Glossary of Terms

Abbreviation for:

1. UK tax. Initial Allowance.

2. Insolvency Act.

Abbreviation for International Accounting Standard(s).

International Accounting Standard 1, dealing with presentation of financial statements.
Issued by the International Accounting Standards Board.

International Accounting Standard 10, dealing with events after the balance sheet date.
Issued by the International Accounting Standards Board.

International Accounting Standard 11, dealing with revenue and costs associated with construction contracts.
Issued by the International Accounting Standards Board.

International Accounting Standard 12, dealing with income tax.
Issued by the International Accounting Standards Board.

International Accounting Standard 16, dealing with property, plant and equipment.
Issued by the International Accounting Standards Board.

International Accounting Standard 17, dealing with leases.
Issued by the International Accounting Standards Board.

International Accounting Standard 18, dealing with the identification of revenue.
Issued by the International Accounting Standards Board.

International Accounting Standard 19, dealing with accounting and disclosure for employee benefits.
Issued by the International Accounting Standards Board.

International Accounting Standard 2, dealing with inventories.
Issued by the International Accounting Standards Board.

International Accounting Standard 20, dealing with accounting for government grants and disclosure of government assistance.
Issued by the International Accounting Standards Board.

International Accounting Standard 21, dealing with the effects of changes in foreign exchange rates.
Issued by the International Accounting Standards Board.

International Accounting Standard 23, dealing with borrowing costs.
Issued by the International Accounting Standards Board.

International Accounting Standard 24, dealing with related party disclosures.
Issued by the International Accounting Standards Board.

International Accounting Standard 26, dealing with accounting and reporting by retirement benefit plans.
Issued by the International Accounting Standards Board.

International Accounting Standard 27, dealing with the enhancement of information in consolidated and separate financial statements.
Issued by the International Accounting Standards Board.

International Accounting Standard 28, dealing with investments in associates.
Issued by the International Accounting Standards Board.

International Accounting Standard 29, dealing with financial reporting in hyperinflationary economies.
Issued by the International Accounting Standards Board.

International Accounting Standard 31, dealing with interests in joint ventures.
Issued by the International Accounting Standards Board.

International Accounting Standard 32, dealing with the disclosure and presentation of financial instruments.
Issued by the International Accounting Standards Board.

International Accounting Standard 33, dealing with the determination and presentation of earnings per share.
Issued by the International Accounting Standards Board.

International Accounting Standard 34, dealing with interim financial reporting.
Issued by the International Accounting Standards Board.

International Accounting Standard 36, dealing with impairment of assets.
Issued by the International Accounting Standards Board.

International Accounting Standard 37, dealing with provisions, contingent liabilities and contingent assets.
Issued by the International Accounting Standards Board.

International Accounting Standard 38, dealing with intangible assets.
Issued by the International Accounting Standards Board.

International Accounting Standard 39, dealing with the recognition and measurement of financial instruments.
Issued by the International Accounting Standards Board.

International Accounting Standard 40, dealing with investment property.
Issued by the International Accounting Standards Board.

International Accounting Standard 41, dealing with disclosures relating to agricultural activity.
Issued by the International Accounting Standards Board.

International Accounting Standard 7, dealing with statements of cash flows.
Issued by the International Accounting Standards Board.

International Accounting Standard 8, dealing with accounting policies, changes in accounting estimates and errors.
Issued by the International Accounting Standards Board.

Abbreviation for International Accounting Standards Board.

Abbreviation for Industrial Buildings Allowance(s). UK tax capital allowances available on industrial buildings.

Abbreviation for International Bank Account Number

Abbreviation for International Banking Facilities.

Abbreviation for InterBank Offered Rate. The rate of interest at which the quoting bank offers to lend to other first class banks.
For example LIBOR, the London InterBank Offered Rate.

Abbreviation for:

1. Investment Committee.

2. Integrated Circuit. As in Integrated Circuit card.

Abbreviation for Integrated Circuit card.

Abbreviation for Integrated Circuit Card.

Abbreviation for International Commodities Clearing House.

Abbreviation for International Central Securities Depository.

Abbreviation for International Central Securities Depository

In the Capital Asset Pricing Model, same as Specific risk.

Funds left in low or non-interest bearing accounts.

Abbreviation for International Financial Reporting Standard(s).

International Financial Reporting Standard 1, dealing with first-time adoption of international reporting standards.
Issued by the International Accounting Standards Board.

