]> Finance http://fadyart.com/ This ontology is kept for demonstration of utilities purposes only. This one not maintained anymore. The actual and updated Finance ontology is today a federation of ontologies where the main ontology is found at http://fadyart.com/Finance.owl Eddy Vanderlinden Rietlaan 79 8200 Sint-Michiels (Bruges) Belgium info@fadyart.com This version is an older one, kept only for compatibility purposes with some tools. The new version can be found at the physical location http://fadyart.com/Finance.owl This issuer is his own principal for securities handling. At the left side we find individuals of class Party - PartyIssuer, at the right side we find individuals of class Party- PartyPrincipal. The right side of the relation concerns the financial instrument where-off the position is registered. This is represented through an individual of the class FinancialInstrument Both, individuals representing the right and individuals representing the left side of a relation, are members of the FinancialInstrument class. The organisational entity has access to channels represented by instances of the class ValuePartition - AdministrationChannel The left hand side of the relation has individuals of the class Account as role, the right hand side refers to individuals of other classes. Client accounts, Nostro or Vostro accounts as well as the principal's general ledger accounts can be restricted for many reasons. These possible reasons are found as individuals of the class ValuePartition - AccountValues - ReasonForAccountFreeze The reason for restriction of the account management or disposal of the deposits A property of the Contact class is the type of contact address. The reference to the possible addresses is found in ValuePartition-ContactValues-ContactAddressType. The left side of the relations is representing the shares which can be obtained by convertion of bonds, represented on the right side of the relation. The left side of the relation represents a financial instrument which can be obtained by exercising the right, represented by the right side of the relation. The financial instrument on the left side of the relation is expressed in the currency represented by an individual on the right side of the relation. The financial instrument on the left side of a relation has as involved party the party represented by an individual on the right side of the relation. The party on the left side of the relation has as fiscal residence the country referenced by individuals of class ValuePartition - ISOCodes - ISO3166-CountryCode on the right side of the relation. The financial instrument represented by the left side of the relation has another financial instrument as fraction, represented by the right side of the relation. The index, represented by the left part of the relation has as parts the financial instruments represented by the right side of the relation.. The party on the left side of the relation has as legal residence the country referenced by individuals of class ValuePartition - ISOCodes - ISO3166-CountryCode on the right side of the relation. The principal can have several legal entities. These have to keep separate Account statements. Both, left and right side of the relation consists of members of class Party - PartyPrincipal. The currency code corresponding to the national currency. The financial instrument represented by the left side of the relation has as new issue the financial instrument represented by the right side of the relation. The right side of the relation points to an individiual of the same class or of the subclass indicating the final pocedure step in the chain. That subclass is recognised by the suffix final. The financial instrument represented by the left side of the relation had previously an ISIN number which is a data property of the financial instrument represented at the right side of the relation A principal whishes to distinguish his own issues to grant exemption or reduction of safekeeping fees. At the left side we find individuals of class Party - PartyPrincipal, at the right side of the relation we find individuals of class Party - PartyIssuer. A property of the Account class is the principal for whom the accounts are kept. The reference to the possible principals is found in Party-PartyPrincipal. The party for who's account and eventually in who's name securities handling services are performed. The financial instrument represented by the left side of the relation has as related series issued the financial instrument represented on the right side of the relation. The restricted version of the financial instrument represented on the left side of the relation is the financial instrument represented on the right side of the relation. The trigger for a procedure-step of a process is found on the right side of the relation: ValuePartition/ProcessValue/ProcessTrigger. The financial instruments represented on the left side of the relation has as underlying value another financial instrument represented on the right side of the relation. The financial instrument on the left side of the relation has as warrant to subscribe to the financial instrument the individual on the right side of the relation. Client Authorization to dispose of the holdings Authorization to dispose over the account's holdings. The authorized person is allowed to transfer holdings to third party and to his own accounts. Only client accounts are involved in thie left side of the relation. The reference to authorized party individuals is found in class Party - PartyClientArrangement - PartyAuthorizedPerson. Client organization to manage the holdings Authorization to manage the client's holdings. The authorized person is not allowed to transfer holdings to third party or to his own accounts. The involved left hand side can be a client account, a NOSTO or VOSTRO account or a principal's general ledger account. The reference to authorized party individuals is found in class Party - PartyClientArrangement - PartyAuthorizedPerson. The financial instrument on the left side of the relation is renamed to a denomination which is the property of the financial instrument represented on the right side of a relation. The financial instrument on the left side of the relation has as 3rd position, of the Classification of Finanial Instruments-code, the individual member of class ValuePartition - ISOCodes - ISO10972-ClassificationOfFinancialInstruments - CFIAttribute1 on the right side of the relation. The financial instrument on the left side of the relation has as 4th position, of the Classification of Financial Instruments-code, the individual member of class ValuePartition - ISOCodes - ISO10972-ClassificationOfFinancialInstruments - CFIAttribute2 on the right side of the relation. The financial instrument on the left side of the relation has as 5th position, of the Classification of Financial Instruments-code, the individual member of class ValuePartition - ISOCodes - ISO10972-ClassificationOfFinancialInstruments - CFIAttribute3 on the right side of the relation. The financial instrument on the left side of the relation has as 6th position, of the Classification of Financial Instruments-code, the individual member of class ValuePartition - ISOCodes - ISO10972-ClassificationOfFinancialInstruments - CFIAttribute4 on the right side of the relation. The financial instrument on the left side of the relation has as 1st position, of the Classification of Financial Instruments-code, the individual member of class ValuePartition - ISOCodes - ISO10972-ClassificationOfFinancialInstruments - CFICategory on the right side of the relation. The financial instrument on the left side of the relation has as 2nd position, of the Classification of Financial Instruments-code, the individual member of class ValuePartition - ISOCodes - ISO10972-ClassificationOfFinancialInstruments - CFIGroup on the right side of the relation. The securities nature of the classification of financial instruments ISO-code. Has to be compared with the security's CFINature property (relation). The capitalization method of the interests of the bond at the left side of the relation is represented by the individual of class ValuePartition - InstrumentValues - CapitalizationType on the right side of the relation. Points to the parties beneficial owners of the capital. The reference to beneficial owners capital of the financial instruments deposited in account is found in the individuals of class Party - PartyClientArrangement - PartyHolder Points to the parties beneficial owner of the income In some countries the parents have the legal usufructuary of the income of their children. The reference to beneficial owners capital of the financial instruments deposited in account is found in the individuals of class Party - PartyClientArrangement - PartyHolder or PartyUsufructuary or PartyLegalRepresentative The left hand of the relation has individuals of the class Contact as role, the right hand side refers to individuals of other classes. If an account statement is produced each 3 months, the granularity will be month, the frequency will be 3. The reference to the possible frequencies is found as individuals in Temporal - Granularity The property frequency of the Contact class is a data property and thus fed literaly for each individual of the contact class.. The right side of the relation consists of individuals of class Contact. Points to the contactperson who's contact information contains the communication modalities The person appointed as contact according the modalities found in the contact class. The reference to the individual contact persons is found in class Party, any subclass included. A property of the Contact class is the usage which is made of the contact information. The reference to the possible usages is found in ValuePartition-ContactValues-ContactUsage. The right side of the relation consists of individuals of class ValuePartition/Document. The right side of the relation refers to individuals of the PartyDocumentation class. The common nature of the financial instrument is represented by individuals of the class ValuePartition - InstrumentValues - InstrumentNature. Has to be compared with the property (relation) hasCFINature. Relations with FinancialInstrument individuals on the left side, the right side of the relations point to individuals of other classes. The X/N status of the financial instrument For the financial instrument at the left side of the relation, the status of monitoring news with the data provider is represented by individuals on the right side of the relation. The right side of the relation consists of individuals of class ValuePartition - CreditRating - Moodys The financial instrument on the left side of the relation has as custodian the party on the right side of the relation. The financial instrument on the left side of the relation has as data provider the party on the right side of the relation. Relations with Party individuals on the left side. The financial instrument on the left side of the relation has as fiscal agent the party on the right side of the relation. The financial instrument on the left side of the relation has as global custodian the party on the right side of the relation. The global custodian can have local subcustodians, just like a normal custodian can have on his turn a local subcustodian. The first relation global custodian/custodian is the one we invoke here. The left side of the relation consists of individuals representing global custodians, the right side of the relation consists of regular custodians. The financial instrument on the left side of the relation has as guarantee the party on the right side of the relation. The financial instrument on the left side of the relation has as issuer the party on the right side of the relation. The financial instrument on the left side of the relation has as issuer in 2nd rang the party on the right side of the relation. The financial instrument on the left side of the relation has as lead manager the party on the right side of the relation. The financial instrument on the left side of the relation has as paying agent the party on the right side of the relation. The financial instrument on the left side of the relation has as price informer the party on the right side of the relation. The financial instrument on the left side of the relation has as principal paying agent the party on the right side of the relation. The left and the right side of the relations consists of individuals of the Party class. The global custodian can have local subcustodians, just like a normal custodian can have on his turn a local subcustodian. The second relation custodian/custodian is the one we invoke here. Both, left and right side of the relation consists of regular custodians. The custodian with a subcustodian is thus not necessarily a global custodian. The financial instrument on the left side of the relation has as transfer agent the party on the right side of the relation. The left hand side of the relation has individuals of the classes VostroAccountPosition, ClientAccountPosition and NostroAccountPosition as role, the right hand side refers to individuals of other classes. Has as unit when posting the financial instrument The left side of the relations refer to class/subclass of ProcessAndProcedure The issuer of a financial instrument is not necessarily the producer of the sold goods/services. The left side of the relation consists of individuals representing the issuers, the right side of the relation consists of individuals representing the producers found in class Party - PartyProducers. The period during which the risk profile is valid The period during which the risk profile is valid is found in individuals of class Temporal - ValidTime - ValidPeriod The right side of the relation are individuals representing the markets where a price for the financial instrument instrument on the left side of the relation is fixed. Reason for which a position is frozen Each position in the principal's customer account can be frozen for different reasons. Those reasons are found as individuals of the class ValuePartition - ReasonForPositionFreeze The area where the risk finds his source through reference to individuals of: parties, countries, activity sectors,... The risk impact evaluation of the risk profile through reference to members of class Risk - ExternalRisk - ImpactOfRiskOccurence The probability of the risk occuring through refence to individuals of class Risk - ExternalRisk - ProbabilityOfiskOccurance The left side of the relations are individuals of class Risk - ExternalRisk - RiskProfile The symptoms of the existance of the risk through refence to individuals of class Risk - ExternalRisk-RiskSymptom After the exercise period, a right can continue quotation on the market in the form of a scrip. The financial instrument on the left side of the relation has as scrip for entitlement the financial instrument represented on the right side of the relation. The right side of the relation consists of individuals of class ValuePartition - CreditRating - StandardAndPoors The issuer of the financial instrument at the left side of the relation has taken over the issuer of the financial instrument represented on the right side of the relation. The domain of the underlying relations is Temporal or a subclass of Temporal The right hand of the relation has individuals of the class Temporal as role, the left hand side refers to individuals of other classes. The width of the time slices is found as individuals of class Temporal - Granularity The instant at which the information on the individual is valid. Reference to the validity instant is found in class Temporal - ValidTime - ValidInstant The period for which the information on the individual is valid. Reference to the validity period is found in class Temporal - ValidTime - ValidPeriod The market on which a valuation took place. The market where the valuation occured is referenced by individuals of class ValuePartition - ISO codes - ISO10383-Market IdentifierCodes. The time at which the left hand side position is valuated. Reference is made to individuals of class Temporal - ValidTime - ValidInstant. The channels through which the accounts can be managed The accounts are managed through the channels corresponding to the individuals of the class ValuePartition - AdministrationChannel The right side of the relation consists of individuals of class Account The right side of the relation consists of individuals of class Account The bond on he left side of the relation can be converted into the share represented by individuals on the right side of the relation.. The right side of the relation consists of individuals of class ValuePartition - ISOCodes - ISO10383-MarketIdentifierCodes A financial institution can use the financial instrument to be pledged with specific national banks. The financial instrument on the left side of the relation is eligeable for pledge with the national bank represented by individuals on the right side of the relation. These individuals are members of ValuePartition - InstrumentValues - MonitoringStatus The financial instrument on the left side is a conditional right to obtain the financial instrument financial instrument on the right side of the relation. The financial instrument on the left side of the relation is a fraction of the financial instrument on the right sider of the relation. The right side of the relation consists of individuals of class FinancialInstrment The right side of the relation consists of individuals of the class Party - PartyCustodian The principal can have several legal entities. These have to keep separate Account statements. Both, left and right side of the relation consists of members of class Party - PartyPrincipal. The emittor of the financial instrument on the left side of the relation is merged with the issuer of the financial instrument on the right side of the relation. The right and left side of the relations are individuals of the FinancialInstrument class. The financial instrument on the left side of the relation is a new issue of the instrument on the right side of the relation. The financial instrument on the left side of the relation bears the old ISIN version for the financial instrument on the right side of the relation. The Financial instrument on the left side of the relation is part of an index represented on the right side of the relation. The right side of the relation consists of individuals of class FinancialInstrment The right side of the relation consists of individuals of class FinancialInstrment The right side of the relation consists of individuals of class FinancialInstrment The right side of the relation consists of individuals of class FinancialInstrment The global custodian can have local subcustodians, just like a normal custodian can have on his turn a local subcustodian. The first relation global custodian/custodian is the one we invoke here. The left side of the relation consists of individuals representing regular custodians, the right side of the relation consists of global custodians. The right side of the relation consists of individuals of class FinancialInstrment The right side of the relation consists of individuals of class FinancialInstrment The right side of the relation consists of individuals of class FinancialInstrment The right side of the relation consists of individuals of class FinancialInstrment The right side of the relation consists of individuals of class FinancialInstrment The right side of the relation consists of individuals of class FinancialInstrment The right side of the relation consists of individuals of class FinancialInstrment The global custodian can have local subcustodians, just like a normal custodian can have on his turn a local subcustodian. The second relation custodian/custodian is the one we invoke here. Both, left and right side of the relation consists of regular custodians. The custodian with a subcustodian is thus not necessarily a global custodian. The right side of the relation consists of individuals of class FinancialInstrment The right side of the relation points to the organisational entity or person. The process and procedures are followed for the principals identified at the right side of this relation. The moment of completion of the procedure step. The right side of the relation is found in Temporal/ValidTime/ValidInstant. The right side of the relation consists of individuals of class Account The issuer of a financial instrument is not necessarily the producer of the sold goods/services. The left side of the relation consists of individuals representing the producers, the right side of the relation consists of individuals representing the issuers found in class Party - PartyIssuers. The financial instrument on the left side of the relation is a series related to another financial instrument represented on the right side of the relation. The financial instrument on the left side of the relation is a renamed version of another financial instrument represented on the right side of the relation. The financial instrument on the left side of the relation is the restricted version of the financial instrument on the right side of the relation. After the exercise period, a right can continue quotation on the market in the form of a scrip. The financial instrument on the left side of the relation is the scrip for entitlement to the financial instrument represented on the right side of the relation. The values are trigger for the procedure steps of pocesses specified on the right side: ProcessAndProcedure The financial instrument on the left side of the relation is the underlying value of the financial instrument on the right side of the relation. Contact information is standard available to parties. For each account contactparties can be referenced to. If the parties require a specific address for correspondence about specific accounts, the specific accounts can be indicated here. A reference is found the account class. The reference to the account is not limited to the third party accounts but include the principal's correspondence on the general ledger accounts. The right side of the relation points to the organisational entity or person. The financial instrument on the left side of the relation is warrant to subscribe to another financial instrument on the right side of the relation. The financial instrument on the left side of the relation is of type referenced by individuals of class ValuePartition - InstrumentValues - TargetOfLoan. ISICCode ISICDescription The city where the market is located The market code without prefix The country where the market is located. The date of opening of the market. The common name of the market. The ISO-code of the country where the market is located. The status of the market with respect to his activity. The website of the market. Data properties for Market Identifier Codes. The ISO country codes and some additional information on codings. The domain of the data properties is the class ISO4217-Currency codes The age of majority of female persons having the nationality of the referred country. This infoirmation might be outdated. The age of majority of male persons having the nationality of the referred country. This infoirmation might be outdated. The total amount of the debt issue. The sign of the cars registered in the referred country. Country's 2-digit alphacode. Name in full of the country The name of the national currency of the referred country. The numeric code of the national currency for the referred country The value of the address. The denomination of the securitiy. The left hand of the relation has individuals of the class Contact as role, the right hand side refers to literal values. The amount of the coupon for interests. If the interest is not cashed, the coupon bears an interest which can differ from the facial interest rate. This rate is entered here. The coupon date for interests. Data property relations with Coupon individuals on the left side The couponnumber for equities. The sequence of the number. This is higher than 1 in case new couponseries have been issued in the past. Date at which the records for the financial instrument have been created at physical level. The 3-character alpha code of the currency. The alpha code of the national currency for the referred country. The country ISO-code where the currency is used. The country name where the currency is used. The currency name The currency numerical code The date from which the financial instrument generates income. Date at which the financial instrument quotes ex this coupon. The quotation prices do not include anymore the amount entitled to the coupon. Data property relations with FinancialInstrument individuals on the left side The end date and time of the period The financial instrument is available under material form. The ISIN-code of the financial instrument. The interval according which documents are produced and sent to the indicated address. The granularity of the interval is a separate object property, part of contact. Initial issue date of the financial instrument The issue price in facial currency if the price was expressed in nominal price. The nominal value of the financial instrument in facial currency. The stock bears the name of a specific person. Data property relations with Party individuals on the left side of them The left side of the relations will be Nostro-, Vostro- and ClientAccountPosition The sequence of the procedure in all the proceduresteps forming the process The issue price in percent of the facial amount in the facial currency. The left side of the relations are classes/subclasses ProcessAndProcedure The source, communicataion, publication,... on basis of which the existance of the symptom is reported. The start date and time of the period. Lots of reporting is done to the national authorities where the principal is situated. Example the National benk for statistical reporting. The rubriques in the reporting correspond to the present code. The strike price for derivatives is the price at which the rights can be exercised. This price is valid for the quantity specified in the contract or by the market where the derivatives are traded. Data property relations with Temporal individuals on their left side The date and time identifying the instant. Indicates wether the instrument is individualised or interchangeable. The information on the financial instrument is sufficient and reliable enough to allow handling of the instruments and the corresponding corporate actions. The date from which the dematerialization operation starts. Some financial instruments are exempted from taxes in the country of the emittor. Such is f.i. the case for Eurobonds. The targetted public for Eurobonds is always outside the country of residence of the issuer. Is exempted of income tax in the fiscal country of settlement. Is exempted of VAT in the country of physical settlement When a dematerialization operation starts, during years the financial instrument is available under the materialized and the scriptural form. This date indicates the ultimate date at which materialized financial instruments can be handled. The right side of the relation identifies the program through which the procedurestep is performed The right side of the relation states the user interface through which a procedure-step is performed The fiancial instrument is subject to safekeeping fees raised by the custodians of the financial institution offering the securities handling services. The fiancial instrument is subject to safekeeping fees raised by the financial institution offering the securities handling services. Whether the country is a member of the Organization of Economic Cooperation and Development. Wether the country is subject to the EU savings directive. Whether the country instorred a VAT regime. A - Agriculture, forestry and fishing Account Register of financial transactions. Comments to the yearly accounts Comments to the yearly accounts are reported by reference to a separate ledger. In the European normalized sheme, the first digit of an account number corresponds to an accounts class. The claas reserved for comments is the 0 class. Account values Values used in the account concept. Accounting Accounting entities Accounts payable The total of the balances of suppliers or creditors. The totals are obtained in the balance sheet: - by periodic transfer of the totals of the supplier accounts - through simultaneaous posting of all details in the supplier accounts and the general ledger.(carbon copy posting) Both methods are representations of the double posting system:in the general ledger account and in the supplier account. Accounts receivable The total of the balances of customers or debtors. The totals are obtained in the balance sheet: - by periodic transfer of the totals of the customer accounts - through simultaneaous posting of all details in the customer accounts and the general ledger.