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Nigel Gibson .

The Economist

21
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, Warren Buffet
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N i g e l G ibs o n
www.bookstore-oikonomiki.gr
bookstore@oikonomiki.gr
: the Senate
: Brett Ryder

001-005

19/1/12

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Page 3

001-005

19/1/12

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Essential Finance
fi fi Profile Books Ltd
The Economist Newspaper Ltd
Copyright The Economist Newspaper Ltd 2003
Text copyright Nigel Gibson 2003

fi fi
ISBN: 960-8386-39-X
2006
1.500
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6-8, 105 51
.: 210-32 44 102, 210-33 14 714, fax: 210-32 30 338
www.oikonomiki.gr, sales@oikonomiki.gr
www.bookstore-oikonomiki.gr, bookstore@oikonomiki.gr

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424-448

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Page 425

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AIM
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AMEX
APR
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CAMEL
CARs
CATS
CBOE
CBOT
CD
CDO
CFTC
City banks
Clearstream
CLS Bank
CME
COB
COD
COMEX
Commission des
Oprations de
Bourse
CREST
CRM
CTA

EASDAQ
EBITDA
EFTPOS
Egibi
EPS

ESOP
ETF
Eurex
Euribor
Euro.NM
Euroclear

Fannie Mae
FCM
FDI
FDIC
Financial Times
Freddie Mac
FRN
FSA
FSI

Ginnie Mae
Greenback

IBF
IFA
IPO
ISA
ISIN
ISMA

Kaffir
Krugerrand

LBO

MSB
MSCI

NASDAQ
NASDAQ Europe
NAV
NIF
NYBOT
NYSE

OBU
PEP
Pfandbrief
PIN
Ponzi scheme

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Rocket scientist
RUF

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SDR
SEAQ
SEC
SET
SFO
Smurfing
SPV
Strips

Libor
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Lloyd's
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Tom/next
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Wall Street Journal
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424-448

20/1/12

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Page 426

426

EYPETHPIO OPN

(Buyer's market)
fi (Spot market)
(Stockmarket)
fi (Seller's market)
(March terme des instruments
financiers)
(Cash market)
(Quotation)
fi (Invisibles)
fi ,
(Default)
(Dirty price)
(At the money)
(Defeasance)
(Alpha)
fi (American Stock Exchange, AMEX)
(Foreign direct investment)
(Direct debit)
, fi (Direct)
(Money-market fund)
(Mutual fund)
(Unit trust)
(Index fund)
(Hedge fund)
(Mutual)
fi (Reciprocity)
fi fi, (Collar)
(Two-way market)
(Forced savings)
(Restructuring)
(Underwriter)
(Carry back)
fi (Emerging market)
(Recycling)
(Actuary)
fi fi (Actuarial surplus)
(Chartism)
(Analyst)

424-448

20/1/12

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Page 427

EYPETHPIO OPN

(Roll-over)
(Revolving credit)
(Growth stock)
fi (Refinancing)
(Kerb trading)
fi (Open interest)
(Open position)
(Swap)
(Credit default swap)
fi (Total return swap)
(Bureau de change)
fi fi (Countertrade)
(Fungible)
(Correspondent bank)
(Reinsurance)
fi (Inverse yield curve)
fi (Barter)
fi (Agent)
(Hedge)
fi fi (Compensating balance)
(Matching)
(Open outcry)
(Drawdown)
fi (Cap)
(Surrender value)
(Asset value)
fi (Shareholder value)
fi (Extrinsic value)
fi fi (Rating)
fi fi (Credit rating)
fi (Negative pledge)
, fi (Call)
(Carve-out)
(Capital employed)
(Fraud)
fi (Plain vanilla)
(Disintermediation)
fi (Return)
fi (Yield)

