路透金融词典

Cyclical

周期性的Cyclical指事物的某些特征按一定的模式或规律周而复始地出现。A regular occurrence. Something that happens on a periodic basis.Category: 金融

G3

三国集团G3世界主要的三个工业国家——美国、德国和日本的统称。 在欧元推出后，三国集团有时亦指美国、欧元区和日本三大经济体。The world's leading industrial nations - Germany, Japan and the USA.Category: 金融

Upstream

上游产业Upstream就石油及天然气产业而言，是指原油和天然气的勘探和生产，相对于石油产品的提炼和销售等下游产业。Exploration for and production of crude oil and gas, in contrast with the downstream refining and marketing of oil products.Category: 期货期权

Down and Out

下跌即撤销的期权Down and Out一种界限期权(barrier option)，在标的资产价格跌破预先约定的水平后失效。参见Option(期权)，Barrier Option(界限期权/障碍期权)。A knockout option that is cancelled when the price of the underlying instrument falls below a predetermined level. A type of barrier option.See also: OptionCategory: 期货期权

Libid

伦敦银行同业借入利率Libid英文The London Interbank Bid Rate的缩写，指伦敦银行同业市场中,银行所开出的接受存款的利率.Synonym: London Interbank Bid RateThe rate at which banks take deposits from each other.金融 | 债券

CFTC

CFTC认可的期货期权经纪商英文Commission Merchant的缩写，指经美国商品期货交易委员会(CFTC)认可的经纪商，为客户提供买卖在交易所挂牌的期货和期权的服务。Synonym: Futures Commission MerchantFutures Commission Merchant. An individual or legal entity who is registered with the Commodity Futures Trading Commission in the USA to seek business for execution on a listed commodity exchange.期货期权 | 缩略语

Insider Dealing

内幕交易Insider Dealing指利用非公开的价格敏感讯息在市场交易中谋利,这种行为在许多国家是非法的.Synonym: Insider TradingExploitation of inside or privileged information, not widely known in the market, in order to profit from market transactions. This is illegal in many countries金融 | 股票

Offer Market

卖方过剩市场Offer Market指投资者卖出意欲强于买入意欲的市场状况，相反则称为买方过剩市场(bid market)。参见Bid Market（买方过剩市场）。A market in which there is more interest from sellers than buyers. The opposite of a bid market.See also: Bid Market

Put

卖权Put指一段时间内卖权(put)交易量与买权(call)交易量的比率，用于衡量市场气氛，比率偏高通常反映市场偏空。参见Option（期权）。An option giving the buyer or the holder the right but not the obligation to sell the underlying instrument at an agreed price within a specified time. The seller or writer has the obligation to buy if the holder exercises the option to sell. See also: CallCategory: 期货期权

Short-selling

卖空Short-selling卖空是投资者预料证券价格会下跌，因此向经纪人交付保证金，并借入证券卖出。待证券价格下跌至某一价位时再买进，然后归还借入的证券，从中获取差额收益。参见Shortcovering（空头回补）。期货期权 | 金融 | 外汇 | 债券 | 股票

MERCOSUR

南方共同市场MERCOSUR西班牙文Mercado Común del Sur的简写（英译为Southern Common Market，即南方共同市场），是一个旨在促进成员国间自由贸易与合作的拉丁美洲贸易联盟。创始成员国--阿根廷、巴西、巴拉圭和乌拉圭于1991年3月签订条约,冀以循序减税的方式,在1995年成立共同市场,让四国商品在区内自由流通. 1994年8月四国共同签署对外关税同盟协议,议定区内85%(约九千项)的产品采共同对外关税,于1995年1月1日起实施.网址：www.mercosur.org.uyMercado Común del Sur (Southern Common Market). A Latin American trade bloc that aims to promote free trade and co-operation between its members. Argentina, Brazil, Paraguay and Uruguay were founding members, Chile and Bolivia are associate members. Category: 缩略语

Cartel

卡特尔Cartel指为了影响商品的价格或供给而组成的企业、组织或国家集团。卡特尔的影响力不如垄断组织(monopoly)。卡特尔在美国亦称trust（托拉斯）A group of businesses, organizations or countries who agree to influence the price or supply of goods. Such a group has less power than a monopoly. In the US a cartel is sometimes called a trust.金融 | 风险投资和新股发行

Printing Money

印钞票Printing Money印钞票泛指政府增加货币供应量，这可以有多种方式，包括真的多印钞票。A term used to describe a government increasing the money supply. This can be achieved in a number of ways including actually printing more bank notes, or issuing new government debt, which is then bought by the central bank in exchange for credits that can be spent in the real economy.金融 | 债券

Sight Draft

即期汇票Sight Draft参见Bill of Exchange（汇票）。Category: 金融

Historical Cost

历史成本Historical Cost指公司资产的原始成本或取得成本，与重置成本(replacement cost)不同，后者是指现时重新购置能提供相同服务的资产所须付出的成本 。The original cost of a company's assets, as distinct from replacement cost.Category: 金融

Cum Dividend

含息Cum Dividend指股票的买方可获得公司已宣布将派发的股息。参见Ex-Dividend(除息)，Stock(股票)，Share(股票)。A term used to describe when shares are bought with the right to receive a dividend which has been announced.See also: Ex-Dividend, Stock, ShareCategory: 股票

Dirty Price

含息价Dirty Price包含应计利息的债券价格，英文亦称gross price。参见Clean Price（不含利息的价格）。Present value of the cash flow of a bond including accrued interest. Also known as gross price. See also: Clean,Price金融 | 债券

Net Transaction

净交易Net Transaction指不对投资者收取佣金的证券交易。如果是公司发行新证券，承销商的佣金会计在发行价格内。A transaction whereby the investor is not charged a commission. If a company sells new issues, the underwriter's commission is incorporated in the issue price. A commission will only be charged in secondary market trading.Category: 金融

Bottom Line

净利Bottom Line净盈利或净亏损的俗称。英文直译为"末行"，这是因为在公司的损益表上，最末一行就是显示总收入扣除所有费用之后的净盈利或净亏损数字。与显示销售净额或总收入的top line(首行数字)相对。The final cost or result of a project or action. The term derives from companies' profit and loss accounts in which the bottom line shows the extent of the profit or loss after all income and expenses have been accounted for. In contrast with the top line, which shows net sales or total revenues of a company.

Net Profit

净利润Net Profit参看Net Earnings(净利/净收益)。Trading profits after deducting the charges detailed in the profit and loss account such as tax, depreciation, auditors' fees and directors' fees.金融 | 财务税收

Net Position

净头寸Net Position指交易商在市场上所持的多头与空头头寸的差额。比如一交易商卖出100份合约，买进80份合约，其净空头头寸即为20份合约;假如他卖出120份合约而买进150份合约，则其净多头头寸为30份合约。The difference between long and short positions held by a dealer in a given market. If a dealer has sold 100 contracts and bought 80 contracts he has a net short position of 20 contracts. Conversely if he has sold 120 contracts and bought 150 contracts he has a net long position of 30 contracts.期货期权 | 金融 | 股票

NPV

净现值NPV参见Present value（现值）。金融 | 缩略语

Net Assets

净资产Net Assets公司的总资产减去总负债即是净资产，也称"净值"（net worth）。Synonym: Net WorthA company's total assets minus its liabilities. Also known as net worth.Category: 金融

RONA

净资产收益率RONA参见ROA（资产收益率）。金融 | 缩略语 | 股票

Net

净额Net毛额(Gross amount)减去某些项目所得的数额，称为净额。例如，总收入扣除全部支出即为净利，一段时间之内资金流入总额减去资金流出总额即为资金流入净额。Any figure from which some liability, such as tax, has been deducted

Netting

净额法Netting指未到期金融合约可按净值结算的一种安排，对同一交易对手的应收款与应付款互抵后以净额结算，可降低结算风险。A system whereby outstanding financial contracts can be settled at a net figure. Receivables are offset against payables to reduce the credit exposure to a counterparty and to minimize settlement risk.Category: 金融

Provision

准备金Provision1. 资产负债表上的一种债务。公司预期未来将会出现一些支出或损失时，加以估算，预先提列，即为准备金，比如呆坏帐准备金(provision for bad and doubtful debts)。2. 指合约上的条款。Category: 金融

Near Money

准现金Near Money指流动性很高，可轻易转换成现金的资产，如货币市场基金、银行定期存款和政府证券。也指接近赎回日的债券。Assets, such as money market fund shares, bank time deposits and government securities, which are readily convertible into cash. This also applies to bonds near their redemption date.

Write Down

减值Write Down指一项资产的价值缩水，导致该项资产的账面值高于其当前实际价值，按会计准则，将其账面值减记至反映其当前实际价值的水平。Book-keeping action that reduces the value of an asset on a balance sheet.Category: 金融

Disinvestment

减少资本支出Disinvestment指公司减少资本支出，例如不置换固定资产，甚或出售厂房和机器等资本财物。Cutting capital investment by disposing of capital goods, such as plant and machinery, or by not replacing capital assets.金融 | 风险投资和新股发行

Geometric average

几何平均数Geometric average计算平均值的一种方法。 若要计算一组股票价格的几何平均数，先乘上所有个股的价格，然后开n次方（n为该组股票的个股数目）。参见Arithmetic Average（算术平均数），Weighted/Unweighted Index（加权指数或非加权指数）。金融 | 股票

Weighted Average Coupon

加权平均票面利率Weighted Average Coupon作为按揭证券(MBS)后盾的按揭贷款组合的加权平均利率，权重为按揭贷款的余额。The weighted average coupon rate of all the loan rates of the underlying collateral in a pool of mortgages.Category: 债券

NAFTA

北美自由贸易协定NAFTA英文North American Free Trade Agreement的缩写，是由美国、加拿大和墨西哥三国组成的自由贸易区。Synonym: North American Free Trade AgreementA three-member free trade zone between the US, Canada and Mexico. 金融 | 缩略语

Yard

十亿Yard外汇市场用语，指10亿单位的货币。源自法文milliard（10 亿）。Currency market term for one thousand million units of a currency. Based on the French word milliard.Category: 外汇

Year-on-Year Rate

同比变动率Year-on-Year Rate将当前报告时段(一个月或一季)的数据与上年同期相比较而得出的变动率。A rate that compares the current reporting period (e.g. a month or quarter) with the same period a year earlier.Category: 金融

CRL

有限责任合作社CRL葡萄牙的公司名称中表示"有限责任合作社"（Cooperativa de Responsabilidad Limitada）词组的缩写。Synonym: Cooperativa de Responsabilidad LimitadaPortuguese company title: abbreviation of Cooperativa de Responsabilidad Limitada.Category: 缩略语

Terminal value

期末价值Terminal value一项投资或资产在一段时间之后的价值，例如，按未来10年的获利预估推算，一项业务在期末时的价值。The assumed value of a business at the end of a forecasting period, usually after 10 years of projected earnings.Category: 金融

Balloon Loan

期末整还式贷款Balloon Loan指期末一次还清或最后一期还款额特别大的贷款。A loan that consists of regular monthly payments with one large (balloon) payment at maturity.Category: 金融

Benchmark

基准Benchmark作为参照的标准。在债券市场，基准债券通常指最新发行的、发行量较大的一期债券，其流动性往往是最高的。A standard used for comparison. A benchmark security is usually the most recent security of its type issued in a large quantity. It sets the standard for the rest of the market. A benchmark issue is highly liquid.债券 | 股票

Base Currency

基准货币Base Currency汇率报价中作为基础的货币，即报价表达形式为每一个单位的货币可兑换多少另一种货币。例如，欧元兑美元报价是以一欧元兑多少美元表示，所以其基准货币为欧元；而美元兑日元的报价，基准货币则是美元。The currency that forms the base of a quotation, i.e. the denominator expressed as a unit of one (or sometimes a hundred). For example, the base currency in a US dollar/euro quotation is the dollar, whereas the base currency in the dollar/sterling quote is the pound.Category: 外汇

Accretion

增值Accretion指金融工具在其期限内名义本金值的增加。例如，以贴现方式买进债券，随着时间的过去，将债券到期时可获取的资本增值逐步入账。参见Amortization(1.分期偿还；2.摊销)。An increase in the notional principal amount of a financial instrument over its life. For example the accounting of capital gains on a bond, bought at a discount, in anticipation of receipt of its full par value at maturity. The opposite of amortization.See also: Amortization

Fund Manager

基金经理Fund Manager负责基金的投资管理的个人或机构，基金的资产可以是客户的，也可以是基金经理自己的。An individual or institution involved in investing funds for their own account or on behalf of others.Category: 基金

Accretive

增值性Accretive指收购行动可为公司的每股盈余(EPS)带来增长，原意是透过并购达到扩张的目的。A company is described as being accretive if it achieves growth through internal expansion or acquisition.Category: 风险投资和新股发行

Incremental Cost

增量成本Incremental Cost参见Marginal Cost（边际成本）。Category: 金融

Throughput

处理能力Throughput指诸如炼油厂等工厂在一定时间内能处理的原材料的总量，也指储存设施或输油管一定时间内处理的原油和提炼品的总量。Total volume of raw materials processed in a given period by a plant such as an oil refinery. Also, the total volume of crude oil and refined products handled by a storage facility or pipeline.Category: 期货期权

Portfolio Manager

投资组合经理Portfolio Manager替投资者管理资产组合的人，通常获授权在约定规范下自由运用资金。共同基金的投资组合经理负责执行投资策略，将资金投资在各类资产上A designated adviser, who manages a portfolio of investments on behalf of an investor. Often the manager has full authority to take investment decisions, known as acting on a discretionary basis.基金 | 金融

Extrapolation

外推法Extrapolation指根据已知的数值推断已知数值范围以外的数值。参见Interpolation（内推法/内插法）。The process of determining a rate (or other variable) that lies beyond the range of known rates.See also: InterpolationCategory: 金融

Foreign Exchange

外汇Foreign Exchange国际间交易的支付工具。参见FX（外汇）。Synonym: FXInstruments used to make payments between countries.Category: 外汇

Mibtel

意大利综合股价指数MibtelMibtel是意大利股票市场的综合股价指数。MIB30则是米兰蓝筹股指数。网址：www.borsaitalia.it/homepage/homepage.en.htmThe Mibtel index is the benchmark all-share index for the Italian stock market. The MIB 30 is the Milan blue-chip index.Category: 股票

MIF

意大利金融期货市场MIF意大利文Mercato Italiano Dei Futures的缩写，是意大利的金融期货市场，也是意大利证券交易所的一部分。网址：www.borsaitalia.it/homepage/homepage.en.htmSynonym: The Mercato Italiano Dei FuturesItaly's financial futures market, which is part of the Borsa Italiana.See also: Futures期货期权 | 缩略语

Done

成交Done交易商口头确认一笔交易的用语。 Dealers' language: verbally confirms a deal.期货期权 | 金融 | 外汇 | 债券 | 股票

Incomes Policy

收入政策Incomes Policy泛指政府为控制通货膨胀所采取的各种手段，包括冻结或限制物价、工资、股息、投资收益和租金等项目的上涨。A broad term that covers various direct forms of inflation control by a government. It can include a freeze or limitation on increases in prices, wages, dividends, investment income and rents.Category: 金融

Excess Portfolio Returns

投资组合的超额收益Excess Portfolio Returns指投资组合的收益高于无风险收益率（如美国国库券的收益率）的部分。参见Portfolio（投资组合）。The return on a portfolio over and above a 'risk-free' rate (such as the yield on US Treasury-bills).See also: Portfolio基金 | 金融

Authorized Capital

核定资本Authorized Capital指公司章程所允许发行的最大股本。核定资本只有获得股东的同意才可增加。The maximum number of shares that can be issued under a firm's articles of incorporation. This can be increased only with shareholders' approval.金融 | 股票

Core Capital

核心资本Core Capital参见一级资本（Tier One）。金融 | 风险投资和新股发行

Rate of Return

收益率Rate of Return指投资的收益率。对公司而言，收益率指净利润占使用的平均资本的百分比。Synonyms: ROI, Return on InvestmentThe return on an investment. For a company this would be net profits expressed as a percentage of average capital employed.金融 | 外汇 | 债券 | 风险投资和新股发行 | 股票

Yield Curve

收益率曲线Yield Curve收益率曲线是显示一组货币和信贷风险均相同，但期限不同的债券或其他金融工具收益率的图表。纵轴代表收益率，横轴则是距离到期的时间。收益率曲线有很多种，如政府公债的基准收益率曲线、存款收益率曲线、利率互换收益率曲线及信贷收益率曲线(credit curves)等。基准收益率曲线是市场上其他证券的参照标准，所用的证券必须符合流动性、规模、价格、可得性、流通速度和其他一些特征标准。收益率曲线并非静止不变，随时都可能发生快速的变动。例如，中央银行官员的三言两语即可引发较高的通货膨胀预期，从而令长期债券价格下跌的幅度高于短期债券。在正常情况下，收益率曲线从左向右上升，因为年期越长收益率会越高，以反映投资风险随年期拉长而升高的情形。就这种收益率曲线而言，若长期收益率的升幅大于短期收益率，收益率曲线会变陡。倒挂的收益率曲线则是从左向右下滑，反映短期收益率高于长期收益率的异常情况。 这可能是因为投资者预期通货膨胀率长期而言要下降，或是债券的供给将大幅减少，这两种预期都会压低收益率（见图18）。参见Maturity（期限）。The graphical representation of the yields of a set of bonds or other instruments with the same credit risk and currency, but with different maturities. Yield is plotted along the vertical axis and time to maturity on the horizontal axis. There are many different yield curves, including government benchmark curves, deposit curves, swap curves, and credit curves. Benchmark curves consist of securities that meet certain criteria for liquidity, size, price, availability, turnover rate and other characteristics. These securities set standards for the market against which other issues can be measured. A yield curve is not static and can change quickly at any time. For example, a word or two from a central banker can fuel expectations of higher inflation, which may cause longer-term debt prices to fall more than short-term prices. The normal yield curve is positive, rising from left to right, because yields on longer maturities are higher than on short maturities to reflect the greater risk of lending money for a longer time. If the yield curve is positive sloping it will steepen as the longer yields move up more than the shorter ones. An inverted, or negative, yield curve slopes downwards from left to right, with short-term yields higher than long-term yields. Investors may be expecting a reduction in inflation in the longer term or there may be expectations of sharply reduced supply of bonds, both of which will depress yields.See also: MaturityCategory: 债券

Emerging Markets

新兴市场Emerging Markets指发展中国家的金融市场，没有一致公认的定义，但人们常以国际金融公司(IFC)和摩根士丹利编制的新兴市场指数为基准。参见IFC（国际金融公司）、MSCI Indices（摩根士丹利国际资本指数），S&P/IFCI（标普/国际金融公司指数）。A term used to describe the financial markets of developing countries. Definitions vary of which countries are emerging and which are not. However, the emerging market indices compiled by the IFC and Morgan Stanley are often used as benchmarks.See also: IFC, MSCI Indices, S&P/IFCI金融 | 股票

Consolidation Phase

整固阶段Consolidation Phase指市场横向整理，尽管价格小幅地升升跌跌，但整体水准大致持平。此阶段市场成交量通常平稳地保持在低位。A sideways move in a market that generally remains at the same level despite minor rises and falls. Trading is usually at a low and steady volume.外汇 | 债券 | 股票

Round Lot Trade

整批交易Round Lot Trade指按证券和商品在市场最普遍的交易单位(例如100股为一单位)进行的交易。The size of the most common block of securities or commodities trading in a market.期货期权 | 金融 | 股票

OM Stockholm

斯德哥尔摩交易所OM Stockholm瑞典的期货与期权市场，从事瑞典股票的期权，以及指数和利率相关衍生工具的交易。网址：www.se.omxgroup.comThe Swedish futures and options market which trades options on Swedish stocks as well as index and interest rate derivatives

Barrels

桶Barrels指石油工业用于量度液体体积的单位，等于42美式加仑或35英式加仑或约等于0.136吨，具体数量视液体的重力而定。Volume measurement of liquid in the petroleum industry, equal to 42 US gallons, 35 Imperial gallons or about 0.136 tonnes, depending on specific gravity.Category: 期货期权

EMI

欧洲货币机构EMI英文European Monetary Institute的缩写，是欧洲中央银行的前身。参见European Central Bank（欧洲中央银行）。Synonym: European Monetary InstituteThe EMI was a precursor to the European Central Bank.See also: ECB融 | 缩略语

EU

欧盟EU英文European Union的缩写，欧洲共同体(European Community)的前身，1992年2月成员国签署《马城条约》(the Maastricht Treaty)时引进的词汇。最初仅有德国、法国、意大利、比利时、荷兰和卢森堡六个成员国，1973年英国、丹麦和爱尔兰加入，1981年希腊加入，1986年西班牙和葡萄牙加入，1995年奥地利、芬兰和瑞典陆续加入。2004年捷克、波兰、斯洛伐克和斯洛文尼亚等十国加入后，欧盟成员国增至25个。欧盟成员国最初的合作集中在贸易和经济上，但已逐渐扩展至国防、外交、人权、司法及环境保护等领域。网址：http://europa.eu.int. Synonym: European UnionThe umbrella term introduced in the Maastricht Treaty to refer to the three-pillar construction in Europe of the European Community and two new areas of co-operation; common foreign and security policy, and justice and home affairs. It has taken over in common usage to refer to the Community in all its aspects. 金融 | 缩略语

ECOFIN

欧盟经济财政部长会议ECOFIN指欧盟国家经济或财政部长的定期会晤，是欧盟内部协调经济与金融政策的主要论坛。参见EU（欧盟）。A regular gathering of EU economics or finance ministers. The main forum for co-ordination of economic and financial policy within the European Union.See also: EUCategory: 缩略语

Eurostat

欧盟统计局Eurostat欧盟的统计机构。网址：http：//europa.eu.int/comm/eurostat/The statistics agency of the European Union.Category: 债券

Omega

欧米加Omega就期权而言，这通常是衡量标的资产的价格每变动一个百分点，可导致期权价格变动的百分比。标的资产是指行使期权时可以买进或卖出的资产。举例，欧米加值为5代表标的资产的价格每变动1%，期权价格会变动5%。有时亦称为拉姆达值(Lambda)。参见Option（期权）。The currency risk involved in an options deal when the option writer or holder accounts for the transaction in a different currency. See also: Option

Loss Limit

止损点Loss Limit指交易仓位获允许承受的最大损失,一旦达到损失上限,交易员必须平仓或减仓以阻止亏损扩大.The maximum loss permitted on a position before the dealer is required to cut his or her losses and square or reduce the position.期货期权 | 金融 | 外汇 | 债券 | 股票

Positive Carry

正利差Positive Carry指头寸的融资成本低于其收益，相反的情况称为"负利差"（negative carry）。参见Carry and Roll(债券利差交易)。Where the financing cost of a position is less than the return. Negative carry is when it costs more to finance a position than it earns.

EMTA

新兴市场交易商联盟EMTA英文Emerging Markets Traders Association的缩写，旨在促进新兴市场金融工具公平、有效率和透明地交易的行业团体。网址：www.emta.org Synonym: Emerging Markets Traders AssociationAn industry interest group which promotes fair, efficient and transparent trading of emerging market financial instruments.Category: 缩略语

EMBI

新兴市场体债券指数EMBI英文Emerging Markets Bond Index的缩写，是投资银行JP摩根编制的债券市场基准指数之一。JP摩根还编制EMBI+指数，涵盖欧洲债券、本地市场美元金融工具和EMBI中的布雷迪债券。网址：www2.jpmorgan.com/MarketDataInd/EMBI/embi.htmlSynonym: Emerging Markets Bond IndexA benchmark bond market index produced by investment bank J.P. Morgan. The investment bank also produces the EMBI+, Emerging Markets Bond Index Plus which covers Eurobonds and U.S. dollar local market instruments as well as the Brady bonds in the main EMBI.缩略语 | 债券

SGX

新加坡证券交易所SGX英文The Singapore Exchange的缩写。网址：www.ses.com.sgThe Singapore Exchange缩略语 | 股票

New Issue

新发行的证券New Issue指在初级市场上销售的证券，最受瞩目的是企业的首次公开招股。参见IPO（首次公开招股），Primary Market（初级市场）。A security that is being offered for sale in the primary market.See also: IPO, Primary Markets风险投资和新股发行 | 股票

Even Lot

正常交易单位Even Lot英文亦称为normal trading unit， round lot或full lot，是指由交易所设定的证券正常交易单位，例如1000股为一手，亦指期货交易所设定为商品报价用的数量单位。A commodity trading unit governed by official exchange price quotations.期货期权 | 金融 | 股票

BV

有限责任公司BV荷兰语Besloten Vennootschap的缩写，在荷兰和比利时的公司名称中代表有限责任公司(limited liability company)。Synonym: Besloten VennootschapDutch company title: abbreviation of Besloten Vennootschap.Category: 缩略语

Bear Market

熊市Bear Market价格长时间持续下跌的市场。与之相反的是"牛市/多头市场"（bull market）。参见Bull Market（牛市/多头市场）。A market in which prices have been falling for a long time. The opposite of a bull market.See also: Market

Fuel Oil

燃料油Fuel Oil石油提炼过程中产生的较重的蒸馏物，主要用作电站、工业及船舶锅炉的燃料。Heavy distillates from the oil refining process. Used as fuel for power stations, industry and marine boilers.Category: 期货期权

Crawling Peg

爬行钉住汇率制Crawling Peg视通货膨胀的情况，允许货币逐渐升值或贬值的一种汇率制度。在此制度下，平时汇率是固定不变的，但视通货膨胀的程度而定，必要时可每隔一段时间作微小的调整。A currency system which allows a gradual depreciation or appreciation in an exchange rate, usually to adjust for inflation.Category: 外汇

Bull Market

牛市Bull Market价格长时间持续上涨的市场，通常是因为市场人士普遍相信高价格有合理的支撑，并认为价格还将进一步上扬。与牛市相反的是熊市。参见bear market(熊市/空头市场)。A market in which prices have been rising for a prolonged period, fuelled by the prevalent view that share prices will continue to rise and that higher prices are justified. The opposite of bear market.See also: Bear Market外汇 | 债券 | 股票

Praecipuum

牵头经理费Praecipuum指证券发行时，牵头经理/主要经办人(lead manager)特别收取的一项费用，作为统筹发行事宜的报酬，以发行额的某一百分比计算。参见Lead Manager/Underwriter(主要经办人/主承销商)。Part of a management fee, assessed on the full principal amount of a new issue, to compensate the lead manager for the responsibility of handling the issue.

Bulldog Bond

猛犬债券Bulldog Bond指非英国借款人在英国市场上发行的英镑债券，因斗牛犬(bulldog)是英国的一个标志而得名。参见Bond（债券）。A bond denominated in sterling, issued in the UK by a foreign borrower.See also: BondCategory: 债券

SWIFT

环球银行金融电信协会SWIFT英文The Society for Worldwide Interbank Financial Telecommunication的缩写。该机构经营一个用于国际银行业交易的标准网络。The Society for Worldwide Interbank Financial Telecommunication. Operates a standard network for making international banking transactions. Category: 缩略语

SWIFT Codes

环球银行金融电信协会电码SWIFT Codes指环球银行金融电信协会为在网络上进行国际银行业务交易而使用的电码式指令。参见SWIFT（环球银行金融电信协会）。The coded instructions used by SWIFT for effecting international banking transactions over its network.See also: SWIFTCategory: 金融

IMM

国际货币市场IMM英文The International Monetary Market的缩写， 是从事期货交易的芝加哥商业交易所的一个分支机构（市场）。参见CME（芝加哥商业交易所）及Futures（期货）。Synonym: The International Monetary Market A division of the Chicago Mercantile Exchange that trades futures.See also: CME, Futures期货期权 | 缩略语 | 外汇

Kerb Market

场外交易市场Kerb Market"Kerb"在金融市场指市场正式营业时间以外的交易。此英文词组源于在证券交易所外的马路边进行交易。In financial markets the term kerb is used to describe trading outside official market hours. The expression comes from trading literally taking place on the kerb outside the stock exchange.期货期权 | 金融 | 股票

KG

有限责任合伙KG德国及奥地利企业名称中表示"有限责任合伙/两合公司"(Kommanditgessellschaft)的缩写。在这种合伙制中,至少要有一位合伙人负无限责任,同时至少有一位有限责任合伙人.Synonyms: Kommanditgessellschaft, KollectivgessellschaftGerman and Swiss company title: abbreviation of Kommanditgessellschaft and Kollectivgessellschaft respectively.Category: 缩略语

Bt

有限责任合伙公司Bt匈牙利语Beteti tarsasag的缩写，代表有限责任合伙公司(limited liability partnership)。Synonym: Beteti tarsasagHungarian company title: abbreviation of Beteti tarsasag.Category: 缩略语

Record Date

登记日Record Date指股东为了能够分配到股息，必须成为股票正式所有人的日期。这个日期是由董事会决定的。参见Ex（无权获得）, Ex-Dividend（除息）。The date on which a shareholder must be the official owner of shares to be entitled to the dividend. This date is set by the board of directors. See also: Ex-DividendCategory: 股票

White Knight

白衣骑士White Knight当一家公司成为敌意收购的目标时，可邀请另一家公司提出善意的收购，以化解敌意收购的威胁，应邀出手对抗敌意收购的公司被称为"白衣骑士(白武士)"。参见Poison Pill（毒丸行动/反收购行动）。A potential friendly acquirer sought out by a company to protect it from a hostile takeover. See also: Pill金融 | 风险投资和新股发行

Bullish

看涨Bullish相信价格将上涨。因此，如果市场浮现看涨的气氛，价格会走高。与看跌或看空(bearish)相反。参见Bearish（看跌/看空/熊市的）。Holding a belief that prices will rise. A bullish sentiment in the market will therefore push prices higher. The opposite of bearish.See also: Bearish金融 | 外汇 | 债券 | 股票

Call

看涨期权Call一种期权，给予持有人在约定时间内以约定价格买入某一标的资产的权利。如果看涨期权的持有人选择行使权利，卖方(the seller or writer)有义务向其出售标的资产。参见Option（期权），Put（卖出期权/看跌期权/卖权）。An option that gives the holder or buyer the right but not the obligation to buy an underlying instrument at an agreed price within a specified time. The seller or writer has the obligation to sell the underlying instrument if the holder exercises the option. See also: Option, PutCategory: 期货期权

Bearish

看跌Bearish认为价格将下跌。因此，若市场浮现看空的气氛，价格会走低。 与看涨/看多(bullish)相反。参见Bullish（看涨/看多/牛市的）。Holding a belief that prices will fall. A bearish sentiment in the market will therefore push prices lower. The opposite of bullish.See also: Bullish期货期权 | 外汇 | 债券 | 股票

Firm Order

确定的委托Firm Order指无须进一步确认即可执行的买进或卖出股票的指令。也可指不可撤销的货物订单。An order to buy or sell a share that can be executed without further confirmation. It can also mean a commercial order of goods which cannot be cancelled.Category: 股票

Dilutive

稀释性的Dilutive指因发行股数增加而令每股盈余降低。参见Dilution(稀释/摊薄股东权益)。The effect of reducing earnings per share by spreading the same amount of earnings among an increased number of shares.Category: 股票

Program Trading

程式交易Program Trading广义而言，程式交易是指将交易条件写进电脑程式，然后由电脑监测市场状况，一旦出现预定的交易条件，即由电脑自动下单买卖。程式交易通常是机构投资者所为，主要用来捕捉套利机会(如指数期货或期权与标的股票价格的关系出现异常时)或为资产组合进行避险。程式交易一旦触发，交易量通常很大，会加剧市场波动。 参见Arbitrage（套利）。

EBT

税前利润EBT英文 Earnings Before Tax的缩写，指课税前的获利。Synonym: Earnings Before TaxEarnings Before Tax金融 | 缩略语 | 财务税收

Taxation Risk

税务风险Taxation Risk指与股息收入和资本利得相关的税法发生变化、令股票的吸引力减弱的风险。The risk that tax laws relating to dividend income and capital gains on shares might change, making stocks less attractive.Category: 财务税收

Seasoned Offer

稳妥证券发行Seasoned Offer指已上市公司发行股票或债券，与首次公开上市公司的首次公开发行有所不同。 稳妥证券发行可全数向全社会出售，也可向有限的几家机构投资者出售。参见IPO（首次公开募股）。 An offer of shares or bonds by a company that is already listed on a stock exchange. In contrast to an initial public offering by a company which is being listed for the first time. A seasoned offer can be in the form of an offer for sale to the public as a whole or a placing with a restricted set of institutional investors. See also: IPO

Shortcovering

空头平仓Shortcovering指回购已经卖出的证券或资产以结清空头头寸（bear covering）。参见Short Position（空头头寸）。The buying back of a security or asset previously sold so as to close out a short position. Also known as bear covering. See also: Position期货期权 | 金融 | 外汇 | 债券 | 股票

COMEX

纽约商品交易所COMEX指纽约一家主要从事金属期货买卖的交易所。网址：www.comex.com参见Futures（期货）。Synonym: Commodity Exchange lncA New York exchange that trades principally in metal futures.See also: Futures期货期权 | 缩略语

NYBOT

纽约期货交易所NYBOT英文The New York Board of Trade的缩写，是咖啡、糖和可可交易所以及纽约棉花交易所的母公司。网址：www.nybot.comSynonym: The New York Board of TradeParent company of the Coffee, Sugar and Cocoa Exchange and of the New York Cotton Exchange.期货期权 | 缩略语

Big Board

纽约证交所Big Board纽约证券交易所(NYSE)的俗称。参见NYSE（纽约证券交易所）。Colloquial name for the New York Stock Exchange. See also: NYSECategory: 股票

NYSE

纽约证券交易所NYSE网址：www.nyse.comSynonym: New York Stock ExchangeThe New York Stock Exchange缩略语 | 股票

Cash Crop

经济作物Cash Crop指种植供销售用的农作物，如花卉，而种植的食用作物则称为生存作物(subsistence crop)。A crop grown for sale is a cash crop, whereas a crop grown for food is a subsistence crop.Category: 期货期权

Organization for Economic Co-operation and Development

经济合作暨发展组织Organization for Economic Co-operation and Development参见OECD（经合组织）。

Brokerage

经纪人佣金Brokerage指经纪人收取的佣金或费用。在美国，此词常用来指经纪公司。The commission or fee charged by a broker. In the US, this term is commonly used to refer to a brokerage firm.

Trading House

经纪行Trading House指代表客户或以自己的账户进行期货和实物买卖的公司。A business that buys and sells futures and physicals for the accounts of customers as well as for its own account.Category: 金融

Clearing System

结算系统Clearing System旨在方便证券所有权的转移，并安排证券托管的系统。参见Clearstream（Clearstream国际结算系统），Euroclear（欧洲结算系统）。A system that facilitates the transfer of ownership of securities and arranges custody. See also: Clearstream, EuroclearCategory: 金融

Clearing Bank

结算银行Clearing Bank指一国的支票结算体系的会员银行。支票结算(to clear a cheque)指处理支票以令收款人收到款项。结算系统也可能会为标准化的支付指令，例如，定期支付指令(standing orders)提供结算服务。A bank that is a member of a national cheque clearing system. To clear a cheque means to process it so that the payee receives its value. Such systems can also involve clearing financial orders and standardized payment instructions such as standing orders.Category: 金融

Settlement Risk

结算风险Settlement Risk指预期中的结算额不能按时实现的风险。建立净额制是为了尽可能地降低结算风险。参见Netting（净额制）。The risk of an expected settlement amount not being made on time. The establishment of netting systems is an effort to minimize settlement risk.See also: NettingCategory: 期货期权

Uniform Resource Locator

统一资源定位地址Uniform Resource Locator参见URL（统一资源定位地址）。金融 | 缩略语

Maintenance Call

维持保证金通知Maintenance Call参见Margin Call（追加保证金通知）。期货期权 | 金融 | 外汇 | 股票

Conglomerate

综合企业Conglomerate指经营多种不同性质业务的企业集团，旗下通常有多个从事不同业务、各自独立运作的子公司。A company comprising diverse and often unrelated subsidiaries.Category: 金融

Integrated Producer

综合生产商Integrated Producer指拥有矿山、冶炼厂、精炼厂，甚至加工制造厂的金属生产商。A metals producer that owns mines, smelters and refineries, and in some cases fabricating plants.Category: 期货期权

Greenmail

绿函Greenmail企业狙击手累积一家公司的股票，威胁发起收购或借此扰乱公司的营运，迫使目标公司高价买回这些股票，借此获利。 Greenmail也指公司为买回企业狙击手手上股票而付出的溢价，公司往往会要求对方承诺限制未来的持股量。Potential predators can buy shares in a company and threaten to take it over, or disrupt its management. The company can sometimes remove that threat by buying back the shares owned by the predators at a premium to market price, often in exchange for a commitment to limit their shareholdings in future.金融 | 风险投资和新股发行 | 股票

Greenfield Investment

绿地投资Greenfield Investment指参与一项全新的投资计划，通常需要投入大量资本，涉及在一块空地上兴建厂房、提炼厂或码头等设施。Investment in a start-up project, usually for a major capital investment such as a production plant, a refinery or a port. The investment starts with a bare site in a green field.金融 | 风险投资和新股发行

USDA

美国农业部USDA英文US Department of Agriculture的缩写。美国农业部是执行农业政策的政府机构，而且是美国及世界农业预测和统计数据的主要来源。网址：www.usda.govUS Department of Agriculture which implements agricultural policy and is a major source of forecasts and statistics on Category: 缩略语

Senate Finance Committee

美国参议院财政委员会Senate Finance Committee美国参议院中，负责税赋和其他财政法案的重要委员会。Key US Senate committee responsible for tax and other revenue bills.Category: 金融

Ticker Tape

股票交易显示带Ticker Tape指证交所中显示股票代号、股票价格及交易量的电子显示器（见图14）。参见Ticker Symbol (股票代号)。An electronic display showing prices at which each successive trade is executed on a stock exchange, together with the trading volume and the share's identifying symbol. See also: SymbolCategory: 股票

Ticker Symbol

股票代号Ticker Symbol代表上市股票的字母代码，是辨认股票的简便方法，例如，RTR.L代表在伦敦上市的路透集团的股票。参见Ticker Tape（股票交易显示带）。Letters that identify a stock traded on a stock exchange. A short and convenient way of identifying a stock, e.g. RTR.L for Reuters quoted in LondonSee also: TapeCategory: 股票

Stock Average

股票价格平均数Stock Average指股票价格的算术平均数，也称为"指数(index)"。参见Stock Index（股票指数）。An arithmetic average also referred to as an index. See also: IndexCategory: 股票

Stock Lending

股票借贷Stock Lending指当股票供不应求时，由诸如养老基金或保险公司等长期持有股票的机构贷出股票。通常投资公司实际上并不作股票的交割，而是将其作为金融衍生产品投资策略的工具。Lending of shares by long-term holders such as pension funds or insurance companies when shares are in short supply. Often an investment house will not actually take delivery of the stock but will use it as an underlying instrument in a derivatives strategy.Category: 股票

SEAQ

英国股票交易所自动报价系统SEAQ英文Stock Exchange Automated Quotation的缩写，是伦敦证券交易所使用的以电子屏幕自动显示报价的股票交易系统。Synonym: Stock Exchange Automated QuotationThe screen-based system used by the London Stock Exchange to trade its shares.缩略语 | 股票

Stock Exchange Automated Quotation

英国证券交易所自动报价系统Stock Exchange Automated Quotation参见SEAQ（英国证券交易所自动报价系统）。Category: 股票

The Financial Services Authority

英国金融服务管理局The Financial Services Authority参见FSA（英国金融服务管理局）。金融 | 缩略语

BOE

英格兰银行BOE英文Bank of England的缩写，是英国的中央银行。网址：www.bankofengland.co.uk。参见Central Bank（中央银行）。Synonym: Bank of EnglandThe UK's central bank. See also: Central Bank金融 | 缩略语

Security

证券Security指由公司、政府或任何机构发出，借以证明投资者已投资于该机构股票或债券的凭证。A certificate issued by a company, government or any organization which offers proof that investors have invested money in the organization's equity or debt. See also: SEC金融 | 债券 | 股票

Bolsa

证券交易所Bolsa在西班牙语和葡萄牙语中，该词指"证券交易所"。参见Stock Exchange（证券交易所）。A Spanish and Portuguese term for stock exchange.See also: Stock ExchangeCategory: 股票

US Treasury Bond

美国政府长期债券US Treasury Bond指美国财政部发行的期限为10年或10年以上的长期债券。与中期债券一样，长期债券每半年付息一次，因此也称coupon securities（付息证券Long-term US Treasury securities with maturities of ten years or more. Like Treasury notes, they pay a semi-annual coupon, so they are also known as coupon securities.

API

美国石油学会API英文American Petroleum Institute的缩写，是一家提供美国石油消耗及库存水平重要的每周数据的美国石油业机构。网址：http://www.api-ep.api.org.Synonym: American Petroleum InstituteAmerican Petroleum Institute. US oil industry institution which provides key weekly data on US petroleum consumption and stock levels.Category: 缩略语

Transition Management

资金调换管理Transition Management指基金管理业中的一项专门职能，负责将大额的资金从一种市场转至另一种市场，如从股票转至债券。A specialized function within the funds management industry, handling switches of large portfolios from one market sector to another e.g. from equities to bonds.Category: 基金

Redemption

赎回Redemption指债券发行人在债券到期时赎回债券。参见Warrant（认股权证）。The repurchase of a bond at maturity by the issuer.

Cross Border

跨境Cross Border指商业活动涉及跨越国界的货物或资金流动或协商。Activities in the financial and economic sector that involve movement of goods, or negotiations, across national borders.基金 | 金融 | 风险投资和新股发行

Softs

软性商品Softs指如糖、咖啡和可可等软性初级商品，这有别于金属、谷物和油菜籽等商品。Soft commodities such as sugar, coffee and cocoa. In contrast with commodities such as metals, grains and oilseeds.Category: 期货期权

Scaleup

递升卖出Scaleup指在上涨的市场每隔一段价格分批卖出。与之相反的是"递跌买入"（scaledown），即在下跌市场每隔一段价格分批买进。To sell at regular price intervals in a rising market. Opposite of scaledown, which is purchasing at regular price intervals in a declining market.金融 | 股票

Call Money

通知存款Call Money指可随时要求提取的计息存款，英文亦称为day-to-day money(隔夜资金)及sight money(活期存款)。参见Money Markets（货币市场）。Interest-bearing deposits repayable on demand. This covers both domestic money markets and the Euromarket funds. Also known as day-to-day money or sight money.See also: MarketCategory: 金融

Deflation

通货紧缩Deflation指物价普遍下跌，通常是因为货币和信贷的供给收缩所致。 不要与货币贬值(depreciation)相混淆。参见Depreciation（货币贬值），Disinflation（反通货膨胀），Inflation（通货膨胀）。A fall in prices. Not to be confused with depreciation, which is a fall in value of a currency. See also: Depreciation, Disinflation, InflationCategory: 金融

Syndicate

银团Syndicate指负责发行债务的金融机构所组成的团体。组成银团的目的是要分散发行的风险，并将之分割成可控制的量。A group of institutions responsible for issuing debt. A syndicate is formed to share the risk of an issue and split it into manageable amounts.Category: 金融

Banc Assurance

银行与保险混合型产品Banc Assurance欧洲大陆一种结合银行及保险服务的金融产品。A combination of banking and insurance products offered in continental Europe.基金 | 期货期权

Zero Cost Option

零成本期权策略Zero Cost Option一种期权交易策略，投资人购买一项期权的成本完全为售出另一项期权所获得的期权费所抵消。参见Risk Reversal（风险逆转）。An option strategy whereby the cost of purchasing an option is totally offset by the premium generated from the sale of an option. See also: ReversalCategory: 期货期权

Devaluation

(官方主导的)货币贬值Devaluation指官方正式调低货币的汇率，与由公开市场供求力量导致的货币贬值(depreciation)不同 。与之相反的是官方主导的升值（revaluation）。Formal downward adjustment of a currency's official par value or central exchange rate. Opposite of revaluation.Category: 外汇

Capex

资本支出Capex参见Capital Expenditure（资本支出）。金融 | 风险投资和新股发行

Utilities

公用事业Utilities指提供诸如燃气、电和水等公用服务的国营或私营企业。State or private-sector enterprises providing public services such as gas, electricity and water.Category: 金融

New York Mercantile Exchange

纽约商业期货交易所New York Mercantile Exchange参见NYMEX（纽约商业期货交易所）。

Hang Seng Index

恒生指数Hang Seng Index恒生指数（HSI）是香港股票市场的基准股价指数。该指数的成分股为33只蓝筹股，代表香港股市总市值的70%。Category: 股票

P/E Ratio

*市场正常交易规模Normal Market Size指在不引起市场价格波动的情况下可以购买的证券数量。The number of stocks that can be purchased without moving the market price*十国集团G10指七国集团加上另外四个国家——比利时、荷兰、瑞典和瑞士。该集团虽然有11个成员国，但仍称为G10，其主要目标是协调各国的货币与财政政策，以促进世界经济体系的稳定。参见GAB（借款总安排）。The G7 countries plus four others: Belgium, the Netherlands, Sweden and Switzerland. The group has 11 members but is still known as the G10. It aims to co-ordinate monetary and fiscal policies for a stable world economic system. See also: GABCategory: 金融*实际汇率 参见: 有效汇率*实际控制 参见: 有效控制*实际利率Real Interest Rates指从现行的利率中扣除通货膨胀率后所得的实质收益率。也称"实质收益率"(neal yield)。参见Nominal Interest Rates（名义利率）。The actual rate of return calculated by deducting the inflation rate from the current interest rate. Also known as real yield. See also: Rates金融 | 债券*实际收益率 参见: 实质收益率*市价指令 参见: 市价单*市价单Market Order又称按市价成交(at the market)的委托,指示经纪商以下单时市场上所能取得的最好价格完成交易。市价委托是投资者最有把握可以成交的委托方式，目的是尽快成交。An order that should be executed immediately whatever the current price.Category: 金融*时间价值Time value期权费的组成部分，取决于期权距离到期的时间及标的工具价格的波动程度。 期权的价值可分时间价值和内在价值两部分，价外(out-of-money)期权的内在价值为零，价内(in-the money)期权的内在价值是行使价格与标的工具市价的差额。参见Intrinsic value（内在价值）。 The component of an option premium which takes into consideration the time to expiry and the volatility of the underlying instrument. See also: Intrinsic valueCategory: 期货期权*时间序列Time Series指在一段连续的时间内的一系列数值，在金融市场上用于描述历史价格。A series of values over consecutive periods of time. Used in financial markets to describe price histories.Category: 金融*实缴股本 参见: 实收资本*实际的Real指剔除了通货膨胀因素。在高通货膨胀时期，原始未经调整的数据具有误导性，因此常常运用实际数据，也就是经过通货膨胀调整的数据来衡量经济增长。Adjusted for inflation. Crude, unadjusted figures are misleading in times of high inflation, so real or inflation-adjusted figures are often used for measurements of economic growth.Category: 金融*世界贸易组织WTO英文World Trade Organization的缩写。该组织1995年成立，总部设在日内瓦，旨在监督现行国际贸易协议的执行，裁定贸易争端，并为新的贸易协议谈判提供一个论坛，吸纳了原关税及贸易总协议。网址：www.wto.org 参见Doha Round（多哈回合/多哈回合贸易谈判），GATT（关税及贸易总协议），Uruguay Round（乌拉圭回合/乌拉圭回合贸易谈判）。World Trade Organization. Based in Geneva and launched in 1995 to supervise existing international trade accords and provide a forum for negotiation of new agreements as well as to adjudicate in disputes. Absorbed the old GATTSee also: Doha Round, GATT, Uruguay Round金融 | 缩略语*世界银行World Bank世界银行是一家为贫困国家的中长期发展项目提供援助资金的国际金融机构。该行通过在国际资本市场上发行债券进行融资，亦动用自己的资金发放贷款。网址：www.worldbank.org 参见Bretton Woods Agreement（布雷顿森林协定）。The World Bank is an agency for channelling aid funds to poor countries for medium and long-term projects. The Bank raises funds by selling bonds on world capital markets and makes loans from its own resources. See also: Bretton WoodsCategory: 金融*实时数据Real-time Data用于形容现行价格的术语，与其相对的则是历史价格数据。Term used to describe live prices as opposed to historical data.Category: 金融*实收资本Paid-up Capital指公司发行股票后，股东实际已缴纳的资本。Paid-up capital is used to describe shares issued by a company for which the company has received the full nominal value in payment, whereas callable capital is that part of a share for which the company has not yet received payment.*实物交割之通知 参见: 投标*实物商品市场Terminal Market在实物商品市场，参与人士以实物商品交换现金，亦可将实物商品用于期货合约的交割。Commodity market where physicals are exchanged for cash and are deliverable against maturing futures contracts.Category: 期货期权*实物石油Wet Barrels石油交易中使用的术语，指在确定装船日期的情况下进行石油产品的交割，而不是转让油轮的收据，后者只是转移了油品的所有权，通常不会进行实物交割。参见Paper Barrels（纸面石油），Daisy Chain（菊花链交易）。Term used in oil trading that means delivery of the actual product, with a shipping date, rather than the transfer of a tanker receipt, which changes ownership but does not usually involve delivery. See also: ChainCategory: 期货期权*失业Unemployment失业是指有工作能力和意愿的人找不到工作，可分摩擦性失业和结构性失业两大类。摩擦性失业是指因就业信息的不完整或劳动力的流动，劳工一时未能找到工作而造成的失业现象。结构性失业则是因经济经历结构性转变，职位空缺与劳动力供给不相配所导致。参见Frictional Unemployment(摩擦性失业)。When people capable of working are unable to find work. There are two main types of unemployment. Frictional unemployment is the temporary unemployment caused by the time it takes people to find new jobs. Structural unemployment refers to the mismatch between vacancies and labour supply caused by structural economic change.Category: 金融*十亿Yard外汇市场用语，指10亿单位的货币。源自法文milliard（10 亿）。Currency market term for one thousand million units of a currency. Based on the French word milliard.Category: 外汇*市盈增长比率Price Earnings Growth Ratio参见PEG Ratio（市盈增长比率）。金融 | 股票*市盈增长比率(PEG值)PEG Ratio从市盈率衍生出来的一个比率，由股票的未来市盈率除以每股盈余(EPS)的未来增长率预估值得出。粗略而言，PEG值越低，股价遭低估的可能性越大，这一点与市盈率类似。须注意的是，PEG值的分子与分母均涉及对未来盈利增长的预测，出错的可能较大。计算PEG值所需的预估值，一般取市场平均预估(consensus estimates)，即追踪公司业绩的机构收集多位分析师的预测所得到的预估平均值或中值。此比率由Jim Slater于1960年代发明，是他投资的主要判断准则之一。参见P/E Ratio(市盈率)，Consensus Estimates(市场平均预估)及EPS(每股盈余)。The price earnings growth ratio is calculated by dividing a stock's prospective price/earnings ratio (PER) by the rate of estimated future growth in earnings per share (EPS). The higher the PEG ratio, the more the market has already valued future earnings growth. A company with a PER of 15 and estimated growth rate of 15 percent would have a PEG of 1.0. A company with a PER of 15 and an estimated growth rate of 10 percent would have a PEG of 1.5. The ratio was invented by 1960s markets expert Jim Slater, who used it as his main investing criterion. Consensus estimates are used to derive the PER and EPS used in the calculation.See also: Ratio, EPS*市盈率P/E Ratio英文亦称为earnings multiple。市盈率是最常用来评估股价水平是否合理的指标之一，由股价除以年度每股盈余(EPS)得出(以公司市值除以年度股东应占溢利亦可得出相同结果)。计算时，股价通常取最新收盘价，而EPS方面，若按已公布的上年度EPS计算，称为历史市盈率(historical P/E);若是按市场对今年及明年EPS的预估值计算，则称为未来或预估市盈率(prospective/forward/forecast P/E)。计算预估市盈率所用的EPS预估值，一般采用市场平均预估(consensus estimates)，即追踪公司业绩的机构收集多位分析师的预测所得到的预估平均值或中值。市盈率对个股、类股及大盘都是很重要参考指标。任何股票若市盈率大大超出同类股票或是大盘，都需要有充分的理由支持，而这往往离不开该公司未来盈利料将快速增长这一重点。一家公司享有非常高的市盈率，说明投资人普遍相信该公司未来每股盈余将快速成长，以至数年后市盈率可降至合理水平。一旦盈利增长不如理想，支撑高市盈率的力量无以为继，股价往往会大幅回落。何谓合理的市盈率没有一定的准则，但以个股来说，同业的市盈率有参考比照的价值;以类股或大盘来说，历史平均市盈率有参照的价值。市盈率是很具参考价值的股市指标，容易理解且数据容易获得，但也有不少缺点。比如，作为分母的每股盈余，是按当下通行的会计准则算出，但公司往往可视乎需要斟酌调整，因此理论上两家现金流量一样的公司，所公布的每股盈余可能有显著差异。另一方面，投资者亦往往不认为严格按照会计准则计算得出的盈利数字忠实反映公司在持续经营基础上的获利能力。因此，分析师往往自行对公司正式公式的净利加以调整，比如以未计利息、税项、折旧及摊销之利润(EBITDA)取代净利来计算每股盈余。另外，作为市盈率的分子，公司的市值亦无法反映公司的负债(杠杆)程度。比如两家市值同为10亿美元、净利同为1亿美元的公司，市盈率均为10。但如果A公司有10亿美元的债务，而B公司没有债务，那么，市盈率就不能反映此一差异。因此，有分析师以"企业价值(EV)"--市值加上债务减去现金--取代市值来计算市盈率。理论上，企业价值/EBITDA比率可免除纯粹市盈率的一些缺点。上文中，股东应占溢利(attributable profit)与净利(net profit/earnings)两词交替使用，准确点应全部讲股东应占溢利。净利扣掉少数股东(minority interest)应占利润及优先股股东(preference shareholders)的股息，即得出(普通股)股东应占溢利。少数股东是指在集团子公司中持有少数股权的投资者。参见EPS(每股盈余)，PEG Ratio（市盈率/增长率比值）。Synonym: PERThe P/E Ratio (PER) is the latest closing share price divided by the net profit per share (Eps). Note: P/E ratios are only really valuable when comparing the latest price with expected or forecast earnings, rather than last year's earnings, because an investor who bought the stock today could not buy last year's earnings. If a company has forecast EPS of 10 and a share price of 150, its P/E is 15. In other words, it would take fifteen years for the stock investment to pay for itself. The P/E Ratio is also known as the P/E multiple. The reverse of the P/E ratio is the 'earnings yield', or 1/PER. A company with a P/E of 15 has an earnings yield of 6.66 percent (1 divided by 15). Price-earnings is one of the most common measures of investment value and is widely used by the media and markets as an indicator of whether a stock is expensive or cheap. The higher the PER, the higher the market values the company's expected earnings flow. A high PER may be a sign that the market expects the company's earnings to grow rapidly, or it may be a sign that earnings have slumped and the share price does not yet fully reflect that fall. A relatively low P/E suggests investors' outlook for the company is gloomy. As P/E ratios are a measure of relative value, not absolute, they cannot be considered in isolation: one company should be compared against its rivals, or industry or national averages. Low-growth companies such as steel makers, shipyards and construction companies often trade at relatively low P/Es (10 or less) while high-tech firms often command P/E multiples of 40 or more.See also: Ratio金融 | 缩略语 | 风险投资和新股发行 | 股票

AAA

3A等级 (最高信用评级)AAA给予优质债券的最高评级。由标准普尔、穆迪和惠誉国际等主要评级机构评定。参见Credit Rating（信用评级），Moody's（穆迪）和Standard & Poor's（标准普尔）。Synonym: AaaTop rating for bonds of the highest quality. Awarded by the main rating agencies: Standard & Poor's, Moody's and Fitch IBCA.See also: Credit Rating, Moody's, Standard & Poor's