(carbon copy posting) Both methods are representations of the double posting system:in the general ledger account and in the customer account. Activity Factor Activity factors indicating an increased integrity risk. Communication channel Channels through which the accounts can be administered and orders passed. Analytical account Accounts coupled to profit and loss accounts. In cost-accounting the purpose is to charge the source of costs and profits to so-called cost centers and to allocate the costs and profits to costbearers. Other models of analytical accounting are possible. In the European normalized sheme, the first digit of an account number corresponds to an accounts class. Classes 8 and 9 are reserved for analytical accounting..Normally class 8 for the cost centers, class 9 for the class bearers. Amounts of the profit- and loss accounts are posted simultaneously on a cost bearer. Periodically or directly, the costs are allocated to cost bearers. The allocation key is a periodic struggle in many companies, notably in the budgetting fase of the internal departments. Actif The assets of the entity where-off the accounting is done. B - Mining and quarrying Balance sheet The state of actif and passif. Both are divided into categories depending on the term of immobilisation. The total of actif and passif should equal: they are in balance. Classes 1 to 5 contain the balance sheet accounts. Arrangement of capital beneficial owners The members of the arrangement are all beneficial owners of the capital from economical and fiscal viewpoint. The application of this status is for capital operations, including entitlements linked to the equity capital. Example subsciption rights. Arrangement of income beneficial owners The members of the arrangement are all beneficial owners of the income from economical and fiscal viewpoint. The application of this status is for interest and dividend operations, including entitlements linked to the income. Example: optional dividends. stock dividends, ... Brand names used by emittors of financial instruments or principals. The line of business to which a client belongs. As an alternative to cost- and profitcenters, clients can bear the profits and costs in cost accounting. The method is called ABC (Activity Based Costing). Each client shall be allocated at least business line if the analytical accounting consists of different business-lines C - Manufacturing The assets in which the fund invests. Corresponds to the 3rd position of the CFI-code and covers different attributes according to the linked CFI-group of instruments. There is no specific value for the first attribbute Corresponds to the 4th position of the CFI-code and covers different attributes according to the linked CFI-group of instruments. There is no value available but none for the attribute. Corresponds to the 5th position of the CFI-code and covers different attributes according to the linked CFI-group of instruments. There is no value for the third attribute available. Corresponds to the 6th position of the CFI-code and covers different attributes according to the linked CFI-group of instruments. There is no value for the 4th attribute. Whether the option is a call or a put. Corresponds to the 1st position of the CFI-code and shows the category of security. Structured financial product representing debts collateralized by assets such as student-loan, credit-card, auto-loan receivables or other personnal assets with exception of real estate. A formal promise to repay a debt and eventually interests. The right, during a limited period, to a payment or attribution which can be optionnal or mandatory and subject to conditions or unconditionnal. The formal representation of ownership interest of a company or similar entity. Depending on the company act and the legislation of the country of incorporation this ownership shall give right to: - participation in the benefits - voting rights - part of the assets, normally valued in currency, in case of liquidation of the company The right to execute a sale of financial products, commodities or services at a defined price on a defined date Also called a Mortgage-Backed Security (MBS). Is a formal promise to repay a debt with as collateral a pool of mortgages. The underlying mortgages can be payed back in advance or curtailed. The monthly payments are variable. A formal promise to repay a debt issued by a US state or local government agency. The bond is often eempt from federal and state income tax. The right to buy or sell a stock, an index valued in currency or other asset, at a specified price within a predefined period. Other financial instruments. Unit of different types of financial instruments. A formal promise, issued by the Treaury department, to pay back a stipulated amount, after a longer period of time (10 years or more). Indicates whether the sharecapital of a mutual fund is open or closed to new investors after the startup of the fund. The underlying assets for the category Other. The delivery term of the option. The distribution of benefits of funds. The forms of financial instruments funds. The forms for financial instruments other than funds. Shows further grouping in Attribute 1. The attribute is used here as a sub-group of the group-code enclosed in the second position of the CFI-code. Shows the assets which are underlying to a commodity future. How the underlying assets of futures should be delivered. Shows the assets which are underlying to a financial future. Whether the future is standardized or not. Corresponds to the 2nd position of the CFI-code and shows the group within the category to which the security belongs. Structured financial product representing debts collateralized by assets such as student-loan, credit-card, auto-loan receivables or other personnal assets with exception of real estate. A formal promise to repay a debt and eventually interests. The right, during a limited period, to a payment or attribution which can be optionnal or mandatory and subject to conditions or unconditionnal. Other rights than those under normal going concern conditions of the company. Rights entitled to existing shareholders to: - subscribe to new shares - to be granted for free new shares as a dividend or as a bonus - to be granted an indemnification - to participate in the benefits of the company The formal representation of ownership interest of a company or similar entity. Depending on the company act and the legislation of the country of incorporation this ownership shall give right to: - participation in the benefits - voting rights - part of the assets, normally valued in currency, in case of liquidation of the company The right to execute a sale of financial products, commodities or services at a defined price on a defined date A future with commodities as underlying assets A future with financial instruments as underlying assets. Also called a Mortgage-Backed Security (MBS). Is a formal promise to repay a debt with as collateral a pool of mortgages. The underlying mortgages can be payed back in advance or curtailed. The monthly payments are variable. A formal promise to repay a debt issued by a US state or local government agency. The bond is often exempt from federal and state income tax Group of mutual and similar funds. Normal ownership rights of a company or a limited partnership. Receipt issued by a depositary bank against receipt of shares. Shares which entitle to a preferred treatment of the holders against common shareholders in het field of: - attribution of dividends - rights in case the company is put into liquidation - voting rights Group of uncommon funds. The right to buy or sell a stock, an index valued in currency or other asset, at a specified price within a predefined period. Options with irregular underlying assets. Options with regular underlying assets. Other assets then those in the scope of the sibling groups Products having characteristics of 2 or more basic financial instruments. Example being a debt instrument during a period and converting to an equity. Alternatively or simultaneously the structure can be higly sofisticated with exceptions on the characteristics. Financial instrument whose value is derived from another financial instruments. Other financial instruments. Combination package of different financial instruments. A formal promise, issued by the Treaury department, to pay back a stipulated amount, after a longer period of time (10 years or more). The type of guarantee linked to debt and similar instruments. What is the right of preferred shares on the income of the company. The type of underlying assets of options. Shows other underlying assets for special securities. What kind of ownership on the security is allowed. What is the payment status of the shares by the shareholders. The preference type for preferred shares. How the debts will be reimbursed. The repayment of hybrid or structured products. The type of right. Indicates the possible sponsoring for depositary receipts A sponsor is some-one who patronizes a third party. When one patronizes a third party, he takes reponsibility in one or another way for the third party. Whether the options are standardized or not. Possible underlying assets for hybrid or strutured products. The fiscal nature of income of hybrid or structured instruments. The term in relation to referential financial instruments. The calculation method of the interest on debt- and similar instruments. Distinguishes the exercice date or period, the maturity date and other characteristics of an option. Shows the extend of the rights to vote for shareholders. Capitalization type The posibilities to capitalize interests of loans Cash accounts and cards Entities managing the cash accounts and cards. Client account position The position of financial instruments in the account Arrangement of authorization holders The members of the arrangement are granted rights on the accounts they are linked to. These rights can be rights of disposal or rights of management of the account-holdings Client Authorization to dispose of the holdings Authorization to dispose over the client's holdings. The authorized person is allowed to transfer holdings to third party and to his own accounts. Client organization to manage the holdings Authorization to manage the client's holdings. The authorized person is not allowed to transfer holdings to third party or to his own accounts. Client cash deposits Client's integrity is at high-risk The factors per risk domain pointing to a high-risk for the integrity of the client. This high-risk will have notably as an effect enhanced due diligence is applied before entering into a customer relationship. Client accounts 1 The clients of the financial institution for whom's account the securities handling operations are performed. Risk profile of the customers Examples of risk occurences: - Customer area If the customers are subject to purchase power reductions, the consequence is: -- less sales by the producer -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Producer area If the producers are subject to reduced purchase power, the purchases become more expensive: -- less sales by the producer -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Issuer area Reduced purchase power with the issuer means his foreign holders will be more expensive to compensate for the reduced power. -- less profit by the issuer in the short term -- less solvability by the issuer in the long term The risk of decreased purchase power. Customer risk symptom Customer market risks on which a risk profile is based. Client securities deposits Commercial banking Contact points for small and middle sized incorporated customers Commercial network Network of commercial customer contacts Risk profile of commodity costs Examples of risk occurences: - Producer area If the commodity costs increase, the costs of production are increasing, then: -- less sales by the producer -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Issuer area If the commodity costs decrease, the costs of collaterals increase and the underlying assets of derivatives become less worth, then: -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Holder area If the commodity costs decrease, the underlying values become less worth, then: -- prices, thus valuation is lowered The assumption is, the needed commodity will always be available but the price can reach sky high. The price increase is proportional to the scarceness. That way the valuation and related impact measurement is facilitated. Commomdity cost risk symptom Commodity cost symptoms on which a risk profile is based. Compliance entities Entities which safeguard the compliance with legislation, regulation and reputational risk matthers. Address Contactadministration Contact address type Types of address referenced by the Contact class. Contact usage The output for which the contact data is valid. Contact values Values used by the Contact class. Corporate actions Entity in charge of handling the corporate actions. These corporate actions include: - interest payments; - reimbursements; - optional-, stock-, cash dividend payments; - recouponing; - splits; - mergers; - squeeze outs,... Corporate banking Contactpoints for large corporation customers Coupon Detachable prove of entitlement to interests, dividends, compensation or other rights. For bearer securities the coupon has to be detached or clipped and cashed at coupon date or at the announced dividend payment data. Coupons can, if they represent rights like subscription or attribution rights be traded separately during a certain period. In that case they are considered as a separate financial instrument and not an attached coupon. Credits Entities managing the credits. Credit rating Credit rating of debts Short term actif Assets which are frozen for less than 1 year. Customers Customer referentials Entities managing the customer referential systems D-Electricity, gas, steam and air conditioning supply The different types of documents used for legal or fiscal purposes. E - Water supply; sewerage, waste management and remediation activities Risk profile of commodity costs Examples of risk occurences: - Producer area If the commodity costs increase, the costs of production are increasing, then: -- less sales by the producer -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Issuer area If the commodity costs decrease, the costs of collaterals increase and the underlying assets of derivatives become less worth, then: -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Holder area If the commodity costs decrease, the underlying values become less worth, then: -- prices, thus valuation is lowered The assumption is, the needed commodity will allways be available but the price can reach skyhigh. The price increase is proportional to the scarceness. That way the valuation and related impactmeasurement is facilitated. Economic sector risk symptom Economic sector symptoms on which a risk profile is based. Risk profile of energy costs Example of risk occurence: - Producer area If the energy costs increase, the costs of production are increasing, then: -- less sales by the producer -- less profit by the issuer in the short term -- less solvability by the issuer in the long term The assumption is, the needed energy will allways be available but the price can reach skyhigh. The price increase is proportional to the scarceness. That way the valuation and related impactmeasurement is facilitated. Energy cost risk symptom Energy cost symptoms on which a risk profile is based. Economic entity recognised as distinct in a location of juridical settlement. Risk profile of exchange rates Examples of risk occurences: - Customer area If the value of the customer’s currency depreciates against the producer’s currency, this means: -- a more expensive product -- less sales by the producer -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Producer area If the value of the producer’s currency appreciates against the customer’s currency, this means : -- a more expensive product -- less sales by the producer -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Issuer area If the value of the issuers currency depreciates against the holder’s currency, this means : -- less revenues in holder’s currency -- lower stock quotes because of the needed rentability uplift - Holder area If the value of the holder’s currency appreciates against the holder’s currency, this means : -- less revenues in holder’s currency -- lower stock quotes because of the needed rentability uplift The risk that the exchange rates fluctuate globally in a negative direction. Exchange rate risk symptom Exchange rate symptoms on which a risk profile is based. External risk Monitoring of risk external to the handling of securities. Risk profile class contains the core information. F - Construction Financial instrument The securities or combination of securities in the scope of this ontology. Risk profile of fiscal costs Examples of risk occurences: - Customer area If the customer has to pay more taxes, his consumption is reduced with those directly or indirectly : -- less sales by the producer -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Producer area If there are tax increases on the profits of producers, e.g. ruling is abolished: -- less profit by the producer -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Issuer area If there are tax increases on the activities of issuers, e.g. stock market tax: -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Holder area If the fiscal pressure on stock increases, e.g. through higher prepaid tax rates, this means: -- less net profit for the holder -- less demand for the stock -- prices, thus valuation falling The risk that the fiscal costs evolve increasingly high. Fiscal risk symptom Fiscal symptoms on which a risk profile is based. Long term actif Investments which are fixed for 1 year or more. The application of foreign fiscal tax withholdings G - Wholesale and retail trade; repair of motor vehicles and motorcycles Geographical factors Geographical factors pointing to an increased integrity risk. Global markets Entities managing global market transactions Granularity Spread of the timeslices H - Transportation and storage High profitability impact High risk probability High solvability impact High impact on the stock price I - Accomodation and food service activities International Standard Industial Clasification of All Economic Activities, revision 4 http://unstats.un.org/unsd/cr/registry/regdnld.asp?Lg=1 ISO 10383 Market Identifier Codes ISO 10962 - Classification of Financial Instruments ISO 10962 extended by the US codes is used. Financial instruments are restricted to securities in the context of the ISO-norm The code contains 6 positions: 1st position is the category code of the financial instrument 2nd position is the groiup code 3rd position is the first attribute 4th position is the second attribute 5th position is the third attribute 6th position is the fourth attribute ISO 3166-2 - Country codes ISO 4217 - Currency codes Different public ISO codes used in the ontology Identification factors Identification factors which indicate the customer integrity is at risk. Impact of the risk occuring http://www.fadyart.com/externalrisks.html Legal entity established in the form of a corporation in the location of establishment. Institutional banking Contactpoints for institutional customers Instrument status Reflects the genaral status of the instrument with respect of the trading possibilities, corporate actions possibilities,... Instrument values Values referenced from the financial instrument class Instrument nature The common nature of the financial instrument. Insurance Insurances linked to the holdings in securities account. Exemple accident insurance which covers an amount in case of death of the valuation in securities account. Eventually wiht a maximum and minimum amount. Risk profile of interest rate costs Examples of risk occurences: - Customer area If the customer has to pay more interests for credits, his consumption is reduced with direct or indirect : -- less sales by the producer -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Producer area If the producer has to pay more interests for credits, his profitability is reduced, meaning: -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Issuer area If the market interests rise in the issuer’s area, the issuer has to provide a higher rentability too, meaning: -- less solvability by the issuer in the long term - Holder area If the market interests rise in the holder’s area, the rentability of the current investments lowers. -- to keep the rentability uplevel, the underlying value is lowered. Risk that the cost for interest increases. Interest rate symptom Interest rate symptoms on which a risk profile is based. Internal risk Monitoring of risk inherent to securities handling. Investment banking Contact points for large investors K - Financial and insurance activities L - Real estate activities Risk profile of legal restrictions Examples of risk occurences: - Customer area If there are legal restrictions on the purchases by the customers, e.g. alcohol by young persons: -- less sales by the producer -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Producer area If there are legal restrictions on the production by the producers, e.g. cars with high carbon dioxide emission: -- less sales by the producer -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Issuer area If there are legal restrictions on the issuance of stock, e.g. stock with mortgages as collateral are evaluated less than 100%, this means: -- need more collaterals as guarantee for loans -- increased costs for borrowing -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Holder area If the purchase of stock is legally restricted, e.g. of so-called fiscal paradises, this means: -- less demand for the stock -- prices, thus valuation falling Risk that legal restrictions like technical, ecological and cultural measures, will have negative effects. Legal restriction risk symptom Legal restriction risk symptom on which a risk profile is based. Passif The debts of the entity the accounting is done for. The equity capital is included since it is considered a debt against the share-holders. Risk profile of the stock's liquidity Example of risk occurence: - Issuer area If some capital markets would become unaccessible: -- less capital gathering possibilities -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Holder area Due to stricter regulatory measures, liquidity decreases, with higher risk premiums as consequence: -- less demand for the stock -- prices, thus valuation falling The intrinsic risk that the trade in the stock is restricted wether this is due to market circumstances or regulatory measures. Liquidity risk symptom Liquidity symptoms on which a risk profile is based. Long term passif Debts which are fixed for more than 1 year, including the equity capital. Low profitability impact Low risk probability Low solvability impact Low impact on the stock price M - Professional, scientific and technical activities Maagement fee The services rendered in the field of portfolio management. - advisory - discretionary Risk profile of the management Examples of management risks - Issuer and producer areas Management errors are a risk factor for the issuer. Signs of dangerous management behaviour are (from empiric studies): -- the management did not learn from errors in the past since there were no errors commitet -- the management decides from “the stomac” -- only successes lived in the past with as result: -- less profit by the issuer or producer in the short term -- less solvability by the issuer or producer in the long term Risk that the management represents through: - incompetency on management level; - ignorance in the field of activity of the issuer; - remuneration and departure premiums out of proportion to the results; - focus on short term results Management risk symptom Management symptoms on which a risk profile is based. Mandatory corporate action Service of executing mandatory corporate actions: coupon payments, reimbursements,... Medium profitability impact Medium risk probability Medium solvability impact Medium impact on the stock price Merchant banking Contact points for corporations and wealthy customers Monitoring status The contract status with a dataprovider on instrument update information. Moody's Credit ratings issued by Moody's rating agency. Moody's bank ratings Moody's issues ratings of individual banks. Investment grade Grades to be regarded as investments. Moody's long term credit rating Non-investment grade Grades to be regarded as spculative, also called junk bonds or high yield. Moody's short term credit rating Moody's issues different categories for short term taxable credits and non-taxable credits. We do not distinguish them here since they overlap. Moody's special ratings NOSTRO account The account in the principal's books of holdings of another financial institution. The national banks from which credits can be obtained or furnished by local banks. Non-resident capital owner Capital owner is a fiscal non-resident in the fiscal country of the principal. His fiscal country is different from the principal's. Non resident income owner Income owner is a fiscal non-resident in the fiscal country of the principal. His fiscal country is different from the principal's. NOSTRO account position The position in financial instruments of the account NOSTRO cash account NOSTRO securities account O - Public administration and defence; compulsory social security Risk profile of business operations Example of operational risk: - Producer area Deliveries delayed, image damaged, poorer quality: -- less sales by the producer -- less profit by the issuer in the short term -- less solvability by the issuer in the long term The risk bared by the operations of the issuer or the elements in the production chain. Operational risk symptom Operational symptoms on which a risk profile is based. Operational organisation Organization of operational entities Organizational structure of the principals Reference to the organisational structure of the principal is made for: - indication of the performer of procedure steps - commission calculations - common income- and cost attributions - authorizations - destination for files and reports - contactpoints for questions and issues - ... Other debtors Entities which cannot be identified disctinctly from economic nor legal perspective. P - Education Party Party involved with the conduct of securities handling Authorized person Broker The person or entity acting on the market on behalf of the holder or issuer. Client arrangement The arrangement whereby one or more parties obtain a role in relations with accounts. Custodian An entity which undertakes the safekeeping and administration of securities and other financial assets on behalf of others. Copyright © 2006, European Central Bank, Frankfurt am Main, Germany. This information may be obtained free of charge through the ECB's website. Customer Customer which buys services or goods from the issuer of financial instruments or, from the producer controlled by the issuer. The control is exercised by means financial participation or by appointment of the management. Financial instrument data provider The party providing the securities handling organization of financial instrument data, data on corporate actions and eventually on exchange prices. The documentation which can be brought in by any party and fullfilling a formality condition. Fiscal agent The party fulfilling the fiscal obligations of the issuer in the country of issuance. Example retaining the necessary prepaid taxes from income payments, reporting on operations to the local tax authorities. The country of residence of the issuer is thus normally different form the country of issuance. This tasks is often fullfilled by custodians. Global custodian A custodian which provides its customers with custody services in respect of securities traded and settled not only in the country in which the custodian is located but also in numerous other countries throughout the world. Copyright © 2006, European Central Bank, Frankfurt am Main, Germany. This information may be obtained free of charge through the ECB's website. Guarantee Party who will take on the obligations of reïimbursement of principal and/or interests in case the issuer fails in these obligations. The guarantee is normally subject to conditions. Holder of the security Party which is the beneficial owner of the capital and eventually the income rights represented by the financial instrument. Holding can be a physical status or a scriptural status. The latter in the event the financial instruments are deposited in a securities account. Issuer The issuer of the financial instrument. The party who the financial means are ultimately destined and who will use these means economically. Compare to the issuer in second rang. Second rang issuer The financial institution or fiduciary company which issues certificates as counterpart of a deposit of original shares. E.G. issuer of ADR's. Lead manager The commercial or investment bank with the primary responsibility for organizing syndicated bank credit or bond issued. The lead manager recruits additional lending or underwriting banks, negotiates terms of the issue with the issuer, and assesses market conditions. Copyright © 2000, Campbell R. Harvey. All Rights Reserved. Legal representative Paying agent The party, financial institution or other agency, which has been appointed by the issuer as paying agent for the principal and interests or dividends. Price informer An entity which informs prices of financial instruments Principal The party for who's account and eventually in who's name the securities handling operations are performed. This is mostly a financial institution. Principal paying agent Pincipal agency, which has been appointed by the issuer as paying agent for the principal and interests or dividends In case of an appointed principal paying agent by the issuer, the regular paying agents have to turn to the principal paying agents to recover the payments from the issuer. Producer The party which is producer of goods or services under financial or management control of an issuer of financial instruments. Transfer agent The agency which keeps track of stock, their certificaters and/or bond records and resolves problems for any issuer. Mainly used in the area of funds to monitor the issued stock. Type of the party involved in securities handling. Usufructuary Values referenced from the Party class. Customer acceptance processes http://www.bis.org/publ/bcbs85.htm http://www.fatf-gafi.org/ The scope is the evaluation of a (possible or existing) client relationsship from compliance point of view. The source for the process are the recommendations and guidelines of: - the Finanial Action Task Force (FATF) - the Basel Committee guidelines for banks on due diligence The recommendations of the FATF have been largely translated into national laws. These might vary slightly from country to country through their practical implementations. Think about the application of the same rules by countries with or without bank secrecy obligation. The procedure shall thus eventually vary slightly per principal. The relation isApplicableForPrincipal points to the principals applying the rules in the described way. The purpose of the process is to avoid being involved in - money laundering: money earned by criminal acts and recycled