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Dictionary of Banking
S.E. & O.
Latin «salve errore et omissione» (errors and omissions excepted). Request addressed to the customer to examine the bank statement carefully, with the bank reserving the right to correct omissions and errors at a subsequent date.
Sa
safe / Tresorfach; Schliessfach; Schrankfach; Kundensafe; Safe / compartiment de coffre-fort; coffre-fort / cassetta di sicurezza; safe
Synonym for safe deposit box.
safe deposit box / Tresorfach; Schliessfach; Schrankfach; Kundensafe; Safe / compartiment de coffre-fort; coffre-fort / cassetta di sicurezza; safe
Also: safe. Lockable deposit box which is located in the vault of a bank and can be leased out to customers. See also vault, night safe.
safeguarding interests / interessenwahrend / au mieux des intérêts / curando
Rider used in securities trading for large market orders. The notation authorizes the broker (depending on stock market price developments) to temporarily refrain from buying or selling if the immediate and complete execution of the order would adversely affect the price of the securities to the disadvantage of the customer. See also market order.
safekeeping account / Depot; Wertschriftendepot / dépôt; dépôt titres / deposito; deposito titoli
(1) Also: custody account. Total of all securities and valuables deposited with a bank. See also sealed safekeeping account, open safekeeping account, numbered safekeeping account.
(2) Also: securities safekeeping account. Custody account for the safekeeping and administration of securities.
safekeeping account bookkeeping / Depotbuchhaltung / comptabilité titres / contabilità titoli
Keeping a record of all securities deposited with a bank by safekeeping account number and within the safekeeping accounts by securities number.
safekeeping account charges / Depotgebühr / droit de garde / diritti di custodia
Synonym for custody charges.
salary account / Gehaltskonto; Salärkonto / compte salaire / conto salario
Current account for persons regularly receiving a wage/salary or retirement benefit. Salary accounts carry higher interest rates than regular current accounts.
samurai bond / Samurai-Bond / obligation «samurai» / samurai bond
Yen-denominated bond issued by non-Japanese borrowers on the primary market in Japan and which are almost exclusively traded over-the-counter on the international secondary market.
Sarbanes-Oxley Act / Sarbanes-Oxley-Act / loi Sarbanes-Oxley / Sarbanes-Oxley Act
US legislation that contains a number of measures aimed at improving corporate governance. The aim of the law is to strengthen investor confidence in the integrity of the financial data published by companies subject to US legal requirements.
savings account / Sparkonto / compte d'épargne / conto di risparmio
Savings deposits managed in the form of a bank account offering special legally defined protection (preferred claim under bankruptcy). Reflecting the savings nature of the account, withdrawal options are more restricted than with a personal account but the interest is usually higher.
savings account for vested pension benefits / Freizügigkeitssparkonto; Freizügigkeitskonto / compte de libre passage / conto di libero passaggio
Preferential rate savings account for occupational pension assets. Principal and interest are tax-free until paid out; interest is exempt from withholding tax. Benefits paid out are subject to a reduced tax rate. Principal may be used to purchase residential property for the beneficiary's own use or to amortize mortgages.
savings bank / Sparkasse / caisse d'épargne / cassa di risparmio
Depository financial institution that mainly accepts interest-bearing savings deposits of varying amounts.
savings bond / Savings Bond / savings bond / savings bond
Government-issued bond common in the USA. There is no secondary market for savings bonds, but they do offer tax benefits.
savings book / Sparbuch; Sparheft / livret d'épargne; carnet d'épargne / libretto di risparmio
Savings account maintained in book form. Although once widely used, it has now largely been replaced by the savings account.
TopSc
schedule of creditors / Kollokationsplan / état de collocation / graduatoria
Schedule of creditor ranking, prepared by the bankruptcy trustee or the debt collection office.
scrip / Scrip / scrip / scrip
Expression commonly used in the USA for a provisional receipt for partial payment made by shareholders on shares which have not been fully paid in.
scrip certificate / Lieferschein / bulletin de livraison / bollettino di consegna
Written obligation on the part of the bank acting as paying agent to hand over the definitive certificates to the subscriber as soon as they have been issued.
Sd
SDR / SZR / DTS / DSP
Abbr. for special drawing right.
Se
sealed safekeeping account / geschlossenes Depot / dépôt fermé / deposito chiuso
Also: closed safekeeping account. Safekeeping account where valuables or documents are deposited, as a rule wrapped and sealed, exclusively for safe custody. Opposite: open safekeeping account.
seasonal adjustment / Saisonbereinigung / désaisonnalisation / destagionalizzazione
Taking into account seasonal fluctuations to ascertain to what extent a change in the original data reflects the «actual» development of the economy.
seasonal loan / Saisonkredit / crédit saisonnier / credito stagionale
Credit granted to bridge seasonal needs for funds as experienced by certain types of enterprises, e.g. fashion houses. Special form of working capital loan.
SEC / SEC / SEC / SEC
Abbr. for Securities and Exchange Commission. The official supervisory authority for stock exchanges in the United States.
SECOM / SECOM / SECOM / SECOM
Sega Communication System. Online settlement system devised as a joint technical platform for SEGA and Intersettle. In conjunction with the SIC banking clearing system it allows the fully automatic settlement and clearing of exchange orders.
SECOM system / SECOM-System / système SECOM / sistema SECOM
Also known as Settlement Communication System (formerly: SEGA Communication System). The SECOM system is a technical platform for the settlement of national and international securities transactions. SECOM is one of the few systems in the world that offers real-time settlement. The SECOM system is linked to other systems, such as the SWX system (Swiss Exchange) and the SIC system (Swiss Interbank Clearing).
second mortgage / zweite Hypothek; Hypothek im zweiten Rang; zweitrangige Hypothek / prêt hypothécaire en deuxième rang / seconda ipoteca
Mortgage that follows a first mortgage in order of rank. Granted in Switzerland usually with a loan-to-value ratio of around 65%-80% of the underlying property's market value and subject to amortization (unlike first mortgages, which in Switzerland are generally not amortized). The interest rate on second mortgages is higher than on first mortgages.
secondary centre / Nebenplatz / place auxiliaire / piazza secondaria
Location where the Swiss National Bank is not represented by its own bank offices, agencies or correspondent banks.