Triple A Rated

3A等级Triple A Rated参见AAA/Aaa（3A等级）。Category: 债券

J-Curve

J-曲线J-Curve经济学上的一个概念，指一个变量在受到某种刺激时，有时可能会继续按原先的方向发展，然后才出现明显的反方向变化，走势的形态有如英文字母Ｊ。例如，贸易收支在货币贬值后可能继续恶化，因为进口成本增加了；只有当货币贬值带动出口大幅增长后，贸易收支才会恢复盈余Category: 金融

Optional Dividend

Optional Dividend可选择支付方式的股息指股东可选择以现金或股票方式收取的股息。An option gives the buyer or holder the right, but not the obligation, to buy or sell an underlying financial asset or commodity. Unlike futures, where the buyer has to fulfil the contract, an option gives the choice of whether to exercise or not. An option contract specifies a future date on or before which it can be exercised. This date is known as the expiry date. The price of an option - the 'strike' or 'exercise' price - is the price at which it can be exercised. Options are very flexible instruments. They allow investors to benefit from favourable price movements while limiting the consequence of unfavourable price movements. Options holders have to pay a 'premium' for this protection as with any insurance contract. There are two kinds of option. A call, which gives the holder the right to buy the underlying instrument at a set exercise price, and a put, which gives the holder the right to sell the underlying instrument at a set strike price. More than one option transaction can be combined to create a spread. These strategies usually involve the simultaneous purchase and sale of options with different prices, or expiry dates, within the same class. American style options can be exercised at any time before the expiry date, whereas European style options can be exercised only at the specific expiry date and not before. Options can be traded on a recognized exchange such as the Chicago Board of Trade or over the counter (OTC). See also: Derivatives, Futures, OTC, SpreadCategory: 期货期权

Vega

Vega值Vega量度期权标的资产价格波动率的变动如何影响期权价值的指标。参见Option（期权）。The measure of change in the value of the option compared with a change in volatility. See also: OptionCategory: 期货期权

Theta

Θ系数 参见: Θ值*θ值Theta量度期权价值如何随着期权有效期的缩减而变动的指标。期权的价值会随着时间过去——即期权日益接近到期日而下跌，这种特质英文称之为time decay。参见Option（期权）。 A measure of change in the value of an option compared with the continuous decrease in time to expiry. Also known as time decay. See also: OptionCategory: 期货期权

Alpha

α值Alpha在股票收益方面，α值衡量某种证券或基金经风险调整后的回报。α值是代表证券收益率超出风险/收益模型所预测水平的超额收益。参见CAPM（资本资产定价模型）。In the context of stock returns, alpha measures the risk-adjusted performance of a security or fund. It is the return on a security in excess of what would be predicted by a risk/return model. See also: CAPMCategory: 股票

Beta

β值Beta贝塔系数是量度股票投资系统风险的指标。所谓系统风险是指股票投资中没有办法通过分散投资来减低的风险，即是由整体经济状况和整体市场因素所造成的风险(如利率变动)，与个别公司没有直接的关系。与其相对的是非系统风险，即由个股的个别因素(如会计丑闻)所造成的风险，是可以通过分散投资来消弭掉的。金融学运用了贝塔系数来计算在一只股票上投资者可期望的合理风险回报率：个股合理回报率 = 无风险回报率*+β×(整体股市回报率-无风险回报率)*可用基准债券的收益率代表贝塔系数=1，代表该个股的系统风险等同大盘整体系统风险，即受整体经济因素影响的程度跟大盘一样; 贝塔系数＞1则代表该个股的系统风险高于大盘，即受整体经济因素影响的程度甚于大盘。贝塔系数越高，投资该股的系统风险越高，投资者所要求的回报率也就越高。高贝塔的股票通常属于景气循环股(cyclicals)，如地产股和耐用消费品股；低贝塔的股票亦称防御类股(defensive stocks)，其表现与经济景气的关联度较低，如食品零售业和公用事业股。个股的贝塔系数可能会随着大盘的升或跌而变动，有些股票在跌市中可能会较在升市具更高风险。Beta records how volatile and risky investing in an individual stock is compared with the risk of the equity market as a whole. Beta measures how much the individual stock's excess return (the amount it earns in dividends and capital gains compared with a short-term money market rate) varies in comparison with movement in the excess return of the market as a whole (usually represented by the market's benchmark index). Beta compares excess return with short-term government paper because the latter investment is regarded as risk free. If the market's excess return rises by one percent and the stock's excess return rises during the same period by the same one percent then the stock's beta is one. The higher the beta the riskier the stock, reflected in its greater required return. A stock with a beta of more than one tends to be riskier than the market. A stock with a beta of less than one is less risky. High beta stocks tend to be in cyclical sectors such as property and consumer durables. Low beta stocks, also known as defensive stocks, tend to be in non-cyclical sectors such as food retailing and public utilities. Betas for individual stocks can vary according to whether the overall market direction is upwards or downwards. A stock may be riskier in a falling market than a rising market.风险投资和新股发行 | 股票

Lambda

λ值Lambda指量度期权杠杆水平的一个比率,显示标的资产的价格每变动一个百分点,可导致期权价格变动的百分比. 标的资产是指行使期权时可以买进或卖出的资产. 举例,拉姆达值为5代表标的资产的价格每变动1%,期权价格会变动5%.参见Option（期权）, Gearing（杠杆比率）。The measurement of the leverage of an option, showing the relationship between a percentage change in the price of the underlying instrument and a percentage change in the option premium.See also: Option, GearingCategory: 期货期权

Coupon Swap

息率互换Coupon Swap指利率互换(interest rate swap)。参见Swap(互换，掉期)。Category: 债券

Chapter 7

《美国破产法》第七章Chapter 7《美国破产法》第七章是关于非自愿清盘的法规，债权人据此请求法庭颁令判决债务人破产。该章赋予由法庭指派的临时托管人经营债务人的业务，以避免资产流失的广泛权利。参见Insolvency(无力偿债)。Under US insolvency laws Chapter 7 deals with involuntary liquidation, where creditors petition to have a debtor judged insolvent by a court. It gives wide powers to a court-appointed interim trustee to operate the debtor business to prevent loss. See also: InsolventCategory: 金融

Chapter 11

《美国破产法》第十一章Chapter 11按《美国破产法》第十一章的安排，无力偿债的债务人若成功申请破产保护，将可保住企业的财产及经营的控制权。这种安排给予债务人和债权人相当大的弹性合作重组公司，以期公司能起死回生。参见DIP(申请了破产保护的公司)，Insolvency(无力偿还)。An arrangement under US insolvency laws by which a debtor who is unable to pay his debts remains in possession of his business and in control of its operations unless a court rules otherwise. The arrangement allows debtors and creditors considerable flexibility in working together to reorganize the business.See also: InsolventCategory: 金融

Cylinder

一买一卖期权组合Cylinder参见Risk Reversal（风险逆转）。Category: 期货期权

Bullet Redemption

一次性偿还Bullet Redemption参见Bullet Bond（一次性偿还债券）。Category: 债券

Bullet Bond

一次性偿还债券Bullet Bond利率固定、到期一次偿还本金的债券。由于不具任何特点，此种债券亦称纯粹债券(straight bond)或固定利率债券(fixed bond)。术语中的bullet指印刷业者在价格表中标示债券的大圆点。参见Bond（债券），Maturity（期限），Vanilla Bond（普通债券）。A bond which pays a fixed rate of interest and is redeemed in full on maturity. It is also known as a straight or fixed bond because it has no special features. The name derives from the printers' symbol of a "bullet point" or large dot, used to identify the bonds in price lists.See also: Bond, Maturity, Vanilla BondCategory: 债券

Mortgage Pool

一篮子抵押贷款Mortgage Pool指为按揭证券(MBS)提供担保的一篮子抵押贷款. 按揭证券是抵押贷款资产证券化的产物,为按揭证券提供担保的一篮子抵押贷款,是一组在期限及利率各方面较为相似的不动产抵挡贷款.参见MBS(按揭证券)及Securitization（证券化）。Mortgages are packaged, or pooled, and securities are issued representing shares in the pool. The mortgages in a pool bear the same maturity date and same interest rate on the same class of property.See also: SecuritizationCategory: 债券

Currency Basket

一篮子货币Currency Basket指作为设定汇率参考的一个外币组合，某一外币在组合中所占的比重通常以该外币在本国国际贸易中的重要性为基准。例如，如果某国的进出口有40%以美元计价，美元在该国的一篮子货币中所占的权重可能就是40%。A bundle of foreign currencies gathered into a single unit, against which an exchange rate can be set. Often the representation of a foreign currency in the basket is weighted for the importance of its use in the country's trade. If 40 percent of a country's imports and exports are priced in US dollars then the dollar may comprise 40 percent of the basket against which that country's currency is valued.Category: 外汇

ECONOMY

经济ECONOMY以下概述说明如何衡量经济表现，加黑的词汇在其单独的词条中有更全面的解释。规模与增长一国经济的规模，也就是该国产品与服务的总产出，是以国民生产总值（GNP）来衡量的。国民生产总值代表一国人民在国内外的总产出，即计入该国在海外投资及国民在海外工作的产出，但不包括境内外资及外国人的产出。然而，国民生产总值可能高估或低估一国之内实际发生的经济活动，因此更常用的产出指标是国内生产总值（GDP）。国内生产总值以国境为界，包括外资在境内的产出，而不包含国民在海外的产值。像英国这样拥有大量海外投资的国家，其国民生产总值会大于国内生产总值。与此相反，像沙特阿拉伯这样大量输入劳动力的经济体，其国内生产总值会大于国民生产总值。在谈论经济体的规模时，人们较少提到一国产出的货币值，比如很少会说挪威的国内生产总值超过1,600亿美元。人们更常做的是比较各经济体的规模，比如说美国经济的规模约为挪威的60倍。人均国内生产总值(GDP per head)是衡量国家富裕程度更好的指标，按此指标衡量，挪威人比美国人稍为富有。更重要的指标是国内生产总值在一段时间内(通常是一季或一年)的实际(real)变动率，即扣除了物价变动因素的变动率，因为这显示了经济体增长或萎缩的速度。名义(nominal)国内生产总值则是未经物价变动调整的产值，按当时的市场价格计算。联系实质与名义产值的是GDP价格平减指数(GDP deflator)，该指数是正式的通货膨胀指标之一。GDP增长率以百分比表达，可以是当季实际增长率，亦可以是经统计调整计算得出的年率(annualized rate)。总体经济的产值可从生产及使用两个不同的角度分析，前者着眼于产出从何处来——是工业、农业，还是服务业，后者则着眼产品去了何处——是国民消费、公共或政府使用、投资，还是作为出口输往别国。国内生产总值各个组成部分的量度难度不一，量度工业生产(industrial production) ——即工厂的产出相对容易些。在一些发达经济体中，工业生产数据是每月公布的。库存(stocks/inventories)、新订单和未交货订单(backlogs)等数据对预测工业生产有帮助。对多数经济体而言，农业产出的重要性较低，受农民无法控制的多变因素影响。量度服务部门的产出相对困难些，需要估计诸如保险、银行、媒体及餐饮服务等行业的产出。在产出用于何处方面，最容易追踪的部分是国民消费(consumption)，通常通过月度零售销售及消费者信贷等指标来衡量。经济分析师和交易商为预测未来变化，也会密切关注消费者信心(consumer confidence)指数的变化。政府的消费可通过政府公布的数据每月追踪，理论上由年度预算(budget)即可大致预测得知，一般不会大幅波动。投资方面的数据不大好掌握，因为投资的金额往往很大，且实际投入的情况难以预测。 产出用途的最后一部分——净出口则由贸易数据(trade figures)来衡量。量度货物的进出口比较容易，商品贸易的数据通常按月公布，是反映经济状况的一个重要指标。货物贸易加上无形贸易(invisibles)，即服务的进出口，以及诸如对他国的援助等单方面移转(unilateral transfers)，即可算出国际收支(balance of payments)中的经常账户(current account)收支。国际收支的另一组成部分资本账户(capital account)则量度与他国的资本往来，包括贷款及与投资相关的资本流动。通货膨胀不知道通货膨胀(inflation)率，就无法量度实质经济增长。按货币值计算名义(nominal)产值的变动意义不大，因为这忽略了物价变动的影响。物价变动的速度，即通货膨胀率，可用反映零售价格的消费物价指数(consumer price index)计算得出。而若要了解批发(wholesale)层面上的物价变动情况，则可运用出厂价数据来计算。就业有多少人有工作，有多少人失业(未能找到工作的求职者)是反映经济状况的重要指标。 各国通常每月公布失业(unemployment)数据，有些国家亦公布就业人口，如美国即每月公布广受关注的非农业就业人口(non-farm payrolls)。 与就业相关的一项数据是平均所得，反映劳动人口的供需状况。汇率一国货币兑各主要货币的汇率是该国经济状况的重要参考指标，一些分析师将汇率和利率视为最佳和最明确的经济讯号。各国实行的汇率制度各有不同，有些国家让汇率纯粹由公开市场的供求决定，这称为自由浮动汇率制(free-floating exchange rate)。若汇率并非自由浮动，则有可能是固定在某一水平，由中央银行通过干预外汇市场来维护；也有可能是采用有管理的浮动汇率制(dirty float)，即当局维持一个不公开的汇率目标，或者是爬行钉住汇率制(crawling peg)，即汇率平时固定但允许逐渐升值或贬值。国际收支汇率走势主要受供求关系影响，而供求关系则取决于国际收支状况。若一国的出口大于进口——贸易收支为顺差，外国人会需要该国的货币以购买该国的商品，该国的货币便可能会升值。同样，如果一国对外来投资极具吸引力，外国投资人将需要该国的货币进行外商直接投资(foreign direct investment)或证券投资(portfolio investments)，相关的资本流动会出现在国际收支的资本账户上。若一国的经常账户或资本账户出现明显的逆差，或外界对该国经济忽然丧失信心，该国的货币就很可能会贬值(depreciation)，而且也许要由官方正式调低汇率(devaluation)。贬值压力可能首先表现在外汇储备急剧下降上。假如压力持续且国家可能耗尽外汇而无法支付进口，该国可能被迫请求国际货币基金组织(IMF)紧急援助，但这种援助往往以实施严格的经济改革为条件。利率影响汇率的另一个重要因素是利率。一国的利率高企，意味着持有该国货币的回报较为丰厚，这有助于降低货币贬值的风险。 每个经济体通常会有一个关键的基准利率，作为其他利率的基准。 以美国为例，最受关注的是联邦储备委员会(FED)设定的联邦基金利率(Fed funds rate)目标。 联邦基金利率是指商业银行以存放在央行的资金(称为联邦基金，包括法定储备及超出法定存款准备金(reserve requirements)的资金)进行同业隔夜拆借的利率，由银行同业市场的交易决定，但FED实际上可通过公开市场操作控制这一利率，使其不会明显偏离FED所设定的目标水平。FED亦直接设定贴现率(discount rate)，作为其向商业银行提供短期融通的利率，但因商业银行不一定要向央行借钱，贴现率对FED执行货币政策的意义不大。整体利率水平往往反映政府控制通货膨胀的需要。高利率会抑制消费和投资需求，而低利率则会刺激支出，进而刺激经济增长。预算利率本身可能受财政预算(budget)所确定的政府支出水平影响。 若政府制定巨额的赤字预算，即支出远高于税收，可能会刺激支出及通货膨胀，并因政府与市场竞逐有限的资金而推高利率。外汇、股票及债券市场均密切关注政府支出和税收的变化，以及随之出现的预算赤字和政府债务水平的变化。货币供应量货币供应量曾经是极受重视的经济指标，但随着央行侧重以货币的价格——即利率，而不是货币供应量来调控经济，其重要性已大为减弱。Category: 金融

Tier One

一级资本Tier One也称核心资本(core capital)，基本上等于银行的股本加累积盈余减去无形资产(如商誉)。 根据国际清算银行为商业银行制定的资本充足率标准(1988年推出的巴塞尔资本协议)，银行的资本不得低于整体风险资产的8%，其中至少一半必须是一级资本，其余由补充性资本即二级资本组成。二级资本包括一般性的坏账准备(非针对特定贷款的坏账拨备)、次级债券及集债务和股票特征于一身的混合型金融工具如可赎回优先股。参见BIS（国际清算银行），Capital Adequacy（资本充足率）。Also known as core capital, this comprises equity, disclosed reserves and retained earnings. Under capital adequacy standards set for commercial banks by the Bank for International Settlements, at least half of the 8 percent of capital required to be set against risk-weighted assets must be tier one or core capital. Supplementary capital, or tier two, constitutes the rest. This includes undisclosed reserves, general provisions against loan losses, subordinated term debt and hybrid capital instruments combining characteristics of debt and equity. See also: AdequacyCategory: 金融

I/S

一般合伙制I/S在丹麦和挪威的公司名称中代表"一般合伙制",是Interessentskab的缩写。在这种组织中,所有的合伙人均担负无限责任.Synonym: InteressentskabDanish and Norwegian company title: abbreviation of Interessentskab.Category: 缩略语

General Obligation Bonds

一般责任债券General Obligation Bonds一种美国市政债券(municipal bonds)，属无担保债券，即仅以发行者的信用为后盾，发行者以税收或其他收入来偿还这种债券。 另一种市政债券称为"收入债券"(revenue bonds)，用于为特定项目(如收费公路)融资，以项目的收入来偿还本息。 市政债券是美国各州、郡、特区、市、镇政府机构或学校发行的债券，其利息一般免征联邦所得税。A type of municipal security that is issued by US States, counties, special districts, cities, towns and schools.Category: 债券

G77

七十七国集团G77由发展中国家组成的非正式联盟，成立时有77个成员国，现在成员数目已显着增加。G77的主要目标是提高它们在联合国体系内的谈判实力，并促进经济与技术合作。网址：www.g77.orgAn informal grouping of developing countries, initially with 77 members but now considerably expanded. It is designed to enhance their negotiating strength within the United Nations system and to promote economic and technical co-operation.Category: 金融

G7

七国集团G7七国集团是主要工业国家会晤和讨论政策的论坛，成员国包括加拿大、法国、德国、意大利、日本、英国和美国。A forum for the world's leading industrial nations to meet and discuss policy. The G7 members are Canada, France, Germany, Italy, Japan, the UK and the USA.Category: 金融

G30

三十国国际财经事务顾问团G30由产业领袖、银行家、中央银行家和学术界人士组成的非牟利民间组织，旨在为讨论与研究国际经济与金融市场事务提供一个论坛。 该组织每半年邀请嘉宾开会一次。 网址：www.group30.orgA private, non-profit group of industry leaders, bankers, central bankers and academics that discusses and studies international economic and financial market issues. The group meets twice a year, with guests.Category: 金融

Triple Witching

三巫同时显灵(日)Triple Witching指股价指数期货合约、股价指数期权及个股期权同时到期。这种情形每季发生一次，常令股市的波动性显着升高，尤其是美国股市。美国的三权到期日为3月、6月、9月和12月的第三个周五。与三约到期类似的是双约到期，即上述三种合约的其中两种同时到期。The simultaneous expiry of stock index futures contracts, of stock index options and of options on individual stocks. Occurs every quarter and can often increase volatility, notably on the US stock markets. Double witching is similar to triple witching with any two of the three contracts expiring at the same time.期货期权 | 股票

Three Box Reversal

三格转向Three Box Reversal在画点数图时，价格每上涨一格(box)即画一个"X"，每下跌一格即画一个"O"。点数图对价格变动的敏感度可通过改变格值(box size)来调整。例如，股价在20元至100元之间的股票，格值可设为1元; 若走势较为波动，可考虑设为2元。在分析中期走势时，为消除干扰性的短暂波动，可运用三格转向的方式，在价格由升转跌幅度达三个格值时才新画一栏"O"，或是价格由跌转升幅度达三个格值时，才新画一栏"X"。参见Point and Figure Charts（点数图），Technical Analysis（技术分析）。In technical analysis, a much used point and figure chart for intermediate analysis, which needs only the high and low prices for the day.See also: AnalysisCategory: 技术分析

Triangles

三角形Triangles在技术分析上，三角形通常被视为是价格趋势将持续的信号。按此解读，该形态代表目前的价格趋势稍事停顿，随后将按原趋势发展下去。三角形通常需要1～3个月的时间形成（见图17）。参见Technical Analysis（技术分析）。In technical analysis triangles are price patterns usually interpreted as a continuation signal. They represent a pause in the existing trend, after which the original trend resumes. Triangles usually take between one and three months to form.See also: Technical AnalysisCategory: 技术分析

Pennants

三角旗形态Pennants参见Flags/Pennants（旗形态/三角旗形态）。Category: 技术分析

Triple Top/Bottom

三重顶/三重底Triple Top/Bottom在技术分析上，三重顶或三重底是一种与头肩形相似的价格形态，不同的是前者的三个顶部或底部水平相当，有如将头肩形的两个肩部拉至与头部相若的水平（见图7）。 参见Head and Shoulders（头肩形）， Technical Analysis（技术分析）。

Uptrend/Downtrend

上升趋势/下跌趋势Uptrend/Downtrend在技术分析中，上升趋势和下跌趋势均可定义为将走势图上至少四个点连起来而形成的趋势。参见Technical Analysis（技术分析）。In technical analysis both an uptrend and a downtrend are defined as trends that can be drawn on a chart by joining a minimum of four points.See also: Technical Analysis

Up and In

上涨生效期权Up and In一种触碰生效期权，在标的资产市价升至约定水平时才生效的期权。参见Option（期权），Barrier Option(界限期权)。A trigger option that is activated when the price of the underlying instrument or commodity rises to a pre-determined level. See also: OptionCategory: 期货期权

Flotation

上市Flotation指私人持有(即非上市)的公司通过向公众发行股票，使公司股票在交易所挂牌买卖，成为一家上市公司。英文亦称为"going public"或"making an IPO"(首次公开招股)。When a privately owned company needs new capital, it can raise the money by issuing shares to the public on the stock market and floating the company. Flotation is also known as 'going public' or making an IPO (Initial Public Offering).See also: IPO金融 | 风险投资和新股发行 | 股票

ETF

上市交易基金ETF英文Exchange-traded Fund的缩写，如同一般股票在证券交易所挂牌买卖的基金。 ETF通常以紧贴主要股价指数的走势为目标，因此其标的资产往往就是构成主要股价指数的成分股的组合。 ETF除了为散户提供分散投资风险的便利之外，买卖一如交易个股那幺方便。Synonym: Exchange-Traded FundAn investment vehicle which issues and trades shares representing an underlying basket of assets, typically the constituents of a major share-market index. ETFs allow small investors to diversify their risk over a broad spread of investments, tracking an index, while offering the flexibility of trading like a share. In particular, an ETF can be bought and sold throughout the trading day, not just once a day as is the case for most mutual funds. Like a share, an ETF can also be sold short.基金 | 缩略语

OYJ

上市公司OYJ芬兰的公司名称中表示"上市公司"（Julkinen osakeyhito）一词的缩写。

Listing Particulars

上市公告Listing Particulars指公司在获得上市资格之前必须发布的详细资料，通常发表在招股说明书中。参见Prospectus（招股说明书）。The details a company must publish before it qualifies for listing on a public stock exchange. Usually contained in a prospectus. See also: ProspectusCategory: 股票

Pre-marketing

上市前推介Pre-marketing指在证券正式宣布对外发行前，负责统筹发行事宜的投资银行与潜在投资者会面，以掌握市场对待发行证券的需求。A meeting of investment bankers with potential investors before an initial public offering, or a secondary offering, designed to determine potential demand.

Listed Stock

上市股票Listed Stock在证券交易所挂牌，因而可在市场上买卖的股票。A security that is listed on a stock exchange and can therefore be traded in the market.Category: 股票

Listing Requirements

上市要求Listing Requirements每家证券交易所均制定各自的股票上市要求，股票在上市和开始挂牌交易之前必须符合这些要求。上市要求通常包括以下几方面的内容: 公众持股量、股东数目及至少公布若干年的财务报表。Each stock exchange sets its own listing requirements that must be fulfilled before a stock is listed and ready to trade. Criteria include considerations such as the number of publicly-held shares, the number of shareholders and published accounts for a minimum number of years.Category: 股

Up and Out

上涨失效期权Up and Out一种触碰失效期权(knockout option)，在标的资产市价升至约定水平时即失效的期权。参见Option（期权），Barrier Option(界限期权)。A knockout option that is cancelled when the price of the underlying instrument or commodity rises above a pre-determined level. See also: OptionCategory: 期货期权

Down and In

下跌生效期权Down and In一种界限期权(barrier option)，在标的资产价格跌破预先约定的水平后生效。标的资产是指期权持有人行使权利可买进或卖出的金融工具或商品。参见Option(期权)，Barrier Option(界限期权/障碍期权)。A trigger option that is activated when the price of the underlying instrument falls to a predetermined level. A type of barrier option.See also: OptionCategory: 期货期权

Downtrend

下跌趋势Downtrend泛指价格呈现下跌趋势，在技术分析上较精确的定义是，由连接四个低点的趋势线所呈现的跌势。参见Technical Analysis（技术分析），Trendline（趋势线）。Generally used to describe a falling trend in prices. The term is used more exactly in technical analysis where a trendline links four successively lower price points to identify a downtrend.See also: Analysis, TrendlineCategory: 技术分析

Fiat Money

不兑现纸币Fiat Money由政府发行的不能兑换成黄金或白银的纸币，其购买力完全来自政府的权威和信誉。 Paper money issued by a government that is not convertible into gold or silver. It derives its purchasing power simply from the authority and reputation of the government.Category: 金融

Unweighted/Weighted Indices

不加权或加权的指数Unweighted/Weighted Indices计算股价指数的方法可分两种，即加权和不加权。不加权的指数以简单的算术平均法或几何平均法计算得出，而在加权指数中，成分股所占的权值大小不一，通常以股票的市值为加权基础。Stock indices are calculated in two ways, either weighted or unweighted. The unweighted indices are simple arithmetic or geometric averages. In the weighted indices certain stocks carry a greater weighting than others, usually based on their market value or capitalization.Category: 金融

Force Majeure

不可抗力Force Majeure合约中若含不可抗力条款，可使合约各方在发生其无法控制的情况如地震、台风或严重的劳工纠纷时，免于履行合约的责任。A force majeure clause is written into contracts to allow contracting parties to be freed from their obligations in the event of an occurrence that is outside their control, such as an earthquake, hurricane or a serious labour dispute.Category: 期货期权

Non-negotiable

不可转让的Non-negotiablē. 指一项资产只能由初始所有人持有，不得买卖、转让或抵押。2. 指一项交易的条款已固定，不可讨价还价。A transaction where the terms of the contract are fixed. Also, an instrument that can only be held by the original holder and cannot be traded or transferred or used as collateral.Category: 金融

Negative Pledge

不抵押保证Negative Pledge债券协议中保障债权人的约束性质条款，规定如果会损及债权人所得的保障，发债人不得将其资产抵押。A clause in a bond agreement which prevents the borrower from pledging greater security or collateral to other lenders.

Non-performing Loan

不良贷款Non-performing Loan指出现违约的贷款。一般而言，借款人若拖延还本付息达三个月之久，贷款即会被视为不良贷款。银行在确定不良贷款已无法收回时，应从利润中予以注销。预期贷款无法收回但尚未确定时，则应在帐面上提列坏帐损失准备(loan loss provisions)。A loan on which neither interest payment, nor principal repayment is being made. When a bank has such a loan on its books, it can either write it off against profits immediately or make loan loss provisions ready to make such a write-off in the future.

Bearer Shares

不记名股票Bearer Shares不记载所有人姓名、以简单的凭证证明所有权的证券。 持证券所附的息票，即可向代理机构领取股息或利息。不记名证券如现金一般可携带且无特征，是窃贼觊觎的目标。Synonym: Bearer FormsSecurities which confer ownership with a simple certificate, with no central register of owners. The dividends or interest payments are claimed from a paying agent, by presenting coupons clipped from the ownership certificate. Bearer bonds are as portable and almost as anonymous as cash, making them highly desirable to thieves.债券 | 股票

Index-linked Bonds

与指数挂钩的债券Index-linked Bonds为投资人规避通膨风险的债券,其派发的票息及偿还的本金会经通膨调整—按消费者物价指数加以调整,令投资人得以享有某一水平的实质回报.参见TIPS(美国通膨保值公债).Bonds in which the coupons are linked to a retail or consumer price index.Category: 债券

Specialist

专家经纪人Specialist指对在交易所上市的一或数种证券从事交易的做市商。他们驻守在交易大厅的交易台内，他们的收入来自从事证券经纪的佣金，或担任交易员时报价的价差。Market makers in one or more selected securities listed on an exchange. Found at a trading post on the floor they earn their income from commission when acting as a broker, or from the spread in their quoted prices when acting as a dealer.期货期权 | 金融 | 股票

Franchise

专营权Franchise指授权特定公司或人士在某一区域分销或销售某一品牌的产品或服务，也指获得这种专营权的企业，例如某些麦当劳加盟店。Permission to distribute or sell a particular brand of goods or services in a specific area. A particular business that has been set up to exercise such a right. For example, an individual McDonald's restaurant can be a franchise.金融 | 风险投资和新股发行

WTO

世界贸易组织WTO英文World Trade Organization的缩写。该组织1995年成立，总部设在日内瓦，旨在监督现行国际贸易协议的执行，裁定贸易争端，并为新的贸易协议谈判提供一个论坛，吸纳了原关税及贸易总协议。网址：www.wto.org 参见Doha Round（多哈回合/多哈回合贸易谈判），GATT（关税及贸易总协议），Uruguay Round（乌拉圭回合/乌拉圭回合贸易谈判）。World Trade Organization. Based in Geneva and launched in 1995 to supervise existing international trade accords and provide a forum for negotiation of new agreements as well as to adjudicate in disputes. Absorbed the old GATTSee also: Doha Round, GATT, Uruguay Round金融 | 缩略语

World Bank

世界银行World Bank世界银行是一家为贫困国家的中长期发展项目提供援助资金的国际金融机构。该行通过在国际资本市场上发行债券进行融资，亦动用自己的资金发放贷款。网址：www.worldbank.org 参见Bretton Woods Agreement（布雷顿森林协定）。The World Bank is an agency for channelling aid funds to poor countries for medium and long-term projects. The Bank raises funds by selling bonds on world capital markets and makes loans from its own resources. See also: Bretton WoodsCategory: 金融

Earnings Shock

业绩出乎意料Earnings Shock指公司公布的业绩显着偏离市场平均预估，通常会引起该公司股价大幅波动。参见Consensus Estimates（市场平均预估/一致性估计）。An earnings report that differs from analysts' expectations in their consensus estimates. An earnings shock often causes a substantial movement in the company's share price.See also: Consensus EstimatesCategory: 股票

TIFFE

东京国际金融期货交易所TIFFE英文Tokyo International Financial Futures Exchange的缩写。该交易所从事利率与汇率期货的交易。网址：www.tiffe.or.jpSynonym: The Tokyo International Financial Futures ExchangeThe exchange trades interest rate and currency futures. 期货期权 | 缩略语

TOCOM

东京工业品交易所TOCOM英文The Tokyo Commodities Exchange的简称，是日本最大的商品交易所。网址：www.tocom.or.jp 参见TSE（东京证券交易所）。Synonym: The Tokyo Commodities ExchangeJapan's largest commodity exchange. 期货期权 | 缩略语

TSE

东京证券交易所TSE英文Tokyo Stock Exchange的缩写。网址：www.tse.or.jp/englishThe Tokyo Stock Exchange缩略语 | 股票

Association of South East Asian Nations

东南亚国家联盟Association of South East Asian Nations参见ASEAN（东盟）。Association of South East Asian NationsDongnanya guojia lianmengCategory: 金融

ASEAN

东盟ASEAN英文Association of South East Asian Nations（东南亚国家联盟）的缩写，其宗旨是促进该地区的经济进步与稳定。成员国包括文莱、柬埔寨、印度尼西亚、老挝、马来西亚、缅甸、菲律宾、新加坡、泰国和越南。 网址：www.aseansec.orgSynonym: Association of South East Asian NationsAssociation of South East Asian Nations, which aims to enhance economic progress and increase stability in the region. Members are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Category: 缩略语

Busted Convertible

丧失转换价值的可转换证券Busted Convertible指因标的股票的市价跌至转换价下方，转换权的价值接近零的可转换证券。参见Convertible Bond（可转换债券），Convertible Preference Shares（可转换优先股）。A convertible issue of little value because the underlying stock has fallen below the conversion price.See also: Convertible Bond, Convertible Preference Share债券 | 股票

Middleware

中介软件Middleware一种应用程式介面,旨在为程式开发提供便利,让程式设计师将更多精力放在应用软件的开发上,而不是不同平台之间的通讯问题.Software that links big databases to consumer products. For example, a website.Category: 金融

Median

中位数Median指按数值大小顺序排列的一组数值中，居于正中间的数值。参见Mode（众数）。The middle-ranking value of a set of values laid out in numerical order.See also: ModeCategory: 金融

Central Bank

中央银行Central Bank中央银行是一国或多国货币体系中的主要监管性银行。中央银行的职能通常包括控制信贷体系，发行钞票、硬币及监管商业银行。中央银行也管理外汇储备、维护本国货币的价值及充当政府的银行。主要的欧美中央银行包括英国中央银行(BOE， the Bank of England)、美国联邦储备委员会(FED，the Federal Reserve)及欧洲中央银行(ECB，the European Central Bank)。A central bank is the major regulatory bank in a nation or group of nations' monetary system. Its role normally includes control of the credit system, the issuing of notes and supervision of commercial banks. It also manages the exchange reserves and the value of the national currency, and acts as the government's banker, e.g. the Bank of England, the Federal Reserve and the European Central Bank.Category: 金融

Bank Return

中央银行财务状况报表Bank Return由中央银行每周或每月公布的概述其财务状况的报表。Weekly or monthly statement issued by a central bank summarising its financial position.Category: 金融

Neutral

中性Neutral就金融市场而言，中性是指既无"牛市"也无"熊市"趋势的状况。分析师若对一项资产持中性看法，则代表不认为该资产的价格短期内会有显著的升跌。参见Bear（熊市），Bull（牛市）。A market that displays neither bullish nor bearish tendencies.See also: Bear, Bull

MTN

中期票据MTN英文Medium-term Notes的缩写。中期票据是指期限通常在5-10年之间的票据. 公司发行中期票据,通常会透过承办经理安排一种灵活的发行机制,透过单一发行计划,多次发行期限可以不同的票据,这样更能切合公司的融资需求. 在欧洲货币(Eurocurrency)市场发行的中期票据,称为欧洲中期票据(EMTNs).Synonym: Medium-term NotesBorrowings out to about five years typically issued under a similar borrowing facility as for commercial paper. MTNs issued in the Euromarkets are known as EMTNs.金融 | 缩略语 | 债券

Interim Dividend

中期股息Interim Dividend指通常每季或每半年配发一次的非年终股息,与会计年度结束时派发的期末股息(Final Dividend)相对. 派发股息需经董事会通过及股东批准.参见Dividend（股利）。A dividend (distribution of company earnings to shareholders) paid in an interim trading period, usually half yearly but can be quarterly. Authorized solely by the board of directors and subject to shareholder approval.See also: DividendCategory: 股票

Suspension

中止股票交易Suspension当预期有重要消息宣布时，公司的股票可以暂时中止交易，可能是公司自愿中止，也可能由股票交易所中止。股票交易所可因公司不遵守上市要求或许多其他原因，而长期或永久中止该公司股票上市。A company's shares can be temporarily suspended, either voluntarily by the company or by the relevant stock exchange, when a key announcement is expected. Longer or permanent suspension can be imposed by a stock exchange for failure to comply with listing requirements or numerous other reasons.Category: 股票

FAQ

中等平均品质FAQ英文Fair Average Quality的缩写，农产品买卖的品质标准，指所交货物的品质为该季新收农产品的中等平均水平。 通常由装运地公会或检验单位从当季产品的各批货物中抽取样品，加以混合成为代表中等平均品质的货物样品。Synonym: Fair Average QualityFair Average Quality. FAQ is an average grade based on samples that is used in the sale of agricultural commodities.期货期权 | 缩略语

Terminal

中转站Terminal指从油管或油轮接收石油或天然气的陆上设施，但非炼油厂。Onshore installation designed to receive oil or gas from a pipeline or from tankers. Not a refinery.Category: 期货期权

Middle Office

中间部门Middle Office就金融机构而言,通常是指负责计算交易盈亏以及风险管理的部门.参见Front Office（前线部门），Back Office（后勤部门）。The part of a financial institution's settlement process that most closely liaises with the front office, recording trades and trading positions. See also: Front Office, Back OfficeCategory: 金融

Golden Handshake

丰厚的离职金Golden Handshake指公司在高级雇员合约到期或退休前终止雇佣关系，向雇员支付的大笔离职金。Category: 金融

Golden Hello

丰厚的签约金Golden Hello向新加入公司的员工提供的奖励，常用于挖竞争对手"墙脚"。A financial bonus offered to an employee on joining a company.Category: 金融

A/S

丹麦的股份有限公司A/S丹麦的公司名称中表示"股份有限公司"（Aktieselskabet）一词的缩写。Synonym: AktieselskabDanish company title: abbreviation of Aktieselskab.Category: 缩略语

Bulge Bracket

主力承销商Bulge Bracket指在证券发行中卖出绝大部分证券的一组承销商，通常列在证券发行通告的前列位置。参见Tombstone（证券发行通告）。The group of underwriters who have sold most of a new securities issue. They usually come first on a tombstone advertisement.See also: Tombstone风险投资和新股发行 | 股票

Master Agreement

主协议Master AgreementZ就互换交易而言,是指交易各方所签署的初始协议,定明交易条件如利率或汇率的参照基准以及交易各方的角色.参见Swap（互换/掉期）。The initial agreement signed between two parties proposing to enter into a swap, which defines all criteria such as references for fixing rates and the status of counter-parties. See also: Swap期货期权 | 金融 | 外汇 | 债券

Sovereign Immunity

主权豁免Sovereign Immunity指一个国家在贷款违约时免于被提起诉讼及资产免受被没收的权利。The right of a state not to be sued and its protection from seizure of assets in the event of a loan default.金融 | 债券

Sovereign Risk

主权风险Sovereign Risk指与对某一特定国家放款或投资有关的风险，也称为"国家风险"(country risk)。Category: 债券

Limean

伦敦银行同业中间利率Limean指Libid和Libor的均值.参见Libid（伦敦银行同业借入利率）及Libor（伦敦银行同业拆借利率）。The London Interbank mean price - the mean of Libid and Libor.See also: Libor, Libid外汇 | 债券

Lead Manager

主要经办人Lead Manager指获得筹资者授权,负责安排贷款、债券或股票发行事宜的机构. 大规模的债券或股票发行案,通常由国际知名的投资银行出任主要经办人. 主承销商的责任是确保交易的流动性、组织承销团以及承担主要的承销与分销工作. 主经办人会牵头组织由共同主经办人、共同经办人以及承销商组成的承销团. 经办股票发行时,承销商通常会保证发行人能以某一水平的价格发行一定数量的股票.参见Mandate（授权/委托）。Synonym: Lead Underwriter The institution awarded the mandate by a borrower to raise money via a bond or loan or share issue. The lead manager guarantees the liquidity of the deal, arranges the syndication of the issue and undertakes a major underwriting and distribution commitment. For bonds or loans, the lead manager forms a syndicate of co-lead managers, co-managers and underwriters. For share issues the underwriters guarantee to sell a certain number of shares at a certain price. See also: Mandate债券 | 股票

Uruguay Round

乌拉圭回合Uruguay Round指催生世界贸易组织的全球贸易谈判。参见WTO（世界贸易组织）。World trade negotiations that created the World Trade Organization.See also: Doha Round, WTOCategory: 金融

Bid-Ask Quote

买卖方报价Bid-Ask Quote包含一个买方出价(bid)及一个卖方报价(ask)的双向报价方式，前者为交易商愿意接受的买入价，后者为交易商开出的卖出价。根据定义，买方出价一定低于卖方报价，而且一定是报在卖方报价之前；两者的差距称为价差(spread)。最高的买方出价和最低的卖方报价之间的价差称为最低价差(touch)。参见Ask(卖方报价)，Bid(买方出价)。Synonym: Bid Ask QuoteA two-way price comprises a bid, or the price at which a dealer is willing to buy, and an ask (or offer) at which a dealer is willing to sell. The bid, by definition, is always below the ask and is always the first quoted price. The difference between the two quotes is known as the spread. A spread between the best bid and best offer is called 'the touch'.See also: Offer, Bid金融 | 外汇 | 债券 | 股票

Put-Call Parity

买卖权平价Put-Call Parity买卖权平价是指标的资产、到期日及行使价均相同的欧式买权(call)与欧式卖权(put)价格之间存在的必然关系。如果买权与卖权的价格偏离这种关系，就会出现套利的机会。欧式期权是指只能在到期日执行的期权，美式期权则可以在到期前的任何时候执行。标的资产是指行使期权时可以买进或卖出的资产。 参见Option（期权）， Arbitrage（套利）。

Outright Purchases

买断Outright Purchases就公开市场操作而言，买断或卖断是指货币当局单纯地买进或卖出政府债券，而非进行回购交易。参见Open Market Operations(公开市场操作)及Repurchase Agreement(回购协议)。Government securities purchased outright by the authorities, with no agreement to subsequently sell them through a repurchase pact or reverse repo. See also: Agreement金融 | 债券

Bid

买方出价Bid指市场做市商为购买证券或金融工具而提出的价格。A market maker's price to buy a security or instrument.金融 | 外汇 | 债券 | 股票

Exit bond

买方有权不接受延后还本的债券Exit bond指通常由经济欠发达国家发行的低息长期债券，买方有权不接受延后还本的债务重整安排。参见Rescheduling（展期）。A long-term bond with a low interest rate, often issued by a less developed country, that gives the buyer the right of exemption from taking part in any subsequent rescheduling. Thus an exit bond allows an investor to convert his existing loans and offers a way out of sovereign lending when the bond is resold or when it matures.See also: ReschedulingCategory: 债券

Bid Market

买方过剩市场Bid Market买方兴趣超过卖出兴趣的市场。相反的是offer market（卖方过剩市场）。参见offer market（卖方过剩市场）。A market in which there is more interest from buyers than sellers. Opposite of offer market.金融 | 外汇 | 债券 | 股票

Cash and Carry Trade

买现卖期交易Cash and Carry Trade套利交易的一种方式，通常指在买进现货(cash or physical commodity)的同时，卖出未来交割的期货合约。例如，一交易商买进一批咖啡现货，同时卖出在未来交付同量咖啡的期约。只要现货成本加上期货到期前咖啡的仓储及保险费用(后两者英文称为the cost of carry)低于卖出期约所获得的收益，交易商即有利可图。Cash and carry 是指套利者买入现货(cash)，然后持有(carry)现货以待期货的交割。 也称基差交易(basis trading或buying the basis)。参见Arbitrage（套利），Basis（价差），Futures（期货）。Synonym: Basis TradingAn arbitrage position that typically comprises a long cash position together with a short position in its respective futures contract. The trader buys the cash (or physical) commodity, such as coffee, and at the same time sells a futures contract which promises to deliver the same amount of coffee at a future date. This will make him a profit as long as the cash price, plus the cost of storing and insuring the coffee (the cost of carry) until the futures contract falls due, is less than the money received for selling the futures contract. Arbitrageurs buy cash and 'carry' the commodity for delivery later against the futures contract. Also known as basis trading or buying the basis.See also: CarryCategory: 期货期权

G24

二十四国集团G24由24个发展中国家组成的非正式联盟，旨在代表成员国参与国际货币事务的谈判。网址：www.g24.orgAn informal group of 24 developing countries formed to represent their interests in negotiations on international monetary matters. Category: 金融

Double Dip

二度衰退Double Dip指经济体或市场价格在经历一次衰退后复苏，但不久即再度陷入衰退。A second and subsequent drop in a market or an economy. When an economy slows, then starts to recover, only to falter and slow once more.Category: 金融

OCO

二择一委托OCO英文One cancels the other的缩写。一种交易委托方式，同时发出两项指令，一旦其中一项被执行，另一项指令则自动取消。One cancels the other. A limit order that consists of two buy orders (or two sell orders) at different levels either side of the current market level. The execution of one order automatically cancels the other.金融 | 缩略语

Secondary Market

二级市场Secondary Market二级市场指对已在初级市场发行的证券进行买卖的市场。二级市场为买卖和价格发现提供连续性机会，并为初级市场的运转提供流动性。参见 Primary Markets（初级市场）。The secondary market is where securities are bought and sold once they have been issued in the primary market. The secondary market gives a continuing opportunity for buying and selling and price discovery, and provides the liquidity that allows the primary market to function. See also: Primary Markets债券 | 股票

Tier Two

二级资本Tier Two参见Tier One（一级资本）。Category: 金融

Secondary Metals

二级金属Secondary Metals指从金属废料或合金中提炼出来的金属，有别于从矿石中提炼的原生金属。参见Primary Metals（原生金属）。 Product of refining scrap or alloys as opposed to primary metals produced from ore.See also: Primary MetalsCategory: 期货期权

Secondary Offering

二级销售Secondary Offering指将大宗私人持有的股票向公众销售，通常由整宗交易的承销商负责销售。 Offering to the public of a large block of privately held shares, often by the institution that sponsored the overall deal into the market.Category: 股票

Binomial Model

二项式期权定价模型Binomial Model由考克斯（Cox）、罗斯（Ross）、鲁宾斯坦（Rubinstein）和夏普（Sharpe）等人提出的一种期权定价模型，主要用于计算美式期权的价值。参见American Option（美式期权），Option（期权）。An option pricing formula suggested by Cox, Ross, Rubinstein and Sharpe and used primarily to calculate the value of American-style options.See also: American Option, OptionCategory: 期货期权

Swap

互换Swap指交易双方为了抵消利率或货币风险，及使其资产与负债相平衡而交换现金流量 。例如，某公司可能有必须以瑞士法郎支付的支出，但其收入是以美元计值。而另一家公司的情形正好相反。这时，银行为了赚取手续费可安排一项能满足双方要求的货币互换（换汇交易）。利率互换的情形也一样，这种互换允许双方以固定利率取代浮动利率的风险，从而使双方获益。关键是参与互换的双方没有交换本金，即数量固定的债务，而只交换现金流量，即利息。An exchange of cash flows between two counterparties designed to offset interest rate or currency risk and to match their assets to their liabilities. For example, a company may have costs which it must pay in Swiss francs while its revenues are in US dollars. Another company may have the opposite requirement. A bank, in exchange for a fee, arranges a currency swap which meets both requirements. The same is true of interest rate swaps, which allow two parties to exchange fixed rate for floating rate risk to their mutual advantage. A key point is that parties to a swap do not exchange principal, or the underlying fixed amount of debt, but just cash flow, or the interest payments.金融 | 外汇 | 债券

Swap Spread

互换价差Swap Spread指互换的利率与任何期限的基准政府债券收益率之差。互换价差被看作是风险承受力的指标，代表享有溢价的投资者承受未来利率水平波动的风险。互换价差越窄，甘冒风险的意愿就越高。The difference between the swap interest rate and the underlying benchmark government bond yield at any given maturity. The swap spread is seen as a barometer of risk appetite, and represents the premium investors' exposure to future interest rate fluctuations. The narrower the spread is, the greater the appetite for risk.期货期权 | 金融 | 债券

Swaption

互换期权Swaption指以互换为交易对象的期权，它可使持有者有权利以支付者或接受者的身份进行利率互换，但没有履行的义务。参见Swap（互换/掉期）。An option on a swap, giving the holder the right, but not the obligation, to enter into an interest rate swap as either the payer or receiver of the fixed side of the swap.See also: SwapCategory: 期货期权

ICANN

互联网域名与网址管理机构ICANN英文Internet Corporation for Assigned Names and Numbers的缩写。这是在全球各国政府支持下由美国政府成立的一家私营组织，业务是注册和开发互联网域名。Synonym: Internet Corporation for Assigned Names and Numbers A private sector organization established by the US government, with the backing of governments around the world, to register and develop domain names for the internetCategory: 缩略语

Internet Service Provider, ISP

互联网服务供应商Internet Service Provider, ISP简称ISP,为企业及个人提供各种互联网相关服务的公司. ISP提供的服务包括网路接驳、网页寄存以及网页设计等.Category: 风险投资和新股发行

APEC

亚太经济合作组织APEC英文Asia-Pacific Economic Co-operation的缩写，是一个旨在促进区域贸易与经济合作的组织。 网址：www.apecsec.org.sgSynonym: Asia-Pacific Economic Co-operationAsia-Pacific Economic Co-operation. Organization aimed at promoting regional trade and economic co-operation.

Tigers

亚洲小虎Tigers20世纪90年代对快速发展的东南亚经济体的统称，包括印度尼西亚、马来西亚和泰国等。Collective term used in the 1990s to describe fast-developing economies of South-East Asia including Indonesia, Malaysia, Taiwan and Thailand.Category: 金融

ADB

亚洲开发银行ADB英文Asian Development Bank的缩写，亚洲开发银行是总部设于马尼拉的一家多边开发金融机构，致力于消除亚太地区的贫困，由成员国所有，成员国大多来自亚太地区。 网址：www.adb.orgSynonym: Asian Development BankA multilateral development finance institution, with headquarters in Manila, dedicated to reducing poverty in Asia and the Pacific. Owned by member countries, mostly from the region.金融 | 缩略语

Asian Option

亚洲式期权Asian Option参见Average Price/Rate Option（平均价格期权）。Category: 期货期权

Prompt Date

交割日Prompt Date就期货合约而言，交割日是指必须进行商品交割的日期。如不想进行交割，必须在交割日或最后交易日之前将期货合约平仓。The date on which a commodity must be delivered to fulfil a contract.期货期权 | 金融 | 外汇

Cross Rate

交叉汇率Cross Rate指美元以外的两种货币间的汇率，通常通过两种货币各自兑美元的汇率计算而得。The exchange rate between two currencies, neither of which is the US dollar. However, cross rates are often calculated from the exchange rate of each currency against the dollar.Category: 外汇

Cross

交叉盘交易Cross在美国，交叉盘交易是指同一经纪商在一笔交易中代买卖双方进行交易，亦称"交叉代理"(agency cross)或"双重代理"(dual agency)。在英国，交叉盘交易称为put through。交叉盘也可指经纪商将股票的买单与卖单相互抵消，令其不出现在交易所的交易记录上。 这种做法通常被视为是非法的，其风险是买方或卖方不能获得公平的市场价格。In the US, a cross is where the broker acts for both the buyer and seller of a security in the same deal. This is also known as an agency cross or dual agency, or in the UK it is known as a put through. Cross can also refer to a practice, usually illegal, where the buy and sell orders for a stock are offset by a broker without being recorded as a trade on the exchange. The risk is that either the buyer or the seller will not receive the fair market price.金融 | 外汇

Thin Market

交投清淡Thin Market指交投不活跃、成交疏落的市场，既可指整个市场，也可就某项金融工具而言。A market where there is little buying or selling interest, with low volume or activity. Can apply to a whole market or a single instrument.期货期权 | 金融 | 外汇 | 债券 | 股票

Exchange for Cash

交换现货Exchange for Cash参见Exchange for Physical（交易实物）。Category: 期货期权

Trading Range

交易区间Trading Range指一段时间内某种金融工具在市场上所创出的最高价和最低价，英文常称为hi/lo(高点/低点)。技术分析师很重视价格是否突破先前建立的交易区间，因为突破区间或许预示了未来的走势。The high and low trading points of an instrument over a period of time. Often referred to as the hi/lo. Chartists watch to see if the price of a financial instrument breaks through its trading high or low since this can be a portent for its future trend.期货期权 | 金融 | 外汇 | 债券 | 股票

Dealer

交易商Dealer指为自己的账户进行交易并持有头寸的个人或公司。An individual or company that trades financial instruments and takes positions for its own account.期货期权 | 金融

IDB

交易商之间的经纪人IDB英文Inter-dealer broker的缩写。这种经纪人是市场做市商之间的仲介。Synonym: Inter-dealer BrokerA broker who acts on behalf of market makers金融 | 缩略语 | 股票

Commitments of Traders

交易商持仓报告Commitments of Traders由美国商品期货交易委员会这一监管机构发表的月度报告，显示大交易商、投机客、套利者和小量交易户所持有的未平仓合约状况。参见CFTC（美国商品期货交易委员会），Open Interest（未平仓合约）。A monthly report by a US regulatory authority called the Commodities Futures Trading Commission, which shows the total open positions held by large-volume traders, speculators, hedgers and small position traders. See also: CFTC, Open InterestCategory: 期货期权

Round Turn

交易回合Round Turn指在同一市场上通过对两种证券或合约一买一卖，或一卖一买的交易两相抵消。通常在计算手续费时会提及交易回合。A transaction consisting of a purchase and a sale (or vice versa) of two securities or contracts in the same market, which offset each other. This is generally used when referring to commission charges.期货期权 | 金融 | 股票

Pit

交易圈Pit交易所中用于买卖特定产品的专用场地，通常是自成一角的一个圈子。参见Open Outcry（公开喊价）。An often self-contained section on an exchange floor for the trading of a particular type of financial instrument or commodity.See also: Open Outcry

Food and Agriculture Organization

联合国粮食和农业组织Food and Agriculture Organization参见FAO（联合国粮农组织）。Category: 金融

Floor

交易大厅Floōr. 指交易所内的交易大厅，交易商在此进行面对面的议价与买卖。与这种交易方式不同的是电脑自动撮合系统及场外交易(OTC)市场。 2. 一种协助持有人规避利率下滑风险的金融衍生工具，期限通常为2至5年，有效期内可按约定的时段(如每六个月)行使权利。在约定的时段内，若标的利率低于约定水平，持有人可行使权利并获得现金补偿，补偿金额视标的利率与约定水准的差距而定。参见OTC（场外交易），Screen Trading（屏幕交易），Cap（利率上限期权）。The trading floor of an exchange where dealers meet face to face to quote prices and deal. Alternatives to the trading floor are screen-based trading systems, or an over-the-counter system. Also, a type of derivative that protects the holder from a fall in interest rates. The holder, by exercising, receives a cash settlement representing the difference between the strike level and the underlying interest rate, should the latter be lower. Floors normally have a life of between two-five years. The option can be exercised at regular intervals (every six months, for example) during the life of the floor.See also: OTC, Screen Trading, Cap期货期权 | 金融 | 外汇 | 债券 | 股票

Position Limit

交易头寸限额Position Limit指单一交易员、一组交易员或一个交易室在一项金融工具上被允许持有的最大头寸，通常按净多头或净空头计，以金额表示。头寸限额可以是监管局出于维持市场秩序的考虑而设置，亦可以是金融机构出于风险控管的需要而为公司交易员设定。The maximum position, either net long or short, which may be held by a dealer, a group of dealers or a dealing room. The limit can cover any financial instrument such as shares, foreign exchange and futures, and is usually expressed as a cash amount. It restricts the amount of risk that a particular dealer can be exposed to.