427

424-448

428

20/1/12

12:06

Page 428

EYPETHPIO OPN

fi (Yield to maturity)
fi (Redemption yield)
(Acceptance)
(Banker's acceptance)
(Indemnity)
(Inventory)
(Reserves)
(Warehousing)
(Renunciation)
(Deregulation)
fi (Depreciation)
(Money remitter)
fi (Spin off)
(Savings bank)
(Dematerialise)
fi (Numbered account)
(Bear)
(Negative equity)
fi (Negative yield curve)
(Financial Services
Authority)
fi (Initial public offering)
fi , (Principal)
(Exercise)
(Assurance)
(Deposit insurance)
(Credit insurance)
(Portfolio insurance)
, fi (Insurance)
(Secured loan)
Lloyd's (Name)

(Composite insurer)
(Life company)
fi fi fi (Individual retirement account)
fi fi fi (IRA)
, ,
(Intangible assets)

424-448

20/1/12

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Page 429

EYPETHPIO OPN

429

fi (Stock
Exchange Automated Quotations)
(Automated clearing house)

(Basis)
(Beta)
(Book)
(Bought ledger)
fi (Short-term)
fi (Shorts)

fi (General policy)
Threadneedle (Old Lady of Threadneedle
Street)
(Grey market)
fi (Floating-rate note)
fi fi (Adjustable-rate note)
(Clearing house)

(Workout loans)
(Loan)
(Bullet)
fi fi fi
(Interest-only loan)
fi (Securities lending)
fi (Sub-prime lending)
(Lender of last resort)
fi (Accrued interest)
Dow Jones (Dow Jones Indexes)
(Index )
Hang Seng (Hang Seng Index)
(Debt service ratio)
(Asset cover)
(Interest coverage
ratio)
(Capital ratio)
/ (Price/book ratio)
fi (Nikkei Stock Average)

424-448

430

20/1/12

12:06

Page 430

EYPETHPIO OPN

Financial Times (Footsie)

Financial Times 100 (FTSE 100)
/ (Price/earnings ratio)
(Tip sheet)
, (Captive)
(Secondary market)
(Due diligence)
(Poison pill)
(Income statement)
(Shelf
registration)
fi (Tombstone)
fi fi (Municipal bond)
fi (Continuous linked settlement)
(Governance)
(Dilution)
(Interdealer broker)
(Ombudsman)
(Fiduciary deposit)
(Block trading)
(Negotiable instrument)
, (Dealer)
(Credit duration)
(Interbank market)
fi fi (London Interbank Offered Rate)
(Bid-offer spread)
(Share premium)
fi (Flight capital)
/ (Index tracking)
(Risk management)
(Asset management)
(Liability management)
(Portfolio management)
(Trustee)
(Book runner)
, (Fund
manager)
Morgan Stanley (Morgan Stanley Capital

424-448

20/1/12

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Page 431

EYPETHPIO OPN

431

International Indices)
fi (International Monetary Fund)
(Global market)
(International Securities Market
Association)
(Global custody)
fi (International Bank
for Reconstruction and Development)
fi (International Banking Facility)
fi (Facility)
fi (Note issuance facility)
(Perpetual)
(Call option)
(Lien)
(Pre-emption rights)
(Option)
(American-style option)
(Index option)
(European-style option)
(Put option)
fi (Dual capacity)
(IMF)
(Satellite banking)
(Value at risk)

fi fi (Collateralised debt obligation)

, (Guarantee)
(Performance bond)
fi (Registered representative)
(Seat)
fi (Special drawing right)
fi (Specialist)
fi (Quant)
fi (Market maker)
(Virtual enterprise)
(Introduction)
(Listing)
(Receivables)