secondary market / Sekundärmarkt / marché secondaire / mercato secondario
Market on which the trading of securities takes place. See also primary market.
second-liner / Nebenwert / valeur secondaire / valore secondario
Synonym for small cap.
sector fund / Branchenfonds / fonds de placement spécialisé dans une certaine branche / fondo d'investimento settoriale
Investment fund investing in an individual industry.
secured credit / gedeckter Kredit / crédit garanti / credito garantito
Credit granted on the basis of security or collateral pledged or deposited to assure repayment. The security may take the form of a pledge of securities, an assignment, a guarantee, a surety or real and personal collateral. Opposite: unsecured credit. See also collateral security.
securities / (1) Effekten (2) Wertpapiere, Wertschriften, Valoren / (1) valeurs mobilières (2) papiers-valeurs, titres / (1) valori mobiliari (2) titoli
(1) An investment instrument, other than an insurance policy or fixed annuity, issued by a corporation, government or other organization and which is suitable for trading. See also derivative instruments.
(2) Instruments that signify an ownership position in a corporation (stocks or shares), a creditor relationship with a corporation or government body (bonds), or rights to ownership such as those embodied in options or subscription rights.
securities account / dépôt de titres / Titeldepot / deposito titoli
See safekeeping account.
securities administration / Wertschriftenverwaltung / administration de titres / gestione titoli
Also: custodian services. Administration of securities for share and bondholders. Performed by banks for their customers.
securities analysis / Wertschriftenanalyse / analyse financière / analisi dei titoli
Also: investment research. Systematic assessment of securities as the basis for an investment or portfolio strategy. See also balance sheet analysis, fundamental analysis, chart analysis, financial analysis.
securities clearing / Wertschriftenclearing / clearing de titres / clearing dei titoli
Reciprocal settlement (clearing) of the securities transactions of banks or brokers via common clearing houses. This not only facilitates the technical processing of securities trades but also reduces book and account entries to a minimum. Futures clearing covers all securities bought and sold forward, whereas spot clearing covers spot transactions.
securities clearing system / Effektengiroverkehr / clearing de titres / bancogiro di titoli
A system used to settle accounts between securities traders (banks, brokers, etc.). All claims are set off against one another in a clearing centre and only the differences settled, with no physical delivery between participants. See also SIS Segaintersettle, Clearstream, Euroclear.
securities fund / Effektenfonds / fonds de placement en valeurs mobilières / fondo d'investimento in valori mobiliari
Investment fund which invests in securities and book-entry securities traded on an exchange or other regulated market open to the public.
securities investment fund / Wertschriftenfonds / fonds de placement en valeurs mobilières
Investment fund whose assets are invested in stocks, bonds and/or other securities.
securities lending and borrowing / Securities Lending and Borrowing / prêt et emprunt de valeurs mobilières / securities lending and borrowing
Abbreviation SLB. The lending of securities for an indefinite or definite period of time against collateral and against payment of a commission. This form of financial transaction is especially suitable for large clients with international securities holdings. There is demand in particular for longer-term arbitrage, hedging or financing transactions.
securities number / Valorennummer (CH); Wertpapier-Kennnummer (DE) / numéro de valeur / numero di valore
See ISIN.
securities portfolio / Wertschriftenportefeuille / portefeuille titres / portafoglio titoli
The total securities holdings of an individual customer for whose account they are deposited at the bank.
securities trader / Effektenhändler / négotiant en valeurs mobilières / commerciante di valori mobiliari
Also: dealer. Person or company commercially engaged in buying and selling securities on the exchange. For tax purposes, the issuers of securities are also classified as traders. See also broker.
securities trading statement / Börsenabrechnung / décompte de Bourse / conteggio di borsa
Statement listing data on the sales or purchases of securities, such as the buying or selling prices, numbers and types of securities, taxes and brokerage charged, and payment or credit dates.
securitization / Securitisierung; Verbriefung / mobiliérisation; titrisation / securitization
The growing trend of corporate borrowers to issue marketable securities on the financial markets as opposed to raising bank loans and credit from other financial institutions.
security / Wertpapier; Wertschrift; Valor / valeur; papier-valeur; titre / valore; titolo
Instrument that signifies an ownership position in a corporation (stocks or shares), a creditor relationship with a corporation or government body (bonds), or rights to ownership such as those embodied in options or subscription rights.
security deposit / Kaution / cautionnement / cauzione
An amount of money deposited as security for a contingent obligation resulting from the violation of a right. The term «security» is also used in a more general sense to refer to any form of guarantee or surety for obligations that are uncertain, disputed or not yet due.
security eligible for discount by and/or security accepted as collateral by the Swiss National Bank / nationalbankfähiges Wertpapier / effet admis à l'escompte et titre accepté en natissement par la Banque nationale / titolo scontabile presso la Banca nazionale
Security discounted or accepted as collateral by the Swiss National Bank. See also bill eligible for discount at the National Bank.
security interest / Kapitalhypothek / hypothèque en capital / ipoteca capitale
Interest in property that exists by contract as security for payment of a defined capital amount plus to a limited extent of interest and administrative costs over and above this amount. See also maximum sum mortgage.
security numbering system / Valorenregister / registre des valeurs / registro dei valori
Complete list of security code numbers. In Switzerland, maintained and updated by Telekurs AG.
segment information / Segmentinformation / information sectorielle / informazione sul segmento
Supplementary information included in the notes to the financial statements of a company, giving a breakdown of business results by sector and geographical location. Required in accordance with International Accounting Standards.
self-financing / Eigenfinanzierung / autofinancement / autofinanziamento
Provision of funds by a company for capital investment in plant and equipment or for acquisition purposes out of self-generated sources (net profit and cash flow).
sell short / fixen / vendre à découvert / vendere allo scoperto
Stock market term for selling a security one does not own but intends to buy later at a lower price to cover the sale. Until the purchase to close the transaction has been made, the trader is said to be short on the particular stock or security. Traders taking advantage of falling prices to go short are known as bears.
selling commission / Guichet-Kommission / commission de guichet / commissione di sportello
Also: placement commission. Remuneration paid to the banks participating in the underwriting or placement of shares or bonds.
selling group / Selling Group / consortium de placement / selling group
Group of banks or securities dealers invited by the syndicate manager of an issue to participate in its placement. On the EUR capital market, banks and securities dealers that need not belong to the management group or the underwriting group are invited to participate in the selling group. They are not exposed to any placement risk, but receive a commission for their placement efforts.