Trading Post

交易岗Trading Post在美国，交易岗指证券交易所交易大厅中供做市商进行证券买卖的一种设施。In the US, the post is the structure on the floor of a stock exchange at which market makers buy and sell securities.Category: 金融

Seat

交易席位Seat用于金融衍生工具市场的术语。交易席位指在交易所进行交易的会员权利。交易席位可以买卖，而其成交价格反映了交易所本身的荣枯状况及其前景。Term used in derivative markets. A seat is the membership right to trade on an exchange. A seat can be bought or sold and its price reflects the underlying prosperity and prospects of the exchange itself.期货期权 | 债券

Transaction Costs

交易成本Transaction Costs参见Transaction Fees（交易费用）。Category: 金融

EDSP

交易所交割结算价EDSP英文The Exchange Delivery Settlement Price的缩写，指期货交易所在每个交易日结束时确定的期货合约正式收盘价。此价格用于按市价调整/盯市(mark to market)，以及计算期货到期或平仓时所需要的实际结算现金。参见Futures（期货），Mark to Market（按市价调整，以收盘价为基础重新估价头寸）。The Exchange Delivery Settlement Price is the official closing price of a futures contract given by the futures exchange at the end of every trading day. This price is used for marking-to-market purposes and for calculating actual cash settlement amounts required on the expiry date or on the closing out of a futures position.See also: Futures, Mark to Market期货期权 | 金融 | 缩略语 | 股票

T+1

交易日后一天结算T+1指证券交易发生后一天进行结算。这种结算方式被认为是最理想的，因为可使现金与证券交换的延误减少至最低。有些市场的结算方式是交易日后两天（T+2），交易日后三天（T+3）等。参见Settlement（结算），Rolling Settlement（滚动式结算）。Settlement of a share deal one day after the transaction takes place. Regarded as the ideal, reducing the delay in the exchange of cash and securities to a minimum. Some markets work on T+2, T+3 etc.See also: Settlement, Rolling Settlement金融 | 债券 | 股票

Transaction Fees

交易费用Transaction Fees指投资者因买卖证券而应支付的费用。Charges payable by investors on purchases and sales of securities.Category: 金融

Trading Volume

交易量Trading Volume某特定时段内证券或合约成交数量的通称。A generic term used to describe the total number of securities or contracts traded in any particular period.期货期权 | 金融 | 外汇 | 债券 | 股票

Deal Limit

交易限额Deal Limit指对交易商每一笔交易所限定的最高数额，由雇用交易商的机构在考虑交易商的交易技术、交易记录及机构愿意承受的风险等因素后决定。The maximum amount that a dealer can trade per transaction. The limit is set by the financial trading house or institution that employs the dealer, taking into account trading expertise and track record and the institution's willingness to accept risk.期货期权 | 股票

Delivery Price

交货价Delivery Price期货合约进行实物交割的价格，由清算行确定。参见Clearing House（清算行）。The settlement price set by a clearing house for deliveries of commodities against futures contracts.See also: House期货期权 | 金融

Sectoral Analysts

产业分析师Sectoral Analysts指专门分析某一特定产业的分析师。他们对该产业的特定公司进行研究，并据此作出买进或卖出的建议。Market analysts who focus on one particular industry. They research specific companies in that sector and make buy and sell recommendations based on that research.Category: 金融

Sector Fund

产业或区域型基金Sector Fund指只投资于某一产业或某一地理区域的一种共同基金。A type of mutual fund which invests in one industry or in one geographical area only.Category: 基金

Capacity Utilization

产能利用率Capacity Utilization宏观经济指标之一，是实际产出与产出能力的比率。产出能力指在一定时间内利用现有的厂房和设备所能生产的最大产出量。参见Macro-economics（宏观经济学）。A macro-economic ratio that compares actual output to potential output, the maximum possible production in a given period of time, using existing plant and equipment. See also: Macro-economicsCategory: 金融

GDP per Head

人均国内生产总值GDP per Head国内生产总值(GDP)除以人口即得一国的人均产值，借此指标可有效地比较各国的富裕程度。例如，美国的国内生产总值比挪威大60倍左右，但其人均产值却略低于挪威。Total gross domestic product divided by the population gives us a figure for output per person. GDP per head is an effective way of comparing the relative wealth of two countries. For example, the United States' total GDP is 60 times larger than Norway's, but its GDP per head is slightly less. See also: GDPCategory: 金融

Introduction

介绍上市Introduction介绍上市是一种较为特殊的上市方式,上市的公司不发行新股集资,仅将公司已发行的股票在交易所挂牌,令其成为可在公开市场买卖的股票.An introduction involves the listing of existing shares on a stock exchange. No new capital is raised and there is no transfer of ownership.Category: 股票

Nominee Account

代理人账户Nominee Account代理人帐户是方便证券交易的一种安排。这种帐户内的证券名义上由经纪行持有，但实际是经纪行的客户所有。经纪行负责保管这些证券，同时记录客户为实益持有人(beneficial holder)。也称为"待转名/行号代名"（street name）。Securities owned by an investor but registered in the name of the brokerage firm are held in a nominee account. The certificate bears the name of, and is held in safekeeping by the brokerage firm. Records of the issuing company show the brokerage firm as the holder of the record. The brokerage firm records the investor as the beneficial owner. Also known as 'street name'.Category: 金融

Agent Bank

代理银行Agent Bank代理银行由进行联合贷款的国际银团指定，负责在贷款期限内保护贷款人的利益。参见Syndicate（辛迪加银团）。Bank appointed by members of an international lending syndicate to protect lenders' interests during the life of a loan. See also: SyndicateCategory: 金融

Trade Weighted

以贸易加权的Trade Weighted用于形容汇率指标。某货币的贸易加权汇率是该货币整体强弱程度的指标，由兑各贸易伙伴货币的汇率按贸易量的比重加权得出。贸易加权汇率实际上是一个指数。Used in reference to foreign exchange rates, with currency movements weighted in accordance with their importance in a country's trade. This trade weighting is then formulated in an index.Category: 外汇

Spread Trading

价差交易Spread Trading指利用预期价格走势出现差异，而在买入一份期货合约的同时卖出另一份期货合约。The purchase of one futures contract and the simultaneous sale of another in order to take advantage of expected price discrepancies.期货期权 | 金融 | 股票

Wide Opening

价差巨大Wide Opening形容买卖价格的差距异常地大。When the spread between buying and selling prices is unusually wide.期货期权 | 金融 | 外汇 | 股票

In strike

价格触发点In strike标的资产价格的某一特定水平,价格一旦突破该水准,像"下跌生效"或"上涨生效"这种触发式期权(trigger option)即会变得与一般期权无异. 标的资产是指行使期权时可以买进或卖出的资产.参见Down and In（下跌生效期权）, Up and In（上涨生效期权）。The designated point when a trigger option, such as a 'down and in' or an 'up and in', turns into a conventional option.See also: Down and In, Up and InCategory: 期货期权

Cross Currency Settlement Risk

跨国货币结算风险Cross Currency Settlement Risk参见Herstatt Risk（赫斯塔特风险/跨国货币结算风险）。Category: 金融

Spread Betting

价差赌注Spread Betting一种押注某种特定市场或金融工具在某特定时间买卖价格之间所出现价差的行为。例如，某庄家可能就目前报在125的市场指数，报出下周120至130的价差。看涨的赌家会买进这个价差，即接受130这个卖出报价，押注市场指数会升至130以上。他将会从超过130水平的每一点上获得额外的赚头。看跌的赌家则愿意卖出这个价差，即接受120这个买进报价，押注市场指数会跌至120以下。若指数跌至120以下，他将因跌至此水平以下的每一点而获得额外的利润。任何时候都可以通过按现行的价差做方向相反的相应交易使赌注平仓。价差赌注的价格通常与市场基本情况一致，但赌家的好处是他们不需要支付佣金或交易税，资本所得往往也不纳税。价差赌注也允许高度投机性的小额投资参与。赌注的杠杆率较高。价差赌注在体育项目中，以及几乎所有的相关金融工具和市场上出现。参见Bid（买方出价），Offer(卖方报价)，Spread（价差）。A form of betting that depends on the establishment of a spread, or a buying and selling price, for a particular market or instrument at a certain time. For example a bookmaker may offer a spread for next week of 120 to 130 on a market index which is now standing at 125. A bullish punter would buy the spread, or accept the offer price of 130, placing an up bet that the market will rise above 130. He would gain additional winnings for every point rise above that level. A bearish punter would sell the spread, or accept the bid price of 120, placing a down bet that the market will fall below 120. He would gain extra profits for every further point fall below that level. Bets can be closed out at any time by making a matching but contrary trade at the current spread. Prices for spread bets are usually set in line with the underlying market, but the advantage to the punter is that there are no commissions or trading taxes to pay, and often no taxes on capital gains. Spread betting also allows highly speculative small investments. The bets are highly geared. Spread betting is offered on sporting events and on almost every underlying financial instrument and market. See also: Bid, Offer, Spread期货期权 | 金融 | 股票

Undervalued

价格偏低 Undervalued参见: 定值过低

Retracement

价格折返率Retracement市场价格波动的折返百分比，被技术分析师用于决定价格目标。市场的回落走势通常按33%、50%和67%等可预测的百分比折返。在道氏理论中，最低和最高的折返率分别为33%和67%。加恩认为，50%的折返率最为重要。费波纳契数序换算成的折返率为61.8%、38%和50%。参见Dow Theory（道氏理论）, Fibonacci（费波纳契）, Gann（加恩）, Technical Analysis（技术分析）。Percentage retracements of market price movements are used by technical analysts to determine price objectives. Markets usually retrace previous moves by predictable percentages such as 33, 50 and 67. The 33 and 67 percent retracements are the minimum and maximum retracements in Dow theory. The 50 percent retracement is the most important according to Gann. The Fibonacci number sequence refines these numbers to produce retracements of 61.8 percent and 38 percent and 50 percent. See also: AnalysisCategory: 技术分析

Price Indicators

价格指标Price Indicators指衡量价格水平及其变动率的指标，比如消费者物价指数(CPI)是反映零售层面物价变动的指标，计算基础是典型消费者所购买的一篮子商品和服务;而生产者物价指数(PPI)则反映生产/批发层面上的价格。参见CPI(消费者物价指数)，PPI(生产者物价指数)及Economic Indicators（经济指标）。Measures of the level of prices and their rate of change. For example, the price of a basket of goods purchased by the average consumer or the prices of goods at the factory gate. See also: IndicatorsCategory: 金融

Broadening

价格趋势分离Broadening技术分析中使用的术语，指价格呈现水平三角形的形态，三角形的顶边在左边、底边在右边。价格趋势线不断扩宽，使底边越来越宽，高价越来越高而低价越来越低，这表明市场已迷失方向（见图4）。参见Technical Analysis（技术分析）。A term used in technical analysis. A price formation with the appearance of a horizontal triangle, with the apex on the left and the base at the right. The trend lines are widening so the triangle base gets wider. Peaks and troughs get successively higher and lower, showing a market that has lost its way. See also: Technical AnalysisCategory: 技术分析

Overvalued

价格过高Overvalued指资产的价格高于基本面因素所能支持的水平。资产的估值(valuation)水平是否合理，有很多不同的评估方法，股票常用的估值指标是市盈率(P/E Ratio)。 参见Undervalued（价格偏低）。

Price Channel

价格通道Price Channel技术分析工具之一，价格通道由两条趋势线形成，上趋势线(连结价格高点)可视为一条阻力线，下趋势线(连结价格低点)可视为支撑线。上升通道(ascending channel)代表价格看好，下降通道(descending channel)代表价格看跌。价格突破通道可视为买入或卖出的参考讯号。参见Technical Analysis（技术分析）。Used in technical analysis, the price channel provides buy and sell signals by indicating when a value moves outside set deviation limits. The channel chart consists of two bands either side of a simple moving average. Channels can also be used on volume charts and as an overbought/oversold indicator.See also: Analysis

Rich Cheap Analysis

价格高低分析Rich Cheap Analysis价格高与低是以证券的定价与次级市场上可比证券的定价作参照的。价格较初次市场高便为"昂贵"，其收益率要低于条件和信用等级相似的债券。价格较初次市场低便为"便宜"，其收益率高于期限和信用风险相似的债券。Rich and cheap refers to the pricing of a security relative to comparable securities in the secondary market. Rich, or overvalued bonds, have lower yields than bonds with similar terms and credit ratings. Cheap, or undervalued bonds, have higher yields than paper with similar maturity and credit risk.金融 | 债券 | 股票

PVI

价量指数PVI一种技术分析工具，基本上是一种以成交量加权的相对强弱指数（RSI），试图将价格变动与市场上资金的进出情况合起来分析。参见RSI（相对强弱指数），Technical Analysis（技术分析）。A technical analysis indicator that is essentially a volume-weighted RSI (relative strength index). It attempts to measure the amount of money entering and leaving the market.See also: Analysis, RSI

Tranche

份额Tranche法文Tranch的含义是"一部分"，广泛用于指一部分(a portion)、获分配的分量(an allocation)及分期交付的其中一期(an instalment)等。French word for a slice. Used widely to mean a portion, allocation or instalmentCategory: 金融

EV

企业价值EV英文Enterprise value的缩写，反映市场对公司的估值，等于公司普通股的市值加上负债额和优先股的价值减去现金和现金等价物。 企业价值可视为收购一家公司理论上的代价，因为收购方将须承担公司的负债，但可取得现金资产。 EV除以EBITDA(未计利息、税项、折旧及摊销之利润)是公司估值水平的一个指标，有如市盈率(P/E ration)的变异指标。 使用EBITDA的好处是该指标反映公司的核心盈利能力，排除了一些非现金支出的影响，而这些支出会因不同地方的法规不同而有差异。参见EBITDA(未计利息、税项、折旧及摊销之利润)。Synonym: Enterprise valueA measure of how the share market values a company. It comprises market capitalization plus debt and preferred shares minus the company's holdings of cash. Enterprise value divided by EBITDA is often used to measure the value of listed companies, because the EV includes a company's debt (and thus a measure of total cost in case of a takeover AND the leverage involved), while the divider (EBITDA) focuses on the company's core earnings power, ignoring elements that may vary depending on local regulations.See also: EBITDA金融 | 缩略语 | 财务税收 | 风险投资和新股发行

Demerger

企业分割Demerger指公司将部分业务分割出来，成立另外的全资子公司，有时可能还会将其独立上市。 公司如果进行一连串的收购，而收购的业务偏离原本的主营业务，公司就可能会进行分割。When a company hives off some of its units into a wholly-owned separate concern, which may also be listed on a stock exchange. This can occur following a number of acquisitions of a similar nature that diverge from a company's mainstream operations.金融 | 风险投资和新股发行 | 股票

Enterprise Zone

企业区Enterprise Zone指政府为鼓励企业投资于经济衰颓的区域，划出企业专区，提供税务优惠，以及在规划监管上给予便利。企业区多处于都市中较为破落的内城区。Sites in depressed, mostly inner-urban areas, where companies are given favourable taxation treatment and are freed of various planning regulations.金融 | 股票

B2B

企业对企业电子商务B2B英文Business to Business的缩写，"2"(two)为英文"to"的谐音，指企业间在互联网上进行货物与服务的交易。Business to Business trading of goods and services on the internet.Category: 缩略语

Islamic Development Bank

伊斯兰开发银行Islamic Development Bank是一家国际性银行，旨在促进伊斯兰世界的经济与社会发展,服务对象为54个成员国以及非成员国中遵循伊斯兰法规的穆斯林社区.网址：www.isdb.orgAn international bank that encourages economic and social development in its 54 member nations and of Muslim communities following Islamic law in non-member countries. Category: 金融

Mode

众数Mode指在一组数值中最频繁出现的数值。The most frequently occurring value within a set of values.Category: 金融

Prior Charge

优先抵押Prior Charge指相对于其它抵押，有优先受偿权的抵押债权，比如有指定特定资产为抵押品的债权，相较于没有指定特定资产为抵押品的债权，有优先获得偿付的权利。

Senior Unsecured Debt

优先支付的无担保债务Senior Unsecured Debt指在出现违约时，在支付顺序上优先于所有其他无担保或次级债务的证券。Securities that have priority ahead of all other unsecured or subordinated debt in ranking for payment in the event of default.Category: 债券

Senior Secured Debt

优先支付的有担保债务Senior Secured Debt指在出现违约时，可首先获得支付的有担保债务。Secured debt that is paid first in the event of a default.Category: 债券

Preference Share

优先股Preference Share优先股英文亦称preferred stock/shares，是集合债券和股票特质的证券，其特性偏向债券多一点。"优先"是指相对于普通股，股东有优先获配发股息的权利，而在公司清盘时，对公司资产亦有优先索取权(但后于债权人)。优先股股东对公司事务一般不具表决权，公司发行新股时，一般也没有优先认购权。优先股可分"累积"(cumulative)与"非累积"(non-cumulative)两种，"累积"是指公司在停止派发股息一段时间后恢复派息时，须清偿停止派息期间积欠优先股股东的股息，非累积优先股则没有这种优待。累积优先股会列明股息收益率，类似债券的票面利率。参见Ordinary Share Capital（普通股本）。Preference or preferred shares entitle a holder to a prior claim on any dividend paid by the company before payment is made on ordinary shares. The holder also has a prior claim on assets in the event of a liquidation. Typically these shares do not carry voting or pre-emptive rights. See also: CapitalCategory: 股票

Pre-emptive Rights

优先认股权Pre-emptive Rights授予普通股股东的一项权利，让股东在公司增发股票时，有权按持股比例优先认购新股，免得权益遭稀释。参见Rights Issue（配股/供股/权证发行/认股权发行）。The right of ordinary or common shareholders to maintain their relative ownership of a company by buying a proportional number of shares of any future issue of shares. This means that their interest in the company will not be diluted by new shares.See also: IssueCategory: 股票

Preferential Allotment

优先配售Preferential Allotment指证券发行时，预留一部分供特定人士(如公司员工)认购。

Prime Bank

优等银行Prime Bank一般是指信贷评级最高、资金最为充裕的银行。A prime bank is one of the highest-rated and best-funded banks.金融 | 债券

Concert Party

伙同方Concert Party参见Acting in Concert(共同行动)。金融 | 风险投资和新股发行

Whisper Estimates

传闻中的预估Whisper Estimates市场上流传的关于重要蓝筹股的非正式业绩预测。这种预测通常高于追踪企业业绩的公司所收集整理的市场平均预估。即使公司公布的业绩符合市场平均预估，但若无法达到传闻预估的水平，其股票还是很可能遭抛售。参见Consensus Estimates（市场平均预估）。Informal earnings forecasts for high profile blue chip companies. Whisper numbers are generally above the consensus estimates collated and published by earnings tracking companies. A company will often see its stock sold off if it fails to meet whisper numbers even though it matches the published consensus figures.See also: EstimatesCategory: 股票

London Club

伦敦俱乐部London Club由商业银行组成的债权人非正式组织,负责与有还款困难、需要为债务展期的债务国政府进行谈判.参见Paris Club（巴黎俱乐部）。An informal group of commercial bank creditors, the London Club negotiates with debtor governments that have loan problems and need to reschedule debt.See also: Paris ClubCategory: 债券

LBMA

伦敦金银市场协会LBMA英文London Bullion Market Association的缩写，是贵金属交易商及相关银行、经纪商、精炼厂商和加工商参与的行业协会。Synonym: London Bullion Market AssociationA trade association for precious metals traders and associated banks, brokers, refiners and fabricators. www.lbma.org.uk期货期权 | 缩略语

LIFFE

伦敦国际金融期货期权交易所LIFFE英文The London International Financial Futures and Options Exchange的缩写。该交易所买卖的产品包括货币、债券、短期利率、股票和商品的期货和期权合约,于2002年1月为Euronext所收购。网址：www.euronext.com参见Euronext(泛欧交易所).The London International Financial Futures and Options Exchange, which trades futures and options contracts on currencies, bonds, short-term interest rates, equities and commodities.期货期权 | 缩略语

London Clearing House

伦敦结算所London Clearing House欧洲主要的结算所之一,是欧洲政府债券的主要结算行,服务的交易所包括国际石油交易所和伦敦金属交易所等. 2003年12月与Clearnet合并,组成LCH.Clearnet. 网址：www.lchclearnet.comA central counter party and clearing house, particularly used for European government bonds. It acts on behalf of the International Petroleum Exchange and the London Metal Exchange, among others. www.lch.co.uk金融 | 债券

OMLX

伦敦证券与衍生工具交易所OMLXThe OM London Exchange的简称，正名为the London Securities and Derivatives Exchange Limited。 OMLX是瑞典金融企业OM集团旗下交易所，成立于1990年，主要从事瑞典股票的期货与期权交易。网址：www.omgroup.comThe London Securities and Derivatives Exchange was set up in 1990 to trade options and futures on Swedish equities.

LSE

伦敦证券交易所LSE英文London Stock Exchange的缩写。London Stock Exchange. www.londonstockexchange.com缩略语 | 股票

SETS

伦敦证券交易所电子交易系统SETS英文Stock Exchange Electronic Trading System的缩写，是一种由买卖单驱动的电子交易系统。该系统处理交易范围涵盖所有英国富时指数公司编制的富时300股价指数成分股，在伦敦国际金融期权期货交易所交易股票期权的个股，以及一些以欧元进行交易的爱尔兰股票。参见LIFFE（伦敦国际金融期权期货交易所），Order Driven（由买卖单驱动的/指令驱动）。Synonym: London Stock Exchange Electronic Trading SystemAn electronic order-driven trading system which handles all of the UK's FTSE Eurotop 300 equities, all equities that have a LIFFE-traded equity option and some Irish stocks traded in euros.See also: LIFFE, Order Driven. www.londonstockexchange.com缩略语 | 股票

LME

伦敦金属交易所LME英文London Metal Exchange的缩写，是欧洲金属期货和期权交易的主要市场。伦敦金属交易所是全球金属供求的国际晴雨表，其官方价格被生产者和消费者用作长期合约的定价标准。Synonym: London Metal ExchangeEurope's leading market for trading in metals futures and options. The LME acts as an international barometer of supply and demand for metals worldwide and its official prices are used by producers and consumers for their long-term contactswww.lme.co.uk期货期权 | 缩略语

City

伦敦金融区City伦敦的金融中心，英文称为the City或the Square Mile。Synonym: Square MileLondon's financial centre is known as The City, also called the Square Mile.Category: 金融

Libor

伦敦银行同业拆借利率Libor英文The London Interbank Offered Rate的缩写，指伦敦银行同业市场拆借短期资金(隔夜至一年)的利率,代表国际货币市场的拆借利率,是最常用的短期利率基准之一,可作为贷款或浮动利率票据的利率基准,比如美元浮息票据的利率常以美元三个月期Libor加若干基点的方式订定.Synonym: The London Interbank Offered RateOne of the most important money market rates at which banks lend funds to each other. Three-month Libor is one of the most widely used interest rates in the fixed-income universe. It is often the base rate for bond issues from corporates and countries, both fixed and floating rate notes. The coupon on floating rate notes is often a fixed number of basis points above three-month Libor. Three-month Libor is also the key rate for the floating rate leg of interest-rate swaps. Eurodollar futures, the most traded futures in the world, are based on three-month Libor.外汇 | 债券

Gamma

伽玛值Gamma期权的得尔塔值(delta)对标的资产价格敏感度的指标，衡量标的资产价格每一单位的变动会导致期权得尔塔值多大幅度的变动。标的资产是指期权持有人行使权利可买进或卖出的金融工具或商品。 参见Delta（得尔塔系数），Option（期权）。The measure of change in the delta of an option compared with a price change in the underlying financial instrument on which the option is based. See also: Delta, OptionCategory: 期货期权

Penny Stocks

低价股票Penny Stocks指价格非常低的股票，在美国一般是指股价在1美元以下，在英国则指股价在1英镑以下。廉价股通常是小型公司所发行的，价格波动较为剧烈，投机性较强。A type of ordinary share which is currently of negligible value, but may prove to be a good speculative investment. In the US these shares are priced at less than one dollar. In the UK they cost less than one pound.

Discount Brokerage

低收费经纪商Discount Brokerage以佣金低廉吸引投资人的经纪商，所提供的关联服务通常较其他同业为少，例如可能不提供全面的研究资讯和投资建议。参见Broker（经纪人）。A brokerage firm that executes orders at a discounted rate of commission. Discount brokers tend to offer fewer client services than non-discount or full-service brokers. For example they may not offer full research and investment recommendations.See also: Broker期货期权 | 金融 | 股票

Commission House

佣金经纪商Commission House期货市场用语，指代客户买卖期货合约的公司，其收入主要来自服务佣金。参见Futures（期货）。A term used in futures markets to describe a firm that buys and sells contracts for the accounts of customers. Its income is generated by the commission charged for its service.See also: FuturesCategory: 期货期权

Regular Way Settlement

例行结算Regular Way Settlement在交易日的5个营业日或7个日历日后办理结算与交割的市场惯例，也称"公司结算"(corporate settlement)。Category: 期货期权

Supply/Demand

供给与需求Supply/Demand指由卖方提供给市场的数量与由买方创造的需求数量。供给与需求对市场价格的形成具有重要的影响。The amount of sellers providing supplies to a market and of buyers creating demand. Supply and demand is a major influence in generating the market price.Category: 金融

Supply-side Economics

供给学派经济学Supply-side Economics这种理论认为减税、自由就业法律、降低管制及放松对公司限制的类似措施可促进对生产的投资及增加经济中商品的供给。该理论也被视为通过增加产出而不是控制价格或货币供应量的方式来抑制通货膨胀的一种方法。A theory in economics that that says tax cuts, liberal employment laws, deregulation and similar measures to ease constraints on companies, will boost investment in production and increase the supply of goods in the economy. Also seen as a way of controlling inflation, by concentrating on increased output rather than on controlling prices or money supply.Category: 金融

Kicker

促销品Kicker在债券发行上,这是指为提高债券销路而附送给投资人的甜头,如允许将债券转换成股票的认股权证.An added feature of a debt obligation designed to enhance marketability, such as a warrant which allows it to be converted into shares.Category: 债券

GKO

俄罗斯国库券GKO俄罗斯以卢布计价的国库券的简称。Short-term Rouble-denominated Russian Treasury bill.缩略语 | 债券

Protectionism

保护主义Protectionism保护主义主张政府以各种措施保护国内产业免受全球化竞争的冲击，常用手段包括以关税、进口配额或严格的卫生及环保规范阻挡廉价进口商品的涌入，以及透过出口或生产补贴协助本国产品开拓国际市场。Protection of a domestic industry from cheaper competitive imports by such means as import duties, import quotas, export subsidies, health and environmental regulations.Category: 金融

Principal Guaranteed Fund

保本型基金Principal Guaranteed Fund英文亦称为capital guaranteed fund，是指基金公司保证投资人可以取回本金的基金。

Qualified Accounts

保留意见账目Qualified Accounts指遭审计师发表保留意见(qualified opinion)的财务报表。审计师若认为公司的财务报表存在重大问题，以致未能公允反映公司经营实况，就会在审计报告中表达保留意见。无保留意见(unqualified opinion)具是指审计师认为财务报表公允反映了公司的经营实况。The published balance sheet and accounts of a company, in which the auditors' report expresses reservations as to whether a true and fair view of the company's activities has been presented.

Sponsor

保荐人Sponsor指为公司如何发行新股票或债券而提供咨询的投资银行或商人银行。因此这种银行要寻找对这些新股票或债券的潜在需求水平，为其定价并向市场销售。参见Investment Bank（投资银行）。Term used for the investment bank, or the merchant bank, which advises a company on how to issue new shares or bonds. It then finds out the level of potential demand for the new shares or bonds, prices them and sells them in the market. See also: Bank金融 | 风险投资和新股发行 | 股票

Margin

保证金Margin保证金交易模式让投资者无需拿出十足资金即可进行买卖. 这种交易方式可放大盈亏,风险较大. 期货市场的结算所为确保买卖双方有能力履行各自的合约义务，会要求他们交存初始保证金。而为了使保证金额度能赶上其后的市场变动，还可能要求投资者缴交变动保证金。需交存的保证金是通过参照每天的收盘价，重新对所有头寸进行估值而计算得出的。参见Initial Margin（初始保证金），Mark to Market（按市价调整），Margin Trading（保证金交易/信用交易），Variation Margin（变动保证金）。Margin allows trading without having the full amount of funds available. It is a part-payment of collateral to cover contractual obligations and to insure against potential unlimited loss. Clearing houses in futures markets demand an initial margin from both the buyer and the seller of a futures contract to ensure they will be able to meet their contractual obligations. To ensure that margin requirements keep pace with subsequent market movements, variation margin is also called for. This is calculated by revaluing all positions with reference to the closing prices each day.See also: Margin期货期权 | 金融 | 外汇 | 股票

Margin Trading

保证金交易Margin Trading投资者透过保证金交易买进资产时,只需支付部分现金,其余资金向经纪商借入,按融资利率支付利息. 保证金交易让投资者以自身较少的资金,结合借入的资金进行较大规模的交易,放大了投资盈亏,风险较高.参见Margin（保证金）。An investor pays a certain amount of cash to fund a transaction and borrows the remainder from a broker at a rate of interest. Margin trading provides gearing to investors since their small amount of funds goes a lot further when combined with additional borrowed funds. But added gearing means increased risk if the market moves against the investor.期货期权 | 金融 | 外汇 | 股票

Margin Account

保证金账户Margin Account指让投资者无需拿出十足资金即可进行交易的账户。参见Margin（保证金），Margin Trading（保证金交易）。An account enabling an investor to trade without having the full amount of funds available. See also: Trading期货期权 | 金融 | 外汇 | 股票

Fiduciary Money

信托资产Fiduciary Money1.由受托人持有，替受益人进行投资的资产。受托人(fiduciary)是指替受益人持有资产的人士，例如遗嘱的执行人。2.指依靠信用发行而不是靠贵金属(如黄金)储备发行的货币。Money held in trust and invested on behalf of a beneficiary. A fiduciary is one who holds assets for a beneficiary, such as an executor of a will.

Free Delivery

信用交付Free Delivery证券结算的一种方式，在买方付款前先交出证券。Method of settlement in which the securities are delivered before payment is effected.期货期权 | 金融 | 债券 | 股票

Debenture Bond， Debentures

信用债券Debenture Bond， Debentures无抵押长期债务，持有人对发行人未用于具体担保其他债务的资产享有等同一般债权人的索取权。Category: 债券

Credit Card

信用卡Credit Card让持卡人先消费后付款的金融卡。持卡人消费时，只需在账单上签名而不需支付现金，接受信用卡付款的商店会将相关资料传送给发卡公司或银行，由其按时(通常是按月)发账单通知持卡人付款，而商店则按时向发卡机构收款。 信用卡会设有一个信用额度(credit limit)，限定持卡人能拖欠发卡机构的最高金额。如果没有按时缴清签账额，持卡人须为未缴之余额支付利息。参见Debit Card(借记卡)。A card that allows the holder to make purchases on borrowed money, repayable at varying intervals and at varying rates of interest. A widespread and popular means of obtaining credit for goods and services in developed economies, particularly the United States. See also: CardCategory: 金融

Credit Derivatives

信用衍生工具Credit Derivatives为违约风险提供保险的衍生工具，目的是将信贷风险与整体市场风险分离。例如，债券持有人可以买入一份信用衍生工具，为发债人违约不偿还本息的风险投保。 信用衍生工具可以保障的范围包括：债券收益率与公债间的利差突然增加、价格贴水加深、破产、无力偿还或违约(default)。参见Derivatives（衍生工具）。Derivative instruments created to separate the credit risk of a borrower from overall market risk. A purchaser of a bond buys a credit derivative to cover the risk of the bond's debtor defaulting. Effectively the seller or writer of the credit derivative is providing an insurance policy against default. Credit derivatives can provide cover against a sudden widening of the bond's yield spread over Treasuries, a deepening of its price discount, bankruptcy, insolvency or default.See also: Derivatives金融 | 债券

Credit Watch

信用观察Credit Watch信用评级机构宣布将某一债务人列入信用观察名单，意味着短期内可能调升或调降该债务人的信用评级。参见Credit Rating（信用评级）。When a credit rating agency announces that it is putting a borrower on credit watch it is giving notice that it expects shortly to issue a lower or higher credit rating.See also: Credit RatingCategory: 债券

L/C

信用证L/C英文Letter of Credit的缩写。信用证是银行替其公司客户开具的担保，保证在契约责任履行后付款。信用证可在二级市场上交易。参见Secondary Market（二级市场）。Synonym: Letter of CreditA letter of credit is a guarantee by a bank on behalf of its corporate customer that a payment will be made if contractual obligations are met. Letters of credit can be traded on the secondary market.See also: Secondary Market金融 | 缩略语 | 债券

Restructuring

债务结构重组Restructuring指借款人安排以一种期限的债务替代另一种期限的债务。也可泛指当公司无力偿还债务时以股份代偿公司的债务。参见Refinancing（再融资）, Rescheduling（债务重新安排/展期）。A process whereby a borrower arranges to replace debt of one maturity with debt of another maturity. Can also be used loosely to describe the exchange of corporate debt for shares when a company cannot meet its debt repayments.See also: Refinancing, ReschedulingCategory: 债券

Credit Rating

信用评级Credit Rating信用等级反映借款人在还款上的信誉，为比较债务工具发行人和债券的信用品质提供了一个国际框架。评级机构的评级分为三类：对发行人、对长期债务和短期债务的评级，其中对发行人的信用评级最受关注。这些评级反映债务人的信用程度，包括其履行金融债务的能力和意愿。最高的等级意味着债务人几乎没有无力偿还本息的风险。等级越高，债务人的举债成本(即需支付的利息水平)就越低。由主要的评级机构（如标准普尔、穆迪和惠誉国际）评定的最高信用等级为AAA或aaa，只有少数的国家和公司可获得这种评级。各评级公司所评定的等级的名称和含义不尽相同，但均可分为两大类：投资级别(investment grade)和投机/垃圾级别(speculative/junk grade)。主要评级公司的网址：www.moodys.com， www.standardandpoors.com，www.fitchratings.com参见AAA(3A等级)，Credit Watch(信用观察)，Downgrade(降低信用评级)，Moody's(穆迪)，S & P(标准普尔)。Credit ratings measure a borrower's creditworthiness and provide an international framework for comparing the credit quality of issuers and rated debt securities. Rating agencies allocate three kinds of ratings: for issuers, for long-term debt and for short-term debt. Of these, issuer credit ratings are the most widely watched. They measure the creditworthiness of the borrower including its capacity and willingness to meet financial obligations. A top rating means there is thought to be almost no risk of the borrower failing to pay interest and principal. The higher the rating the less the borrower will need to pay for funds. The top credit rating issued by the main agencies (Standard & Poor's, Moody's and Fitch IBCA) is AAA or Aaa. This is reserved for a few sovereign and corporate issuers. The naming and designation of ratings varies according to each agency. But they all fall into two broad groups - investment grade and speculative (junk) grade.See also: AAA, Credit Watch, Downgrade, Moody's, Standard & Poor'sCategory: 债券

Credit Crunch

信贷紧缩Credit Crunch参见Credit Squeeze（信贷紧缩）。金融 | 债券

Credit Line

信贷额度Credit Line指银行授予个人或企业信用额度(credit limit)，在该额度内，借款人可以随时向银行请求资金融通。An agreement by which a bank lends or borrows money up to a specified limit for a set period. The limits on this borrowing are known as credit limits.金融 | 债券

Credit Risk

信贷风险Credit Risk指债务工具的发行人违约不偿还本金或利息，或者破产的风险，也称"对手风险"（counter party risk）。Synonym: Counter Party RiskThe risk that an issuer might default on a payment or go into liquidation. Also known as counter party risk.Category: 债券

Correction

修正Correction在技术分析中，此词指与趋势方向相反的一段价格走势，调整完成后价格会恢复先前的整体走势，例如，价格持续上扬一段时间后短暂向下修正，随即恢复上涨。参见Technical Analysis（技术分析）。A correction in technical analysis refers to a price movement in the opposite direction to the trend. Corrections can occur on both the up and downside of a trend. The market ultimately reverts from a correction to the overall trend.See also: AnalysisCategory: 技术分析

Multiples

倍数Multiples通常是指盈利倍数(earnings multiple),也就是市盈率,等于公司的股价除以年度每股盈余.参见P/E Ratio（市盈率）。金融 | 股票

Inverse Yield Curve

倒挂收益率曲线Inverse Yield Curve参见Inverted Yield Curve(倒挂收益率曲线)及Yield Curve（收益率曲线）。Category: 债券

Debt Financing

债务融资Debt Financing指通过发售如债券、短期或中期票据等方式筹集资金。 Raising capital by selling debt instruments such as bonds, bills or notes.Category: 债券

Efficient Market Hypothesis

有效市场理论Efficient Market Hypothesis一种关于金融市场的理论，认为资产价格反映了全部相关资讯。The theory that all available information about an asset is reflected in the price of that asset.Category: 金融

Inverted Yield Curve

倒挂的收益率曲线Inverted Yield Curve指短期证券的收益率高于长期证券收益率的一种图形，与正常收益率曲线刚好颠倒。在正常的收益率曲线中，长期收益率较高，以反映持有证券较长时间的风险。倒挂收益率曲线一方面可能反映短期票据的过剩，因票据过剩压低价格而抬高收益率；另一方面也可反映长期证券的短缺或市场对长期证券异常强劲的需求——其结果会抬高价格而压低收益率。此外，这也可反映人们预期长期的通货膨胀将低于短期的通货膨胀，最后导致收益率下降。倒挂的收益率曲线英文亦称为negative yield curve.参见Yield Curve（收益率曲线）。A chart pattern that shows yields on short-term securities above those on long-term securities. This is a reversal of a normal yield curve, where long-term rates are higher to reflect the risk of holding securities for a longer time. An inverted yield curve may reflect fears of a glut of short-term paper, which pushes down prices and pushes up yields, or of a shortage of long-term securities, which pushes up prices and pushes down yields. It may also reflect expectations that inflation will be lower in the long term than in the short term, producing an eventual drop in yields. An inverted yield curve is also known as a negative yield curve. See also: Yield CurveCategory: 债券

GAB

借款总安排GAB英文General Arrangements to Borrow的缩写，指十国集团(G10)与国际货币基金组织(IMF)达成的一项金融协定，由G10向IMF提供特别信贷，协助IMF成员国在紧急状况下解决临时性的国际收支失衡问题。 GAB下的贷款须获IMF及G10共同同意方可动用。参见G10（十国集团），IMF（国际货币基金组织），NAB（借款新安排）。Synonym: General Arrangements to BorrowAn agreement between the G10 nations to provide special credits to the IMF. The GAB needs the collective agreement of its members to be activated. Credits are separate from the IMF's normal resources. See also: G10, IMF, NAB金融 | 缩略语 | 债券

NAB

借款新安排NAB英文New Arrangements to Borrow的缩写，指1994年墨西哥金融危机之后，由国际货币基金组织(IMF)的25个成员国和机构安排，提供给IMF的信贷额度，旨在为维护国际货币体系稳定提供额外资金。在启动借款总安排(GAB)之前，IMF会先启动借款新安排。借款总安排是十国集团(G10)提供给IMF的信贷额度。参见GAB（借款总安排）。Synonym: New Arrangements to BorrowA credit line to the IMF arranged by 25 members and institutions following the Mexican financial crisis in 1994, to provide supplementary resources to protect the international monetary system. The NAB will be called on first before resort to the General Arrangements to Borrow (a credit line with the G10 group of countries).See also: GAB缩略语 | 债券

Borrowing Requirement

借款需要额Borrowing Requirement指政府为弥补预算赤字和偿还到期债务所需的资金额。The net amount of money needed by a government to finance budget deficits and maturing debt.Category: 金融

Debit Card

借记卡Debit Card支付消费款项的一种工具，允许零售商直接从消费者的银行账户中提取款项。与信用卡不同，借记卡不提供资金融通，即不提供借钱消费的便利。参见Credit Card（信用卡）。A means of payment for consumer goods and services which allows retailers to draw funds directly from a consumer's bank account. Unlike a credit card it does not offer the possibility of purchasing using borrowed money.See also: CardCategory: 金融

Bond

债券Bond政府、公司或机构借款的法律合约。债券发行人(即借款人)承诺向债券持有人在约定时间内按约定的利率支付利息，并在债券到期时按面额赎回债券。理论上，投资债券比投资股票安全，因为债券的回报通常都是事先即可确定的，有明确的期限，而且公司必须先支付债券持有人方可向股东分配获利。但如果公司倒闭，债券持有人与股东一样可能会损失惨重。参见Convertible Bond（可转换债券），Bearer Shares/Bearer Bonds（不记名股票/债券），Bullet Bond（一次性偿还债券），Fixed Income（固定收入），Senior Secured Debt（优先有担保的债务）。A bond is a legal contract in which a government, company or institution (the borrower) issues an IOU certificate, which promises to pay holders a specific rate of interest for a fixed duration and then redeem the contract at face value on maturity. In theory bonds are safer than equities because they have a fixed maturity and are repaid before any payments are made to shareholders. But if a company fails, its bond holders suffer just as much as its shareholders. See also: Convertible Bond, Bearer Shares, Bullet Bond, Fixed Income, Senior Secured DebtCategory: 债券

Carry and Roll

债券利差交易Carry and Roll亦称carry and roll down，指以较低的利率融入资金，将之投资于收益较高的债券上，借此赚取利差。Carry本身有"利差"之意，carry(positive carry/positive spread)在投资上常用的含义是指"投资收益高于该项投资的融资成本"的状况。Carry trade则一般指外汇上的利差交易，即借入利率较低的货币，然后买入并持有较高收益的货币，借此赚取利差。外汇 | 债券

Bond Indenture

债券契约Bond Indenture列明债券发行全部条件的完整合约。The complete contract specifying all the terms and conditions of a bond issue.Category: 债券

Bond Washing

债券清洗Bond Washing指债券持有人将带息的债券卖掉，然后在债券付息后买回，借此将利息收入转变为资本利得。只有在资本增值税较利息收入税低时才值得这样做。参见Bond（债券），Coupon（息票、票面利率）。When a bond-holder sells a security-cum-interest and buys it back after the coupon is paid so as to convert the interest income into a capital gain. This is worthwhile only where lower tax rates apply to capital gains.See also: Bond, CouponCategory: 债券

Bond Equivalent Yield

债券等值收益率Bond Equivalent Yield为方便与债券的收益率直接比较，将货币市场金融产品如国库券的收益率转换为年收益率(annual yield)，这种收益率则称为债券等值收益率。像美国的国库券因期限在一年以内，到期前不付息，价格因而以低于面值的贴现方式表达，如果不经转换计算，其收益水平便无法直接与较长期的公债相比较。参见Money Market（货币市场）。A calculation that converts the yield of a money market instrument, such as a Treasury bill, into the equivalent yield of a Treasury bond in order to compare efficiency. Yields on Treasury bills are expressed as a discount from face value and their maturity is often less than a year, so a calculation is needed to convert their yield into the equivalent annual yield of a bond.See also: Money MarketCategory: 债券

Daycount Conventions

债券计息日数惯例Daycount Conventions在计算利息上，债券市场对1年的天数及两次票息之间的日数如何计算有其惯例，对计算债券的应计利息和现值相当重要。参见Coupon(票面利率)。Every bond market has its own system of determining the number of days in a year and even the number of days between two coupon dates. These different methods are referred to as daycount conventions and are important when calculating accrued interest and present value (when the next coupon is less than a full coupon period away). See also: CouponCategory: 债券

Debt

债务Debt指债权人向债务人提供资金，以获得利息及债务人承诺在未来某一约定日期偿还这些资金。债务的通常形式是金融工具，例如债券和长短期票据。债权人可以是个人、银行或诸如退休基金和保险公司等机构，它们借出资金是因为相信债务人将承担还本付息的义务。债务工具有确定的期限和到期日，通常按固定的利率付息。债务工具的购买者均有不需马上使用的资金，希望在自己动用这些资金之前，能够赚取利息。利息是对债权人在一段确定的时间内不使用这些资金的一种报酬,参见Bond（债券），Bills（短期票据），National Debt（国债），Notes（中期票据）。The supply of funds from a creditor to a debtor in exchange for interest and a commitment to return the funds in full at a fixed date in the future. Debt is usually in the form of financial instruments such as bonds, bills and notes. Creditors, who can be private individuals, banks or institutions such as pension funds and insurance companies, lend the money in the belief that the debtor will honour the obligation to pay the interest and eventually to repay the capital of the loan. Debt instruments have a defined life, a maturity date and normally pay a fixed rate of interest. All purchasers of debt have a supply of cash which is not immediately needed, on which they wish to earn interest until it is required for their own direct use. The interest is a payment for their willingness to forgo use of the funds for a fixed time.See also: Debt, NotesCategory: 债券

Certificate of Indebtedness

债务凭证Certificate of Indebtedness美国财政部发行的短期债务工具，期限不超过一年，类似国库券。债务凭证按约定的票面利率支付利息，这与国库券按面值贴现发行不同。债券凭证的主要客户是银行、公司和富有的个人。参见Coupon（票面利率，息票），Treasury Bill（国库券）。A United States Treasury debt obligation which has a maturity of one year or less, similar to a Treasury bill. The certificate has a fixed coupon with a set rate of interest, in contrast to the Treasury bill, which pays interest by being sold at a discount from face value. The customer base for certificates includes banks, corporations and wealthy individuals.See also: Coupon, Treasury Bill金融 | 债券

CDO

债务担保证券CDO英文Collateralized Debt Obligation的缩写，指以债券、贷款或其他资产的组合为抵押而发行的有资产担保的证券。发起人以作为抵押的资产，组合成立特定目的投资机构(SPV)，由SPV发行CDO。 CDO的信用评级有时可高过所有作为抵押的个别资产，但其风险的透明度可能会有所降低。CDO的结构与CMO(抵押担保证券，collateralized mortgage obligation)和CBO(债券担保证券，collateralized bond obligation)类似。不同之处在于CDO的抵押资产包含不同类型的债务。参见ABS（Asset-backed Securities，有资产担保的证券），CMO(抵押担保证券)。Collateralized Debt Obligation. An asset-back security which uses a portfolio of bonds or loans as collateral, or security. A sponsor uses the portfolio to set up a special purpose investment vehicle which issues securities or CDOs, sometimes with a higher credit rating than any of the individual underlying assets. There may be reduced transparency in assessing the underlying risks.See also: ABS缩略语 | 债券

Rescheduling

债务重新安排Rescheduling指借款人按新的偿还计划延期赎还本金，但需继续支付利息，可以调高或调低利率。参见Refinancing（再融资）, Restructuring（重组）。A borrower delays redemption of principal under the terms of a new repayment schedule. Interest continues to be paid and the rate of interest can be raised or lowered.See also: Refinancing期货期权 | 债券

HIPC

债台高筑的贫穷国家HIPC英文Heavily Indebted Poor Countries的缩写，指接受国际货币基金组织和世界银行"重债穷国减债计划"(HIPC Initiative)援助的贫穷国家。该计划为那些实施稳健金融政策的最贫穷国家提供特别的资金援助，以帮助它们减轻外债。Synonym: Heavily Indebted Poor Countries Heavily Indebted Poor Countries. Those countries helped by the International Monetary Fund and World Bank's "HIPC Initiative" which provides exceptional financial assistance to the poorest countries following sound financial policies, to help them reduce external debt.缩略语 | 债券

Debt for Equity Swap

债转股Debt for Equity Swap1.指一家公司无力偿还债务时，以公司的股权交换债权人放弃追债。交易完成后，原债权人即变成公司的股东。2.指债务国在面临经济困难或是信贷评级下滑时，以本国货币按市场状况以一定的折扣赎回外债。债权人随后以债务国货币投资于该国的公司，将原来的债权转换成股权。这种情形被称为债务国将债务证券化了。When a debtor country, usually with economic problems or a deteriorating credit rating, uses its local currency to buy back its foreign debt at a discount in line with market conditions. Creditors then use that local currency to invest in companies in the debtor country, turning their debt into equity. The debtor country is said to have securitized its debt. The term is also used when a company cannot meet payments on its debt and exchanges the debt for shares in the company.

Go Long

做多(做多)Go Long参见Long（多头），Short（空头）。Investors are 'short' when they sell borrowed assets in the hope that they can buy them back when prices have fallen. A short position is the opposite of a long position, when investors buy assets in the hope that they can sell them when prices have risen. See also: Long期货期权 | 金融 | 外汇 | 债券 | 股票

Market Maker

做市商Market Maker做市商最主要的功能是促进市场的流动性,所以又称流动性提供者(liquidity provider). 市场人士在某些交易上若找不到交易对手,可向提供相关交易做市服务(英文称为making a market)的做市商要求报价,做市商即会报出一个买卖双向报价,表示愿意并有能力按此报价进行交易. 在一些证券上,做市商会按市况不断报出买卖价. 做市商通常会持有相关证券以便提供做市服务.参见Bid-Ask Quote(买卖方报价)及Liquidity(流动性/流动资金).An individual or firm that stands ready to trade in one or more securities at quoted bid and ask prices. Market makers usually hold an inventory of the securities in which they make markets金融 | 股票其他:

S/L

停损单S/L英文Stop loss order的简写。只有当价格到达某一设定水准时才可执行的买单或卖单。这种买/卖单的目的通常是为了要降低某一现有头寸的损失。一旦触及停损的价位，便会依照下一个市价执行（尤其是在动荡的市场上更是如此）。A stop loss order. A limit order to buy or sell that operates only when a given price is reached. Such an order is normally placed to cut losses on an existing position. Once the stop loss level is reached, the order is often executed at the next market price (particularly in volatile markets).缩略语 | 外汇 | 股票

Circuit Breakers

停板制度Circuit Breakers指一旦价格跌幅达某一百分比，按交易所规定暂停交易一段时间的制度，其目的在于限制恐慌性抛售。参见Limit Up/Down（涨/跌停板）。Breaks in trading imposed by exchanges when prices have fallen by a certain percentage. Circuit breakers are designed to restrict panic selling. See also: Up期货期权 | 金融 | 股票

Stop Loss

停止损失Stop Loss参见S/L（停止损失或停止限价指令）。

Solvency Margin

偿付能力Solvency Margin指保险公司的多余资本超过其预估负债的水准，为衡量保险公司财务稳健性的有效指标。偿付能力通常有法定最低标准规定，有时也被称为"复原力测试"(resilience test)。当熊市出现时，保险公司可能会遇到能否维持偿债能力的问题，因为它们股票投资的价值正在下降。亦称"偿债能力比率"。Synonym: Solvency RatioThe level of an insurance company's spare capital in excess of its projected liabilities, effectively a measure of its financial health. There are often statutory minimum solvency margins, which are sometimes known as the resilience test. In a bear market insurance companies may face problems maintaining their solvency margins because their equity investments are falling in value. Also known as solvency ratio.

