UBS Dictionary of Banking

Ja

January effect / Januareffekt / effet janvier / effetto gennaio
Capital market anomaly which often results in shares, especially those of small companies, outperforming in January compared with the rest of the year. One of the strongest seasonal trends, it is sometimes attributed to the realization of tax losses which can be offset against profits accruing during the year.

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Jo

jobber
A dealer engaged in the wholesaling of securities. Unlike a stockbroker, the jobber deals only with brokers and other jobbers, but not with the general public. More generally known as dealer or specialist on the American stock exchanges and as stockjobber in the UK, where they are usually organized into firms.

joint account / Gemeinschaftskonto / compte joint / conto congiunto
Account opened jointly in the names of two or more persons whereby it is agreed that each can dispose of the assets in the account individually and without having to obtain the consent of the other(s). See also collective account.

joint and several guarantee / solidarische Bürgschaft / cautionnement solidaire / fideiussione solidale
Guarantee, under the terms of which the guarantor can be ordered to pay prior to the principal debtor and prior to the realization of the real estate mortgages if the principal debtor is in arrears with his or her payment despite reminders or is clearly insolvent (Article 496 of the Swiss Code of Obligations). See also simple guarantee, guaranteed credit.

joint liability / Solidarschuld / dette solidaire / debito solidale
Contractual obligation of several debtors under which each is individually answerable to the creditor for the discharge of the entire debt (governed by Article 144, para. 1, Swiss Code of Obligations).

joint property / Gesamteigentum / propriété commune / proprietà comune
Undivided ownership of a property by a community of persons. They can only dispose of the property by unanimous decision because each has a right to the undivided property and not to quotas or shares.

joint safekeeping account / Dépôt joint / dépôt joint / deposito congiunto
An account held jointly at a bank by two or more people each of whom has sole power of disposal over the assets in the joint safekeeping account without the signature of the other.

joint stock company (GB); corporation (USA) / Aktiengesellschaft / société anonyme / società anonima
A group or association of people recognized in law as an individual entity with a fixed capital stock (share capital) divided into parts (shares).

joint transaction / Metageschäft / transaction jointe / transazione congiunta
Agreements are reached whereby all transactions are carried out in conjunction with a partner, with all profits or losses split equally between the parties.

joint venture / Jointventure / joint venture / joint venture
Strategy for opening up a foreign market, whereby a company joins forces with partners in another country to set up a business there. Under this arrangement, ownership, management and control of the business are shared.

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Ju

junior mortgage / Nachgangshypothek / hypothèque de rang postérieur / ipoteca di grado posteriore
A mortgage which has a lending limit less than that for first mortgages and therefore carries a higher interest rate. If it is stipulated in the Land Register that a junior mortgage may be ascribed a higher priority, it moves up in ranking if a lien with a higher ranking claim is cancelled.

junk bond / Junk-Bond / junk bond / junk bond
Colloquial term for high-yield bond.

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