sell-side research / Sell-Side-Research / recherche sell-side / sell-side research
Financial analysis conducted by a securities house or the organizational unit of a bank responsible for investment banking, with the focus on writing financial reports on companies and subsequently recommending that investors purchase shares in the said companies. Opposite: buy-side research.
senior claim / Konkursprivileg / privilège en cas de faillite / privilegio in caso di fallimento
Also: preferred claim under bankruptcy. Preferential position among claims in the event of bankruptcy proceedings. Not until all claims of the preceding class have been satisfied can the proceeds from the liquidation of any remaining assets be used to meet lower-ranking claims. In the event of a bank filing for bankruptcy, depositor protection applies.
separation of commercial and investment banking / Trennbankensystem / système bancaire différencié / sistema bancario separato
Banking system under which certain business areas must be strictly separated. The best-known example was the separation of commercial and investment banking in the USA from 1933 to 1999 (Glass Steagall Act). However, these restrictions were lifted when the law was changed in 1999, and it is therefore now also possible to operate as a full-service bank, i.e. to provide all financial services (including insurance) via a holding structure. Opposite: full-service or universal banking. See also full-service bank.
serial bond / Serienanleihe / emprunt émis en série / prestito in serie
Bond issued in series.
servitude / Grundlast / charge foncière / onere fondiario
Obligation on the owner of real property to render a specified service (such as maintaining a road through the property). Servitudes are recorded on the land certificate for the property.
Settlement Communication System / Settlement Communication System / Settlement Communication System / Settlement Communication System
Synonym for SECOM system.
settlement date / Liquidationstag / jour de liquidation / giorno di liquidazione
Prespecified day (towards the end of the month) on which the forward and futures transactions concluded previously are paid and delivery is made on the exchanges (liquidation date).
settlement day; declaration day; reference day / Stichtag / jour de référence / giorno di riferimento
(1) Financial statements: cut-off date.
(2) Exchange trading: the day on which liabilities arising from forward transactions have to be settled.
(3) Dividend distributions: the day on which shareholders become entitled to a dividend.
settlement risk / Abwicklungsrisiko / risque de non-exécution / rischio di esecuzione
Risk of a trade failing to settle due to error, default or weaknesses in the settlement system.
Sh
share certificate
Synonym for stock certificate.
Shareholder Engagement / Shareholder-Engagement / Engagement actionnarial / Impegno degli azionisti
SRI approach where investors make use of their rights as owners to enter into a dialogue with boards or management of companies with the aim of influencing corporate behavior on environmental, social, ethical or governance issues. Engagement can take many forms ranging from dialogue with management, voting shares or issuing shareholder resolutions.
Sharpe ratio / Sharpe-Ratio / ratio de Sharpe / indice di Sharpe
Ratio that measures the risk-adjusted performance of a portfolio by dividing the excess return (over cash) by the standard deviation of the portfolio's return.
ship mortgage / Schiffshypothek / hypothèque sur bateau / ipoteca navale
Claim or receivable which is secured by a mortgage or lien on a ship pledged as collateral.
shogun bond / Shogun-Bond / obligation «shogun» / shogun bond
Foreign bond issued in Japan and not denominated in yen. See also samurai bond.
short covering / Deckungskauf / achat de couverture / acquisto di copertura
Purchase of securities or currencies in order to close a position created by short selling.
shortfall risk
The risk of falling short of a pre-defined investment goal.
short position / Short-Position / position courte / short position
In securities trading, a selling position which has not yet been closed by the purchase of a counterposition. Investors are said to be short if, following a short sale, they need to buy securities to meet their obligations. On assignment, the writer of an option contract undertakes to deliver (call) or buy (put) the underlyings. Opposite: long position.
short sale / Leerverkauf / vente à découvert / vendita allo scoperto
The action of contracting to sell for future delivery more of a commodity or security than is currently held in the hope that the price will fall and the short seller can buy the balance before the delivery date and so make a gain.
short selling / fixen / vendre à découvert / vendere allo scoperto
Stock market term for selling a security one does not own in the hope of purchasing it later at a lower price to cover the sale and thereby making a profit. Until the purchase to close the transaction has been made, the trader is said to be short on the particular stock or security. Traders taking advantage of falling prices to go short are known as bears.
short-term liabilities / kurzfristige Verbindlichkeiten / dettes à court terme / impegni a breve scadenza
See liabilities.
short-term rate
Synonym for money market rate.
Si
SIC / SIC / SIC / SIC
Abbr. for Swiss Interbank Clearing.
SICAF / SICAF / SICAF / SICAF
Abbr. for Société d'investissement à capital fixe. Investment fund in the form of a joint-stock company with fixed capital.
SICAR / SICAR / SICAR / SICAR
Abbr. for Société d'Investissement en Capital à Risque: Luxembourg funds that invest in private equity. SICAR is geared toward experienced, risk-conscious or institutional investors. See private equity, venture capital.
SICAV / SICAV / SICAV / SICAV
Abbr. for Société d'investissement à capital variable. Investment fund in the form of a joint-stock company with variable capital. Units are issued in the form of shares.
sideways movement / Seitwärtsbewegung; Seitwärtstrend / pause / movimento laterale
Also referred to as sideways development, sideways trend. Phase without any notable changes in the value of a security or market.
sight deposits / Sichtgelder / dépôt à vue / deposito a vista
Also referred to as demand deposits. Bank balances which can be withdrawn at any time, i.e. without any prior notification.
sight draft / Sichtwechsel / effet à vue / cambiale a vista
Also: sight bill. Bill of exchange endorsed «on demand». It does not require payment on a definite date but is payable immediately on presentation. It has to be presented within one year after drawing if no other period is stipulated.
signature card / Unterschriftenkarte / carte de signatures / cartoncino delle firme
The document deposited at the bank which bears the signature of the account or deposit holder, together with those of the authorized agents. It also defines powers of signature.
silent confirmation / stille Bestätigung / confirmation tacite / conferma tacita
Expression used in connection with letters of credit. A notifying bank appends its confirmation to a transaction without being instructed to do so by the opening bank.
silver / Silber / argent / argento
Silver is a precious metal. See also precious metals.
simple guarantee / einfache Bürgschaft / cautionnement simple / fideiussione semplice
Also: ordinary guarantee. Guarantee where the obligee can only demand payment from the guarantor if the principal obligor has become bankrupt, or has been granted a stay of (debt) enforcement, or if certain other conditions have been fulfilled. If a lien exists for the guaranteed obligation, then the guarantor can demand that the obligee first realize the value of this collateral as long as the principal obligor has not been declared bankrupt or has been granted a stay of enforcement (OR art. 495). See also joint and several guarantee.
single assignment / Einzelzession / cession individualisée / cessione singola
Contractual assignment of a debt to a new creditor with regard to either a single obligation or to individual specially designated obligations.
sinking fund bond / Sinking-Fund-Bond / sinking fund bond / sinking fund bond
In the USA: bond whose indenture stipulates that the redemption of the bond issue will be paid in accordance with a specified redemption plan from a sinking fund specially created for this purpose.