Paydown

偿债净额Paydown指偿还所欠债务的一部分本金。在旧债未清又举新债时，paydown是指某段时间内偿还的债务金额超过新借的债务，总债务降低的金额即为偿债净额。A paydown is when the amount of debt being redeemed by a government or a company exceeds the amount of new debt being issued. The government or company is repaying more debt than it is borrowing. The total net reduction is called the paydown.Category: 债券

Sinking Fund

偿债基金Sinking Fund指强制借款人预先支付资金，赎回某个额度的证券，从而减少到期时的本金额。不管二级债券市场如何波动，均要向一个特别账户支付预付款参见Pro Rata Sinking Fund（按比例支付的偿债基金），Mandatory prepayments made by a borrower to redeem a certain amount of an issue, thus reducing the principal amount due at maturity. The prepayments are made regardless of price movements in the secondary bond market, through payments to a special account.See also: FundCategory: 基金

Ranking

偿债次序Ranking指当借款人违约时，贷款人债券优先求偿顺序。如果贷款人必须收回资金，优先债务享有最优先的求偿权，则对借款人而言，该债券发行条件可能会负担较轻。次顺位债券中的偿债排序较后，借款人因而必须给予贷款人更优惠的条件。Denotes where a bond stands in relation to priority claims from a lender upon default by the borrower. Senior debt earns high priority if lenders have to reclaim funds, hence the bond issue terms can be less onerous for the borrower. Subordinated debt ranks a bond lower down the scale, thus a borrower has to offer a lender more advantageous terms.Category: 债券

Debt Service Ratio

偿债比率Debt Service Ratio一国偿还外债(包括还本及付息)的金额占该国出口收入的比例，20%通常被视为可接受的最高比例，但确切水平难以确定。The proportion of a country's export earnings needed to cover interest and principal repayments of its foreign debts, particularly those owed by the public sector. A level of 20 percent is normally considered an acceptable maximum. Establishing the exact figure is often difficult.金融 | 债券

Reserves

储备Reserves公司的储备主要指企业留存并积累多年、不以股息方式支付给股东的利润。公司储备通常以现金或流动性较高的资产形式持有。由于股东对储备没有支配权，因此，公司可按惯用的会计规则在其认为合适时分配或不分配储备。储备也用于指政府为了确保当前和近期的需求而持有的官方外汇储备。参见Dividends（股息）, Retained Earnings（留存收益）。A company's reserves are primarily profits retained in the business and accumulated over the years, rather than paid out by way of dividends. They are usually held as cash or in highly liquid assets. Shareholders have no rights over reserves so that a company can disburse them or not, as it sees fit, within the usual accounting rules. The term reserves is also used to describe the official foreign exchange reserves held by governments to ensure they can meet current and near term claims. See also: EarningsCategory: 金融

Reserve Currency

储备货币Reserve Currency指中央银行长期持有的具备国际清偿力的货币。Internationally accepted currency, used by central banks to meet their financial commitments.Category: 金融

Savings Rate

储蓄率Savings Rate指收入中搁置起来不立即用于消费的比例。The proportion of income that is put aside and not consumed immediately.Category: 金融

S/B

先买后卖限价指令S/B指将两个指令并作一个指令，第一个指令是买入指令，待这个指令完成后，卖出指令即开始生效。参见B/S（先卖后买限价指令）。Synonym: Sell After Buy Limit OrderTwo orders treated as one, the first order being to buy. If done, the sell order becomes valid. See also: B/S期货期权 | 金融 | 股票

B/S

先卖后买限价指令B/S二合一指令，第一个指令是卖出指令，若成功则执行第二个指令，即买入的指令方可生效。参见相反的S/B (Sell after Buy，先买后卖限价指令)。Synonym: Buy After Sell Limit OrderBuy After Sell limit order. Two orders treated as one, the first order being to sell. If done, the buy order becomes valid.See also: S/B金融 | 缩略语 | 外汇 | 债券 | 股票

FIFO

先进先出法FIFO英文First In First Out的缩写，是库存估值的一种方法，假定最先出售的货物均是存放最久的。参见LIFO（后进先出法）。Synonym: First In First OutA method of valuing stocks, or inventory, where the oldest stock is sold first.See also: LIFO金融 | 缩略语

Corporate Settlement

公司结算方式Corporate Settlement指结算与交割的市场标准，即交易日后5个工作日或7个日历日进行结算和交割，也称一般结算方式(regular way settlement)。Synonym: Regular Way SettlementThe market standard for settlement and delivery, five business days or seven calendar days from the trade date. Also known as regular way settlement.Category: 金融

No-load

免佣金No-load在基金用语中，load一般是指佣金或费用。 No-load fund一般是指不收认购费的基金，这种基金通常是由基金公司直接卖给投资者，省掉了仲介者如投资顾问的费用，因此投资人无须支付认购费。在美国，no-load fund虽不收取认购费，但可能会收取所谓的12b-1 fee，用于支付基金的行销费用。基金公司会在基金销售文件中披露有关12b-1 fee的资料。不收认购费、赎回费以及12b-1 fee的共同基金称为pure no-load fund。参见Mutual Fund（共同基金）。Indicates that no commission is charged on a mutual fund. See also: Mutual FundCategory: 基金

Franked dividends

免税红利Franked dividends

Free Issue

免费发行Free Issue公司将股东资金中的储备转移至资本项下，等于向股东免费发行股票。 新发行的股票按持股比例向现有股东分发。 亦称为资本化发行(capitalization issue)，发行红股(bonus issue)及股利股票发行(scrip issue)。Synonyms: Capitalization Issue, Scrip IssueWhen a company transfers money from its reserves to its permanent capital it issues free shares to existing shareholders. The new shares are distributed in proportion to their existing holdings. Also known as a capitalization issue or a scrip issue.Category: 股票

Nil Paid Rights

免费认股权Nil Paid Rights公司进行配股/供股(rights issue)时，新股的认购价通常低于股票当下市价，现有股东会免费获得这种认股权，若不想行使权利，可将认股权出售。免费认股权并非免费获配发股票的权利，"免费"只是指股东免费取得以低于市价认购股票的权利。参见Rights Issue（配股/供股/权证发行/认股权发行）。Rights issues are typically offered at a discount to the prevailing market price of the existing securities, so the allotment letters have a market value and may be traded as 'nil paid rights' before payment for the new shares is due.See also: Rights Issue金融 | 股票

Bunny

兔子债券Bunny即Bunny Bond(兔子债券)。参见Multiplier Bond（复式债券）。Category: 债券

Bought Deal

全数包销Bought Deal承销商(underwriter)或牵头承销商(lead manager)承诺将拟发行的证券全数买下来，再转售二级市场。全数包销令发行人得以将无法按发行价卖出整批证券的风险转移到承销商身上。Commitment from an underwriter or lead manager to purchase all of the issue of bonds or shares for resale to the secondary market. This method transfers the risk of being unable to sell a whole issue at the offering price from the issuer to the underwriter.风险投资和新股发行 | 股票

GDR

全球预托凭证GDR英文Global Depositary Receipts的缩写。GDR是银行在多个国家或地区发行的凭证，代表银行所托管的外国公司股票。通过GDR，一家公司无须在海外股市正式注册上市，亦可让海外投资者参与该公司股票的买卖。参见ADR（美国预托证券）。Synonym: Global Depositary ReceiptsGlobal Depositary Receipts. Certificates issued by a bank in more than one country. They confer ownership of shares in a foreign company held in safekeeping by the bank. The certificates allow the underlying shares, which are traded in only one country, to be offered globally without the need to be registered on foreign equity markets. .See also: ADR缩略语 | 风险投资和新股发行 | 股票

Fully Diluted EPS

全面摊薄每股盈余Fully Diluted EPS如果公司有发行认股权证、期权、可转换债券或优先股等金融工具，公司未来可能需要增发新股，每股盈余(EPS)会因而遭稀释。全面摊薄每股盈余等于股东应占溢利除以计入可能增发的新股的总股数，以反映股东权益可能遭稀释的程度。An EPS (earnings per share) figure that is calculated by dividing earnings by a larger amount of shares than the number currently outstanding. It assumes the eventual full issue of all shares connected to convertibles, options, warrants and convertible preferred shares. This leads to a greater dilution of the EPS figure.金融 | 股票

G8

八国集团G8指七国集团加上俄罗斯。The G7 countries plus RussiaCategory: 金融

Plc

公众有限公司Plc英文public limited company的缩写，代表一家公司是股票公开交易的上市公司，股东享有限责任的保护，即最高损失为在公司的投资。主要用于英国及爱尔兰等国家的公司名称上。A UK company title: abbreviation of public limited company

PSNB

公共部门净借款PSNB文Public Sector Net Borrowing的缩写，英国政府每月公布的一项数据。PSNB反映在应计(accrual)基础上，英国公共部门入不敷出的幅度。与反映现金基础上的政府收支短差(PSNCR)相较，PSNB的波动性较低，是政府较为重视的指标。参见PSNCR（政府收支短差）。缩略语 | 债券

Public Placement

公募Public Placement指公开发售证券以筹集资金，通常专指债券的发行，股票的公开发行英文会用Public Offering一词。债券公募以公众为销售对象，而不是直接售予特定投资者。公开发售的债券通常会在证券交易所挂牌买卖，交易的标准数量单位较小(方便小投资者参与)。公募的发行成本通常较私募为高，但有利提高发行者的知名度，争取更多投资者参与，提高二级市场流动性。参见Placing/Placement（配售）及Private Placement(私募/私人配售)。A public bond placement is offered to a market in general, rather than to selected investors. It is usually listed on a stock exchange in relatively small denominations. The costs to the issuer are usually more than for a private placement, but there may be benefits in obtaining a wider range of investors in terms of public recognition and liquidity for the secondary trading of the debt.风险投资和新股发行 | 股票

Cia

公司Cia班牙的公司名称中表示"公司"（Compania）一词的缩写；葡萄牙的公司名称中的"公司"（Companhia）一词的缩写亦为Cia。Synonym: CompanhiaAbbreviation of Compania, a Spanish and Portuguese company title.金融 | 缩略语 | 财务税收

Corporate Dealer

公司交易商Corporate Dealer银行内负责与公司客户交易及为这些客户提供咨询服务的交易员。A dealer or group of dealers responsible for advising and dealing with corporate customers of their bank who have direct access to the trading room.Category: 金融

Signalling

公司施放信号Signalling这种信号通常是有关公司预期未来获利和发放股利的先行讯息。When a company sends out signals about its future performance. Typical signals would be advance information about expected future earnings and dividend payments.Category: 股票

Corporate Finance

公司融资Corporate Finance泛指与公司财务相关的活动，诸如首次公开招股(IPO)、收购合并、配股及发行可转换债券等均属企业融资的范畴。银行的企业融资部会为企业客户提供全面的资产与负债风险咨询，包括利率与外汇风险。Bank departments which advise corporate clients on all aspects of balance sheet risk management, including interest rate and currency exposures.金融 | 风险投资和新股发行

Publicly Traded Fund

公开交易的基金Publicly Traded Fund封闭式基金的别名。 参见Closed-end Fund（封闭式基金）。

Offer for Sale

公开发售Offer for Sale指发行公司直接或透过代理人向公众发售已发行的证券。在某些地区，offer for sale有时亦指公开发售新的证券。

POP

公开发行价格POP英文Public Offering Price的缩写，指证券向公众发行的售价，承销商会将佣金计入发行价内。就共同基金而言，若采用单一报价方式，公开发售价等同基金的单位净值(NAV)，认购费另外支付;若采双向报价，发售价等于基金单位净值加上认购费。参见Mutual Fund（共同基金）及One-way Quote/Two-way Quote(单一报价/双向报价)。Synonym: Public Offering PriceThe issue price of a new share that is fixed by the underwriter on behalf of a company. The underwriter's commission is built into the price. Shares in a mutual fund may be purchased at the POP.See also: Fund缩略语 | 股票

Open Outcry

公开喊价Open Outcry一种撮合交易的方式，买家与卖家齐集在一交易场所，公开喊出愿意接受的买价与卖价。An open-outcry market is one where buyers and sellers are brought together on a trading floor and cry out bids and offers to each other. In theory all buyers and sellers should be able to hear all the current bids and offers at all times.期货期权 | 金融

Open Market Operations

公开市场操作Open Market Operations中央银行进行公开市场操作，主要旨在控制货币供给以配合当下的货币政策。当央行认为货币供给过紧时，可藉由公开市场操作释出资金，反则会回笼资金以免市场上资金过度浮滥。公开市场操作主要是透过买卖短期政府债券进行，买卖的方式有两种:一是单纯的买入或卖出(outright purchase or sale，买断或卖断);二是回购交易(repo or reverse repo)。央行进行正回购交易是回笼货币的操作，指央行以政府债券为抵押向商业银行借入资金;逆回购则相反，是央行接受债券为抵押向商业银行借出资金，是释出货币的操作。参见Repurchase Agreement(回购协议)。Routine intervention by central banks in financial markets, usually by means of sale or purchase of securities in the domestic money market, in order to influence the volume of money and credit in the economy. The intervention usually involves short-term government securities and purchases of such paper from commercial banks, which puts cash in their hands, injecting reserves into the system to expand credit. However, sales of government securities by a central bank drains cash from the commercial banks, reduces reserves and limits credit expansion.金融 | 债券

Offer for Subscription

公开认购Offer for Subscription指发行公司直接或透过代理人邀请公众认购新的证券。参见IPO（首次公开招股）。

Public-Private Partnership (PPP)

公私合作模式Public-Private Partnership (PPP)泛指公共部门与私营机构合作提供公共服务或公用设施的各种模式。公私合作的主要出发点包括借助私营机构的资本、管理技巧与市场经验，分担风险，提高公共服务的效率与品质等。公私合作可以有很多不同的模式，由私营机构出资兴建公共设施后租借给政府是常见的一种，比如由私人发展商出资建造医院大楼，然后租借给政府，由政府提供医疗服务，而发展商则负责物业的管理。

GAAP

公认会计原则GAAP英文Generally Accepted Accounting Principles的缩写，泛指广受认可的关于财务报表应如何反映各种交易及事件的权威标准。 GAAP有时亦特指美国的公认会计准则。 国际上日益流行的会计准则是由国际会计准则理事会(IASB)制定的国际财务报告准则(IFRS)。 IASB成立于2001年，前身为国际会计准则委员会(IASC)。 IASC所制定的会计准则称为"国际会计准则"(IAS)。通常论及IFRS时，是包含未被取代的IAS。Synonym: Generally Accepted Accounting PrinciplesGenerally Accepted Accounting Principles are procedures and rules that define accounting practice. The United States uses GAAP, whereas Europe uses IAS, International Accounting Standards.See also: International Accounting Standards Board金融 | 缩略语

CAP

共同农业政策CAP英文The Common Agricultural Policy的缩写，指欧盟的共同农业政策。该政策旨在稳定欧洲农产品市场，确保市场在合理的价格下供应正常，同时保证农民收入水平。该政策的实施机制相当复杂，包括价格支持和贸易限制等措施。参见EU（欧盟），Green Rates（绿色汇率）。Synonym: Common Agricultural PolicyThe Common Agricultural Policy. This European Union policy designed to stabilize commodity markets within Europe and ensure regular supplies at reasonable prices while guaranteeing farmers' income. It is implemented through a complex mix of price support mechanisms and export restrictions.See also: RatesCategory: 缩略语

Intrinsic value

内在价值Intrinsic valuē. 期权处于价内状态,就称具有内在价值. 内在价值根据标的资产的市价与期权行使价之差计算得出. 举例,一张看涨期权(call)合约赋予持有人以每股25元买进100股某公司股票的权利,该股目前市价为30元,该期权的内在价值为(30-25) x 100 = 500元. 处于价外状态的期权,其内在价值为零. 参见In the Money（期权价内状态）, Option（期权）以及 Time value(时间价值)。2. 一项资产的内在价值,是指该资产理论上的真实价值,反映所有影响该资产价值的因素,比如一家公司的内在价值,必须反映诸如品牌、商标以及版权等不易准确估值的资产,而公司的市值未必准确反映公司的内在价值,遑论会计上的帐面值. 投资者会以各种各样的估值方法去计算内在价值.When an option is 'in the money' it is said to have intrinsic value. The value is calculated by taking the difference between the forward market value of the underlying instrument and the strike price of the option. See also: Money, OptionCategory: 期货期权

Mutual Fund

共同基金Mutual Fund共同基金是集合公众的资金,由专业的资产管理公司受托负责投资的一种方式. 投资人共同承担风险,共同分享投资利润. 基金经理根据基金既定的目标以及规范,将投资人的资金分散投资在各种资产上. 共同基金为投资人带来分散投资以及专业资产管理的益处,同时也是流动性很高的资产,变现方便,但投资人必须向基金公司支付资产管理费,很多基金亦收取认购费以及赎回费,这会降低投资者的回报. 共同基金一般追求参照市场指标(benchmark)的相对回报,即只要不跑输大盘已算及格,所以一旦市场进入大空头,投资者往往亏损惨重,但仍需支付资产管理费. 另外,随着共同基金成为主导市场的主要力量,基金表现要超越大盘日益困难,很多基金的表现还不如大盘. 共同基金是开放式基金,封闭式基金不能称为共同基金. 在英国,共同基金亦称为unit trust. 参见Open-end Fund (开放式基金), Closed-end Fund(封闭式基金), Unit Trust(单位信托)及Investment Trust(投资信托).Synonym: Unit trustAn open-ended investment trust or unit trust, which pools together funds from many investors to establish a diversified portfolio of investments. After the initial public offering, the fund continues to both sell and redeem its shares, according to demand from the public. It invests contributions from the public in various securities and pays dividends in proportion to the investors' holdings. See also: Investment FundCategory: 基金

Acting in Concert

共同行动Acting in Concert指投资者行动一致以实现他们的共同目标。例如为接管一家公司而购买所需的全部股票，或购买所需的最低数量股票，以便能合法、公开地出价购买余下的股票。有时候"共同行动"被认为是非法的。口语亦称为"伙同方"(a concert party)。参见Warehousing（囤积股票）。Investors working together to achieve the same goal, e.g. to buy all the stock they need to take over a company or to purchase the minimum needed so that they can legitimately make an open bid to buy outstanding shares. Sometimes acting in concert is considered illegal. Also known colloquially as a concert party.See also: WarehousingCategory: 风险投资和新股发行

General Agreement on Tariffs and Trade

关税与贸易总协定General Agreement on Tariffs and Trade参见GATT（关贸总协定）。Category: 金融

Affiliate

关联公司Affiliate如果一家公司持有另一家公司的股权，但不足以有效控制该公司，或两家公司同受另一家公司的控制，这两家公司即互为关联公司。参见Associate/Associated Company(联营公司)，Subsidiary（子公司、附属公司）。Two companies are affiliated when one owns less than a majority of the voting stock of the other or if both are subsidiaries of a third company.See also: Associate, SubsidiaryCategory: 风险投资和新股发行

GATT

关贸总协定GATT英文the General Agreement on Tariffs and Trade(关税与贸易总协定)的缩写，是贸易国根据彼此间签订的一项贸易条约，于1948年特地成立GATT日内瓦秘书处。 该秘书处1995年为新成立的世界贸易组织所吸纳，但自1948年以来多次更新的GATT仍然是世界贸易组织在商品贸易上的主要国际协议。参见WTO（世界贸易组织）。The General Agreement on Tariffs and Trade (Geneva) was founded in 1948 as an ad hoc Secretariat defined by a treaty between trading nations. The Secretariat was absorbed by the new World Trade Organisation in 1995, but the GATT agreement remains as the WTO's underlying treaty document for trade in merchandise albeit with many updates since 1948. See also: WTO金融 | 缩略语

Interpolation

内推法Interpolation指根据已知的系列数值推算出一个在已知数值之间的数值. 内推法假定数值之间存在某种明确的关系,不是一种精确的推算法,但可用于估算债券价格和收益率。内推法分三种类型：线性内推法、对数内推法和立方内推法。参见Extrapolation（外推法）。The process of determining a rate (or other variable) that lies between a series of known rates. Interpolation works on the assumption that a certain percentage change that applies generally can be applied to calculate a specific variable. It is a generalisation, but can be used to estimate bond prices and yields. Three types of interpolation exist: linear, logarithmic and cubic. See also: ExtrapolationCategory: 债券

Internal Rate of Return

内部回报率Internal Rate of Return参见IRR（内部回报率）。Category: 金融

Reinsurance

再保险Reinsurance指在保险市场上分散风险的行为。一家保险公司承保某一项风险，然后通过与其他保险公司签订再保险合同的形式转移其中部分风险。不过，风险有可能从一家公司转移至另一家公司，最终可能会落在不可靠的公司手中，或甚至无意中风险又回到原始保险公司手中。The spreading of risks in the insurance market. A company will insure a risk and then pass on some of the exposure by taking out reinsurance contracts with other companies. There is a danger that risks may be passed from hand to hand and end up with unreliable companies, or even inadvertently back in the hands of the original insurer.Category: 金融

Reinvestment Risk

再投资风险Reinvestment Risk指从某一投资获得的未来现金流量，进行再投资后的回报率会较低的风险。The risk that future cash flows from a particular investment will be reinvested at a lower rate of return.Category: 金融

Refinancing

再融资Refinancing指发行新债替代旧债。借款人用其他贷款人提供的贷款偿还另一项借款。假如贷款人实际上是相同的，再融资在技术上可称为"展期"(rescheduling)。银行家也许会用再融资一词。参见Restructuring（重组）。The issue of new debt to replace old. A borrower pays off one loan with the proceeds from another provided by other lenders. If the lenders are effectively the same then it could technically be called a rescheduling. Bankers might use the term refinancing. See also: Restructuring金融 | 债券

Refunding Operations

再融资操作Refunding Operations指在2月、5月、8月和11月举行的5～10年期美国政府债券季度标售。 网址：www.savingsbonds.govThe quarterly auction of US Treasury securities with maturities of five and 10 years in the months of February, May, August and November.金融 | 债券

Rediscount

再贴现Rediscount指中央银行在期限日之前，购买已在货币市场贴现过的政府债务或其他金融工具。Purchase before maturity by a central bank of a government obligation or other financial instrument already discounted in the money market.金融 | 债券

Pass a Dividend

决定不派股息Pass a Dividend指公司决定不派发股息，这可能是因为公司资金短缺，也可能是因为公司正扩张业务，因而选择将现金盈余投资在业务上。

Kairi

凯利指标Kairi在技术分析上，这一指标是以图标显示当前收盘价与其简单移动均值的差距(以百分比表示)。这一指标既可作为一种趋势指标，也可作为一种超买或超卖的信号。参见Overbought（超买）, Oversold（超卖）, Technical Analysis（技术分析）。In technical analysis, this indicator charts the percentage difference between the current closing value and its simple moving average. It can be used either as a trend indicator or as an overbought/oversold signal.See also: Overbought, Oversold, Technical AnalysisCategory: 技术分析

Keynesian Economics

凯恩斯经济学Keynesian Economics指约翰·梅纳德· 凯恩斯（1883-1946年）提出的经济理论，主要是关于在经济衰退期间运用政府支出和低利率刺激需求。这些理论与自由市场经济哲学相悖，认为政府干预可以改善经济表现。Economic theories developed by John Maynard Keynes (1883-1946), notably the use of government spending and low interest rates to stimulate demand during a recession. These theories opposed the free market philosophy and argued that economic performance could be improved by government interventionCategory: 金融

Convexity

凸曲度Convexity与存续期一样，凸曲度是衡量债券价格对利率变动敏感度的一个指标。 凸曲度量度债券的经调整存续期(modified duration)对利率变动的敏感度。如果凸曲度为正值(positive convexity)，债券的存续期会随着利率下跌而放大，意味着债券价格对利率变得更为敏感。参见Duration（存续期）。Like duration, convexity is a measure of the price sensitivity of a bond. It measures the change in modified duration for a change in yield.See also: DurationCategory: 债券

Export Enhancement Programme

出口促进计划Export Enhancement Programme美国政府的一项出口补贴措施。 美国出口商将本国农产品销往特定国家时，其成本(农产品在美国的售价)超过出口价的部分，由政府以现金补偿。 网址：www.fas.usda.gov/excredits/eep.htmlA US programme that allows exporters to receive a subsidy to sell US products to foreign customers at world market prices. The US Department of Agriculture subsidises the difference between the world price and the higher domestic price - which exporters have to pay for the product - in the form of commodities from the Commodity Credit Corporation inventory or cash.Category: 技术分析

Export Quota

出口配额Export Quota限制出口数量的措施，可以是双边或多边国际协议，协议方同意将农产品或工业品的出口数量限制在一定的额度之内。参见Commodity Agreement（商品协定）。A quota set under an international commodity agreement, whereby exporting countries of a particular commodity accept limits on their exports. It is also a bilateral or multilateral agreement between countries governing exports of industrial or other goods.See also: Commodity AgreementCategory: 金融

Weighted Average Maturity

加权平均期限Weighted Average Maturity作为按揭证券(MBS)后盾的按揭贷款组合的加权平均期限，即组合中个别贷款距离还清的时间的加权平均数。The weighted average maturity of all the loans making up the underlying collateral in a mortgage pool.Category: 债券

Sale and Leaseback

出售后回租Sale and Leaseback指将资产出售给另一方后再按协议在商定的时间内租用该资产。卖方的好处是可以立即得到资金流入，这些资金可用于其他经营活动，而且回租资产的成本是可预测的。买方则可从出租资产获得可预估的收入。The sale of assets to another party, coupled with an agreement to lease those same assets for an agreed period of time. The seller has the benefit of an immediate inflow of funds, which can be put to use elsewhere in the business, coupled with a predictable cost for the leased assets. The buyer has a predictable stream of income from the leased assets.Category: 金融

Split Capital Investment

分割式资本投资信托公司Split Capital Investment指出售股份然后将其收入集中起来购买其他公司的股份，从而建立投资组合的投资信托公司或集体投资公司。投资信托公司不同于联合信托公司和共同基金，前者一般不个别出卖股份，但却根据投资者的需求不断地卖出和赎回他们的股份。分割式资本信托公司对他们的投资者卖出多种类别的股票，有些股票提供较高的股息收入，有些股票则提供较高的资本增值，以满足购买者不同的风险偏好和税赋状况。参见Investment Trusts（投资信托公司）。Category: 基金

Spin Off

分拆Spin Off指公司通过创立一家新的公司，将本公司业务和资产分割的做法。公司按比例将新公司的股份分配给本公司的股东。也称"分散经营"（Hive Off）。Method used by a company to split its operations and assets by creating a new company. It proportionately distributes shares in the new company to its own shareholders. Also termed hive off.Category: 股票

Diversification

分散风险Diversification在证券投资上，是指将资金分配在多种资产上，而这些资产的回报率相互之间的关联性比较低，以达分散风险的目的。这样做既可以降低风险，又不会损及收益。参见Portfolio（证券投资组合）。Spreading investment risk by constructing a portfolio that contains many different investments whose returns are relatively uncorrelated. Risk levels can be reduced without a corresponding reduction in returns.See also: Portfolio基金 | 金融 | 风险投资和新股发行

Hire Purchase

分期付款购买Hire Purchase指通过分期付款的方式购买商品，在最后一期的款项付清后，商品的所有权方可转让。The purchase of a good by installments, with ownership not conferred until the final payment is made.Category: 金融

Amortization

分期偿还Amortization为accretion(增值)的反义词。该词有两种意思：1.分期偿还，指通过购买基金(purchase fund)或偿债基金(sinking fund)将负债分期还清；2.摊销，指在一定的年限内将无形资产的成本分期摊销为费用。有形的固定资产的成本摊销称为折旧，也指预付费用等递延资产的摊销。参见Depreciation （折旧）。The reduction of principal or debt at regular intervals. This can be achieved via a purchase or sinking fund. The term is also used to describe the depreciation of fixed assets; the opposite of accretion.See also: Depreciation

Analyst

分析师Analyst指从事公司数据、经济数据或价格图表分析，借此提出交易建议的人员。Generic term used to describe someone who analyses company data, economic data or price charts, in order to make trading recommendations.Category: 技术分析

Detachable Warrant

分离式认股权证Detachable Warrant发行债券或其他证券时所附送的，但随后可分拆出来在二级市场独立交易的认股权证，授予持有人以约定价格认购新股或新债的权利。参见Warrant（认股权证）。Issued as part of a bond but then detached and traded separately in the secondary market. The warrant holder has the right to buy new equity or debt.See also: WarrantCategory: 股票

Tracking Share

分轨股票Tracking Share分轨股票系由母公司所创造的一种财务工具，用于追踪集团中某项业务或某一子公司的业绩表现。发行分轨股票时，母公司必须将标的业务或子公司的财务数据独立区分出来。分轨股票与母公司的股票各自独立交易，而母公司对分轨股票所代表的业务或子公司仍掌有控制权。发行这种股票可替收购计划融资，亦可方便公司以股票补偿员工，有助于老牌公司留住可能被新成立公司抢走的员工。A tracking share or stock is created by a company for a subsidiary. It trades separately from the parent company's stock but does not carry any voting rights. It enables the company to compensate staff or raise funds to make acquisitions. It is popular among established companies who risk losing staff to new start-ups, because it is a way of offering employees a stake in the business.Category: 股票

Initial Margin

初始保证金Initial Margin指期货合约的买卖双方为了防止可能的损失而支付给清算行的保证金。参见Clearing House（清算行）, Margin（保证金）。The margin payment paid to a clearing house by both the buyer and the seller of a futures contract to protect against potential losses.See also: Clearing House, MarginCategory: 期货期权

Early Estimates

初步估计Early Estimates参见Consensus Estimates（市场平均预估/一致性估计）。Category: 金融

Red Herring

初步公开招股说明书Red Herring在美国是指新发行证券的初步募股说明书，主要用于掌握市场对该种证券的兴趣，说明书的内容并不包括发行价格、利润和股息预测等关键数字。在美国，法律要求在说明书的正面必须印上红色的通知，"红鲱鱼"（red herring）一词因此而来。US term for the preliminary prospectus for a new issue, which may be used to obtain an indication of the market's interest in that security. Key figures are left blank, such as issue price, profit and dividend forecast. Business is not conducted on the basis of a preliminary statement and in the US the law demands a red notice be printed to that effect on the face of the document, giving rise to the phrase 'red herring'.风险投资和新股发行 | 股票

Commodity

初级产品Commodity指用作食品或制造用的天然原料。可分以下各大类：（1）石油和天然气；（2）金属；（3）谷物和油籽；（4）糖、可可、咖啡和茶等软性产品；（5）橡胶、棕榈油、棉花和羊毛等种植园作物。在交易所买卖的初级产品按合约指定的商品数量、质量及交割日期报价，通常也以远期、期货和期权合约形式交易。如果在交易所以外买卖，初级产品通常通过个别生产者与使用者之间的直接接触而成交，每一笔交易都是"量身定做"的合约，双方往往会签订长期供应合约。A natural raw material used as a foodstuff or in manufacturing. Classified in the following groups: oil and gas metals; grains and oilseeds; soft commodities such as sugar, cocoa, coffee and tea; plantation crops such as rubber, palmoil, cotton and wool. Exchange-traded commodities are quoted in specific lots of a specific quality for specified delivery, and usually also trade in forward, futures and options contracts. Commodities traded outside organised exchanges usually change hands by direct contact between individual producers and individual end-users. The contracts are tailor-made for each deal and are often signed for a long-term continuing supply.Category: 期货期权

Primary Markets

初级市场Primary Markets就证券而言，初级市场是指买家直接从发行者买入证券的市场，是证券新发行的市场，之后证券在二级市场买卖流通。参见Secondary Market（二级市场）。Primary markets are markets where new issues of securities take place. Any subsequent resale or purchase of such securities is handled on the secondary market.See also: Market金融 | 债券 | 股票

Primary Dealer

初级市场交易商Primary Dealer指经中央银行批准、在初级市场上从事政府证券交易的交易商，即直接向政府买进公债的交易商。初级市场交易商通常被要求在公债标售中发挥重要作用，在二级市场上充当做市商，并充分告知中央银行有关市场的态势和发展。参见Primary Markets（初级市场）。Dealers who are authorized by the central bank to deal in the primary market for government securities. Primary dealers are normally required to play a significant part in auctions and act as market makers in the secondary market, as well as keeping the central bank well informed of market conditions and developments. Primary Dealers are also known as primary distributors, jobbers, SVTs (in France), underwriters and lead managers.See also: MarketsCategory: 债券

Primary Metals

初级金属Primary Metals指从矿石中提炼出来的，而不是提炼碎屑或合金而得的金属。Metals produced from smelting ore rather than refining scrap or alloys.

Riksbank

利克斯银行Riksbank

Cost of Carry

利差Cost of Carry诸如债券或国库券等现货金融工具所带来的收益与该项投资的融资成本的差额。参见Carry and Roll(债券利差交易)，Positive Carry（正利差），Negative Carry（负利差）。The difference between the interest generated on a cash instrument such as a bond or a treasury bill and the cost of funds to finance the position. See also: Carry外汇 | 债券

Interest Cover

利息偿付倍数Interest Cover衡量公司支付利息能力的指标,通常以特定时段内的税前营运利润除以利息费用计算得出,分母有时会改用营运现金净流入额.Interest cover, or income earning, expresses how many times a company's interest obligations could be met out of gross profits. It is calculated by dividing a company's pre-tax operating income by its interest obligations for a given period.金融 | 财务税收

Cap

利率上限期权Cap一种协助持有人规避利率上升风险的金融衍生工具，期限通常为2～5年，有效期内可按约定的时段行使权利。在约定的时段内，若标的利率高于约定水平，持有人可行使权利并获得现金补偿，补偿金额视标的利率与约定水准的差距而定。参见Derivatives（衍生工具），Floor（利率下限期权），Strike price（行使价）。Category: 期货期权

Multiplier Bond

利息再投资债券Multiplier Bond这种债券允许投资者以债券利息兑换同一债券,亦即是以利息收入增持同一债券,因此免除了投资者的再投资风险(reinvestment risk). 投资一般债券时,收到的利息再投资的收益率可能较低,这就是所谓的再投资风险. 如果投资者选择将所有利息再投资在同一债券上,这种债券实质上等同零息债券. 亦称为兔子债券(bunny bond)或利息再投资担保债券(guaranteed coupon reinvestment bond). 参见Zero Coupon Bond(零息债券).Synonym: Bunny BondA bond that allows the investor to convert coupons into identical bonds, and to reinvest coupons on these subsequent bonds. The borrower gains a cash flow benefit because the payouts are being converted into extra debt. Also known as a bunny bond.Category: 债券

Profit

利润Profit收入减去成本与费用即为利润。参见Net Earnings（净利），Operating Profit（营运利润）。Company profit is the amount left after deducting the total costs from the total sales. It is usual to define profit more precisely, such as operating profit or net profit.See also: ProfitCategory: 金融

Ploughed Back

利润再投资Ploughed Back指不向股东派发股息，而是将利润再投资在公司业务上。Earnings that are reinvested in the company and not distributed to shareholders as dividends.金融 | 股票

Profit Margin

利润率Profit Margin利润率是反映公司盈利能力的财务比率，由一段时间内的利润除以营业收入得出，以百分比表达。粗略而言，若利润率为20%，代表每做100元的生意可赚20元。常用的利润率包括毛利率、净利润率以及营业利润率，此三比率的分母均为营业收入，分子则分别是毛利(收入减掉货物的直接成本)、净利(收入减去所有的费用与支出)和营运利润(毛利减去营业费用)。参见Gross Profit(毛利)，Net Earnings(净利)及Operating Profit(营运利润)。Net profit as a percentage of sales or capital. Sometimes known as return on sales, or return on capital.Category: 金融

Interest Rate

利率Interest Rate利率是资金的价格,反映借贷的成本. 利率一般按年计算,比如年息5%(5厘),是指借款人一年需向放款人支付本金的5%,作为占用资金的代价. 支付利息是为了补偿放款人牺牲使用资金的权利、贷款期间因通货膨胀导致资金购买力下降的损失以及因放贷所承担的其它风险.The cost paid by a borrower to a lender over a period of time, often calculated annually. It is intended to compensate lenders for the sacrifice of losing the immediate use of their money, for the inflationary erosion of buying power over the life of the loan, and for the risk involved in lending.金融 | 债券

Collar

利率上下限期权Collar指结合利率上限(cap)和利率下限(floor)的期权，将利率限定在一个固定的区间。金融机构向贷款者出售利率上限期权，同时向其买入利率下限期权。如果两笔期权费(premium)相等，则双方皆不必付出期权费。参见Cap（利率上限期权），Derivatives（金融衍生工具），Floor（利率下限期权）。A derivative instrument which fixes interest payments within a certain range by combining a long cap and a short floor. The premium generated from the sale of the floor may completely or partly finance the premium to be paid for the cap.See also: Cap, Derivatives, FloorCategory: 期货期权

Weighting

加权Weighting根据一项指标(如股价指数或经济指标)各组成部分在整体指标中的相对重要程度而给予不同的权数。The weight, or importance, given to the various constituent components of an index or economic indicator.金融 | 股票

Interest Rate Swap

利率互换Interest Rate Swap利率互换是一种现金流交换合约,基本的利率互换是固定利率与浮动利率现金流之间的交换. 互换合约会订明用于计算现金流的名义本金、固定利率的水平以及浮动利率的厘订基础—如伦敦银行同业拆借利率(LIBOR). 在利率互换中,本金是从不交换的,交换的仅是根据本金以及约定利率计算得出的现金流. 而且,在付款日,合约双方通常仅进行净额结算,即仅支付差额,而不是全额交换应付现金. 利率互换是一种场外(OTC)交易,可以根据合约双方(有时会有不止两位参与者)的具体需求量身定制. 利率互换除了可用于管理利率风险,亦常为合约双方带来较低的融资成本. 参见Swap（互换/掉期）。金融 | 债券

Interest Rate Risk

利率风险Interest Rate Risk指因利率的不利波动而带来损失或收入下降的可能性。The potential for losses or reduced income arising from adverse moves in interest rates.金融 | 债券

OPM

别人的钱OPM市场惯用语，指资产管理业者所掌控的客户资金。基金经理人以客户的资金进行投资，用的都是OPM。外界对基金业的一个批评是，基金经理人不管表现如何都坐享丰厚的资产管理费，投资亏损亏的是OPM，投资获利则可参与分红。因为管理的是别人的钱，基金经理人的操作可能不符合客户的最佳利益，比如为追求高回报而过于冒进，或是在已达基金回报目标后即过于保守地持币守成。

CIF

到岸价格CIF英文Cost(成本)， Insurance(保险费)和Freight(运费)的缩写，指商品的价格已包含货物的成本、保险费及运费。参见C and F成本与运费Synonym: Cost Insurance and FreightCost, Insurance and Freight. Used to indicate when insurance and freight charges as well as the cost of the goods are included in the price of a commodity.See also: F期货期权 | 金融 | 缩略语

Maturity value

到期价值Maturity value指金融工具到期时,按合约应可收回的金额. 绝大多数证券之到期值为其面值,债务的到期值通常就是本金.The amount to be paid back at maturity. Also called 'principal' in bond trading金融 | 债券

Current Maturity

到期前所剩时间Current Maturity英文也称term to maturity，指到期之前所剩的时间，是债券估值的一个重要因素。参见Maturity(期限)。The time remaining to maturity, an important factor in bond valuation.See also: Maturity金融 | 债券

YTM

到期收益率YTM英文Yield To Maturity的缩写，是比较债券投资时需考虑的关键指标。投资人按当前市价买进债券，如期收到全部利息和赎回本金，并一直持有至债券到期可获得的回报率即是到期收益率。将债券未来的现金流以到期收益率折现为现值，会等于债券的市价。到期收益率的计算内含一个假设，即到期前收到的全部利息均按到期收益率再投资。Yield To Maturity. YTM is the rate of return expected on a bond if it is held until maturity and is a key consideration when comparing bond investments. It is calculated by taking into account its coupon, current market price and time to maturity. The yield to maturity, expressed as an annualized rate of return, assumes all coupons from the bonds will be reinvested at the same rate. The calculation is necessarily complicated but can be done rapidly by software to allow the market to instantly compare the yield to maturity of various instruments. The principal repayment due on maturity, plus the present inflation-adjusted value of all future coupon payments should, in theory, equal the current market price of a bond.缩略语 | 债券

Expiry Date

到期日Expiry Date指期货合约交割的日期。在期权交易方面，则指欧式期权持有人可行使权利的日期。参见Futures and Options（期货和期权）。The date on which delivery takes place on a futures contract. In options trading, it is the date on which a European option can be exercised.See also: Futures, Option期货期权 | 金融 | 债券

DVP

券款对付DVP英文Delivery Versus Payment的缩写，指债券交易的结算方式，即买卖双方在约定的结算日，债券与资金同步进行交收。Synonym: Delivery Versus PaymentThe normal method of settling bond trades whereby delivery of the security is made on the same day as payment is effected.期货期权 | 金融 | 缩略语 | 债券

Front Office

前线部门Front Office金融机构中最接近市场买卖操作的交易人员及助理。参见Back Office（后勤部门、后台业务部），Middle Office（中后勤部门）。The Front Office describes the dealing and support staff in a financial institution who are closest to the buying and selling operations of a market.See also: Back Office, Middle OfficeCategory: 金融

Backpricing

前置定价法Backpricing金属市场的一种定价方法。按此方法，拥有长期合约的消费者有权根据伦敦金属交易所的有效结算价格确定其合约的部分价格。参见LME（伦敦金属交易所）。Price-setting method in the metal market, whereby a consumer with a long-term contract has the option of fixing the price for a proportion of his contract on the LME settlement price. See also: LMECategory: 期货期权

Encryption

加密Encryption资料以电子方式传递时使用的一种安全措施，将传送的资料转为只有收件人可以解读的特定代码，以避免泄露给他人。A security measure designed to prevent electronically transmitted information from being accessed by anyone other than the intended recipient. Encryption involves coding the information in such a way that only the recipient can decipher it.Category: 金融

Garman Kohlhagen Model

加曼柯尔哈根模型Garman Kohlhagen Model外汇期权定价的公式，与布莱克—斯科尔斯模型相似。 布莱克—斯科尔斯模型假定借款和放款的利率都是同一无风险利率，加曼柯尔哈根模型则允许两种货币的利率各有不同，并将此对期权价值的影响反映于公式内。参见Black & Scholes Model（布莱克—斯科尔斯模型），Option（期权）。A currency option pricing formula similar to Black & Scholes but with separate conditions for domestic and foreign interest rates. See also: Black & Scholes Model, OptionCategory: 期货期权

WACC

加权平均资本成本WACC英文Weighted Average Cost of Capital的缩写。WACC代表公司整体平均资金成本，可用来衡量一个项目是否值得投资；项目的回报必须不低于WACC。 计算WACC时，先算出构成公司资本结构的各个项目如普通股、优先股、公司债及其他长期负债各自的资金成本或要求回报率，然后将这些回报率按各项目在资本结构中的权重加权，即可算出加权平均资本成本。Weighted Average Cost of Capital. WACC is used to measure whether a potential investment will generate an adequate return. It is the cost of debt and equity, weighted by their relative contribution to overall costs both in the proportion of the funding and the cost of the related interest or dividend payments.金融 | 缩略语 | 风险投资和新股发行

Weighted

加权或不加权的指数Weighted计算股价指数的方法可分两种：加权和不加权。不加权的指数以简单的算术平均法或几何平均法计算得出，而在加权指数中，成分股所占的权值大小不一，通常以股票的市值为加权基础。金融 | 股票

SIM

动产中介公司SIM意大利的公司名称中表示"动产中介公司"（Societ di Intermediazione Mobiliare）词组的缩写。Synonym: Società di Intermediazione MobiliareItalian company titleCategory: 缩略语

Capital Employed

动用资本Capital Employed指公司在经营中所动用的资本，可以指净资产(net assets)，但经常是指包含了银行贷款和透支的资本额。参见Capital（资本）。Capital used by a particular company in its business. It may refer to net assets but often includes bank loans and overdrafts.See also: CapitalCategory: 金融

Momentum Indicator

动量指标Momentum Indicator动量指标是旨在预测未来市场走势的技术分析工具,通过比较金融工具的现价与特定时日之前的价格,计算出价格在过去一段时间内的变动率. 分析师藉由动量指标分析目前价格与历史趋势相较处于什么水平,藉此决定交易策略.参见Technical Analysis（技术分析）。Category: 技术分析

Labour Market

劳动力市场Labour Market又称劳工市场或就业市场,是雇员找工作、雇主提供职位的市场.The market for jobs - workers searching for work and employers offering work.Category: 金融

SAL

劳动股份有限公司SAL西班牙的公司名称中表示"劳动股份有限公司"（Sociedad Anonima Laboral）词组的缩写。Synonym: Sociedad Anonima LaboralSpanish company titleCategory: 缩略语

Lloyd's

劳合社Lloyd's指伦敦的保险承销市场，该市场承保的范围包括海运、航空、灾难及专业责任赔偿等方面的风险。

Underwriting

包销Underwriting指发行人向承销商付出一定的费用，换取承销商承诺在市场需求不足时，按发行价买下约定数量的新发行证券。包销安排带有保险的性质。A form of insurance whereby, an underwriter agrees for a fee to take up a specific quantity of a new issue at the issue price if there is insufficient demand.金融 | 债券 | 风险投资和新股发行 | 股票

SAS

有限合伙公司SAS意大利的公司名称中表示"有限合伙公司"（Societ in Accomandita Semplice）词组的缩写。Synonym: Società in Accomandita Semplice. Italian company titleCategory: 缩略语

G10

十国集团G10指七国集团加上另外四个国家——比利时、荷兰、瑞典和瑞士。该集团虽然有11个成员国，但仍称为G10，其主要目标是协调各国的货币与财政政策，以促进世界经济体系的稳定。参见GAB（借款总安排）。The G7 countries plus four others: Belgium, the Netherlands, Sweden and Switzerland. The group has 11 members but is still known as the G10. It aims to co-ordinate monetary and fiscal policies for a stable world economic system. See also: GABCategory: 金融

Revaluation

升值Revaluation指对货币的官方面值或中心汇率正式地向上调整，与之对应的是"贬值"(devaluation)。Formal upward adjustment of a currency's official par value or central exchange rate. Opposite of devaluation.

Upgrade

升级Upgrade就信贷评级而言，是指评级机构提高借款机构或其债务工具的信用等级。这通常意味着借款人因违约风险降低，可更容易和更便宜地获得资金。与之相反的是downgrade(降级)。参见Credit Rating （信用评级），Downgrade（降级/信贷评级遭调降）。An upward regrading by a credit rating agency of the credit status of a borrowing institution or its debt instruments. It usually means that the borrower will be able to obtain funds more easily and more cheaply because its credit risk has improved. The opposite of downgrade.See also: Credit Rating, DowngradeCategory: 债券

Wall Street

华尔街Wall Street华尔街是位于纽约曼哈顿金融区的一条街，是纽约证交所及众多金融机构如银行和券商的所在地。华尔街已成为美国金融业的代名词，亦被用于指美国股市或纽约证券交易所。Colloquial name for the New York Stock Exchange that has loosely come to mean securities trading generally in the US.Category: 金融

Wall Street Refiner

华尔街石油交易商Wall Street Refiner指从事原油和石油产品的期货或纸面石油交易的华尔街投资公司，其交易规模与真正的炼油商相当。这种公司一般并不拥有石油提炼厂，也不进行石油的实物交割。A Wall Street investment firm that buys or sells crude oil and petroleum products - as futures contracts or paper barrels - on a scale similar to real refineries. Typically these investment firms do not own oil refineries and take no actual delivery of oil.Category: 期货期权

Covariance

协方差Covariance统计学用语，指两个变量的相关系数与每个变量的标准差的乘积。协方差衡量两个变量向同一方向变动的程度。参见Correlation(相关系数)，Standard Deviation(标准差)。A statistical term for the correlation of two variables multiplied by the individual standard deviation for each of the variables. Covariance measures the degree to which two variables move in the same direction.See also: Deviation金融 | 外汇

Choice Price

单一报价Choice Price指交易商报给客户的单一确定价，不管客户是向其买进还是卖出，等同于交易商以零价差报价，即买方出价(bid，即交易商的买入价)等于卖方报价(ask，即交易商的卖出价)。参见Ask(卖方报价)，Bid（买方出价），Bid-Ask Quote(买卖方报价)，Spread（价差）。A firm price, where the dealer quotes one single price to a client regardless of whether that customer is buying or selling from the dealer. In effect the bid price (at which the dealer buys) and the offer price (at which he sells) are exactly the same, so there is no spread between the two. He is quoting at a zero spread. Also called either way.See also: Offer, Bid, Spread金融 | 外汇 | 债券 | 股票

Simple Stock Future

单一股票期货Simple Stock Future系有权按某一固定价格买入单一公司股票的期货合约。这有别于具有购买某一特定股市指数所有成分股权利的指数期货。单一股票期货为杠杆率更高的股票投资方式，因为刚开始只需要期货合约的成本就能控制持股。参见Futures（期货），Gearing（杠杆率）。期货期权 | 股票

Unit Trust

单位信托Unit Trust1. 在英国, unit trust等同mutual fund. 参见mutual fund(共同基金). 2. 在美国,单位信托公司是指向美国证券交易委员会(SEC)注册的一种投资公司.这种公司集合投资人的资金,买进一个资产组合之后不再进行调整,投资人得到的单位信托是拥有该固定的资产组合权益的凭证. 单位信托与共同基金主要的差异,在于基金经理会调整共同基金的资产结构以追求更好的投资回报,而单位信托的资产结构则会一直保持不变. 单位信托公司会将投资收益定期派发给投资人,一般被视为是一种低风险低回报的投资工具. 单位信托因不买卖资产,经营费用较共同基金来得低,部分投资人因此青睐单位信托多于共同基金,但不少单位信托公司会收取认购以及赎回费. 英文亦称为fixed investment trust或participating trust或Unit Investment Trust (UIT).参见Open-end Fund (开放式基金), Closed-end Fund(封闭式基金), Mutual Fund(共同基金)及Investment Trust(投资信托).Category: 基金

Simple Interest

单利Simple Interest指借款的成本或放贷的收益。单利的计算取决于所借款项或贷款的金额（本金），资金借用时间的长短及市场一般利率水平等因素。参见Compound Interest（复利）。The cost of borrowing, or the return on lending money. It is calculated on the amount borrowed or lent (the principal), the length of time the funds are borrowed for, and the market general interest rate level. See also: InterestCategory: 债券

Covered Call Writing

卖出持有标的看涨期权Covered Call Writing指卖出看涨期权，同时持有该期权的标的资产，以备看涨期权的行使。持有大量可作为期权标的资产的机构如养老基金可进行此类操作。参见Option（期权）。An option strategy that combines a short call position and a long position in the underlying financial instrument or share. By owning the underlying instrument on which the option is written, the call is covered if exercised because the instrument can be delivered. The strategy may be followed by institutions such as pension funds with large holdings of underlying assets.See also: OptionCategory: 期货期权

Sell-side

卖方Sell-side指以交易为主业的金融机构。与之相对的是"买方"，即指那些自行投资，或为其他投资者代理投资的金融机构。Used to describe to financial institutions whose primary business is trading. The opposite of buy-side, where financial institutions make investments either for themselves or on behalf of other investors.期货期权 | 金融 | 外汇 | 债券 | 股票

Ask

卖方报价Ask指市场做市商出售证券、货币或任何金融工具所报出的价格。亦称"要约"（offer）。双向的价格由买方出价和卖方报价构成。两种报价之差即为价差(spread)。参见Bid（买方出价）。期货期权 | 外汇 | 债券 | 股票

Historical Volatility

历史波动性Historical Volatility以历史资料计算得出的指标，反映价格或收益率过去呈现的波动程度。贝塔系数(Beta)反映的是个股或股票组合相对于整体市场的波动性。参见Volatility（波动性），Beta（贝塔系数/β值）。A measure of volatility based on past price or yield behaviour. Beta measures volatility against the rest of the market.See also: Volatility, Beta金融 | 股票

Crude Oil

原油Crude Oil指去除相关气体后油田的产物，用于提炼其他石油产品如汽油和燃料油。参见Brent(英国布兰特原油)，WTI(西得州轻质原油)。Oil produced from a reservoir after any associated gas has been removed.See also: Brent, WTICategory: 期货期权

Participation

参与权益Participation指在石油勘探或营运项目中，一家公司或政府所拥有的部分权益。也指对一笔抵押(或其它类型)贷款所拥有的部分权益，该笔贷款由两位或以上的放款人联合贷出。Part ownership of an oil venture or operation, by a company or government. It can also refer to a mortgage loan made jointly by two or more lenders.

Participation Certificate

参与证书Participation Certificate在美国，这种证书代表在抵押贷款中的权益。证书的买方获得现金流(来自借款人的还本付息)，但卖方仍是记录上的受抵押人。在瑞士，参与证书指由瑞士的公司发行的没有表决权的股票。These US certificates represent an interest in mortgage loans. The buyer receives the cash flows and is the owner, but the seller remains the mortgagee of record. In Switzerland a participation certificate is a non-voting form of equity that is issued by Swiss companies.Category: 金融

Dual Pricing

双价制Dual Pricing指同一产品在不同的市场或国家以不同的价格销售。Identical product sold at different prices in different markets or countriesCategory: 金融

Two-way Market

双向市场Two-way Market指不管是买方还是卖方价格都有交易商积极报价的市场。Market where dealers actively quote both buying and selling rates.Category: 金融

Double Witching

双巫同时显灵(日)Double Witching参见Triple Witching（三巫同时显灵(日)）。Category: 技术分析

Dual Listing

双重上市Dual Listing指一家公司在两家或以上的证券交易所上市。A company which is listed on more than one stock exchange.Category: 股票

Dual Currency Bond

双重货币债券Dual Currency Bond以一种货币付利息，另一种货币偿还本金的债券，前者货币通常是债券投资人所在国家的货币，后者则通常是美元或发行人所在国家的货币。 投资人通常可获得较市场水平为高的票面利率，但也可能要承受一定的外汇风险。例如，美国的机构可以在日本发行这种债券，投资人以日元买进，以日元收息，但到期时以美元(按约定的汇率计算)收回本金。A bond that pays a coupon in one currency, but is redeemed for a fixed amount of another currency, often the dollar. Investors usually get an above-market coupon, but run the risk that, in this example, the dollar would fall below the exchange rate implied when the amount was fixed. These bonds are attractive to borrowers who operate in the redemption currency because they have no long-term exchange rate risk. For other borrowers, the guaranteed exchange rate can be used in a swap, for example, with corporations having liabilities in the currency of issue.See also: SwapCategory: 债券

Double Top

双重顶Double Top技术分析术语。 双重顶是价格升势出现反转的一种形态，典型的双重顶形态会出现高度大致相等的两个高点，价格在两个高点出现后即陷入下降轨迹。双重底则是跌势反转的一种形态，典型的双重底有两个水平大致相等的低点，价格在两个低点出现后即步入上升轨迹（见图7）。参见Technical Analysis（技术分析）。Synonym: Double BottomA double top is a term, used in technical analysis, to describe a reversal pattern that occurs in a rising market. A typical top has two prominent peaks at about the same level. A double bottom is a reversal pattern that occurs in a falling market. It typically has two troughs at about the same level.See also: AnalysisCategory: 技术分析

Reverse Cash and Carry Trade

反向买现卖期交易Reverse Cash and Carry Trade参见Cash and Carry Trade（买现卖期交易）。Category: 期货期权

Contrarian

反向操作投资人Contrarian指那些看法与市场多数意见相反，操作方向与当前趋势相逆的投资人。 例如，在大部分市场人士仍在积极抛售股票时，反向操作者会择机买进，因其相信卖压可能已接近完全释尽，或者市场已进入超卖状况。Someone who moves or acts in the opposite direction to the general trend. A contrarian investor buys stock when the rest of the market is selling.外汇 | 债券 | 股票

Reverse Takeover

反向收购Reverse Takeover指一家公司收购比自己大的公司，或未上市的公司收购已上市的公司。Where a company takes over a larger concern or when an unlisted company takes over a concern that is listed on a stock exchange.Category: 风险投资和新股发行

Reverse Stock Split

反向股票分割Reverse Stock Split指将公司已发行的股份数量缩小至少量股份，而股东所持股份的比例不变，亦不会对股东造成损失。这不如股票分割常见，通常只在股价较低时出现。这一行动会抬高股票的名义价格，但不会影响股票的价值，因为每一缩小数量的股份却代表对公司更多的所有权，也称"逆股票分割"(negative stock split)。参见股票分割（Stock Split）。A reduction of the number of outstanding shares in a company into a smaller number of stocks without cost to the shareholders who retain their proportionate holdings. This is not as common as a stock split and is usually only seen when the stock price is low. The move boosts the nominal price of each share, although it does not affect their value because each of the reduced number of shares now represents a larger share of ownership of the company. Also known as a negative stock split. See also: Split

Rally

反弹Rally泛指市场或产业逆转先前整体跌势，或从窄幅交易范围向上升。General trading term for when a whole market or sector reverses a previous general fall, or moves up from a narrow trading range.金融 | 外汇 | 债券 | 股票

Anti-trust Laws

反托拉斯法Anti-trust Laws指美国旨在防止企业垄断与自由贸易受限的联邦法规。US federal legislation to prevent business monopolies and restraint of free trade.