424-448

432

20/1/12

12:06

Page 432

EYPETHPIO OPN

(Rights issue)
(Scrip issue)
(Flotation)
, (Issue)
(Comfort letter)
(Cheque clearing)
(Clearing bank)
fi (Suspense account)
(Insider dealing)
(Discount)
(Capital allowance)
fi (Off balance sheet)
fi (Off-market)
fi (Off-exchange)
fi (Subordinated)
, (Mark down)
(Tick)
(Round lot)
fi (Hurdle rate)
(Audit)
(Remittance)
fi (Commodity)
(Supplier credit)
- (Merchant bank)
fi fi (Commercial paper)
fi fi (Eurocommercial paper)
(Futures
commission merchant)
(Alternative investment)
fi (Bellwether)
(Bridging loan)
fi (Prospectus)
(Credit enhancement)
(Hire purchase)
(EMS)
(Embedded value)
fi (Straddle)
(Stop order)

424-448

20/1/12

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Page 433

EYPETHPIO OPN

fi fi fi (Adjustable-rate
mortgage)
fi , fi (Mortgage)
(Savings and loan association)
(London Bullion
Market Association)
(Factoring)
fi (Management buy-out)
fi (Leveraged buy-out)
(Export credit)
(Balanced (mutual) fund)
fi (Nominee)
fi (Paying agent)
fi, (Proxy)
(Smart card)
fi (Out of the money)
(External funds)
(Outsourcing)
(OTC)
(Over the counter)
fi (Offshore banking unit)
(Offshore)
()
(Rescheduling)
(Buy-Back)
(Repackaging)
(Open-end fund)
(Closed-end fund)
(Growth investing)
(Value investing)
(Day trader)
fi (Investment style)
fi (Endowment mortgage)
(Hostile bid)
fi (Discount window)
, valeur, fi (Float)
(Impaired loan)
(Bad debt)

433

424-448

434

20/1/12

12:06

Page 434

EYPETHPIO OPN

(Cheque)
fi (Rate of interest)
fi EONIA (Euro Overnight Index Average)
fi (Fed funds rate)

(Commodity futures trading commission)
fi (New York Board of Trade)
(Chicago Board of Trade)
(Securities and Exchange Commission)
fi (Venture capital)
(Enterpise value)
(Internal funds)
(Intrinsic value)
fi fi (Internal rate of return)
(Investment trust)
(Dual-capital trust)
(Split-capital investment
trust)
(Holding company)
fi fi (Corporate bond)
fi (Annualised percentage rate)
, , (Bargain)
(Euro)
(Euromarket)
fi (Eurocurrency)
fi (Eurobond)
(European Central Bank)
(European currency unit)
fi (European Bank
for Reconstruction and Development)
(European Investment Bank)
fi fi fi fi (EURIBOR)
(European Interbank Offered Rate)
fi fi (European Monetary Institute)
fi fi (European Monetary System)
(Eurocredit)
(Secrecy)

424-448

20/1/12

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Page 435

EYPETHPIO OPN

435

fi (Hot money)
(Ethical investing)
(Electronic
funds transfer at the point of sale)
fi (Home banking)
Internet (Internet banking)
fi fi (E-commerce)
fi fi (Electronic purse)
fi (Impact day)
fi (Daily trading limit)
fi (Redemption date)
(Due date)
(Expiry date)
, (Maturity)
(Settlement date)
fi (Value date)

(Custodian)
(Position)
fi (Institutional investor)
fi (Notional amount)
(Efficient market theory)

(Equity)
(Private equity)
(Private placement)
(Private bank)
(Privatisation)
(Thrift)
(Financial services institution)
(Islamic banking)
fi (Balance sheet)
/ (Cable)
fi fi (Historic cost)

(Net asset value)

(Book value)

424-448

436

20/1/12

12:06

Page 436

EYPETHPIO OPN

(Net book value)

(Net present value)
(Clean price)
fi, (Net)
(Mark to market)
fi (Fixing)
fi (Covered warrant)
(Cover)
(Dividend cover)
fi (Yield curve)
(Distribution channel)
fi (KYC rules)
fi (Regulation Fair Disclosure)
fi (Sight deposit)
(Consumer credit)
(Asset allocation)
(Stock split)
(Asset class)
fi fi (Long)
fi , (Floor)
(Central bank)
fi fi (Central asset account)
(Earnings)
(Profit)
(Earnings per share)
(Capital gain)
fi, fi (Earnings before interest,
taxes, depreciation and amortisation)
fi (Turn)
(Speculation)
(Arbitrage)
fi (Stag)
fi (Blue chip)
(Capital market)
(Capital)
(Working capital)
(Risk capital)
(Capitalisation)