into the regular economy; - financing of terrorist activities Final step in the customer compliance evaluation process 0 Customer related processes Processes and procedures in relation with customer contacts. The purpose is: - to identify the customers - to manage the relevant customer data for the purposes of: -- accounting -- correct statement and note calculation -- identification of the beneficiary owners of capital and income -- correct tax application, calculation and reporting The processes and procedures in place coimply with different regulations to avoid integrity- and reputational risk for the principal. Customer monitoring processes The scope is the monitoring of the customer transactions. Parties which represent physical persons Risk profile of the political situation. Examples of political risk occurences: - Customer area If the products are subject to e.g. an import embargo: -- less sales by the producer -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Producer area If the products cannot be exported to certain customers, this means: -- less sales by the producer -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Issuer/Producer area If the issuer or producers are nationalized, this means: -- profits are going down in the general interest -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Customer area Political dictatures have a decreasing purchase power as consequence: -- less demand for the products -- less profit by the issuer in the short term -- less solvability by the issuer in the long term Risk incured by political decisions. Political risk symptom Political symptoms on which a risk profile is based. Posting unit The unit used when posting the instrument in the books of the principal (market side) or the custodian (street side). Primary markets Entity in charge of handling the primary market orders. These orders include - new issues of financial instruments: equities and bonds; - continuous issues of financial instruments: open investment funds like SICAV's, saving bonds,... Primary market order fee Service of executing orders on the primary market Private banking Private banking customer's contact points Probability of the risk occuring http://www.fadyart.com/externalrisks.html Processes and procedures This class is the actual open wharf. The processes and subprocesses are represented by classes. Their prefix is Pcs. The procedures are represented by individuals in the class, their prefix is pcd. Process triggers The triggers to start a process Product- and transaction factors Product- and transaction factors indicating an increased integrity risk. Profile- and behaviour factors Profile- and behaviour factors which indicate an increased integrity risk. Demonstrates the construction of the result according to the nature of the profits and costs. This nature combined with the cost- and profitcenters found in the analytical accounting form a management information system. In the European normalized sheme, the first digit of an account number corresponds to an accounts class. Class 6 stands for the costs, class 7 for the costs. Profit and loss Profitability impact Impact on the profitability of the producer or the issuer. Public banking Contact points for public customers Q - Human health and social work activities R - Arts, entertainment and recreation Reasons for account freeze. The reasons why an account is frozen. This means all positions on the account as well as the relationships with persons. Reason for position freeze Reason why a position in account is frozen Referential systems Entities in charge of securities and securities accounts referential systems. When used exclusively for securities handling, this might include the customer referential systems. Risk profile of regulations Examples of risk occurences: - Customer area The markets in the scope are the export markets of the issuer or the producer’s. If the products are subject to e.g. an import restriction, the target is to reduce the share of imported products on the local market with as a consequence: -- less sales by the producer -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Producer area If the products are subject to e.g. stringent technical specifications, the consequence in first instance will be: -- less sales by the producer -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Holder area Due to stricter regulatory measures, liquidity decreases, with higher risk premiums as consequence: -- less demand for the stock -- prices, thus valuation falling The risk incurred by regulations. Regulatory risk symptom Regulatory symptoms on which a risk profile is based. Risk profile of the reputation Examples of risk occurences: - Customer area If customers have to be excluded from sales due to reputational risk, e.g. armement deliveries to dictatures, this means: -- less sales by the producer -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Producer area If the reputation of the producer is at risk, e.g. child labour in shoe manufacturies, this means: -- less sales by the producer -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Issuer area If the reputation of the issuer is at risk, e.g. anti-trust investigations, this means: -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Holder area If the reputation of the holder is at risk, e.g. mafia connections of major shareholders, this means: -- less demand for the stock -- prices, thus valuation falling Risk incurred by the public reputation. Reputational risk symptom Reputational symptoms on which a risk profile is based. Resident capital owner Capital owner is a fiscal resident in the fiscal residence country of the principal. Resident income owner Income owner is a fiscal resident in the fiscal residence country of the principal. Retail branches Retail customers contact points Risk Risk monitoring http://www.fadyart.com/externalrisks.html Risk profile http://www.fadyart.com/externalrisks.html The risk profile is the core of the risk monitoring. The risk profile can be represented in an X/Y graph. Taxonomy of the risk profiles: 1 level of subclasses. The level is represented by different risk subclasses: commodity cost, customer risk, energy cost, exhange rate,... All profiles are stored at the level of the subclass. Each risk profile can have 3 possible impact evaluations: 1. Impact on the profitability position of the issuer of the stock. 2. Impact on the solvability position of the issuer of the stock. 3. Straight or indirect decrease of the stock price. That impactevaluation can be an individual of the subclasses of the impact class: High, Medium or Low. Example LowProfitabilityImpact. If we represent the impact evaluation on the Y-axis, we divide the Y-axis into 3 parts. The part starting at the intersection represents a low impact, the second part a medium impact and the upper part a high impact. On the X-axis we evaluate the probability of the risk occurring. The evaluation is done on both axis in 3 categories: low, medium and high. The low probability is represented on the 1/3 part starting at the intersection, the medium probability in the second part and the higher probabilities in the third part of the X-axis. Each individual profile of the subclasses refers to: 1. an impact subject and assessment of the impact 2. a probability assessment Further necessary information: 1. the area impacted by the risk: where is the source of the risk 2. the symptom which leads to a risk assessment 3. the source for the symptom: a press release, annual accounts statement, internet article,... 4. the validity period for the profile Risk symptom Symptom on which a risk assesment is based, so that a profile is obtained. http://www.fadyart.com/externalrisks.html S - Other service activities Investment grade Grades to be regarded as investments. Standard & Poor's long term credit rating Ratings on debts issued for periods > 1 year. Non-Investment grade Grades to be regarded as speculative, also called junk bonds. Standard & Poor's short term credit rating Rating of debts issued for periods uptil 1 year. Safekeeping fee The service of safekeeping and monitoring physical or inmaterial financial instruments. Secundary markets Entities in charge of secundary market order handling. The secundary markets handling include orders on: - official markets; - over the counter markets (OTC); - public auctions for existing issues Secundary market order fee Service of execution of purchase- or salesorders on the secundary markets Securities handling Entities managing securities handling. Services Services rendered to the customers of and for account of our principals. The services can be rendered in own name or in name of the principals. Servuices linked to client portfolios Services rendered on the level of the client portfolio Service linked to corporate action Service of executing corporate actions Service linked to market orders Service of execution of primary and secundary market orders Service linked to securities accounts Service rendered with regard to holdings in securities account. Short term passif Debts which are frozen for max 1 year. Solvability impact Impact on the solvability of the producer or issuer Standard & Poor's Credit rating issued by Standard & Poor's rating agency http://www.standardandpoors.com/ Direct impact on the stock price Stock price impact, direct or indirect. Suppliers T - Activities of households as employers; undifferentiated goods- and services-producing activities of households for own use Target of loan The classification of loans by the trading scope aspect. Indicates to which public the loan is targetted. Temporal information Time indicators An entity being economic distinct in the location of settlement but not income tax wise distinct. The revenue is taxed with the members of the transparant entity in the respective tax resident countries of the members. U - Activities of extraterritorial organizations and bodies Risk profile of the underlying assets or the collateral of a security Examples of risk occurences: - Issuer area If the underlying assets become less worth, this means: -- less profit by the issuer in the short term -- less solvability by the issuer in the long term - Holder area If the underlying values become less worth, this means: -- prices, thus valuation is lowered The underlying for derivatives or the collateral for debt instruments can be negatively influenced. Underlying or collateral risk symptom Underlying-Collateral symptoms on which a risk profile is based. VOSTRO account 1 The account of the principal for his holdings in another financial institution's books. Valid instant Instant at which the information of an individual is valid. Valid period Period during which the information on an individual is valid. Valid time Valid time instants or periods Value partition Partition with reference data. Values in this partition are referenced by the core concepts as there are: financial instrument, party, ... to value their properties. Voluntary corporate action Service of executing voluntary corporate actions like management buy outs, public purchase offers,... Vostro account position The position of financial instruments in the account Vostro cash account Vostro securities account The X/N status is determined at 2 levels: the customer securities account' beneficial owners and the financial instrument. Debt instruments eligible to the X/N status are instruments for which the Belgian National Bank is acting as settlement party and custodian. An instrument with status X can only be held by beneficial owners with X status. An instument with N or X/N status can be held by beneficial owners having the X or the N status. When an instrument is of X or X/N status, and the beneficial owners are of X status, the income is exempted from Belgian prepaid taxes. The status X AND N is not available at customer level. Yearly account The accounts which have to be published at least once a year according to the national legislation. Finance 360T 360T Active DE FRANKFURT GERMANY September 2007 www.360T.com AFET AGRICULTURAL FUTURES EXCHANGE OF THAILAND Active BANGKOK January 2008 TH THAILAND www.afet.or.th ALTERNATIVE EXCHANGE ALTX ALTX Active August 2006 JOHANNESBURG SOUTH AFRICA ZA www.altx.co.za ALXA AMSTERDAM Active August 2007 NL NYSE EURONEXT - ALTERNEXT AMSTERDAM THE NETHERLANDS www.euronext.com ALXB Active August 2007 BE BELGIUM BRUSSELS NYSE EURONEXT - ALTERNEXT BRUSSELS www.euronext.com ALXP Active August 2007 FR FRANCE NYSE EURONEXT - ALTERNEXT PARIS PARIS www.euronext.com AMSTERDAM AMTS Active MTS AMSTERDAM N.V. NL November 2005 THE NETHERLANDS www.mtsamsterdam.com AMXO Active NEW YORK NYSE NYSE AMEX OPTIONS November 2008 UNITED STATES OF AMERICA US www.nyse.com AQUA AQUA EQUITIES L.P. Active NEW YORK September 2008 UNITED STATES OF AMERICA US www.aquaequities.com ARCX Active NEW YORK NYSE NYSE ARCA September 2006 UNITED STATES OF AMERICA US www.nyse.com AU AUSTRALIA AUSTRALIAN WHEAT BOARD AWB AWBX Active MELBOURNE September 2006 www.awb.com.au AU AUSTRALIA AUSTRALIAN WOOL EXCHANGE AWEX AWEX Active LANE COVE September 2006 www.awex.com.au AR ARGENTINA Active BACE BUENOS AIRES BUENOS AIRES CEREAL EXCHANGE June 2008 www.bolcereales.com.ar Active August 2008 BAIK BAIKAL GB LONDON UNITED KINGDOM Active BATE BATS EUROPE GB LONDON November 2008 UNITED KINGDOM www.batstrading.com Active BATS BATS BATS EXCHANGE KANSAS CITY November 2008 UNITED STATES OF AMERICA US www.batstrading.com AR ARGENTINA Active BCFS BOLSA DE COMERCIO DE SANTA FE November 2007 SANTA FE www.bcsf.com.ar Active August 2006 BCSE BCSE BELARUS BELARUS CURRENCY AND STOCK EXCHANGE BY MINSK www.bcse.by Active BANGKOK BEEX BOND ELECTRONIC EXCHANGE November 2007 TH THAILAND www.bex.or.th Active BERA BERLIN BOERSE BERLIN - REGULIERTER MARKT DE February 2008 GERMANY Active BERB BERLIN BOERSE BERLIN - FREIVERKHER DE February 2008 GERMANY Active BGC FINANCIAL INC BGCF NEW YORK September 2007 UNITED STATES OF AMERICA US www.bgcpartners.com Active BGC BROKERS LP BGCI GB LONDON October 2007 UNITED KINGDOM www.bgcpartners.com Active BIDS BIDS BIDS TRADING L.P. February 2007 NEW YORK UNITED STATES OF AMERICA US www.bidstrading.com Active BLOCKMATCH BLOX GB LONDON November 2007 UNITED KINGDOM www.instinet.com Active BE BELGIAN POWER EXCHANGE BELGIUM BLPX BLPX BRUSSELS November 2007 www.belpex.be Active BLOOMBERG TRADEBOOK LLC BLTD NEW YORK November 2007 UNITED STATES OF AMERICA US www.bloombergtradebook.com Active BMFM BMFMS DERIVATIVES REGULATED MARKET - BMFMS January 2008 RO ROMANIA SIBIU www.bmfms.ro Active BE BELGIUM BMTS BRUSSELS MTS BELGIUM November 2005 www.mtsbelgium.com Active August 2007 BNDD BONDDESK MILL VALLEY UNITED STATES OF AMERICA US www.bonddeskgroup.com Active BOAT GB June 2008 LONDON MARKIT BOAT UNITED KINGDOM www.markit.com Active BOND BONDVISION IT ITALY November 2005 ROMA www.bondvision.net Active BONDSCAPE BOSC GB LONDON November 2007 UNITED KINGDOM www.bondscape.net AZ AZERBAIJAN Active BAKU BAKU STOCK EXCHANGE BSEX September 2007 www.bse.az Active BTEC ICAP ELECTRONIC BROKING (US) JERSEY CITY June 2007 UNITED STATES OF AMERICA US www.icap.com Active BTEE GB ICAP ELECTRONIC BROKING (EUROPE) June 2007 LONDON UNITED KINGDOM www.icap.com Active BOLSA ELECTRONICA DE VALORES DE CARACAS BVCA CARACAS May 2008 VE VENEZUELA www.bolsadecaracas.com Active CA CANADA CANNEX CANNEX FINANCIAL EXCHANGE LTS CANX June 2005 TORONTO www.cannex.com Active CAZE GB LONDON November 2007 THE CAZENOVE MTF UNITED KINGDOM www.jpmorgancazenove.com Active CBOE STOCK EXCHANGE CBSX CBSX CHICAGO July 2008 UNITED STATES OF AMERICA US www.cbsx.com Active CCFE CHICAGO CHICAGO CLIMATE FUTURES EXCHANGE June 2007 UNITED STATES OF AMERICA US www.ccfe.com Active CCFX CHINA CHINA FINANCIAL FUTURES EXCHANGE CN SHANGHAI September 2007 www.cffex.com.cn/wps/wcm/connect/cffex_dev/CFFEX_EN/SiteArea_ShouYe_EN/PAGE_1SHOU_ye Active CCLX CCLux CENTRALE DE COMMUNICATIONS LUXEMBOURG S.A. 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CASH MARKET ATHEXC Active GR GREECE November 2007 XATH www.athex.gr ALPHA ATS Active CA CANADA July 2008 TORONTO XATS www.alphatradingsystems.ca Active BAHAMAS BAHAMAS INTERNATIONAL SECURITIES EXCHANGE BISX BS June 2005 NASAU XBAA www.bisxbahamas.com Active BARBADOS BARBADOS STOCK EXCHANGE BB BRIDGETOWN BSE June 2005 XBAB www.bse.com.bb Active BAHRAIN BAHRAIN STOCK EXCHANGE BH BSE June 2005 MANAMA XBAH www.bahrainstock.com Active BANGALORE BANGALORE STOCK EXCHANGE LTD IN INDIA June 2005 XBAN www.bgse.co.in Active BARCELONA BARCELONA STOCK EXCHANGE ES June 2005 SPAIN XBAR www.borsabcn.es Active BBJ ID INDONESIA JAKARTA JAKARTA FUTURES EXCHANGE (BURSA BERJANGKA JAKARTA) June 2005 XBBJ www.bbj-jfx.com Active CA CANADA May 2008 PERIMETER FINANCIAL CORP. - BLOCKBOOK ATS TORONTO XBBK www.pfin.ca AR ARGENTINA Active August 2006 BOLSA DE COMERCIO DE CORBODA CORDOBA XBCC www.bolsacba.com.ar Active BOLCHILE CHILE CL June 2005 LA BOLSA ELECTRONICA DE CHILE SANTIAGO XBCL www.bolchile.cl AR ARGENTINA Active BOLSA DE COMMERCIO DE MENDOZA S.A. 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MUMBAI XIMC www.mcxindia.com Active CHICAGO INTERNATIONAL MONETARY MARKET June 2005 UNITED STATES OF AMERICA US XIMM www.cme.com Active DE FRANKFURT GERMANY INVESTRO October 2008 XINV www.investro.de Active CHICAGO INDEX AND OPTIONS MARKET IOM UNITED STATES OF AMERICA US XIOM une 2005 www.cme.com Active BAGHDAD IQ IRAK STOCK EXCHANGE IRAQ ISX September 2006 XIQS www.isx-iq.net Active INTERNATIONAL SECURITIES EXCHANGE, LLC - ALTERNATIVE MARKETS ISE June 2008 NEW YORK UNITED STATES OF AMERICA US XISA www.ise.com Active INTERNATIONAL SECURITIES EXCHANGE, LLC - EQUITIES ISE June 2008 NEW YORK UNITED STATES OF AMERICA US XISE www.ise.com Active ISE ISLAMABAD ISLAMABAD STOCK EXCHANGE June 2005 PAKISTAN PK XISL www.ise.com.pk Active ISE ISTANBUL ISTANBUL STOCK EXCHANGE June 2005 TR TURKEY XIST www.ise.org Active INTERNATIONAL SECURITIES EXCHANGE, LLC ISE June 2005 NEW YORK UNITED STATES OF AMERICA US XISX www.iseoptions.com Active JAMAICA JAMAICA STOCK EXCHANGE JM June 2005 KINGSTON XJAM www.jamstockex.com Active JAPAN JASDAQ JASDAQ SECURITIES EXCHANGE JP June 2005 TOKYO XJAS www.jasdaq.co.jp Active ID INDONESIA JAKARTA JAKARTA NEGOTIATED BOARD June 2005 XJNB Active JOHANNESBURG JSE JSE SECURITIES EXCHANGE June 2005 SOUTH AFRICA XJSE ZA www.jse.co.za Active JAPAN JP June 2005 KANEX KANSAI COMMODITIES EXCHANGE OSAKA XKAC www.kanex.or.jp Active June 2005 KARACHI KARACHI STOCK EXCHANGE (GUARANTEE) LIMITED KSE PAKISTAN PK XKAR www.kse.com.pk ALMA-ATA Active June 2005 KAZAKHSTAN KAZAKHSTAN STOCK EXCHANGE KAZE KZ XKAZ www.kase.kz Active June 2005 KANSAS CITY KANSAS CITY BOARD OF TRADE KCBT UNITED STATES OF AMERICA US XKBT www.kcbt.com Active June 2005 KHOREZM INTERREGION COMMODITY EXCHANGE TASHKENT UZ UZBEKISTAN XKCE Active July 2008 KOREA EXCHANGE (FUTURES MARKET) KOREA, REPUBLIC OF KR KRX FM SEOUL XKFE http://eng.krx.co.kr Active June 2005 KHARTOUM KHARTOUM STOCK EXCHANGE KSE SD SUDAN XKHA www.kse.com.sd Active June 2005 KHARKOV KHARKOV COMMODITY EXCHANGE UA UKRAINE XKHR www.xtb.com.ua Active June 2005 KIEV KIEV UNIVERSAL EXCHANGE UA UKRAINE XKIE www.kue.kiev.ua Active June 2006 KIEV KIEV INTERNATIONAL STOCK EXCHANGE KISE UA UKRAINE XKIS www.kise-ua.com Active BURSA MALAYSIA June 2005 KUALA LUMPUR MALAYSIA MY XKLS www.klse.com.my Active KOREA EXCHANGE (KOSDAQ) KOREA, REPUBLIC OF KOSDAQ KR November 2006 SEOUL XKOS http://eng.krx.co.kr Active July 2008 KOREA EXCHANGE (STOCK MARKET) KOREA, REPUBLIC OF KR KRX SM SEOUL XKRX http://eng.krx.co.kr Active BISHKEK KG KSE KYRGYZ STOCK EXCHANGE KYRGYZSTAN March 5th 2007 XKSE www.kse.kg Active KUWAIT KUWAIT KUWAIT STOCK EXCHANGE KW March 5th 2007 XKUW www.kuwaitse.com Active June 2005 LAHORE LAHORE STOCK EXCHANGE LSE PAKISTAN PK XLAH www.lahorestock.com Active ES June 2005 LATIBEX MADRID SPAIN XLAT www.latibex.com Active GB June 2005 LONDON LONDON BULLION MARKET UNITED KINGDOM XLBM www.lbma.org.uk Active June 2005 LABUAN LABUAN INTERNATIONAL FINANCIAL EXCHANGE LFX MALAYSIA MY XLFX lfxsys.lfx.com.my Active GB June 2005 LONDON NYSE EURONEXT LIFFE UNITED KINGDOM XLIF www.euronext.com Active BOLSA DE VALORES DE LIMA BVL June 2005 LIMA PE PERU XLIM www.bvl.com.pe Active June 2005 LISBOA NYSE EURONEXT - EURONEXT LISBON PORTUGAL PT XLIS www.euronext.com Active LITHUANIA LT November 2007 OMX NORDIC EXCHANGE VILNIUS VILNIUS XLIT www.lt.omxgroup.com Deleted July 2007 LJUBLJANA LJUBLJANA STOCK EXCHANGE (SEMI-OFFICIAL MARKET) SI SLOVENIA XLJS www.ljse.si LJSE semi-official market does not exist since 30 June 2008 Active June 2005 LJUBLJANA LJUBLJANA STOCK EXCHANGE (OFFICIAL MARKET) SI SLOVENIA XLJU www.ljse.si Active GB June 2005 LME LONDON LONDON METAL EXCHANGE UNITED KINGDOM XLME www.lme.co.uk Active GB June 2005 LONDON LONDON STOCK EXCHANGE LSE UNITED KINGDOM XLON www.londonstockexchange.com Active June 2005 LUSAKA LUSAKA STOCK EXCHANGE XLUS ZAMBIA ZM www.luse.co.zm Active June 2005 LU LUXEMBOURG LUXEMBOURG LUXEMBOURG STOCK EXCHANGE XLUX www.bourse.lu AR ARGENTINA Active BUENOS AIRES June 2005 MAE MERCADO ABIERTO ELECTRONICO S.A. 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NYSE UNITED STATES OF AMERICA US XNYS www.nyse.com Active June 2005 NEW ZEALAND NEW ZEALAND EXCHANGE LTD NZ NZX WELLINGTON XNZE www.nzx.com ABM Active NO NORWAY November 2007 OLSO OSLO BORS ALTERNATIVE BOND MARKET XOAM www.olsoabm.no Active February 2007 NO NORWAY OLSO OSLO AXESS XOAS www.osloaxess.no Active CHICAGO June 2005 ONECHICAGO, LLC UNITED STATES OF AMERICA US XOCH www.onechicago.com Active June 2005 ODESSA ODESSA COMMODITY EXCHANGE UA UKRAINE XODE www.otb.odessa.ua Active November 2007 OMX OTC PUBLICATION VENUE SE STOCKHOLM SWEDEN XOPV www.nasdaqomx.com Active JAPAN JP June 2005 OSAKA OSAKA SECURITIES EXCHANGE OSE XOSE www.ose.or.jp Active J-NET JAPAN JP January 2006 OSAKA OSAKA SECURITIES EXCHANGE J-NET XOSJ www.ose.or.jp Active June 2005 NO NORWAY OLSO OSLO BORS ASA XOSL www.oslobors.no Active June 2005 OTC BULLETIN BOARD OTCBB UNITED STATES OF AMERICA US WASHINGTON XOTC www.otcbb.com Active June 2005 NABLUS PALESTINE SECURITIES EXCHANGE PALESTINIAN TERRITORY, OCCUPIED PS PSE XPAE www.p-s-e.com Active FR FRANCE June 2005 NYSE EURONEXT - EURONEXT PARIS PARIS XPAR www.euronext.com March 2009 Modified NASDAQ OMX FUTURES EXCHANGE NFX PHILADELPHIA UNITED STATES OF AMERICA US XPBT www.nasdaqtrader.com Nasdaq acquired the Philadelphia Stock Exchange (PHLX) Active November 2007 RU RUSSIA SAINT-PETERSBURG SPBEX STOCK EXCHANGE SAINT PETERSBURG XPET www.spbex.ru June 2005 Modified NASDAQ OMX PHLX PHILADELPHIA PHLX UNITED STATES OF AMERICA US XPHL www.phlx.com Modification: February 2009: Nasdaq acquired the Philadelphia Stock Exchange (PHLX) Active June 2005 PHILADELPHIA PHILADELPHIA OPTIONS EXCHANGE UNITED STATES OF AMERICA US XPHO www.phlx.com Active June 2005 PASIG CITY PH PHILIPPINE PHILIPPINE STOCK EXCHANGE, INC. 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BVP June 2005 PA PANAMA PANAMA XPTY www.panabolsa.com Active CH October 2007 SCOACH SWITZERLAND SWITZERLAND XQMH ZURICH www.scoach.com Active EC ECUADOR June 2005 QUITO QUITO STOCK EXCHANGE XQUI www.ccbvq.com Active BUCHAREST June 2005 RASDAQ RASDAQ RO ROMANIA XRAS www.bvb.ro Active June 2005 KUALA LUMPUR MALAYSIA MY RBM RINGGIT BOND MARKET XRBM Active LATVIA LV November 2007 OMX NORDIC EXCHANGE RIGA RIGA XRIS www.baltic.omxnordicexchange.com Active CZ CZECH REPUBLIC October 2005 PRAGUE RM-SYSTEM A.S. 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MFAO SPAIN XSRM www.mfao.es Active BA BOSNIA AND HERZEGOVINA June 2007 SARAJEVO SARAJEVO STOCK EXCHANGE SASE XSSE www.sase.ba Active HO CHI MINH CITY June 2005 VIET NAM VIETNAM STOCK EXCHANGE VN XSTC www.hsx.vn Active REPUBLICAN STOCK EXCHANGE September 2007 TASHKENT UZ UZBEKISTAN UZSE XSTE www.uzse.uz Active November 2007 OMX NORDIC EXCHANGE STOCKHOLM AB SE STOCKHOLM SWEDEN XSTO Active BOERSE STUTTGART DE GERMANY STUTTGART September 2007 XSTU www.boerse-stuttgart.de Active EL SALVADOR EL SALVADOR EL SALVADOR STOCK EXCHANGE June 2005 SV XSVA www.bves.com.sv Active June 2005 MBABANE SSX SWAZILAND SWAZILAND STOCK EXCHANGE SZ XSWA www.ssx.org.sz Active GB LONDON SWX SWISS BLOCK September 2008 UNITED KINGDOM XSWB www.swxeurope.com Active CH June 2005 SWISS EXCHANGE SWITZERLAND SWX XSWX ZURICH www.swx.com Active EE ESTONIA FIRST NORTH ESTONIA November 2007 TALLINN XTAA www.firstnorthbaltic.omxgroup.com Active IL ISRAEL June 2005 TASE TEL AVIV TEL AVIV STOCK EXCHANGE XTAE www.tase.co.il Active June 2005 TAIFEX TAIPEI TAIWAN TAIWAN FUTURES EXCHANGE TW XTAF www.taifex.com.tw Active June 2005 TAIPEI TAIWAN TAIWAN STOCK EXCHANGE TSEC TW XTAI www.tse.com.tw Active EE ESTONIA June 2005 TALLINN TALLINN STOCK EXCHANGE - LISTING XTAL www.baltic.omxnordicexchange.com Active EE ESTONIA November 2007 TALLINN TALLINN STOCK EXCHANGE - REGULATED MARKET XTAR www.baltic.omxnordicexchange.com Active IR IRAN November 2007 TEHRAN TEHRAN STOCK EXCHANGE TSE XTEH www.tse.ir Active JAPAN JP September 2007 TFX TOKYO TOKYO FINANCIAL EXCHANGE XTFF www.tfx.co.jp AL ALBANIA Active June 2005 TIRANA TIRANA STOCK EXCHANGE XTIR Active JAPAN JP January 2006 TOKYO TOKYO STOCK EXCHANGE - TOSTNET-1 XTK1 www.tse.or.jp Active JAPAN JP January 2006 TOKYO TOKYO STOCK EXCHANGE - TOSTNET-2 XTK2 www.tse.or.jp Active JAPAN JP June 2005 TGE TOKYO TOKYO KOKUMOTSU SHOHIN TORIHIKIJO (GRAIN EXCHANGE) XTKO www.tge.or.jp Active JAPAN JP June 2005 TOKYO TOKYO STOCK EXCHANGE TSE XTKS www.tse.or.jp Active JAPAN JP June 2005 TOCOM TOKYO TOKYO KOGYOIN TORIHIKIJO (COMMODITY EXCHANGE) XTKT www.tocom.or.jp Active August 2007 IT ITALY MILANO TLX XTLX www.eurotlx.com Active CA CANADA June 2005 NEX TSX VENTURE EXCHANGE - NEX VANCOUVER XTNX www.tsx.com/en/nex Active June 2005 PORT OF SPAIN TRINIDAD AND TOBAGO TRINIDAD AND TOBAGO STOCK EXCHANGE TT TTSE XTRN Active April 2007 CROATIA HR XTRZ ZAGREB ZAGREB MONEY AND SHORT TERM SECURITIES MARKET INC www.trzistenovca.hr Active CA CANADA June 2005 TORONTO TORONTO STOCK EXCHANGE TSE XTSE www.tse.com Active CA CANADA June 2005 TORONTO TSX TSX VENTURE EXCHANGE XTSX www.tsx.com AR ARGENTINA Active NUEVA BOLSA DE COMERCIO DE TUCUMAN S.A. November 2007 TUCUMAN XTUC www.mervaros.com.ar Active BOURSE DE TUNIS BVMT September 2007 TN TUNIS TUNISIA XTUN www.bvmt.com.tn Active IZMIR November 2006 TR TURKDEX TURKEY TURKISH DERIVATIVES EXCHANGE XTUR www.turkdex.org.tr Active February 2006 KIEV UA UKRAINE UKRAINIAN STOCK EXCHANGE UKRSE XUAX www.ukrse.kiev.ua Active June 2005 KAMPALA UG UGANDA UGANDA SECURITIES EXCHANGE USE XUGA www.use.or.ug Active June 2005 KIEV UA UKRAINE UKRAINIAN UNIVERSAL COMMODITY EXCHANGE XUKR www.uutb.com.ua Active June 2005 MN MONGOLIA MONGOLIAN STOCK EXCHANGE ULAAN BAATAR XULA www.mse.mn Active June 2005 TASHKENT UNIVERSAL BROKER'S EXCHANGE 'TASHKENT' UZ UZBEKISTAN XUNI Active BOLSA DE VALENCIA ES June 2005 SPAIN VALENCIA XVAL www.bolsavalencia.es Active June 2005 LU LUXEMBOURG LUXEMBOURG VESTIMA+ XVES www.clearstream.com ALTERNATIVE MARKET-FIRST NORTH LITHUANIA Active February 2008 LITHUANIA LT VILNIUS XVIA www.firstnorthbaltic.omxgroup.com ASUNCION Active BOLSA DE VALORES Y PRODUCTOS DE ASUNCION SA BVPASA June 2005 PARAGUAY PY XVPA www.bvpasa.com.py Active August 2008 GB LONDON SWX EUROPE UNITED KINGDOM XVTX www.swxeurope.com Active June 2005 PL POLAND WARSAW WARSAW STOCK EXCHANGE WSE XWAR www.gpw.pl AT AUSTRIA Active November 2008 VIENNA WIENER BOERSE AG XWBO Active CA CANADA ICE INTERCONTINENTAL EXCHANGE - ICE FUTURES CANADA March 2008 WINNIPEG XWCE www.theice.com/wce.jhtml Active NO MARKET (EG, UNLISTED) October 2005 XXXX ZZ ZZ AU AUSTRALIA Active June 2005 SYDNEY XYIE YIELDBROKER PTY LTD www.yieldbroker.com Active CROATIA HR June 2005 XZAG ZAGREB ZAGREB STOCK EXCHANGE www.zse.hr Active CHINA CN June 2005 XZCE ZCE ZHENGZHOU ZHENGZHOU COMMODITY EXCHANGE www.czce.com.cn Active HARARE June 2005 XZIM ZIMBABWE ZIMBABWE STOCK EXCHANGE ZW www.zse.co.zw Active JOHANNESBURG JSE YIELD-X June 2005 SOUTH AFRICA YLDX ZA www.yieldx.co.za Active BERLIN DE GERMANY June 2005 ZOBEX ZOBEX ZOBX www.equiduct-trading.de American dpositary receipts. Depositary receipts of depositary banks in the US. The structured product is reimbursed according to a formula. The income is adapted according to an added collateral, as mortgages and mortgage backed securities. Agriculture and forestry underlying assets for a commodity future. Agricultural examples: soybeans, rice, potatoes, oats, cocoa, coffee, cotton, sugar,.. Livestock and meat examples: lean hogs, pork, live cattle, ... When a share issue is oversubscribed, the shares are allocated to the subscribers. This is often done in proportion to the subscriptions. The exercese of the option is possible from purchase date till expiration date. The issuer refunds the debt following a predefined amortization plan. Structured financial product representing debts collateralized by assets such as student-loan, credit-card, auto-loan receivables or other personnal assets with exception of real estate. Automobile as collateral for a debt instrument Fixed amount payd per year. Is commonly paid in respect of an insurance contract. The annuitites are paid during a number of years or until the death of the beneficiary. The annuities are earned by payments made in the past or by a one time payment. The shareholder has the option to sell back his share at issue price (or the price agreed at issuance). The option can be exercised at certain period(s) in time. The holder of the preferred share has the option to exchange his preferred shares, during a predefined period, against common shares of a different corporation. The preference treatment is lenghtened in time. Example: if a fixed dividend is paid to the preferred shares before any other dividend payment, if the benefits of the year do not allow the payment of such preference dividend, then the preferred dividends shall be paid from the later benefits, as soon as the profits permit the payment. And this before any oither dividend payment. A receipt issued by a local bank against deposit of shares of a foreign company. The receipts are registered with the control authorities of the residence of the depositary. The purpose is easying the trade of these receipts on the local markets. Sponsored by Merrill Lynch Auction Market Preferred Stock The rate is adjustable and the auction is of the Dutch type: all stock