International Financial Reporting Standard 2, dealing with share-based payment.
Issued by the International Accounting Standards Board.

International Financial Reporting Standard 3, dealing with business combinations.
Issued by the International Accounting Standards Board.

International Financial Reporting Standard 4, dealing with insurance contracts.
Issued by the International Accounting Standards Board.

International Financial Reporting Standard 5, dealing with non-current assets held for sale and discontinued operations.
Issued by the International Accounting Standards Board.

International Financial Reporting Standard 6, dealing with exploration for and evaluation of mineral resources.
Issued by the International Accounting Standards Board.

International Financial Reporting Standard 7, dealing with disclosures of financial instruments.
Issued by the International Accounting Standards Board.

International Financial Reporting Standard 8, dealing with operational segments.
Issued by the International Accounting Standards Board.

Abbreviation for Interbank Funds Transfer System.

Abbreviation for International Group of Treasury Associations.

Abbreviation for International Group of Treasury Associations.

Abbreviation for In-house bank.

A security or a market that is lacking activity.

Abbreviation for International Monetary Fund. An international organisation created by the Bretton Woods Agreement in 1944 to promote exchange rate stability. The objectives of the Fund include supervising exchange market intervention of member countries, providing the financing needed by members to overcome payments imbalances, and encouraging monetary cooperation and international trade among nations.

Abbreviation for International Monetary Market.

Abbreviation for the Institutional Money Market Funds Association.

With respect to a portfolio of liabilities, the investment in a portfolio of assets with the same modified duration such that a change in interest rates will cause no change in the net value of the assets and liabilities in combination.

Same as Immunisation.

Law. A provision of a contract not expressly agreed to by the parties in words but either regarded by the courts as necessary to give effect to their presumed intentions or introduced into the contract by statute. Certain implied terms cannot be excluded even by express agreement of the parties.

The volatility of the asset, liability, security or commodity underlying a derivative, which is derived from the option pricing formula and the anchor price of the option itself.

1. Goods and services produced abroad, which are purchased domestically.

2. VAT. The movement of goods into the EU.

Tax. A system adopted in the UK and most other EC countries, which wholly or partially imputes to the shareholders some of the corporation tax paid by companies on the income out of which dividends are paid. The mechanism for imputation is a tax credit given to the shareholders at the time of a dividend, which can be used in full or partial payment of the individual's income tax liability.

Law. Of a decision, a precedent the point of law of which is the same as or sufficiently similar to the significant facts of those of a later case (which must therefore be decided in the same way, unless by a higher court).

1. An option is in the money for the holder when immediate exercise of the option would result in a gain for the option holder.

2. A derivative such as a swap is in the money when, for example, the swap rate is favourable compared with the current market rate, so that the net present value of the derivative is positive.

The amount of monetary or other returns that a person or organisation receives either as a reward for effort such as a salary or as a return on investments such as interest.

Economics. The percentage change in quantity demanded divided by the percentage change in income.

Accounting. IAS term for the Profit and loss account, that sets out how the Net profit is arrived at. One of the IAS Primary statements.

Arises as a result of the process of translating income statement items denominated in foreign currency into group income statements denominated in the parent currency.

1. A UK tax charged on most sources of income, attributed to an individual in a given fiscal year.

2. More generally, a tax on income. For example US Federal Income Tax.

A currency that cannot be converted into other currencies because of exchange control restrictions.

Intangible property such as copyrights, patents and trademarks.

In financial decision making, the incremental cash flows are those which will be different, depending on whether or not the decision is implemented.
It is only the incremental cash flows which should theoretically be taken account of in making the related financial decision.
For example, 'Sunk costs don't count'.

Risk management. A measure of the VaR impact on a portfolio of adding or deleting a position.

An obligation of one party to reimburse another party for losses which have occurred or which may occur.

A term in a contract whereby one party seeks to transfer liability for contractual problems to another person.

Statistics. Two events are statistically independent if the outcome of one of the events has no effect on the probability of the outcome of the other event.

1. A number showing the variation in price of a group of securities with respect to a chosen base period. Indices may be calculated as arithmetical or geometric averages and individual components may be weighted, for example by market capitalisation.

2. A comparable measure in relation to any set of data. For example, inflation indices.

Index numbers measure changes occurring in data over a period of time.

UK tax. Indexation Allowance is based on the rise in the UK retail prices index (RPI) and is aimed at giving tax relief for the effects of inflation on the disposal of an asset subject to capital gains tax rules.