Tenderable Grades

可交割等级Tenderable Grades指适合用于期货交割的商品等级，英文亦称deliverable grades。Grades designated as suitable for delivery to settle a futures contract. Also called deliverable grades.Category: 期货期权

Reversal

反转Reversal在技术分析上，反转指趋势的改变。许多技术分析师运用价格图上的形态寻找反转点。主要的反转形态包括头肩、三重峰顶/谷底、双重峰顶/谷底和"V"字形反转。参见Patterns（形态）, Technical Analysis（技术分析）。In technical analysis, a reversal is a change in trend. Many technical analysts use patterns in price charts to spot a reversal. Key reversal patterns include head and shoulders, triple top/bottom, double top/bottom and V-formation/spikes.See also: AnalysisCategory: 技术分析

Reversal Day

反转日Reversal Day技术分析上使用的术语。一个关键的反转日标志着价格图上的一个重要转折点，但只有当价格显着地朝原趋势作反方向移动时，才能确认为转折点。高点反转日可定义为在向上的趋势中出现了最高价，随后即出现一个低于前一个收盘价的收盘价。底部反转日则为出现了一个高于前一日收盘价的收盘价。岛式反转指当向上缺口形成时，价格在一个狭窄的范围内交易数日，然后出现向下的突破缺口，使得价格变化形态像一个岛似的，这是一种趋势反转。参见Gap（缺口）, Technical Analysis（技术分析）。A term used in technical analysis. A key reversal day marks an important turning point on a chart but it cannot be correctly identified until prices have moved significantly in the opposite direction to the previous trend. A top reversal day is defined as when a new high has been set in an uptrend and is followed by a lower close than the previous close. A bottom reversal day would be a new low followed by a close above the previous day's close. An island reversal occurs when an upward gap has formed, prices have traded in a narrow range for a few days and a breakaway gap to the downside then occurs. This leaves the price action looking like an island, which indicates a trend reversal.See also: AnalysisCategory: 技术分析

Issue Price

发行价Issue Price指证券发行时,卖给投资人的价格. 发行价若与证券面值相同,称为平价发行(at par),高于面值则称为溢价发行(at a premium),低于面值称为折价发行(at a discount).The price at which securities are sold on issue. This can be at par or face value, or at a discount or premiumCategory: 股票

W/I

发行前交易W/I英文When Issued的缩写，或更精确地说是When，As and If Issued的缩写，英文亦称为free to trade。发行前交易在一批股票或债券正式宣布或获准发行之后即开始，直至该批证券正式发行并交付投资人。发行前交易市场英文称为grey market(灰色市场)，在此期间没有应计利息。A conditional transaction because the security involved has been authorized but not yet issued.金融 | 缩略语 | 债券 | 股票

Grey Market (Gray Market)

发行前交易市场Grey Market (Gray Market)指投资者买卖已正式宣布或获准发行，但尚未交割或结算的证券的非正式市场。发行前交易英文亦称When Issued (W/I)。参见W/I (发行前交易)。页面分类: 金融 | 债券

Issue Date

发行日Issue Date指新证券的发行日期，通常作为证券开始计算利息的日期。The date of issue of a new security. Often used as the date on which interest begins to accrue.金融 | 股票

Ste Cve

合作公司Ste Cve比利时的公司名称中表示"合作公司"（Société Coopérative）词组的缩写。Synonym: Société CoopérativeBelgian company title金融 | 缩略语

Bonus Issue

发行红利股Bonus Issue公司将股东资金中的储备转移至资本项下，等于向股东免费发行股票。新发行的股票按持股比例向现有股东分发。这亦称为资本化发行的股票(capitalization issue)，免费发行的股票(free issue)及红利股票(scrip issue)。When a company transfers money from its reserves to its permanent capital it makes a free issue of shares to shareholders. These new shares are then distributed to the existing holders in proportion to their existing holdings. Also known as a capitalization issue, a free issue and a scrip issue.Category: 股票

Depository

受托人Depository受托保管金钱或有价证券等贵重财物的个人或机构。A storage facility for securities registration and ownership documents.Category: 金融

Variation Margin

变动保证金Variation Margin因市场出现不利的波动，导致账户的保证金不足而须增缴的保证金，与头寸的亏损程度成正比。变动保证金由清算行或经纪商每日收取，按当日收盘价计算头寸的损益情况得出。参见Margin（保证金），Mark to Market（按市价调整）。Variation margin is collected on a daily basis by clearing houses or brokers to ensure margin requirements on a particular transaction keep pace with subsequent market movements. It represents a running profit or loss on a contract. It is calculated by revaluing all positions with reference to the closing prices each day.See also: Margin, Mark to Market期货期权 | 金融 | 股票

ROC

变动率ROC英文Rate of Change的缩写。在技术分析中，变动率〔变动速度〕是衡量最新的收盘价与先前某特定时间价格的比例的指标。例如，编制一个5天变动速度是指将最新的收盘价除以5天前的价格，然后乘以100而得。100为中点或零点线。参见Oscillator（摆动指标），Technical Analysis（技术分析）。Synonym: Rate of ChangeIn technical analysis, the ROC is an indicator that measures the ratio of the most recent closing price to a price in a previous set period. Thus, a five-day rate of change oscillator is constructed by dividing the latest closing price by the price five days previous and multiplying by 100. The 100 line becomes the midpoint or zero line.See also: Analysis金融 | 缩略语 | 股票

AIM

另类投资市场AIM英文 Alternative Investment Market的缩写，指英国为那些不够资格在伦敦股票交易所正式上市的公司所设的市场，这些公司通常是规模较小或高风险的企业。 网址：www.londonstockexchange.comSynonym: Alternative Investment MarketA UK market for smaller or high-risk companies that do not qualify for a full listing on the London Stock Exchange. 缩略语 | 风险投资和新股发行 | 股票

Fungible

可互换的Fungible指一种金融工具与另一种特性/条件相同的金融工具可互相替换。 可替代债券(fungible bond)是指除了价格之外，所有其他条件均与现有某期债券一致的一期新发行债券。参见Bond（债券）。The term used to describe when one instrument is identical to, and therefore interchangeable with another. A fungible bond is a new issue that has all the same specifications as an existing issue, other than price. If a bond is fungible, it can be exchanged for an existing bond with the same characteristics.See also: BondCategory: 债券

SCL

有限合作公司SCL西班牙的公司名称中表示"有限合作公司"（Sociedad Cooperativa Limitada）词组的缩写。Synonym: Sociedad Cooperativa LimitadaSpanish company titleCategory: 缩略语

Exchangeable Bonds

可交换的债券Exchangeable Bonds与可转换债券相似，但与发行者的股票没有关系。这种债券可以转换成另一家公司的股票，而债券发行者可能本已持有这些股票。参见Convertible Bonds（可转换债券）。Similar to convertible bonds but not linked to the shares of the issuer. They can be exchanged for shares in another company, which the issuer may already own. See also: Convertible BondCategory: 债券

Attributable Profit

可分配的利润Attributable Profit指公司总收入减去各项支出后可分配给股东的利润。Total earnings of a company less expenses, attributable to the shareholders.Category: 金融

Puttable

可卖回的Puttable指债券持有人有权在债券到期前的某一约定时点将债券卖还给发行人，这种债券称为可卖回债券(put bond)。债券卖回的价格在发行时已约定，可以是债券的面值，亦可以高于或低于面值。参见Callable（可提前赎回的）。A bond is described as puttable, or having a put feature, when the holder has the right to sell the bond back to the issuer at a specific date before maturity. The repurchase price, which may be at par, premium or discount, is specified at the time of issue. See also: Callable金融 | 债券

Variable Rate

可变利率Variable Rate定期调整的利率，通常以某一市场基准利率为基础。A periodically adjusted rate, usually based on a standard market rate.Category: 金融

SA de CV

可变动资本额股份有限公司SA de CV墨西哥的公司名称中表示"可变动资本额股份有限公司"（Sociedad Anonima de Capital Varianle）词组的缩写。Synonym: Sociedad Anonima de Capital VariableMexican company title.Category: 缩略语

Variable Costs

可变成本Variable Costs指随着产量或销售量改变而变动的成本，如原材料或包装成本。与租金等固定成本不同，后者不管产量或销售量如何均保持不变。A cost which varies with the volume of production or sales, such as the cost of raw materials or packaging. In contrast with fixed costs, such as rent, which stay the same regardless of the volume of production or sales.Category: 金融

SICAV

可变资本投资公司SICAV法文Société d'investissement Capital Variable的缩写。在法国和卢森堡，这是类似于共同基金和联合信托公司的投资基金。Synonym: Société d'lnvestissement à Capital VariableIn France and Luxembourg, these are investment funds similar to mutual funds and unit trusts.基金 | 缩略语

Extendible Bond

可展期的债券Extendible Bond可展期的债券在初次到期后，可再订未来一段时间的条件，将债券展期，通常债权人和债务人有权在重订条件时选择赎回。A bond on which terms are reset for a further period beyond the initial maturity date. Typically both the borrower and the investor will have the right to redeem the bonds at these refixings.Category: 债券

Callable

可提前赎回的Callable可提前赎回的债券(callable bond)给予发行人在债券期满前按约定条件赎回债券的权利。发行人通常会在票面利率高于市场利率时选择行使提前赎回权。 一般来说，可提前赎回的债券通常附带对持有人的保护条款(call protection)，注明发行人在某段时间内不能提前赎回。英文亦称为redeemable bond。参见Puttable（可卖回的）。A callable bond gives the holder the right to early redemption at a given redemption price, on a given call date. See also: PuttableCategory: 债券

Convertible Preference Share

可转换优先股Convertible Preference Share指可按约定换股价转换成普通股的优先股。与普通股相比，优先股股东有优先收取公司股息的权利。参见优先股（Preference Share）。A preference share that can be converted into common shares at a fixed conversion price. Preference or preferred shares entitle a holder to a prior claim on any dividend paid by the company before payment is made on ordinary shares. See also: ShareCategory: 股票

Convertible Bond

可转换债券Convertible Bond含股票认购权的公司债，可按约定的换股价将债券转换成发行公司的股票。 转换价通常高于当前股价，可转债的投资者会期望标的股票的价格能升逾转换价。由于有机会从换股中获得资本利得，投资者可接受可转债的票面利率低于一般公司债。如果可转债与标的股票的价格出现失衡现象，交易商会把握机会进行套利。参见Arbitrage（套利），Bond（债券），Coupon（票面利率，息票）。A bond that is convertible into a fixed number of an issuing company's stock at a pre-set conversion price. This price is usually at a premium over the current or average price, but purchasers of the convertible bond hope that the price of the underlying stock will rise. Because of the prospect of possible capital gains on the shares, the bond can carry a lower coupon, or nominal rate of interest. Convertible bonds may often be used for arbritrage by traders who can make money by spotting differences between the valuation of the bond and the underlying shares. See also: Bond, Coupon债券 | 股票

Convertible Arbitrage

可转换债券套利Convertible Arbitrage一种套利策略，买进可转换债券，并卖空标的股票，行使转换权等同于回补空头头寸，在可转换债券及标的股票的价格偏离均衡水平时会有利可图。参见Arbitrage（套利），Convertible Bond（可转换债券），Short（空头）。Buying convertible bonds and selling short the shares into which they can be converted. See also: Bond, Short债券 | 股票

Negotiable

可转让的Negotiablē. 指 证券或物品可自由地交易或转让。2. 指交易的各项条款如价格、佣金或利息等均可商议。An item that can be traded or transferred freely. Also refers to any part of a transaction where a fee, commission or interest rate, for example, can be negotiable (i.e. agreed to the satisfaction of one or more parties).Category: 金融

UCITS

可转让证券集合投资事业UCITS英文Undertakings for Collective Investments in Transferable Securities的缩写。UCITS可指欧盟有关证券投资基金的法规，也可指按欧盟相关法规，经核准于欧盟境内向公众发售的开放式证券投资基金。Synonym: Undertakings for Collective Investments in Transferable SecuritiesUndertakings for Collective Investments in Transferable Securities. European Community regulations governing any collective investment fund, such as a unit trust, sold within the Community.基金 | 缩略语 | 债券

Merger

合并Merger指两家或两家以上的公司结合成一家公司. 合并可以是一家公司收购另一家公司的结果,也可以是以平等地位合并(merger of equals). 产品线相同或很接近的公司合并,称为横向合并(horizontal merger),同一行业内上下游厂商之间的合并称为纵向合并(vertical merger).A fusion of two or more companies. Can also represent an acquisition or takeover.金融 | 风险投资和新股发行

Merger Arbitrage

合并套利Merger Arbitrage一种交易策略,利用两家正在洽商并购的公司的股价波动来获利. 一般做法是买入将被收购的公司的股票,同时拋空提出收购一方的股票,因为前者股价通常会因并购消息而劲升,后者则通常会下滑.参见Arbitrage（套利）, Long（多头）, Merger（合并）, Short（空头）。A trading strategy which takes advantage of share price anomalies arising from an announced or expected merger between two companies. It usually involves going long in the takeover target's shares, which are expected to gain in value during the merger, and going short in the bidding company's shares, which are expected to fall because of the risk and expense of acquiring another company.See also: Arbitrage, Long, Merger, Short金融 | 风险投资和新股发行

Consolidated Balance Sheet

合并资产负债表Consolidated Balance Sheet集团的资产负债表，显示母公司及旗下子公司作为单一实体的资产与负债状况。也称合并账户(consolidated account)。参见Balance Sheet（资产负债表）。Synonym: Consolidated AccountA report showing the financial position of a company and its subsidiaries. Also known as a consolidated account.See also: Balance SheetCategory: 金融

Synthetic

合成金融工具Synthetic指将两种或两种以上的金融工具组合在一起，创造出别具特色新资产的金融工具。例如，在购买一只股票的看涨期权的同时卖出相同股票的看跌期权，人为地创立一项与该股票具有相同特征、相同风险和潜在回报率的资产。A financial instrument that is created by combining two or more instruments to create a new asset with distinct attributes. For example, the purchase of a call option on a share and the simultaneous sale of a put option on the same share artificially creates an asset which has the same characteristics as the underlying share and the same risks and potential rewards.期货期权 | 金融

Good Delivery

合格交割Good Delivery指证券已有必要的背书，所有相关文件齐备，符合全部交割要求，可在结算日将所有权过到买方名下。The delivery of an instrument in good time and with all the relevant information in order, such as title, endorsement and legal papers.Category: 期货期权

Eligible Bills

合格票据Eligible Bills指可以作为中央银行贴现窗口融资抵押品的票据。参见Bill of Exchange（汇票），Discount Rate（贴现率），Discount Window（贴现窗口A bill is said to be eligible when it can be delivered to a central bank at the discount window in return for funds.See also: Bank金融 | 债券

Spontaneous Lending

同步贷款Spontaneous Lending指并非用于现有贷款的还本付息而提供所需资金的新贷款。New lending that is not intended to provide funds needed to repay interest and principal on existing loans.Category: 金融

Fair value

合理价值Fair value在期货市场，合理价值指相应的现货价值加上持仓净成本(相对于持有期货，持有现货的额外成本)。 就股价指数期货而言，合理价值等于现货股票的价值加上购买现股相对于买入期货的资金净成本，减去持有现股期间获得的股息。若投资人选择购买现股而非股价指数期货，需付出一定的资金成本(借钱购股的利息成本或因动用存款而牺牲掉的利息收入)，而持股期间所得的股息则有助于减轻持股成本。而若投资人购入股价指数期货而非现股，则不需付出购买现股的资金成本(当然，还是需为期货保证金付出代价，但这远低于购买现股)，但亦无法享有持有现股带来的股息。因资金成本通常高于股息，购买期货较购入现股有优势，但在期货到期时，期货的价值等于现货股票的价值，为避免出现没有风险的套利机会，投资人在买进期货时即需付出较现货有一定溢价的价格，这就是期货的合理价格。因各投资人的持仓成本(或相关预期)不尽相同，期货的合理价值因持有人的差异而不尽相同。参见Futures (期货)，Carrying Charge (持仓费)。A term used in the futures market that represents the cash price plus the net cost of carry. The fair-value calculation for an equities index future is different for every account. It can be defined as any of the following: 1) the estimated premium over cash to allow for dividend flows and carrying costs, 2) the allowance for expected dividend flows and financing costs involved in holding the contract until expiry 3) how much higher futures should be over a share index after balancing the attractive financing cost of futures against the dividends that shareholders receive 4) accounts for financing costs and share dividends 5) the difference between the interest on cash and the dividends paid on the index over the remaining life of the future.See also: Futures, Carrying ChargeCategory: 期货期权

Contract Month

合约月份Contract Month指期货合约到期要交割的月份，即合约到期的月份。参见Back Month（最远月期约），Futures（期货），Premium（升水）。The month in which delivery is due under a futures contract, i.e. when the contract expires.See also: Back Month, FuturesCategory: 期货期权

Contract Grades

合约等级Contract Grades为一种商品制定的标准等级，是按期货合约交割商品时必须遵守的标准。大多数合约都有若干等级，如果交割的商品与合约等级有异，须按差异程度补差价。参见Futures（期货），Premium（升水）。Standard grades for each commodity that must be observed when commodities are delivered against futures contracts. Most contracts have a number of grades or qualities.If the delivered commodities vary from the contract grades then the price will be at a premium or discount when delivery actually takes place.See also: Futures, PremiumCategory: 期货期权

Coincident Indicators

同步指标Coincident Indicators同步指标反映与经济周期同步变化的经济因素，包括零售销售和工业生产。与此相对，领先指标监测先于经济周期出现变动的因素，用于预测经济总产出及活动的变化。先指标包括股价指数、资本财订单、房屋建筑订单及消费者信心指数等指标。滞后指标则指其变动落在经济周期之后的经济指标，包括劳动力成本和利率水平。参见Leading Indicators(领先指标)与Lagging Indicators(滞后指标).Coincident economic indicators measure economic factors that change at the same time as the overall economic cycle. They include such things as retail trade volume and industrial production. Leading indicators, on the other hand, measure factors that change ahead of changes in the overall economic cycle and are used to predict changes in overall output and activity in an economy. Leading indicators include such things as share prices, new orders for investment goods, housing construction orders and the index of consumer confidence. Lagging indicators are economic indicators that follow a change in the economic cycle. They include such things as labour costs and interest rates.Category: 金融

Pari Passu

同等权益Pari Passu指两批证券所享的权益相同。发行证券时，加入同权条款(pari passu clause)，即表示新发行的一批证券与现有的证券享有同等待遇(rank pari passu)。Pari passu在拉丁文是"同步"之意。Securities issued with a pari passu clause rank equally with existing securities of the same class. Pari passu means 'with equal step' in Latin.

Nominal

名义上的Nominal指一个数值未剔除通货膨胀因素。比如将一段时间内全部商品和服务按现行货币值相加，可算出该段时间的名义经济产值，不经通膨调整，直接比较名义产值，即可计算出经济名义增长率。 物价变动剧烈时，名义增长率会扭曲了经济的实际表现。参见Real（实质的/实际的）。Unadjusted for inflation. A calculation of nominal economic growth simply adds up the total of goods and services in current cash terms and makes no adjustment for inflation, which may lead to great overstatement of the real, underlying position.See also: RealCategory: 金融

Nominal Interest Rates

名义利率Nominal Interest Rates指未剔除通货膨胀因素的利率。实质利率(real interest rate)则是经通膨调整的利率，约等于名义利率减去通货膨胀率。The interest rate expressed in money terms, with no allowance made for the effects of inflation. In contrast with real interest rates, which are nominal rates minus inflation.Category: 金融

Notional Principal

名义本金Notional Principal在金融衍生工具中，用来计算实际结算金额的名义性本金，比如各种利率衍生工具如利率互换、远期利率协议、利率上限或下限期权，即需要一个名义本金来计算利息。参见Cap（利率上限期权），FRA（远期利率协议），Floor（利率下限期权），Swap（互换/掉期）。The hypothetical amount on which interest payments are based in products such as interest rate swaps, forward rate agreements, caps and floors.See also: Cap, FRA, Floor, Swap

Back Office

后勤部门Back Office金融机构的后勤支持部门，负责处理交易的结算、交割、记录保存及监督程序等工作。参见Front Office (前线部门)和Middle Office (中后勤部门)。The department in a financial institution that processes deals and handles delivery, settlement and regulatory procedures. See also: Office金融 | 股票

LIFO

后进先出法LIFO英文Last In First Out的缩写，是评估存货价值的一种方法，假定最新的存货—即最后进入仓库的—最先被卖掉。参见FIFO（先进先出法）。Synonym: Last In First OutA method of valuing stocks, or inventory, where the newest stock is sold first.See also: FIFOCategory: 缩略语

SEC Filings

向美国证交会申报的文件档案SEC Filings在美国，公司必须就公司的活动向美国证交会提出申报，其中一些文件也必须向相关的股票交易所报送。通过证交会的网址可以查到这些档案。网址：www.sec.gov/edgar.shtml 参见SEC（美国证交会）。 In the US, companies are required to make SEC filings on their corporate activities. Some of the forms must also be filed with the appropriate stock exchange. The filings can be accessed electronically through the SEC website.See also: SECCategory: 股票

United Nations Conference on Trade and Development

联合国贸易和发展会议United Nations Conference on Trade and Development参见UNCTAD（联合国贸易和发展会议）。Category: 金融

Cyclical Deficit

周期性赤字Cyclical Deficit指一国财政赤字中因经济周期性波动而产生的部分。例如，随着经济增长放缓，税收下降及福利支出上升，财政赤字会趋于恶化。经周期性调整后(cyclically-adjusted)的财政赤字剔除了经济周期性波动对预算的影响。参见Structural Deficit（结构性赤字）。The portion of a country's budget deficit which is due to economic swings, with budget positions tending to deteriorate as economies slow, tax revenues fall and welfare spending rises. The cyclically-adjusted deficit strips out the impact that economic swings have on budgetary health.See also: Structural DeficitCategory: 金融

Trade Bill

商业汇票Trade Bill参见Bill of Exchange（汇票）。Category: 金融

CP

商业票据CP英文Commercial Paper的缩写。商业票据是一种无担保的短期期票(promissory note)，有确定的金额及到期日。商业票据是一种可转让的金融工具，通常是不记名的。与存款单(CD)一样，商业票据是筹措流动资金的工具。从融资成本看，发行商业票据与存款单应没有什幺区别，因为两者的收益率是相当的，但商业票据的期限通常在30天以内，以避免与存款单市场竞争。参见Bearer Shares/Bearer Bonds（不记名股票或债券），CD（存款单）。Synonym: CPThis is a short-term unsecured promissory note issued for a specified amount and maturing on a specified date. CP is a negotiable instrument, typically in bearer form. CP, like CDs, are a means of raising working capital. In terms of funding costs, the issue of one or another should make no difference since both will produce comparable yields. However, CP tends to be issued with maturities of 30 days or less, to avoid competing with the CD market.See also: Note, CD金融 | 缩略语

Commercial Banks

商业银行Commercial Banks指提供批发和零售银行服务，同时亦参与同业市场操作的金融机构。商业银行吸收客户的存款，并提供支票结算服务。在英国，商业银行亦称为清算银行(clearing banks)。在美国，商业银行亦称金融中心银行(money-centre banks)。当商业银行需要短期资金时，可向中央银行借款。商业银行与投资银行或商人银行(merchant banks)不同，后者专门为公司筹措资金，而不是贷款和货币流通活动。参见Central Bank（中央银行），Investment Bank（投资银行）。Financial institutions that operate in wholesale and retail banking and allied markets. Commercial banks attract customer deposits and offer cheque-clearing facilities. They are known as clearing banks in the UK and money-centre banks in the US. They are allowed to borrow from their respective central banks when they need short-term funds. Commercial banks contrast with investment or merchant banks which specialize in raising funds for companies rather than concentrating on lending and the mechanics of money transmission. See also: Central Bank, Investment BankCategory: 金融

Merchant Bank

商人银行Merchant Bank相当于美国的投资银行.参见Investment Bank（投资银行）。Category: 金融

Goodwill

商誉Goodwill一家公司收购另一家公司时，所支付的代价超过被收购公司账面资产净值的部分，称之为商誉，是收购后集团资产负债表上资产方的一个项目。 若支付的代价低于账面资产净值，差额则称为负商誉(negative goodwill)。 收购方之所以会愿意付出较账面净值为高的收购代价，即之所以会有商誉，是因为收购方认为被收购公司的价值高于财务报表所反映的资产净值，这基本上有两种原因： (1)会计上的局限使财务报表无法完全反映公司有形资产的合理价值，如公司拥有的土地已大幅增值但尚未反映在报表上； (2)受会计标准所限，公司的无形资产(——例如受欢迎的品牌、优秀的员工及公司所建立的信誉等)，无法反映在资产负债表上。会计标准会要求公司以合理的方式将商誉分期摊销至损益表(即将商誉作为非现金费用分期注销)，或者是不用分期摊销，但要定期评估商誉是否还能反映收购回来的公司的价值，必要时减值或一次性注销。Goodwill is the excess price paid for a company above the value of its assets and may cover intangible assets such as brand names. It is normally only recognized in the accounts of a company when it acquires another business as a going concern for a price that is higher than the book value of its capital and reserves. Negative goodwill is a gain when the price paid for a company is less than the value of its assets.Category: 金融

Payback Period

回本期Payback Period指一项投资收回成本所需的时间。

Buy Back

回购Buy Back指公司在公开市场购买自身的股票，通常是因为公司认为自身的股价遭低估了，回购股票的回报优于将现金投到业务上。理论上，回购后公司在市场上流通的股票数减少，这些股票的价值会上升。回购股票实际上是将公司的现金储备直接返还给股东。The purchase by a company of its own shares in the open market, usually based on the belief that the shares are undervalued and that buying them will provide a better investment return than putting cash into the underlying business of the company. In theory the buy back will reduce the number of shares in the market and increase the value of the remaining ones. Also known as a share repurchase. It effectively returns to the shareholders the cash held in company reserves which already belongs to them.Category: 股票

Repo Rate

回购利率Repo Rate参见Repurchase Agreement（回购协议）。A simple interest rate calculation to determine how much interest is to be added on to the second leg of a repo transaction. See also: Repurchase Agreement金融 | 债券

Repo

回购协议Repo参见Repurchase Agreement（回购协议）。金融 | 债券

Repo Market

回购市场Repo Market参见Gensaki Market（日本债券回购市场）。金融 | 债券

Lookback Option

回顾式期权Lookback Option回顾式期权让持有人在期权到期时,能以期权有效期内标的资产曾出现过的最有利价格行使权利. 标的资产是指行使期权时可以买进或卖出的资产. 回顾式期权有两种: 一种是行使价在期权到期时才确定—看涨期权(call)的行使价定为有效期内标的资产所触及的最低价格,看跌期权(put)则定为有效期内所触及的最高价格. 另一种是行使价在购买期权时已固定,到期时回顾标的资产在期权有限期内所曾触及的价格,看涨期权选择在最高价水平行使,看跌期价则选择在最低价行使. 回顾式期权赋予持有人更好的获利机会,因此较一般期权来得昂贵.Category: 期货期权

Nationalization

国有化Nationalization指国家为了将公司收归国有而强行收购公司及其资产，国有化有时是不给予补偿的。Synonym: NationalisationThe compulsory purchase of a company and its assets by a state, sometimes without compensation, in order to bring them under public ownership and control.Category: 金融

Warehousing

囤积股票Warehousing指一群投资人共同行动，各自独立购进一家公司的股票，且每一位均将持股量保持在低于必须公开披露的水平。这可以是秘密发起收购的一种方式。参见Acting in Concert（共同行动）。Process whereby a group of investors independently buy shares in a company but each investor keeps his holding below the threshold for official notification of a stake holding. This can be a surreptitious method of mounting a takeover bid. See also: ConcertCategory: 股票

Fixed

固定/浮动利率混合型债券Fixed在到期前的某些时段支付固定利率，另一些时段则支付浮动利率利息的债券。

Payer of Fixed

固定利率支付方Payer of Fixed在利率互换市场，指支付固定利率、收取浮动利率利息的一方。与之相对的是"固定利率收取方"(receiver of fixed)。参见Interest Rate Swap（利率互换）。In the interest rate swap market this refers to a party who pays the fixed interest rate and receives the floating rate. The opposite of receiver of fixed.See also: SwapCategory: 债券

Fixed Costs

固定成本Fixed Costs不会随生产或销售量的增减而变动的成本，如利息费用、保险费及租金等。 与固定成本相对的是可变成本(variable costs)，如原材料和劳动力成本，这些成本随生产或销售水平的升降而变动。Company costs such as interest charges, insurance and rent, which do not vary with the level of production or sales. On the other hand, variable costs, such as raw materials and labour, do change with the level of production or sales.Category: 金融

Fixed Income

固定收入债务工具Fixed Income泛指按票面利率支付利息的债务工具（例如债券和贷款）。由于利率通常是固定的，因此称为"固定收入"。参见Debt（债务），Coupon（息票）。The generic term for debt instruments (such as bonds and loans) which pay interest in the form of a coupon. The rate of interest is often fixed, hence the term "fixed income".See also: Debt, CouponCategory: 债券

Fixed Exchange Rate

固定汇率制Fixed Exchange RateG指一国货币与美元或其他货币保持固定汇率的制度。参见Bretton Woods Agreement（布雷顿森林协定），Floating Exchange Rate（浮动汇率制）。A system in which currencies have exchange values with fixed rate relationships (or parities) with the US dollar or other currencies.See also: RatesCategory: 外汇

Fixed Assets

固定资产Fixed Assets公司购进以供多年使用，而非转售的资产。固定资产分为三大类：有形资产，如土地和设备。无形资产，如公司的商标或品牌。投资，如在合资企业所持的股份。参见Assets（资产）。Assets bought by a company for its continued use for a number of years, rather than for resale. There are three categories of fixed assets: 1) tangible assets, such as land and equipment, 2) intangible assets, such as a company's logo or brand, 3) investments, such as stakes in joint ventures.See also: AssetsCategory: 金融

Fixed Capital

固定资本Fixed Capital用已缴资本购买的固定资产。参见Paid-up Capital（已缴资本）。Fixed assets that are purchased out of paid-up capital.See also: CapitalCategory: 金融

National Debt

国债National Debt政府因入不敷出而累积的负债，通常透过发行政府债券融资。The total indebtedness of a government resulting from cumulative net budget deficits. National debt is normally financed by the sale of government securities and debt instruments.Category: 债券

Domestic Final Sales

国内最终销售Domestic Final Sales国内最终销售量度一个经济体一段时间内(通常是一季或一年)消费掉的本地产出，因此是不含库存增加和进出口净额的国内生产总值。 不含前者是因为该部分产出只是增加了库存，并没有被消费掉。 不含后者是因为出口的产品不是在本国消费，而进口的产品并非本国生产。参见Balance of Trade（贸易余额），GDP（国内生产总值）。Domestic final sales are a measure of gross domestic product, excluding additions to stocks and net international trade. It is a way of measuring how much is produced and actually consumed within a country, so it excludes production added to inventories and not immediately consumed. It also excludes the effects of a net trade deficit, because those goods have come from abroad, or a net trade surplus, because those goods have been exported abroad and not consumed at home. See also: TradeCategory: 金融

GDP

国内生产总值GDP英文Gross Domestic Product的缩写，指在一国或一地区之内生产的所有商品和服务的货币总值。GDP不包括海外投资的收益和国民在国外工作的收入。参见GNP（国民生产总值）。Synonym: Gross Domestic ProductGross Domestic Product is the total monetary value of all goods and services produced within a country. GDP does not include income from overseas investments and earnings or from remittances from nationals working abroad.See also: GNP金融 | 缩略语

GDP Deflator

国内生产总值价格平减指数GDP Deflator名义国内生产总值(nominal GDP)是未经价格变动调整的产值，按当时的市场价格计算。 实际(real)国内生产总值则是扣除了价格变动因素的产值，以某一基准年的价格计算。联系实质与名义产值的就是GDP价格平减指数，该指数是正式的通货膨胀指标之一。 若实际产出不变，但价格持续上升，名义GDP亦会上升。参见GDP（国内生产总值）。A price index applied to the cash or nominal estimates of gross domestic product in order to produce a more accurate or 'real' value of GDP. Deflators remove the effects of inflation, which boosts the nominal value of GDP but does not change the underlying real level of output.See also: GDPCategory: 金融

State Planning

国家计划State Planning指政府派任不屈服于自由市场力量的行政官员管理经济部门。参见Market Economy（市场经济），Mixed Economy（混合经济），Planned Economy（计划经济）。Government regulation of a sector of the economy using state-appointed administrators who do not bow to free market forces. See also: EconomyCategory: 金融

Country Risk

国家风险Country Risk指给一个国家贷款或在该国投资，因政府或国家整体因素所导致的风险。 国家风险主要源自一国在政治、社会或经济上的变化，例如，爆发战争或内乱，因经济政策的突然改变而实施外汇管制或将私人财产国有化，或者是财政纪律松懈而导致赤字膨胀，无法偿还外债。也称主权风险(sovereign risk)。Synonym: Sovereign RiskRisks associated with lending funds to, or making an investment in, a particular country. Also known as sovereign risk.Category: 债券

GNP

国民生产总值GNP英文Gross National Product的缩写。GNP代表一国国民在国内外的总产出，即计入该国在海外投资及国民在海外工作的产值，但不包括境内外资及外国人的产出。 国家向外国债权人支付利息、企业向外资股东支付股息及向在本国工作的外籍劳工支付薪水，均是计算GNP时须从境内产值中扣掉的。参见GDP（国内生产总值）。Gross National Product. The total value of goods and services produced by an economy, including income from overseas investments and remittances from nationals working abroad. If a country has heavy servicing charges on foreign debt or heavy dividend payments on foreign inward investment then its gross national product is reduced accordingly. Similarly GNP shrinks if a country makes large payments to an immigrant workforce.See also: GDP金融 | 缩略语

National Accounts

国民账户National Accounts一国经济的官方数据统称，包括收支帐、资产负债以及资金流量表，是分析国内生产总值及其构成部分，包括与政府、企业、家庭和外贸部门相关的帐目的重要资料。The national accounts are the official income account, cash flow statement and balance sheet for the economy of a country. These accounts give a comprehensive analysis of gross domestic product and its components, and include detailed financial accounts related to the government, company, household and foreign trade sectors.Category: 金融

ISDA

国际互换和衍生产品协会ISDA英文The International Swap and Derivatives Association的缩写，是衍生产品场外交易(OTC)市场的国际性行业组织,为讨论业内问题和促进最佳作业方式的论坛。参见OTC（场外交易）。Synonym: The International Swap and Derivatives AssociationAn international trade organization for the over the counter, or privately negotiated, derivatives markets. It acts as a forum to discuss industry issues and promotes best practice within the derivatives business. See also: OTC期货期权 | 缩略语

IASB

国际会计准则理事会IASB参见International Accounting Standards Board （国际会计准则理事会）。金融 | 缩略语

ILO

国际劳工组织ILO英文International Labour Organization的缩写，是一家由联合国赞助、关注劳工问题的机构。Synonym: International Labour Organization A UN-sponsored body that is concerned with labour issues.金融 | 缩略语

ICCO

国际可可组织ICCO英文The International Cocoa Organization的缩写，是一个行业组织，亦为可可生产国和消费国之间讨论问题的论坛。Synonym: The International Cocoa OrganizationAn industry organization that acts as a forum for discussions between cocoa producers and consumers.期货期权 | 缩略语

ICO

国际咖啡组织ICO英文The International Coffee Organization的缩写，是咖啡进出口国之间讨论问题的论坛。Synonym: The International Coffee OrganizationA forum for discussions between coffee importing and exporting nations. 期货期权 | 缩略语

Shareholder

股东Shareholder指持有机构或公司股票的个人。An individual who holds shares or stock in an organization or company.Category: 股票

ICC

国际商会ICC英文International Chamber of Commerce的缩写。国际商会将全球各商会、企业和银行业协会聚集在一起，设有负责解决国际商务争端的仲裁法庭。Synonym: International Chamber of CommerceThe ICC brings together chambers of commerce and business and banking associations from around the world. It has an arbitration court used for settling international business disputes. 金融 | 缩略语

Commodity Agreement

国际商品协定Commodity Agreement主要生产国与消费国就调节某种原料商品的产量及价格而达成的协定。生产国可能会协议以配额、囤积产出或减产等手段来限制出口。协议方的行动有时会由市场价格触及某一触发点(trigger price)所引发。此种协定通常只能取得有限的短期效果。An agreement between producer nations to regulate the output and price of a particular commodity. Producers may agree to limit exports through a quota arrangement, stockpile production or reduce output or plantings. Sometimes action is prompted by market prices reaching a certain level, or trigger price. Commodity agreements rarely have more than limited, short-term success.Category: 期货期权

IBRD

国际复兴开发银行IBRD英文The International Bank for Reconstruction and Development的缩写，为世界银行集团的附属机构，旨在通过提供贷款、担保、分析和咨询服务等方式促进中等收入及有信誉的贫穷国家持续发展，以降低其贫困程度。该行以较国际资本市场更好的条件，为这些国家提供较多的资金。Synonym: The International Bank for Reconstruction and DevelopmentAn affiliate of the World Bank, it aims to reduce poverty in middle-income and creditworthy poorer countries by promoting sustainable development through loans, guarantees, and analytical and advisory services. It provides these countries with access to capital in larger volumes and on better terms than the international capital markets would provideSee also: World Bank金融 | 缩略语

ACI

国际外汇交易商协会ACI法文Association Cambiste Internationale 的缩写，英文名为 The Financial Markets Association（金融市场协会）。1955年由巴黎和伦敦的外汇交易商发起成立，是各国外汇交易商协会(cambistes)的专业联合会。 网址：www.aciforex.comSynonym: Association Cambiste Internationale The Financial Markets Association in English. The professional umbrella organization for a large number of national associations of what were historically foreign exchange bank dealers (cambistes), but which now include a wide range of regulated financial institutions.缩略语 | 外汇

International Wheat Council

国际小麦理事会International Wheat Council一个由小麦生产国和消费国组成的机构。A group that brings together wheat-producing and consuming countriesCategory: 期货期权

IDA

国际开发协会IDA英文International Development Association的缩写，是世界银行的一家附属机构，专门对最贫穷国家的开发项目和规划提供优惠贷款。参见World Bank（世界银行）Synonym: International Development Association An affiliate of the World Bank that finances development projects and programmes on favourable terms in the poorest countriesSee also: World Bank金融 | 缩略语

ICSID

国际投资争端解决中心ICSID英文The International Centre for Settlement of Investment Disputes的缩写，是一个成立于1966年的世界银行附属机构，其宗旨是调解政府与外国私人投资者间的争端，以促进国际投资的流动。参见World Bank（世界银行）。Synonym: The International Centre for Settlement of Investment Disputes A World Bank affiliate founded in 1966 to mediate in disputes between governments and private foreign investors to help promote increased flows of international investment.See also: World BankCategory: 缩略语

Balance of Payments

国际收支Balance of Payments国际收支是一国在一定时期内一切对外经济往来的概括性记录，其中包括商品和服务的贸易、资本流动以及单方面转移。A summary record of a country's net international economic transactions including trade, services, capital movements and unilateral transfers.Category: 金融

BIS

国际清算银行BIS英文Bank for International Settlements的缩写。国际清算银行的宗旨是促进国际间在货币和金融事务上的合作，同时为各国中央银行和国际金融组织提供银行服务。国际清算银行接受各国中央银行的存款，并为它们提供短期贷款。该行致力维护国际金融市场的稳定，确保所有银行持有维持运作所需的足够资本。国际清算银行亦是由主要工业国家组成的十国集团(G10)中央银行行长定期会晤的场所。该行旗下的巴塞尔委员会致力促进国际间在银行监管事务上的合作，制定并提倡良好的银行营运准则。 BIS网址：www.bis.org。参见Central Bank（中央银行），G10（十国集团），Basel Committee（巴塞尔委员会）和 www.bis.org/cbanks.htm（各国中央银行网址一览Bank for International Settlements. An international organization that fosters international monetary and financial co-operation and serves as a bank for central banks and international financial organizations. It accepts deposits from central banks and also makes short-term loans to them. The BIS is concerned with safeguarding the stability of international financial markets and ensuring that all banks have sufficient capital to support their operating needs. It acts as a forum for regular meetings of the central bank governors of the G10 group of major industrialized countries. The Basel Committee of the BIS sets standards and guidelines for best banking practice.See also: Central Bank, G10, Basel Committee金融 | 缩略语

IPE

国际石油交易所IPEG英文The International Petroleum Exchange的缩写，是欧洲能源衍生产品的主要市场，也是英国布兰特原油期货合约的买卖市场。IPE现已改名ICE Futures.参见Brent（布兰特原油）。Synonym: The International Petroleum ExchangeThe IPE was acquired in 2001 by ICE and is now known as ICE Futures.期货期权 | 缩略语

International Sugar Organization

国际糖组织International Sugar Organization一个由糖进出口国组成的组织。A group that brings together sugar-importing and exporting countriesCategory: 期货期权

Clearstream

国际结算系统Clearstream证券结算与托管的国际系统，2000年由世达国际结算系统(Cedel International)与德国证券交易所结算系统(Deutsche Borse Clearing) 合并而成。 参见Clearing System(结算系统)，Custody（托管），Settlement（结算）。An international system for the clearing, settlement and custody of securities, created in 2000 by the merger of Cedel International and Deutsche Borse Clearing.See also: Clearing System, Custody, SettlementCategory: 金融

Load

基金收费Load指投资基金为补偿基金的开销费用，在投资者申购或赎回基金时收取的费用。A premium charged by some investment funds at either purchase or sale, to cover the fund's expenses.Category: 基金

IEA

国际能源机构IEA英文International Energy Agency的缩写，由经合组织（OECD ）所成立，旨在监测石油的供求状况并监督消费市场石油的存储量。其26个成员国承诺采取联合行动以应对石油供给的紧急情况。参见OECD（经合组织）。Synonym: International Energy AgencySet up by the OECD to monitor oil supply and demand, and to supervise consumer levels of oil stocks. The 26 member countries are committed to taking joint measures to meet oil supply emergencies.See also: OECD期货期权 | 缩略语

IOSCO

国际证券委员会组织IOSCO英文International Organization of Securities Commissions的缩写， 是一家由90多个国家的证券市场监管机构组成的组织，其宗旨是发展证券市场和加强证券市场监管。Synonym: International Organization of Securities CommissionAn organization comprising the securities market regulators from more than 90 countries, which seeks to develop securities markets and enforce market regulation. 缩略语 | 外汇 | 股票

ISMA

国际证券市场协会ISMA英文International Securities Market Association的缩写，是一家证券业自我监管机构和行业协会. ISMA已于2005年7月1日与IPMA(the International Primary Market Association)合并,组成国际资本市场协会(ICMA, the International Capital Market Association).Synonym: International Securities Market AssociationA self-regulatory body and trade association for the securities industry金融 | 缩略语 | 股票

Consortium

国际财团Consortium为共同进行某一项目而组成的公司集团。A group of companies that have joined together to promote a common project.金融 | 风险投资和新股发行

IMF

国际货币基金组织IMFG英文International Monetary Fund的缩写。国际货币基金组织是联合国的专门机构，其职责广泛，包括监督国际货币体系的运行，促进汇率稳定和国际贸易发展。该组织为国际收支有问题的成员国提供资金援助，支持它们的经济调整和改革政策。该组织的资金来自成员国的认缴份额，成员国依据其认缴份额获得提款权和表决权。参见Bretton Woods（布雷顿森林体系）。Synonym: International Monetary Fund The IMF is a specialized agency of the United Nations that has a wide-ranging brief to oversee the international monetary system and to promote exchange rate stability and international trade. It provides funds to member countries with balance of payments problems, to support their policies of economic adjustment and reform. It is funded by subscriptions from member states whose drawing rights and voting powers are accordingly determined by their subscriptions.See also: Bretton Woods金融 | 缩略语

Conditionality

国际货币基金组织的贷款条件Conditionality国际货币基金组织的(IMF)对借款国施加的要求，通常涵盖经济政策、政府支出与税收及汇率政策等层面。参见IMF(国际货币基金组织)。Economic conditions imposed on a country when it draws funds from the IMF (International Monetary Fund). The conditions often spell out requirements for economic policy, government spending and taxation and exchange rate policy.See also: IMF外汇 | 债券

IFC

国际金融公司IFC英文International Finance Corporation的缩写，是世界银行的一家附属机构，其宗旨是通过贷款和股份投资等方式促进发展中国家的私营企业发展。该机构以市场利率提供贷款，旨在催化更多私人投资。参见World Bank（世界银行）。Synonym: International Finance CorporationAn affiliate of the World Bank, which promotes private enterprises in developing countries with a mixture of loans and equity financing. It charges market rates for its financing and aims to be a catalyst for additional private investment. See also: World Bank金融 | 缩略语

IIF

国际金融研究所IIF英文Institute for International Finance的缩写，是一家由主要银行和金融机构组成的全球性协会。这个组织是在1983年为回应国际债务危机而成立的，业务包括分析新兴市场经济体中的风险、提供关于新兴市场金融与管理的政策论坛、并促进成员与世界银行和区域性开发银行等机构之间的合作。Synonym: Institute for International FinanceA global association of leading banks and financial institutions. Created in 1983 in response to an international debt crisis, the IIF analyses risks in emerging market economies, serves as a policy forum on emerging markets finance and regulation, and promotes collaboration between member firms and institutions such as the World Bank and regional development banks. Category: 缩略语

Chartist

图表分析师Chartist运用技术图表来研判市场走势的分析师。图表分析师通过追踪趋势线及发现技术形态等技巧，试图预测市场的走势。参见Technical Analysis（技术分析）。An analyst who uses charts to plot the historical trends of share prices. By following trendlines and recognising patterns, chartists try to predict trends in markets.See also: AnalysisCategory: 技术分析

Charting

图表法Charting技术分析所使用的一套方法，将交易量、未平仓合约、价格走势、结算价及其他指标以图表呈现，以预测市场走势。参见Technical Analysis（技术分析）。Used in technical analysis, charting is a set of techniques used to plot volume, open interest, price movements, settlement prices and other indicators to anticipate share price movements.See also: Technical AnalysisCategory: 技术分析

Chart Points

图表点Chart Points指图表上用来连成一条连续线的价格点。参见Technical Analysis（技术分析）。Price points or updates on a chart, which are connected to form a continuous line.See also: AnalysisCategory: 技术分析

Exchange-traded Contract

在交易所买卖的合约Exchange-traded Contract指在认可的交易所挂牌交易的期货和期权标准合约，与之相反的称为over-the-counter(场外交易)。参见OTC（场外交易）。

Floor Broker

场内经纪商Floor Broker指交易所的交易大厅内负责接受买卖指令，将其转交特许经纪人(specialist)或交易商执行的人。参见Exchange（交易所）。The person responsible for accepting orders on an exchange floor and handing them on to a specialist or trader for execution.See also: Exchange期货期权 | 外汇 | 债券 | 股票

Pink Sheets

场外交易市场报价表Pink Sheets指美国股票场外交易(OTC)的买价与卖价报表，由民间机构全国报价局(the National Quotation Bureau)每日按时公布。在报表上出现的股票毋须满足上市最低要求，也不需要向美国证券交易委员会(SEC)注册，股票代号均以"。PK"结束。参见OTC(场外交易)。A weekly publication listing the prices of small over-the-counter stocks in the US.See also: OTC

OTC

场外市场OTC英文Over the Counter的缩写，指交易商私下直接议价的交易方式，以区分透过交易所的集中市场进行买卖的交易方式。在场外市场，交易商通过电话及电脑网络，而不是交易所的系统进行交易。与交易所不同的是，场外市场没有向其他市场参与者自动披露交易价格的机制，而且可以进行非标准化的交易。债券买卖主要透过OTC市场进行，远期合约、互换(swaps)以及特殊的金融衍生工具(exotic derivatives)亦然。Synonym: Over The CounterA market conducted directly between dealers and principals via a telephone and computer network rather than via an exchange trading floor. Unlike an exchange there is no automatic disclosure of the price of deals to other market participants, and the deals and traded instruments are not standardized.金融 | 缩略语

Bad Debt

坏账Bad Debt企业若确认一笔应收账无法收回，该笔账款即成为坏账，应予以注销，成为损益表上的一笔坏账损失。When a business recognizes that a debt is unlikely to be repaid, the debt is written off as an expense in the profit and loss account.Category: 金融

Provision for Bad Debts

坏账准备Provision for Bad Debts因预期客户无法偿还货款或贷款而提列损失，称为坏帐准备。这会在资产负债表上留下一项债务，并令损益表上出现一笔会降低获利的费用。

Fallen Angels

坠落的天使Fallen Angels指发行时信用评级为投资级，但随后评级显着下降的债券。Bonds that were originally above investment grade, but which have subsequently fallen in credit quality.Category: 债券

Vertical Spread

垂直价差Vertical Spread一种期权交易策略，买进一项期权的同时，卖出到期日相同但行使价不同的同类期权。参见Option（期权）。 An option strategy using the simultaneous sale and purchase of two options of the same type and expiry date but with different strike prices. See also: OptionCategory: 期货期权

Junk Bonds

垃圾债券Junk Bonds指信贷评级低于BBB-/Baǎ的高风险、高收益债券,其信用违约风险显著高于投资级别的债券. 亦称投机级别债券(speculative grade bonds).参见Investment Grade（投资级别）。High-risk high-yield bonds, which are rated below investment grade by credit agencies. Also known as speculative grade bonds. See also: Investment GradeCategory: 债券

Monopoly

垄断Monopoly指单一企业控制一种产品或服务的全部(或接近全部)供应的情形. 垄断的关键在于缺乏竞争.参见Oligopoly（寡头垄断）。When a single person or organization controls the market for a given product or service.See also: OligopolyCategory: 风险投资和新股发行

Basis

基差Basis基差为期货价格与标的资产现货价格的差距，通常是指最近月期货价减去现货价的结果。现货价与期货价有高度的相关性，但基差并非一成不变。基差交易(basis trade)就是根据对基差变动的预期而进行的买卖。随着期货趋近到期日，基差一般会逐渐缩窄，最终归于零（见图2）。参见Backwardation(现货升水，倒价)和Contango(现货贴水)。The difference between futures prices and the corresponding underlying cash price. Basis is normally quoted as cash price deducted from futures price of the nearest delivery month. There is a high degree of correlation between cash and futures prices but the basis is not constant. A basis trade exploits the expected movements in basis. Basis is likely to reduce and eventually to shrink to nothing as the futures contract approaches its expiry date.See also: Backwardation, Contango期货期权 | 金融 | 债券

Basis Trading

基差交易Basis Trading参见See Cash and Carry Trade（基差交易）。Category: 期货期权

Basis Risk

基差风险Basis Risk指随着到期日逼近，期货价格反而偏离现货价格的风险。参见Convergence（趋同）。The risk that the price of a future will vary from the price of the underlying cash instrument as expiry approaches. See also: ConvergenceCategory: 期货期权

Base Year

基年Base Year将一项指数设为100的年份称为基年，广泛应用于宏观经济数据的编制上。任何年份皆可选作基年，但一般以较为近期的年份作为基年比较可取Synonym: Base dateThe year or date chosen to set an index at 100. Any year can be chosen as a base year, but it is generally desirable to use a fairly recent year. Widely used in the compilation of macro-economic data.Category: 金融

Base Metals

基本金属Base Metals贵金属及稀有金属以外的主要工业用有色金属，主要有铜、铅、锡、锌、铝和镍。参见Minor Metals（小金属），Precious Metals（贵金属）Major industrial non-ferrous metals other than precious metals and minor metals; notably copper, lead, tin, zinc, aluminium, nickel.See also: MetalsCategory: 期货期权

Fundamental Analysis

基本面分析Fundamental Analysis以基本面因素为基础的市场走势预测法，着重分析公司业绩及基本的经济、政治及环境因素，如市场供求状况、经济统计数据、政府政策和公司的财务报表。 与技术分析不同的是，基本面分析主要关注价格应如何变动，而不是价格已发生的变动。参见Quantitative Analysis（数量分析），Technical Analysis（技术分析）。A method of forecasting share prices based on research into company performance and basic economic, political and environmental factors such as supply and demand, economic statistics, government policies and the financial accounts of companies.Unlike technical analysis, fundamental analysis focuses on what should happen to prices, not what has happened to them in the past. See also: Quantitative Analysis, Technical AnalysisCategory: 技术分析

Basis Point

基点Basis Point100个基点等于1个百分点，即1基点等于0.01个百分点。基点是市场谈论利率和债券收益率的标准计量单位。One hundredth of a percentage point, or 0.01, the standard market measure for interest rates and bond yields.Category: 债券

Fund

基金Fund泛指由基金经理人负责投资管理的资产组合。视基金的类型而定，基金经理人会按不同的标准管理资产。A pool of money which is invested by a fund manager who then manages that money using a range of investment criteria.Category: 基金

Covered Warrant

备兑认股权证Covered Warrant银行发行的一种认股权证，给予持有人在未来某一时间以通常高于当前市价的价格买入某一公司股票的权利，是一种交易工具。 备兑(covered)是指发行银行至少持有部分标的股票以备认购。例如，美林证券可能持有一些通用汽车的股票，可据此发行通用汽车的备兑认股证。备兑认股证是一种高杠杆投资工具，主要以希望押注某一个股、一篮子股票或者某一股价指数的国际投资者为目标客户。参见Share(股票)，Stock(股票)，Warrant(认股权证)。A warrant issued by a bank that enables the holder to buy shares in another company at a future date, for a price that is generally above the current market price of the share. Used as a trading instrument. For example, Merrill Lynch might issue covered warrants on shares of General Motors. They are covered because the issuer will hold at least some of the underlying stock into which the warrants may be exercised. Covered warrants are aimed principally at international investors looking for geared exposure to a specific stock, basket of stocks or even an entire index.See also: Share, Stock, WarrantCategory: 股票

Back-up Facility

备用信贷Back-up Facility通常指银行为商业票据发行人提供的备用信贷，以便发行人在无力赎回票据时获得短期融资。Typically, a bank line of credit used to provide back-up liquidity should an issuer be unable to fund the outstanding commercial paper.金融 | 债券 | 风险投资和新股发行 | 股票

Compound Interest

复利Compound Interest指利息计算的基础是本金加先前累积的利息，与单利相对，后者指利息只以初始本金为计算基础。"按年复利"(compounding annually)是指当年利息只在一年结束时一次性纳入下一年的计息基础。例如，如果存入100英镑，年利率为10%，那幺一年后可获得110英镑。如果按单利方式计算，两年后可获得120英镑，三年后则是130英镑，而复利计算则将上年的利息亦纳入计息基础，即两年后可得121英镑，三年后则是133.10英镑。相对于单利方式，三年后额外的3.10英镑利息即是复利作用的结果。参见Simple Interest(单利)。The interest amount earned both on the original principal and on the accumulated interest. Compounding annually means that there is only one period each year in which interest is calculated. For example, if ￡100 is deposited with annually calculated interest at 10 percent, after one year there will be ￡110. Where simple interest always calculates the rate from the initial amount invested (giving ￡120 after two years, ￡130 after three etc.), compound interest calculates the 10 percent from the previous year's total (giving ￡121after two years and ￡133.10 after three). The extra ￡3.10 is the compound interest.See also: Simple InterestCategory: 金融

Compounding

复利增长Compounding指投资的价值因复利作用而增长的过程。参见Compound Interest(复利)。A process whereby the value of an investment increases exponentially over time because of compound interest. See also: Compound InterestCategory: 金融

CAGR

复利式年增长率CAGR英文Compound Annual Growth Rate的缩写，指一项指标(如营业收入或盈利)或一项投资的价值在某段时间内的平均年增长率。CAGR并非代表某年实际发生的增长率，而是假设一个数值年复一年以固定的速度增长而计算出的年增长率。Compound Annual Growth Rate. Year-over-year growth rate of an investment over a certain period of time.金融 | 风险投资和新股发行

Compound Option

复合期权Compound Option指以期权为标的金融工具的期权。复合期权给予持有者在某一约定日期以约定价格买入或卖出一份期权的权利。投资者行使复合期权后，便会持有或卖出一份标准的期权。复合期权可作为高杠杆投资的工具，投机者只需较少的资金便可买入复合期权，随后再看是否投入更多的资金来买进复合期权的标的期权，最后再决定是否花钱买进最终的标的金融工具。参见Gearing(杠杆比率)，Option(期权)。An option on an option. It grants the holder the right to buy or sell an option at a set price on a predetermined date. If the first option is exercised, the underlying option will then behave as a standard option. Compound options offer the opportunity of highly geared investment. Speculative investors lay down relatively little amounts of cash for the compound option and can then decide whether to lay out more cash to buy the underlying option, and finally can decide whether to lay out the cash to buy the underlying financial instrument. See also: Gearing, OptionCategory: 期货期权

Sharpe Ratio

夏普比率Sharpe Ratio由一投资组合的回报率减去政府证券的投资回报率，然后除以投资组合回报率的标准差而得。这是一种衡量回报是因投资决策明智，或是因为承受过度风险而来的方法。将投资回报与投资政府公债的收益做比较， 是因为从理论上说，政府通常能偿还其债务，因此政府公债被视为几乎没有风险。参见Excess Portfolio Returns（超额资产组合收益），Sortino Ratio（索提诺比率），Standard Deviation（标准差）。A way of deciding whether returns are produced by intelligent investment decisions or by accepting excess risk. It measures the return of an investment compared with investments in government bonds, which are regarded as virtually risk free because the government in theory always repays its debts. The Sharpe Ratio is calculated by subtracting the rate of return on government securities from the rate of return on a portfolio, and then dividing the difference by the standard deviation of the portfolio's returns. See also: Deviation金融 | 债券

Foreign Bond

外国债券Foreign Bond指外国借款人在其他国家的资本市场以当地货币发行的债券。 视发行货币而定，这类债券各有不同名称，例如猛犬债券(Bulldog)是外国人在英国以英镑发行的债券，武士债券(Samurai bond)则是以日元发行的债券，以美元发行的债券则称为"扬基债券"(Yankee bond)。A bond issued on the domestic capital market by a foreign borrower and denominated in the domestic currency. These bonds have different names according to the currency of issue, such as Bulldog bond for sterling, Samurai bond for yen and Yankee bond for US dollars.Category: 债券

FDI

外国直接投资FDI英文Foreign Direct Investment的缩写。在商业上，外国直接投资意味着投资者长期参与、拥有一定程度的管理权及可能引进技术。Synonym: Foreign Direct InvestmentForeign Direct Investment. In business, FDI implies long-term involvement, a degree of managerial control and possibly technical input from the investor.金融 | 缩略语 | 风险投资和新股发行

Real Yield

实质收益率Real Yield参见Real Interest Rates（实质利率）。金融 | 债券

FX Swap

外汇互换FX Swap外汇掉期是结合外汇现货及远期交易的一种合约，合约双方约定某一日期按即期汇率交换一定数额的外汇，然后在未来某一日期，按约定的汇率(即远期汇率)以相等金额再交换回来。实际上，合约双方是各自获得交换回来的货币一定时间的使用权。外汇互换的条件，反映了合约双方对所交换的两种货币的汇率走势及各自对利率的看法。外汇互换以远期点数的方式报价，除了可用来锁定在未来某一时点交换货币的汇率外，亦可作为对即期与远期汇率间的异常差距进行套利的手段。参见Swap（互换，掉期）。A foreign exchange swap is a simultaneous purchase and sale, or vice versa, of identical amounts of one currency for another with two different value dates (normally spot to forward). The two parties agree a currency exchange on one day and simultaneously agree to unwind or reverse that deal on a date in the future. Effectively, each party is given the use of an amount of foreign currency for a specific time. Each party is taking a view on the relative movements of currencies and interest rates between those two dates, in comparison with their current relative prices. The price of a swap is quoted in forward points. The deal locks in the price of holding or taking delivery of an amount of foreign currency at a future date, or allows arbitrage between spot and forward rates. See also: Swap期货期权 | 外汇

Forex Club

外汇俱乐部Forex Club泛指外汇交易人员在各国成立的行业组织。此类组织的联合会称为"国际外汇交易商协会"(ACI)或"金融市场协会"。参见ACI（国际外汇交易商协会）。An umbrella title for the Forex organizations which have been formed in various countries. The Forex Club is made up of groups of foreign exchange dealers who are linked by affiliation to the Association Cambiste Internationale (ACI), or Financial Markets Association. See also: ACICategory: 外汇

FX

外汇市场FXFX是外汇市场的缩写。 外汇市场是各种货币的存款(绝大多数的期限在12个月以内)互相交换的场所，以现货、远期、期货和期权等形式进行。汇率(FX rates)是两种货币进行交换的比率，例如欧元兑美元的汇率是指1欧元可兑换到多少美元。参见Spot Market（现货市场），Forwards（远期合约），Futures（期货合约），Option（期权）。缩略语 | 外汇

Translation Risk

外汇折算风险Translation Risk指因汇率波动，造成公司与外币相关的资产或负债在资产负债表上的本币值出现不利变动的风险。A form of currency risk associated with the valuation of balance sheet assets and liabilities between financial reporting dates.Category: 外汇

Exchange Controls

外汇管制Exchange Controls禁止或限制进行某些外汇交易的政府管制措施，限制的对象通常是本国国民，旨在维护国家的金融秩序和本国货币的币值。Regulations to prevent or restrict certain foreign currency transactions, mostly by a country's nationals. Used to protect and maintain a country's financial position and the value of its currency.Category: 外汇

Foreign Acceptances

外资银行承兑票据Foreign Acceptances一种以美元计价的不付息短期票据，由在美国的外资银行或机构提供信用担保，其收益率通常高于一般的银行承兑汇票。参见BA（银行承兑票据）。Foreign acceptances are short-term non-interest-bearing notes denominated in US dollars and backed by the credit of foreign banks or agencies domiciled in the USA. They usually trade at a yield premium over normal bankers' acceptances.See also: BA金融 | 债券

Doha Round

多哈回合Doha Round由世界贸易组织(WTO)主持，在卡塔尔首都多哈发起的一轮贸易谈判。参见世界贸易组织（WTO）。A round of trade negotiations launched in Doha, Qatar under the auspices of the World Trade Organization.See also: WTOCategory: 金融

Bull

多头Bull相信价格将上涨而买进某种金融工具，期待涨价后高价卖出的市场人士。与空头相反。参见Bear（空头）。A market player who is confident that share prices will rise and buys a financial instrument with a view to selling it later at a higher price. The opposite of a bear.See also: Bear金融 | 外汇 | 债券 | 股票

Long Hedge

多头对冲Long Hedge多头对冲是指在买进资产之前,先买进相关的期货或期权合约,以防资产的现货价上升时要付出较高的成本. 资产的现货价若果真上升,购进资产的额外成本会被在期货或期权合约上的获利所抵销. 相反的操作称为空头对冲(short hedge).参见Hedging（对冲/套期保值/避险）。The purchase of a futures or option position to protect against a price rise in the corresponding cash market. Increased costs from the need to buy a cash commodity which has risen in price will be offset by the profits from a future or option which has also risen in price. The opposite to short hedge. See also: HedgingCategory: 期货期权

Majority Rule

多数法则Majority Rule英文简称MJR,是一种技术分析工具,可作为超买或超卖的指标. MJR指标计算刚过去的一段日子(比如14天),资产价格上涨的天数百分比. 以14天MJR指标为例,若刚过去的14个交易日内,资产价格有10天收高,则MJR等于0.714.参见Technical Analysis（技术分析）。In technical analysis, this indicator calculates the percentage of the last specified periods during which an instrument had rising values. This analysis may be used either as a trend-following device or as an overbought/oversold indicator.See also: AnalysisCategory: 技术分析

Majority Interest

多数股权Majority Interest拥有多数股权的股东可有效掌控公司,通常这是指拥有公司超过一半的股权,但在一些情况下(如公司股权非常分散),持有不超过一半股权的股东亦可成为控股股东.参见Minority Interest(少数股东权益).A major equity interest of more than half the shares in a company.风险投资和新股发行 | 股票

MOFs

多种选择融资安排MOFs英文Multi-option facilities的缩写，指允许借款人从多种长短期金融工具获得资金的融资方式，其中包括银行贷款、商业票据和欧洲票据等，还有多种货币可供选择。Multi-option facilities that allow a borrower to obtain funds from various short or long-term instruments. These may include bank advances, commercial paper and euronotes. A variety of currencies may also be available.