will be traded at the lowest price allowing all offerings to be sold. The issuer refunds the debt following a predefined amortization plan. The issuer has the option to call the bonds for reïmbursement at specified periods during the term of the loan. A person can bear the financial instrument. Options which can only be exercised during a certain period of their life. (source FEF) A financial instrument proving the receivable of a principal sum and eventually periodic interest payments. A group of securities as underlying asset for future. Often the same constitution as an index. Also called a Mortgage-Backed Security (MBS). Is a formal promise to repay a debt with as collateral a pool of mortgages. The underlying mortgages can be payed back in advance or curtailed. The monthly payments are variable. Underlying asset for options is basket of shares. The shareholder has the option to sell back his share at issue price (or the price agreed at issuance). The option can be exercised at certain period(s) in time. The preference treatment is lenghtened in time. Example: if a fixed dividend is paid to the preferred shares before any other dividend payment, if the benefits of the year do not allow the payment of such preference dividend, then the preferred dividends shall be paid from the later benefits, as soon as the profits permit the payment. And this before any oither dividend payment. A group of securities as underlying asset for structured instruments. Often the same constitution as an index. In case of liquidation of the company, subordinated loans are paid after the normal loans and before the share capital. Debt instrument with maturities of 10 years and longer. Baskets of equities as underlying assets for category other assets. Banque de France. Belgian National Bank The credit risk is differentiated amongst subsequent tranches. The senior tranche could get a AAA rating, the mezzanine tranches get a lesser rating, the stock tranches don' t get one eventually. CBO: collateralized bond obligations CDO: collateralized debt obligations CLO: collateralized loan obligations The right to buy the underlying value. The right to buy the underlying value. The delivery of the sales contract is done in cash, not in kind. The difference between the value of the underlying assets in the contract and the actual value is paid/received. The sharecapital of the fund is fixed and closed. The shares can normally be traded on the stock exchange. The value of the shares is the result of offer/demand ratios. Synonyms: The fund is called closed-end companies in the US. Also called Commercial Moirtgage Backed Securities (CBMS). Promise to pay back an amount with commercial real estate mortages as collateral rather than residential real estates. The prepayment risk is lesseer than with MBS-bonds. The fund's assets consists of real estate. A future with commodities as underlying assets Right to an indemnity if the average price of a security does not reach a certain level before a pre-defined date. The right has no value is the average level is reached or superseded. A bond which can be converted into shares of the issuer during a pre-defined period of time. The holder can convert the shares into common shares at certain periods in time. Covered warrants are traded on the same markets as the linked equity which they give the right to buy. Retail investors are more confident in buying and selling them. The owners of preferred shares get a fixed income per share or per facial value or per issue value before any payment of regular dividends to the regular shareholders. If in year there are not sufficient revenues to compensate for the fixed income of preferred stock holders, the right is carried forward to any year where the payment becomes possible. <b>3C7</b>: part of the US company act of 1940 which enables trade in securites without registration with the SEC (Securities and exchange commission) as long as the purchasers in the US are registered as qualified purchasers or accredited investors. <b>144A</b>: Securities reserved to large institutional investors and registered with the SEC (Securities exchange commission). An amount in currencies as underlying asset for the future. Underlying assets for options are currencies. The issuer is in the process of refunding the loan before maturity date. The shareholder has the option to sell back his share at issue price (or the price agreed at issuance). The option can be exercised at certain period(s) in time. The holder of the preferred share has the option to exchange his preferred shares, during a predefined period, against common shares of a different corporation. The assets traded are foreign currencies. An amount in currencies as underlying asset for the structured instrument. Foreign currencies are the underlying assets of Attribute 2 is not relevant for the group. Attribute 3 is not relevant for the group. Attribute 4 is not relevant for the group. A fee is paid at the sale/repurchase of the fund. A formal promesse to pay. A formal promise to repay a debt and eventually interests.&gt; The owners of preferred shares get an income per share or per facial value or per issue value before any payment of regular dividends to the regular shareholders. The income is linked to a category of debt. Exemple Treasury bill rates at 3 months. The fund's assets consists of derivatives. Fiscal nature dividend as income for structured products. Commercial or government paper [e.g., bonds] as underlying assets. Example German state debts and US T-bills. Depositary receipts from non-US banks of equities. Allows trade on the local markets of those receipts. Underlying assets for options are debt financial instruments. The interest rate is decreased by steps during the term of the loan. Commercial or government paper [e.g., bonds] as underlying assets for structured instruments.. Example German state debts and US T-bills. Debt securities as underlying assets De Nederlandse Bank The targetted public are residents of the same country or currency zone of the issuer. <b>3C7:</b> part of the US company act of 1940 which enables trade in securites without registration with the SEC (Securities and exchange commission) as long as the purchasers in the US are registered as qualified purchasers or accredited investors. Regulation S: <div id="BABID_TransArea"> <div class="result" id="BABIDPtr_!!ARV6FUJ2JP"> <div class="BAB_CPBodyStyleLocal" style="display: block" id="BABID_CPResult"> <!--StartFragment--> <div msxsl="urn:schemas-microsoft-com:xslt" babex="urn:schemas-babylon-com:babex" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT"> <div class="definition"> <div> <div> <div> Securities Act of 1933 </div> Congress enacted the Securities Act of 1933 (the &#8220;1933 Act,&#8221; the &quot;Truth in Securities Act&quot; or the &quot;Federal Securities Act&quot;) 48 Stat. 74 (May 27, 1933), codified at et seq., in the aftermath of the&#160;<a stock="#DEFAULT" title="" market="#DEFAULT" vertalen="vertalen" crash="#DEFAULT" of="#DEFAULT" href="bword://!!ARV6FUJ2JP,stock%20market%20crash%20of%201929/">stock market crash of 1929</a>&#160;and during the ensuing&#160;<a depression="#DEFAULT" title="" great="#DEFAULT" vertalen="vertalen" href="bword://!!ARV6FUJ2JP,Great%20Depression/">Great Depression</a>. Legislated pursuant to the interstate commerce clause of the Constitution, it requires that any offer or sale of securities using the means and instrumentalities of interstate commerce be registered pursuant to the 1933 Act, unless an exemption from registration exists under the law. It was the first major federal legislation to regulate the offer and sale of securities. Prior to that time, regulation of securities was chiefly governed by state laws (commonly referred to as&#160;&#160;<a sky="#DEFAULT" law="#DEFAULT" title="" vertalen="vertalen" blue="#DEFAULT" href="bword://!!ARV6FUJ2JP,blue%20sky%20law/">blue sky laws</a>). When Congress enacted the 1933 Act, it left in place the patchwork of existing state securities laws to supplement federal laws in part because there were questions as to the constitutionality of federal legislation. </div> </div> <br> <table> <tr> <td width="40"> <img src="http://info.babylon.com/pro/trans50.fcgi?rt=GetFile&uri=!!ARV6FUJ2JP&type=0&index=8336"> </td> <td> <a http="#DEFAULT" title="Bladeren naar: "> </a>www.babylon.com/redirects/redir.cgi?type=wikipedia&amp;full_url=http://en.wikipedia.org/wiki/Securities Act of 1933&quot;&quot; href=&quot;http://www.babylon.com/redirects/redir.cgi?type=wikipedia&amp;full_url=http://en.wikipedia.org/wiki/Securities Act of 1933&quot;&gt;<span class="TabStopNorm">See more at Wikipedia.org...</span> </td> </tr> </table> </div> <font size="1px"><br style="clear: both"> </font> </div> <div msxsl="urn:schemas-microsoft-com:xslt" class="copyright" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT" babex="urn:schemas-babylon-com:babex"> <br> This article uses material from <b>Wikipedia^&#174;</b> and is licensed under the <a href="http://en.wikipedia.org/wiki/Wikipedia:Text_of_the_GNU_Free_Documentation_License">GNU Free Documentation License</a> </div> <!--EndFragment--> </div> </div> </div> Short-term promissory notes with a reimbusement time of less than 270 days Enhanced rights for the share: more than 1 vote for each share. The formal representation of ownership interest of a company or similar entity. Depending on the company act and the legislation of the country of incorporation this ownership shall give right to: - participation in the benefits - voting rights - part of the assets, normally valued in currency, in case of liquidation of the company The owners of preferred shares get an income per share or per facial value or per issue value before any payment of regular dividends to the regular shareholders. The income is linked to a basket of shares. An escrow receipt is the prove of receipt of assets by an escrow agent. The escrow agent keeps in trust the assets until a contingency or obligations are met. The exercise of the option is only possible a few days before expiration date. The holder of the preferred share has the option to exchange his preferred shares, during a predefined period, against common shares of a different corporation. Extraction resources as underlying assets for a commodity future. Examples of energy extraction resources: Crude oil, natural gas, propane, uranium. Examples of precious metals: gold, silver, platinum, palladium. Examples of rare metals: Cadmium Cobalt Chromium Germanium Magnesium Manganese Molybdenum Rhodium Selenium Silicon Titanium Tungsten Vanadium Wolframite These shareholders are entitled to one or more of: - a fixed dividend to be paid before any other dividend - a preferred treatment when liquidating the company - increased voting rights The ranking of priority is: 1 Preferred shares or senior preferred stock 2. Preference shares or junior preferred stock 3. Commmon shares The issuer is in the process of refunding the loan. Asset backed, mortgage backed or other securities are often issued in tranches. The subscrbers to the first issues of tranches of the debt are senior holders and have priority on the junior holders. The targetted public has a different residence than the issuer and the currency is different from the issuer's country A future with financial instruments as underlying assets. The structured product is reimbursed at maturity date. The fund's assets consists of fixed revenue assets. The loan is only refundable at maturity date as a one time payment. The interest rate is fixed during the term of the loan. The owners of preferred shares get a fixed income per share or per facial value or per issue value before any payment of regular dividends to the regular shareholders. Securities reserved to large institutional investors and registered with the SEC (Securities exchange commission). A sales contract concluded today to be executed at a later date. The price and assets are fixed at contract date. Contrary to futures contracts forwards are not negotiatable since they are concluded between fixed parties. The sales and purchase occur at a specified time in the future. The shares are fully paid. A future is a salescontract concluded or purchased now, to be executed in the future. The execution elements to be fullfilled at expiration date are: - delivery of the underlying (or compensation for the price difference contract date/delivery date) - payment of the price Other futures contracts as underlying assets. The principal and interest are guaranteed by the revenues that are generated by the project financed by the bond. Investment companies forming pools to invest cash in assets according to the fund's investment charter. Underlying assets for options are futures. The targetted public are residents of other countries than the resident's residency. The loan is refundable at maturity date as a one time payment. The issuer has on top of that the right to call upon the bonds for global reïmbursement at predefined periods before maturity date. The interest rate is periodically adjustable to market conditions. Synonym with variable rate. These depositary receipts are issued by a depositary bank to issue or trade paper on 2 markets simultaneously. The dividends are accrued or reinvested, is thus comprised in the trading price and not paid out The interest and principal payments are secured by a third person/entity. The principal and interest payments to the bond holders are guaranteed by the municipality. The reïmbursement is optionally done by exchanging the bonds with stock from a third company. The difference with the convertible bond is that the company is a third one, not the issuer, and the option is with the issuer. <div id="BABID_TransArea"> <div class="result" id="BABIDPtr_!!ARV6FUJ2JP"> <div class="BAB_CPBodyStyleLocal" style="display: block" id="BABID_CPResult"> <!--StartFragment--> <div msxsl="urn:schemas-microsoft-com:xslt" babex="urn:schemas-babylon-com:babex" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT"> <div class="definition"> <div> <div> A <b>home equity loan</b> (sometimes abbreviated <b>HEL</b>) is a type of&#160;<a title=""loan" vertalen" href="bword://!!ARV6FUJ2JP,loan/">loan</a>&#160;in which the borrower uses the&#160;<a title=""Home%20equity" vertalen" href="bword://!!ARV6FUJ2JP,Home%20equity/">equity</a>&#160;in their home as&#160;<a title=""collateral%20%28finance%29" vertalen" href="bword://!!ARV6FUJ2JP,collateral%20%28finance%29/">collateral</a>. These loans are sometimes useful to help finance major home repairs, medical bills or college education. A home equity loan creates a&#160;<a title=""lien" vertalen" href="bword://!!ARV6FUJ2JP,lien/">lien</a>&#160;against the borrower's house, and reduces actual home equity. </div> </div> <br> <table> <tr> <td width="40"> <img src="http://info.babylon.com/pro/trans50.fcgi?rt=GetFile&uri=!!ARV6FUJ2JP&type=0&index=8336"> </td> <td> <a title="Bladeren naar: "http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Home equity loan"" href="http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Home equity loan"><span class="TabStopNorm">See more at Wikipedia.org...</span></a> </td> </tr> </table> </div> <font size="1px"><br style="clear: both"> </font> </div> <div msxsl="urn:schemas-microsoft-com:xslt" class="copyright" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT" babex="urn:schemas-babylon-com:babex"> <br> This article uses material from <b>Wikipedia^&#174;</b> and is licensed under the <a href="http://en.wikipedia.org/wiki/Wikipedia:Text_of_the_GNU_Free_Documentation_License">GNU Free Documentation License</a> </div> <!--EndFragment--> </div> </div> </div> The interest rate is periodically indexed according to the inflation rate. New York registry share. <br>What Unilever says: <div id="wrap"> <div id="box"> <div id="mainCol"> <div class="content"> <!--StartFragment--> <h2> Can you explain the difference between Unilever NV ordinary shares (or depositary receipts thereof) in the Netherlands&#160;&amp; the New York registry shares? </h2> <p> Practically there is no difference. A New York registry share is a share of Unilever NV's New York registry, representing equity ownership in Unilever NV, allowing for a part of the capital of Unilever NV to be outstanding in the US and part in the home market.&#160;New York registry shares are issued by a US transfer agent and registrar (Citibank, N.A.) on behalf of Unilever NV and created against the cancellation of the local share by the local registrar. One New York registry share is the equivalent of one Unilever NV ordinary share (or depositary receipt thereof).&#160;The dividends on the New York registry shares are paid in USD. </p> <!--EndFragment--> </div> </div> </div> </div> <h3 class="western"> Wikipedia English - The Free Encyclopedia </h3> <p style="margin-bottom: 0cm"> Structured products are synthetic investment instruments specially created to meet specific needs that cannot be met from the standardized financial instruments available in the markets. Structured products can be used: as an alternative to a direct investment; as part of the asset allocation process to reduce risk exposure of a portfolio; or to utilize the current market trend. </p> <div dir="LTR" id="BABID_TransArea"> <div dir="LTR" id="BABIDPtr_!!ARV6FUJ2JP"> <div dir="LTR" id="BABID_CPResult"> <table cellpadding="2" cellspacing="2"> <tr> <td width="40"> <p> <img align="bottom" height="34" name="Afbeeldingen1" src="http://info.babylon.com/eval/trans50.fcgi?rt=GetFile&uri=!!ARV6FUJ2JP&type=0&index=8336" width="34" border="0"> </p> </td> <td> <p> <a href="http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Structured%20product"><font size="2" face="Tahoma">See more at Wikipedia.org...</font></a> </p> </td> </tr> </table> </div> </div> </div> <div id="BABID_TransArea" dir="LTR"> <div id="BABIDPtr_!!ARV6FUJ2JP" dir="LTR"> <div id="BABID_CPResult" dir="LTR"> <p style="margin-bottom: 0cm"> This article uses material from <b>Wikipedia^&#174;</b> and is licensed under the <a href="http://en.wikipedia.org/wiki/Wikipedia:Text_of_the_GNU_Free_Documentation_License">GNU Free Documentation License</a> </p> </div> </div> </div> <p style="margin-bottom: 0cm"> <br> </p> <div id="BABID_TransArea"> <div class="result" id="BABIDPtr_!!ARV6FUJ2JP"> <div class="BAB_CPBodyStyleLocal" style="display: block" id="BABID_CPResult"> <!--StartFragment--> <div msxsl="urn:schemas-microsoft-com:xslt" babex="urn:schemas-babylon-com:babex" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT"> <div class="definition"> <div> <div> <b>Accredited investor</b> is a term defined by various securities laws that delineates investors permitted to invest in certain types of higher risk&#160;<a title=""investment" vertalen" href="bword://!!ARV6FUJ2JP,investment/">investments</a>,&#160;<a title=""limited%20partnership" vertalen" href="bword://!!ARV6FUJ2JP,limited%20partnership/">limited partnerships</a>,&#160;<a title=""hedge%20fund" vertalen" href="bword://!!ARV6FUJ2JP,hedge%20fund/">hedge funds</a>&#160;and&#160;<a title=""angel%20investor" vertalen" href="bword://!!ARV6FUJ2JP,angel%20investor/">angel investor</a>&#160;networks. The term generally includes wealthy individuals and organizations such as a corporation, endowment or retirement plans. </div> </div> <br> <table> <tr> <td width="40"> <img src="http://info.babylon.com/pro/trans50.fcgi?rt=GetFile&uri=!!ARV6FUJ2JP&type=0&index=8336"> </td> <td> <a title="Bladeren naar: "http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Accredited investor"" href="http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Accredited investor"><span class="TabStopNorm">See more at Wikipedia.org...</span></a> </td> </tr> </table> </div> <font size="1px"><br style="clear: both"> </font> </div> <div msxsl="urn:schemas-microsoft-com:xslt" class="copyright" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT" babex="urn:schemas-babylon-com:babex"> <br> This article uses material from <b>Wikipedia^&#174;</b> and is licensed under the <a href="http://en.wikipedia.org/wiki/Wikipedia:Text_of_the_GNU_Free_Documentation_License">GNU Free Documentation License</a> </div> <!--EndFragment--> </div> </div> </div> A maximum of the received income in the fund is paid out. The interest rate is periodically increased during the term of the loan. The owners of preferred shares get an income per share or per facial value or per issue value before any payment of regular dividends to the regular shareholders. The income is linked to an index. Example CAC-40. Industrial products as underlying assets for commodity futures. Examples of industrial metals: aluminium, copper, lead, zinc, tin, aluminium, nickel, recycled steel. Other examples: ethanol, rubber, palm oil, wool, polypropylene, polyethylene. With the issuance of new shares only part of the issue price has to be paid upon closure of the issuance period. The balance is paid in installments over a few years. The shares obtain full benefit of the dividends and voting rights. Insurance policies, mostly life insurances. Fiscal nature interest as income for structured products. Underlying asset for options is index. The assets traded are amounts coupled to stock indices. Stock index as underlying asset for structured instruments. Indices as Underlying assets Asset backed, mortgage backed or other securities are often issued in tranches. The subscrbers to the last issues of tranches of the debt are junior holders and have lower priority on the senior holders. Tax Anticipating Notes. TANs are issued by states and municipalities in order to finance current operations in anticipation of future tax receipts. These notes are municipal securities that are one-year, interest-bearing debt obligations. A hybrid debt and equity instrument. A company establishes a trust. The trust issues preferred shares. The company borrows from that trust. <div id="BABID_TransArea"> <div class="result" id="BABIDPtr_!!ARV6FUJ2JP"> <div class="BAB_CPBodyStyleLocal" style="display: block" id="BABID_CPResult"> <!--StartFragment--> <div msxsl="urn:schemas-microsoft-com:xslt" babex="urn:schemas-babylon-com:babex" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT"> <div class="definition"> <div> <div> A <b>bankers' acceptance</b>, or <b>BA</b>, is a time&#160;<a title=""Cheque" vertalen" href="bword://!!ARV6FUJ2JP,Cheque/">draft</a>&#160;drawn on and accepted by a&#160;<a title=""bank" vertalen" href="bword://!!ARV6FUJ2JP,bank/">bank</a>. Before acceptance, the draft is not an obligation of the bank; it is merely an order by the drawer to the bank to pay a specified sum of money on a specified date to a named person or to the bearer of the draft. Upon acceptance, which occurs when an authorized bank accepts and signs it, the draft becomes a primary and unconditional liability of the bank. If the bank is well known and enjoys a good reputation, the accepted draft may be readily sold in an active&#160;<a title=""Financial%20market" vertalen" href="bword://!!ARV6FUJ2JP,Financial%20market/">market</a>. A bankers acceptance is also a&#160;<a title=""money%20market" vertalen" href="bword://!!ARV6FUJ2JP,money%20market/">money market</a>&#160;instrument &#8211; a short-term discount instrument that usually arises in the course of&#160;&#160;<a title=""international%20trade" vertalen" href="bword://!!ARV6FUJ2JP,international%20trade/">international trade</a>. </div> </div> <br> <table> <tr> <td width="40"> <img src="http://info.babylon.com/pro/trans50.fcgi?rt=GetFile&uri=!!ARV6FUJ2JP&type=0&index=8336"> </td> <td> <a title="Bladeren naar: "http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Bankers' acceptance"" href="http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Bankers' acceptance"><span class="TabStopNorm">See more at Wikipedia.org...</span></a> </td> </tr> </table> </div> <font size="1px"><br style="clear: both"> </font> </div> <div msxsl="urn:schemas-microsoft-com:xslt" class="copyright" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT" babex="urn:schemas-babylon-com:babex"> <br> This article uses material from <b>Wikipedia^&#174;</b> and is licensed under the <a href="http://en.wikipedia.org/wiki/Wikipedia:Text_of_the_GNU_Free_Documentation_License">GNU Free Documentation License</a> </div> <!--EndFragment--> </div> </div> </div> Mutual funds traded on the exchange markets. The loan is refundable at maturity date as a one time payment. The holder of the debt instrument can call the issuer of the bond to repurchase, mostly at par, at specified times. Common shares can be divided into classes according to the rights of their holders. Shares of class A or B for instance could give rise to different rights. The holder of the preferred share has the option to exchange his preferred shares, during a predefined period, against common shares of a different corporation. The preference treatment is lenghtened in time. Example: if a fixed dividend is paid to the preferred shares before any other dividend payment, if the benefits of the year do not allow the payment of such preference dividend, then the preferred dividends shall be paid from the later benefits, as soon as the profits permit the payment. And this before any oither dividend payment. The loan is refundable at maturity date as a one time payment. The holder of the debt instrument can call the issuer of the bond to repurchase, mostly at par, at specified times. The issuer has on top of that the right to call upon the bonds for global reïmbursement at predefined periods before maturity date. The quarterly dividend varies according to a published formula. The validity of the dividend is determined for a vaying defined period. A fee is paid at the purchase/subscription of the fund. A formal promise to repay a debt issued by a US state or local government agency. The bond is often eempt from federal and state income tax. <div id="BABID_TransArea"> <div class="result" id="BABIDPtr_!!ARV6FUJ2JP"> <div class="BAB_CPBodyStyleLocal" style="display: block" id="BABID_CPResult"> <!--StartFragment--> <div msxsl="urn:schemas-microsoft-com:xslt" babex="urn:schemas-babylon-com:babex" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT"> <div class="definition"> <div> <div> A <b>syndicated loan</b> (or &quot;syndicated bank facility&quot;) is a large&#160;<a title=""loan" vertalen" href="bword://!!ARV6FUJ2JP,loan/">loan</a>&#160;in which a group of banks work together to provide funds for a borrower. There is usually one lead bank (the &quot;Arranger&quot; or &quot;Agent&quot;) that takes a percentage of the loan and&#160;<a title=""syndicate" vertalen" href="bword://!!ARV6FUJ2JP,syndicate/">syndicates</a>&#160;the rest to other banks. A <b>syndicated loan</b> is the opposite of a <b>bilateral loan</b>, which only involves one&#160;<a title=""borrower" vertalen" href="bword://!!ARV6FUJ2JP,borrower/">borrower</a>&#160;and one&#160;<a title=""lender" vertalen" href="bword://!!ARV6FUJ2JP,lender/">lender</a>&#160;(often a&#160;<a title=""bank" vertalen" href="bword://!!ARV6FUJ2JP,bank/">bank</a>&#160;or&#160;<a title=""financial%20institution" vertalen" href="bword://!!ARV6FUJ2JP,financial%20institution/">financial institution</a>.) A syndicated loan is a much larger and more complicated version of a participation loan. There are typically more than 2 banks involved in a syndication. </div> </div> <br> <table> <tr> <td width="40"> <img src="http://info.babylon.com/pro/trans50.fcgi?rt=GetFile&uri=!!ARV6FUJ2JP&type=0&index=8336"> </td> <td> <a title="Bladeren naar: "http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Syndicated loan"" href="http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Syndicated loan"><span class="TabStopNorm">See more at Wikipedia.org...</span></a> </td> </tr> </table> </div> <font size="1px"><br style="clear: both"> </font> </div> <div msxsl="urn:schemas-microsoft-com:xslt" class="copyright" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT" babex="urn:schemas-babylon-com:babex"> <br> This article uses material from <b>Wikipedia^&#174;</b> and is licensed under the <a href="http://en.wikipedia.org/wiki/Wikipedia:Text_of_the_GNU_Free_Documentation_License">GNU Free Documentation License</a> </div> <!--EndFragment--> </div> </div> </div> Short-term obligation (till 90 days) issued with a discount in stead of bearing interest. <div id="BABID_TransArea"> <div class="result" id="BABIDPtr_!!ARV6FUJ2JP"> <div class="BAB_CPBodyStyleLocal" style="display: block" id="BABID_CPResult"> <!--StartFragment--> <div msxsl="urn:schemas-microsoft-com:xslt" babex="urn:schemas-babylon-com:babex" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT"> <div class="definition"> <div> <div> <b>Manufactured housing</b> (also known as <b><a title=""prefab" vertalen" href="bword://!!ARV6FUJ2JP,prefab/">prefab</a>&#160;housing</b>) is a type of&#160;<a title=""house" vertalen" href="bword://!!ARV6FUJ2JP,house/">housing unit</a>&#160;that is largely assembled in&#160;<a title=""factory" vertalen" href="bword://!!ARV6FUJ2JP,factory/">factories</a>&#160;and then transported to sites of use. </div> <div> <p> In the&#160;<a title=""United%20States" vertalen" href="bword://!!ARV6FUJ2JP,United%20States/">United States</a>, the term &quot;manufactured home&quot; specifically refers to a house built entirely in a protected environment under a federal code set by the&#160;<a title=""US%20Department%20of%20Housing%20and%20Urban%20Development" vertalen" href="bword://!!ARV6FUJ2JP,US%20Department%20of%20Housing%20and%20Urban%20Development/">US Department of Housing and Urban Development</a>&#160;(HUD). The term &quot;<a title=""mobile%20home" vertalen" href="bword://!!ARV6FUJ2JP,mobile%20home/">mobile home</a>&quot; describes factory-built homes produced prior to the 1976 HUD Code enactment.<a title="Bladeren naar: "http://www.palmharbor.com/our-construction/mfg-or-mod-construction/manufactured-construction/"" href="http://www.palmharbor.com/our-construction/mfg-or-mod-construction/manufactured-construction/"><span class="TabStopNorm">[1]</span></a> </p> </div> </div> <br> <table> <tr> <td width="40"> <img src="http://info.babylon.com/pro/trans50.fcgi?rt=GetFile&uri=!!ARV6FUJ2JP&type=0&index=8336"> </td> <td> <a title="Bladeren naar: "http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Manufactured housing"" href="http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Manufactured housing"><span class="TabStopNorm">See more at Wikipedia.org...