A criminal offence which is heard before a judge and a jury.

Economics. A graphical representation of different levels of consumption of two goods which provide the consumer with the same utility.

Costs of a business that cannot be directly associated with the production of a particular unit or type of product.

Funds transfer. An indirect participant in an IFTS is one which does not settle its own payment on a gross or net payment basis and, therefore, settles them through a direct participant.

A foreign exchange rate where the USD is the base currency.

A tax which is levied on expenditure.

(IBA). UK tax. Capital allowances available on industrial buildings.

Pensions. A multi-employer occupational pension scheme open to employees of different and otherwise unconnected employers, but working in a common industry (for example the rail operators), or whose employers are members of a particular professional body or trade association. Also known as an Umbrella scheme.

Economics. Where the percentage change in quantity (either demanded or supplied) is less than the percentage change in price.

Economics. A product for which quantity demanded decreases as income increases.

1. The rate at which prices are rising. Usually measured in the UK by the consumer price index (CPI).

2. A situation in which prices generally are rising. This is the usual situation in most developed economies at most times. Contrasted with the more unusual situation of Deflation, when prices generally are falling.

(IA). UK tax. The IBA equivalent of a first year allowance.

In futures markets, a refundable cash deposit required from participants to protect other participants in the market against the risk of a default.

(IPO). The first sale of stock by a private company to the public. IPOs are often issued by smaller, younger companies seeking the capital to expand, but can also be done by large privately owned companies looking to become publicly traded.

Economics. Income which flows to firms from sources other than household expenditure, for example, investment, government spending and exports.

1. A court order prohibiting a party from doing or continuing to do a certain activity. This is the most usual type of injunction, also known as a Prohibitory injunction.

2. A similar court order requiring a party to carry out a certain act. Also known as a Mandatory injunction.

(IR). The UK government department formerly responsible for the collection of all direct taxes. Now merged within Her Majesty’s Revenue & Customs (HMRC).

(IRSPSS). A division of the HMRC which, among other duties, may grant Tax Exempt Status to UK occupational pension schemes satisfying the relevant criteria. It inherited these responsibilities from the Pension Schemes Office.

A measure of the change in prices of materials and fuel bought by manufacturers.

The VAT on goods or services into a business.

Dealing in company securities with a view to making a profit or avoiding a loss while in possession of information that, if generally known, would affect their price.

In the modern era, insider dealing is now illegal in fully developed markets. However, many commentators believe that the crime remains widespread, because of the difficulties of detecting it and of proving it in law.

Inability to pay financial obligations as they fall due.

Key UK legislation relating to insolvency includes the Insolvency Act 1986 and the Insolvency Act 2000.

Corporate finance. The same as costs of financial distress.

An insolvency professional in the UK who is either authorised by the Secretary of State for Trade and Industry or licensed by a recognised professional body.

(IOA). One of the two professional actuarial bodies in the UK, based in London, the other being the Faculty of Actuaries.

(IMMFA). The trade association for providers of triple-A rated money market funds within Europe. Its members currently have funds domiciled in Dublin, Luxembourg and the Channel Islands.

1. A generic term for securities and risk management contracts ranging from debt to negotiable deposits and bonds and including derivatives. Normally used to describe financial arrangements with short-term maturities.

2. A tool used by government in achieving its macroeconomic targets, for examples interest rates.

3. Abbreviation for financial instrument.

In relation to risk, an insurable risk is one for which insurance can be bought in the market (for a fee usually known as a premium).

A contract designed to provide protection against specified types of risk or loss, by paying out to the insured party in the event that the loss occurs. Insurance is generally provided by specialist insurance companies, to whom an insurance premium is paid by the insured in advance.

1. To buy a contract of insurance, as the insured party.
2. To sell a contract of insurance, as the insurance provider.

A pension scheme (usually defined benefit) where the sole investment medium is an insurance policy.

Accounting. Assets that are considered to be long-term assets but are intangible in nature, such as the value of patents and goodwill generated by the business.

(ICC). Any pocket-sized card with embedded integrated circuits in plastic cards with embedded integrated computer chips. Also known as a smart card.

Statistics. The distance between the upper and lower quartile.

Dealing between different financial institutions including banks. (Rather than between banks and their corporate or retail customers.)

(IFTS). A funds transfer system in which most (or all) direct participants are credit institutions.

(IFTS). A funds transfer system in which most (or all)direct participants are credit institutions.