424-448

20/1/12

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Page 437

EYPETHPIO OPN

437

(Capital adequacy)
(Risk)
(Basis risk)
K (Yellow sheet)
(Common stock)
(Ordinary share)
fi (Syndicated loan)
(Consortium bank)
(Socially responsible investing)
fi (Red clause)
(Fruits and suits)
(Contango)
fi (Replacement cost)
fi (Opportunity cost)
fi (Cost of capital)
fi (Bid costs)
(Governments)
(Nationalisation)
(Crash)
fi (Concert party)
(Cyclical stock)
(Circular transaction)
fi (Roundtripping)
fi (Floating charge)
fi fi (Floating rate)
(Primary dealer)

(Investment club)
fi fi (White knight)
fi (Account)
fi (Profit and loss account)
fi (Asset management
account)
fi (Discretionary account)
fi (Escrow account)
fi (Margin account)
fi (Budget account)
fi (Current account)

424-448

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Page 438

438

fi fi (Current ratio)

fi (Run)
fi fi (Longs)
(Black Monday)
(Black Wednesday)
(With resource)
fi (Partly paid)
(Cum div)
(Big Bang)
fi (Overweight)
(Greenmail)
(Mixed credit)
(Forward cover)
(Tranche)
(Dividend)
(Stock dividend)
(In the money)
(Broker)
(Middle price)
fi (Average cost)
(Transfer agent)
fi (Mezzanine)
fi (Medium-term note)
(After-hours)
(Allotment)
fi fi (Variable rate)
fi fi (Flip-flop bond)
fi (Volatility)
(Capital flight)
(Convertible)
fi (Transferable credit)
(Afloats)
fi (Carry forward)
fi (Post-date)
dotcom (Dotcom stocks)
fi (Alpha stocks)
(Value stock)

EYPETHPIO OPN

424-448

20/1/12

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Page 439

EYPETHPIO OPN

439

(Tracking stock)
(Penny stock)
, fi (Stock)
, (Share)
fi (Share option)
, (Cash)
(Unsecured)
(Non-performing loan)
(Contested bid)
(Nil basis)
(Cash machine)
fi (ATM)
fi (Automated teller machine)
fi fi
fi (Separate trading of registered interest and
principal of securities )
fi (Exchange Rate Mechanism)
fi fi (Underweight)
fi (Blend fund)
(Basis point)
fi (Unitary tax)
fi (Single capacity)
fi (Gearing)
fi (Leverage)
fi (Balloon)
(ERM)

(Narcodollars)
(Monetary policy)
fi (Blue sky laws)
fi Glass-Steagall (Glass-Steagall Act)
fi Sarbanes-Oxley (Sarbanes-Oxley Act)
fi (ERISA)
(Employee Retirement Income Security Act)
fi Gresham (Gresham's Law)
fi (Backwardation)

fi (Foreign bond)

424-448

20/1/12

12:06

Page 440

440

EYPETHPIO OPN

(Foreign exchange)
(Laundering)
(Money laundering)

(Econometrics)
(Economic and Monetary Union)
fi (Financial year)
fi (Financial centre)
fi (Fixed-income security)
fi , , fi (Security)
E E (Panel on Takeovers and
Mergers)
(Group insurance)
(Group accounts)
fi fi (Rising star)
(Debenture)
fi (Yankee bond)
fi (Bond)
fi Brady (Brady bond)
fi (Treasury bill)
fi fi fi (Principal-only bond)
fi (Yearling)
fi (Catastrophe bond)
fi fi (Investment grade)
fi (Cushion bond)
fi (Fallen angel)
fi (Zero-coupon bond)
fi fi (Samurai bond)
fi (Bulldog bond)
fi fi (High-yield bond)
fi (Junk bond)
(Federal Deposit
Insurance Corporation)
(Federal Reserve)
(Bundesbank)
(U)
(Street name)
(Par)