MIGA

多边投资担保机构MIGA英文The Multilateral Investment Guarantee Agency的缩写，是世界银行的附属机构，成立于1988年，旨在为新兴市场经济体提供政治风险方面的保险担保，以帮助这些经济体吸引和留住私人投资。网址：www.miga.orgThe Multilateral Investment Guarantee Agency. An affiliate of the World Bank, the agency was created in 1988 to offer political risk insurance guarantees in emerging economies in order to help them attract and retain private investment.Category: 缩略语

Money Centre Bank

大型跨国银行Money Centre Bank指跨国经营的大型银行. 这类银行借贷规模庞大,同时进行大规模的金融工具交易,在国际金融市场扮演重要的角色.A large bank that lends to and borrows from governments, organizations and other banks, as opposed to consumers.Category: 金融

Big Figure

大数Big Figure指报价的整数部分，如2 7/8或2.4253的大数是2。交易商在报价时，可能只报汇率的小数或分数(如货币市场的报价)而不提大数。在美国，大数称为the handle。参见handle（大数）。The stem of a rate. The big figure of 2-7/8 or 2.4253 is two. When quoting a price, dealers may only refer to the points (in foreign exchange) or to fractions (in money markets) and omit mention of the big figure. In the US, the big figure is known as the handle.金融 | 外汇 | 债券

Bear Raid

大量抛售Bear Raid试图压低证券价格的行为，通常以大量卖空为手段。参见Short（卖空）。An attempt to push down the price of a security, usually by short selling.See also: Short外汇 | 债券 | 股票

Block Trading

大额交易Block Trading金额很大的买卖，通常是机构投资者所为。Large transactions usually performed by institutional buyers or sellers.外汇 | 债券 | 股票

Unemployment

失业Unemployment失业是指有工作能力和意愿的人找不到工作，可分摩擦性失业和结构性失业两大类。摩擦性失业是指因就业信息的不完整或劳动力的流动，劳工一时未能找到工作而造成的失业现象。结构性失业则是因经济经历结构性转变，职位空缺与劳动力供给不相配所导致。参见Frictional Unemployment(摩擦性失业)。When people capable of working are unable to find work. There are two main types of unemployment. Frictional unemployment is the temporary unemployment caused by the time it takes people to find new jobs. Structural unemployment refers to the mismatch between vacancies and labour supply caused by structural economic change.Category: 金融

Position

头寸Position就证券投资而言，头寸是指在一项资产上做多(即拥有)或做空(即借入待还)的数量。参见Short（空头/做空）及 Long（多头/做多）。The balance of purchases and sales in a given financial instrument for a given maturity. See also: Short, Long, Flat期货期权 | 金融 | 外汇 | 债券 | 股票

Head and Shoulders

头肩形Head and Shoulders技术分析的术语。头肩形被认为是最可靠的主要反转形态之一。头肩顶形由一个主升势（即头部）隔开两个不一定相同的弱势升势（肩部），将两个肩部的底部连接起来，可以划出一条"颈线"。通常在收盘价明显低于这条颈线时，该形态可确认已完成。头肩底形是头肩顶形上下倒转的形态（见图10）。参见Technical Analysis（技术分析）。Used in technical analysis, head and shoulders patterns are considered to be one of the most reliable of all major reversal patterns. The pattern consists of a major rally (the head) separating two smaller, though not necessarily identical, rallies (the shoulders). A neckline can be drawn connecting the bottom of the two shoulders and confirmation is normally accepted on a clear close below that neckline. The inverse head and shoulders is a mirror image of the head and shoulders. See also: Technical AnalysisCategory: 技术分析

Mezzanine Finance

夹层融资Mezzanine Finance指一种性质介于债务与股票之间的资本融资方式，其收益率高于优先级债务，但长期收益率低于股票。这是一种灵活的融资方式,具体条款可按借贷双方的需要量身订定,常用于管理层收购.参见MBO(管理层收购).A type of funding capital midway between debt and equity in that it offers a higher interest rate than senior debt, but provides a lower longer-term return than equity. This allows large deals to be structured in the most suitable method for investors and lenders. Often used in management buyouts.金融 | 风险投资和新股发行

Covenant

契约Covenant指承诺进行某种活动或避免某些情况发生的正式协议。在债务契约上，违约可能意味着整批债券即时到期。契约条件各式各样，包括对诸如股息支付、负债水平及流动资金额等各方面的要求。A promise in a formal agreement that some activity will or will not be carried out. In a debt agreement a breach of covenant may mean that the whole debt is immediately due. Covenants can cover issues as varied as dividend payments, gearing ratios or the amount of working capital.金融 | 债券

Arbitrage

套利Arbitrage指从纠正市场价格或收益率的异常状况中获利的行动。异常状况通常是指同一产品在不同市场的价格出现显着差异，套利即低买高卖，导致价格回归均衡水平的行为。套利通常涉及在某一市场或金融工具上建立头寸，然后在另一市场或金融工具上建立与先前头寸相抵消的头寸。在价格回归均衡水平后，所有头寸即可结清以了结获利。套利者(arbitrageur)指从事套利的个人或机构。The action of profiting from the correction of price or yield anomalies in markets. Often this will involve taking a position in one market or instrument and an offsetting position in another. As prices or yields move back into line, all positions may be profitably closed out. An arbitrageur is an individual or institution practising arbitrage.基金 | 期货期权

Carries

套期交易Carries伦敦金属交易所(LME)用语，指将某一交割月份的合约平仓，同时建立同一商品不同交割月份、性质相同的头寸，在其他市场则称为调期(switches)。参见LME（伦敦金属交易所），Switch（调期）。A London Metal Exchange term for simultaneously matching purchases of one delivery with the sale of another. In other markets, these are termed straddles or switches.See also: LME, Straddle, SwitchCategory: 期货期权

Discretionary Account

委托账户Discretionary Account经纪商或银行从客户处获得全权或有限制的委托，代客户操作管理的账户。Discretionary Spending(美国)由总统和国会酌情决定的支出An account for which the broker or bank has a discretionary power of attorney from the holder, either completely or within set limits, to manage on his behalf.Category: 金融

Williams Percent R

威廉氏百分比范围Williams Percent R英文亦称Williams %R或Williams Percent Range，是技术分析上的一种动量指标，与随机指标相似。其数值为0-100%，数值在80%以上代表市场很可能已超卖，数值在20%以下则意味着市场已超买。取名自原创者拉里·威廉斯。参见Technical Analysis（技术分析）。Used in technical analysis. This oscillator is like a stochastic since it measures the latest close in relation to its price range over a set number of days. Named after its originator, Larry Williams.See also: AnalysisCategory: 技术分析

Subsidiary

子公司Subsidiary指百分之五十以上有表决权的股票受母公司控制的公司。A company of which more than 50 percent of its voting stock is owned by the parent company.金融 | 风险投资和新股发行

CD

存款单CD英文Certificate of Deposit的缩写。存款单是将资金存于银行或其他金融机构所得的凭证，据此可获得资金的偿还。存款单的期限是固定的，利息按面额以约定利率计算，而不是以贴现方式表示，到期时付息。参见Maturity（期限），Money Market（货币市场）。Synonym: Certificate of Deposit A CD is a receipt for, and promise to repay, funds deposited at a bank or other financial institution. CDs have a fixed maturity and a specified interest rate. They are quoted on an interest-bearing face-value basis rather than at a discount, and interest is paid at maturity. See also: Maturity, Money Market金融 | 缩略语 | 债券

Duration

存续期Duration存续期是债券价格对利率变动敏感度的指标，亦可视为投资人收回其债券投资的资金所需时间的一个指标。 存续期越长，债券价格对利率的变动越敏感。 存续期与债券的年期(maturity)是不同的概念，年期一定程度上亦反映债券对利率风险的敏感度，在其他条件相同的情况下，年期越长，价格对利率的变动越敏感。 但由于债券价格对利率风险的敏感度同时受票面利率、付息的频率及年期这些因素所影响，单是年期并不是债券对利率风险敏感度的好指标。存续期是综合了影响债券价格对利率变动敏感度的各个因素而计算出来的一个指标。有了这一概念，各种债券和债券组合对利率风险的敏感度便有了一个简单的、可直接相比较的衡量标准。债券存续期有两种常用的计算方式： Macaulay Duration和modified duration。 Macaulay Duration的单位为年，如票面利率及市场收益率均为8%，每半年付息一次的10年期债券的存续期为7.07年。以D代表存续期，市场利率每变动1个百分点，债券价格就会随着变动D%(利率上升时，价格下跌；利率下跌时价格上升)。 由此可见，存续期较长的债券(或债券组合)风险较高。若预期利率下滑，调整债券投资组合以拉长存续期(可以通过调高长债的比重来达到)是理智的策略，因为一旦利率果真下滑，债券组合的价格升幅会较大。当然，若判断失误，所付出的代价亦会较为惨重。到期前不付息的零息债券(zero-coupon bond)的存续期，等同于其距离债券到期的年数(term to maturity)。 所有在到期前有付利息的债券的存续期，均较其距离到期的年数为短。 另外，若一切其他条件相同，票面利率越高，债券的存续期则越短。参见Coupon(票面利率)。Synonym: Macauley DurationA measure of bond price sensivity to changes in prevailing market interest rate.Alternitevly, one can see duration as a measure of the average maturity of a bond's cash flows from both coupons and principal repayment, or how long you have to wait to earn exactly half the expected total return in coupons and principal repayment. A zero coupon bond's duration would be the same as the maturity date because there are no coupons to take into account.Duration, quoted in years, indicates the average exposure to market risk. Bonds with higher durations face higher risk from changes in interest rates. Also known as Macauley Duration. Duration and yield to maturity taken together are used to compare bonds with different coupons and maturities. See also: Coupon, Yield to maturity, ConvexityCategory: 债券

Real Interest Rates

实际利率Real Interest Rates指从现行的利率中扣除通货膨胀率后所得的实质收益率。也称"实质收益率"(neal yield)。参见Nominal Interest Rates（名义利率）。The actual rate of return calculated by deducting the inflation rate from the current interest rate. Also known as real yield. See also: Rates金融 | 债券

Seasonal Adjustment

季节性调整Seasonal Adjustment针对某些经济指标因受季节性因素影响而出现可预期的高峰或低谷所进行的调整。对经济指标作季节性调整有助于察觉其潜在趋势。通过自目前的变化中扣除过去数年的平均变动，可说明此上涨或下跌是否是不寻常的，或纯粹只是季节性现象。参见Economic Indicators（经济指标）An adjustment made to certain economic indicators to allow for predictable peaks and troughs caused by seasonal factors. Seasonal adjustment to an economic indicator makes it easier to discern the underlying trend. Adjustment is made by deducting an average of the change in a set number of previous years from the current change, showing whether a rise or fall is unusual or purely seasonal.See also: Economic IndicatorsCategory: 金融

Sallie Mae

学生贷款营销协会Sallie Mae是英文Student Loan Marketing Association（学生贷款营销协会）的俗称，为美国专门提供学生贷款的上市公司。网址：www.salliemae.comSynonym: Student Loan Marketing AssociationA publicly traded stock corporation in the US, which guarantees student loans traded on the secondary market. Category: 债券

Macro-economics

宏观经济学Macro-economics对总体经济现象如经济增长率、通货膨胀、失业和总产出等方面的研究.参见Economic Indicators（经济指标）。Study of aggregate economic behaviour such as total output, economic growth, inflation and unemployment.See also: IndicatorsCategory: 金融

Trading Band

官方允许的汇率波动区间Trading Band政府或央行允许本国货币汇率的波动区间，在此区间内，官方不会干预市场。亦称为"干预区间"（intervention band）。采用允许货币逐渐升值或贬值的爬行钉住汇率制的国家有时也会定下这种汇率区间。参见Crawling Peg（爬行钉住汇率制）。Formal exchange rate limits within which a government or central bank allows its currency to trade without intervention. Also known as an intervention band. It is sometimes coupled with a crawling peg system of gradual appreciation or depreciation.See also: PegCategory: 外汇

Undervalued

定值过低Undervalued指相对于基本面因素而言，证券或货币的市场价格低于应有水平。与之相对的是"定值过高/价格偏高/价值被高估"。参见Overvalued（定值过高/价格偏高/价值被高估）。When a security or currency is trading at a price lower than it should, relative to fundamental factors. Opposite to overvalued.See also: Overvalued金融 | 外汇 | 股票

Term Repo

定期回购Term Repo指期限为30天或以上的回购协议，用于为相似期限的仓位做避险操作。参见Repo（回购）。A repo lasting for 30 days or longer and used to hedge a position for a similar amount of time. See also: Agreement金融 | 债券

Fixed-term Deposit

定期存款Fixed-term Deposit指个人、公司、银行或政府在货币市场上存放于商业银行一段固定时间的存款。此类存款不可转让，在到期日之前也不可兑现，存款期限为隔夜至1年不等。参见CD（存款单）。金融 | 债券

Term CD

定期存款单Term CD指期限为一年或一年以上的存款单。参见CD（存款单）。Certificates of deposit with maturities from two to five years. See also: CD金融 | 债券

Binary Option

定点期权Binary Option一种特殊期权，在标的资产市价达到事先确定水准的情况下支付固定的金额，否则不会有任何回报。亦称all-or-nothing option(全付或不付期权)、digital option(数字期权)或one-touch option(一触即付期权)。参见Option（期权），Strike Price（行使价）。An option that pays out a fixed amount if the underlying financial instrument on which the option is based reaches the strike level either at expiry, or at any time during the life of the option. Also called an all-or-nothing option, digital option or one-touch option.See also: Option, Strike PriceCategory: 期货期权

Fix

定盘Fix为汇率或商品制定一个正式的价格，通常在每交易日进行。The setting of an official price for a currency or commodity, often on a daily basis.期货期权 | 外汇

Quantitative Analysis

定量分析Quantitative Analysis广义而言，定量分析泛指基于数字的分析，不考量无法量化的因素。就资产管理而言，定量分析是指对历史回报率、价格波动性以及不同资产之间的价格相关性进行统计分析，藉此协助资产配置上的决策。定量分析经常使用资本资产定价模型（CAPM）和股息贴现模型（DDM）等分析工具。参见CAPM（资本资产定价模型），DDM（股息贴现模型），Fundamental Analysis（基本面分析）及Technical Analysis（技术分析）。The statistical study of historic returns, price volatility and price correlations of different assets in order to construct optimal portfolios. QA relies heavily on mathematical models such as the capital asset pricing model (CAPM) and the dividend discount model (DDM). More generally, quantitative analysis is any statistical analysis based on numerical data, as opposed to qualitative analysis, which is based on values and opinions.See also: Analysis技术分析 | 股票

Paid-up Capital

实收资本Paid-up Capital指公司发行股票后，股东实际已缴纳的资本。Paid-up capital is used to describe shares issued by a company for which the company has received the full nominal value in payment, whereas callable capital is that part of a share for which the company has not yet received payment.

Real-time Data

实时数据Real-time Data用于形容现行价格的术语，与其相对的则是历史价格数据。Term used to describe live prices as opposed to historical data.Category: 金融

Terminal Market

实物商品市场Terminal Market在实物商品市场，参与人士以实物商品交换现金，亦可将实物商品用于期货合约的交割。Commodity market where physicals are exchanged for cash and are deliverable against maturing futures contracts.Category: 期货期权

Wet Barrels

实物石油Wet Barrels石油交易中使用的术语，指在确定装船日期的情况下进行石油产品的交割，而不是转让油轮的收据，后者只是转移了油品的所有权，通常不会进行实物交割。参见Paper Barrels（纸面石油），Daisy Chain（菊花链交易）。Term used in oil trading that means delivery of the actual product, with a shipping date, rather than the transfer of a tanker receipt, which changes ownership but does not usually involve delivery. See also: ChainCategory: 期货期权

Real

实际的Real指剔除了通货膨胀因素。在高通货膨胀时期，原始未经调整的数据具有误导性，因此常常运用实际数据，也就是经过通货膨胀调整的数据来衡量经济增长。Adjusted for inflation. Crude, unadjusted figures are misleading in times of high inflation, so real or inflation-adjusted figures are often used for measurements of economic growth.Category: 金融

Audit

审计Audit指对公司的账目进行正式的审查。An official examination of a company's accounts.See also: AuditorsCategory: 金融

Auditors

审计师Auditors指对公司的账目进行正式审查的会计师。Accountants who carry out the official examination of a company's accounts.See also: AuditCategory: 金融

Grace Period

宽限期Grace Period1. 指放款人同意借款人只支付利息，暂时无须偿还本金的一段时期。2. 指过了付款期限，收款的一方同时延长付款期限，在宽限期满之前支付则不算违约。 偿还贷款的本息、缴纳税金或交保险费都可能有这种宽限期。The time period agreed by a lender during which a borrower pays only interest and does not start to repay principal.金融 | 债券

Oligopoly

寡头垄断Oligopoly指少数几家公司控制了某一商品的市场供给，因而对价格有极大影响力的一种市场状况。参见Monopoly（垄断）。A situation where a few firms selling an item control its supply and hence influence its price.See also: Monopoly金融 | 风险投资和新股发行

Hedging

对冲Hedging一种旨在降低风险的行动或策略。套期保值常见的形式是在一个市场或资产上做交易，以对冲在另一个市场或资产上的风险。例如，某公司购买一份外汇期权以对冲即期汇率的波动对其经营带来的风险。进行套期保值的人称为套期者或对冲者(hedger)。参见Speculator（投机商）。An action or strategy designed to minimize risk. A hedge often takes the form of a transaction in one market or asset, which protects against losses in another - e.g. a company buys an FX (foreign exchange) option to protect against the risk to its business of fluctuations in spot currency rates. Those pursuing hedging strategies are known as hedgers.See also: SpeculatorCategory: 技术分析

Hedge Fund

对冲基金Hedge Fund一种私人投资基金，目标往往是从市场短暂快速的波动中获取高水平的回报，常进行高杠杆比率的操作，运用如卖空、互换、金融衍生工具、程序交易和套利等交易手段。因最低投资额往往很高，对冲基金的投资者通常限于金融机构和富人。参见Derivatives（金融衍生工具），Leverage（杠杆率），Program Trading（程序交易），Short Selling（卖空），Swaps（互换/掉期）。A private investment fund which typically aims to produce high returns from rapid, short-term market movements, often by taking very leveraged positions and using aggressive strategies such as short selling, swaps, derivatives, program trading and arbitrage. Usually restricted to financial institutions and wealthy individuals.See also: Derivatives, Gearing, Program-trading, Short-Selling, SwapCategory: 技术分析

Matched Book

对应账簿Matched Book指银行的资产与负债的期限结构基本相同,换句话说,即短、中、长期的资产与负债规模相当. 亦指贷款利息收入与资金成本相当的情形.参见Book（账簿）。A book where the maturity dates for a bank or trader's liabilities match those of the assets. Also, where borrowing costs equal the interest earned on investments.See also: BookCategory: 债券

Counterparty Risk

对手风险Counterparty Risk参见Credit Risk（信贷风险）。

Closed-end Fund

封闭式基金Closed-end Fund指具有固定的核定资本，不可因应客户需求随时增发的一种基金。封闭式基金与一般的公司股票类似,在首次公开发行(IPO)时向公众发行固定数量的证券,随后在证券交易所买卖. 与开放式基金(open-end fund)不同之处在于,封闭式基金没有义务按客户需要增加发行或是赎回基金. 封闭式基金股票的价格完全由市场需求决定,因此可能高于或低于其资产净值. 在美国亦称为closed-end investment company，在英国亦称为investment trust。参见Open-end Fund (开放式基金), Mutual Fund(共同基金), Unit Trust(单位信托)及Investment Trust(投资信托).A fund in which there is a fixed amount of authorized share capital, and new shares may not be created on demand. Known as Closed-end Publicly Quoted Funds in the US and Investment Trusts in the UK.Category: 基金

Asset Stripping

将公司资产拆卖Asset Stripping收购一家公司后将该公司的资产拆分出售，以谋取利润。被拆分的目标通常是市值低于资产值的公司。Seeking a profit by buying a company, often when the market price is below the value of the assets, and then selling off all or some of the assets.金融 | 风险投资和新股发行

Shogun Bond

将军债券Shogun Bond指外国借款人在日本公开发行的非日元债券。Public offering in Japan of a non-yen bond by a foreign borrower.Category: 债券

Minor Metals

小金属Minor Metals指诸如钴、钽、钨、锑、锆和钼等金属。网址：www.mmta.co.uk参见Base Metals（基本金属），Precious Metals（贵金属）。Metals such as cobalt, tantalum, tungsten, antimony, zirconium and molybdenum.See also: Base Metals, Precious MetalsCategory: 期货期权

Minority Interest

少数股东权益Minority Interest在一家公司中,不为控股股东所持有的股权称为少数股东权益,通常合共不会超过股权的50%. 在集团财务报表上,资产负债表上的少数股东权益代表在集团的子公司中持少数股权的股东应占的净资产,损益表上的少数股东权益代表子公司中的少数股东应占的净利.参见Majority Interest(多数股权).An important but non-controlling outside ownership stake in a company or subsidiary. Also used to describe the share of a parent company's net profits or net assets that are attributable to those minority shareholders in partially-owned subsidiaries.Category: 股票

Payrolls

就业人口PayrollsPayrolls常用于指美国劳工部每月公布的美国非农业就业人口数据，更普遍的用法是指雇主有关雇员薪资的记录。The colloquial term for the statistic issued by the Department of Labor for US Non-farm Payrolls, or the number of people in work. It is more generally used to describe an employer's financial record of employees' salaries.

Due Diligence Process

尽职调查Due Diligence Process指对潜在投资目标或借款人的经营和管理进行调查，以核实重要事项，通常由投资者或牵头经办人进行。在会计师事务所，due diligence泛指例行审计以外的稽核任务。The investigation process into the operation and management of a potential investment target or borrower to verify material facts. It is usually performed by investors or lead managers.金融 | 风险投资和新股发行

Rollover Date

展期日Rollover Date指浮动利率票据支付上一次息票的日期，而且是这些票据下一次息票开始计息的日期。这一天通常不计息。参见FRN（浮动利率票据）。The date on which FRNs pay their previous coupon and from which they start to accrue interest on their next coupon. This will often be used as a flat settlement date, i.e. free of accrued interest.See also: FRNCategory: 期货期权

Peaks

峰顶/高点Peaks就技术分析而言，peak是指价格走势图上出现的一个价格高点。资产的价格触及高点后，因为卖压大于买压，价格因而回落。高点往往成为价格的阻力位，需要颇强的动能方能向上突破，创出新高。短时间内的高点，英文称为reaction high。与peak相对的是trough。参见Technical Analysis（技术分析）及Troughs(低点/谷底)。Synonym: TroughsTerms used by technical analysts to describe patterns that appear on their share price charts. Peaks, or reaction highs, are resistance points and represent a price level where selling pressure overcomes buying pressure, halting a price rise. Troughs, or reaction lows, are support points and represent a price level where buying pressure overcomes selling pressure thereby halting the price drop.See also: Analysis

Crash

崩盘Crash指经济形势急剧恶化或资产价格暴跌，崩盘会严重打击投资和消费信心，并可能会演变成经济或金融危机，例如1929年的华尔街股灾以及1997～1998年的亚洲金融风暴。发生这种状况时，企业和个人会减少投资和消费，以勉力偿还债务。这些债务很可能是以购入的资产(如房屋)作为抵押的，而这些资产的价值已暴跌。信贷需求会因而进一步下降，进而威胁总体经济增长。A dangerously steep fall in economic conditions or asset prices, such as the Wall Street Crash of 1929. A crash leads to a sudden fall in confidence in investment and the economy. Companies and individuals reduce consumption and investment as they try to repay debt borrowed to buy assets which have fallen steeply in value. That leads to further drops in demand for credit and threatens the overall level of economic activity.金融 | 外汇 | 债券 | 股票

Industrial Production

工业生产Industrial Production工业生产衡量的是产品制造行业的产出水平，是反映经济状况的指标之一。A measure of the output of goods-producing industries, used as an indicator of the state of an economy.Category: 金融

Basel Committee

巴塞尔委员会Basel Committee国际清算银行下属的一个委员会， 旨在促进国际间在银行监管事务上的合作，制定并提倡良好的银行监管准则。奠定银行最低资本国际标准的巴塞尔资本协议即为该委员会所制定。参见BIS（国际清算银行）。A committee of the Bank for International settlements that formulates broad supervisory standards for best banking practice and supervision, including setting the minimum capital standards for banks.See also: BISCategory: 金融

Big Mac Index

巨无霸汉堡包指数Big Mac Index英国《经济学家》杂志编制的一个不是很严谨的指数。 该杂志比较麦当劳巨无霸汉堡包(Bid Mac)在世界各地的价格，作为各国币值是否被低估或高估的指南。其假设是相似的食品无论在哪里销售，其价格应当是相同的，价格有差别意味着币值出现异常情况。例如，一个巨无霸汉堡包在华盛顿的价格为1美元，而在鲁利坦尼亚(Ruritania，假想国)为20比索，那幺，美元兑比索应是1美元等于20比索。如果汇率偏离这一水平，根据购买力平价理论，比索的币值要幺偏低，要幺偏高。购买力平价理论认为，汇率应变动至令相同的商品组合价格一致的水平。批评者认为，巨无霸汉堡包指数忽略了不同国家的税收、利润水平和原材料价格等因素的影响。A light-hearted index devised by The Economist magazine which compares the price of McDonald's Big Mac burgers, a fast food staple available around the world, as a guide to whether currencies are overvalued or undervalued. It's based on the assumption that similar goods should cost the same wherever they are purchased. If the prices are different there is an anomaly in the valuation of the local currency. For example, if a Big Mac costs $1 in Washington and 20 pesos in Ruritania then the dollar/peso exchange rate should be 20 pesos to the dollar. If it's out of line then the peso is either overvalued or undervalued on the basis of purchasing-power parity, which says exchange rates should move towards a level which equalizes the price of an identical basket of goods. Critics say the Big Mac index ignores the effects of taxes, profit margins and the price of raw materials in different countries.Category: 外汇

Contract for Difference

差价合约Contract for Difference简称CFD，泛指不涉及实物商品或证券的交换、仅以结算价与合约价的差额作现金结算的交易方式。The exchange of a fixed price asset for a floating price asset. In foreign exchange markets the term is used to describe the settlement of the difference between a contract rate and the eventual settlement rate.See also: FXCategory: 期货期权

Distributed Profits

已分配利润Distributed Profits指通过支付股息已分配给股东的利润。Profits distributed to shareholders via dividend payments.已分配利润金融 | 股票

Realized Gain

已实现利益Realized Gain指因平仓而获得的现金利润。The cash profit from liquidating a position.Category: 金融

Realized Loss

已实现损失Realized Loss指因平仓而造成的现金损失。The cash loss from liquidating a positionCategory: 金融

Dated Brent

已确定装船日期的布兰特原油Dated Brent指已经安排了装船日期、很快就要装船的布兰特原油。装船日期通常会在装船前约15天确定。参见Brent(布兰特原油)。Brent crude oil for prompt loading. Dated Brent is a cargo of crude that has been awarded its loading date. This occurs 15 days ahead of loading, - or the nearest to 15 days allowing for non-trading days.See also: BrentCategory: 期货期权

Basel Rules or Basel Accord

巴塞尔资本协议Basel Rules or Basel Accord国际清算银行下属的巴塞尔委员会就银行最低资本要求及其他经营问题所制定的准则。巴塞尔资本协议(Basel Capital Accord)于1988年推出，资本充足率(Capital Adequacy Ratio)不得低于8%是该协议的核心要求，成为广受国际接受的标准。根据协议的要求，贷款的风险越高，银行必须具备越雄厚的资本。因为适应银行业日趋复杂的发展，巴塞尔委员会于2004年6月26日正式推出巴塞尔新资本协议(Basel II)，主要金融中心将于2006年底开始实施。参见BIS（国际清算银行），Category: 金融

Paris Club

巴黎俱乐部Paris Club指西方债权国政府所组织的不定期论坛，讨论债务重组或减免问题。巴黎俱乐部由政府组成，而伦敦俱乐部则由商业银行组成。参见London Club（伦敦俱乐部）。An ad hoc forum for Western creditor governments to discuss the renegotiation of debt owed to them, or guaranteed by them. The Paris Club groups government creditors while the London Club groups commercial creditors. See also: Club金融 | 债券

MONEP

巴黎期权交易市场MONEP法文Marché des Options Néociables de Paris的缩写，指巴黎专门从事股票和指数期权交易的期权市场，于1999年6月并入巴黎交易所,后者于2000年9月并入Euronext。参见Euronext(泛欧交易所).Synonym: Marché des Options Négociables de ParisThe Paris traded options market specializing in stock and index options. 期货期权 | 缩略语

COB

巴黎证券交易所业务委员会COB法文Commission des Opérations de Bourse的缩写。COB是法国证券市场的监管机构。Synonym: Commission des Opérations de BourseCommission des Opérations de Bourse. French stock market regulator.Category: 缩略语

Pibor

巴黎银行同业拆借利率Pibor英文Paris Interbank Offered Rate的缩写。指巴黎的银行同业市场拆借短期资金的利率，已为欧元银行同业拆借利率(Euribor)所取代。参见Libor（伦敦银行同业拆借利率），Euribor(欧元银行同业拆借利率)。Paris Interbank Offered Rate. The rate at which banks in Paris are prepared to lend money market funds to each other.See also: Libor, Euribor金融 | 债券

Market Order

市价单Market Order又称按市价成交(at the market)的委托,指示经纪商以下单时市场上所能取得的最好价格完成交易。市价委托是投资者最有把握可以成交的委托方式，目的是尽快成交。An order that should be executed immediately whatever the current price.Category: 金融

Capitalization

市值Capitalization公司所发行的股票的市场价值总和，等于发行股数乘以每股市价。参见Share（股票），Stock（股票）。The total market value of a company's issued share capital. Calculated as the number of shares multiplied by the price of one share.See also: Share, Stock金融 | 股票

Capitalization-weighted Index

市值加权指数Capitalization-weighted Index以成分股的市值为加权基础的股价指数，反映全部成分股总市值的变动。参见Stock Index（股价指数），Market Capitalization（市场总值Category: 股票

Consensus Estimates

市场平均预估Consensus Estimates多位分析师对一家公司未来业绩的平均预期，反映市场对此的平均预期，主要涵盖的数字包括每股盈余(EPS)、股息及营业收入，基于市场对每股盈余的平均预估，可算出公司当前年度及来年的预测市盈率。Synonym: Early EstimatesAverages of the estimates of a company's future performance supplied by a number of analysts. Consensus estimates cover figures such as growth in earnings per share, dividends and price/earnings ratios. Also known as early estimates.Category: 金融

Market Sector

市场板块Market Sector指通常按业务性质区分的上市公司类别,比如地产股、金融股、公用事业股、能源股、科技股及通讯类股等. 交易所或指数编制公司会为各市场板块编制指标股价指数,以反映类股整体表现.Listed securities from a particular industry. Stock exchanges have sector indices which track the performance of listed companies by industry, e.g. banks, chemicals or forestry and paper.金融 | 股票

Normal Market Size

市场正常交易规模Normal Market Size指在不引起市场价格波动的情况下可以购买的证券数量。The number of stocks that can be purchased without moving the market price

Market Economy

市场经济Market Economy藉自由市场的需求与供给决定资源配置的经济模式。但即使在公认的市场经济体系中,多数国家还是对经济活动设置了一些限制。An economy where supply and demand in free markets determine the allocation of resources. However, most countries impose some limitations within this economic systemCategory: 金融

Market Trend

市场趋势Market Trend指市场价格变动的大体方向,可分短、中、长期趋势.The general direction of overall price movements in a market, ignoring short-term fluctuations.Category: 金融

Market Risk

市场风险Market Risk参见Systematic Risk（系统性风险）。Category: 金融

Price To Book Ratio

市帐率Price To Book Ratio市帐率由股票的市值除以公司的帐面资产净值得出，是评估股价是否过高的指标之一。在同一类股中，市帐率较低的公司可能更具投资价值，但这亦可能是反映公司存在一些隐疾。参见NAV（资产净值）。

Receivables

应收账款Receivables指欠公司的未偿还债务。Any outstanding debts due to a company.Category: 金融

Municipal Bond

市政债券Municipal Bond简称munis,指美国的市政债券,由州、郡及市等地方当局发行,以为社区项目如道路、学校及医院融资,期限在三年以内的称为市政票据(municipal note). 美国市政债券的发行人超过五万个,债券年期可长达40年. 市政债券的投资收益一般获豁免联邦政府、州政府及地方政府的所得税,此类债券因此广受个人投资者欢迎.市政债券可分两大类: (1)一般信用担保债券(general obligation bond): 并无与特别项目挂钩的市政债券,其本息的偿付来自发行当局的综合收入--主要为地方政府的各种税收; (2)收益债券(revenue bond): 为特定项目(如收费公路)融资而发行的市政债券,其本息的偿付由相关项目的收入支应.更具体而言,市政债券包括以下类型: (1)税收预期债券(tax anticipation notes, TANs): 预期将以未来一段时间的税收还本付息的债券; (2)收益预期债券(revenue anticipation notes, RANs): 预期将以税收以外的收入偿还的债券; (3)税收与收益预期债券(tax and revenue anticipation notes, TRANs): 预期以税收以及其他收入偿还的债券; (4) 发债预期债券(bond anticipation notes, BANs): 预期以稍后发行长期债券的收入赎回的债券,属过渡性质的融资安排; (5)营建贷款债券(construction loan notes, CLNs): 为建设项目,特别是房屋建筑计划融资的债券; (6)拨款预期债券(grant anticipation notes, GANs): 预期将以通常是来自联邦政府的拨款还本付息的债券.Category: 债券

PEG Ratio

市盈增长比率(PEG值)PEG Ratio从市盈率衍生出来的一个比率，由股票的未来市盈率除以每股盈余(EPS)的未来增长率预估值得出。粗略而言，PEG值越低，股价遭低估的可能性越大，这一点与市盈率类似。须注意的是，PEG值的分子与分母均涉及对未来盈利增长的预测，出错的可能较大。计算PEG值所需的预估值，一般取市场平均预估(consensus estimates)，即追踪公司业绩的机构收集多位分析师的预测所得到的预估平均值或中值。此比率由Jim Slater于1960年代发明，是他投资的主要判断准则之一。参见P/E Ratio(市盈率)，Consensus Estimates(市场平均预估)及EPS(每股盈余)。The price earnings growth ratio is calculated by dividing a stock's prospective price/earnings ratio (PER) by the rate of estimated future growth in earnings per share (EPS). The higher the PEG ratio, the more the market has already valued future earnings growth. A company with a PER of 15 and estimated growth rate of 15 percent would have a PEG of 1.0. A company with a PER of 15 and an estimated growth rate of 10 percent would have a PEG of 1.5. The ratio was invented by 1960s markets expert Jim Slater, who used it as his main investing criterion. Consensus estimates are used to derive the PER and EPS used in the calculation.See also: Ratio, EPS

Price Earnings Growth Ratio

市盈增长比率Price Earnings Growth Ratio参见PEG Ratio（市盈增长比率）。金融 | 股票

Black & Scholes Model

布莱克—斯科尔斯模型Black & Scholes Model广泛用于计算欧式期权价值的定价模型，由费雪·布莱克（Fischer Black）和梅隆·斯科尔斯（Myron Scholes）于1973年所创。该模型可算出看涨期权(call option)在到期前任何时点的价值。欧式期权是只能在到期日行使的期权。参见Option（期权）。A widely used option pricing formula for European style options, which have a fixed expiry time, created by Fischer Black and Myron Scholes in 1973. It allows assessment of the value of a call option at any particular time up to expiry. See also: OptionCategory: 期货期权

Par Bond

平价债券Par Bond以面值发售的债券。A bond issued at par or face value. Alternatively, to provide debt service reduction, old debt can be swapped at par for new 'par bonds' which may have lower interest rates or longer repayment periodsCategory: 债券

Rolling Settlement

循环结算Rolling Settlement指按交易日后若干天数为循环周期对证券进行结算，而不是按固定的账户日进行结算。参见[[T+1]]（交易日后一天结算）。Settlement of securities on a recurring cycle of a certain number of days from the trade date, rather than on fixed account days. See also: [[T+1]]

Brady Bonds

布雷迪债券Brady Bonds布雷迪债券源自发展中国家以主要欧洲货币借入的银团贷款。在20世纪80年代初的经济衰退期间，很多发展中国家因外汇枯竭而无力偿还这些贷款。为恢复金融界对借款国的信心，当时的美国财长尼古拉斯·布雷迪于1989年提出一项计划，将大部分这种债务转换成由美国财政部支持的可转换债券。These bonds originated as syndicated bank credits to developing countries, denominated in major European currencies. During the economic recession of the early 1980s many developing countries ran out of foreign currency to meet their payments on these loans. To restore confidence in the borrowers, much of this debt was converted at a discount into negotiable bonds backed by the US Treasury, under a scheme introduced in 1989 by the then US Treasury Secretary Nicholas Brady.Category: 债券

Bretton Woods Agreement

布雷顿森林协定Bretton Woods Agreement1944年7月在美国新罕布什尔州的布雷顿森林签署的一项协定，该协定确定了第二次世界大战后的国际货币体系，并催生了国际货币基金组织（IMF）和世界银行。布雷顿森林体系建立在固定汇率制上，辅之以解决危机所需的暂时性融资便利。在此制度下，美国承担各国政府及中央银行用美元向其无限制兑换黄金的义务，从而使美元等同黄金，被用作国际储备。当时黄金与美元的兑换价定在每盎司35美元。1971年8月15日美国宣布不再承担美元兑换黄金的义务，布雷顿森林体系下的固定汇率制度不久遂被浮动汇率制取代。参见IMF（国际货币基金组织）和World Bank（世界银行）。Category: 金融

Intervention

干预Intervention就汇市而言,这是指中央银行为影响汇率或稳定市况而在公开市场上进行的操作。Trading by a central bank in the open market in order to influence exchange rates or stabilize market conditions.Category: 外汇

Intervention Band

干预区间Intervention Band英文亦称为trading band,指政府或中央银行所允许的汇率波动区间,汇率超出该区间会引发官方的干预. 干预区间有时会与允许货币逐渐升值或贬值的爬行钉住汇率制一同实施.参见Crawling Peg（爬行钉住汇率制），Concerted Intervention（联合干预）Formal exchange rate limits within which a government or central bank allows its currency to trade without intervention. Also known as a trading band. It is sometimes coupled with a crawling peg system of gradual appreciation or depreciationSee also: Crawling Peg, Concerted InterventionCategory: 外汇

Closing a Position

平仓Closing a Position平仓是指将交易头寸结清，即以卖出来结清多头头寸，以回补(即买入)来结清空头头寸。在期货或期权市场，平仓亦指在合约到期时交付标的金融工具或实物商品以供交割。参见Long（多头），Short（空头）。The delivery of underlying financial instruments or commodities against a future or option contract. The offsetting of a long or short position in a market by making an offsetting trade in the other direction. A trader would close a short position by buying the same instrument, or close a long position by selling it. See also: Long, Short期货期权 | 金融 | 外汇 | 债券 | 股票

Cost to Close

平仓成本Cost to Close远期外汇头寸重新估价所用的词汇，指按市场现行汇率结清手上合约的成本。A calculation of what the cost would be of having to liquidate outstanding contracts at the prevailing market rates. Used in forward foreign exchange revaluations.期货期权 | 外汇

At Par

平价At Par指证券的售价与其面值相等。When a security is selling at a price that is equal to face value.期货期权 | 金融 | 外汇 | 债券 | 股票

Average Price

平均价格期权Average Price平均价格期权是指期权的结算价值基于期权行使价格与标的资产在期权期限内平均现货价的差值的期权。经合约各方同意，平均值可取自期权期限内的任何时点，数据的时间间隔和频率亦可任意确定，亦称Asian option（亚洲式期权）。参见Option（期权），Strike Price（行使价Category: 期货期权

Mean

平均值 Mean英文亦称为average,由一组数值的总和除以数值的数目得出。Calculated by taking the sum of a set of values and then dividing that figure by the total number of values. Also known as the average.Category: 金融

MACD

平滑异同移动平均线MACD英文Moving Average Convergence/Divergence的缩写. MACD是一种追踪资产价格趋势的技术分析工具,透过长短两种天期的价格移动平均线来分析走势. 一般以26天移动平均线为长天期代表,短天期则选12天. 移动平均线采用平滑移动平均线(EMA, exponential moving average)模式,让较为近期的价格对移动均值有较大的影响. 资产价格的12天EMA减去26天EMA,即得出MACD值,在图表上是一条环绕着零值波动的线. 计算MACD值的9天EMA,即可画出一条所谓的"信号线". MACD的分析方式包括:1. 线条的交叉: MACD线向下穿过信号线是看跌信号,意味着或许应该卖出. 相反,MACD线向上穿越信号线则代表价格有上涨的动能. 当价格陷于窄幅波动时,这种买卖信号比较不可靠.2. 价格背离: 价格走势与MACD线背离,是当前价格趋势告一段落的信号.3. MACD值急涨: 资产价格的短期移动均值上扬,急速拋离长期移动均值时,MACD线会快速向上,这是证券出现超买的迹象.另外,技术分析师亦会关注MACD值是正数还是负数. MACD值高于零代表短期均值高于长期均值,这意味着近期价格呈现上涨动能. MACD值低于零则意味着近期价格呈现下跌动能.参见Technical Analysis（技术分析）以及Moving Average(移动平均线).Synonyms: Moving Average Convergence, Moving Average DivergenceMoving Average Convergence/Divergence is technical analysis tool showing the relationship between two exponential moving averages of a share price for different periods. The two exponential moving averages are plotted on a chart, producing two lines that oscillate above and below a zero line. Sell and buy signals are generated when the two lines derived from moving averages of different periods cross. Overbought and oversold signals can be indicated when both lines are significantly above or below the zero line respectively. The exponential moving average is worked out by applying a percentage of the closing price today to the moving average calculated yesterday. This gives more weight to the most recent price changes compared with a simple moving average.See also: AnalysisCategory: 技术分析

Parallel Loans

平行贷款Parallel Loans参见Back-to-back Loans（背对背贷款）。金融 | 债券*

Balanced Budget

平衡预算Balanced Budget英文亦称为neutral budget(中性预算)，指政府的支出与收入相等的财政预算。参见Budget（预算）。Synonym: Neuteral BudgetThe situation in a government's budget where its expenditure matches revenue. Also known as a neutral budget.See also: BudgetCategory: 金融

Annual Report

年度报告Annual Report指一年一度关于公司现状的报告，在年度股东大会前分发给股东审阅。A status report on the current condition of a company. Issued once a year for shareholders to examine before the annual general meeting.Category: 股票

AGM

年度股东大会AGM英文 Annual General Meeting的缩写，指在财政年度结束后不久邀请股东就公司的年度报告、财务报表和年终股息等事宜进行表决而召开的大会。公司常在新财政年度的头几个月内召开年会，并借此向股东汇报公司的业务前景。参见Annual Report（年度报告），Balance Sheet（资产负债表）。Synonym: Annual General MeetingCalled some time after the financial year-end, inviting shareholders to vote acceptance of the company's annual report, balance sheet and final dividend. Companies often use the meeting to tell shareholders about corporate business prospects in the early months of the new financial year.See also: Annual Report, Balance Sheet缩略语 | 股票

Annual Rate

年率(Annualized Rate)Annual Ratē.按月或按季公布的经济数据分别乘以12或4即为年率数据，例如，2004年9月美国房屋开工率为15.875万户，折成年率即为15.875×12＝190.5万户；9月的新屋销售量为10.2万户，折成年率即为10.2×12＝122.4万户。年率数并非代表实际发生的活动，仅表示若本月或本季的活动水平保持下去，该项经济活动一整年将会达到的水平。2.将月/季度数据与上月/季比较，经统计上的调整，计算出以年率计的增长率，和直接与上年同期相比较(year on year)得出的增长率不同。美国和日本所公布的季度国内生产总值(GDP)的增长率均属此类。3.将某项经济指标，例如通货膨胀率，一年的平均水平与上年的平均水平相较，所得出的年变化率。The comparison of the average level of a given rate, e.g. inflation, in the current year with the average in the previous year. The benefit of this measure is that it smoothes out unusually large or small changes that may have occurred for short periods during the year.

Final Dividend

年终股息Final Dividend公司在财务年度结束时，经年度股东大会通过后支付给股东的股息。A dividend paid to shareholders by a company at the end of its financial year and authorized by shareholders at the annual general meeting.Category: 股票

Annuity

年金Annuity指在确定的时间内支付一定收益的一种投资。某些年金给年金的持有者终生支付收益。An investment that pays a given stream of income for a fixed period of time. Some annuities pay that income during the lifetime of the holder.Category: 金融

M&A

并购M&A英文Mergers and Acquisitions（合并与收购）的缩写。参见Acquisition（收购），Merger（合并），Takeover（收购/接管）。Synonym: Mergers and Acquisitions Mergers and Acquisitions .See also: Acquisition, Merger, Takeover缩略语 | 风险投资和新股发行

Plaza Agreement

广场协议Plaza Agreement美、日、德、英、法五国于1985年9月于纽约广场酒店达成的一项协议，宣称美元汇率遭严重低估，各国必要时将联手干预以压低美元汇价。广场协议促使美元兑日圆大幅贬值，自1美元兑280日圆辗转下滑，至1995年年中曾触及80日圆的低点。一般认为此协议迫使日圆升值，促成了日本的资产泡沫。An agreement in 1985 which set up the G5 group of the United States, Japan, France, Germany and Britain and promoted further depreciation of the US dollar.Category: 外汇

Systemic Risk

广泛性风险Systemic Risk指与整个金融体系的不利变化相关的风险。The risk associated with an adverse change in the overall financial system.Category: 金融

Inventory

库存Inventory也称为存货(stock),指公司贮存的原材料、半成品和成品。A company's stock of raw materials, semi-finished and finished goods. Also known simply as stock.Category: 金融

Payables

应付帐款Payables美式用语，亦作Accounts Payable，等同英式的Creditors。是公司资产负债表上流动负债(current liabilities)中的一个项目，指公司未支付供应商的款项。供应商以外的应付款，会归入其它应付款(other payables)内。A US term for creditors.

Accrued Interest

应计利息Accrued Interest指证券自上次付息日以来所累积的利息。如果证券在两个利息支付日之间出售，买方通常要以在买价中包含应计利息或单独支付利息等方式补偿卖方。参见Coupon（息票），Simple Interest（单利）。The interest accruing on a security since the previous coupon date. If a security is sold between two payment dates, the buyer usually compensates the seller for the interest accrued, either within the price or as a separate payment. See also: Coupon, Simple InterestCategory: 金融

Accruals

应计项目Accruals对公司已发生但尚未支付的费用的估算数。这些估计数见于公司的损益表和资产负债表。Estimates of a company's costs that have been incurred but have not yet been paid. They appear on the profit and loss account and on the balance sheet.Category: 金融

OTC Fund

店头市场基金OTC Fund店头市场基金主要投资于所谓的店头市场或柜台交易证券，这些证券不在证券交易所的集中市场上买卖，往往是因为未符合在集中市场挂牌的条件，亦称为非上市证券(unlisted securities)。此类基金的投资策略属积极型，其风险程度和获利潜能亦较高。 参见OTC(场外市场/店头市场)。

Ponzi Scheme

庞氏骗局Ponzi Scheme又称金字塔骗局(Pyramid Scheme)，一种诈财方法，以异常高的收益诱人投入资金，然后以新加入者的钱向参与者支付收益，而不是依靠出色的投资策略赚钱。一旦新 投入的资金不足以支付收益，骗局即揭穿。Synonym: Pyramid SchemeA fraudulent investment scheme that promises high returns which are derived from an inflow of new investors' funds rather than from sound investments. The scheme collapses when there are not enough new investors to pay the old investors. Also known as a Pyramid Scheme.

Moratorium

延期偿还Moratorium此词一般含意为活动之暂停、中止,就借贷关系而言,是指借款人中止或延后偿还本金或利息.The suspension or delay by a borrower of repayments of principal, and sometimes of due interest, on a loan. If it is determined that interest will in fact be paid, then banks can continue to classify the loan as a performing asset. If neither principal nor interest is being paid it is a performing Loan|non-performing loan]].Category: 债券

Deferred Coupon

延期支付票息Deferred Coupon指债券发行人将头几年的票面利息延后至到期时一笔支付。 这种债券以那些希望延后收取利息的投资人为目标，这些投资人可能因早年收入较高而希望将利息收入延后以减少纳税。参见Coupon（息票）。A bond that delays coupon payments for the first few years, paying them in a lump sum at maturity. It is aimed at investors who want delayed cash flow and who also seek a lower tax bill in early years when their income might be higher than in later years.See also: CouponCategory: 债券

Taking a Position

建立头寸Taking a Position通过买进或卖出来建立多头或空头仓位。The act of buying or selling to establish a long or short position.期货期权 | 金融 | 外汇 | 债券 | 股票

RUF

循环承销融资RUF英文Revolving Underwriting Facility的缩写，允许借款者可按需要发行短期票据。其中包括一份自动的承销协议，以防市场不能提供所需的资金。参见NIF（票据发行融资）。Revolving underwriting facility, which allows the borrower to issue short-term notes as required. Contains an in-built underwriting agreement should the market be unable to provide funds. See also: NIF缩略语 | 债券

Open-end Fund

开放式基金Open-end Fund开放式基金乃指资本额不设限的基金，投资人随时可以向基金公司买入或赎回基金，基金公司则可随时增发基金单位以满足市场需求。开放式基金的投资者可于每个交易日，依基金单位净值向基金公司认购基金或要求赎回，基金经理人须保持足够的流动性以满足投资者的赎回需求，同时须以优秀的投资表现来吸引新的资金流入。开放式基金较适合投资于规模庞大且资金流动性较高的市场，或者分散投资于多个市场上。参见Closed-end Fund(封闭式基金)，Mutual Fund(共同基金)，Unit Trust(单位信托)及Investment Trust(投资信托)。Category: 基金

Strangle

异价跨式组合Strangle指包含不同行使价但相同到期日的看涨期权和看跌期权的期权策略，在价格突破（升破或跌破）某一区间时可以获利，实际上这是一种对价格波动的赌注。An option strategy involving one call and one put with different strike levels but with the same expiry date. The strategy produces a profit if prices break above or below a given range, effectively a bet on volatility.Category: 期货期权

Odd Coupon

异常票息Odd Coupon债券一般会定期派发票息，比如多数美国公债每半年付息一次。在某些情况下，债券首次或最后一次派发票息的计息期会长于或短于正常计息期，这种情况称为"异常票息"。This occurs when the first or last coupon period is longer or shorter than the normal coupon period.