SIS / SIS / SIS / SIS
Abbreviation for SIS SegaInterSettle AG.
SIS SegaIntersettle AG / SIS SegaIntersettle AG / SIS SegaIntersettle AG / SIS SegaIntersettle AG
Abbr.: SIS. Company formed from the merger of SEGA (Swiss Securities Clearing Corporation) and Intersettle (Swiss Corporation for International Securities Settlements). SIS's tasks include the settlement and safe custody of Swiss and foreign securities.
Sl
slip / Slip; Händlerslip / slip / slip
(1) Also trade confirmation. Contract note issued by a securities, money or currency dealer in respect of a concluded transaction.
(2) Form for transmitting buy or purchase orders to the dealer.
Sm
small and medium-sized enterprise / Klein- und Mittelunternehmen / petites et moyennes entreprises / piccole e medie imprese
Abbr.: SME. Company with up to 250 employees. In Switzerland, more than 99% of companies under private law are SMEs.
SME / KMU / PME / PMI
Abbr. for small and medium-sized enterprise.
SMF / SMF / SMF / SMF
Abbr. for Swiss Market Feed.
SMI / SMI / SMI / SMI
Abbr. for Swiss Market Index.
Sn
SNB / SNB / BNS / BNS
Abbr. for Swiss National Bank.
SNMI / SNMI / SNMI / SNMI
Abbr. for Swiss New Market Index.
So
Socially Responsible Investments (SRI) / Socially Responsible Investments (SRI) / Investissements socialement responsables (ISR) / Investimenti socialmente responsabili (SRI)
Investments that explicitly take account of environmental, social or governance criteria besides traditional financial factors such as risk and return when selecting securities.
soft currency / weiche Währung / monnaie faible / moneta debole
A soft currency is not always freely convertible into another currency, and for this reason investments in soft currencies are very risky. Soft-currency countries are often prone to high inflation, unbalanced state budgets or political instability. Opposite: hard currency.
solvency / Zahlungsfähigkeit; Solvenz / capacité de paiement / solvibilità
Ability of borrowers to meet their payment obligations. Opposite: insolvency. See also willingness to pay.
sovereign / Sovereign / sovereign / sovereign
English gold coin, made from 22 carat gold and first minted in London in 1816 under Queen Victoria. Due to Britain's numerous colonies, the sovereign became widely accepted and used worldwide and was long regarded as the quintessential unit of currency and investment. Half sovereigns were also issued.
Sp
SPBA / VSP / ABPS / ABPS
Abbr. for Swiss Private Bankers Association.
special crossed cheque / besonders gekreuzter Check / chèque à barrement spécial / assegno con sbarramento speciale
See crossed cheque.
special drawing right / Sonderziehungsrecht / droit de tirage spécial / diritto speciale di prelievo
Abbr.: SDR. Payment medium and reserve assets issued by the International Monetary Fund (IMF) to its member nations. An SDR does not have the character of an actual currency unit but is primarily a neutral unit of account and book currency. The value of the SDR is fixed officially each day on the basis of the exchange rates on the London spot currency market.
special fund / Spezialfonds / fonds spécial / fondo speciale
Investment fund exempt from certain legal requirements. Participation is restricted exclusively to investors proven to be peer professional players (e.g. insurance companies, pension funds).
specimen / Blankett / titre en blanc / facsimile
Sample copy of a share certificate to be introduced. It lacks certain details such as the serial numbers and/or signature.
speculation / Spekulation / spéculation / speculazione
Activity focused on exploiting expected changes in the market. Specifically, speculation refers to transactions entailing disproportionately high returns and risks.
SPI / SPI / SPI / SPI
Abbr. for Swiss Performance Index.
split / Split; Aktiensplit; Aktienaufteilung / division d'actions / split azionario
Also: share split, stock split. Division of a share into several shares with smaller par values (e.g. division of a CHF 500 share into five CHF 100 shares) without altering the sum of the total share capital. In Switzerland the par value of a share must be at least CHF 0.01 as per Art. 622 of the Code of Obligations. Opposite: reverse split.
spot / comptant / comptant / per contanti
In the case of stock market transactions the designation for a cash transaction (payment and delivery are immediate). See also spot transaction.
spot market / Kassamarkt / marché au comptant / mercato a pronti
Synonym for cash market.
spot next / Sport Next / spot next / spot next
Abbr.: SN. Swap transaction involving the purchase of currency for delivery on the working day after the spot date.
spot price / Spotpreis / prix spot / spot price
Also referred to as cash price. Current delivery price of a given commodity being traded on the cash market.
spot rate / Kassakurs; Komptantkurs / cours au comptant / corso a pronti
Also: spot price, spot, spot level. Rate of a currency or price of a security in a spot transaction. Opposite: forward rate.
spot transaction / Comptantgeschäft; Komptantgeschäft; Spotgeschäft; Kassageschäft / opération au comptant / operazione di cassa
Also: cash transaction. Transaction where delivery and payment for the instruments or goods (e.g. securities, foreign currencies or commodities traded on exchanges) are immediate. In the securities business in Switzerland, a spot transaction is usually settled on the third working day following the transaction and in the foreign exchange market at the latest two working days later. Opposite: forward transaction.
SPPS / SPPS / SPPS / SPPS
Abbr. for Swiss Performance Presentation Standards.
spread / (1) (2) (3) Spread (4) Ecart / écart / (1) (2) (3) spread (4) scarto
(1) Options trading: simultaneous purchase and sale of options of the same class with different strike prices and/or different maturities.