424-448

20/1/12

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Page 441

EYPETHPIO OPN

(Nominal price)
fi (Registered security)
(Endorsement)
fi fi (Rating agency)
fi fi (Marginal cost)
(Limit order)
fi fi (Averaging)
(Special purpose vehicle)

(Standing order)
fi (World Bank)
(Derivatives)
(Delivery)
(Cash on delivery)
(Collect on delivery)
(Parallel market)
fi (Parallel financing)
, (Spread)
fi fi (Pathfinder)
(Grace period)
, (Asset)
(Sources of funds)
fi (American depositary receipt)
fi (Warrant)
fi (Certificate of deposit)
fi CATS (Certificate of accrual on
Treasury securities)
(Credit)
(Documentary credit)
fi (Instalment credit)
(Buyer credit)
(Credit union)
(Letter of credit)
(Credit card)
fi fi (Credit line)
fi fi (Line of credit)
fi (Credit note)
fi (Credit risk)

441

424-448

442

20/1/12

12:06

Page 442

EYPETHPIO OPN

(Forgery)
fi (Dutch auction)
fi (Inflation)
(Power of attorney)
(Qualitative analysis)
(Tracker fund)
fi (Provisions)
fi fi (Rate of return)
fi (Accrual rate)
fi fi (Odd
lot)
(Quantitative analysis)
front running (Front running)
fi fi (Revolving underwriting
facility)
fi (Forecasting)
fi (Program trading)
fi fi (Employee stock
ownership plan)
fi (Prepayment)
fi (Forfaiting)
fi fi (Discount rate)
(Time deposit)
(Forward rate agreement)
fi (Term loan)
fi fi (Forward contract)
, , (Deposit)
(Interim dividend)
(Commission)
(Commitment fee)
(Preference share)
(Preferred stock)
(Zero-coupon
preference share)
(Preferential creditor)
fi , (Collateral)
fi (Tender offer)
fi (Annuity)

424-448

20/1/12

12:06

Page 443

EYPETHPIO OPN

443

(Window
dressing)
(Deposit protection)
(Value added)
(Offer for sale)
(Money supply)
, fi (Bid)
(Class action)
fi fi fi (Personal Identification number)
fi (Budget)
(Primary market)
fi fi fi
(Short)
fi fi fi
(Short sale)
(Writer)

(Repo)
(Liquidation)
fi (Liquidity)
(Cross default)
fi (Red lining)
(Pink sheet)

(Benchmark)
fi (Chinese wall)
(Shadow accounting)
fi fi (Hard currency)
fi fi (Fixed rate)
(Weighting)
(Building society)
(Narrow market)
(Audit trail)
(Spread betting)
fi (Conflict of interest)
fi (Co-financing)
(Mergers and acquisitions)
fi (Futures)

424-448

444

20/1/12

12:06

Page 444

EYPETHPIO OPN

fi (Contract)
fi (Contract for difference)
(Commodity trading
adviser)
(Profit-sharing)
(Bonus issue)
(Margin call)
fi (Covenant)
(Reverse repurchase agreement)
(Repurchase agreement)
(Reverse repo)
fi (Double-taxation agreement)
Bretton Woods (Bretton Woods Agreement)
fi (Netting)
(Consensus)
(Open-market operations)
(Basis trade)
(Bill of exchange)
fi (Exchange control)
/ (Association
of International Bond Dealers)
, , fi (Syndicate)
fi swap (Swaption)
(Bear market)
(Synthetic asset)
fi (Total return)
(Pension)
, fi (Retire)
(Defined
contribution pension)
fi fi (Defined benefit
pension)
fi fi
(Money-purchase pension)
fi (Pension fund)
fi (Retirement fund)
fi/ (Advance/decline ratio)
(Giro)