Yours

归你了Yours交易员确认出售的惯用语。当交易员接受另一交易员的买方出价时，他说"归你了"，以确认他已接受了买方的出价(hit the bid)，愿意按该价格售出约定数量的交易工具。"归你了"一词必须伴随一个具体的数额，以表示已接受的交易规模有多大。参见Bid（买方出价），Offer（发盘）。Dealers' jargon used to confirm the act of selling. When a dealer accepts a bid, or the offer to buy from another dealer, he says "yours" to confirm that he has "hit the bid" and is willing to sell the requested amount at the requested price. "Yours" must be accompanied by a specified number or amount to show how large the accepted deal is. See also: Bid, Offer期货期权 | 金融 | 债券 | 股票

Current Coupon

当前票面利率Current Coupon指浮动利率票据或证券的当前票面利率（以面值的百分比来表示的年利率）。参见Coupon(票面利率)。The prevailing coupon (interest paid on a bond, expressed as a percentage of the face value) on a floating rate note or other variable rate security.See also: CouponCategory: 债券

Loco

当地交货价Loco指价格以在货物所在地(当地)交货为准,即是说买方须承担将货物从当地运送至自己目的地的费用与风险. 比如在黄金交易中,"loco London"是指价格以在伦敦进行交割为准.The cost of goods where they lie. In gold trading the price is quoted for delivery to a certain locationCategory: 期货期权

Intraday

当日之内Intraday在讲金融市场上的价格时,盘中价格(intraday price)可以是开盘到收盘之间的任何一个价格. 记录盘中价格的常用间隔包括跳动点(金融工具价格可变动的最小单位)、五分钟、半小时及一小时.A term that means 'within the day' and usually refers to prices in financial markets. An intraday price can be any price between the opening and the close. Common intraday intervals used to record price changes include tick (the minimum movement possible in the price of a financial instrument) or five-minute, half-hourly and hourly. See also: Tick金融 | 外汇 | 债券 | 股票

Day Traders

当日交易者Day Traders指替自己买卖，在收市前总是结清当日仓位的市场人士。在期货市场，当冲客称为"黄牛"(scalpers)。Traders who buy and sell assets on their own account but always liquidate their positions at the end of the day. Day traders are known as scalpers in futures markets.期货期权 | 金融 | 外汇 | 股票

Current Yield

当期收益率Current Yield是一种反映债券持有人所得收益的指标，以票面利率除以市场价格得出，即票面利率除以债券不带利息的价格。参见Clean Price(除息价格)，YTM(到期收益率)。A measure of the return to a bondholder, calculated as a ratio of the coupon to the market price. It is simply the annual coupon rate divided by the clean price of the bond. See also: Price, YTMCategory: 债券

Current Issue

当期证券Current Issue参见On-the-Run Issue(当期证券)。金融 | 债券 | 股票

Patterns

形态Patterns在技术分析中，形态是指价格波动在图表上形成的形状。技术分析师观察各种形态，希望藉此判断市场趋势。参见Technical Analysis（技术分析）。Shapes created by price movements on a chart. Patterns are used by technical analysts to identify market trends, then to decide on the strength of the trend and whether it will continue or be reversed.See also: AnalysisCategory: 技术分析

Delta

得尔塔值Delta期权价格对标的资产价格敏感度的指标，衡量标的资产价格每一单位的变动会导致期权价格多大幅度的变动。标的资产是指期权持有人行使权利可买进或卖出的金融工具或商品。 参见Option（期权）。A measure of sensitivity derived from an option pricing model. It measures how much an option's price will change for one unit of change in the underlying price.See also: OptionCategory: 期货期权

Delta Hedging

得尔塔套期保值Delta Hedging指期权的卖方(option writers)按期权头寸的得尔塔值所指示的比例，在现货市场买进或卖出标的资产，以对冲风险。期权卖方实际上是想保持中性的立场，即不做多头亦不做空头。A method used by option writers to hedge risk by purchasing or selling the underlying instrument in the spot market in proportion to the delta of their options position. Effectively traders are trying to remain neutral in a particular market.Category: 期货期权

Revolving Line of Credit

循环信贷额度Revolving Line of Credit指银行的一种信贷额度，客户在支付费用后可根据自己的需要而借款，也称"循环信贷"(revolver)。A bank line of credit for which customers pay fees and can then take money according to their needs. Also known as a revolver.Category: 债券

Micro-economics

微观经济学Micro-economics经济学中有关消费者与企业个体行为的研究. 微观经济学分析企业与消费者的决策过程,研究买卖双方个体层面上的互动以及影响经济决策的因素,着力研究个别商品市场的供需形态、价格以及产出的厘订.参见Macro-economics（宏观经济学）。The study of the economic action of individual firms and small well-defined groupings of individuals and sectors. See also: Macro-economicsCategory: 金融

DAX 30

德国DAX 30种股价指数DAX 30德国最受重视的股价指数，但该指数仅由30种蓝筹股组成，被认为范围过窄而不适合作为股市整体表现的指标。DAX 30与美国标准普尔500、法国CAC-40股指及英国《金融时报》100种股价指数一样是以市值加权的股价平均指数，而不是简单平均的股价平均指数。但与其他指数不同的是，DAX 30指数试图反映德国股市的总收益情况，而其他指数则只反映市场价格的变化。DAX 30指数考虑到股息收入，名义上将所有股息收入（按成分股的比重）再投资在股票上。如此，即便德国股票价格没有变动，DAX 30指数仍可能因股息收入而上涨。DAX 30指数的期货和期权合约在欧洲期货期权交易所(EUREX)挂牌买卖。 网址：www.exchange.de参见Capitalization-weighted Index(市值加权股价指数)，EUREX(欧洲期货期权交易所)。This is the most widely followed German stock index although it only consists of 30 blue chip equities and is considered too narrowly based for performance measurement purposes. Like the S&P 500, the CAC-40 and the FTSE 100, this index is a market capitalization-weighted average index, rather than a simple average. Unlike these other indices, which only measure change in market prices, the DAX attempts to measure the total return on German equities. In particular, the DAX includes dividend income and notionally reinvests any dividend income in additional equities in the same proportion as the index. Even if there is no net change in German equity prices it is possible for the DAX to rise because of the added value of an inflow of dividend income. Futures and options contracts on the DAX 30 are listed on EUREX.See also: Capitalization-Weighted Index, EUREXCategory: 股票

Hermes

德国Hermes信用保险公司Hermes德国Euler Hermes Kreditversicherungs-AG，是一家专注信用保险业务(credit insurance)的公司，为德国主要的出口信用保险商。Synonym: Hermes Kreditversicherungs AgHermes Kreditversicherungs Ag . A German state export insurance agency.Category: 金融

Bundesobligationen (BOBL)

德国中期公债Bundesobligationen (BOBL)期限在2～6年的德国联邦政府债券，亦称Kassen，1988年起实际上已被Schtze所取代。

Landesbank Baden-Wüttemberg (LBBW)

德国巴登符腾堡州银行Landesbank Baden-Wüttemberg (LBBW)成立于1999年，是德国西南部最大的银行，也是全球50大信贷机构之一。该行是其所在地区的清算银行，在提供商业银行服务方面与私营银行竞争，同时也是位于该州首府斯图加特的一家储蓄银行。Category: 金融

Pfandbriefe

德国抵押债券Pfandbriefe指为抵押贷款或公共项目融资而发行的德国债券。这种债券只能由获特别准许的银行发行，需有充足的抵押，由抵押贷款或公共部门贷款担保。德国抵押债券在德国证券交易所挂牌买卖，发行人通常会维持一个有足够流动性的二级市场。这种债券是德国债市最重要的产品之一，该市场流动性较高的部分，称为Jumbo Pfandbriefe。German bonds issued to refinance mortgages or public projects. They can only be issued by specially authorized banks, which are also fully liable for each issue and are secured by mortgage or public sector loans. Pfandbriefe are officially quoted on German stock exchanges. Issuers usually maintain a secondary market.Category: 债券

Schatz

德国政府债券Schatz指为期二年的德国政府债券。German government debt with a two-year maturity.Category: 债券

Kassenverein

德国证券集中保管银行Kassenverein为德国的证券集中保管与结算机构。Synonym: Central Depository Bank for SecuritiesThe Central Depository Bank for Securities. Germany's central securities depository and clearing agent.Category: 股票

Bunds

德国长期公债Bunds指期限可长达30年的德国联邦政府债券。参见Bond（债券）。German federal government bonds issued with maturities of up to 30 years.See also: BondCategory: 债券

Required Return

必要收益率Required Return指投资者用以决定某项投资是否具有吸引力的收益率。The rate of return used by investors to decide whether an investment is attractive or not.金融 | 风险投资和新股发行

Aggregate Supply

总供给Aggregate Supply指一个经济体中可供满足总需求的商品和服务的总和，由本地生产的产品和进口商品组成。Total supply of goods and services in the economy available to meet aggregate demand. The supply consists of domestically produced goods and imports.See also: Aggregate DemandCategory: 金融

Total Return

总回报Total Return就证券投资而言，总回报是指股息或利息收入，再计入证券价格的涨跌幅度(即资本利得或亏损)，通常会除以期初价值(或初始投资额)以计算出一个年回报率。Total return is the dividend plus any capital gains or losses achieved by investing in a stock, expressed in annualized terms as a percentage of the amount invested.金融 | 股票

ROTA

总资产收益率ROTA参见ROA（资产收益率）。金融 | 缩略语 | 股票

Aggregate Demand

总需求Aggregate Demand指一个经济体对商品和服务的需求总量。所有由家庭或政府消费的，或出口的或用于生产其他产品的投资品的商品和服务均属总需求的范围。即包括以下要素：家庭消费；公司及家庭的投资支出；地方和中央政府的商品和服务支出；海外市场消费者和公司对本地产品的进口需求。Total demand for goods and services in an economy. It comprises: 1) consumption by households 2) investment spending by companies and households 3) local and central government spending on goods and services and 4) demand for exports from overseas consumers and companies. Everything that is consumed in an economy by households or governments, exported, or used as an investment good to produce other products.See also: Aggregate SupplyCategory: 金融

Aggregate Risk

总风险Aggregate Risk指一家银行在即期和远期合约中对单一客户承受的总风险。Total exposure of a bank to any single customer for both spot and forward contracts.Category: 金融

Coupon Stripping

息票剥离Coupon Stripping指将一档完整的付息债券(a fully constituted security)的每期利息和最终应偿付的本金变成利息部分和本金部分独立的零息债券，在美国称为STRIPS，即Separate Trading of Registered Interest and Principal of Securities(美国政府债券本金与利息分售制)的缩写。参见Zero Coupon Bonds（零息债券）。Detaching the coupons from a bond and trading the principal repayment and the coupon amounts separately, thereby creating zero coupon bonds.See also: BondCategory: 债券

EBIT

息税前利润EBIT英文Earnings Before Interest and Tax的缩写，未扣掉利息和税项支出的利润。参见Company(公司)。Synonym: Earnings Before Interest and TaxEarnings Before Interest and Tax金融 | 缩略语 | 财务税收

Hyperinflation

恶性通货膨胀Hyperinflation指物价不受控制地急涨，货币的购买力急速下跌。恶性通货膨胀可形成自我推动的恶性循环，最终可能引发经济崩溃。参见Inflation（通货膨胀）。Inflation rising at 100 percent or more per year. Hyperinflation can become self-fuelling and can ultimately trigger an economic collapse.See also: InflationCategory: 金融

Windfall Profit

意外的利润Windfall Profit非经常性的利润，通常来自某些特殊的一次性项目。An unusual profit, normally as the result of a specific, one-off situation.Category: 金融

CONSOB

意大利全国公司和证券交易所监管委员会CONSOB意大利语Commissione Nazionale per le Societáe la Borsa的缩写，是意大利监管公司和证券交易所的官方机构。 网址：www.consob.itSynonym: Commissione Nazionale per la Società e la Borsa Italy's official body for regulating and supervising companies and stock exchanges.

BTP

意大利公债BTP意大利语Buoni del Tesoro Poliennali的缩写，是意大利期限为3至30年的固定利率公债。Synonym: Buoni del Tesoro PoliennaliItalian fixed-rate Treasury bonds with maturities of between three and 30 years.缩略语 | 债券

BOT

意大利国库券BOT1.意大利语Buoni Ordinari del Tesoro的缩写，指意大利期限为3个、6个及12个月以贴现方式发行的国库券。2.英文Build-Operate-Transfer的缩写，民间资金参与公共建设的一种方式，指政府将一项公共建设项目交给民营企业负责开发建设，由民营企业经营一段时间以收回投资成本，然后将该项目的资产移交给政府。Synonym: Buoni Ordinari del Tesoro Italian Treasury bills with maturities of three, six and 12 months, issued at a discount.

MTS

意大利电子交易系统MTS意大利语Mercato Telematico Secondario的缩写。指由意大利与外国银行拥有的以电子屏幕为基础的交易系统，该系统提供做市商就意大利政府债券开出的买价和卖价。Synonym: Mercato Telematico SecondarioA screen-based system, owned by Italian and foreign banks, showing both bid and offer prices by market makers for Italian government debt issues.Category: 缩略语

On Balance Volume

成交量净额法On Balance Volume一种技术分析方法，试图藉成交量分析股价走势。计算时先将某日定为基准日，若当天股价上升，成交量便当作正数，股价下跌便当负数，将若干天成交量累计，便可进行能量分析。其理论基础是价格的变化必须有成交量配合。参见Technical Analysis（技术分析）。A technical analysis indicator that is based on the trend in the volume, or the number of shares traded, in a particular share compared with the trend in its price. The assumption is that changes in volume precede changes in prices. For example, a rise in traded volume coupled with a gradually weakening price may signal a sharper price fall. See also: Technical Analysis

VWAP

成交量加权平均价VWAP英文Volume-weighted Average Price的缩写。VWAP是将多笔交易的价格按各自的成交量加权而算出的平均价，若是计算某一证券在某交易日的VWAP，将当日成交总值除以总成交量即可。VWAP可作为交易定价的一种方法，亦可作为衡量机构投资者或交易商的交易表现的尺度。英文亦称为dynamic time and sales。Volume-weighted average price. VWAP is a method of pricing transactions and a benchmark to measure the efficiency of institutional trading or the performance of traders. VWAP represents the total value of stocks traded in a particular security for a given time period, divided by the total volume of stocks traded in that security during that same time period. Calculation techniques vary: some will use data from all markets or just the primary market and may or may not adjust for resubmits and other error corrections. It is also known as dynamic time and sales.期货期权 | 金融 | 缩略语 | 外汇 | 债券 | 股票

C and F

成本加运费价格C and FSynonym: Cost and FreightCost and freight. A term used to indicate that both the cost of the goods and the freight charges are included in the price of a commodity. See also: CIF期货期权 | 金融

Mine

我要了Mine交易员确认买进的惯用语,用于表示接受交易对手开出的发盘(卖方报价),使用时必须加上一个具体的数额以标示买进的数量.参见Yours(归你了Dealers' language. The dealer takes the offer that has been quoted by his counter-party. It has to be qualified by the amount and confirms the act of purchasing.Category: 金融

Contingent Option

或有期权Contingent Option指持有者行使权利时才需支付期权费的期权。如果不行使权利，或有期权持有者的成本为零。参见Option（期权）。An option for which the holder only pays the premium if the option is exercised. Contingent options are zero-cost unless exercised.See also: Option期货期权 | 金融

Contingent Liability

或有负债Contingent Liability视未来事件的结果而定，企业可能需要承担、导致费用支出的责任。A charge that a business expects to pay, contingent on future events.金融 | 债券

FNMA

房利美FNMA房利美是美国住房抵押贷款的最大来源。该公司成立于1938年，是一家政府支持的上市企业，主要目标是使美国中低收入家庭更容易获得房屋贷款。房利美并非直接向购房者提供贷款，而是通过向贷款机构买进按揭(抵押贷款)资产或是提供信贷担保服务，来促进抵押贷款市场的资金供给。若是直接从贷款机构手中买入抵押贷款，房利美会将这些资产当作其投资组合的一部分，这称为投资组合业务(portfolio business)。 而其信贷担保业务(credit guarantee business)则是协助贷款机构将按揭资产转为按揭证券(MBS)：房利美在检查贷款机构提供的抵押贷款后，将贷款集中、包装成一个组合，为其提供信贷担保，收取担保费。贷款机构以经担保的贷款组合发行的MBS，市场称之为Fannie Mae's MBS。房利美通过发行企业债来筹措购买贷款的资金。Synonyms: Federal National Mortgage Association, FNMAA stockholder-owned corporation that was established in 1938 and is sponsored by the US Government. The FNMA's main purpose is to increase the affordability of home mortgage funds for low-, moderate- and middle-income buyers and it is the largest source of home mortgage funds in the United States. Fannie Mae provides funds to the mortgage market primarily by buying mortgages from mortgage originators. These are then held in an investment portfolio or pooled for FNMA members. Purchases are financed by the sale of corporate obligations to private investors.缩略语 | 债券

Building Society

房屋抵押贷款协会Building Society指英国一种接受储蓄存款，然后为购房者提供住房抵押贷款的金融机构。A British financial institution which pools deposits from savers to provide mortgage financing for house purchases.金融 | 债券

Tobin Tax

托宾税Tobin Tax指标对外汇市场交易征税，旨在减少纯粹的投机性交易。由诺贝尔经济学奖得主詹姆斯·托宾首先提出。A tax on transactions in the foreign exchange market, aimed at reducing purely speculative trading. First proposed by James Tobin, a Nobel-laureate economist.外汇 | 财务税收

Custody

托管Custody证券托管是指妥善保管证券，以及保持证券所有权的准确记录。 跨境交易使得市场对本地及全球证券托管服务的需求日增。参见Clearstream（国际结算系统），Euroclear（欧洲结算系统）。The storage and safekeeping of securities, and the maintenance of accurate records of their ownership. Cross-border trading has produced a growing need for custody services both within countries and globally. See also: Clearstream, EuroclearCategory: 金融

Enlarged Access

扩大贷款额度Enlarged Access指国际货币基金组织(IMF)向借款国提供额外贷款额度，条件是借款国同意采取有力的政策措施以纠正国际收支失衡状况。参见IMF（国际货币基金组织）。Method of allowing countries to bend some of the rules in lending by the IMF, provided they promise to undertake strong policy measures aimed at redressing payment imbalances.See also: IMFCategory: 债券

Yankee Bond

扬基债券Yankee Bond非美国借款人在美国发行，并在美国证券交易委员会注册的美元债券。参见SEC（美国证券交易委员会）。A dollar bond issued in the US by a foreign borrower, registered with the SEC. See also: SECCategory: 债券

Wholesale

批发Wholesale批发是介于制造商与最终零售商之间的一个流通中间环节，以每笔交易的商品数量庞大着称。商品批发价格的变动是反映通货膨胀的指标之一Goods sold in large quantities. An intermediate stage in distribution, between the manufacturer and the final retailer. Wholesale price changes are one way of measuring inflation.Category: 金融

Commitment Fee

承诺费Commitment Fee指借款人就贷方承诺提供资金而支付的费用。银行向客户出具承诺书，承诺在一定额度内提供贷款，如果客户日后并没有动用这笔资金，为弥补银行因承诺贷款而不能随意使用该笔资金的损失，银行向客户收取的费用即为承诺费。A fee paid by a borrower for a lender's commitment to make funds available. Generally found on revolving credits for companies rated <=BBB-Category: 金融

Underwriter

承销商Underwriter参见Lead Manager/Underwriter（主承销）。金融 | 风险投资和新股发行 | 股票

Technical Analysis

技术分析Technical Analysis加黑的词汇在其单独的词条中有更全面的解释。技术分析是通过研究市场过去表现的图表来预测价格未来走向的一种方法。技术分析师(亦称图表分析师，chartists)根据价格如何上下波动来预测未来的走势，他们并不重视价格波动的原因。分析师密切关注价格走势图上反复出现的形态，观察价格趋势、变化的速度和动能。分析师使用四种基本图形——线状图、柱状图、烛柱图和点数图——及大量的技术理论和指标，其中包括艾略特波浪理论(Elliott wave theory)、相对强弱指标(RSI)、平滑异同移动平均线(MACD)及随机指标(stochastics)。1. 线状图(line chart)是最简单的图形。线状图仅显示价格随时间推移而变化的情形，价格以点表示，然后用线将点连接起来。2. 柱状图(bar chart)将价格信息展示于垂直的柱子上。柱子的顶部表示最高价，柱子的底部表示最低价。柱子左边的横线表示开盘价，右边的横线表示收盘价。3. 烛状图(candlestick chart)捕捉的价格信息与柱状图相同：开盘价、最高价、最低价和收盘价。烛柱中间的盒形（也称为蜡烛的烛身）连接开盘价与收盘价，而烛身上下的细线（称为影线）则连接最高价和最低价。实心(黑色或彩色)烛身称为阴烛，表示开盘价高于收盘价；空心(白色或无色)烛身称为阳烛，代表收盘价高于开盘价。 4. 点数图(point and figure chart)仅反映纯粹的价格变化，而不理会时间或成交量。价格上涨以X列表示，下降则用O列表示。后续增加的列置于既有列的右边。技术分析师特别重视连接某段价格走势的趋势线，上升趋势和下降趋势均须由图上至少四个点连接而成。分析师亦试图找出峰顶和谷底，以及辨识价格走势的形态，如头肩形(head and shoulders)、双重顶(double top)和三重底形(triple bottom)等。技术分析师也关注量度变动速度的速度线，以及由价格线形成的旗形(flags)或三角旗(pennants)形态。他们也寻找价格形态中的阻力和支撑区，修正或突破的迹象，以及价格迅速上涨或下跌时在价格图上所留下的跳空。图形上可画出管道，以便观察价格何时走出交易区间。技术分析师也寻找市场上升和下降次数所表现出来的规律，并运用回档位(即回撤)来为道氏理论(Dow theory)、甘恩(Gann)、费波纳契(Fibonacci)和艾略特波浪(Elliott wave)等理论提供实证。技术分析师极为仰赖相对强弱指标、动能(momentum)、移动平均线(moving averages)及平滑异同移动平均线等分析手段。Technical Analysis is a method of predicting the future direction of prices by studying charts of past market action. Technical analysts, or chartists, try to predict future prices on the basis of how prices move up and down, rather than why they have moved. They pay close attention to recurring patterns in charts of price action and look at trends, and at the speed of change and the momentum. The analysts use four basic types of charts - line, bar, candlestick, and point and figure - and a large number of technical theories and indicators including Elliott Wave, RSI, moving average and stochastics.Category: 技术分析

Speculation

投机Speculation指在金融市场上承担较高的风险以期获得较大收益的行为。投机需要在投资时设法预想未来的情况。Taking relatively high risks in financial markets in the hope of making large gains. Speculation involves trying to anticipate the future when making investments.期货期权 | 金融 | 外汇 | 债券 | 风险投资和新股发行 | 股票

Speculator

投机者Speculator指进行投机活动的投资者。投机者为了获利需要而揣测价格的变化。一般而言，投机者对他们交易的证券或资产没有长期的兴趣。参见Hedging（套期保值）。An investor who practices speculation. A speculator tries to anticipate price changes with a view to making profits. Generally, speculators have no long-term interest in the securities or assets they trade in.See also: Hedging期货期权 | 金融 | 外汇 | 债券 | 股票

Stag

投机认股者Stag指那些申购新发行的证券，并打算一旦价格高于发行价时即行出手的股票认购者。Operator who applies for a new security hoping to sell it as soon as it is allotted, at a premium over the issue price.风险投资和新股发行 | 股票

Tender

投标TenderTender一词在不同的语境有不同的含义，差异相当大。在证券市场，该词可指所有证券以同一价格配售，也可指因应收购要约交出股票。在货币市场上，此词可指出价购买国库券。在商品和期货市场，该词指就商品期货合约提出实物交割的意向通知。Meaning varies greatly according to context. In a securities market it can mean that all allocations are at the same price. It can also mean the act of offering securities in response to a takeover bid, or a tender offer. In the money market it can be an offer to buy Treasury bills. In commodities and futures markets it is the notice of intent to deliver physical goods against a futures contract.期货期权 | 债券 | 股票

Tender Price

投标价格Tender Price指投资者提出的认购新发行证券的价格。发行方通常会预先将投标价格限定在一个区间内。Price offered by investors at which they are willing to buy a new issue. The issuing house usually sets predetermined limits within which the tender price can be made.债券 | 股票

Investment Trust

投资信托Investment Trust投资信托是封闭式基金的别名,见Closed-end Fund(封闭式基金).参见Open-end Fund (开放式基金), Mutual Fund(共同基金)及Unit Trust(单位信托).Category: 基金

Buy-side

投资型金融机构Buy-side指主要业务为以自身或客户的资金进行投资的金融机构，例如基金和保险业。与sell-side(交易型金融机构)相对，后者的业务重心为推销股票，例如主要业务为证券承销及经纪服务的投资银行。Used to describe financial institutions whose primary business is to make investments either for themselves or on behalf of other investors. The opposite of sell-side, the financial institutions whose primary business is trading.基金 | 风险投资和新股发行

Investment Fund

投资基金Investment Fund投资基金泛指以各种方式管理的资产组合,基本上可分为开放式基金(open-end fund)及封闭式基金(closed-end fund)两类,后者亦称为投资信托(investment trust). 开放式或封闭式基金均是集合投资人的资金,加以分散投资在各种资产上的方式. 开放式基金乃指资本额不设限的基金，投资人随时可以向基金公司买入或赎回基金，基金公司则可随时增发基金单位以满足市场需求。封闭式基金则有固定的核定资本，不可因应客户需求随时增发。封闭式基金与一般的公司股票类似,在首次公开发行(IPO)时向公众发行固定数量的证券,随后在证券交易所买卖. 与开放式基金不同之处在于,封闭式基金没有义务按客户需要增加发行或是赎回基金. 封闭式基金股票的价格完全由市场需求决定,因此可能高于或低于其资产净值. 参见Open-end Fund (开放式基金), Closed-end Fund(封闭式基金), Mutual Fund(共同基金), Unit Trust(单位信托)及Investment Trust(投资信托).An investment fund is any fund that manages portfolios of money. There are basically two types of investment funds - open-ended mutual funds, which are also known as unit trusts, and closed-end publicly quoted funds, which are also known as investment trusts. Both are means of pooling funds to allow investors to diversify their investment assets. Open-ended funds sell shares to the public, with each share representing proportionate ownership of the underlying assets of the fund. The fund managers can create more shares, or reduce the total, according to demand from the public. A closed-end fund has a predefined and fixed number of shares available to the public. The number of shares cannot be increased. Fresh demand for investment in the fund will push up the price of existing shares, allowing the fund manager to issue more shares. See also Mutual Fund/Unit Trust, Investment Trust. See also: Mutual Fund, Investment TrustsCategory: 基金

Capital Allowances

投资抵减Capital Allowances指资本设备的支出能当作税务抵减的金额。英文亦称investment allowances及investment tax credit。The amount of expenditure for capital equipment that can be set against tax.金融 | 风险投资和新股发行

ROI

投资收益率ROI英文Return on Investment的缩写。参见ROCE(运用资本收益率)。金融 | 缩略语 | 股票

AIMR

投资管理与研究协会AIMRAIMR为Association for Investment Management and Research的缩写，现已改名CFA Institute。（网址：www.cfainstitute.org，合格财务分析师(CFA)公会）参见CFA Institute (合格财务分析师公会，CFA)。An international non-profit organization of more than 50,000 investment practitioners and educators in more than 100 countries, which aims to promote professional excellence and integrity. 金融 | 缩略语

Investment Grade

投资级别Investment GradeBBB-/Baǎ或以上的信贷评级统称为投资级别. 债券的信贷评级若跌至投资级别以下,就会成为俗称的"垃圾债",代表信用违约风险大幅上升. 因为不少机构投资者出于风险考虑而不能投资垃圾债,投资级别的债券若沦为垃圾债,往往会遭大幅拋售. 拥有投资级别评等的发债人,其融资成本会显著低于"垃圾债级别"的发行人.参见Junk Bonds（垃圾债券）。Bonds considered to be safe investments. They carry credit ratings of BBB/Baa or above from the credit rating agencies, who do not consider the issuers likely to default. See also: Junk BondsCategory: 债券

Lien

留置权Lien指债权人按合约占有债务人资产,在与该资产有关联的债权得到清偿前,留置该资产并在处置该资产时优先受偿的权利. The right to take assets to cover an unpaid debt.Category: 债券

Investment Bank

投资银行Investment Bank投资银行是美式用语,指主要从事证券承销的金融机构,以协助企业透过发行股票及债券融资为主业. 投资银行一般也经营证券经纪及投资顾问业务,同时亦可能参与企业并购以至私募基金等相关交易. 投资银行与一般的商业银行不同,不接受大众存款,亦不从事一般的贷款业务. 在欧洲,投资银行称为merchant bank(商人银行).A US term used to describe banks that specialize in financial market activities, raising funds for companies through the issue of bonds and equities, rather than concentrating on lending and the mechanics of money transmission. In Europe they are also known as merchant banks.Category: 风险投资和新股发行

Toxic

投资风险极高Toxic形容一项投资的风险极高，很可能会遭违约。A very high risk investment which is highly likely to be in default.金融 | 风险投资和新股发行

Capitulation

投降式抛售Capitulation指当多头完全放弃价格上涨的希望时，在熊市的谷底突然爆发的最后一波抛售浪潮。参见Bear（空头），Bull（多头）。A sudden and final wave of selling at the bottom of a bear market, when all the bulls have given up hope of price rises.See also: Bull, Bear金融 | 外汇 | 债券 | 股票

Depreciation

折旧Depreciation1.折旧： 会计上对资产因使用、损耗或过时而价值下降的记录，是将固定资产的成本分摊为多个会计季度或年度的费用的过程，只适用于诸如厂房和机器等有形资产。参见Amortization(摊销/分期偿付)，Depletion(损耗)。2.货币贬值： 通常指货币因公开市场上的供求因素作用而贬值，与下调汇率（devaluation）不同，后者指政府以行政手段下调汇率。1. Depreciation is an accounting measure that records the loss of value of an asset as a result of usage, the passage of time, or obsolescence. Depreciation is applied only to tangible assets, such as property and machinery. 2. The loss in value of a currency, usually through the forces of supply and demand in the open market. In contrast with a devaluation, which is an administered downward change in a currency rate. See also: Amortization, Depletion

Depletion

折耗Depletion会计上记录荒废中的资产(如矿藏或天然气田)价值损耗的一个指标。与此相对的折旧(depreciation)是记录有形资产价值的下降，摊销(amortization)则是记录无形资产价值的下降。参见Amortization（摊销/分期偿付），Depreciation（折旧），Assets（资产）。Depletion is an accounting measure that records the loss of value of a wasting asset, such as mines and gas reserves. In contrast, the reduction of the value of tangible assets is depreciation and the reduction of the value of intangible assets is amortization.See also: Amortization, Depreciation, AssetsCategory: 金融

Front Running

抢先交易Front Runnīng.交易商在执行客户买卖委托前，先替自己的账户买卖的非法操作，通常是因为交易商认为客户的买卖将改变市场价格，因此抢先买卖以图利2.经纪商在自己发表的研究报告尚未广为散播之前，先行买卖股票的行为。1. An illegal practice whereby a trader deals on his own behalf ahead of carrying out a client's order to buy or sell shares or other financial instruments, when he knows that client's order is likely to change prices, or move the market. 2. Trading in shares by a brokerage house ahead of publication of its own research report which has not yet been widely disseminated.金融 | 股票

Quotation

报价Quotation英文亦作Quote。报价是指某一时点的最高买方出价(bid)与最低卖方报价(ask)，前者是当下卖出所能拿到的价格，后者是当下买入所能取得的价格。参见Bid-Ask Quote(买卖方报价)。The current price or rate given in the market or on an exchange. Not necessarily the price at which a trade will be made.Category: 金融

Quote Driven

报价驱动Quote Driven就证券交易方式而言，报价驱动是指依赖做市商(market makers)来完成买卖。做市商会报出一个买卖双向报价，表示愿意并有能力按此报价进行交易。英文亦作Price Driven。参见Market Maker(做市商/庄家)及Order Driven（指令驱动）。A market is described as being quote driven when registered market makers are required to display bid and offer prices, and in some cases the maximum bargain size to which these prices relate. The London SEAQ system and NASDAQ are examples of quote driven markets. The alternative trading system, such as used on the New York Stock Exchange, is an order driven one where market prices are set by the balance of supply and demand in a continuous auction. See also: Driven, SEAQ金融 | 股票

Collateral

抵押品Collateral指债务人提供作为偿债担保的资产。如果债务(贷款或债券)到期时债务人无力偿还，债权人有权将抵押品变卖以抵补本息。Assets used as a form of security for bond issuances. In case of default by the borrowers, the lenders (bondholders) have the legal right to claim those assets and sell them off to repay the loan.Category: 债券

CMO

抵押贷款担保证券CMO英文Collateralized Mortgage Obligations的缩写，指以物业按揭(房地产抵押贷款)为抵押品而发行的证券。按揭贷款的现金流及期限差异很大，如果将其分类集中以便发行CMO，即可计算整体现金流及按计划支付利息。参见ABS（有资产担保的证券），CDO(债务担保债券)，Securitization（证券化）。Synonym: Collateralized Mortgage ObligationsA security sold to investors with collateral based on property mortgages. Cash flows from mortgages, and their maturity dates, vary widely. If they are pooled and CMOs are issued against their collective value, it becomes possible to calculate an overall cash flow and to make predictable payments of interest. See also: Securitization期货期权 | 缩略语 | 债券

Hypothecation

担保Hypothecation1. 以资产作为抵押品取得贷款；2.将特定的税项收入供特定项目专门使用。1.The pledging of assets to secure a loan. 2. The dedication of the proceeds of a specific tax to a specific purpose.

Laffer Curve

拉弗曲线Laffer Curve是一条显示税率与总税收关系的曲线。当税率从低水平上升时，政府的总收入会随之增加，但当税率超过某一水平，总税收便开始下降，因为纳税人已没有努力工作和增加收入的诱因了。这条曲线以亚瑟·拉弗(Arthur Laffer)教授的名字命名，他是1980年代美国总统罗纳德·里根的顾问。此理论是供给学派经济学的基石之一。参见Supply-side Economics（供给学派经济学）。A description of the theoretical effect of different tax rates on total tax income. Total government income rises as tax rates rise from low levels, but from a certain rate upwards the total income starts to fall because taxpayers do not have an incentive to work hard and increase their incomes. Named after Professor Arthur Laffer, an advisor to President Ronald Reagan in the 1980s, this theory is a building block in supply-side economicsSee also: Supply-side Economics金融 | 财务税收

Pump and Dump

拉高出货Pump and Dump一种股票骗局，串谋者事先买进特定股票，然后大力吹捧这些股票，通常是在互联网上发布虚假的乐观讯息，藉此推高股价，然后在高位出脱持股赚取暴利。串谋者出货后，股价会急跌。这种骗局通常发生在小盘股上，因为这种股票较易操纵。英文亦称为"hype and dump"。A type of fraud that involves publishing falsely optimistic announcements about a company, often on the internet, which push up the share price. The fraudsters then dump their shares at a large profit before the price subsequently drops sharply. Also known as hype and dump manipulation.Category: 股票

Auction

拍卖Auction也称标售，是公开出售证券的一种方式。 发行人邀请获授权的交易商出价投标，直至拟出售的证券全部卖出。也参看Dutch Auction（荷兰式拍卖），Non-competitive Bid Auction（非竞争性投标拍卖）。A public sale of a security whereby the issuer invites authorized dealers to make bids in price or yield until the full amount of the issue is sold. See also: Auction期货期权 | 金融 | 债券

Prospectus

招股书Prospectus一份正式文件，由发行证券或基金的机构提供给潜在投资者，说明发行的细节，一般会包括发行条款、筹集资金的用途、发行人介绍以及相关的财务报表。英文亦称为offering circular。A document produced by the issuing company, which provides detailed terms and conditions of a new equity or debt offering.

Flight to Quality

择优而栖Flight to Quality指资金涌向较为安全及高品质的资产，例如政府公债；通常发生在投资人预期政治不稳或经济形势恶化时。A movement by investors to purchase safer (more secure and higher quality) securities, typically Treasuries. This normally occurs if investors are expecting political instability or a deterioration in economic activity.金融 | 债券 | 风险投资和新股发行

Carrying Charge

持仓费Carrying Charge持有商品所产生的费用，包括仓储及损坏保险费用。在商品按期货合约进行交割时，持仓费也包括确保商品质量的费用，其中有抽样、称重及修复损坏的成本。此词也用于描述不同交割月份的期约价差完全反映保险、仓储及利息成本的期货市场状态。参见Futures（期货）。The cost of holding commodities, over and above the purchase price. It includes the cost of storage in warehouses and insurance against damage. When commodities are due to be delivered to fulfil the terms of a futures contract the carrying cost also includes charges for ensuring their quality, including sampling, weighing and repairing damage. Also, used to describe a futures market where price differentials between delivery months fully reflect insurance, storage and interest costs.See also: FuturesCategory: 期货期权

Flat

持平Flat1.指股票或金融工具的价格既不上升也不下跌，也称sideways（横向波动）。2.形容债券以不带应计利息的条件买卖，例如遭违约的债券。3.形容头寸既非做多头亦非做空头。The price of a share or financial instrument that is neither rising nor falling; also called sideways. Also, a bond that is trading without accrued interest, such as a bond in default and a position in a market, or a financial instrument, which is balanced, neither long nor short.金融 | 外汇 | 债券 | 股票

Going Concern

持续经营Going Concern一家公司若称为a going concern，是指该公司运作正常，并将继续正常经营下去，在可预见的未来并无破产清盘的危险。持续经营是正常会计作业上的一项基本假设，因为公司能否维持正常运作对其资产的价值有重大影响。 一般来说，公司作为一家持续经营企业的价值，要高于将资产个别拍卖的清盘值(liquidation value)，因为持续经营时的无形资产(——如商誉及品牌)，在公司清盘时很可能会变得一文不值，而有形资产亦未必可以卖得好价钱。An accounting convention that presumes a company will continue to exist and trade normally. It allows accountants to value assets at their historic, or purchase cost, rather than at the lower level that would be achieved if the company was broken up.金融 | 财务税收

CLS Bank

持续联系结算(CLS)银行CLS Bank在多国中央银行及国际清算银行(BIS)的支持下，由主要外汇交易银行成立的一家银行，旨在提供全球外汇交易结算服务。 CLS是英文Continuous Linked Settlement的缩写，其成立旨在消除跨国货币结算风险(Herstatt Risk)，即外汇交易的海外对手未能履约的风险。参见BIS（国际清算银行），Herstatt Risk（跨国货币结算风险），Settlement（结算）。A bank set up by leading trading banks, with the support of central banks and the BIS (Bank for International Settlements), to settle foreign exchange transactions on a global basis. CLS, or Continuous Linked Settlement, is designed to remove the Herstatt Risk of default by one party in a foreign exchange deal. See also: BIS, Herstatt Risk, Settlement金融 | 缩略语

Order Driven

指令驱动Order Driven就证券交易方式而言，指令驱动是指投资者将买卖委托 (指令)提供给某一中心交易区以撮合交易，是一种连续性的拍卖方式。参见Quote Driven（报价驱动）。A market is described as being order driven when investors submit, buy and sell orders to a central location where they are then matched. Such markets are continuous auction markets, such as the NYSE.See also: DrivenCategory: 期货期权

Index

指数Index各种数值的综合，用于衡量市场或经济的变化。以股价指数为例,指数反映的是一组特定证券的价值,开始时通常会选择以100(或1,000)为基数,反映某一时点该组证券的价值,指数随后的变动反映了该组证券(即成份股)总价值的变化.A composite of values designed to measure change in a market or an economy. Indices are usually created by measuring the value of a number of securities, or an economic indicator, at a certain date and letting that value be represented by 100. Subsequent changes in the index can be easily perceived in comparison with that 100 base numberCategory: 股票

Receiver

接管人Receiver接管人系由债权人所指定，负责接管破产或无力偿还债务的公司的资产。参见Bankruptcy（破产）, Insolvency（无力偿付）。A receiver is appointed by creditors to take control of the assets of a bankrupt or insolvent company.See also: Bankruptcy, Insolvent债券 | 风险投资和新股发行

Indexing

指数化Indexing指建立一个资产结构与某一市场指数一致的资产组合,令该组合的表现紧贴该市场指标. 以这种方式建立的投资基金称为指数基金.参见Index Fund(指数基金)及Index Tracking（指数追踪）。Indexing is to create a portfolio with a weighting that recreates and matches the performance of a broad-based index. Investment funds constructed in such a manner are known as index funds. See also: Index TrackingCategory: 基金

Index Funds

指数基金Index Funds指数基金是典型的被动式管理基金(passively managed mutual fund),旨在紧贴所追踪的指数(如标准普尔500指数)的表现. 指数基金的资产结构完全反映所追踪的指数的构成,因此基金经理人不用费神选股,很少需要买卖股票,基金的费用因而低于积极管理型基金(actively managed funds).Category: 基金

Exponential Moving Average

指数移动平均数Exponential Moving Average指偏重近期价格的加权移动平均数，近期数据会获得较高的权重。参见Moving Average（移动平均数）。A weighted moving average that gives more weight to recent price action.See also: Moving Average金融 | 技术分析

Indicators

指标Indicators参见Economic Indicators（经济指标）。Category: 金融

On-the-Run Issue

指标债券On-the-Run IssueOn-the-run用于形容政府债券，是指某种年期债券最新发行的一批，相当于该年期的指标债。指标债交投最为活络，相对于同年期的其它债券，其收益率较低，即较为昂贵。新的一期公债一旦发行，即会取替该年期公债的原指标债，成为该年期新的指标债券。指标债以外的债券，称为off-the-run issues。参见Off-the-Run Issue（非指标债券），Spread（利差）。The most recent issue of a security. As an issue ages its liquidity decreases and the spread tends to widen.See also: Off-The-Run, Spread

The central bank of Sweden.

指瑞典的中央银行。The central bank of Sweden.Category: 金融

Mark to Market

按市价调整Mark to Market指根据当天的收盘价重新评估头寸或资产组合的价值,藉此可算出尚未实现的盈利或亏损. 在保证金交易上,藉此可算出是否需要追加保证金.参见Margin Trading(保证金交易)以及Maintenance Margin(维持保证金).The process by which a position or portfolio is revalued based on the current day's closing price. Instead of being valued at the original purchase price the portfolio is valued at its current worth, reflecting any profit or loss which is not yet realized but which would be taken into account if the position were sold immediately.期货期权 | 金融 | 股票

MBS

按揭证券MBS英文Mortgage-backed Security的缩写,由一篮子住房抵押贷款提供担保的证券,该抵押贷款组合每月收到的还本付息款项会转交按揭证券的持有人.参见Securitization（证券化）。Synonym: Mortgage-backed SecurityA security backed by, or secured by, a pool or package of mortgage loans. Monthly payments of principal and interest from the underlying pool of mortgages are passed along to the holder of the security. See also: Securitization缩略语 | 债券

Limited Liability

有限责任Limited Liability就企业的组织形式而言,有限责任是指投资者(股东)的最高损失以投入的资金为限.A restriction of the owners' loss in a business to the amount of capital they have invested.Category: 金融

Pro Rata Sinking Fund

按比例偿债基金Pro Rata Sinking Fund偿债基金是在债券到期前提前偿还部分债务的一种安排。债券发行时若附设偿债基金条款，发债人必须定期将一定数额的资金投入偿债基金帐户，作为提前赎回部分债券的资金。按比例偿债基金规定，在发债人动用偿债基金回购债券时，所有债券投资者均须接受相同比例的债券赎回参见Purchase Fund（购买基金），Sinking Fund（偿债基金）。A sinking fund is a special account that finances the compulsory early repayment by a borrower of a certain amount of a bond issue, usually at par value, regardless of the current value of the bonds in the secondary market. A pro rata sinking fund forces each investor to give up an equal percentage of his or her bond holdings when the issuer calls for sinking fund retirements of the bonds. Typically only applied to registered securities.See also: Fund

ASA

挪威上市公司的简称ASA挪威文Allmennaksjeselskap一词的缩写，指上市的股份有限公司(public limited liability company)。Synonym: AksjeselaskapNorwegian company title: abbreviation of Aksjeselaskap.Category: 缩略语

ANS

挪威合伙公司的简称ANS挪威语Ansvarlig Firma的缩写，指挪威的无限责任合伙公司(unlimited partnership)。Category: 缩略语

Profit and Loss Account

损益表Profit and Loss Account简称P&L，英文亦作Income Statement。损益表反映一段时间内(通常是一季、半年及一年)公司的收入与支出状况，反映公司的盈利能力。与资产负债表及现金流量表合称公司三大财务报表。Synonym: Income StatementA summary of all the expenditure and income of a company over a set period of time. Also called an income statement.金融 | 财务税收

Against Actuals

换取现货Against Actuals参见Exchange for Physical（以实际货物交易，换取实物）。Category: 期货期权

Mandate

授权Mandate在金融市场,这是指筹资者对主要经办人的委托,授权对方负责安排贷款、债券或股票发行事宜. 主要经办人的责任是确保交易的流动性、组织承销团以及承担主要的承销与分销工作.参见Lead Manager/Underwriter(主要经办人/主承销商).The authority from a borrower to the lead manager to proceed with a loan or bond issue on the terms agreed.金融 | 债券 | 风险投资和新股发行 | 股票

Proxy

授权书Proxy指股东授权别人在股东会议上代为行使表决权的文件。公司就重大事项进行表决时，与董事会意见相左的股东常会收集其他股东的投票授权书，试图集合足够的投票权来改变公司决策。A written authorization by a shareholder for another party, or a company's board of directors, to cast votes on their behalf at a shareholder meeting. Proxy votes are often gathered by dissident shareholders who wish to force the board of directors to change policy.

Takedown

接受获分配的证券Takedown指在初级市场接受获分配的证券。To receive and accept an allotment of securities in the primary market.金融 | 股票

Holding Company

控股公司Holding Company控股公司是一家能有效地控制另外一家(或多家)公司的经营管理的公司。 有效控制通常是通过持有一家公司的多数股权，行使投票权令董事会为己方人选所控制。A company that controls one or more other companies, often by having a majority of the shares in each subsidiary. A holding company often has control over areas such as marketing and financial management, but not investment.金融 | 风险投资和新股发行

Grossing Up

推算税前收益目标Grossing Up一项投资的所得若需要课税，按投资者的税后所得目标推算出税前所得的目标金额，英文称为grossing up。例如，若投资者的税后收益目标为9万元，投资收益的有效税率为10%，由此可推算是税前收益应达10万元才可达到税后收益目标。An accounting practice that calculates the amount of income needed from an investment subject to tax, to equal the income from an investment that is not subject to tax.金融 | 财务税收

Watered Stock

掺水股Watered Stock指价值被显着高估的股票。这种股票所代表的资产在会计报表上的价值通常被夸大。 "掺水"的说法源于牛在屠宰场称重前被灌水的做法。Shares which represent overvalued assets, usually because of inflated accounting values. Derived from the practice of giving cattle water before they were weighed in at the slaughterhouse.Category: 股票

Markup

提价Markup在场外交易中,这是指投资者在向交易商(经纪商或做市商)买进金融商品时,以高于交易商所报出的最低卖价(offer)的价格买入,提价的幅度可视为支付交易商的一种佣金. 也指做市商因应市况变化调高报价. 相对的是markdown.参见Markdown（降价），OTC（场外交易）。The amount or percentage added to the offer price when a customer buys from a broker or market maker in the OTC market, which is regarded as a type of commission. Also used to describe market makers adjusting their prices upwards to reflect changing market conditions. Opposite of markdown.See also: MarkdownCategory: 金融

Prepayment

提前偿付Prepayment泛指在债务到期前已偿还。就抵押贷款而言，这是指在原定偿还计划以外的额外还款。有时贷款合约会规定，提前还款须向放款人缴付提前还款罚金(prepayment penalty)。如果提前偿还毋须支付罚金，借款人即拥有提前还款权(prepayment privilege或prior redemption privilege)。参见Amortization(1。分期偿还)。In mortgages, any unscheduled principal payment made in addition to the normal amortization.See also: Amortization金融 | 债券

Leads and Lags

提前和推迟结汇Leads and Lags在国际贸易款项的收付上,这是指因应对汇率走向的预期而提前或推迟结汇. 比如当预期本国货币将会贬值时,出口商会延后结汇,而出口商则会提前支付货款.Accelerated and decelerated foreign trade payments and receipts, usually associated with exchange rate speculation. In anticipation of a devaluation, exporters will try to delay receipt of foreign currency while importers will accelerate payments for imports.金融 | 外汇

Presold

提前售罄Presold就证券发行而言，这是指发行细节尚未公布，全部证券已获特定买家认购。The sale of all of a new issue of securities, even before all the issue details have been announced.