</span></a> </td> </tr> </table> </div> <font size="1px"><br style="clear: both"> </font> </div> <div msxsl="urn:schemas-microsoft-com:xslt" class="copyright" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT" babex="urn:schemas-babylon-com:babex"> <br> This article uses material from <b>Wikipedia^&#174;</b> and is licensed under the <a href="http://en.wikipedia.org/wiki/Wikipedia:Text_of_the_GNU_Free_Documentation_License">GNU Free Documentation License</a> </div> <!--EndFragment--> </div> </div> </div> Part of the income is paid out. The fund's assets are formed by a general mixture of assets. Funds investing in money market instruments. Underlying assets for options are other non specified. Miscellaneous financial instruments with miscellaneous assets as collateral. Other financial instrument Other than regular options. Other than regular rights Other underlying assets for structured instruments. Miscellenaous assets are the underlying values. 18 18 979 MEX MEXICO MX MXV Mexican Unidad de Inversion (UDI) false false true A person can bear the financial instrument. The security is registered with the local securities control authority. Different classes of securities traded as a unit: eg x shares and y warrants. The shares are fully paid but not at par value. Government and private interest rates, mostly short term as underlying assets. Naked warrants are issued without accompanying bond and traded separatelly on the market. Mainly institutionnal investors are trading them. Non standardized specifications for the underlying assets. The preferred shares are <b><u>not</u></b> benefitting of the advantages: The shareholder has the option to sell back his share at issue price (or the price agreed at issuance). The option can be exercised at certain period(s) in time. The holder of the preferred share has the option to exchange his preferred shares, during a predefined period, against common shares of a different corporation. The preference treatment is lenghtened in time. Example: if a fixed dividend is paid to the preferred shares before any other dividend payment, if the benefits of the year do not allow the payment of such preference dividend, then the preferred dividends shall be paid from the later benefits, as soon as the profits permit the payment. And this before any oither dividend payment. Non standardized option. No voting rights for the shares. No fiscal nature as income for structured products. The owners of preferred shares get an income per share or per facial value or per issue value before any payment of regular dividends to the regular shareholders. The income is linked to the interest rate at 1 year. Example with saving funds rate as reference. A written debt instrument with an amount and evenrtually interest to be paid generally on terms between 1 and 10 years. There are no interest payments. The bonds are issued below par At maturity date the facial value is refunded. The difference issue value and reïmbursement value is the revenue of the bond. Debt instrument with maturities ranking from 1 to 10 years. The CMO is a separate entity of the mortgage debt financial institution. The CMO is holder of a pool of morgage debts. The CMO issues debt certificates, bonds, on his turn with the mortgages as collateral. The bonds are called classes or tranches. The distribution of the collaterals over the bonds is called the structure. The whole of the setup is called the deal. Option contracts as undelrying assets. There are no payments on the shares There is no fee at purchase or sale of the fund. Probably because the deal is done straight with the issuer of the shares. The sharecapital is open and unfixed. These parts are normally not traded on the exchanges, they can be purchased directly from the from the company.You have to negatiate them with the emittor. The price will be near the intrinsic value + step in costs (or less step out costs). Synonyms with mutual funds (US), SICAVs (continental Europe), unit trusts (or OEIC's Open Ended Investment Companies) in the UK. The right to buy or sell a stock, an index valued in currency or other asset, at a specified price within a predefined period. Underlying assets for options are other options. An option spread is the underlying asset for futures contracts. A security backed by a pool of residential mortgage debts. The payments of principal and interests is passed to the holders of the financial instruments. Formerly Ginnie Mae and Freddie Mac agencies notably issued these certificates. The owners of preferred shares share the benefits above a treshold with the owners of regular shares. The shares are partly paid. The interest is paid by other means than currencies. There is no maturity date. The delivery has to be done in kind, thus physically. The physical delivery must take place at the end of the contract. The only way to avoid this is to repurchase or sell the contract. Gold, silver or platina receipts These shareholders are entitled to one or more of: - a fixed dividend to be paid before any other dividend - a preferred treatment when liquidating the company - increased voting rights The ranking of priority is: 1 Preferred shares or senior preferred stock 2. Preference shares or junior preferred stock 3. Commmon shares Private tradable securities reserved to institutional investors. The right to purchase shares at a predefined price during a predefined period. The right to sell the underlying value. The right to sell the underlying value. Trade applying rule 144A of the US securities act of 1933 only between institutional investors. These are registered with the SEC. The trade is not restrictioned with provisions applicable normally when the public is treading. There is no maturity date for the structured product. The target public are privately known lenders. The owners of preferred shares share the benefits above a treshold with the owners of regular shares. If in any year there are not sufficient revenues to compensate for the fixed income of preferred stock holders, the right is carried forward to any year where the payment becomes possible. There is no maturity date. The issuer has on top of that the right to call upon the bonds for global reïmbursement at predefined periods before maturity date. An investment trust owns and manages a pool of commercial properties and mortgages and other real estate asssets; shares can be bought and sold in the stock market <div id="BABID_TransArea"> <div class="result" id="BABIDPtr_!!ARV6FUJ2JP"> <div class="BAB_CPBodyStyleLocal" style="display: block" id="BABID_CPResult"> <!--StartFragment--> <div msxsl="urn:schemas-microsoft-com:xslt" babex="urn:schemas-babylon-com:babex" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT"> <div class="definition"> <div> <div> A <b>Real Estate Investment Trust</b> or <b>REIT</b> (<a title=""International%20Phonetic%20Alphabet" vertalen" href="bword://!!ARV6FUJ2JP,International%20Phonetic%20Alphabet/">pronounced</a>&#160;) is a&#160;<a title=""tax" vertalen" href="bword://!!ARV6FUJ2JP,tax/">tax</a>&#160;designation for a corporation investing in&#160;<a title=""real%20estate" vertalen" href="bword://!!ARV6FUJ2JP,real%20estate/">real estate</a>&#160;that reduces or eliminates&#160;<a title=""corporate%20income%20tax" vertalen" href="bword://!!ARV6FUJ2JP,corporate%20income%20tax/">corporate income taxes</a>. In return, REITs are required to&#160;<a title=""distribute" vertalen" href="bword://!!ARV6FUJ2JP,distribute/">distribute</a>&#160;90% of their&#160;<a title=""income" vertalen" href="bword://!!ARV6FUJ2JP,income/">income</a>, which may be taxable in the hands of the&#160;<a title=""investor" vertalen" href="bword://!!ARV6FUJ2JP,investor/">investors</a>. The REIT structure was designed to provide a similar structure for&#160;<a title=""investment" vertalen" href="bword://!!ARV6FUJ2JP,investment/">investment</a>&#160;in&#160;<a title=""real%20estate" vertalen" href="bword://!!ARV6FUJ2JP,real%20estate/">real estate</a>&#160;as&#160;<a title=""mutual%20fund" vertalen" href="bword://!!ARV6FUJ2JP,mutual%20fund/">mutual funds</a>&#160;provide for&#160;<a title=""investment" vertalen" href="bword://!!ARV6FUJ2JP,investment/">investment</a>&#160;in&#160;<a title=""stocks" vertalen" href="bword://!!ARV6FUJ2JP,stocks/">stocks</a>. </div> </div> <br> <table> <tr> <td width="40"> <img src="http://info.babylon.com/pro/trans50.fcgi?rt=GetFile&uri=!!ARV6FUJ2JP&type=0&index=8336"> </td> <td> <a title="Bladeren naar: "http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Real estate investment trust"" href="http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Real estate investment trust"><span class="TabStopNorm">See more at Wikipedia.org...</span></a> </td> </tr> </table> </div> <font size="1px"><br style="clear: both"> </font> </div> <div msxsl="urn:schemas-microsoft-com:xslt" class="copyright" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT" babex="urn:schemas-babylon-com:babex"> <br> This article uses material from <b>Wikipedia^&#174;</b> and is licensed under the <a href="http://en.wikipedia.org/wiki/Wikipedia:Text_of_the_GNU_Free_Documentation_License">GNU Free Documentation License</a> </div> <!--EndFragment--> </div> </div> </div> Shares with common characteristics from voting and dividend point of view. The right, during a limited period, to a payment or attribution which can be optionnal or mandatory and subject to conditions or unconditionnal. The interest is linked to the quality rating of the issuer. Financial instrument whose value is derived from another financial instrument. Repurchase agreement. A sale at the agreement date hold the obligation for the seller to repurchase the security at a specified later date against a specified price. The owners of preferred shares get an income per share or per facial value or per issue value before any payment of regular dividends to the regular shareholders. The income is linked to the interest rate paid by companies with similar credit ratings. The fund's assets consists of real estate. A deed concerning real estate property. A deed is a property right or the right to acquire the property. Camper, caravan or RV. The shareholder has the option to sell back his share at issue price (or the price agreed at issuance). The option can be exercised at certain period(s) in time. The assets traded are rights to borrow at a specified interest rate. The security is registered with the local securities control authority. The transfer of ownership is subject to restrictions. These restrictions are issued by the SEC (Securities and exchange commisssion) in different regulations. Restriction on the subjects of a vote for the shares <div id="BABID_TransArea"> <div class="result" id="BABIDPtr_!!PMQCB99BRJ"> <!--StartFragment--> <div class="BAB_CPBodyStyleLocal" style="display: block" id="BABID_CPResult"> <div msxsl="urn:schemas-microsoft-com:xslt" babex="urn:schemas-babylon-com:babex" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT"> <div class="term"> Certificate of Deposit </div> <div class="definition"> A negotiable instrument issued by a bank and payable to the bearer. CDs pay a stated amount of interest and mature on a stated date, but may be bought and sold daily in a secondary market. </div> <font size="1px"><br style="clear: both"> </font> </div> <div msxsl="urn:schemas-microsoft-com:xslt" class="copyright" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT" babex="urn:schemas-babylon-com:babex"> <br> Copyright &#169; 2005 UNODC - <a href="http://www.unodc.org/unodc/en/money_laundering.html">United Nations Office on Drugs and Crime</a>. </div> </div> <font size="1px"><br style="clear: both"> </font><!--EndFragment--> </div> </div> Other than preferred shares. Equities are the underlying assets for future contracts. The municipal bond got the coupons stripped off. These coupons are traded separately. Underlying assets for options are stock equities. <div id="BABID_TransArea"> <div class="result" id="BABIDPtr_!!ARV6FUJ2JP"> <div class="BAB_CPBodyStyleLocal" style="display: block" id="BABID_CPResult"> <!--StartFragment--> <div msxsl="urn:schemas-microsoft-com:xslt" babex="urn:schemas-babylon-com:babex" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT"> <div class="definition"> <div> <div> <div> Securities Act of 1933 </div> Congress enacted the Securities Act of 1933 (the &#8220;1933 Act,&#8221; the &quot;Truth in Securities Act&quot; or the &quot;Federal Securities Act&quot;) 48 Stat. 74 (May 27, 1933), codified at et seq., in the aftermath of the&#160;<a title=""stock%20market%20crash%20of%201929" vertalen" href="bword://!!ARV6FUJ2JP,stock%20market%20crash%20of%201929/">stock market crash of 1929</a>&#160;and during the ensuing&#160;<a title=""Great%20Depression" vertalen" href="bword://!!ARV6FUJ2JP,Great%20Depression/">Great Depression</a>. Legislated pursuant to the interstate commerce clause of the Constitution, it requires that any offer or sale of securities using the means and instrumentalities of interstate commerce be registered pursuant to the 1933 Act, unless an exemption from registration exists under the law. It was the first major federal legislation to regulate the offer and sale of securities. Prior to that time, regulation of securities was chiefly governed by state laws (commonly referred to as&#160;&#160;<a title=""blue%20sky%20law" vertalen" href="bword://!!ARV6FUJ2JP,blue%20sky%20law/">blue sky laws</a>). When Congress enacted the 1933 Act, it left in place the patchwork of existing state securities laws to supplement federal laws in part because there were questions as to the constitutionality of federal legislation. </div> </div> <br> <table> <tr> <td width="40"> <img src="http://info.babylon.com/pro/trans50.fcgi?rt=GetFile&uri=!!ARV6FUJ2JP&type=0&index=8336"> </td> <td> <a title="Bladeren naar: "http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Securities Act of 1933"" href="http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Securities Act of 1933"><span class="TabStopNorm">See more at Wikipedia.org...</span></a> </td> </tr> </table> </div> <font size="1px"><br style="clear: both"> </font> </div> <div msxsl="urn:schemas-microsoft-com:xslt" class="copyright" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT" babex="urn:schemas-babylon-com:babex"> <br> This article uses material from <b>Wikipedia^&#174;</b> and is licensed under the <a href="http://en.wikipedia.org/wiki/Wikipedia:Text_of_the_GNU_Free_Documentation_License">GNU Free Documentation License</a> </div> <!--EndFragment--> </div> </div> </div> Stripped mortgage backed securities are issued by institutions which redistribute the cash generated by their pool of mortgage backed securities into a principal part and an interest part separately. The borrower pledges assets as collateral for the loan. If the borrower defaults in reïmbursement or interest payment the collateral will be transformed into loquidities and used to pay the debts. The fund's assets consists of equity securities. Services as underlying asset for commodity futures. Example delivery of electricity. A foreign company from US point of view chooses a depositary bank in the USA and deposits shares in custody with that bank. The custody bank issues ADR's (American depositary receipts). Those receipts are registered with the SEC (Securities and exchange commission) and traded. The rights of a holder of sponsored ADR's is similar to normal shareholders, including voting rights. The sales and purchase occurs immediately at the conclusion of the contract. Standardized option. Standard specifications for the underlying assets are used. Example 25000 kilos of Bintje potatoes, 5 cm minimum in diameter, Bintje gender. Shares as underlying assets for structures products. Loan to overcome the period of studies. Less than 1 vote for each share. The right to subscribe to new shares at a predefined price during a predefined period. Separate Trading of Registered Interest and Principal of Securities. The stripped coupons. Stock Equities as underlying assets. Securities sharing the appreciation or depreciation of the investment portfolio. This in investment vehicles which do not pay out revenues. The preference treatment is lenghtened in time. Example: if a fixed dividend is paid to the preferred shares before any other dividend payment, if the benefits of the year do not allow the payment of such preference dividend, then the preferred dividends shall be paid from the later benefits, as soon as the profits permit the payment. And this before any oither dividend payment. The interest rate is fixed during a certain period, adjustable during a next period of the loan term. Commodities as underlying value for future contracts. Secured by the governement treasury. A government treasury is the office issuing Treasury bills, notes and bonds for account of a government. <div id="BABID_TransArea"> <div class="result" id="BABIDPtr_!!ARV6FUJ2JP"> <!--StartFragment--> <div class="BAB_CPBodyStyleLocal" style="display: block" id="BABID_CPResult"> <div msxsl="urn:schemas-microsoft-com:xslt" babex="urn:schemas-babylon-com:babex" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT"> <div class="definition"> <div> <div> A <b>Medium Term Note</b> (MTN) is a debt note that usually matures (is paid back) in 5-10 years, but the term may be as short as one year. They're normally issued on a floating basis such as Euribor +/- basis points. When they are issued in euro they are &quot;Euro Medium Term Notes&quot;. </div> </div> <br> <table> <tr> <td width="40"> <img src="http://info.babylon.com/pro/trans50.fcgi?rt=GetFile&uri=!!ARV6FUJ2JP&type=0&index=8336"> </td> <td> <a title="Bladeren naar: "http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Medium Term Note"" href="http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Medium Term Note"><span class="TabStopNorm">See more at Wikipedia.org...</span></a> </td> </tr> </table> </div> <font size="1px"><br style="clear: both"> </font> </div> <div msxsl="urn:schemas-microsoft-com:xslt" class="copyright" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT" babex="urn:schemas-babylon-com:babex"> <br> This article uses material from <b>Wikipedia^&#174;</b> and is licensed under the <a href="http://en.wikipedia.org/wiki/Wikipedia:Text_of_the_GNU_Free_Documentation_License">GNU Free Documentation License</a> </div> </div> <font size="1px"><br style="clear: both"> </font><!--EndFragment--> </div> </div> Underlying assets on options are commodities. The assets traded are commodities. Real estate mortgage investment conduits issues mortgage backed certificates or bonds. The collaterals are residential or commercial mortgages. The benefits are lying is the TaxRreform Act on a fiscal plan. Agricutural, industrial extraction products as underlying assets of structured products. Warrant issued together with a bond. The issuer of the bond joins the right to acquire shares in his company during a certain predefined period. A formal promise, issued by the Treaury department, to pay back a stipulated amount, after a longer period of time (10 years or more). Commodities as underlying assets. Dividends are determined at auctions by the issuer for specific time intervals. Revenue anticipating note. RANs are issued by states and municipalities in order to finance current operations in anticipation of future revenues. These notes are municipal securities that are one-year, interest-bearing debt obligations. Combination of several financial instruments. The interest rate is increased by steps during the term of the loan. The term of execution of the sale and purchase is not specified. A regulated investment company consisting of professional managers who issue redeemable securities representing a portfolio of many different securities; &quot;you can invest in a unit investment trust for as little as $1000&quot; <div id="BABID_TransArea"> <div class="result" id="BABIDPtr_!!B4VBSDDXSA"> <!--StartFragment--> <table cellspacing="0" cellpadding="0" border="0"> <tr class="top-row"> <td style="background-attachment: scroll; background-position: left top; width: 3px; background-image: null; background-repeat: no-repeat" width="3"> </td> <td colspan="5" class="top-border" style="width: 100%"> &#160; </td> <td style="background-attachment: scroll; background-position: right top; width: 3px; background-image: null; background-repeat: no-repeat" width="3"> </td> </tr> <tr> <td class="left-border" nowrap="nowrap"> <b>&#160; </b> </td> <td class="title-td" nowrap="nowrap"> <b> </b> </td> <td id="BABID_CPTitle" class="title-td" style="padding-bottom: 5px" nowrap="nowrap"> <div class="BAB_normalTitle" stylepush="BAB_pushTitle" bab_name="BTN_TitleMenuOpen" behavetype="3Style" title="Woordenlijstmenu" styleover="BAB_overTitle" tabindex="0" stylenormal="BAB_normalTitle"> <b><span id="BABID_CPName">Bond Professor's Glossary</span> </b> </div> </td> <td onmousedown="G_Babylon.CollapseCPResult( this );" class="title-td" style="width: 100%"> <b> </b> </td> <td class="title-td" nowrap="nowrap"> <b> </b> </td> <td class="title-td" nowrap="nowrap"> <div class="buttons"> <b> </b> </div> </td> <td class="right-border" nowrap="nowrap"> </td> </tr> </table> <div class="BAB_CPBodyStyleLocal" id="BABID_CPResult" style="display: block"> <div msxsl="urn:schemas-microsoft-com:xslt" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT" babex="urn:schemas-babylon-com:babex"> <div class="term"> Unit Investment Trust (UIT) </div> <div class="definition"> A trust that is registered with the Securities and Exchange Commission (SEC) that purchases and packages a fixed portfolio of bonds. The &quot;units&quot; representing a fractional, undivided interest in the trust are then sold to investors, and the investor receives periodic interest and, upon maturity of the individual bonds, the redemption value. Unit Investment Trusts are not actively managed, as is a mutual fund. </div> </div> </div> <!--EndFragment--> </div> </div> <div id="BABID_TransArea"> <div class="result" id="BABIDPtr_!!VKSMTXN9NA"> <table cellpadding="0" border="0" cellspacing="0"> <tr> <td class="left-border" nowrap="nowrap"> <div class="BAB_normalTitle" stylepush="BAB_pushTitle" bab_name="BTN_TitleMenuOpen" behavetype="3Style" title="Woordenlijstmenu" styleover="BAB_overTitle" tabindex="0" stylenormal="BAB_normalTitle"> <b><span id="BABID_CPName">Campbell R. Harvey's Hypertextual Finance Glossary</span></b> </div> </td> <td onmousedown="G_Babylon.CollapseCPResult( this );" class="title-td" style="width: 100%"> </td> <td class="title-td" nowrap="nowrap"> </td> <td class="title-td" nowrap="nowrap"> <div class="buttons"> </div> </td> <td class="right-border" nowrap="nowrap"> </td> </tr> </table> <div class="BAB_CPBodyStyleLocal" id="BABID_CPResult" style="display: block"> <div msxsl="urn:schemas-microsoft-com:xslt" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT" babex="urn:schemas-babylon-com:babex"> <div class="term"> Unit investment trust </div> <div class="definition"> Money invested in a&#160;<a title=""portfolio" vertalen" href="bword://!!VKSMTXN9NA,portfolio/">portfolio</a>&#160;whose composition is fixed for the life of the fund.&#160;<a title=""Shares" vertalen" href="bword://!!VKSMTXN9NA,Shares/">Shares</a>&#160;in a unit trust are called&#160;<a title=""redeemable" vertalen" href="bword://!!VKSMTXN9NA,redeemable/">redeemable</a>&#160;trust certificates, and they are sold at a&#160;<a title=""premium" vertalen" href="bword://!!VKSMTXN9NA,premium/">premium</a>&#160;to&#160;<a title=""net asset value" vertalen" href="bword://!!VKSMTXN9NA,net asset value/">net asset value</a>. </div> <font size="1px"><br style="clear: both"> </font> </div> <div msxsl="urn:schemas-microsoft-com:xslt" class="copyright" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT" babex="urn:schemas-babylon-com:babex"> <br> Copyright &#169; 2000, <a href="http://www.duke.edu/~charvey">Campbell R. Harvey</a><a>. All Rights Reserved.</a> </div> </div> <!--EndFragment--> </div> </div> <div id="BABID_TransArea"> <div class="result" id="BABIDPtr_!!ARV6FUJ2JP"> <!--StartFragment--> <div class="BAB_CPBodyStyleLocal" id="BABID_CPResult" style="display: block"> <div msxsl="urn:schemas-microsoft-com:xslt" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT" babex="urn:schemas-babylon-com:babex"> <div class="definition"> <div> <div> A <b>Unit Investment Trust</b> (UIT) is a US investment company offering a fixed (unmanaged)&#160;<a title=""portfolio%20%28finance%29" vertalen" href="bword://!!ARV6FUJ2JP,portfolio%20%28finance%29/">portfolio</a>&#160;of&#160;<a title=""security%20%28finance%29" vertalen" href="bword://!!ARV6FUJ2JP,security%20%28finance%29/">securities</a>&#160;having a definite life. UITs are assembled by a sponsor and sold through&#160;<a title=""stock%20broker" vertalen" href="bword://!!ARV6FUJ2JP,stock%20broker/">brokers</a>&#160;to&#160;<a title=""investor" vertalen" href="bword://!!ARV6FUJ2JP,investor/">investors</a>. </div> <div> <p> A UIT portfolio may contain one of several different types of securities. The two main types are&#160;<a title=""stock" vertalen" href="bword://!!ARV6FUJ2JP,stock/">stock</a>&#160;(equity) trusts and&#160;<a title=""Bond%20%28finance%29" vertalen" href="bword://!!ARV6FUJ2JP,Bond%20%28finance%29/">bond</a>&#160;(<a title=""fixed%20income" vertalen" href="bword://!!ARV6FUJ2JP,fixed%20income/">fixed income</a>) trusts. </p> </div> <div> <p> Unlike a&#160;<a title=""mutual%20fund" vertalen" href="bword://!!ARV6FUJ2JP,mutual%20fund/">mutual fund</a>, a UIT is created for a specific length of time and is a fixed portfolio, meaning that the UIT&#8217;s securities will not be sold or new ones bought, except in certain limited situations (for instance, when a company is filing for&#160;<a title=""bankruptcy" vertalen" href="bword://!!ARV6FUJ2JP,bankruptcy/">bankruptcy</a>&#160;or the sale is required due to a&#160;<a title=""mergers%20and%20acquisitions" vertalen" href="bword://!!ARV6FUJ2JP,mergers%20and%20acquisitions/">merger</a>). </p> </div> </div> <br> <table> <tr> <td width="40"> <img src="http://info.babylon.com/pro/trans50.fcgi?rt=GetFile&uri=!!ARV6FUJ2JP&type=0&index=8336"> </td> <td> <a title="Bladeren naar: "http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Unit Investment Trust"" href="http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Unit Investment Trust"><span class="TabStopNorm">See more at Wikipedia.org...</span></a> </td> </tr> </table> </div> <font size="1px"><br style="clear: both"> </font> </div> <div msxsl="urn:schemas-microsoft-com:xslt" class="copyright" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT" babex="urn:schemas-babylon-com:babex"> <br> This article uses material from <b>Wikipedia^&#174;</b> and is licensed under the <a href="http://en.wikipedia.org/wiki/Wikipedia:Text_of_the_GNU_Free_Documentation_License">GNU Free Documentation License</a> </div> </div> <font size="1px"><br style="clear: both"> </font> <table cellpadding="0" border="0" cellspacing="0"> <tr> <td class="left-border" nowrap="nowrap"> <div class="BAB_normalTitle" stylepush="BAB_pushTitle" bab_name="BTN_TitleMenuOpen" behavetype="3Style" title="Woordenlijstmenu" styleover="BAB_overTitle" tabindex="0" stylenormal="BAB_normalTitle"> <b><span id="BABID_CPName">The 'Lectric Law Library</span></b> </div> </td> <td onmousedown="G_Babylon.CollapseCPResult( this );" class="title-td" style="width: 100%"> </td> <td class="title-td" nowrap="nowrap"> </td> <td class="title-td" nowrap="nowrap"> <div class="buttons"> </div> </td> <td class="right-border" nowrap="nowrap"> </td> </tr> </table> <div class="BAB_CPBodyStyleLocal" id="BABID_CPResult" style="display: block"> <div msxsl="urn:schemas-microsoft-com:xslt" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT" babex="urn:schemas-babylon-com:babex"> <div class="term"> Unit Investment Trust </div> <div class="definition"> A company that purchases securities (usually fixed income) and sells shares representing proportional interest in the portfolio of those securities. The trust is liquidated when the securities mature. </div> <font size="1px"><br style="clear: both"> </font> </div> <div msxsl="urn:schemas-microsoft-com:xslt" class="copyright" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT" babex="urn:schemas-babylon-com:babex"> <br> Courtesy of the <a href="http://www.lectlaw.com/def.htm">'Lectric Law Library</a>. </div> </div> <!--EndFragment--> </div> </div> There are no restrictions in the transfer of ownership. A US bank acquires shares independently from the foreign company. Against these shares ADR's (American depositary receipts) are issued by the US bank. These ADR's are registered with the SEC (Securities and exchange commission) and traded. The right to vote lies with the depositary bank. The targete public is unknown. Preference shares which can be converted into common stock These shareholders are entitled to one or more of: - a fixed dividend to be paid before any other dividend - a preferred treatment when liquidating the company - increased voting rights The ranking of priority is: 1 Preferred shares or senior preferred stock 2. Preference shares or junior preferred stock 3. Commmon shares Loan backed by a credit card receivable. The shares are fully paid at par value. Secured by a government or a government agency. The USA and agencies as Ginnie Mae, Fannie Mae and Freddie Mac are examples. <div id="BABID_TransArea"> <div class="result" id="BABIDPtr_!!ARV6FUJ2JP"> <div class="BAB_CPBodyStyleLocal" style="display: block" id="BABID_CPResult"> <!--StartFragment--> <div msxsl="urn:schemas-microsoft-com:xslt" babex="urn:schemas-babylon-com:babex" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT"> <div class="definition"> <div> <div> <b>Private equity</b> is a broad term which commonly refers to any type of non-public&#160;<a title=""Ownership%20Equity" vertalen" href="bword://!!ARV6FUJ2JP,Ownership%20Equity/">Ownership Equity</a>&#160;securities that are not&#160;<a title=""listing%20%28finance%29" vertalen" href="bword://!!ARV6FUJ2JP,listing%20%28finance%29/">listed</a>&#160;on a public exchange. Since they are not listed on a public exchange, any investor wishing to sell private equity securities must find a buyer in the absence of a public marketplace. There are many transfer restrictions on private securities. </div> </div> <br> <table> <tr> <td width="40"> <img src="http://info.babylon.com/pro/trans50.fcgi?rt=GetFile&uri=!!ARV6FUJ2JP&type=0&index=8336"> </td> <td> <a title="Bladeren naar: "http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Private equity"" href="http://www.babylon.com/redirects/redir.cgi?type=wikipedia&full_url=http://en.wikipedia.org/wiki/Private equity"><span class="TabStopNorm">See more at Wikipedia.org...