setting market trading rules for thesecondary marketof Eurobonds.

AIBD

(AssociationInternationaledes Courtiersen Obligations)

AIBD

(Asociacin AgentsInternacionade Bolsa)

At best A buying or selling order by a customer to a broker, to buy or sell a certainsecurity at the best currently available price. In the case of a buying order it istherefore "at the lowest possible price",and "at the highest possible price" in thecase of selling order. The buyer or seller

does not have to specify any maximumor minimum price for the execution of the order by the broker.

Au mieux Por lo mejo

At call Money deposited by a bank or at a bank,without any fixed maturity date. Themoney may be withdrawn at any timewhen the depositor "calls" for it.

Sur demande A la vista

At par A term meaning the "same value", Au pair At par
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implying that the price of the security isequal to itsface value.Securities areissued at par, par price, par rate.

At sight A term indicating that payment on adraft or other negotiable instrument is

due upon presentation or demand.

vue A la vista

At-the-moneyoption

Anoptionwith anexercise priceequalto, or close to, the current market priceof the underlying security.

loptionmontaire

Opcin a la p

Authorizedbank

A bank allowed by a countrys publicauthorities to process the decentralized payment transfers.

Banqueautorise

Bancoautorizado, banca delega

Authorizedshare capital

Maximumvalueof securitiesthat a firmcan legallyissue. This number isspecified in thememorandum of association(or articles of incorporation

in the US) when a firm is incorporated, but can be changed later withshareholders'approval. Authorizedshare capitalmay be divided into (1)Issued capital:par valueof theshares actually issued. (2)Paid upcapital:moneyreceived from the shareholdersin exchangefor shares. (3) Uncalledcapital: money remaining unpaid by theshareholders for the shares they have bought. Also calledauthorized capital,

authorized stock , nominal capital,nominal share capital,or registeredcapital.

Aval A form of guarantee, generally given bya commercial bank, on a negotiableinstrument. An aval is usually anunconditional guarantee of payment andis not affected by the terms of theunderlying transaction. Avals arerecognized only in certain countries(mainly European), though usually not

in countries with an Anglo-Saxon legal base.

Aval Aval

Averagecollectionperiod

The number of days required, onaverage, to collectaccounts receivable.

Datedchancemoyenne

Fecha promede vencimien

Average Life The sum of the amounts outstanding of the loan at the end of each year,throughout its entire life, divided by the

Vie moyenne Vida media
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total principal sum borrowed. It givesthe average life of the loan in years.

Averagepayment period

The number of days, on average, inwhich a firm pays off itsaccounts payable.

Priode de paiementmoyenne

Perodo medde pago

Average rate of return (ARR) The ratio of average net earnings toaverage investment. Taux moyen derentabilit Tasa derentabilidadmedia

Average term In relation to a bond issue, the maturitycalculated on the date halfway betweenthe earliest and the latest date stipulatedfor repayment.

Duremoyenne

Plazo prome

Back bond AEurobondcreated by the exercise of awarrant.Also known as a virgin bond.

Back bond Bonogarantizado

Back-to-Back Letter of Credit

A letter of creditissued for the accountof a buyer of merchandise already

holding a letter of credit in his favor.The back-to-back L/C is issued in favor of the supplier of the merchandise tocover the shipment stipulated in the L/Calready held by the buyer. The terms of L/Cs, except for the amount andexpiration date, are similar, and thesame documents presented under the"back to back" L/C are subsequentlyused against the L/C in favor of the buyer. However, the buyer or

beneficiary of the first credit, substituteshis draft and invoice for those presented by the supplier.

Lettre de crdit"Back-to-

Back"

Carta de crdgarantizada

Back to back loan

A loan in which two companies indifferent countries borrow each other'scurrency for a specific time period, withrepayment of the other's currency at anagreed maturity. This technique allowscompanies to eliminate or reduce their foreign exchange risks. Also known as aParallel loan.

Prt "Back to back"

Prstamocruzado endivisas, crdcon garantaotro crdito

Backwardation A term indicating thatfuturesprices of acommodity are lower thanspotprices. If a commodity moves into backwardationthe markets expect prices to fall.Opposite:Contango.

Dport Mercadoinvertido

Bad debt A non-performing loan i.e. a loan whichis not repaid. To absorb losses arisingfrom bad debts over a period of time,

Mauvaise dette,detteirrcouvrable

Deudaincobrable,deuda moros
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banks usually set aside provision out of their profits.

crdito fallid

Balance An accounting term indicating thedifference between the total of all credititems and that of all debit items.

Solde Saldo, balan balanza

Balance of payments

Buy in A securities-related term referring to asituation in which aninvestor mustrepurchasesharesof stock because theseller either failed to deliver the sharesor did not deliver them in a timelyfashion. The buyer notifiesexchange

officials, who in turn notify the seller of thedeliveryfailure. The exchangeassists the buyer in purchasing the stock again, with the original seller having tomake up the pricedifference if the newshares are moreexpensivethanoriginally agreed to.