The market rates at which high quality banks deal when trading amongst themselves.

Loans and deposits made between corporate treasuries and their affiliates and subsidiaries worldwide.

Transactions resulting from members of groups of companies trading with each other.

The amount, usually expressed as an annual percentage of the principal, charged for borrowing money or earned from a fixed income investment or from a floating interest rate investment.

The international transfer of funds to a foreign centre, or the maintenance of funds in a foreign centre with the intention of benefiting from the higher yield on short-term investment in that centre.

Securities that pay interest at a specified rate either at periodic intervals or at maturity.
Instruments that are always issued in interest bearing form include Certificates of Deposit.
Instruments that may be issued either in interest bearing form or as discount instruments include Sterling commercial paper.

Pensions. The increase in Projected Benefit Obligation that would arise simply as a result of the time value of money.

1. From a whole-firm perspective, interest cover is the ratio of Profit before interest and tax ÷ Interest payable.
Also known as the interest cover ratio. Interest cover measures the safety or sustainability of the future debt servicing flows, from the perspective of the lenders.

The greater the interest cover ratio, the greater the likelihood that the firm paying the debt interest (and other debt servicing costs) will continue to be able to service the debt in the future. So a higher cover ratio is associated with lower risk for the debt investors.
In the theoretical situation where the cover ratio fell below 1.0, the interest would be said to be uncovered and the debt would not be sustainable at its previous level unless there was a recovery in the firm's operating profitability.
In practice lenders want much higher minimum interest cover ratios than 1.0, such higher minimum usually stipulated in the related loan documentation. So the borrower in this situation would be likely to be already in breach of a related borrowings covenant.

2. An analogous measure, in relation to an individual tranche or class of debt (rather than to the whole firm).

The rate of return receivable from lending money to another party, or the rate payable on a borrowing.
In wholesale markets, the market interest rates are conventionally quoted on a per annum basis.

An agreement whereby the seller of the cap agrees to compensate the buyer if interest rates rise above an agreed rate on a series of pre-agreed dates.

A combination of a cap and a floor.

The difference between short-term interest rates prevailing in two money centres at a given moment.

A cash management practice that acts as a substitute for notional pooling in several European countries where tax or regulatory constraints limit the potential for cost-effective notional pooling. As is the case for notional pooling, interest rate enhancement aims to view the account balances of a company or its subsidiaries as a whole for the purposes of interest calculation. However, unlike notional pooling, there is no formal scheme set up to allow the systematic offsetting of the various participant’s credits and debits.

Also known as Interest rate netting or interest rate optimisation.

A measure of the potential cost to a business of adverse changes in market interest rates.

An agreement whereby the seller of the floor agrees to compensate the buyer if interest rates fall below an agreed rate on a series of pre-agreed dates.

Financial futures whose prices and settlement are based on specified market interest rates.

(IRG). This is an option on a specified short-term interest rate for a specified notional loan or deposit.
A borrower normally wants a guarantee that their hedged rate payable will be 'no higher than' a specified worst case rate.
A lender or investor normally wants a guarantee that their hedged rate receivable will be 'no less than' a specified worst case rate.

Also known as Interest rate enhancement.

Also known as Interest rate enhancement.

An option relating to interest rates.
Historically this was the right but not the obligation to borrow/lend a specified amount at a specified rate for a specified period.
More commonly in practice the option is cash-settled based on the difference between the option strike rate and the current market rate.

This theory describes the expected relationship between spot and forward forward exchange rates, and the interest rates in the related currency pair.
Under efficient market conditions the interest rate parity theory predicts that the forward FX rate (available in the market today) should be equal to the spot FX rate, adjusted for the difference in interest rates between the currency pair over the relevant period.

The risk associated with a change in interest rates. This may take several forms; increasing interest cost, changing market value of debt or of pensions liabilities, differences in competitiveness, or the changing nature of a market when interest rates change.

A longer-term interest rate derivative. An IRS is similar to a Forward Rate Agreement (FRA), in that it is also a contract for differences based on an agreed market interest rate. But the IRS usually has multiple future interest calculation and settlement dates and is used by a corporate to hedge or transform longer term interest rate exposures. For example, an interest rate swap might be used to transform a longer term floating rate borrowing into a synthetic fixed rate borrowing.

Other forms of capital market swap have been developed for the exchange of many other different types of cash flows and are used widely to hedge or transform a wide variety of related underlying exposures.