(2) Difference between bid and ask price.
(3) Difference between interest rates or yields for the same maturity in different currencies.
(4) Also: margin. Price difference between purchase and sale price or between the bid and ask price for securities, banknotes etc. The price difference between the bearer and registered shares of a company or the different interest rates on bonds is also termed spread.
Sq
St
stagflation / Stagflation / stagflation / stagflazione
Term coined in the seventies to describe the combination of slow or non-existent economic growth (stagnation) with relatively strong price increases (inflation).
stagging (GB); flipping (US) / Konzertzeichnung; Majorisierung / souscription gonflée; majoration / sottoscrizione concertata; maggiorazione
Applying to several banks at once for newly issued shares or bonds in strong demand in the hope of securing a sizeable allotment. A stag is a speculator engaging in this practice.
stakeholder value / Stakeholder-Value / stakeholder value / stakeholder value
Value of a company to someone who has a real or psychological «stake» in it (e.g. employees, customers, suppliers). See also shareholder value.
stamp duty / Stempelabgabe; Titelstempel / droit de timbre / tassa di bollo
Also: stamp tax. Duty imposed in connection with the issuance of securities, the transfer of ownership of securities and other documents or deeds, and the payment of insurance premiums. In Switzerland, stamp taxes are regulated by the Federal Stamp Tax Law of 27 June 1973 (which has been revised several times since) and the related Ordinances. In securities trading, a distinction is made between stamp duty on newly issued securities and turnover tax (which is levied on a transfer of title). Stamp duty rates differ according to the legal and economic nature of the securities.
stamp duty on newly issued securities / Emissionsabgabe; Emissionsstempel / droit de timbre d'émission / tassa di emissione
Stamp duty levied by the Swiss government on issues of domestic equity securities and bonds.
standard deviation / Standardabweichung / écart-type / deviazione standard
Square root of variance.
stand-by credit / Stand-by-Kredit / crédit stand-by / credito stand-by
(1) Credit line granted against payment of compensation (commitment commission) for a specified term.
(2) Bridging loan extended to a country or central bank facing balance of payments difficulties (e.g. the stand-by facilities of the IMF).
stand-by letter of credit / Standby-Letter-of-Credit; Standby-Akkreditiv / Standby Letter of Credit; lettre de crédit standby / stand-by letter of credit
A common form of bank guarantee in the USA and Asia. May be used for all types of guarantee, in particular as a payment guarantee. It also serves as security for the event a third party fails to meet a promised obligation.
standing order / Dauerauftrag / ordre permanent / ordine permanente
Payment product which enables the client to give an order to the bank to make regular payments for the same amount and execution date.
statute of limitations / Verjährung / prescription / prescrizione
Also: statutory limitation. When a claim becomes time barred after a certain period of time has elapsed the borrower is then no longer obliged to make any payments. There are different limitation periods defined by law depending on the type of claim in question (cf. for example 127 ff. of the Swiss Code of Obligations). Mortgage claims are not subject to statutory limitation.
statutory reserve fund / statutarischer Reservefonds / fonds de réserve statutaire / fondo di riserva statutario
See statutory reserves.
statutory reserves / statutarische Reserven / réserves statutaires / riserve statutarie
The reserves accumulated in accordance with the articles of association of a company. Article 672 of the Swiss Federal Code of Obligations states that the articles of association may stipulate that more than 5% of the net profit has to be allocated to the statutory reserves and that the reserve fund must amount to more than 20% of the share capital as laid down by law. The Articles can call for the creation of additional reserve funds and define their use and purpose (statutory reserve fund). See also reserves.
sterilization rescription / Sterilisierungsreskription / rescription de stérilisation / rescrizione di sterilizzazione
Short- to medium-term money market paper issued by a state or central bank to absorb liquidity. See also rescription.
stock certificate / Aktienzertifikat / certificat d'actions / certificato azionario
Also referred to as share certificate.
(1) Confirmation that a certain number of shares have been deposited. This is used to enable or facilitate stock market trading.
(2) A special form is the fractional certificate, which, as the name implies, is made out for a fraction of the whole share.
(3) Instrument embodying a specific number of shares if a corporation has only a few shareholders and no individual shares are issued.
stock certificate blank / Aktien-Blankett / actions en blanc / facsimile di azione
See specimen.
stock dividend / Stock-Dividende; Wertpapierdividende / dividende sous forme d'actions / dividendo in azioni
Dividend distributed in the form of shares of the company in question. Stock dividends are rare in Switzerland due to the tax burden they entail, but are common in the USA.
stock exchange / Effektenbörse / Bourse des valeurs mobilières / borsa valori
Exchange on which securities are regularly traded.
Stock Exchange Act / Börsengesetz / loi sur les bourses / legge sulle borse
Swiss Federal Act on Stock Exchanges and Securities Trading (SESTA) of 24 March 1995. Regulates the establishment and operation of exchanges and commercial trade in securities. The law also contains provisions on the disclosure of shareholdings and on mandatory public bids.
stock exchange bank / Börsenbank / banque opérant en Bourse / banca operante in borsa
Bank that trades in securities on the stock exchange.
stock exchange dealer / Börsenhändler / agent de change / agente di borsa
Synonym for stockbroker.
stock exchange index / Börsenindex / indice boursier / indice di borsa
Index reflecting the general trend of the stockmarket or a group of securities. See also share index.
stock exchange listing
Synonym for listing.
stock exchange regulations / Börsenordnung / règlement de la Bourse / ordinamento di borsa
Set of regulations governing trading on a stock exchange subject to approval by the relevant national government. The stock exchange regulations include details of the tasks of the stock exchange supervisory authority, market surveillance, admission to the stock exchange as well as active trading, securities admission, price setting, etc. Furthermore, the stock exchange regulations must contain provisions governing the composition and election of members of the Admission Board and the meaning of price designations as well as technical regulations (trading days, trading times, segments, etc.).
stock exchange system / Börsensystem / système de bourse / sistema centrale della borsa
Central computerised system used by a stock exchange (e.g. the SWX Swiss Exchange) in which the various applications (e.g. order books, matchers) are run. The stock exchange system is linked up with the systems of dealers via gateways.