</span></a> </td> </tr> </table> </div> <font size="1px"><br style="clear: both"> </font> </div> <div msxsl="urn:schemas-microsoft-com:xslt" class="copyright" bab="urn:schemas-babylon-com:bab" xmlns="#DEFAULT" babex="urn:schemas-babylon-com:babex"> <br> This article uses material from <b>Wikipedia^&#174;</b> and is licensed under the <a href="http://en.wikipedia.org/wiki/Wikipedia:Text_of_the_GNU_Free_Documentation_License">GNU Free Documentation License</a> </div> <!--EndFragment--> </div> </div> </div> The interest rate varies during the term of the loan according to the specifications of the prospectus Normal right to vote: 1 share = 1 vote. Bond with the warrant still attached, meaning that the time to allow to subscribe to the shares is not yet reached. Preferred shares which can be converted into common stock These shareholders are entitled to one or more of: - a fixed dividend to be paid before any other dividend - a preferred treatment when liquidating the company - increased voting rights The ranking of priority is: 1 Preferred shares or senior preferred stock 2. Preference shares or junior preferred stock 3. Commmon shares Swaps as underlying value for future contracts. Underlying assets on options are SWAPS. A warrant is the right to acquire shares or other underlying values of an emittor. There are index and basket warrants, currency warrants, equity warrants which can be calls or puts. Whole loans are normally larger in size than accepted following the standards. Several whole loans can be grouped as collateral for a Collateral Mortgage Obligation. The CMO is a separate entity of the mortgage debt financial institution. The CMO is holder of a pool of morgage debts. The CMO issues debt certificates, bonds, on his turn with the mortgages as collateral. The bonds are called classes or tranches. The distribution of the collaterals over the bonds is called the structure. The whole of the setup is called the deal. Attribute 1 is not relevant for the group At issue of the loan, the interest covering part of the loan term is prepaid by means of an issue premium, from a certain moment on, fixed interest will be paid on the facial value of the bond. Depositary receipts of preferred stock. Treasury bills, market paper,..; Bond anticipating note. Short term debt instruments issued until long term instruments are issuable. The long term debt covers the repayments in principal and interest of the BAN's. A receipt issued by a local bank against deposit of shares of a foreign company. A person can bear the financial instrument. Variable Rate Demand Obligation. (also called VRDN's N stands for Notes). The interest rate is reset on basis of an index of short-term municipal debt rates. Insurance program that allows to direct investment in a choice of mutual funds. Meanwhile, one gets tax deferment of earnings and a death benefit guarantee, and one is able to obtain periodic checks for life. At issue of the loan, the interest of the loan is prepaid by means of an issue premium. Decease The account is frozen due to the decease of one of the account-holders. Descent The account is frozen until a descent dispute is settled Divorce The reason for freezing the account is a divorce settlement Fiscal dispute The account is frozen until a dispute with the fiscal administration is settled. Fiscal investigation The account is frozen due to a fiscal investigation Incapacities The account is frozen due to incapacity occurances with the holders or mandated persons. Inheritance dispute The account is frozen to solve an inheritance dispute. Juridical investigation The account is frozen due to a juridical investigation justice of the peace The account is frozen until a dispute before the justice of peace is settled. Seizure The account is frozen due to a seizure by a juridical administration. widow(er) In some countries, if the holder becomes widow(er) the account has to be frozen until the legacy is settled according to the matrimonial status of the deceased. Bank Identifier Code SWIFT address International bank identifier code registered with SWIFT. Therefor it is also often referenced as the SWIFT address. http://www.swift.com/biconline/ E-mail address Home phone address Mobile phone address Postal address Phone at work Workstation Workstation at the principal's premises The interests are allways capitalized Capuitalization of interests is impossible Capitalization of interests is optionaly possible. It is unknown whether capitalization of interests is possible. All correspondence Address for notes Address for statements Moody's rating A Low credit risk but having some elements present that suggest a susceptibility to impairment over the long term. In increasing risk exposure within the A rating following subratings are found: A1, A2, A3. Moody's rating AA Stil of very low credit risk but their susceptibility to long-term risks appears somawhat greater. In increasing risk exposure within the AA rating following subratings are found: Aa1, Aa2 and Aa3. Moody's rating Aaa Highest quality of debtor. Moody's rating B Genrally poor credit quality. Subdivided into B1, B2 and B3. Moody's rating Ba Questionable credit quality. Subdivided into Ba1, Ba2 and Ba3. Moody's rating Baa Medium-grade credit risk. Protective elements may be lacking or may be characteristically unreliable. This grade is further divided into Baa1, Baa2 and Baa3. Moody's bank rating A Superior intrinsic financial strength Moody's bank rating B Strong intrinsic financial strength Moody's bank rating C Adequate intrinsic financial strength. Moody's bank rating D Modest intrinsic financial strength, potentially requiring some outside support at times. Moody's bank rating E Very modest intrinsic financial strength, with a higher likelihood of periodic outside support. Moody's Moody's rating C Potential recovery values are low. Moody's rating Ca Usually in default on their obligations. Moody's rating Caa Extremely poor credit quality, such banks may be in default of payment. Subdivided into Caa1, Caa2 and Caa3. Moody's rating Not Prime Issuers do not fall under the Prime rating categories. Moody's not rated Moody's provisional rating Moody's rating Prime-1 Superior ability to repay short-term debt. Moody's rating Prime-2 Strong ability to repay short term debt. Moody's rating Prime-3 Acceptable ability to repay short term debt. Moody's withdrawn rating Standard & Poor's rating A The finances of the issuer are subject to the economic situation. Standard & Poor's rating A-1 for short term credits Strong capacity to meet it's financial commitment. Standard & Poor's rating A-2 for short term credits The capacity to meet the commitments is satisfactory. Standard & Poor's rating A-3 for short term credits The capacity to meet the obligations is dependent on favourable economic conditions. Standard & Poor's rating AA Slight higher risk than AAA Standard & Poor's rating AAA Best quality borrowers. Standard & Poor's rating B Variable financial situation. Standard & Poor's rating BB The debtor's financial situation is influenced by the changes in the economy. BBB Medium class borrowers without speculative aspect Standard & Poor's rating C In arrears but still continuing to pay out on obligations. Standard & Poor's rating CC Very speculative bonds. Standard & Poor's rating CCC Vulnerable and dependent on favorable economic conditions to meet its commitments Standard & Poor's rating CI Past due on interest. Standard & Poor's rating D has defaulted on obligations and S&P believes that it will generally default on most or all boligations. Standard & Poor's rating NR Not rated. Standard & Poor's rating R Under regulatory supervision due to its financial situation. Standard & Poor's rating SD Has selectively defaulted on some obligations. Standard & Poor's rating B for short term credits The obligator still meets its financial obligations but the future capacity to do so is uncertain. Standard & Poor's rating C for short term credits Vulnerable to non-payment. Dependent upon favourable business, financial and economic conditions for the obligator to meet its financial commitment. Standard & Poor's rating D for short term credits Is in payment default. 18 18 978 AD AND ANDORRA EUR Euro false false false 21 21 784 AE AED ET UAE Dirham UNITED ARAB EMIRATES false false false 18 18 971 AF AFG AFGHANISTAN AFN Afghani false false false 18 18 951 AG ANTIGUA AND BARBUDA East Caribbean Dollar XCD false false false 0 0 951 AI ANGUILLA East Caribbean Dollar XCD false false false 18 18 8 AL AL ALBANIA ALL Lek false false false 18 18 51 AM AMD ARMENIA Armenian Dram false false false 0 0 532 AN ANG NA NETHERLANDS ANTILLES Netherlands Antillian Guilder false false false 18 18 973 AN ANGOLA AO AOA Kwanza false false false /N 0 0 0 ANTARCTICA AQ No universal currency false false false 21 21 32 AR ARGENTINA ARS Argentine Peso RA false false false 0 0 840 AMERICAN SAMOA AS US Dollar USD false false false 19 19 978 A AT AUSTRIA EUR Euro false false true 18 18 36 AU AUD AUS AUSTRALIA Australian Dollar false false true 0 0 533 ARUBA AW AWG Aruban Guilder false false false 0 0 978 AX 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false false 18 18 604 Nuevo Sol PE PE PEN PERU false false false 0 0 953 CFP Franc FRENCH POLYNESIA PF XPF false false false 18 18 598 Kina PAPUA NEW GUINEA PG PGK PNG false false false 18 18 608 PH PHILIPPINES PHP Philippine Peso RP false false false 18 18 586 PAK PAKISTAN PK PKR Pakistan Rupee false false false 18 18 985 PL PL PLN POLAND Zloty false false true 0 0 978 EUR Euro PM SAINT PIERRE AND MIQUELON false false false 0 0 554 NZD New Zealand Dollar PITCAIRN PN false false false 0 0 840 PR PR PUERTO RICO US Dollar USD false false false 18 18 978 EUR Euro P PORTUGAL PT false false true 18 18 840 PALAU PW US Dollar USD false false false 18 18 600 Guarani PARAGUAY PY PY PYG false false false 21 21 634 Q QA QAR QATAR Qatari Rial false false false 0 0 978 EUR Euro RE RÉUNION false false false 18 18 946 New Leu R RO ROMANIA RON false false false 18 18 941 RS RS RSD SERBIA Serbian Dinar false false false 18 18 643 RU RUB RUSSIAN FEDERATION Russian Ruble false false false 18 18 646 RW 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18 678 Dobra ST STD SÃO TOME AND PRINCIPE false false false 21 21 222 EL SALVADOR ES El Salvador Colon SV SVC false false false 21 21 840 EL SALVADOR ES SV US Dollar USD false false false 18 18 760 SY SYP SYR SYRIAN ARAB REPUBLIC Syrian Pound false false false 21 21 748 Lilangeni SD SWAZILAND SZ SZL false false false 0 0 840 TC TURKS AND CAICOS ISLANDS US Dollar USD false false false 18 18 950 CFA Franc BEAC ‡ CHAD TCH TD XAF false false false 0 0 978 EUR Euro FRENCH SOUTHERN TERRITORIES TF false false false 21 21 952 CFA Franc BCEAO † TG TG TOGO XOF false false false 20 20 764 Baht T TH THAILAND THB false false false 18 18 972 Somoni TAJIKISTAN TJ TJS false false false 0 0 554 NZD New Zealand Dollar TK TOKELAU false false false 21 21 840 TIMOR-LESTE TL US Dollar USD false false false 16 16 795 Manat TM TMM TURKMENISTAN false false false 18 18 788 TN TN TND TUNISIA Tunisian Dinar false false false 21 21 776 Pa'anga TO TONGA TOP false false false 18 18 949 TR TR TRY TURKEY Turkish Lira false false true 21 21 780 TRINIDAD AND TOBAGO TT TT TTD Trinidad and Tobago Dollar false false false 18 18 36 AUD Australian Dollar TUVALU TV false false false 20 20 901 New Taiwan Dollar RC TAIWAN, PROVINCE OF CHINA TW TWD false false false 18 18 834 TANZANIA, UNITED REPUBLIC OF TZ TZS Tanzanian Shilling false false false 18 18 980 Hryvnia UA UAH UKRAINE false false false 21 21 800 EAU UG UGANDA UGX Uganda Shilling false false false 0 0 840 UM UNITED STATES MINOR OUTLYING ISLANDS US Dollar USD false false false 18 18 840 UNITED STATES US US Dollar USA USD false false true 18 18 997 UNITED STATES US US Dollar (Next day) USA USN false false true 18 18 998 UNITED STATES US US Dollar (Same day) USA USS false false true 18 18 858 Peso Uruguayo U URUGUAY UY UYU false false false 18 18 940 U URUGUAY UY UYI Uruguay Peso en Unidades Indexadas false false false 18 18 860 UZ UZBEKISTAN UZS Uzbekistan Sum false false false 21 21 978 EUR Euro HOLY SEE (VATICAN CITY STATE) V VA false false false 18 18 951 East Caribbean Dollar SAINT VINCENT AND THE GRENADINES VC WV XCD false false false 18 18 937 Bolivar Fuerte VE VEF VENEZUELA YV false false false 0 0 840 US Dollar USD VG VIRGIN ISLANDS (BRITISH) false false false 0 0 840 US Dollar USD VI VIRGIN ISLANDS (U.S.) false false false 18 18 704 Dong VIET NAM VN VN VND false false false 18 18 548 VANUATU VU VUV Vatu false false false 0 0 953 CFP Franc WALLIS AND FUTUNA WF XPF false false false 18 18 882 SAMOA Tala WS WS WST false false false /N 0 0 956 European Monetary Unit (E.M.U.-6) XBB XX false false false /N 0 0 955 Bond Markets Units European Composite Unit (EURCO) XBA XX false false false /N 0 0 958 European Unit of Account 17(E.U.A.-17) XBD XX false false false /N 0 0 959 Gold XAU XX false false false /N 0 0 0 UIC-Franc XFU XX false false false /N 0 0 999 The codes assigned for transactions where no currency is involved are: XX XXX false false false /N 0 0 964 Palladium XPD XX false false false 0 0 960 INTERNATIONAL MONETARY FUND (I.M.F) SDR XDR XX false false false /N /N 0 0 0 Special settlement currencies XX false false false /N 0 0 963 Codes specifically reserved for testing purposes XTS XX false false false /N 0 0 962 Platinum XPT XX false false false /N 0 0 957 European Unit of Account 9(E.U.A.-9) XBC XX false false false /N 0 0 961 Silver XAG XX false false false 18 18 886 YE YEMEN YER YMN Yemeni Rial false false false 0 0 978 EUR Euro MAYOTTE YT false false false 21 21 710 Rand SOUTH AFRICA ZA ZA ZAR false false false 21 21 894 ZAMBIA ZM ZM ZMK Zambian Kwacha false false false 18 18 935 RSR ZIMBABWE ZW ZWR Zimbabwe Dollar false false false /N /N 0 ANTARCTICA No universal currency 944 AZ AZERBAIJAN AZN Azerbaijanian Manat 784 AE AED UAE Dirham UNITED ARAB EMIRATES 971 AF AFGHANISTAN AFN Afghani 8 AL ALBANIA ALL Lek 51 AM AMD ARMENIA Armenian Dram 532 AN ANG NETHERLANDS ANTILLES Netherlands Antillian Guilder 973 ANGOLA AO AOA Kwanza 32 AR ARGENTINA ARS Argentine Peso 36 AU AUD AUSTRALIA Australian Dollar /N 36 AUD Australian Dollar TUVALU /N 36 AUD Australian Dollar COCOS (KEELING) ISLANDS /N 36 AUD Australian Dollar NAURU /N 36 AUD Australian Dollar NORFOLK ISLAND /N 36 AUD Australian Dollar KIRIBATI /N 36 AUD Australian Dollar CHRISTMAS ISLAND /N 36 AUD Australian Dollar HEARD ISLAND AND MCDONALD ISLANDS 533 ARUBA AW AWG Aruban Guilder 977 BA BAM BOSNIA AND HERZEGOVINA Convertible Marks 52 BARBADOS BB BBD Barbados Dollar 50 BANGLADESH BD BDT Taka 975 BG BGN BULGARIA Bulgarian Lev 48 BAHRAIN BH BHD Bahraini Dinar 108 BI BIF BURUNDI Burundi Franc 60 BERMUDA BM BMD Bermudian Dollar (customarily known as Bermuda Dollar) 96 BN BND BRUNEI DARUSSALAM Brunei Dollar 68 BO BOB BOLIVIA Boliviano 984 BO BOLIVIA BOV Mvdol 986 BR BRAZIL BRL Brazilian Real 44 BAHAMAS BS BSD Bahamian Dollar 64 BHUTAN BT BTN Ngultrum 72 BOTSWANA BW BWP Pula 974 BELARUS BY BYR Belarussian Ruble 84 BELIZE BZ BZD Belize Dollar 124 CA CAD CANADA Canadian Dollar 976 CD CDF CONGO, THE DEMOCRATIC REPUBLIC OF Congolese Franc 947 CH CHE SWITZERLAND WIR Euro 756 CH CHF SWITZERLAND Swiss Franc 756 CH CHF LIECHTENSTEIN Swiss Franc 948 CH CHW SWITZERLAND WIR Franc 990 CHILE CL CLF Unidades de fomento 152 CHILE CL CLP Chilean Peso 156 CHINA CN CNY Yuan Renminbi 170 CO COLOMBIA COP Colombian Peso 970 CO COLOMBIA COU Unidad de Valor Real 188 COSTA RICA CR CRC Costa Rican Colon 192 CU CUBA CUP Cuban Peso 132 CAPE VERDE CV CVE Cape Verde Escudo 203 CZ CZECH REPUBLIC CZK Czech Koruna 262 DJ DJF DJIBOUTI Djibouti Franc 208 DENMARK DK DKK Danish Krone /N 208 DKK Danish Krone GREENLAND /N 208 DKK Danish Krone FAROE ISLANDS 214 DO DOMINICAN REPUBLIC DOP Dominican Peso /N 12 ALGERIA Algerian Dinar DZD 233 EE EEK ESTONIA Kroon 818 EG EGP EGYPT Egyptian Pound 232 ER ERITREA ERN Nakfa 230 ET ETB ETHIOPIA Ethiopian Birr 978 DE EUR Euro GERMANY /N 978 EUR Euro (effective 1 January 2009) SLOVAKIA 978 EU EUR Euro LUXEMBOURG /N 978 EUR Euro MALTA /N 978 EUR Euro MARTINIQUE 978 AT AUSTRIA EUR Euro /N 978 EUR Euro MAYOTTE /N 978 EUR Euro MONACO /N 978 EUR Euro SAINT MARTIN /N 978 EUR Euro ÅLAND ISLANDS /N 978 CYPRUS EUR Euro /N 978 EUR Euro SPAIN /N 978 EUR Euro SAN MARINO 978 ANDORRA EU EUR Euro /N 978 EUR Euro FRENCH GUIANA 978 EUR Euro FR FRANCE 978 EUR Euro GR GREECE 978 EUR Euro FI FINLAND /N 978 EUR Euro FRENCH SOUTHERN TERRITORIES /N 978 EUR Euro GUADELOUPE 978 EUR Euro IE IRELAND /N 978 EUR Euro SAINT PIERRE AND MIQUELON /N 978 EUR Euro SLOVENIA /N 978 EUR Euro HOLY SEE (VATICAN CITY STATE) /N 978 EUR Euro MONTENEGRO 978 EUR Euro NETHERLANDS NL 978 BELGIUM EU EUR Euro /N 978 EUR Euro SAINT-BARTHÉLEMY /N 978 EUR Euro RÉUNION 978 EUR Euro PORTUGAL PT 978 EU EUR Euro ITALY 242 FIJI FJ FJD Fiji Dollar 238 FALKLAND ISLANDS (MALVINAS) FK FKP Falkland Islands Pound 826 GB GBP Pound Sterling UNITED KINGDOM /N 826 GBP JERSEY Pound Sterling /N 826 GBP GUERNSEY Pound Sterling 981 GE GEL GEORGIA Lari 936 Cedi GH GHANA GHS 292 GI GIBRALTAR GIP Gibraltar Pound 270 Dalasi GAMBIA GM GMD 324 GN GNF GUINEA Guinea Franc 320 GT GTQ GUATEMALA Quetzal 624 GUINEA-BISSAU GW GWP Guinea-Bissau Peso 328 GUYANA GY GYD Guyana Dollar 344 HK HKD HONG KONG Hong Kong Dollar 340 HN HNL HONDURAS Lempira /N 191 CROATIA Croatian Kuna HRK 332 Gourde HAITI HT HTG 348 Forint HU HUF HUNGARY 360 ID IDR INDONESIA Rupiah 376 IL ILS ISRAEL New Israeli Sheqel 356 BHUTAN BT INR Indian Rupee 356 IN INDIA INR Indian Rupee 368 IQ IQD IRAQ Iraqi Dinar 364 IR IRAN, ISLAMIC REPUBLIC OF IRR Iranian Rial 352 ICELAND IS ISK Iceland Krona 388 JAMAICA JM JMD Jamaican Dollar 400 JO JOD JORDAN Jordanian Dinar 392 JAPAN JP JPY Yen 404 KE KENYA KES Kenyan Shilling 417 KG KGS KYRGYZSTAN Som 116 CAMBODIA KH KHR Riel 174 COMOROS Comoro Franc KM KMF 408 KOREA, DEMOCRATIC PEOPLE'S REPUBLIC OF KP KPW North Korean Won 410 KOREA, REPUBLIC OF KR KRW Won 414 KUWAIT KW KWD Kuwaiti Dinar 136 CAYMAN ISLANDS Cayman Islands Dollar KY KYD 398 KAZAKHSTAN KZ KZT Tenge 418 Kip LA LAK LAO PEOPLE'S DEMOCRATIC REPUBLIC 422 LB LBP LEBANON Lebanese Pound 144 LK LKR SRI LANKA Sri Lanka Rupee 430 LIBERIA LR LRD Liberian Dollar 426 LESOTHO LS LSL Loti 440 LITHUANIA LT LTL Lithuanian Litas 428 LATVIA LV LVL Latvian Lats 434 LIBYAN ARAB JAMAHIRIYA LY LYD Libyan Dinar 504 MA MAD MOROCCO Moroccan Dirham 504 MA MAD Moroccan Dirham WESTERN SAHARA 498 MD MDL MOLDOVA, REPUBLIC OF Moldovan Leu 969 MADAGASCAR MG MGA Malagasy Ariary 807 Denar MACEDONIA, THE FORMER YUGOSLAV REPUBLIC OF MK MKD 104 Kyat MM MMK MYANMAR 496 MN MNT MONGOLIA Tugrik 446 MACAO MO MOP Pataca 478 MAURITANIA MR MRO Ouguiya 480 MAURITIUS MU MUR Mauritius Rupee 462 MALDIVES MV MVR Rufiyaa 454 Kwacha MALAWI MW MWK 484 MEXICO MX MXN Mexican Peso 979 MEXICO MX MXV Mexican Unidad de Inversion (UDI) 458 MALAYSIA MY MYR Malaysian Ringgit 943 MOZAMBIQUE MZ MZN Metical 516 NA NAD NAMIBIA Namibia Dollar 566 NG NGN NIGERIA Naira 558 Cordoba Oro NI NICARAGUA NIO 578 NO NOK NORWAY Norwegian Krone /N 578 NOK Norwegian Krone SVALBARD AND JAN MAYEN 578 BOUVET ISLAND NO NOK Norwegian Krone 524 NEPAL NP NPR Nepalese Rupee 554 NEW ZEALAND NZ NZD New Zealand Dollar /N 554 NZD New Zealand Dollar TOKELAU /N 554 COOK ISLANDS NZD New Zealand Dollar /N 554 NIUE NZD New Zealand Dollar /N 554 NZD New Zealand Dollar PITCAIRN 512 OM OMAN OMR Rial Omani 590 Balboa PA PAB PANAMA 604 Nuevo Sol PE PEN PERU 598 Kina PAPUA NEW GUINEA PG PGK 608 PH PHILIPPINES PHP Philippine Peso 586 PAKISTAN PK PKR Pakistan Rupee 985 PL PLN POLAND Zloty 600 Guarani PARAGUAY PY PYG 634 QA QAR QATAR Qatari Rial 946 New Leu RO ROMANIA RON 941 RS RSD SERBIA Serbian Dinar 643 RU RUB RUSSIAN FEDERATION Russian Ruble 646 RW RWANDA RWF Rwanda Franc 682 SA SAR SAUDI ARABIA Saudi Riyal 90 SB SBD SOLOMON ISLANDS Solomon Islands Dollar 690 SC SCR SEYCHELLES Seychelles Rupee 938 SD SDG SUDAN Sudanese Pound 752 SE SEK SWEDEN Swedish Krona 702 SG SGD SINGAPORE Singapore Dollar 654 SAINT HELENA SH SHP Saint Helena Pound 703 SK SKK SLOVAKIA Slovak Koruna 694 Leone SIERRA LEONE SL SLL 706 SO SOMALIA SOS Somali Shilling 968 SR SRD SURINAME Surinam Dollar 678 Dobra ST STD SÃO TOME AND PRINCIPE 222 EL SALVADOR El Salvador Colon SV SVC 760 SY SYP SYRIAN ARAB REPUBLIC Syrian Pound 748 Lilangeni SWAZILAND SZ SZL 764 Baht TH THAILAND THB 972 Somoni TAJIKISTAN TJ TJS 795 Manat TM TMM TURKMENISTAN 788 TN TND TUNISIA Tunisian Dinar 776 Pa'anga TO TONGA TOP 949 TR TRY TURKEY Turkish Lira 780 TRINIDAD AND TOBAGO TT TTD Trinidad and Tobago Dollar 901 New Taiwan Dollar TAIWAN, PROVINCE OF CHINA TW TWD 834 TANZANIA, UNITED REPUBLIC OF TZ TZS Tanzanian Shilling 980 Hryvnia UA UAH UKRAINE 800 UG UGANDA UGX Uganda Shilling 840 UNITED STATES US US Dollar USD /N 840 TURKS AND CAICOS ISLANDS US Dollar USD /N 840 MICRONESIA, FEDERATED STATES OF US Dollar USD 840 AMERICAN SAMOA US US Dollar USD /N 840 BRITISH INDIAN OCEAN TERRITORY US Dollar USD 840 EL SALVADOR SV US Dollar USD /N 840 ECUADOR US Dollar USD /N 840 MARSHALL ISLANDS US Dollar USD 840 HAITI US US Dollar USD /N 840 GUAM US Dollar USD 840 UNITED STATES MINOR OUTLYING ISLANDS US US Dollar USD /N 840 US Dollar USD VIRGIN ISLANDS (U.S.) /N 840 TIMOR-LESTE US Dollar USD /N 840 NORTHERN MARIANA ISLANDS US Dollar USD /N 840 PALAU US Dollar USD 840 PANAMA US US Dollar USD /N 840 PUERTO RICO US Dollar USD 997 UNITED STATES US US Dollar (Next day) USN 998 UNITED STATES US US Dollar (Same day) USS 858 Peso Uruguayo URUGUAY UY UYU 940 URUGUAY UY UYI Uruguay Peso en Unidades Indexadas /N 840 US Dollar USD VIRGIN ISLANDS (BRITISH) 860 UZ UZBEKISTAN UZS Uzbekistan Sum 937 Bolivar Fuerte VE VEF VENEZUELA 704 Dong VIET NAM VN VND 548 VANUATU VU VUV Vatu 882 SAMOA Tala WS WST /N 950 CENTRAL AFRICAN REPUBLIC CFA Franc BEAC ‡ XAF /N 950 CFA Franc BEAC ‡ GABON XAF /N 950 CFA Franc BEAC ‡ CHAD XAF /N 950 CAMEROON CFA Franc BEAC ‡ XAF /N 950 CFA Franc BEAC ‡ CONGO XAF /N 950 CFA Franc BEAC ‡ EQUATORIAL GUINEA XAF /N /N 961 Silver XAG /N /N 959 Gold XAU /N /N 955 Bond Markets Units European Composite Unit (EURCO) XBA /N /N 956 European Monetary Unit (E.M.U.-6) XBB /N /N 957 European Unit of Account 9(E.U.A.-9) XBC /N /N 958 European Unit of Account 17(E.U.A.-17) XBD /N 951 ANTIGUA AND BARBUDA East Caribbean Dollar XCD /N 951 East Caribbean Dollar GRENADA XCD /N 951 East Caribbean Dollar MONTSERRAT XCD /N 951 East Caribbean Dollar SAINT LUCIA XCD /N 951 East Caribbean Dollar SAINT VINCENT AND THE GRENADINES XCD /N 951 DOMINICA East Caribbean Dollar XCD 951 ANGUILLA East Caribbean Dollar XC XCD /N 951 East Caribbean Dollar SAINT KITTS AND NEVIS XCD /N 960 INTERNATIONAL MONETARY FUND (I.M.F) SDR XDR /N /N 0 UIC-Franc XFU 952 CFA Franc BCEAO † GUINEA-BISSAU GW XOF /N 952 CFA Franc BCEAO † SENEGAL XOF /N 952 BENIN CFA Franc BCEAO † XOF /N 952 CFA Franc BCEAO † TOGO XOF /N 952 CFA Franc BCEAO † NIGER XOF /N 952 CFA Franc BCEAO † CÔTE D'IVOIRE XOF /N 952 BURKINA FASO CFA Franc BCEAO † XOF /N 952 CFA Franc BCEAO † MALI XOF /N /N 964 Palladium XPD /N 953 CFP Franc FRENCH POLYNESIA XPF /N 953 CFP Franc WALLIS AND FUTUNA XPF /N 953 CFP Franc NEW CALEDONIA XPF /N /N 962 Platinum XPT /N /N 963 Codes specifically reserved for testing purposes XTS /N 999 The codes assigned for transactions where no currency is involved are: XX XXX 886 YE YEMEN YER Yemeni Rial 710 Rand SOUTH AFRICA ZA ZAR 710 NA NAMIBIA Rand ZAR 710 LESOTHO LS Rand ZAR 894 ZAMBIA ZM ZMK Zambian Kwacha 935 ZIMBABWE ZW ZWR Zimbabwe Dollar /N /N /N 0 Special settlement currencies A document issued in Belgium by the European Communities administration to their personnel members. The document stattes the country of taxation, so that exemption of local tax is obtained (on some instruments and under certain conditions) A document issued in Belgium by the North Atlantic Treaty Organization administration to their personnel members. The document stattes the country of taxation, so that exemption of local tax is obtained (on some instruments and under certain conditions) A document issued in Belgium by the Supreme Headquarters of the Allied Powers in Europe administration to their personnel members. The document stattes the country of taxation, so that exemption of local tax is obtained (on some instruments and under certain conditions) The company's by-laws, rules,... Certificate Of Residence. Is a certificate issued by the fiscal administration of the country where the client fiscally is located. E.g. an Italian specialist is working in France temporarily. He has a legal temporary addresss in Paris. However, since his stay will not exceed 180 days, he chooses to retain his fiscal address in Italy where he will have to pay taxes anyway if he stays there for more than 180 days. To be able to apply for double tax treaties, some countries require a COR-document of the beneficial owners income. A COR is sent on request of the client of the principal, or is sent directly to the principal if the client signed a proxy. The certificate is renewed yearly. In some countries, identification of a person is done on basis of the drivers' license. Particularly when no identity card is mandatory or the passport is not necessary since the validation is against local authorities. The document identifying a physical person in a country of residence. The validation can be accepted by third countries, e.g. to avoid the supplementary issuance of passports. The document validating the registration in a certain country and the permission to travel abroad. The validation is against other countries than the country of residence. Document issued by the Italian tax authority and filled by the client, not having his residence in Italy. This document is a request to obtain exemption of prepaid tax in Italy on Italian State bonds and bonds issued by companies quoted on an Italian stock exchange. The IRS (Internal Revenue Service in the USA) identification document for non-resident alien beneficiaries from US point of view. This document is to be used: - in case the local know your customer (KYC) rules are not accepted or followed by the principal; - in case the fiscal residence country is not the one of the legal residence country - in case the legal entity is another entity than the one who is holder of the securities account, e.g. in case of branches - in case the client has a special tarif agreed with the IRS The document has to be signed by the client if the principal is a Qualified Intermediary (QI) for the IRS. The validity period is 3 years. The IRS (Internal Revenue Service in the USA) identification document for expatriates from US point of view. The document has to be signed by the client if the principal is a Qualified Intermediary (QI) for the IRS. The validity period is 3 years. The IRS (Internal Revenue Service in the USA) identification document which has to be signed by Qualified Intermediaries when they hold securities with other qualified intermediaries. That way the prepaid tax is not withheld. The document has to be signed by the client if the principal is a Qualified Intermediary (QI) for the IRS. The validity period is 3 years. The identification document for the IRS when the party is a US resident or of US nationality. The document has to be signed when the principal is a Qualified Intermediary (QI) for the IRS (Internal Revenue Service in the USA). The validity period is 3 years. Certificate issued by Belgian banks, to certain moral persons and physical persons not residing in Belgium. The client certifies he does not use his secutities for professional reasons. The validity term is assumed 10 years if the stated conditions stay valid. Extremely high direct stock price impact Extremely high indirect stcok price impact Extremely high profitability impact Extremely high solvability impact generic Anti-Money Laundering Unit The unit which performs investigations on client integrity risks and provides advice to the requestors on the opportunity of client relations. 