Cash forwardcontract

A cash market transactionin which aseller agrees to deliver a specificcash

commodityto a buyer at some point inthe future. Unlikefutures contracts(which occur through aclearing firm),cash forward contractsare privatelynegotiated and are not standardized.Further, the twopartiesmust bear eachother'scredit risk , which is not the casewith afutures contract.Also, since thecontractsare notexchangetraded, thereis no marking tomarketrequirement,which allows a buyer to avoid almost all

capitaloutflow initially (though somecounterparties might setcollateral requirements). Given the lack of standardization in these contracts, thereis very little scope for asecondarymarketin forwards. Thepricespecifiedin a cashforward contractfor a specificcommodity.Theforward pricemakes
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theforwardcontracthave novalue when the contract is written. However,if the value of the underlyingcommoditychanges, the value of theforward contract becomes positive or

negative, depending on the position held.Forwards are priced in a manner similar tofutures. Like in the case of afutures contract, the first step in pricinga forward is to add thespot priceto thecost of carry(interestforgone,convenience yield, storagecostsandinterest/dividend received on theunderlying). Unlike a futures contractthough, the price may also include a premiumfor counterpartycredit risk ,

and the fact that there is not dailymarking to market process to minimizedefault risk . If there is noallowancefor thesecredit risks,then the forward pricewill equal thefutures price.also calledforward contract.

Chargeback Definition 1Accounting: Allocationof costsandresourceusagebased on actual usage or a predetermined amount. See also

chargeout.Definition 2Electronic commerce: Withdrawal bythecredit cardissuer of the amountcredited to themerchant's account(plusa chargeback fee) when a card-holder disputes atransactioncharged on his or her card. Themerchantusually has 10daysto submitproof of purchaseand proof of deliveryto reclaim the charged back amount.

Commodity A physical substance, such as food,grains, and metals, which isinterchangeable with another productof the same type, and whichinvestorsbuy or sell,usually throughfuturescontracts. Thepriceof thecommodityissubjectto supplyanddemand. Risk isactually the reasonexchange tradingof
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the basic agricultural productsbegan.For example, a farmer risksthecostof producing a product ready for marketatsometime in the future because hedoesn't know what the selling price will

be.More generally, aproductwhichtradeson acommodity exchange; this wouldalso include foreigncurrenciesandfinancial instrumentsand indexes.

Default rate Therateat whichdebt holdersdefault on theamountof moneythat theyowe.It is often used bycredit cardcompanies when settinginterest rates, but alsorefers to the rate at whichcorporations default on their loans.Defaultratestend

to rise duringeconomicdownturns,sinceinvestorsand businessessee adeclinein incomeandsaleswhile stillrequired to payoff the same amount of debt.

Direct transfer Themovementof tax-deferred retirement assetsfrom one plan or custodiandirectly to another. A directtransfer is not awithdrawaland does notincur anytaxesor penalties. This allowsa person to move his/her retirement

assets as many times as he/she wants to plans or custodiansthat might be moresuitable for him/her at that point in time.

Disposableincome

Gross incomeof anindividualor firmfrom which direct taxes (such as PAYE,income tax) have been deducted. Whenessentialexpenditure(such as onfood,clothing, shelter) is deducted from thedisposableincome, the balanceis calleddiscretionary incomewhich the incomeearner isfreeto spendor save.

Dividendpayout Theamountof cashthat acompany sends to itsshareholdersin the form of dividends.The company can decide tosend allprofitsback to itsinvestors, or could keep a portion of it asretainedearnings.

Earnings per share (EPS)

Net incomeof a firm divided by thenumber of itsoutstanding sharesthe
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sharesheld by thestockholders (shareholders). Primary earnings per share(also called fully diluted EPS)takes intoaccountall shares currentlyoutstanding, plus the number of shares

that would be outstanding if allconvertible bondsandconvertible preferred stock ( preference shares) wereexchanged for common stock (ordinaryshares). Also callednet income per share. Formula: (Total revenue- Totalexpenses) Number of outstandingshares.

Equity Ownershipinterestin acorporationinthe form of common stock or preferredstock . It also refers tototal assetsminustotalliabilities, in which case it is alsoreferred to asshareholder's equityor networthor book value. Inreal estate, it isthe difference between what aproperty is worthand what the owner owes against that property (i.e. the difference between thehousevalueand theremainingmortgageor loan payments

on a house). In the context of afutures tradingaccount, it is the value of thesecuritiesin the account, assuming thatthe account is liquidated at the going price. In the context of a brokerageaccount, it is thenetvalue of theaccount, i.e. the value of securitiesinthe account less anymarginrequirements.

Ex-stock dividends

A securitywhich no longer carries therightto the most recently declared

dividend; or the periodof time betweenthe announcement of the dividend andthe payment. Asecurity becomes ex-stock dividend on theex-dividend date (set by theNASD), which is usually two business days before therecord date(set by thecompanyissuing the dividend).For transactionsduring the ex-stock
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dividend period, the seller, not the buyer, will receive the dividend.Ex-dividendis usually indicated innewspapers with an x next to thestock or mutual fund'sname. In general, a

stock's price dropsthe day the ex-stock dividend period starts, since the buyer will not receive the benefitof thedividend payouttill the next dividenddate. As the stock gets closer to the nextdividend date, the price may graduallyrise inanticipationof the dividend. Alsocalled ex-dividend.