stock index future / Aktienindexfuture / future sur indice boursier / future su indice azionario
Forward contract based on the development of specific stock exchange indexes. See also financial future.
stock market crash / Börsenkrach / krach boursier / crac in borsa
Sudden drop in stock prices. A crash can occur when economic growth slows down abruptly or if the market is in technically poor condition due to excessive prices caused by speculation. Serious stock market crashes were seen on 13 May 1927, in Germany, and on 29 October 1929, and 19 October 1987, in New York, although the latter was less severe than its predecessors.
stock market order / Börsenauftrag / ordre de Bourse / ordine di borsa
Order given to the bank or stockbroker by the customer to buy or sell securities on his behalf on the stock exchange.
stock split / Aktienaufteilung; Aktiensplit / division d'actions / split azionario
Synonym for split.
stock trading ring
Synonym for ring.
stock warrant / Aktienwarrant / warrant sur actions / warrant su azioni
(1) Security issued on an underlying stock.
(2) Option issued together with another class of security by a stock corporation (e.g. bond with warrants).
stockbroker / Börsenmakler; Börsenagent / courtier / intermediario di borsa
Also: stock exchange dealer, broker. An individual or firm which trades professionally on the stock exchange in its own name on behalf of clients. More precisely, the broker (as opposed to the dealer) has merely an intermediary or negotiating function in that it contracts in its own name but for the account of the client or provides the possibility of such trades. See also securities trader.
stock market capitalization
Synonym for market capitalization.
Stockmaster / Stockmaster / stockmaster / stockmaster
Device which can be used to call up information on securities (prices, dividends, earnings per share, etc.) from a central electronic system.
stop trading / Stop Trading / stop trading / stop trading
EBS term for a «circuit breaker» that automatically triggers a halt in the trading of a security as soon as a deal exceeds the percentage limits on either side of the reference price.
stop-limit order / Stop-Limit-Auftrag / ordre stop limit / ordine stop limit
A conditional order with a trigger limit and an execution limit to be executed immediately once a given price level is reached. Once the trigger limit is reached, a stop-limit order becomes a normal limit order. For purchases the trigger limit must be above the current price; for sales it must be below the current price.
stop-loss order / Stop-Loss-Auftrag / ordre stop loss / ordine stop loss
A conditional sell order to be executed immediately once a given price level is reached. If the trigger limit is reached, the order is converted into a market order and executed at the next best price.
stopping list / Oppositionsliste / liste des oppositions / lista delle opposizioni
List of securities which have been reported as lost or stolen.
STOXX / STOXX / STOXX / STOXX
See Dow Jones STOXX.
straddle / Straddle / straddle / straddle
The purchase or sale of an equal number of puts and calls with the same strike price and term to maturity. Long straddles are constructed by purchasing a call and a put with the same strike price and term to maturity at the same time, which will result in gains if there is significant market movement and losses if volatility is low. Short straddles are constructed by selling a call and a put with the same strike price and term to maturity at the same time, which will result in losses if there is significant market movement and gains if volatility is low.
straight bond / Straight-Anleihe / obligation ordinaire / straight bond
Bond or note issues without special characteristics (special termination rights, conversion rights, etc) but which do have the following facets: fixed term to maturity, fixed interest rate, regular interest payments on dates specified in advance, unconditional repayment of the bond amount at maturity.
strap / Strap / strap / strap
Option strategy comprising two calls and one put on the same underlying with the same strike price and expiry date. See also strip.
strike price / Ausübungspreis / prix d'exercice / prezzo d'esercizio
Price at which the underlying instrument is bought or delivered when an option is exercised. See also basis price.
strip / Strip / strip / strip
(1) Option strategy comprising two puts and one call on the same underlying with the same strike price and expiry date. See also strap.
(2) Stripped US Treasury zero bond created by separating the corpus, or bond principal, from the interest coupons. Issued by American investment banks under various designations (CATS, TIGR).
structured finance
Synonym for financial engineering.
structured product / strukturiertes Produkt / produit structuré / prodotto strutturato
Combination of two or more financial instruments, at least one of which must be a derivative, to form a new investment product.
style investing / Style-Investing / diversification selon les styles de placement / investimento secondo uno stile
Investment approach based on a carefully timed combination of investments in growth stocks (growth style investing) and value stocks (value style investing), with equity market opportunities and cyclical investor preferences exploited in a targeted manner.
Su
subfund / Subfonds / segment / subfondo
Part of an umbrella fund.
subject to collection / Eingang vorbehalten / sauf bonne fin / salvo buon fine
Clause by which the bank reserves the right to reverse or cancel a credit entry if the countervalue of promissory notes and other debt certificates (such as bills of exchange, drafts and cheques) cannot be collected.
subordinated issue / nachrangige Anleihe / emprunt de rang postérieur / obbligazione subordinata
Bond issue where the lender contracts that his debt will rank behind some or all other debt on liquidation or bankruptcy of the issuer. In Switzerland banks may count up to 100% of their subordinated bond issues with a residual term of 5 years as part of their equity capital; this percentage decreases as the term gets shorter.
sub-participation / Unterbeteiligung / sous-participation / sottopartecipazione
(1) In the securities underwriting business: where banks that are not members of an underwriting syndicate participate in an issue; the sub-participating banks participate to a certain extent in the rights and obligations of the syndicate. Sub-participation is an attractive option for banks not included in a syndicate. By granting sub-participations, the syndicate banks can reduce their own risk exposure and access a broader group of investors.