424-448

20/1/12

12:06

Page 445

EYPETHPIO OPN

(Cash flow)
(Bank insurance fund)
(Traveller's cheque)
(Head and shoulders)
(Bull)
fi (Triple witching hour)
(Terminal bonus)
(Laddering)
(Ramp)
(Churn)
(Technical rally)
(Technical analysis)
, (Technology, media and
telecommunications)
(Exercise price)
(Basis price)
(Call premium)
(Srike price)
(Closing price)
, (Premium)
(Tap stock)
(Securitisation)
(Loan stock)
(Bearer security)
(Index-linked)
(Equity carve-out)
fi (Investor relations)
Lutine (Lutine bell)
(Usury)
(Coupon)
fi (Interest)
(Stockmarket sector)
(Placement)
- (Money-center bank)
(Bank)
(Mutual savings bank)
(Universal bank)

445

424-448

20/1/12

12:06

Page 446

446

EYPETHPIO OPN

(Bank for International Settlements)

(Investment bank)
(Lead manager)
(Retail bank)
(Bank of England)
(Banker's draft)
(Bancassurance)
, (Trust)
(Nearby delivery)
(Spot price)
(Aval)
Black-Scholes (Black-Scholes formula)
(Random walk)

fi fi fi (Actual)
(Overdraft)
(Oversubscribed)
fi (Overfunding)
(Asset stripper)
fi (Compliance officer)
(Serious Fraud
Office)
fi (At best)
(Downgrade)
fi (Capital asset pricing
model)
(Branch)
fi (Spreadsheet)
fi (Promissory note)
(Devaluation)
, (Liability)

fi [] (Gilts)
fi (Solvency)
(Goodwill)
fi (Franked income)
(Tax loss)
fi (Tax shelter)

424-448

20/1/12

12:06

Page 447

EYPETHPIO OPN

447

fi zakat (zakat)
fi (Withholding tax)
fi (Value-added tax)
(Bill of lading)
South Sea (South Sea Bubble)

fi, fi (Note)
(Portfolio)
fi (Asset-backed
securities)
(Bankruptcy)
fi (Sinking fund)
(Debt)
(Moratorium)
, (Charge)
(Charge card)
(Debit card)
(Money market)
(Exchange traded fund)
(Market capitalisation)
, (Takeover)
fi (Stock index)
(Stock exchange)
(Chicago Board
Options Exchange)
fi (New York Mercantile
Exchange)
(Chicago Mercantile
Exchange)

(London International Financial Futures Exchange)
fi (New York Stock Exchange)
(London Stock Exchange)
fi (Tokyo Stock Exchange)
(Jobber)
(Stockbroker)
(Shunter)
fi (Project finance)

424-448

20/1/12

12:06

Page 448

448

(Leasing)
fi (Financial intermediary)
fi (Financial instrument)
(Use of funds)
(Golden handcuffs)
(Golden week)
(Gold card)
(Golden share)
(Golden handshake)
fi (Gold)
(Hammering)
(Ex-div)
fi (Unfunded)
(Pitch)
[] (Pit)
, (Ring)

fl fi (Witching hour)

EYPETHPIO OPN

000 E??Y??O:000 E

1/20/11

3:47 PM

Page 1

Nigel Gibson .

The Economist

21
. ,
, Warren Buffet
. , Alan
Greenspan,
. ,
, .
,
.

.
A
Z :

Fannie Mae, LIBOR, Ponzi scheme, ,

,
, , ,
, ,
, ,
, ,
, , ,
, Bunny,

Eurobusiness.

N i g el G i b s o n

, , ,
, , ,
,
, , .

N i g e l G ibs o n
www.bookstore-oikonomiki.gr
bookstore@oikonomiki.gr
: the Senate
: Brett Ryder