Method used for calculating interest whereby the interest rate is determined by the level of balances, for example, higher balances attract higher rates

The ratio of the coupon on a security to its market price, expressed as a percentage. Also known as the current yield or the running yield.

Securities that pay interest at a specified rate either at periodic intervals or at maturity. Unlike discount instruments, where the return is earned by the increase in value to the redemption amount, from the discounted amount of the initial investment.

Law and Pensions. A Deed covering the key clauses only of a proposed trust arrangement, usually drawn up for the purpose of gaining HMRC approval.

Credit transfer. Within the TARGET system, the interlinking mechanism provides common procedures and the infrastructure which allow payment orders to move from one domestic RTGS system to another domestic RTGS system.

A vehicle company used as a conduit for the transfer of funds between fellow affiliate companies.

The activity of a bank or similar financial institution in taking a position between the two parties to a transaction in such a way as to accept a credit or other commercial risk. Financial intermediation commonly refers to the process of channelling funds between lenders and borrowers.

Tactics related to the business of the multinational which do not use third-party contracts but are aimed at reducing exposed positions or preventing exposure from arising or exploiting possible future exchange rate movements.

A factoring arrangement in which a designated corporate affiliate or subsidiary buys accounts receivable from an exporting subsidiary and collects from an importing subsidiary.

(IRR). The Internal rate of return of a set of cash flows is the cost of capital which, when applied to discount all of the cash flows (including any initial investment flow at Time 0) results in a Net Present Value of NIL.
For an investor, the IRR of an investment proposal therefore represents their expected rate of return on their investment in the project.

(IRS). The central tax authority in the United States.

(IAS). See International Financial Reporting Standards.

(IASB). An independent, privately-funded accounting standard-setter based in the UK. It is committed to developing a single set of high quality, understandable and enforceable global accounting standards. In addition, it co-operates with national accounting standard-setters to achieve convergence in accounting standards around the world.

Details of their work and standards can be found at: www.iasb.org.

(IBAN). An internationally agreed ISO standard, IBAN is an international account identifier used internationally to uniquely identify the beneficiary bank account number in cross-border payments.

(IBFs). Free monetary zones in the United States that can be established by certain corporations and by US branches and agencies of foreign banks. The IBFs accepting foreign deposits are exempted from reserve requirements and interest rate restrictions and can make loans to foreign borrowers. The impact of their operations is that some dollars deposited in time deposits in the United States effectively become Eurodollars.

(ICSD). A central securities depository that provides clearing and settlement facilities for cross-border transactions in domestic securities and/or international securities transactions.

(ICCH). The central guarantee organisation which clears contracts on LIFFE.

The system of financial reporting required for all companies quoted on an EU stock Exchange after January 2005. The system operates via accounting standards (International Accounting Standards or IAS) issued by the IASB, International Accounting Standards Board.

This theory predicts that the spot foreign exchange rate will change over time to reflect and offset differences in interest rates in the respective currencies. So for example unhedged currency depreciation losses will on average negate and match exactly any gains on interest differentials between the two currencies.

A fund which invests in securities outside the country of the investor.

(IGTA). Forum for National Treasurers Associations around the world.
For more details see: www.igta.org.

(IMM). A centralised market in Chicago where currency and financial futures contracts, among others, are traded.

(IP). A pre-printed paper form containing credit transfer instructions which, combined with an invoice, allows the recipient to effect an automated credit transfer. IPs are generally used on a cross-border basis.

(ISDA). The industry body responsible, among other things, for standardising swap documentation. The terms of swaps are normally governed by two documents: a Master Agreement (often referred to simply as an ‘ISDA’) and a confirmation of the specific details of a particular trade (the ‘confirmation’).

See International Swap Dealers Association.

A Wide Area Network (WAN) to which anyone with the appropriate hardware, software, and communication links has access.

(IP). A protocol that, in combination with Transmission Control Protocol (TCP), allows the transmission of data over networks.
IP/TCP has de facto become the industry standard.

1. A straight-line estimation method where the estimated result lies in between two known data points.

2. More generally, any estimation method where the estimated result lies in between two known data points.

Within the legal power or authority of a person, official or body.

Same as Daylight credit.

A Local Area Network (LAN) or Wide Area Network (WAN), typically belonging to one company, which uses the open standards of the internet rather than proprietary software for communication among computers.

The component of a the value of an option which relates to the gain - if any - which could be earned by immediate exercise of the option.