(2) In the lending business: if a large loan is granted to a borrower, several banks can join together to act as the lender. Each bank provides part of the loan, but only the lead bank deals directly with the client. The lead bank refers to the credit facilities provided by the other banks as sub-participations.
subprime / Subprime / subprime / subprime
A specific segment of the lending market. Typically, subprime products (e.g., loans, mortgages, or credit cards) are directed at persons with blemished or limited credit history who do not qualify for the prime market. These products usually carry a higher rate of interest than prime products to compensate for increased credit risk.
subscribed allotment / Repartierung / répartition / riparto
Allocation of securities apportioned to the individual subscriber in the case of oversubscribed issues. If more applications for subscription are received than securities available, the individual allotments are reduced accordingly.
subscription / Zeichnung; Subskription / souscription / sottoscrizione
In subscribing a specific number of securities, the subscriber undertakes to take up the said securities according to the conditions set down in the prospectus if they receive a definitive allocation.
subscription form / Zeichnungsschein / bulletin de souscription / modulo di sottoscrizione
Order form used in the issuing business. With this form, a subscriber undertakes to take up and pay for allocated securities according to the conditions set down in the prospectus. See also issue, subscription.
subscription period / Zeichnungsfrist / période de souscription / periodo di sottoscrizione
Period during which subscriptions to a new securities issue can be accepted by the subscribing agent (usually a bank).
subscription ratio / Bezugsverhältnis / rapport de souscription / rapporto di sottoscrizione
(1) In options trading the subscription ratio specifies how many warrants or certificates are required in order to acquire the right to purchase (call) or sell (put) a share or other underlying at a fixed price. Example: A subscription ratio of 10:1 means that ten warrants are required to purchase/sell an equity.
(2) In the case of a capital increase the subscription ratio indicates the relation of the number of old equities to the number of new equities. For instance, a ratio of 5:3 means that there are three new equities for every five old equities.
subscription right / Bezugsrecht / droit de souscription / diritto di opzione
Privilege given to a shareholder to purchase additional shares.
subscription warrant / Optionsschein / certificat d'option / certificato d'opzione
Known simply as a warrant. Type of security, usually issued together with a bond or preferred stock, entitling the holder to buy a proportionate amount of common stock at a specified price for a period of years.
subsidiary / Tochtergesellschaft / société affiliée / società affiliata
Also: subsidiary company. Legally independent company that is controlled by another company, its parent company. The subsidiary may have been founded by the parent company or acquired by it, and forms part of a corporate group.
suitability and appropriateness
According to MiFID, when providing investment advice or portfolio management to a client, banks have to assess whether the service or product is suitable. For all other services, banks have to conduct an appropriateness test.
summary bill enforcement procedure / Wechselstrenge / poursuite pour effets de change / rigore cambiario
Especially rapid summary bankruptcy proceedings brought against bill and cheque debtors whose names are entered in the commercial register.
supervisory authorities / Aufsichtsbehörde / autorité de surveillance / autorità di vigilanza
Legally appointed body whose remit is to supervise the activities of financial institutions. In Switzerland, the Swiss Federal Banking Commission (FBC) is responsible for monitoring banks and investment funds.
supply-side economics
The belief that an adequate supply of goods is important in fighting inflation and that a higher rate of business investment is needed to produce those goods efficiently. A cut in the marginal rates of income taxes is advocated in order to encourage people to work harder as well as to save and invest more.
support purchase / Stützungskauf / achat de soutien / acquisto di sostegno
Stock market purchase order aimed at preventing a decline in price that would be undesirable from the buyer's perspective, or at supporting the price of a security or the exchange rate of a currency.
surety credit / Avalkredit / crédit d'aval / credito di avallo
Also: guarantee credit. A bank grants credit, thereby assuming liability for a bill guarantee up to a given amount (guarantee limit). See also contract bond, bill guarantee.
surrender value / Rückkaufswert / valeur de rachat / valore di riscatto
The amount an insurance company will repay to a policyholder who wishes to terminate his policy early. Usually, the life insurance policy premiums must have been paid for at least three years. The surrender value is used as a guideline for determining the credit line granted against the pledge of life insurance claims as collateral.
suspense account / Interimskonto / compte intérimaire / conto interinale
Also interim account. An account for the temporary entry of charges or credits, pending determination of their ultimate disposal. Frequently used in connection with doubtful accounts receivable.
Sw
swap / Swap / swap / swap
In general: financial term for a combined or simultaneous buying and selling operation.
(1) Swaps between central banks: transactions that are frequently carried out in connection with the IMF or the BIS to bridge international liquidity crises.
(2) Capital-market swaps: agreements whereby the two parties undertake to swap payments over a specified period on specified dates and at conditions fixed in advance. The swap contract can either refer to the exchange of interest payments (interest-rate swap) or the exchange of interest payments and nominal amounts in different currencies (currency swaps).
(3) Synonym for currency swap.
(4) Synonym for debt-equity swaps.
SWIFT / SWIFT / SWIFT / SWIFT
Abbreviation for Society for Worldwide Interbank Financial Telecommunication. Domiciled in Brussels, the company operates a computer-guided communications system to rationalize international payment transfers.
Swiss Accounting and Reporting Recommendations / Fachempfehlungen zur Rechnungslegung / Recommandations relatives à la présentation des comptes / raccomandazioni concernenti la presentazione dei conti
Also: Swiss GAAP. Recommendations supplementing the financial reporting provisions of Swiss company law which aim to increase the meaningfulness and comparability of annual accounts, and are designed to provide standards in line with international principles which present a true and fair view of a company's financial position, results of operations and cash flows. Adherence to these recommendations is a prerequisite for listing on the stock exchange. See also Generally Accepted Accounting Principles, International Financial Reporting Standards.
Swiss Bankers Association / Schweizerische Bankiervereinigung / Association suisse des banquiers / Associazione svizzera dei banchieri
Abbr.: SBA. Association established to represent the interests of the banking community in Switzerland. Based in Basel.
Swiss Bankers Travellers Cheque / Swiss Bankers Travellers Cheque / Swiss Bankers Travellers Cheque / Swiss Bankers Travellers Cheque
Travellers cheques issued by the Swiss Bankers Travellers Cheque Centre, which are accepted worldwide and are replaced within 24 hours if lost or stolen.
Swiss Banking Law / Bankengesetz / loi sur les banques / legge sulle banche
Swiss Federal Law on Banks and Savings Banks dated 8 November 1934, and revisions. Designed primarily to protect creditors, the Banking Law also defines licensing policy, minimum liquidity requirements, capital adequacy, accounting principles, and internal and external supervision. The law governs the operations of all banks, private bankers and savings banks.
Swiss Code of Obligations / Obligationenrecht / code des obligations / Codice delle obbligazioni
Abbr.: OR. The Swiss Code of obligations is the fifth part of the Swiss Civil Code (ZGB). It contains provisions on debts, claims, contracts, securities and forms of company.