1000 2008-09-15 2008-09-30 2008-10-27 BE000000000097 Test security 1: financial instrument exemple data and properties. false Saving bond 2008-2013 5% 125 2008-09-01 2008-11-01 2008-11-01 Saving bond 2008-2013 5% Test security 2: financial instrument exemple data and properties. true generic legal representative generic usufructuary WSJ 2008-03-01 High direct stock price impact High indirect stock price impact High profitability impact High risk probability High solvability impact Increased client integrity risk because there is no face-to-face contact The customer needs to present himself face-to-face to the account manager opening a customer relationship. The following persons can represent the customer: - legal representatives for minors or other legal incapables; - notaries for companies in foundation or representing an estate - lawyers representing a company in bankruptcy,... Increased client integrity risk because the beneficial owner of the products is unknown The identified persons should be the beneficial owners of the product. With exception for notaries, lawyers and bailiffs. If the clients are corporations, the ultimate beneficial owners have to be known, except for publicly traded shares of those companies. High client integrity risk due to appearance on blacklists High client integrity risk because of the person, company or organisation appearing on: - official OFAC (US office of foreign asset control) list; - embargo list of the European Union or the United Nations; - communautary lists of airlines which has an exploitation ban in the European Union High client integrity risk because of activities by children Such child activities are : - porno and related - other labour High client integrity risk due to the request for a coded account The client requires a coded account. A coded account or so-called "number-account", sometimes called "anonymous account" is an account whereby: - the identity (name and address) is hidden in the computersystems of the servicing financial company - some minimal data are necessary to administer the operations: country of residence (legal and fiscal), birthdate, nationality, ... - the identity information is kept outside the information systems and only limited number of persons have access to that information Reporting and audit are manual and thus quite expensive. High client integrity risk due to unclear relation with company A physical persons requests to open a relation in the name of a company where he has no powers of attorney. High client integrity risk due to production of and trade in controversial goods and services Examples of controversial goods and services are: - sexual services - weapon industry - cannabis High client integrity risk due to controversial reputation The person is controversial due to negative information, illegal or unethical activities High client integrity risk due to activities related to controversial weapons Depending on the legislation where the principal is settled or the guidelines of the principal these controversial weapons can include: - cluster bombs; - anti-person mines; - biological weapons; - chemical weapons; - nuclear weapons; - ... High client integrity risk due to activities of money transfer Money transfer activities via internet for account of third parties may be an indication of increased integrity risk Increased client integrity risk due to false documentation The documentation confirming the identity proves to be false, by purpose incomplete or missing. High client integrity risk in management of funds The management of funds by third parties, except the financial sector, is an indication of an increased integrity risk. Example money couriers. High client integrity risk due to guarantees with unclear origin. The person request a client relation to obtain a loan. - The loan is requested with as collateral a guarantee with another financial institution. The origin of the funds of that guarantee is unclear. OR - The purpose of the loan does not fit in the professional activity of the person. Increased client integrity risk due to activity with high cash flows These activities are typically: - second hand cars trade; - entertainment; - games (lunaparks, casino's,...) - tobacco, sigarettes and alcohol (except the regular retailers); - trade in petrol products; - collection of funds for charity purposes (religious or not); - trade in real estate for own or third partie's account; - ... High client integrity risk due to products incompatible with his fortune The nature and level of service is incompatible with the client's fortune. High client integrity risk due to appearance on internal blacklist The principal recorded: - earlier negative experience from disputes, lax cases, ... - ealier negative advices by the Anti-Money Laundry unit or by the Compliance unit High client integrity risk due to tranactions with NCCT countries The client wishes to conclude financial transactions with entities in NCCT-countries, even if they are normal due to the client's commercial and financial relations with that country. Increased client integrity risk because of missing identification The client insists on anonymous accounts or fictive identification data are provided High client integrity risk due to residence in non-compliance country The legal or fiscal country of residence of the person is one of the countries: - or regions placed under embargo by the European Union; - non-member of the OECD, except the members of the European Union; - the tax-heavens listed as non-cooperative by the OECD; - which do not cooperate to abolish money-laudring by FATF (Financial Action Task Force on Money laundering) These are the so-called NCCT-countries. - countries for which the European union assists in reducing corruption, organised crime and money laundering High integrity risk due to non transparant corporate structure Corporations form an increased integrity risk if: - the corporation is not quoted at any stock exchange but the economic owners remain unknown; - the economic owners of the corporation are submitted but the bank knows the list is false - the corporation is established to act for account of third parties, while it is the intention to keep the economic interested parties hidden or anonymous: Trust, Stichting, Anstalt, fiduciaire,... - th corporations established to hide commercial and financial transactions, mostly established in fiscal paradises or offshore centres, the so-called "corporate vehicles": -- "Inernational Business companies" established in the British Virgin Islands, Dominical republic, Antigua, Barbados, Jamaïca, ... -- Corporations established in Delaware, Arkansas, Kentucky, Nebraska, Nevada, Oregon, South Dakota -- Luxemburg Holding companies (law 1929) -- Conduit companies -- Cash money companies High client integrity risk due to relation with tax heaven located or off-shore company The client has commercial or financial relations with companies in tax-heavens or with off-shore companies without the client having effective activities there. High client integrity risk due to origin of funds. The client is not able to provide a justification for the origin of the invested funds. OR The origin of funds is prohibited by any anti-money laundry and anti-terrorist legislation. Examples of prohibited origin in thatr context are: - misuse of trust; - imitation of goods; - counterfeit of money; - exploitation of prostitution; - illegal trade of narcotics; - illegal trade of weapons and other goods; - illegal use ot trade in hormons applied to animals; - organized crime; - trade in illegal labour force; - trade in persons; - illegal trade in organs; - pirating; - stock trade delicts; - misuse of corporate goods; - fraud against the interests of the European Union; - terrorism and financing of terrorism; - provide investment services and attract savings without permission; - hostaging; - criminal offence in relation to bankruptcy; - severe environmental crime; - fraud; - theft or extortion; - severe and oranised fiscal fraud by complicated mechanisms of inernational dimensions High customer integrity risk due to unclear or parallel purchase channels Examples of such activities are: - wholesalers in electronics: Hi-Fi, computers, video, electro,...; - mobile telephone sales; - communication services; - traders (in- and export); - ... High client integrity risk due to politically exposed person Examples of polictically exposed persons: - head of States; - head of governement; - ministers; - secretaries of State; - members of the parliament; - members of the auditor's office; - directors of central banks; - ambassadors; - consuls; - chargé d'affaires; - higher ranked officers of the army - managers of public companies; -... High client integrity risk due to proxy to non-resident An account is opened with proxy to a non-resident physical person which has no commercial or other apparent relation with the account holder. High client risk due to structured finance operation The opening of the relation is made in the frame of a strucured finance or other credit operation whereby the tax savings are the prime motif. High client integrity risk due to activities in goods with subjective valuation Exemples of trade in goods with high subjective value: - trade in diamonds and gems (no jewllers); - trade in art and antiques; - trade in horses; - ... Unknown instant 1902-01-01T09:00:08 The fionancial instrument has the common nature bond. The fionancial instrument has the common nature closed deposit. A closed deposit is a scealed envelope or box. The fionancial instrument has the common nature derivative. The fionancial instrument has the common nature equity. The fionancial instrument has the common nature of a hybrid instrument. The fionancial instrument has the common nature precious metal. The fionancial instrument has the common right or entitlement. Abolished Announcement An announcement with quotation effets will be made by the issuer, public authority or any other party. Collectable In the process of collecting Converted bond The bond issue is fully converted into shares. Exchangeble Exchangable into another instrument. Incomplete data The instrument data is incomplete Internal usage The instrument is created for the purpose of internal usage of 1 principal. Market introduction The stock is being introduced to the market. Status normal Early redemption The redemption finished earlier than at expiration date of the loan Status normal redemption The redemption finished at expiration date of the loan. Regularization In a regularization process. End of Transaction The purpose for which the instrument has been created ended. Expired warrant The right represented by the warrant cannot be exercised any more Worthless Without any value Low direct stock price impact Low indirect stock price impact Low profitability impact Low risk probability Low solvability impact Medium direct stock price impact Medium indirect stock price impact Medium profitability impact Medium risk probability Medium solvability impact Active FXAL FXALL February 2009 NEW YORK UNITED STATES OF AMERICA US www.fxall.com Active LAFX LAVAFX March 2009 NEW YORK UNITED STATES OF AMERICA US www.lavafx.com Active March 2009 NEW YORK UNITED STATES OF AMERICA US VORTEX VTEX www.bnyconvergex.com 2009-02-16 Active CURRENEX NEW YORK UNITED STATES OF AMERICA US XCUR www.currenex.com Active DAMASCUS DAMASCUS SECURITIES EXCHANGE February 2009 SY SYRIAN ARAB REPUBLIC XDSE www.dse.sy Active FINANCIALCONTENT INDEXES FOSTER CITY February 2009 US US XFCI www.financialcontent.com February 2009 HK HONG KONG HONG KONG INSTINET PACIFIC LTD Modified XIHK www.instinet.com Active JAPAN JP March 2009 TOKYO TOKYO AIM XTAM www.tokyo-aim.com Near to certainty Near to no risk Decide on the opportunity of a client relationship 10 The account manager decides on the opportunity of a new or continued client relationship with the financial institution. The decision can be taken on basis of an advice of the AML-unit Evaluate the higher client integrity risk 7 Evaluate the higher than normal client integrity risks on basis of the criteria in the relation to the integrity risk factors. If criteria to conclude to a higher than normal integrity risk are found the following step is to request advice from the AML-unit. If none of those criteria exist, the next step is to decide and log the decision on client relation opening. File the client documentation 6 File the copies of the identification documentation as per the policy applied by the principal. The filing can be local or centralized. Gather information on the economic activity of the client 3 Gather information on the client's activity and financial situation. Example of an open question: What transactions can we expect on the account and for which amounts ? Gather documentation on the client's identity and economic activity. 4 Copy the identification documents as per the Know Your Customer rules applicable in the country of the principal. For companies the registration data of the corporations are requested as well as references to the publication of them through official channels. Collect registration information, publicity on the activity,... Identify the client 1 Identify the client with: - the full name (first- and surname) - the full legal address - the fiscal residence country - the juridical capacity - the birthday (or establishment date) and -place (including country) - the nationality (which can be different from the above) - the sexe or the incorporation type For companies, the official name and seat, the managers and their powers are needed. The date at which the identification took place. Provide advice on basis of a due diligence investigation 9 After due diligence investigation, provide advice on opening, respectively maintaining a client relation. The reported factors, identity and activity form the basis for the advice. An additional task performed by the AML-unit might be the reporting of suspicious transactions to the authorities designated in the local anti-fraud legislation. Register the client identity 2 Register the identification data in the appropriate IT systems generic interfac client identification Register the client documentation 5 Register the documentation type and validity period into the appropiate IT-systems generic client documentation registration interface 99 generic decision on relation management interface Request advice from AML-unit 8 If there is a high integrity risk factor detected in procedure step pcdCA6, the advice of the AML-unit (anti-money laundering unit) is requested. Abnormal transaction Some exemples of abnormal transactions: - the information provided arround the transaction is incorrect or irrealistic; - the bank has no knowledge about the source of the funds; - the customer requests parial transfers so that the global amount of the transaction remains hidden; - client is interested only in speed of the transaction, not in the costs related to the transaction, including exchange costs; - the client questions about the obligations of financial institutions in matthers of money laundering; New client relation A new client relation is a trigger to make a client assesment from compliance point of view. Transaction amount The treshold for an eventual evaluation lies following the recommendations of FATF on 15 000 EUR/USD. This does not mean an investigation will take place for each transaction of 15 000 EUR/USD. Unusual transaction Some exemples of unusual transactions: - the transaction is unusual in respect of the known standing of the client; - the transaction is unusual in respect of the activities performed by the client; - the transaction is unusual in respect of the known turn-over on the client's account; - there is no justification nor documentation on the trasnaction; - the client's transactions are not for own account Unknown begin- and end date 1902-01-01T09:00:08 2999-12-31T09:00:08 2009-01-02T09:00:08 2999-12-31T09:00:08 Position frozen for corporate action A corporate action is ongoing. E.g. coupon payment, equity exchange operation, convertion, rename, ... Posiition frozen as guarantee for third party The position serves as guarantee for a third party. E.g. as guarantee for a rental contract of real estate, guarantee as member of board of directors, guarantee for public works,... Position froze due to irregular form of the instrument The financial instruments are damaged, unreadable, inidentifyable, ... Position frozen because the instument is nominative Nominative certificates, ADR/ADS,... Position frozen due to pledge Position serves as pledge for a loan by the principal. Position frozen because a sales order is issued A sales order is still valid for the position. Position is frozen until after the shareholders meeting The accountholders registered their shares to exercise their voting rights. Position frozen due to injunction measures There is an injunction on the financial instruments due to fraud, theft, loss,... The posting unit is per nominal value in currency The posting unit is per unique security. Abnormal remuneration Abnormal high remunerations of the management team, linked to abnormal high departure indemnities in case of early break of the contract form an additional threath for the issuer. The currency appreciation The risk the value of the producer’s currency appreciates against the customer’s currency, this means : - a more expensive product - less sales by the producer - less profit by the issuer in the short term - less solvability by the issuer in the long term If the value of the holder’s currency appreciates against the holder’s currency, this means : - less revenues in holder’s currency - lower stock quotes because of the needed rentability uplift Ignorance about the business Ignorance of the underlying business model and technicality of the producer or issuer. Decisions are taken without sufficient knowledge of the context. Commodity cost decrease If the commodity costs decrease, the costs of collaterals increase and the underlying assets of derivatives become less worth, thus: - less profit by the issuer in the short term - less solvability by the issuer in the long term If the commodity costs decrease, the underlying values become less worth, thus: - prices, thus valuation is lowered Comodity cost increase If the commodity costs increase, the costs of production are increasing, thus: - less sales by the producer - less profit by the issuer in the short term - less solvability by the issuer in the long term Conceited management The management did not learn from errors in the past since there were no lessons to learn. Democracy level is decreased Political dictatures have a decreasing purchase power as consequence: - less demand for the products - less profit by the issuer in the short term - less solvability by the issuer in the long term Delayed deliveries Delayed deliveries damage the image of the producer/issuer with as consequence: - less sales by the producer - less profit by the issuer in the short term - less solvability by the issuer in the long term The currency depreciation If the value of the customer’s currency depreciates against the producer’s currency, this means: - a more expensive product - less sales by the producer - less profit by the issuer in the short term - less solvability by the issuer in the long term If the value of the issuers currency depreciates against the holder’s currency, this means : - less revenues in holder’s currency - lower stock quotes because of the needed rentability uplift Energy cost increase If the energy costs increase, the costs of production are increasing, thus: - less sales by the producer - less profit by the issuer in the short term - less solvability by the issuer in the long term Export embargo If the products cannot be exported to certain customers, this means: - less sales by the producer - less profit by the issuer in the short term - less solvability by the issuer in the long term Higher fiscal pressure If the customer has to pay more taxes, his consumption is reduced with those directly or indirectly : - less sales by the producer - less profit by the issuer in the short term - less solvability by the issuer in the long term If there are tax increases on the profits of producers, e.g. ruling is abolished: - less profit by the producer - less profit by the issuer in the short term - less solvability by the issuer in the long term If there are tax increases on the activities of issuers, e.g. stock market tax: - less profit by the issuer in the short term - less solvability by the issuer in the long term If the fiscal pressure on stock increases, e.g. through higher prepaid tax rates, this means: - less net profit for the holder - less demand for the stock - prices, thus valuation falling Ideology with tradition of failing economy Political parties can have a tradition in halting economic development of the nation: - less demand for the products - less profit by the issuer in the short term - less solvability by the issuer in the long term Import embargo If the products are subject to e.g. an import embargo: - less sales by the producer - less profit by the issuer in the short term - less solvability by the issuer in the long term Import restriction The markets in the scope are the export markets of the issuer or the producer’s. If the products are subject to e.g. an import restriction, the target is to reduce the share of imported products on the local market with as a consequence: - less sales by the producer - less profit by the issuer in the short term - less solvability by the issuer in the long term Rise of interest rates If the customer has to pay more interests for credits, his consumption is reduced with direct or indirect : - less sales by the producer - less profit by the issuer in the short term - less solvability by the issuer in the long term If the producer has to pay more interests for credits, his profitability is reduced, meaning: - less profit by the issuer in the short term - less solvability by the issuer in the long term If the market interests rise in the issuer’s area, the issuer has to provide a higher rentability too, meaning: - less solvability by the issuer in the long term If the market interests rise in the holder’s area, the rentability of the current investments lowers. To keep the rentability uplevel, the underlying value is lowered. Legal restriction on production If there are legal restrictions on the production by the producers, e.g. cars with high carbon dioxide emission: - less sales by the producer - less profit by the issuer in the short term - less solvability by the issuer in the long term Legal restriction on stock trade If there are legal restrictions on the issuance of stock, e.g. stock with mortgages as collateral are evaluated less than 100%, this means: - need more collaterals as guarantee for loans - increased costs for borrowing - less profit by the issuer in the short term - less solvability by the issuer in the long term If the purchase of stock is legally restricted, e.g. of so-called fiscal paradises, this means: - less demand for the stock - prices, thus valuation falling Legal restriction on sales If there are legal restrictions on the purchases by the customers, e.g. alcohol by young persons: - less sales by the producer - less profit by the issuer in the short term - less solvability by the issuer in the long term Nationalization If the issuer or producers are nationalized, this means: - profits are going down in the general interest - less profit by the issuer in the short term - less solvability by the issuer in the long term Poor quality Poor quality damages the image of the producer/issuer with as consequence: - less sales by the producer - less profit by the issuer in the short term - less solvability by the issuer in the long term Reduced purchase power If the customers are subject to purchase power reductions, the consequence is: - less sales by the producer - less profit by the issuer in the short term - less solvability by the issuer in the long term If the producers are subject to reduced purchase power, the purchases become more expensive: - less sales by the producer - less profit by the issuer in the short term - less solvability by the issuer in the long term Reduced stock liquidity If the stock is less liquid then investors will require a compensation for it. Damage to the reputation If the reputation of the producer is at risk, e.g. child labour in shoe manufacturies, this means: - less sales by the producer - less profit by the issuer in the short term - less solvability by the issuer in the long term If the reputation of the issuer is at risk, e.g. anti-trust investigations, this means: - less profit by the issuer in the short term - less solvability by the issuer in the long term If the reputation of the holder is at risk, e.g. mafia connections of major shareholders, this means: - less demand for the stock - prices, thus valuation falling Stock trade restrictions If some capital markets would become unaccessible: - less capital gathering possibilities - less profit by the issuer in the short term - less solvability by the issuer in the long term Stringent technical specification If the products are subject to e.g. stringent technical specifications, the consequence in first instance will be: - less sales by the producer - less profit by the issuer in the short term - less solvability by the issuer in the long term Loss of worth of the underlying or collateral If the underlying assets become less worth, this means: - less profit by the issuer in the short term - less solvability by the issuer in the long term If the underlying values become less worth, this means: - prices, thus valuation is lowered Unexperienced management The management did not learn from errors in the past since there were no errors commitet Unprofessional approach In stead of thorough case studies, the management uses vague criteria to justify decisions: - from “the stomac” - by intuition - based on "feeling" Management errors Pure but mainly judgement errors from members of the management team. Very low direct stock price impact Very low indirect stock price impact Very low profitability impact Very low solvability impact 01 Crop and animal production, hunting and related service activities 011 Growing of non-perennial crops 0111 Growing of cereals (except rice), leguminous crops and oil seeds 0112 Growing of rice 0113 Growing of vegetables and melons, roots and tubers 0114 Growing of sugar cane 0115 Growing of tobacco 0116 Growing of fibre crops 0119 Growing of other non-perennial crops 012 Growing of perennial crops 0121 Growing of grapes 0122 Growing of tropical and subtropical fruits 0123 Growing of citrus fruits 0124 Growing of pome fruits and stone fruits 0125 Growing of other tree and bush fruits and nuts 0126 Growing of oleaginous fruits 0127 Growing of beverage crops 0128 Growing of spices, aromatic, drug and pharmaceutical crops 0129 Growing of other perennial crops 013 Plant propagation 0130 Plant propagation 014 Animal production 0141 Raising of cattle and buffaloes 0142 Raising of horses and other equines 0143 Raising of camels and camelids 0144 Raising of sheep and goats 0145 Raising of swine/pigs 0146 Raising of poultry 0149 Raising of other animals 015 Mixed farming 0150 Mixed farming 016 Support activities to agriculture and post-harvest crop activities 0161 Support activities for crop production 0162 Support activities for animal production 0163 Post-harvest crop activities 0164 Seed processing for propagation 017 Hunting, trapping and related service activities 0170 Hunting, trapping and related service activities 02 Forestry and logging 021 Silviculture and other forestry activities 0210 Silviculture and other forestry activities 022 Logging 0220 Logging 023 Gathering of non-wood forest products 0230 Gathering of non-wood forest products 024 Support services to forestry 0240 Support services to forestry 03 Fishing and aquaculture 031 Fishing 0311 Marine fishing 0312 Freshwater fishing 032 Aquaculture 0321 Marine aquaculture 0322 Freshwater aquaculture 05 Mining of coal and lignite 051 Mining of hard coal 0510 Mining of hard coal 052 Mining of lignite 0520 Mining of lignite 06 Extraction of crude petroleum and natural gas 061 Extraction of crude petroleum 0610 Extraction of crude petroleum 062 Extraction of natural gas 0620 Extraction of natural gas 07 Mining of metal ores 071 Mining of iron ores 0710 Mining of iron ores 072 Mining of non-ferrous metal ores 0721 Mining of uranium and thorium ores 0729 Mining of other non-ferrous metal ores 08 Other mining and quarrying 081 Quarrying of stone, sand and clay 0810 Quarrying of stone, sand and clay 089 Mining and quarrying n.e.c. 0891 Mining of chemical and fertilizer minerals 0892 Extraction of peat 0893 Extraction of salt 0899 Other mining and quarrying n.e.c. 09 Mining support service activities 091 Support activities for petroleum and natural gas extraction 0910 Support activities for petroleum and natural gas extraction 099 Support activities for other mining and quarrying 0990 Support activities for other mining and quarrying 10 Manufacture of food products 101 Processing and preserving of meat 1010 Processing and preserving of meat 102 Processing and preserving of fish, crustaceans and molluscs 1020 Processing and preserving of fish, crustaceans and molluscs 103 Processing and preserving of fruit and vegetables 1030 Processing and preserving of fruit and vegetables 104 Manufacture of vegetable and animal oils and fats 1040 Manufacture of vegetable and animal oils and fats 105 Manufacture of dairy products 1050 Manufacture of dairy products 106 Manufacture of grain mill products, starches and starch products 1061 Manufacture of grain mill products 1062 Manufacture of starches and starch products 107 Manufacture of other food products 1071 Manufacture of bakery products 1072 Manufacture of sugar 1073 Manufacture of cocoa, chocolate and sugar confectionery 1074 Manufacture of macaroni, noodles, couscous and similar farinaceous products 1075 Manufacture of prepared meals and dishes 1079 Manufacture of other food products n.e.c. 108 Manufacture of prepared animal feeds 1080 Manufacture of prepared animal feeds 11 Manufacture of beverages 110 Manufacture of beverages 1101 Distilling, rectifying and blending of spirits 1102 Manufacture of wines 1103 Manufacture of malt liquors and malt 1104 Manufacture of soft drinks production of mineral waters and other bottled waters 12 Manufacture of tobacco products 120 Manufacture of tobacco products 1200 Manufacture of tobacco products 13 Manufacture of textiles 131 Spinning, weaving and finishing of textiles 1311 Preparation and spinning of textile fibres 1312 Weaving of textiles 1313 Finishing of textiles 139 Manufacture of other textiles 1391 Manufacture of knitted and crocheted fabrics 1392 Manufacture of made-up textile articles, except apparel 1393 Manufacture of carpets and rugs 1394 Manufacture of cordage, rope, twine and netting 1399 Manufacture of other textiles n.e.c. 14 Manufacture of wearing apparel 141 Manufacture of wearing apparel, except fur apparel 1410 Manufacture of wearing apparel, except fur apparel 142 Manufacture of articles of fur 1420 Manufacture of articles of fur 143 Manufacture of knitted and crocheted apparel 1430 Manufacture of knitted and crocheted apparel 15 Manufacture of leather and related products 151 Tanning and dressing of leather manufacture of luggage, handbags, saddlery and harness, dressing and dyeing of fur 1511 Tanning and dressing of leather dressing and dyeing of fur 1512 Manufacture of luggage, handbags and the like, saddlery and harness 152 Manufacture of footwear 1520 Manufacture of footwear 16 Manufacture of wood and of products of wood and cork, except furniture manufacture of articles of straw and plaiting materials 161 Sawmilling and planing of wood 1610 Sawmilling and planing of wood 162 Manufacture of products of wood, cork, straw and plaiting materials 1621 Manufacture of veneer sheets and wood-based panels 1622 Manufacture of builders' carpentry and joinery 1623 Manufacture