1. Raw materials, components, work in progress (WIP) and finished goods held by a company or other entity under review.

2. Accounting. Value of raw materials, components, work in progress (WIP) and finished goods held by a reporting entity at a balance sheet date.

Also known as Stock.

In simple terms, if inventory levels are too high, significant investment and storage costs will be incurred.
But if inventory levels are kept too low, the chance of inventory running out and lost sales will increase.

Effective inventory management - among other things - identifies an appropriately balanced level of inventory.

The same as inventory turnover ratio.

An example of an activity ratio or management efficiency ratio. The inventory turnover ratio indicates the number of times stock is completely replaced in a year. It is calculated as:
[Cost of sales]/Inventory.

A situation in which market interest rates for longer term funds are lower than those for shorter maturities.

A term used in foreign exchange rate quotation.
Let’s consider the FX quote of 1 GBP = USD 1.4598 - 1.4602.
The base currency is GBP.

The inversion of this FX quote means expressing the same price, but with the other currency as the base currency (USD here).

So 1 USD = GBP [1/1.4602] - [1/1.4598]
1 USD = GBP 0.6848 - 0.6850.

Accounting. Cash flows from investing activities are those from resources for future cash generation.

1. Economics. Expenditure by firms on (or creation by firms of) capital goods and stock to be used for future production or sale.

2. More generally, the expenditure of money or money's worth with a view to increasing over time the value so invested.

The process of determining whether an expected return is sufficient to justify the investment required to achieve that return, given the risk and the time delay associated with the expected return.

These banks provide a wide range of services in the money, capital and securities markets.

1. (ICs). A representative grouping through which institutional investors express their views to the senior management of the firms in which they hold significant investments.
The ICs consist principally of the Association of British Insurers (ABI) and the National Association of Pension Funds (NAPF).

2. A committee which advises internally on the investment policy selected and implemented by a particular body or institution. For example, the investment committee of an individual pension fund.

A company which makes and manages investments.

Credit rating. The highest credit ratings, from BBB- (Baa3) and higher for longer term obligations.

A bond that is relatively safe, having a high bond rating.

Any party that makes an investment.

Economics. The net amount of imports LESS exports of services, interest, profit and dividends from financial activities and government current account items as reported in the balance of payments.

In contract law, an indication of a willingness to consider offers.

1. A claim for payment by a creditor usually in the form of a document issued by the seller to a buyer listing the goods or services supplied and stating the sum of money due.

2. To present a customer with an invoice.

A form of short term finance secured against trade accounts receivable. Under invoice discounting, the customer which owes the trade debt is not informed about the related finance arrangement. In this respect it differs from factoring, under which the customer is made aware of the factoring arrangement.

Bond pricing. Same as Dirty price.

Institute of Actuaries.

Abbreviation for International Organisation of Securities Commissions.

Abbreviation for Internet Protocol.

Abbreviation for International Payment instruction.

Abbreviation of Initial Public Offering.

Abbreviation for the former UK Inland Revenue. Now merged within Her Majesty’s Revenue & Customs (HMRC).

Abbreviation for Interest Rate Guarantee.

Abbreviation for Internal rate of return.

Same as Perpetual bond.

A transfer which cannot be revoked by the transferor and which is final.

Letter of credit than cannot be amended or cancelled without the agreement of all parties involved.

Abbreviation for:

1. Interest Rate Swap.

2. Internal Revenue Service.

Abbreviation for UK Inland Revenue Savings, Pensions and Share Schemes Division.

Abbreviation for International Swap Dealers Association.

In Islamic finance and banking products, profit must be derived from risk-taking and trading and all forms of interest are prohibited.
Islamic finance models therefore operate on the basis of risk sharing, to encourage investments which may be of benefit to the community.
Trading in alcohol and gambling are not allowed.

The creation of new securities by a private or public entity in exchange for cash or assets. An issue can involve one or more types of debt and/or equity security.

The price at which securities are sold on issue.

The total nominal value of the shares of a company which have been issued to shareholders and which remain outstanding (have not been redeemed or repurchased to be held in treasury).

A company or other entity that borrows or raises capital via the financial markets through the issuance of securities.

Bank that issues a letter of credit. The issuing bank is obligated to pay if documents are presented that comply with the letter of credit.

An institution or agency that organises the arrangements associated with an issue of securities.

Abbreviation for:

1. International Treasury Management.

2. Abbreviation for In The Money.