Swiss consumer price index / Landesindex der Konsumentenpreise / indice suisse des prix à la consommation / indice nazionale dei prezzi al consumo
An index that measures price performance in Switzerland, showing the extent to which the cost of living has become more or less expensive as a result of price changes but not of changes in consumer behaviour or in the quality of goods and services. See also consumer price index.
Swiss Exchange / Schweizer Börse / Bourse suisse / borsa svizzera
Official name: SWX Swiss Exchange.
Swiss Federal Banking Commission / Eidgenössische Bankenkommission / Commission fédérale des banques / Commissione federale delle banche
Supervisory and implementing authority for the Banking Law and the Law on Investment Trusts, appointed by the Federal Council and acting independently of the Federal Administration and the Swiss National Bank. The Banking Commission maintains a permanent Secretariat in Berne.
Swiss Foundation for Accounting and Reporting Recommendations / Fachkommission für Empfehlungen zur Rechnungslegung / Commission pour les recommandations relatives à la présentation des comptes / Commissione per le raccomandazioni relative alla presentazione dei conti
Abbr.: ARR. Foundation whose remit is to standardize Swiss accounting principles. It is responsible for the Swiss Accounting and Reporting Recommendations.
Swiss franc bond issue of foreign borrowers / Schweizerfrankenanleihe ausländischer Schuldner / emprunt en francs suisses de débiteurs étrangers / prestito in franchi svizzeri emessi da debitori esteri
CHF-denominated bond offering (mostly straight, convertible or warrant issues) placed on the Swiss capital market by foreign borrowers (companies, government agencies or states). Usually runs for 5 to 15 years.
Swiss GAAP ARR / Swiss GAAP FER / Swiss GAAP RPC / Swiss GAAP RPC
See Swiss Accounting and Reporting Recommendations.
Swiss Interbank Clearing / Swiss Interbank Clearing / Swiss Interbank Clearing / Swiss Interbank Clearing
Abbreviation: SIC. Company which settles electronic payment transactions between banks under the supervision of the Swiss National Bank. Website: www.sic.ch.
Swiss Market Feed / Swiss Market Feed / Swiss Market Feed / Swiss Market Feed
Abbr.: SMF. Swiss Exchange information system that provides all prices on a continuous basis with their trading volumes and times, the best bid and ask prices with accumulated amounts and accumulated daily volumes.
Swiss Market Index / Swiss Market Index / Swiss Market Index / Swiss Market Index /
Abbr.: SMI. Share index calculated on the basis of the Swiss stocks with the highest market capitalizations. The Swiss Market Index was calculated for the first time on 30 June 1988.
Swiss National Bank / Schweizerische Nationalbank / Banque nationale suisse / Banca nazionale svizzera
Abbr.: SNB. Switzerland's central bank. Its three tasks as set down in the law are to ensure the supply and distribution of cash, to facilitate payment systems and to pursue credit and currency policies that serve the interests of the country as a whole. Website: www.snb.ch.
Swiss New Market Index / Swiss New Market Index / Swiss New Market Index / Swiss New Market Index
Abbreviation: SNMI. Index, adjusted for dividends, which shows the price performance of the segment of growth companies from Switzerland and abroad (start-up companies). The SNMI has been published since 1 March 2000.
Swiss Performance Index / Swiss Performance Index / Swiss Performance Index / Swiss Performance Index
Abbreviation: SPI. Broadest based Swiss share index, covering all domestic companies listed on the Swiss Exchange. Weighted by capitalization and dividend-adjusted, the SPI is an ideal benchmark for performance comparisons.
Swiss Performance Presentation Standards / Swiss Performance Presentation Standards / normes de présentation SPPS / Swiss Performance Presentation Standards
Abbr.: SPPS. Recommendations issued by the Swiss Bankers Association aimed at ensuring uniform and modern performance reporting. The objectives are to ensure full disclosure and fair presentation of the performance of asset managers, and also to enable performance comparisons. See also Global Investment Performance Standards (GIPS), Gold GIPS.
Swiss Private Bankers Association / Vereinigung Schweizerischer Privatbankiers / Association des Banquiers Privés Suisses / Associazione dei banchieri privati svizzeri
Abbreviation: SPBA. Swiss Private Bankers Association, based in Geneva. Website: www.swissprivatebankers.com.
swissmint / swissmint / swissmint / swissmint
Official mint of the Swiss Confederation. Website: www.swissmint.ch.
switch / Switch / switch / switch
Restructuring and shifting within a portfolio, with the weightings of positions in certain securities being reduced and that of others being increased.
SWX / SWX / SWX / SWX
Abbreviation for SWX Swiss Exchange.
SWX Swiss Exchange / SWX Swiss Exchange / SWX Swiss Exchange / SWX Swiss Exchange
Official name of the Swiss bourse. Abbreviation: SWX. SWX was created in 1995 with the merger of the exchanges in Geneva, Basel and Zurich. Since 1996, all securities on the Swiss Exchange have been traded electronically, and floor trading thus abolished. SWX is supervised by the Swiss Federal Banking Commission (SFBC). See also virt-x. Website: www.swx.com.
Sy
syndicate / Syndikat / syndicat / sindacato
Also referred to as a consortium. Group of companies that come together for a common purpose. See underwriting syndicate.
syndicate operation / Konsortialgeschäft / opération en consortium / operazione consortile
Joint (usually large-scale) financing operation (bond issue, loan, etc.) by several banks which have formed a syndicate or consortium for the purpose. See also syndicated credit.
syndicated credit
Synonym for syndicated loan.
syndicated loan / Konsortialkredit; syndizierter Kredit; Konsortialdarlehen/ crédit consortial / credito consortile
Also: syndicated credit. Credit or loan granted jointly by two or more banks, one of which acts as lead manager.
syndication / Konsortialgeschäft / opération en consortium / operazione consortili
Also: consortium operation. Financial transaction usually of a considerable size (bond issue, loan, etc) organized by a group of several banks which form a syndicate or consortium for the purpose.
systematic risk / systematisches Risiko / risque systématique / rischio sistematico
Also referred to as market risk. Risk dependent on factors which influence the entire market and cannot be reduced or eliminated by portfolio diversification.
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social accounting / Sozialbilanz / bilan social / bilancio sociale
Also: social report. The reporting of the cost incurred in complying with anti-pollution, safety and health and other socially beneficial requirements, and, more generally, the impact of a business entity on, and its endeavours to, protect society, its amenities and the environment.