Exposure Definition 1General: State or conditionof beingunprotected and open todamage,danger, risk of suffering alossin atransaction,or uncertainty.Definition 2

Advertising: Degreeto which anaudience(readers, listeners, viewers andvisitors to awebsite) is inreceiptof a promotional message.Definition 3

Banking: (1) Total amount of unsecuredloans; (2) Total amount of loans advanced to a single borrower, group, industry, or country; (3) probabilityof lossfromdevaluation, revaluation, or foreign exchangefluctuations.

Face amount Definition 1Banking: (1) Amount written on a check thesumitspayeeis entitledto draw. (2)Principalsum advanced under aloanor mortgage agreement.Definition 2

Insurance: Sumof moneyfor which aninsurancecover is obtained, usuallyshown on the topsheet(face) of the policy. Inlife insurance, face amount isthe sum paid on thepolicy'smaturitydate, on thedeathof theinsured,or (if the policyterms permit) on his or her
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total disability.Globaldepositoryreceipt (GDR)

Negotiablecertificateissued by onecountry's bank against a certain number of sharesheldin itscustody but tradedon thestock exchangeof another

country.GDRs entitle theshareholders to allassociateddividendsandcapitalgains, and can be boughtand sold likeother securities. Thus they allowinvestorsin any country tobuyshares of any other country without losing theincomeor tradingflexibility.AlsocalledEuropean depository receipt(EDR)or international depositoryreceipt (IDR).

HACCP Hazard analysis and critical control

point. Food production, storage, anddistribution monitoringsystemfor identification andcontrolof associatedhealth hazards. It is aimed at preventionof contamination,instead of end- productevaluation.In place of relyingon food inspectors to detect foodsafety problems,HACCP shifts theresponsibilityto the food producer toensure that theproductis safelyconsumable. Proposed by theCodex

Alimentarius Commissionfor the foodindustryin general, and meat, poultry,and seafood industry in particular, it has been adopted by some 150countries.See alsoHACCP process,andseven principles of HACCP.

Indirectinvestment

A way of investingin real estatewithoutactually investing in theproperty. Indirectinvestmentcan be done in manyways, includingsecurities, funds, or private equity. Mostinvestorsinterested

in indirect investment would do sothrough acompanyor advisor who hasexperience in this type of investing.

Insurancecompany

A companythatoffersinsurance policiesto the public, either by sellingdirectly to an individual or throughanother sourcesuch as anemployee's benefitplan. Aninsurancecompany is
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usually comprised of multipleinsuranceagents.An insurance company canspecialize in one type of insurance, suchas life insurance, health insurance, or auto insurance, or offer multiple types

of insurance.Irrevocableletter of credit

Firm commitmentby anissuing bank to payanaccepting bank a specifiedsumin a specifiedcurrency, provided theconditionsincluded in theL/C documentare met within a specifiedtimeframe. This L/C cannot be canceled(or itstermsamended) without theseller's( beneficiary's) prior writtenapproval, and comes usually as aconfirmed irrevocable letter of credit.

Job description Broad, general, and writtenstatementof a specific job, based on the findings of a job analysis. It generally includesduties,purpose,responsibilities, scope, andworking conditionsof a job alongwith thejob's title, and the name or designation of thepersonto whom theemployeereports. Job descriptionusuallyformsthe basis of jobspecification.

Key

performanceindicators

KPI. A set of measures that help a

companydetermine if it is reaching its performanceand operationalgoals.Indicatorscan be bothfinancialandnon-financial, and there is no one set of indicators used by allcompanies.Anexample of a financialindicator is samestore salesfor aretailclothing chain,while an example of a non-financialindicator is the benefitscreated byhiring new executives.

Liquidity risk Probabilityof lossarising from asituation where (1) there will not beenoughcashand/or cash equivalentstomeet theneedsof depositors and borrowers,(2)saleof illiquid assetswillyieldless than their fair value, or (3)illiquid assets will not be sold at thedesired timedueto lack of buyers.
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Monetaryreserve

A government'sstockpileof foreigncurrencyand precious metals. Monetary reservesare useful both for settlingtransactionsinvolving foreigncounterparties and for undertaking

tradingin foreign exchangeandcommoditymarkets.In general, thelarger the monetaryreserve,the better the country is able to engage intransactions with foreign countries.

Optionsclearingcorporation

OCC.Theorganizationthat handlesclearingof theoptionstradesfor thevarious optionsexchangesand regulatesthelistingof new options. It is regulated by theSecurities and ExchangeCommission,and is owned jointly by

the U.S.stock exchangesthattrade options (American Stock Exchange,Chicago Board Options Exchange, Pacific Exchange,andPhiladelphiaStock Exchange). The fact that alllistedoptionsare cleared through OCC meansthat all options are free of default risk ,since the OCCguaranteesalloptioncontracts. Therefore, the buyer or aseller of anoptiononly faces thecreditrisk of the OCC (which is minimal), not

thec

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