of wooden containers 1629 Manufacture of other products of wood manufacture of articles of cork, straw and plaiting materials 17 Manufacture of paper and paper products 170 Manufacture of paper and paper products 1701 Manufacture of pulp, paper and paperboard 1702 Manufacture of corrugated paper and paperboard and of containers of paper and paperboard 1709 Manufacture of other articles of paper and paperboard 18 Printing and reproduction of recorded media 181 Printing and service activities related to printing 1811 Printing 1812 Service activities related to printing 182 Reproduction of recorded media 1820 Reproduction of recorded media 19 Manufacture of coke and refined petroleum products 191 Manufacture of coke oven products 1910 Manufacture of coke oven products 192 Manufacture of refined petroleum products 1920 Manufacture of refined petroleum products 20 Manufacture of chemicals and chemical products 201 Manufacture of basic chemicals, fertilizers and nitrogen compounds, plastics and synthetic rubber in primary forms 2011 Manufacture of basic chemicals 2012 Manufacture of fertilizers and nitrogen compounds 2013 Manufacture of plastics and synthetic rubber in primary forms 202 Manufacture of other chemical products 2021 Manufacture of pesticides and other agrochemical products 2022 Manufacture of paints, varnishes and similar coatings, printing ink and mastics 2023 Manufacture of soap and detergents, cleaning and polishing preparations, perfumes and toilet preparations 2029 Manufacture of other chemical products n.e.c. 203 Manufacture of man-made fibres 2030 Manufacture of man-made fibres 21 Manufacture of basic pharmaceutical products and pharmaceutical preparations 210 Manufacture of pharmaceuticals, medicinal chemical and botanical products 2100 Manufacture of pharmaceuticals, medicinal chemical and botanical products 22 Manufacture of rubber and plastics products 221 Manufacture of rubber products 2211 Manufacture of rubber tyres and tubes retreading and rebuilding of rubber tyres 2219 Manufacture of other rubber products 222 Manufacture of plastics products 2220 Manufacture of plastics products 23 Manufacture of other non-metallic mineral products 231 Manufacture of glass and glass products 2310 Manufacture of glass and glass products 239 Manufacture of non-metallic mineral products n.e.c. 2391 Manufacture of refractory products 2392 Manufacture of clay building materials 2393 Manufacture of other porcelain and ceramic products 2394 Manufacture of cement, lime and plaster 2395 Manufacture of articles of concrete, cement and plaster 2396 Cutting, shaping and finishing of stone 2399 Manufacture of other non-metallic mineral products n.e.c. 24 Manufacture of basic metals 241 Manufacture of basic iron and steel 2410 Manufacture of basic iron and steel 242 Manufacture of basic precious and other non-ferrous metals 2420 Manufacture of basic precious and other non-ferrous metals 243 Casting of metals 2431 Casting of iron and steel 2432 Casting of non-ferrous metals 25 Manufacture of fabricated metal products, except machinery and equipment 251 Manufacture of structural metal products, tanks, reservoirs and steam generators 2511 Manufacture of structural metal products 2512 Manufacture of tanks, reservoirs and containers of metal 2513 Manufacture of steam generators, except central heating hot water boilers 252 Manufacture of weapons and ammunition 2520 Manufacture of weapons and ammunition 259 Manufacture of other fabricated metal products metalworking service activities 2591 Forging, pressing, stamping and roll-forming of metal powder metallurgy 2592 Treatment and coating of metals machinig 2593 Manufacture of cutlery, hand tools and general hardware 2599 Manufacture of other fabricated metal products n.e.c. 26 Manufacture of computer, electronic and optical products 261 Manufacture of electronic components and boards 2610 Manufacture of electronic components and boards 262 Manufacture of computers and peripheral equipment 2620 Manufacture of computers and peripheral equipment 263 Manufacture of communication equipment 2630 Manufacture of communication equipment 264 Manufacture of consumer electronics 2640 Manufacture of consumer electronics 265 Manufacture of measuring, testing, navigating and control equipment watches and clocks 2651 Manufacture of measuring, testing, navigating and control equipment 2652 Manufacture of watches and clocks 266 Manufacture of irradiation, electromedical and electrotherapeutic equipment 2660 Manufacture of irradiation, electromedical and electrotherapeutic equipment 267 Manufacture of optical instruments and photographic equipment 2670 Manufacture of optical instruments and photographic equipment 268 Manufacture of magnetic and optical media 2680 Manufacture of magnetic and optical media 27 Manufacture of electrical equipment 271 Manufacture of electric motors, generators, transformers and electricity distribution and control apparatus 2710 Manufacture of electric motors, generators, transformers and electricity distribution and control apparatus 272 Manufacture of batteries and accumulators 2720 Manufacture of batteries and accumulators 273 Manufacture of wiring and wiring devices 2731 Manufacture of fibre optic cables 2732 Manufacture of other electronic and electric wires and cables 2733 Manufacture of wiring devices 274 Manufacture of electric lighting equipment 2740 Manufacture of electric lighting equipment 275 Manufacture of domestic appliances 2750 Manufacture of domestic appliances 279 Manufacture of other electrical equipment 2790 Manufacture of other electrical equipment 28 Manufacture of machinery and equipment n.e.c. 281 Manufacture of general-purpose machinery 2811 Manufacture of engines and turbines, except aircraft, vehicle and cycle engines 2812 Manufacture of fluid power equipment 2813 Manufacture of other pumps, compressors, taps and valves 2814 Manufacture of bearings, gears, gearing and driving elements 2815 Manufacture of ovens, furnaces and furnace burners 2816 Manufacture of lifting and handling equipment 2817 Manufacture of office machinery and equipment (except computers and peripheral equipment) 2818 Manufacture of power-driven hand tools 2819 Manufacture of other general-purpose machinery 282 Manufacture of special-purpose machinery 2821 Manufacture of agricultural and forestry machinery 2822 Manufacture of metal-forming machinery and machine tools 2823 Manufacture of machinery for metallurgy 2824 Manufacture of machinery for mining, quarrying and construction 2825 Manufacture of machinery for food, beverage and tobacco processing 2826 Manufacture of machinery for textile, apparel and leather production 2829 Manufacture of other special-purpose machinery 29 Manufacture of motor vehicles, trailers and semi-trailers 291 Manufacture of motor vehicles 2910 Manufacture of motor vehicles 292 Manufacture of bodies (coachwork) for motor vehicles manufacture of trailers and semi-trailers 2920 Manufacture of bodies (coachwork) for motor vehicles manufacture of trailers and semi-trailers 293 Manufacture of parts and accessories for motor vehicles 2930 Manufacture of parts and accessories for motor vehicles 30 Manufacture of other transport equipment 301 Building of ships and boats 3011 Building of ships and floating structures 3012 Building of pleasure and sporting boats 302 Manufacture of railway locomotives and rolling stock 3020 Manufacture of railway locomotives and rolling stock 303 Manufacture of air and spacecraft and related machinery 3030 Manufacture of air and spacecraft and related machinery 304 Manufacture of military fighting vehicles 3040 Manufacture of military fighting vehicles 309 Manufacture of transport equipment n.e.c. 3091 Manufacture of motorcycles 3092 Manufacture of bicycles and invalid carriages 3099 Manufacture of other transport equipment n.e.c. 31 Manufacture of furniture 310 Manufacture of furniture 3100 Manufacture of furniture 32 Other manufacturing 321 Manufacture of jewellery, bijouterie and related articles 3211 Manufacture of jewellery and related articles 3212 Manufacture of imitation jewellery and related articles 322 Manufacture of musical instruments 3220 Manufacture of musical instruments 323 Manufacture of sports goods 3230 Manufacture of sports goods 324 Manufacture of games and toys 3240 Manufacture of games and toys 325 Manufacture of medical and dental instruments and supplies 3250 Manufacture of medical and dental instruments and supplies 329 Other manufacturing n.e.c. 3290 Other manufacturing n.e.c. 33 Repair and installation of machinery and equipment 331 Repair of fabricated metal products, machinery and equipment 3311 Repair of fabricated metal products 3312 Repair of machinery 3313 Repair of electronic and optical equipment 3314 Repair of electrical equipment 3315 Repair of transport equipment, except motor vehicles 3319 Repair of other equipment 332 Installation of industrial machinery and equipment 3320 Installation of industrial machinery and equipment 35 Electricity, gas, steam and air conditioning supply 351 Electric power generation, transmission and distribution 3510 Electric power generation, transmission and distribution 352 Manufacture of gas distribution of gaseous fuels through mains 3520 Manufacture of gas distribution of gaseous fuels through mains 353 Steam and air conditioning supply 3530 Steam and air conditioning supply 36 Water collection, treatment and supply 360 Water collection, treatment and supply 3600 Water collection, treatment and supply 37 Sewerage 370 Sewerage 3700 Sewerage 38 Waste collection, treatment and disposal activities materials recovery 381 Waste collection 3811 Collection of non-hazardous waste 3812 Collection of hazardous waste 382 Waste treatment and disposal 3821 Treatment and disposal of non-hazardous waste 3822 Treatment and disposal of hazardous waste 383 Materials recovery 3830 Materials recovery 39 Remediation activities and other waste management services 390 Remediation activities and other waste management services 3900 Remediation activities and other waste management services 41 Construction of buildings 410 Construction of buildings 4100 Construction of buildings 42 Civil engineering 421 Construction of roads and railways 4210 Construction of roads and railways 422 Construction of utility projects 4220 Construction of utility projects 429 Construction of other civil engineering projects 4290 Construction of other civil engineering projects 43 Specialized construction activities 431 Demolition and site preparation 4311 Demolition 4312 Site preparation 432 Electrical, plumbing and other construction installation activities 4321 Electrical installation 4322 Plumbing, heat and air-conditioning installation 4329 Other construction installation 433 Building completion and finishing 4330 Building completion and finishing 439 Other specialized construction activities 4390 Other specialized construction activities 45 Wholesale and retail trade and repair of motor vehicles and motorcycles 451 Sale of motor vehicles 4510 Sale of motor vehicles 452 Maintenance and repair of motor vehicles 4520 Maintenance and repair of motor vehicles 453 Sale of motor vehicle parts and accessories 4530 Sale of motor vehicle parts and accessories 454 Sale, maintenance and repair of motorcycles and related parts and accessories 4540 Sale, maintenance and repair of motorcycles and related parts and accessories 46 Wholesale trade, except of motor vehicles and motorcycles 461 Wholesale on a fee or contract basis 4610 Wholesale on a fee or contract basis 462 Wholesale of agricultural raw materials and live animals 4620 Wholesale of agricultural raw materials and live animals 463 Wholesale of food, beverages and tobacco 4630 Wholesale of food, beverages and tobacco 464 Wholesale of household goods 4641 Wholesale of textiles, clothing and footwear 4649 Wholesale of other household goods 465 Wholesale of machinery, equipment and supplies 4651 Wholesale of computers, computer peripheral equipment and software 4652 Wholesale of electronic and telecommunications equipment and parts 4653 Wholesale of agricultural machinery, equipment and supplies 4659 Wholesale of other machinery and equipment 466 Other specialized wholesale 4661 Wholesale of solid, liquid and gaseous fuels and related products 4662 Wholesale of metals and metal ores 4663 Wholesale of construction materials, hardware, plumbing and heating equipment and supplies 4669 Wholesale of waste and scrap and other products n.e.c. 469 Non-specialized wholesale trade 4690 Non-specialized wholesale trade 47 Retail trade, except of motor vehicles and motorcycles 471 Retail sale in non-specialized stores 4711 Retail sale in non-specialized stores with food, beverages or tobacco predominating 4719 Other retail sale in non-specialized stores 472 Retail sale of food, beverages and tobacco in specialized stores 4721 Retail sale of food in specialized stores 4722 Retail sale of beverages in specialized stores 4723 Retail sale of tobacco products in specialized stores 473 Retail sale of automotive fuel in specialized stores 4730 Retail sale of automotive fuel in specialized stores 474 Retail sale of information and communications equipment in specialized stores 4741 Retail sale of computers, peripheral units, software and telecommunications equipment in specialized stores 4742 Retail sale of audio and video equipment in specialized stores 475 Retail sale of other household equipment in specialized stores 4751 Retail sale of textiles in specialized stores 4752 Retail sale of hardware, paints and glass in specialized stores 4753 Retail sale of carpets, rugs, wall and floor coverings in specialized stores 4759 Retail sale of electrical household appliances, furniture, lighting equipment and other household articles in specialized stores 476 Retail sale of cultural and recreation goods in specialized stores 4761 Retail sale of books, newspapers and stationary in specialized stores 4762 Retail sale of music and video recordings in specialized stores 4763 Retail sale of sporting equipment in specialized stores 4764 Retail sale of games and toys in specialized stores 477 Retail sale of other goods in specialized stores 4771 Retail sale of clothing, footwear and leather articles in specialized stores 4772 Retail sale of pharmaceutical and medical goods, cosmetic and toilet articles in specialized stores 4773 Other retail sale of new goods in specialized stores 4774 Retail sale of second-hand goods 478 Retail sale via stalls and markets 4781 Retail sale via stalls and markets of food, beverages and tobacco products 4782 Retail sale via stalls and markets of textiles, clothing and footwear 4789 Retail sale via stalls and markets of other goods 479 Retail trade not in stores, stalls or markets 4791 Retail sale via mail order houses or via Internet 4799 Other retail sale not in stores, stalls or markets 49 Land transport and transport via pipelines 491 Transport via railways 4911 Passenger rail transport, interurban 4912 Freight rail transport 492 Other land transport 4921 Urban and suburban passenger land transport 4922 Other passenger land transport 4923 Freight transport by road 493 Transport via pipeline 4930 Transport via pipeline 50 Water transport 501 Sea and coastal water transport 5011 Sea and coastal passenger water transport 5012 Sea and coastal freight water transport 502 Inland water transport 5021 Inland passenger water transport 5022 Inland freight water transport 51 Air transport 511 Passenger air transport 5110 Passenger air transport 512 Freight air transport 5120 Freight air transport 52 Warehousing and support activities for transportation 521 Warehousing and storage 5210 Warehousing and storage 522 Support activities for transportation 5221 Service activities incidental to land transportation 5222 Service activities incidental to water transportation 5223 Service activities incidental to air transportation 5224 Cargo handling 5229 Other transportation support activities 53 Postal and courier activities 531 Postal activities 5310 Postal activities 532 Courier activities 5320 Courier activities 55 Accommodation 551 Short term accommodation activities 5510 Short term accommodation activities 552 Camping grounds, recreational vehicle parks and trailer parks 5520 Camping grounds, recreational vehicle parks and trailer parks 559 Other accommodation 5590 Other accommodation 56 Food and beverage service activities 561 Restaurants and mobile food service activities 5610 Restaurants and mobile food service activities 562 Event catering and other food service activities 5621 Event catering 5629 Other food service activities 563 Beverage serving activities 5630 Beverage serving activities 58 Publishing activities 581 Publishing of books, periodicals and other publishing activities 5811 Book publishing 5812 Publishing of directories and mailing lists 5813 Publishing of newspapers, journals and periodicals 5819 Other publishing activities 582 Software publishing 5820 Software publishing 59 Motion picture, video and television programme production, sound recording and music publishing activities 591 Motion picture, video and television programme activities 5911 Motion picture, video and television programme production activities 5912 Motion picture, video and television programme post-production activities 5913 Motion picture, video and television programme distribution activities 5914 Motion picture projection activities 592 Sound recording and music publishing activities 5920 Sound recording and music publishing activities 60 Programming and broadcasting activities 601 Radio broadcasting 6010 Radio broadcasting 602 Television programming and broadcasting activities 6020 Television programming and broadcasting activities 61 Telecommunications 611 Wired telecommunications activities 6110 Wired telecommunications activities 612 Wireless telecommunications activities 6120 Wireless telecommunications activities 613 Satellite telecommunications activities 6130 Satellite telecommunications activities 619 Other telecommunications activities 6190 Other telecommunications activities 62 Computer programming, consultancy and related activities 620 Computer programming, consultancy and related activities 6201 Computer programming activities 6202 Computer consultancy and computer facilities management activities 6209 Other information technology and computer service activities 63 Information service activities 631 Data processing, hosting and related activities web portals 6311 Data processing, hosting and related activities 6312 Web portals 639 Other information service activities 6391 News agency activities 6399 Other information service activities n.e.c. 64 Financial service activities, except insurance and pension funding 641 Monetary intermediation 6411 Central banking 6419 Other monetary intermediation 642 Activities of holding companies 6420 Activities of holding companies 643 Trusts, funds and similar financial entities 6430 Trusts, funds and similar financial entities 649 Other financial service activities, except insurance and pension funding activities 6491 Financial leasing 6492 Other credit granting 6499 Other financial service activities, except insurance and pension funding activities, n.e.c. 65 Insurance, reinsurance and pension funding, except compulsory social security 651 Insurance 6511 Life insurance 6512 Non-life insurance 652 Reinsurance 6520 Reinsurance 653 Pension funding 6530 Pension funding 66 Activities auxiliary to financial service and insurance activities 661 Activities auxiliary to financial service activities, except insurance and pension funding 6611 Administration of financial markets 6612 Security and commodity contracts brokerage 6619 Other activities auxiliary to financial service activities 662 Activities auxiliary to insurance and pension funding 6621 Risk and damage evaluation 6622 Activities of insurance agents and brokers 6629 Other activities auxiliary to insurance and pension funding 663 Fund management activities 6630 Fund management activities 68 Real estate activities 681 Real estate activities with own or leased property 6810 Real estate activities with own or leased property 682 Real estate activities on a fee or contract basis 6820 Real estate activities on a fee or contract basis 69 Legal and accounting activities 691 Legal activities 6910 Legal activities 692 Accounting, bookkeeping and auditing activities tax consultancy 6920 Accounting, bookkeeping and auditing activities tax consultancy 70 Activities of head offices management consultancy activities 701 Activities of head offices 7010 Activities of head offices 702 Management consultancy activities 7020 Management consultancy activities 71 Architectural and engineering activities technical testing and analysis 711 Architectural and engineering activities and related technical consultancy 7110 Architectural and engineering activities and related technical consultancy 712 Technical testing and analysis 7120 Technical testing and analysis 72 Scientific research and development 721 Research and experimental development on natural sciences and engineering 7210 Research and experimental development on natural sciences and engineering 722 Research and experimental development on social sciences and humanities 7220 Research and experimental development on social sciences and humanities 73 Advertising and market research 731 Advertising 7310 Advertising 732 Market research and public opinion polling 7320 Market research and public opinion polling 74 Other professional, scientific and technical activities 741 Specialized design activities 7410 Specialized design activities 742 Photographic activities 7420 Photographic activities 749 Other professional, scientific and technical activities n.e.c. 7490 Other professional, scientific and technical activities n.e.c. 75 Veterinary activities 750 Veterinary activities 7500 Veterinary activities 77 Rental and leasing activities 771 Renting and leasing of motor vehicles 7710 Renting and leasing of motor vehicles 772 Renting and leasing of personal and household goods 7721 Renting and leasing of recreational and sports goods 7722 Renting of video tapes and disks 7729 Renting and leasing of other personal and household goods 773 Renting and leasing of other machinery, equipment and tangible goods 7730 Renting and leasing of other machinery, equipment and tangible goods 774 Leasing of intellectual property and similar products, except copyrighted works 7740 Leasing of intellectual property and similar products, except copyrighted works 78 Employment activities 781 Activities of employment placement agencies 7810 Activities of employment placement agencies 782 Temporary employment agency activities 7820 Temporary employment agency activities 783 Other human resources provision 7830 Other human resources provision 79 Travel agency, tour operator, reservation service and related activities 791 Travel agency and tour operator activities 7911 Travel agency activities 7912 Tour operator activities 799 Other reservation service and related activities 7990 Other reservation service and related activities 80 Security and investigation activities 801 Private security activities 8010 Private security activities 802 Security systems service activities 8020 Security systems service activities 803 Investigation activities 8030 Investigation activities 81 Services to buildings and landscape activities 811 Combined facilities support activities 8110 Combined facilities support activities 812 Cleaning activities 8121 General cleaning of buildings 8129 Other building and industrial cleaning activities 813 Landscape care and maintenance service activities 8130 Landscape care and maintenance service activities 82 Office administrative, office support and other business support activities 821 Office administrative and support activities 8211 Combined office administrative service activities 8219 Photocopying, document preparation and other specialized office support activities 822 Activities of call centres 8220 Activities of call centres 823 Organization of conventions and trade shows 8230 Organization of conventions and trade shows 829 Business support service activities n.e.c. 8291 Activities of collection agencies and credit bureaus 8292 Packaging activities 8299 Other business support service activities n.e.c. 84 Public administration and defence compulsory social security” 841 Administration of the State and the economic and social policy of the community 8411 General public administration activities 8412 Regulation of the activities of providing health care, education, cultural services and other social services, excluding social security 8413 Regulation of and contribution to more efficient operation of businesses 842 Provision of services to the community as a whole 8421 Foreign affairs 8422 Defence activities 8423 Public order and safety activities 843 Compulsory social security activities 8430 Compulsory social security activities 85 Education 851 Pre-primary and primary education 8510 Pre-primary and primary education 852 Secondary education 8521 General secondary education 8522 Technical and vocational secondary education 853 Higher education 8530 Higher education 854 Other education 8541 Sports and recreation education 8542 Cultural education 8549 Other education n.e.c. 855 Educational support activities 8550 Educational support activities 86 Human health activities 861 Hospital activities 8610 Hospital activities 862 Medical and dental practice activities 8620 Medical and dental practice activities 869 Other human health activities 8690 Other human health activities 87 Residential care activities 871 Residential nursing care facilities 8710 Residential nursing care facilities 872 Residential care activities for mental retardation, mental health and substance abuse 8720 Residential care activities for mental retardation, mental health and substance abuse 873 Residential care activities for the elderly and disabled 8730 Residential care activities for the elderly and disabled 879 Other residential care activities 8790 Other residential care activities 88 Social work activities without accommodation 881 Social work activities without accommodation for the elderly and disabled 8810 Social work activities without accommodation for the elderly and disabled 889 Other social work activities without accommodation 8890 Other social work activities without accommodation 90 Creative, arts and entertainment activities 900 Creative, arts and entertainment activities 9000 Creative, arts and entertainment activities 91 Libraries, archives, museums and other cultural activities 910 Libraries, archives, museums and other cultural activities 9101 Library and archives activities 9102 Museums activities and operation of historical sites and buildings 9103 Botanical and zoological gardens and nature reserves activities 92 Gambling and betting activities 920 Gambling and betting activities 9200 Gambling and betting activities 93 Sports activities and amusement and recreation activities 931 Sports activities 9311 Operation of sports facilities 9312 Activities of sports clubs 9319 Other sports activities 932 Other amusement and recreation activities 9321 Activities of amusement parks and theme parks 9329 Other amusement and recreation activities n.e.c. 94 Activities of membership organizations 941 Activities of business, employers and professional membership organizations 9411 Activities of business and employers membership organizations 9412 Activities of professional membership organizations 942 Activities of trade unions 9420 Activities of trade unions 949 Activities of other membership organizations 9491 Activities of religious organizations 9492 Activities of political organizations 9499 Activities of other membership organizations n.e.c. 95 Repair of computers and personal and household goods 951 Repair of computers and communication equipment 9511 Repair of computers and peripheral equipment 9512 Repair of communication equipment 952 Repair of personal and household goods 9521 Repair of consumer electronics 9522 Repair of household appliances and home and garden equipment 9523 Repair of footwear and leather goods 9524 Repair of furniture and home furnishings 9529 Repair of other personal and household goods 96 Other personal service activities 960 Other personal service activities 9601 Washing and (dry-) cleaning of textile and fur products 9602 Hairdressing and other beauty treatment 9603 Funeral and related activities 9609 Other personal service activities n.e.c. 97 Activities of households as employers of domestic personnel 970 Activities of households as employers of domestic personnel 9700 Activities of households as employers of domestic personnel 98 Undifferentiated goods- and services-producing activities of private households for own use 981 Undifferentiated goods-producing activities of private households for own use 9810 Undifferentiated goods-producing activities of private households for own use 982 Undifferentiated service-producing activities of private households for own use 9820 Undifferentiated service-producing activities of private households for own use 99 Activities of extraterritorial organizations and bodies 990 Activities of extraterritorial organizations and bodies 9900 Activities of extraterritorial organizations and bodies A Agriculture, forestry and fishing B Mining and quarrying C Manufacturing D Electricity, gas, steam and air conditioning supply E Water supply sewerage, waste management and remediation activities Construction F G Wholesale and retail trade repair of motor vehicles and motorcycles H Transportation and storage Accommodation and food service activities I Information and communication J Financial and insurance activities K L Real estate activities M Professional, scientific and technical activities Administrative and support service activities N O Public administration and defence compulsory social security” Education P Human health and social work activities Q Arts, entertainment and recreation R Other service activities S Activities of households as employers undifferentiated goods- and services-producing activities of households for own use T Activities of extraterritorial organizations and bodies U Active BALT GB LONDON November 2008 THE BALTIC EXCHANGE UNITED KINGDOM www.balticexchange.com