Early Exercise

提前履约Early Exercise指证券或期权在到期日之前行使权利。美式期权可在到期前任何时候履约，欧式期权则只能在到期日履约。When a security or option is exercised before its due maturity date. American-style options can be exercised at any time, allowing early exercise. European-style options can be exercised only at the maturity date.Category: 期货期权

Shelf Registration

提前注册Shelf Registration在美国，指提前为发行新股票注册，并准备好发行文件从而使股票可以较快地发行。The US method of registering new share issues in advance and having the issue documentation prepared so the stock can be issued quickly.Category: 股票

Early Redemption

提前赎回Early Redemption指债券发行人在债券到期之前还清本息，提前赎回债券。The repurchase of a bond by the issuer before it matures.Category: 债券

Call Provision

提前赎回条款Call Provision债券发行文件上的条款，授予发行人在债券到期之前，赎回全部或部分债券的权利。A clause in a bond's indenture, granting the issuer the right to buy back all or part of an issue prior to the maturity date.Category: 债券

Prepayment Risk

提前还款风险Prepayment Risk指因为借款人提前偿还贷款，导致放款人提前收回现金、资金回报降低的可能性。就抵押贷款而言，提前还款通常是因为市场利率下降，以较低的利率重新安排一个抵押贷款会比保持现状划算，因此抵押利率(在美国是与长期公债收益率挂钩的)下滑时，提前还款会趋向活跃。抵押贷款组合(mortgage portfolio)是支持按揭证券(MBS)的资产，MBS持有人获得的利息与收回的本金来自这个资产组合。提前偿付意味着MBS所依赖的贷款资产减少，收回的现金可能无法获得比MBS更好的回报。因此，虽然MBS发行时即已考虑了提前偿付的风险，若提前还款的速度较预期为快，MBS的价格通常会下跌。

Drawdown

提取借款Drawdown泛指从金融机构提取借款，可以是从国际货币基金组织(IMF)提取贷款，从银行提取外币贷款，也可以是动用国内银行提供的信贷。参见IMF（国际货币基金组织）。Taking delivery of funds made available from financial institutions. It can include credits from the IMF, eurocredits from banks, or corporate use of credit granted by a domestic bank.See also: IMF金融 | 债券

Refining

提炼Refining指将原材料加工成纯态的产品，尤其是金属和糖。Processing a raw material into a pure state, in particular metals and sugar.Category: 期货期权

Refinery

提炼厂Refinery指将原油中的各种不同成分进行分离，然后将其转化为可供最终使用的产品或其他加工原料的工厂。A plant used to separate the various components present in crude oil and convert them into either end-user products or feedstock for other manufacturing processes.Category: 期货期权

Income

收入Income指从投资、经营或就业中赚取的所得。Money earned from investments, earnings or employment金融 | 财务税收

Oscillator

摆动指标Oscillator一种技术分析工具，有多种不同的计算方式，比如计算证券价格的短期与长期简单移动均值的差值。摆动指标在某一上限与下限值之间波动，分析师试图从其形态中找出买入或卖出的讯号。参见Moving Average（移动平均数），Technical Analysis（技术分析）。Used in technical analysis, the oscillator is an indicator which moves back and forth between an upper and lower boundary. The oscillator attempts to indicate buy and sell signals by graphing the difference between a short- and long-term simple moving average. See also: AnalysisCategory: 技术分析

Frictional Unemployment

摩擦性失业Frictional Unemployment因就业情报的不完整或劳动力的流动，劳工一时未能找到工作而造成的失业。劳动力流动包括老人退休、年轻人进入就业市场的新老交替过程，以及人们因迁居而变换工作等情形。即使在充分就业的情形下，摩擦性失业仍不可避免，但除非是整体失业情况严重，这种失业的平均失业期不会很久。参见Unemployment（失业）。Unemployment caused by the time it takes workers to search for a job. This is sometimes inevitable in a changing economy.See also: UnemploymentCategory: 金融

MSCI Indices

摩根士丹利资本国际指数MSCI IndicesMSCI是英文Morgan Stanley Capital International的缩写. MSCI指数是指投资银行摩根士丹利所编制的一系列股价指数,涵盖不同的行业、国家以及区域. 很多机构投资者以MSCI指数为投资表现的参照基准,另外这些指数亦衍生出一般投资者可参与交易的投资工具,如MSCI指数期货以及上市交易基金(ETF)等.网址：www.msci.com参见Arithmetic Average（算术平均数）,Weighted Index（加权指数）。Synonym: Morgan Stanley Capital International IndicesA group of regional, national and industry performance benchmarks designed to help compare world equity markets. The indices are widely used by portfolio managers to compare the performance of their funds against those of the underlying markets. The MSCI indices are calculated using weighted arithmetic averages. See also: Arithmetic Average, Weighted/Unweighted IndexCategory: 股票

Good Till Cancelled

撤销前有效的指令

Paying Agent

支付代理人Paying Agent受证券发行人所托，代为向证券持有人支付款项的机构，比如替公司向股东支付股息，或向债券持有人还本付息的银行。若是浮动利率票据，支付代理人还会根据约定日期的参考利率确定每一季度的票息率。参见FRN（浮动利率票据）。An institution appointed to supervise the payment of dividends to shareholders and the payment of principal and interest to bond holders, on behalf of the issuers of those shares or bonds. For floating rate notes the paying agency also sets the level of the coupon each quarter, based on a reference interest rate on a predetermined day.See also: FRN金融 | 债券 | 股票

Pay Date

支付日Pay Date指款项到期支付的日子，常指支付股息或债券利息之日。The date on which a payment from a coupon, dividend or fund distribution is due to be made.金融 | 债券 | 股票

Support

支撑价位Support支撑价位通常指价格走势图上的某一价格水平，在这一水平上，购买的兴趣较强，从而压倒卖压，并使价格不会跌至支撑价位线之下。参见Resistance（阻力价位），Trendline（趋势线）。Support is a level, usually identified on a price chart, where buying interest is strong enough to overcome selling pressure so that the price does not fall beyond the support level.See also: Resistance, TrendlineCategory: 金融

Yield Gap

收益率缺口Yield Gap英文亦称yield ratio，是通过比较股票的股息收益率与长期公债的收益率，来评估股票价值是否被高估或低估的一种方法。股息收益率是将年度股息除以股票市价得出，因此股价上升时，股息收益率会下滑，股价下跌时则会上升。 这种分析认为，若股息收益率高于公债收益率，那幺股价应是处于偏低水平。参见Dividend Yield（股息收益率）。Also known as yield ratio. This ratio compares the dividend yield on equities with the yield on long-term government bonds. It s used to assess whether equities are under or over-priced compared with government bonds. The dividend yield on equities (expressed as a percentage of the share price) is usually higher than the yield on bonds, reflecting the higher risk of holding equities. When equity prices rise, their dividend yields fall as a percentage of their price, thus reducing the yield ratio. When equity prices fall their yield rises. The theory holds that if earnings yield is higher than bond yield then equities are cheap.See also: Dividend YieldCategory: 债券

Income Stock

收益股Income Stock指股息稳定且丰厚的股票.参见Blue Chip Stock（蓝筹股/绩优股）。Category: 股票

Acquisition

收购Acquisition指一家公司以现金、股票或两者混合的方式购买另一家公司。收购过程可以是友善的，即获得被收购公司的同意，但也可以是恶意的，即被收购方反对收购建议，力图保持独立地位。收购通常由投资银行负责收购合并的部门协助进行。The purchase by one company of another, for cash, an exchange of shares, or a combination of both. The process, also known as a takeover, can be friendly and have the agreement of the acquired company. Or it can be hostile, when the target rejects the approach and tries to resist being acquired. A takeover or acquisition is usually done with the help of an investment bank and its M&A, or mergers and acquisition, division.风险投资和新股发行 | 股票

Takeover Bid

收购出价Takeover Bid指一家公司为收购另一家公司而开出的收购条件。出价可以是现金，也可以是股票，或两者混合的方式。收购条件通常会设定有效期。收购可以是敌意的（即没有获得收购目标的同意或合作），也可以是善意的（即已获收购目标接受）。The initial offer by a predator company for another. The bid can be in cash, shares or a combination. Bids usually have a closing date for acceptance. The bid can be hostile (without the acceptance or cooperation of the target company), or friendly (accepted by the target).Category: 风险投资和新股发行

Tender Offer

收购要约Tender Offer尝试收购一家公司部分或全部股权的一种方式，公开邀请目标公司的股东按建议收购价出售股票，建议收购价通常高于市场价格。A company making a tender offer requires applicants to state the number of securities they require plus the price that they are prepared to pay for them. Once all applications have been received, the company fixes a single 'striking price' at which the securities will be allotted to applicants at that price or higher. Also known as an offer for subscription.风险投资和新股发行 | 股票

Accumulation

收集Accumulation一种技术分析指标，反映累积买盘(收集)及累积卖压(派发)间的差距。参见Technical Analysis（技术分析）。A technical analysis indicator that measures the difference between the cumulative amount of buying pressure (accumulation) and the cumulative amount of selling pressure (distribution).See also: Technical AnalysisCategory: 技术分析

Treasury Note

政府中期债券Treasury Note政府所发行的中期债券，年期为2～10年，按固定的票面利率支付利息，在资本市场上交易。Government debt security issued with maturities of two to ten years and traded in the capital markets. Treasury notes bear a fixed coupon.Category: 债券

PSNCR

政府收支短差PSNCR英文The public sector net cash requirement的缩写，英国政府每月公布的一项数据。PSNCR反映在现金基础上，英国公共部门入不敷出的幅度。该数据反映英国政府每月实际现金收支，较受市场重视。参见PSNB(公共部门净借款)。The public sector net cash requirement is a measure of the UK government's borrowing requirement, ie. the difference between what the government spends each year and what it receives in taxes. The market watches the PSNCR closely because it reflects actual cash flows each month. Public sector net borrowing is the government's preferred measure, as it is calculated on an accruals basis which smoothes out monthly fluctuations. It also excludes financial transactions such as privatization proceeds缩略语 | 债券

Treasury Bond

政府长期债券Treasury Bond政府所发行的长期债券，年期为10年或以上，按固定的票面利率支付利息，在资本市场上交易。Government debt security issued with a maturity of ten years or more, traded in the capital markets. Treasury bonds are issued with a fixed coupon.Category: 债券

Political Risk

政治风险Political Risk对投资者来说，政治风险泛指因所投资地政治不稳定而蒙受损失的风险，这可以是由政权更迭、政策及法规的改变所造成。The risk associated with investing in politically unstable countries.金融 | 风险投资和新股发行

Hostile Bid

敌意收购Hostile Bid指那些不受目标公司高级管理层欢迎的收购计划。A bid for a company that is not supported by the senior management of that company.Category: 风险投资和新股发行

Scatter Chart

散布图Scatter Chart在技术分析上，散布图可呈现同一市场中两种不同标的的相关度，例如两档股票或两档债券。以X轴标记第一个标的的价格分布，Y轴标记另一个标的的相对应价格，从中比较两者的相关度。散布图不能在同一张图上与其他的分析工具相结合地使用。参见Technical Analysis（技术分析）。In technical analysis, these charts illustrate the degree of correlation in a market between two different financial instruments, such as two shares or two bonds, by showing the value for one plotted against the value of the other. The X axis has values for the first instrument and the Y axis portrays corresponding values for the second instrument. Scatter charts cannot be combined with other analyses on the same graph and limit minders cannot be set for them.See also: Technical AnalysisCategory: 技术分析

Fixed Price Offer

数量招标Fixed Price Offer指发行证券时，以预先设定的固定价格(或利率)邀请市场人士投标。 因投标人不能指定希望得标的价格，只能提出欲购买的数量，故称为"数量招标"。参见Tender Offer（收购股权）。New issues are offered on either a tender or a fixed price reoffer basis. In the latter, the issue is marketed at a predetermined fixed price and coupon. Most new bond issues are offered on this basis.See also: Offer金融 | 风险投资和新股发行 | 股票

Integrated Services Digital Network

整合服务数码网络Integrated Services Digital Network参见ISDN（整合服务数码网络）。Category: 风险投资和新股发行

New Economy

新经济New Economy1990年代末科技及网络股泡沫时期特别流行的一个用语，指当时走在科技尖端、推动经济增长的高增长行业，如网络、电脑软体件、通讯以及生物科技等。1999年，微软和英特尔两大科技公司被纳入美国蓝筹股指标--道琼斯工业指数，取代了像轮胎生产商Goodyear和零售商Sears等劳动密集型的"旧经济"企业，这是向"新经济"转移的一个标志性事件。A term used to describe the fast-growing technology-oriented industries with global reach, mainly selling computers and software and involved in the internet, electronic commerce and telecommunications. A key example of the shift to the 'new economy' was the listing of high-tech companies Microsoft and Intel in the blue-chip Dow Jones 30 industrial index in 1999, replacing such labour-intensive 'old economy' institutions as tyre-maker Goodyear and retailer Sears.Category: 金融

Flags

旗形态/三角旗形态Flags技术分析中的价格走势形态，代表价格在剧涨或急跌后稍事喘息，窄幅波动后按原先的趋势大幅上升或下跌。此类型是技术分析中最可靠的连续形态，很少出现趋势逆转的情形。参见Technical Analysis（技术分析）。Synonym: PennantsThese price patterns, used in technical analysis, represent brief pauses after a sharp advance or decline that has gone ahead of itself. The market trades in a tight range for a while before running off in the direction of the main trend. Flags and pennants are among the most reliable continuation patterns in technical analysis and rarely produce a trend reversal.See also: Technical Analysis

Insolvent

无力偿付Insolvent指公司无力偿还到期的债务,亦指公司的债务超过资产价值的情况.参见Solvent（有偿债能力）。A company becomes insolvent when it is either unable to pay its debts as and when they fall due, or when its liabilities, including contingent and prospective liabilities, exceed the value of its assets. The opposite of solvent.See also: Solvent金融 | 债券

Invisible Supply

无形供给Invisible Supply指在商业流通渠道之外的私人存货，特别是大宗或初级商品。这些存货的准确数量无法确定，但理论上可供应市场所需。例如，被走私出国并在黑市上贩卖的可可豆，或来自制造商私人的种植园，并供自家工厂使用的棕榈油均为无形供给。Stocks, notably of commodities, which are outside commercial channels. Their exact quantity cannot be identified but they are in theory available to the market. For example, cocoa beans smuggled out of a country and sold on the black market, or stocks of palm oil from plantations owned by manufacturers and used in their own factoriesCategory: 金融

Invisibles

无形贸易Invisibles指相对于实物商品贸易的国际服务贸易。无形贸易是国际收支中经常项目的组成部分，包括从运输、旅游、保险、银行等各种服务产生的收支International transactions in services as opposed to trade in physical goods or merchandise. They form part of the current account balance of payments and include funds arising from shipping, tourism, insurance, banking and commodity services.Category: 金融

Intangible Assets

无形资产Intangible Assets指属于公司的专利、版权、商标、商誉等非物质资产。参见Assets（资产）。The non-physical assets of a company such as patents, copyright, a brand name, goodwill etc.See also: AssetsCategory: 金融

Ex

无权获得ExEx是指不包括，不附带，故ex-cap， ex-div及ex-rights分别是指股票买方将不会收到公司即将派发的红股、不会获发股息和不会收到认股权证。 与ex相对的是cum。参见Cum Dividend（附加股息）。Means excluding. Thus ex-cap, ex-div, ex-rights. Ex indicates that a buyer of shares does not receive a current capitalization issue, a current dividend or a current rights issue. It is the opposite of cum dividend.See also: Cum DividendCategory: 股票

Failure Swing

无法超越Failure Swing运用"相对强弱指数"（RSI）进行技术分析时所用的术语，是市场走势可能反转的讯号。 有两种情形：一是市场处于升势，RSI超过70，但新高点无法超越上一高点，这种情形称为a top failure swing；二是市场处于跌势，RSI低于30，但新低点无法跌逾上一低点，这种情形称为a bottom failure swing。参见Technical Analysis（技术分析）。A term used in technical analysis with specific reference to the Relative Strength Index (RSI). A top failure swing occurs when the market is in an uptrend and the RSI is over 70 but the next peak fails to exceed the previous peak. Similarly, a bottom failure swing occurs if the market is in a downtrend and the RSI is below 30 but the next peak fails to fall below the previous peak.See also: Technical Analysis, RSICategory: 技术分析

Non-voting Stock

无表决权的股票Non-voting Stock股东权利受特别限制的一种股票，持有人无权参与公司决策的表决。Securities that do not allow the holder to vote on company resolutions.Category: 股票

Unlimited Liability

无限责任Unlimited Liability无限责任是相对于有限责任(limited liability)而言的。在一个有限责任的公司或是合伙企业中，股东或合伙人最大的损失限于其所投入的资本，而在无限责任的组织中，所有人不享有这种限制的保护，理论上损失可以无限大。Where no restriction applies to an owner's losses in a business. In contrast with limited liability where the loss to owners, or shareholders, is limited by law to the amount of capital they have invested.金融 | 股票

No Par value

无面值No Par value无面值股票是指获准发行时没有指定面值的股票。股票的面值与其市场价值没有关系，而且也不反映其代表的资产值。发行无面值股票，对公司来说有一个好处，就是万一股价跌至面值以下，公司亦不会因此背上对股东的负债。参见Par value（面值）。Shares with no par value assigned at the time the stock is authorized. Shares are authorized for issue as part of the legal process of setting up a company. Par value is the nominal face value of the shares and bears no relationship to the actual traded value of the shares or to the underlying assets which they represent. The advantage of issuing no par value is to avoid the situation of creating a liability to shareholders in the unlikely event of the traded share price falling below the par value of the shares. See also: Par value

Intraday Limit

日交易限制Intraday Limit就汇市而言,这是指交易商在一个交易日内获准持有的单一以及全部货币的仓位额度.The limit allowed on a dealer's position in each and all currencies during the course of the trading day.Category: 外汇

Calendar Spread

日历价差Calendar Spread参见Horizontal Spread（水平价差/水平套利）Category: 期货期权

Gensaki Market

日本债券回购市场Gensaki Market指日本的债券回购市场，作为担保品的证券包括国库券和长期债券，是短期货币市场的一部分。参见Repos（回购协议）。The Japanese market for medium-term bond financing, but it is also referred to as a repo market. Securities acting as collateral in these operations are both long-term bonds and Treasury bills. See also: Repurchase AgreementCategory: 债券

JBIC

日本国际合作银行JBIC英文Japan Bank for International Co-operation的缩写。该行提供融资以促进日本的出口与海外经济活动，并支持国际金融稳定。网址：www.jbic.go.jp/english/index.phpSynonym: Japan Bank for International Co-operationThe JBIC provides finance to promote Japanese exports and economic activities overseas and to support international financial stability.Category: 缩略语

OSE

日本大阪证券交易所OSE英文Osaka Securities Exchange的缩写。缩略语 | 股票

Tankan

日本央行短观调查报告Tankan日本中央银行(即日本银行)所做的企业季度调查报告，提供关于日本公司的广泛数据，其中包括备受关注的大型制造企业景气判断指数，该指数由预期业务好转的受访企业的百分比减去预期业务将恶化的企业百分比得出。该指数越低，意味着经济前景越黯淡。短观调查报告是日本央行制定货币政策的重要参考依据。网址：http://www.boj.or.jp/en/stat/stat_f.htmThe Bank of Japan's quarterly survey of companies, which provides a wide range of corporate data. It includes the closely watched diffusion index for major manufacturers, which compares the ratio of those who expect business to improve to those who expect it to worsen. The lower the index, the gloomier the outlook. The Tankan is an important reference for the central bank in formulating monetary policy.Category: 金融

JGB

日本政府公债JGB英文Japanese Government Bonds的缩写。Synonym: Japanese Government Bonds. Japanese Government Bonds缩略语 | 债券

Keidanren

日本经济团体联合会Keidanren是日本工商业界领袖的论坛。 网址：www.keidanren.or.jp

Sogo Shosha

日本综合商社Sogo Shosha指日本一些掌控该国大部分进出口业务的特大型综合贸易公司，其中包括丸红（Marubeni）和三菱（Mitsubishi）等公司。日本综合商社在第二次世界大战后日本经济的重建中发挥了重要的作用。Category: 期货期权

EX-IM Bank of Japan

日本进出口银行EX-IM Bank of Japan一家日本国有银行，专门向发展中国家提供贷款。1999年9月与日本海外经济合作基金(Overseas Economic Cooperation Fund)合并成为日本国际合作银行(JBIC， Japan Bank for International Cooperation)。The Export-Import Bank of Japan, a state-owned bank that specializes in loans to developing countries. As a government-backed institution it can borrow on the Japanese markets at favourable rates.Category: 金融

Kampo

日本邮政省简易保险局Kampo英文全称为The Postal Insurance Bureau of the Japanese Posts and Telecommunications Ministry，为日本在外国债券和外汇市场上的主要机构投资者之一。The Postal Insurance Bureau of the Japanese Posts and Telecommunications Ministry. Kampo is one of the major Japanese institutional investors in foreign bonds and foreign exchange markets.外汇 | 债券

Nikkei 225

日经225指数Nikkei 225日经225指数是东京证券交易所股票价格的基准指数，成份股为该交易所第一类股中规模最大的225档股票。与道琼斯工业指数一样，日经225指数并非市值加权指数，而是反映成份股股价的算术平均值。日经指数的期货在大阪、新加坡和芝加哥等地交易。网址：www.nni.nikkei.co.jpThe Nikkei 225 index is the benchmark index for equity prices on the Tokyo Stock Exchange. Like the Dow Jones it is a simple arithmetic average of the 225 largest stocks on the first section of the Tokyo exchange. Futures on the Nikkei are traded in Osaka, Singapore and Chicago. Category: 股票

Time value

时间价值Time value期权费的组成部分，取决于期权距离到期的时间及标的工具价格的波动程度。 期权的价值可分时间价值和内在价值两部分，价外(out-of-money)期权的内在价值为零，价内(in-the money)期权的内在价值是行使价格与标的工具市价的差额。参见Intrinsic value（内在价值）。 The component of an option premium which takes into consideration the time to expiry and the volatility of the underlying instrument. See also: Intrinsic valueCategory: 期货期权

Time Series

时间序列Time Series指在一段连续的时间内的一系列数值，在金融市场上用于描述历史价格。A series of values over consecutive periods of time. Used in financial markets to describe price histories.Category: 金融

T/N

明日T/N英文Tomorrow/Next或Tom/Next的缩写。在互换(Swap)交易中，T/N是指在交易达成当天(第一营业日)之后的首个营业日(第二营业日)交割，随即于交割日之后的首个营业日(第三营业日)再交换回来，完成整个互换交易。互换的价格会考虑到这段短时期内涉及的利差。若是存款，T/N是指在第二营业日起息，第三营业日即到期。参见Short Dated Forwards/Deposits（短期远期交易或存款），Swap（互换/掉期）。Abbreviation for tomorrow/next or tom/next. Used in swap and deposit transactions when the first value date is tomorrow (tom) and maturity falls on the next working day (spot). The T/N swap price is adjusted for the interest rate differential in that short period.See also: Short Dated Forwards/Deposits, Swap期货期权 | 金融 | 缩略语 | 股票

Barter

易货交易Barter英文亦称counter trade，指不采用货币作中介的商品或服务的交换。

Platts

普氏Platts一家专门提供能源产业相关资讯服务的机构。网址：www.platts.com

SNC

普通合伙公司SNC意大利的公司名称中表示"普通合伙公司"（Societ in Nome Collectivo）词组的缩写。Synonym: Società in Nome CollectivoItalian company titleCategory: 缩略语

SC

普通合股公司SC法国的公司名称中表示"普通合股公司"（Societé en Commandité）词组的缩写。该缩写也用于卢森堡的公司名称中。Synonym: Societé en CommanditéFrench company title, also used in Luxembourg.Category: 缩略语

ODR

普通提款权ODR英文Ordinary Drawing Rights的缩写。与特别提款权(SDR)类似，普通提款权也是分配给国际货币基金组织(IMF)成员国的。与特别提款权不同的是，普通提款权是一种信贷，而特别提款权则可以作为成员国黄金和美元储备以外的货币储备。参见SDR（特别提款权）。Synonym: Ordinary Drawing RightsOrdinary Drawing Rights. Similar to special drawing rights (SDRs) and also allocated to members of the IMF. However, ODRs are credits as opposed to SDRs, which are used as currency reserves in addition to a member nation's existing gold and dollar reserv. See also: SDR金融 | 缩略语

Common Stock

普通股Common Stock英文也称ordinary shares或common shares，代表在有限责任公司中的所有权。普通股股东的责任(liabilities)只限于股东资金，换言之，其最大的损失限于其投入的金钱及应得的累计盈余，不会损及个人财产。 股东通常任命董事代为管理公司。公司宣布分红时，股东有权获得股息。在公司财产及收入的分配上，普通股股东的权益称为最后索取权(last claim或residual claim)，即在满足所有债权人之后剩下来的才是属于股东的。Common stock, or ordinary shares, represent ownership in a limited liability company. These are companies in which the owners' liabilities are limited to the shareholders' funds and the shareholders usually appoint directors to manage the company on their behalf. Holders of common stock are entitled to dividends when they are declared. They have the last claim on the assets and income of a company, after other creditors have been paid.Category: 股票

Ordinary Share Capital

普通股本Ordinary Share Capital普通股代表对一家有限责任公司的所有权。在对公司的收入以及资产的索取权优先次序上，普通股股东排在债权人以及优先股股东之后。比如，公司必须先偿付债券及贷款的利息以及优先股的股息，方可分配股息予普通股股东。而一旦公司清盘，资产变现后的所得，必须先清偿所有债权人以及优先股股东，剩下的才属普通股股东所有。公司的董事由普通股股东任命，一张普通股代表一单位的投票权。普通股因为容易换手，二手市场活跃，是最为普及的证券。普通股在美国也称为common stock。参见Preference Share（优先股）。Ordinary shares represent ownership in a limited liability company. Shareholders are entitled to dividends when they are declared by the company board of directors. Shareholders also have the last claim on the assets and income, after other creditors and holders of senior debt have been paid. They appoint and approve the company directors and usually have one vote for each share they hold. Ordinary shares are the most widely traded of all securities because of continuing market liquidity and the ease of transfer of ownership from one investor to another. Ordinary shares are known as common stock in the US.See also: ShareCategory: 股票

IFO

景气判断指数IFO为一景气判断指数(Business Climate Index)。这是一个受密切关注的德国企业状况指标，其依据为每月对约7,000家公司的调查。该指标被广泛视为整个欧元区经济状况的晴雨表。参见Eurozone（欧元区）。Category: 缩略语

Last Notice Day

最后交割通知日Last Notice Day指就期货合约发出交割意向通知的最后日期。参见Futures（期货）。The final day for the issuing of notices of intent to deliver against a futures contract.See also: FuturesCategory: 期货期权

Cyclical Stocks

景气循环股Cyclical Stocks指那些股价对经济周期很敏感、表现多受总体经济状况影响的股票。经济增长强劲时，景气循环股的股价会快速上涨，而增长放缓时则快速下滑。景气循环公司的产品在景气时很畅销，在不景气时则需求疲弱。房地产、钢铁及耐用消费品如汽车等产业均是景气循环股的例子。这类股票的投资风险一般高于非景气循环股(即表现较不受经济周期影响的股票)，因此β值亦比较高。参见Beta（贝塔系数/β值），Counter-cyclical Stock（逆经济周期而动的股票）。Category: 股票

Curve

曲线Curve参见Yield Curve（收益率曲线）。Category: 债券

LDC

最不发达国家LDC1. Least Developed Country的缩写. 联合国根据三方面的条件定义最不发达国家: 低国民收入,薄弱的人力资源以及经济多元化程度较低. 联合国经济及社会理事会每三年检视一次LDC国家的名单,2001年时名单上共有49个国家,大部分在非洲. 联合国对LDC国家有特别的援助.2. Less (or lesser) developed country的缩写。指经济主要以农业为基础、工业产值比重较低的发展中国家。"欠发达国家"一词已被更广义的"新兴市场经济体"所取代。参见Emerging Markets（新兴市场经济体）。网址: www.unesco.org/ldc/Synonyms: Less Developed Country, Lesser Developed CountryLesser (or less) developed country. A term that was used to describe developing countries where the economy was primarily based on agriculture and industry contributed less than 10 percent of GDP. LDC has been replaced by the more widely defined term emerging markets.See also: Emerging Markets

At Best

最优价指令At Best要求以当时可能的最优价位成交的买入或卖出指令。A buy or sell order indicating it should be carried out at the best possible price available at that moment.金融 | 债券 | 股票

Prime Rate

最优惠利率Prime Rate一种银行贷款利率，理论上只有信贷素质最好的客户才能以最优惠利率贷款，信贷素质较次的客户的资金成本会高于最优惠利率。The borrowing rate charged by banks to their best customers.

CTD

最低价交割CTD英文Cheapest to Deliver的缩写，指现货市场中可满足期货交割要求的最低成本的证券或商品。参见Futures（期货）。Synonym: Cheapest to DeliverThe security or commodity available in the cash market that can be delivered most economically against a futures position.See also: FuturesCategory: 期货期权

Cheapest to Deliver

最低价交割券Cheapest to Deliver参见CTD（最低价交割）。Category: 期货期权

Touch

最低价差Touch市场上对某一证券的最佳买方出价(即最高的买价)与最佳卖方报价(即最低的卖价)之间的差额。最佳的买方出价与卖方报价并不一定是同一做市商所报的价格，而是集全部做市商所报价格确定得出。参见Bid（买方出价），Bid-Ask Quote（买卖方报价），Offer（发盘）。The best (highest) bid and (lowest) offer for a given security in the current market. This need not be the two-way price of one market maker but is taken by looking at the market prices submitted by all market makers.See also: Bid, Bid-Ask Quote, OfferCategory: 金融

Last Trading Day

最后交易日Last Trading Day指最近月期货合约的最后交易日,在该交易日结束时,所有到期的期货合约均须以现金结算或实物交割了结.参见Cash Settlement（现金结算）及Futures（期货）。The last day for trading in the current delivery month. Futures contracts outstanding at the end of the last trading day must be settled by delivery of the underlying asset or by cash settlement.See also: Cash Settlement, FuturesCategory: 期货期权

Lender of Last Resort

最后贷款人Lender of Last Resort充当最后贷款人是中央银行的主要职责之一,这是指央行在陷入困境的金融机构无法以任何其他方式筹措资金时,向其发放贷款,助其渡过暂时的融资困难. 央行充当最后贷款人,是旨在维系金融体系的稳定.参见Central Bank（中央银行）。One of the main functions of a central bank is to step in to lend money to troubled financial institutions if they cannot find any other means of raising funds. Acting as lender of last resort, the central bank smoothes over temporary cash-flow shortages and maintains confidence in the financial system.See also: Central Bank金融 | 债券

Plain Vanilla

最基本(最普通 )Plain Vanilla指金融工具—特别是金融衍生产品—是最基本的标准类型，不附带任何特殊的条件。参见Exotic（特殊的/异常的）。Standard financial or derivative instruments without special features.See also: Exotic

Minimum Price Movement

最小的价格波动Minimum Price Movement指金融工具价格可变动的最小单位.参见Tick（跳动点）, Basis Point（基点）。The smallest unit of change possible in the price of a contract.See also: Tick, Basis PointCategory: 金融

Most Favoured Nation

最惠国待遇Most Favoured Nation英文简称MFN,是指双边贸易协定中的一项承诺,规定缔约国的一方若给与第三国某种优惠待遇,缔约国的另一方即时获得相同的优惠待遇.Undertaking by two countries to give each other the maximum tariff concessions on their mutual trade that they already grant to other countriesCategory: 金融

Back Month

最远月期约Back Month到期日距今最远的期货或期权合约。参见Futures（期货），Option（期权）。The futures or options contract being traded that is furthest into the future and is thus furthest from expiry.See also: Futures, OptionCategory: 期货期权

Solvent

有偿债能力Solvent指公司有能力偿还所有到期的债务。参见Insolvent（无偿债能力）。When a company can meet all its debts as they fall due.See also: Insolvent金融 | 债券 | 风险投资和新股发行

Capped Note

有利率上限的浮息票据Capped Note指设定了票面利率上限的浮动利率金融工具。参见利率封顶的金融衍生工具(Cap)。A floating rate instrument with a cap that places a maximum coupon rate on the issue.See also: CapCategory: 债券

Tangibles

有形资产Tangibles参见Assets/Liabilities（资产与负债）。Category: 金融

Working Control

有效控制Working Control控制一家公司理论上需要拥有该公司50%以上的表决权，但若公司股权分散，持股较多的股东即使持股不足50%，或许也有能力有效控制公司的运作，英文称之为working control。Theoretically more than 50 percent of all voting shares is needed to control a company. However, if the holder has a substantial minority interest then it could have effective (working) control if the rest of the company's stock was all held in small shareholdings.金融 | 风险投资和新股发行

Effective Exchange Rate

有效汇率Effective Exchange Rate指一国货币兑其他货币的总体汇率水平，通常以指数形式表示，用以反映一国货币兑主要贸易伙伴货币以贸易重要性为加权基础的整体汇率水平。参见Index（指数），Trade Weighted（贸易加权数）。A currency's composite exchange rate against other currencies. It is normally presented as an index intended to reflect the overall performance of a currency against its main trading partners on a trade-weighted basis.See also: Index, Trade WeightedCategory: 外汇

Managed Float

有管理的浮动Managed Float参见Dirty Float（肮脏浮动汇率制/有管理浮动汇率制）。Category: 外汇

Managed Currency

有管理的货币Managed Currency如果政府对汇率施加影响，而不是允许汇率纯粹由自由市场供求因素决定，这种货币称为"有管理的货币"。A currency is described as managed if the government exerts some influence over the exchange rate, rather than allowing the rate to be determined purely by free market forces.Category: 外汇

Covered Bond

有资产担保的债券Covered Bond指有资产(如住房抵押贷款)作为违约担保品的债券。A bond which has other financial instruments, such as mortgage loans, pledged as security against default.Category: 债券

ABS

有资产担保的证券ABS英文Asset-backed Securities的缩写。指有资产担保的证券，可作为抵押品的资产包括汽车贷款及信用卡应收账等。如果债务人违约，抵押的资产可被没收。有资产担保的证券是资产证券化的产物，常见的例子是银行将各类贷款集中起来，作为发行债券的抵押品。参见Securitization（证券化）。Synonym: Asset-backed Securities Securities collateralized by assets such as car loans and credit card receivables, which can be seized if the debtor defaults. ABS are created by the process of securitization whereby banks pool types of loans and use them as collateral or security against a bond issue.See also: Securitization缩略语 | 债券

Super-voting Share

有超级表决权的股票Super-voting Share一种在美国以外不常见的股票资本结构，该结构下发行的某些股票的持有人拥有较大的表决权。Category: 股票

Bhd

有限公司Bhd马来西亚的公司名称中表示"有限公司"（Berhad）一词的缩写。Synonym: BerhadMalaysian company title: abbreviation of Berhad.金融 | 缩略语

LP

有限合伙LP美国企业名称中表示"有限合伙"（limited partnership）词组的缩写。Synonym: Limited PartnershipUS company title: abbreviation of limited partnership.Category: 缩略语

Option

期权Option期权是一种金融衍生工具，给予买方（或持有者）购买或出售标的资产(underlying asset)的权利。期权合约会确定一个即"到期日"，美式期权(American option)可以在到期前的任何时候履行合约，而欧式期权(European option)则只能在到期日履行合约。期权合约亦会定出一个合约持有人行使权利时，买进或卖出标的资产的价格，称为履约价或行使价(exercise price)。期权合约分买权(call option，看涨期权)与卖权(put option，看跌期权)两大类:买权赋予持有人以履约价买进标的资产的权利，卖权则赋予持有人以履约价卖出标的资产的权利。期权与期货的一个根本差异在于，期货的买方必须履行合约，而期权的买方则可以选择履行或不履行合约。标的资产的市价必须高于行使价，买权持有者方会行使权利;如果市价低于行使价，行使买权是吃亏的事(在市场上能以较低价格买进)，买权持有人是不会行使权利的投资者可透过买进期权，为价格波动"买保险"—将价格不利波动可能造成的损失限制在一定范围内，同时得益于有利的价格波动。为获得这种好处，期权买方必须付出权利金(premium)，这是期权卖方承担风险所得到的补偿。期权是灵活性很强的金融工具，可透过基本期权的不同组合方式，创造出复杂的权权交易策略。期权可以在交易所或场外市场(OTC)进行交易。参见Derivatives（金融衍生产品），Futures（期货），OTC（场外交易）。

Time Decay

期权价值随时间过去而下跌Time Decay参见Theta（θ值）。Category: 期货期权

In the Money

期权价内（实值）状态In the Money当标的资产的市价高于看涨期权(call)的行使价或低于看跌期权(put)的行使价时,期权即处于价内状态,亦称实值状态. 标的资产是指行使期权时可以买进或卖出的资产. 处于价内状态的期权具有内在价值(intrinsic value),有行使的价值.参见Out of the Money（期权价外状态）, At the Money（期权平值状态）以及Intrinsic value(内在价值)。An option is described as being in the money when the current price of the underlying instrument is above the strike or exercise price for a call, and below the strike price for a put. For example, The shares of Company A are trading at ￡2.20 each. A trader decides to write an option on the shares, giving the buyer the right to buy the shares of Company A at ￡2.40 each. That is a call option, because the buyer has the right to "call" or buy the shares at ￡2.40 each. The exercise, or "strike" price, for the option is ￡2.40. If the price of the underlying shares rises to ￡2.50 then the option is "in the money" and the holder will exercise the option because the strike price is below the market price of the shares. Options can also be described as being deep in the money when they are likely to expire in the money.See also: Out of the Money, At the MoneyCategory: 期货期权

Out of the Money

期权价外状态Out of the Money当标的资产的市价低于看涨期权(call)的行使价或高于看跌期权(put)的行使价时，该期权即处于价外状态。标的资产是指行使期权时可以买进或卖出的资产。参见In the Money（期权价内状态），At the Money（期权平值状态），Option（期权）。An option is described as being out of the money when the current price of the underlying instrument is below the strike or exercise price for a call (an option to buy), and above the strike price for a put (an option to sell). Options can also be described as being deep out of the money when they are likely to expire out of the money.See also: Money, OptionCategory: 期货期权

Option Writer

期权卖方Option Writer指收取权利金(premium)，卖出期权合约，承担按约定价格买入或卖出标的资产的责任的机构或个人。参见Option(期权)。An institution or individual that sells an option and thereby commits to buy or sell the underlying instrument at a predetermined strike price in exchange for the premium paid by the option holder.Category: 期货期权

At the Money

期权平值状态At the Money当期权的行使价非常接近标的资产的市价时，期权即处于平值状态。平值期权实际上可以是处于略为价内或价外的状态。标的资产是指行使期权时可以买进或卖出的资产.参见In the Money（期权价内(实值)状态），Option（期权），Out of the Money（期权价外状态）。An option is described as being at the money when the exercise price is approximately the same as that of the underlying instrument. 'At the money' options may also be either in or out of the money. The term is used to describe the exercise price nearest to the actual trading price of underlying financial instrument on which the option is based..See also: MoneyCategory: 期货期权

Option Holder

期权持有者Option Holder指付出权利金(premium)买进期权合约、因而有权以约定价格买进或卖出标的资产的一方。参见Option(期权)。An individual who pays a premium for the right to buy or sell the underlying instrument under the terms of an option contract.Category: 期货期权

Option Strategies

期权策略Option Strategies指出于套期保值或投机的目的，将基本的看涨期权(call)及看跌期权(put)加以组合所创造出来的期权买卖方式。参见Option(期权)，Hedging（套期保值），Butterfly Spread（蝶状价差），Strangle（异价跨式组合/勒式组合），Straddle（跨式期权组合）。Combinations of calls and puts to create strategies for hedging and speculation. Examples are butterfly spread, straddle and strangle.See also: Spread, Strangle, StraddleCategory: 期货期权

Option Series

期权系列Option Series标的资产、到期日以及行使价格均相同的同类期权(即同为买权或同为卖权)，称为一个期权系列。参见Option(期权)。Option contracts on the same underlying instrument, all with the same expiry date and strike price.Category: 期货期权

LBO

杠杆式收购LBO参见Leveraged Buyout（杠杆式收购）。Synonym: Leveraged Buyout The purchase of a company using borrowed funds, with the company's assets used as collateral (or as leverage) for the borrowing. The purchaser then repays the loans out of the acquired company's cash flow, or by selling its assets.金融 | 缩略语 | 风险投资和新股发行

Combined Option

期权组合Combined OptionQ指至少包含一份看涨期权(call)和一份看跌期权(put)的期权组合，组成部分可单独履行或交易，但起初是当作一个整体看待的。期权组合可作为投资者按其对市场的观点下注的工具，亦可当作降低期权费(premium)成本的手段。跨式期权组合(straddle)与异价跨式组合(strangle)是两种常见的期权组合。参见买入Call（看涨期权/认购期权/买权），Option（期权），Put（看跌期权/卖出期权/卖权），Straddle（跨式期权组合），Strangle（异价跨式组合/勒式组合）。An option comprising at least one call and one put. The components may be exercised or traded separately, although they are originally dealt as one. These strategies may be designed to take advantage of a particular view on the market or to reduce outgoing premium costs. Two common examples of combination options are strangle and straddle strategies.See also: Call, Put, Option, Straddle, StrangleCategory: 期货期权

Promissory Note

期票Promissory Note一种票据，签发的一方无条件承诺向受票方支付特定数额的款项，支付日期或是事先约定，或是由受票方决定。A note that represents a promise by a borrower to repay a loan. Promissory notes are not classed as securities. Failure to pay a promissory note renders the borrower immediately liable to be sued for payment.See also: Security金融 | 债券

Futures Pit

期货交易所公开喊价区Futures Pit期货交易所交易大厅以公开喊价方式进行买卖的一个场地。参见Open Outcry（公开喊价）。An area on the floor of a futures exchange where trading takes place by way of the Open Outcry system.See also: Open OutcryCategory: 期货期权

Contango

期货升水Contango指期货合约到期日距今越远，价格越高的情形。期货价格高于现货或近期合约价格，是反映未来交割的货物的仓储及保险成本。期货升水是现货与期货价格之间的正常关系。与此词相反的是现货升水（backwardation）。参见Futures（期货），现货升水（Backwardation）。A situation where futures prices are progressively higher the further the maturity date is from spot. The increase reflects the added cost of storage and insurance for commodities delivered further into the future. Contango is the normal relationship between spot and futures prices and is the opposite of backwardation.See also: Futures, Backwardation, Spot

Futures

期货合约Futures期货合约是一种标准化的合约，承诺在未来某一时间以当前约定的价格买进或卖出标准数量的某种金融工具或商品。期货合约与远期合约一样，均是承诺以当前约定的条件在未来进行交易的合约，但期货合约是必须在交易所买卖的标准化合约，而远期合约则是场外市场(OTC)为买卖双方量身定制的合约。标准化是指交易所就每一份期货合约代表的数量、报价的单位、交割日及合约月份等条件订立标准。期货报价的精确度至跳动点(tick)为止，跳动点是价格变动的最小单位。期货投资人很少进行实物交割。在交割日期临近时，多数投资人会进行等值的反向交易来结清头寸。期货市场的主要参与者包括那些希望免受价格涨跌影响的套期保值者(hedgers)，以及企图从价格波动中获利的投机者。每一笔交易中，买方和卖方都需通过清算行进行结算，因此无须直接打交道，避免了违约风险。期货源自人们管理价格波动风险的需要，如农产品的价格会因气候等难以预测的因素而波动，人们因而发展期货市场来确定未来的买卖价。金融期货，(例如利率及股价指数期货)是当前成交量最大的期货品种。参见Clearing House（清算行），Forwards（远期合约），Hedging（套期保值），Margin（保证金），Option（期权），OTC（场外交易），Tick（跳动点）。A future is an undertaking to buy or sell a standard quantity of a financial asset or commodity at a future date and at a fixed price. Futures resemble forwards, but are standardized contracts (ie. every futures contract has standardized terms that dictate the size, the unit of price quotation, the delivery date and contract months) and must be traded on a recognized exchange. Price movements are expressed in ticks (the smallest unit of price quotation). Delivery of a future is rare. As the delivery date draws near, most investors close out their positions by undertaking an equal and opposite trade. The futures markets bring together hedgers who wish to protect themselves against the rise or fall of prices, and speculators who are trying to benefit from such movements. A clearing house acts as the counter party in every transaction to protect against the risk of default, so the buyer and seller do not have to deal directly with each other. Futures developed as a method for establishing forward purchase prices and managing price instability caused by seasonal factors in agricultural markets. Today, interest rate and stock index futures attract the greatest volume.See also: Clearing House, Forwards, Hedging, Margin, Option, OTC, Tick

Nearbys

期货的最近月合约Nearbys指交割日与现在最为接近的期货合约。The nearest delivery months of a futures contract.

Commission Merchant

期货经纪商Commission Merchant期货市场用语，指代交易所另一会员或非会员客户买卖的公司或个人，他们以自己的名义交易，因而承担如同当事人的责任。参见Futures（期货）。A term used in futures markets to describe a firm or individual that makes a trade on behalf of another member of an exchange or for a non-member client, but who carries out the trade in its own name and becomes liable as principal.See also: FuturesCategory: 期货期权

Exchange for Physical

期货转换现货交易Exchange for Physical指以现货商品交换同量的期货合约，通常是由两个持有相反避险仓位的交易商进行交换，如持有多仓的交易商出于避险的考虑，选择取得现货，而不是在期货市场将头寸结清。英文亦称为exchange for cash或exchange against actuals。Synonym: Exchange for CashThis occurs where the buyer of a cash commodity transfers to the seller an equivalent amount of long-futures contracts, or receives from him a corresponding amount of short futures at an agreed price. Also termed exchange for cash, and against actuals.Category: 期货期权

Sample Grade

样品等级Sample Grade通常指期货合约交割时可接受最低限度商品品质的等级。Usually the lowest quality of commodity acceptable for delivery under a futures contract.Category: 期货期权

Backlog

未交货订单Backlog厂商尚未交货的商品或服务订单，可以订单金额表示，亦可以完成这些订单所需的正常生产天数来表达。未交货订单的水平是经济景气与否的一个重要指标。未交货订单下滑可能显示新订单减少，旧订单正逐步完成，厂商或许不太愿意持有太多的库存。Orders for goods or services that have not yet been fulfilled. They can be measured in cash terms, or by the number of days of normal production it would take to clear them. The level of backlogs is an important indicator of whether an economy is growing or not. Falling backlogs may be a sign that new orders are dropping and the old ones are being fulfilled, and that producers are less willing to hold large stocks or inventories.Category: 金融

Unrealized Gain/Profit Loss

未实现的利润或损失Unrealized Gain/Profit Loss指头寸一旦结清将会实现的利润或损失。The profit or loss that would be reported should a position be liquidated.Category: 金融

Open Interest

未平仓合约Open Interest在期货或期权市场，未平仓合约是指市场结束一天交易时，未被"结束掉"的单边买或卖的合约数量。一张期货合约被"结束掉"，可以是因为合约到期、完成商品交割，或是以反向的操作结束责任，这称之为平仓。期权合约"结束"，则可以是因为合约到期、持有人执行权利或以反向操作结束责任。未平仓合约是分析期货及期权市场的重要参考数据之一。参见Futures（期货）。A figure for the number of outstanding contracts on a futures contract which are not offset by an opposing futures transaction, or fulfilled by delivery. In most cases, the open interest is measured on a daily basis. The figure reflects the degree of liquidity in that contract.See also: FuturesCategory: 期货期权

Open Position

未平仓头寸Open Position指尚未解除责任的交易部位，持仓者仍背负着履行交易合约的责任。参见Open Interest(未平仓合约)。A position that has not yet been offset or closed, i.e. the holder has a commitment to buy or sell something which has not yet been fulfilled, or for which there is no matching contract in the opposite direction

Future value

未来价值Future value一笔金钱(或按时投入多笔金钱)在一定的收益水平下，在未来某一时点的预期价值。The expected value of a payment (or series of payments) at a set date in the future, once it has been invested at a specific rate of interest until that date.Category: 金融

EBITDA

未计利息、税项、折旧及摊销之利润EBITDA英文Earnings Before Interest， Taxes， Depreciation and Amortization的缩写。参见Company(公司)。Synonym: Earnings Before Interest, Taxes, Depreciation and AmortizationEarnings Before Interest, Taxes, Depreciation and Amortization.An entry in the Profit & Loss Statement, EBITDA is sometimes used as a proxy measure for cash flow by analysts scanning a company's credit status. However, the two are not synonymous.金融 | 缩略语 | 财务税收

Native Yield

本国收益率Native Yield指某一国家或市场计算债券到期收益率所遵循的惯例。国际证券市场协会（ISMA）的到期收益率计算法为市场广泛使用，按该计算方法，债券未来的所有现金流以到期收益率折现，等于债券价格加应计利息。参见YTM(到期收益率)。The convention used in a particular country or market for the calculation of a bond's yield if it is held to maturity. A widely used convention is the ISMA (International Securities Market Association) yield to maturity which makes all future cash flows equal to the price of the bond plus accrued interest.Category: 债券

Principal

本金Principal1. 就借贷而言，本金是指不含利息在内的借贷金额，即未计应付利息借款人欠放款人的金额。就债券而言，本金通常是指债券的面额。就投资而言，本金是指股东投入的金额，不含投资收益。2. 在一宗交易中，当事人(principal)是相对于代理人(agent)而言的;当事人是最主要的利益攸关者，代理人只是受当事人委托、代为处理相关事宜。在金融市场，principal指以自己的资金进行买卖的人士。The total amount borrowed or invested, e.g. the face amount of a bond bought by an investor. Also, the originator or prime mover in a financial deal, on whose behalf brokers act as agents.See also: BrokerCategory: 金融

Opportunity Cost

机会成本Opportunity Cost机会成本是指占用资源的代价，亦即资源另作他用所能取得的最高效益。此一概念强调凡事均有代价，资源一旦用于某一用途，势必牺牲了其他的选择，因此，资源必须慎用以取得最佳效益。The cost of using a resource, i.e. its actual cost plus the profit forgone by not putting it to another use. For example, the purchase price of a city-centre garden might be $100,000 and the profit forgone by not building an office block on it might be $1.0 million, making its total opportunity cost $1.1 million.Category: 金融

Institutional Investors

机构投资者Institutional Investors指那些掌握大量资金可供投资的机构,如基金公司、退休基金、保险商、投资银行、券商以及捐赠基金等. 相对散户而言,机构投资者受法规保护的程度较低,因一般认为这些大户自我保护的能力较高.Financial institutions, such as pensions funds and investment trusts, which invest large amounts of capital in financial markets on behalf of their clients.基金 | 金融

Prime Broker

机构经纪Prime Broker重定向自Jigou jingji 机构经纪)机构经纪是指为机构投资者—特别是对冲基金—提供结算、保管、融资及股票借贷等服务的证券经纪商。

Scrip Issue

权利股发行Scrip Issue指将公司储备转化为公司的永久性资本时，发行新股并免费派送给股东。将公司储备转化为永久性资本或新股票以为企业长期融资时，公司储备将更明确地归为股东权益。新股票按股东目前所持有的股份比例派送给现有股东。也称"资本化发行"（Capitalization Issue）。参见Capitalization Issue（资本化发行）。Category: 股票

Option Premium

权利金Option Premium指买进期权合约所需支付的代价，可视为由期权的内在价值及时间价值构成。参见Option(期权)，Intrinsic value(内在价值)及Time value(时间价值)。The price paid for an option. The premium comprises the intrinsic value of the instrument plus time value of controlling that instrument for a set period. It is paid by the holder of the option to the writer of the option.期货期权 | 金融 | 财务税收

Relative Performance

相对表现Relative Performance指一种证券相对于某种指数表现的业绩。The performance of a security compared against an index.Category: 金融

Gearing

杠杆比率Gearing英文亦称为leverage，大致有以下两种含义：1.指公司依赖债务融资的程度，最常用的比率为负债权益比率(debt-equity ratio)，等于长期债务除以股东权益。 杠杆比率亦是反映公司偿债能力的一个指标。比率越高，意味着公司越容易受景气变动的冲击，股东所承受的风险也较高，因此会要求较高的回报。杠杆比率是否处于可接受的水平，通常视与同业相比较的结果。2.在金融衍生工具市场，杠杆比率是期货或期权仓位所代表的实际价值与建立仓位所付出的现金额的比率。 杠杆比率越高，市场价格每单位的变动可带来的盈利或亏损就越大，意味着投资风险较高，走势有利时会大有斩获，不利时则很可能血本无归。参见Derivatives（金融衍生产品Synonym: Leveragē. The ratio of a company's debt to equity. Gearing is an indicator of a company's ability to service its debt. A company with a high proportion of debt to equity (high gearing) is more vulnerable to fluctuations in business activity. It therefore represents higher risk for equity holders and offers greater return. Whether gearing is acceptable or not is often judged by comparisons with companies in similar industries or sectors. 2. In derivatives markets, gearing is the measure of the amount of cash spent purchasing an option or a futures contract, compared to the actual value of the underlying position. The more highly geared the trading position the greater the risk that a small change in market prices will completely wipe out the cash investment. That also means that a small change in market prices in the right direction can produce large profits in relation to the size of the cash investment. Gearing is also known as leverage.See also: Derivatives期货期权 | 金融 | 债券

Bar Chart

柱状图Bar Chart亦称棒形图。柱状图是技术分析师及交易商广泛使用的一种图表，以垂直的柱形来表示价格信息。柱形的顶部代表最高价，底部则是最低价。柱形左边的横线代表开盘价，右边的横线则代表收盘价(见图1)。参见Technical Analysis（技术分析）。A type of chart, widely used by technical analysts and traders, that represents price information on a vertical bar. The top of the bar is the highest price and the bottom of the bar the lowest. A dash on the left-hand side of the bar denotes the opening price and a dash on the right-hand side the closing price.See also: AnalysisCategory: 技术分析

Quoted Currency

标价货币Quoted Currency任何汇率必定涉及两种货币—基准货币(base currency)和标价货币(quoted currency)。根据定义，汇率的表达方式为一单位的基准货币可兑换多少单位的标价货币。例如，欧元兑美元报价是以1欧元兑多少美元表示，所以在此基准货币为欧元，标价货币为美元。The currency quoted against the base currency, i.e. the numerator quoted in terms of the denominator. For example, the quoted currency in the US dollar/euro quotation is the euro. See also: Currency

Standard Deviation

标准差Standard Deviation指统计上用于衡量一组数值中某一数值与其平均值差异程度的指标。标准差被用来评估价格可能的变化或波动程度。标准差越大，价格波动的范围就越广，股票等金融工具表现的波动就越大。A statistical measure of the amount by which one value in a range of values is likely to vary from the mean value. It is used as a method of assessing how variable or volatile a price is likely to be. The bigger the standard deviation the more widespread are the price movements and the more volatile the performance of the stock or financial instrument.金融 | 外汇 | 股票

S&P500

标准普尔500股指S&P500是美国股票市场的主要股票指数之一。标准普尔500股指是一种依成分股的市值（即公司发行股票的数量乘以股票的市场价格而得）进行加权计算的指数。其成分股相当于在纽约证券交易所进行交易的所有股票市场价值的约80%。该股指由500档股票所组成，其中主要是在纽约证交所挂牌的公司。芝加哥商品交易所（CME）有该指数的期货和期货期权交易。芝加哥期权交易所（CBOE）则有该股指的期权交易。参见CBOE（芝加哥期权交易所），CME（芝加哥商业交易所），NYSE（纽约证券交易所）。A major barometer of the US stock market. The S&P500 is an arithmetic index, weighted by the market capitalization (the number of a company's issued shares multiplied by their market price) of its constituents, which represents some 80 percent of the market value of all issues traded on the New York Stock Exchange. It comprises 500 shares, mainly NYSE listed firms. The CME trades futures and futures options on the index. Index options are traded at the CBOE.See also: CBOE, CME, NYSECategory: 股票

Standard & Poor's

标准普尔评级公司Standard & Poor's美国一家著名的信用评级机构。该公司对借款人信用的评价受到资本市场的广泛关注，并可影响债券的价格和借贷成本。参见Credit Rating（信用评级），Moody's（穆迪）。Category: 债券

S&P/IFCI

标普/国际金融公司指数S&P/IFCI由国际金融公司编纂的可投资的新兴市场股票指数，现称标普/国际金融公司指数。这些指数衡量对外资合理开放的市场的表现（以美元计）。国际金融公司综合指数是包括所有地区的范围更广的基准股指。参见IFC（国际金融公司），Standard & Poor's（标准普尔评级公司）。The International Finance Corporation's indices of investable emerging stock markets, now known as the S&P/IFC. They measure in dollar terms the performances of markets deemed reasonably open to foreign investors. The IFCI Composite is the broad, all-region benchmark.See also: IFC, Standard & Poor's

S&P

标普公司S&P参见Standard & Poor's（标准普尔评级公司）。Category: 债券

Underlying

标的Underlying在衍生产品市场，标的资产是指期货或期权合约以之为基础的金融工具或实物商品。就期权而言，标的资产是指期权持有人行使权利可买进或卖出的金融工具或商品。参见Derivatives（衍生产品）。Used in derivative markets to describe the financial instrument or physical commodity on which a futures or options contract is based.See also: Derivatives期货期权 | 金融

KK

株式会社KK日文的写法为"株式会社"(Kabushiki Kaisha)，指股份公司。Synonym: Kabushiki KaishaJapanese company title: abbreviation of Kabushiki Kaisha.Category: 缩略语

Euroland

欧元区Euroland参见Eurozone（欧元区）。Category: 金融

Ladder Option

梯式期权Ladder Option梯式期权是一种较为复杂的期权,投资人付出较高的代价,换取"锁定获利"的好处. 这种期权在设定行使价之余,还设有多个"梯级价"(rungs),一旦标的资产的价格触及某一梯级价,即可锁定一定水平的获利. 标的资产是指行使期权时可以买进或卖出的资产. 举一个例子,某股当前市价为45元,其梯式看涨期权(ladder call)行使价为50元,另设有55、60以及65元三个梯级价. 假如该股升至57元,即无论随后回落多少,期权持有人至少可获得5元(55 - 50)的获利; 若该股在期权到期前最高升至67元,则锁定的获利为15元(65 - 50). 梯式期权英文又称为ratchet option或lock-in option.参见Option（期权）。An option on which the strike price can be moved to a more favourable level when the original strike price is reached or overtaken by the spot rate.See also: OptionCategory: 期货期权

Laddering

梯式配股Laddering指在首次公开招股时,将股票分配给那些承诺在股票正式挂牌后以更高的价格买进更多股票的投资者. 承销商因而可确保新股挂牌后股价会上涨,而投资者则可买到价格看涨的新股.The allocation of shares in an initial public offering to subscribers who agree to buy more of the issue at a higher price once the issue is public. The underwriter thus helps to ensure that the price will rise after the issue, and the subscribers get access to shares in a desirable issue which is likely to rise in price.风险投资和新股发行 | 股票

Wedges

楔形Wedges在技术分析上，楔形与一个等边三角形相似，通常出现在现行趋势中，一般属于持续形态。从时间角度看，这种形态一般会持续一个月以上，但不超过3个月。Used in technical analysis. This pattern is similar to a symmetrical triangle. Wedges are usually seen within the existing trend and are generally continuation patterns. The wedge usually lasts more than a month but not more than three months.Category: 技术分析

Notional Bonds

概念性债券Notional Bonds概念性债券是债券期货合约的基础，是假定了某一水平的票面利率以及期限的标准化债券，并非市场上真实存在的债券。A standardized bond with hypothetical terms (coupon and maturity), which represents the basis for a bond futures contract.Category: 债券

Subordinated Debt

次级债务Subordinated Debt指在出现违约时，只有当优先债务偿付后才能偿还的债务。其风险高于优先债务。Debt that in the event of a default is repaid only after senior debt has been repaid. It is higher risk than the senior debt.Category: 债券

OPEC

欧佩克OPEC英文Organization of Petroleum Exporting Countries的缩写，由世界上主要的石油生产和输出国组成的联盟。欧佩克的石油生产配额对油价有相当大的影响力，其11个成员国是：阿尔及利亚、印尼、伊朗、伊拉克、科威特、利比亚、尼日利亚、卡塔尔、沙特阿拉伯、阿联酋和委内瑞拉。网址：www.opec.org...Synonym: Organization of Petroleum Exporting CountriesAn association of the world's leading oil producing and exporting nations. OPEC's production quotas have a major bearing on oil prices and the 11 members are: Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela期货期权 | 缩略语

Euribor

欧元银行同业拆息Euribor英文Euro Interbank Offered Rate的缩写，欧元的货币市场基准利率，期限从1周至12个月不等，是银行向同业拆放款的利率。参见Eonia(欧元银行同业隔夜拆息)，FRN（浮动利率票据），LIBOR（伦敦银行同业拆借利率）。Euro-Denominated Interbank Offered Rate. The Europe-wide version of the London and Paris interbank offered rates, which are the rates that banks lend to each other in the money market. Euribor serves as a benchmark short-term interest rate for European money markets.See also: FRN, Libor期货期权 | 债券

Eonia

欧元银行同业隔夜拆息Eonia英文Euro Overnight Index Average的缩写，欧元隔夜拆借利率的基准，是将银行间同业隔夜拆借利率按拆借额加权算出的平均利率。参见Euribor (欧元银行同业拆息)。金融 | 外汇 | 债券

ECB

欧央行ECB英文European Central Bank(欧洲中央银行)的缩写。 欧央行在欧洲经济和货币联盟(EMU)的框架内，为欧元区国家制定货币政策。该行在欧元推出后取代了欧洲货币机构(EMI)。 网址：www.ecb.int. 参见EU（欧盟），EMU（欧洲经济货币联盟），Eurozone（欧元区）。Synonym: European Central BankThe bank sets monetary policy for the 'Eurozone' countries within the Economic and Monetary Union. It replaced the European Monetary Institute when the Euro single currency was introduced. See also: EU, EMU, Eurozone

European Option

欧式期权European Option持有人只能在到期日行使权利的期权。参见American Option（美式期权），Option（期权）。An option that the holder can exercise only on the expiry date. See also: American Option, OptionCategory: 期货期权

EMTN

欧洲中期债券EMTN英文European Medium-term Notes的缩写，指在欧洲市场(Euromarkets)发行的中期债券。此类债券的期限可长至5年，发行条件与商业票据相同。将金融市场称为欧洲市场，是因为该市场交易的金融工具的标价货币并非该市场所在地的货币。参见MTN（中期债券），CP（商业票据）。Synonym: European Medium-Term NotesMedium-term Notes issued in the Euromarkets. Medium-term notes are borrowings with terms of up to five years, typically issued on the same terms as commercial paper. Euromarkets are the international capital markets dealing in offshore currency deposits held in banks outside their country of origin. See also: MTN, Commercial PaperCategory: 债券

Eurocredits

欧洲信贷Eurocredits由临时组成的国际银团(bank syndicate)发放的大额银行贷款，期限通常为3至5年。利率通常为银行同业拆息加一定幅度的溢价，通常每3至6个月调整一次。贷款的资金来自欧洲存款市场。参见Eurodeposit (欧洲存款)。Synonym: EuroloansLarge bank credits, usually in maturities of three to ten years, granted by international bank syndicates put together on an ad hoc basis. Lenders are almost exclusively banks and finance companies and these credits are not placed with private investors. Interest rates are calculated by adding a margin to interbank-offered rates and usually adjusted every three to six months. Funds for the loans are drawn from the Eurodeposit market.See also: EurodepositsCategory: 债券

EMS

欧洲货币体系EMS英文European Monetary System的缩写，旨在通过信贷和汇率政策促进欧洲货币稳定的体系。Synonym: European Monetary SystemA system that links the member states of the European Union.金融 | 缩略语

Eurobond

欧洲债券Eurobond以本国以外的货币发行的债券，例如日本公司发行美元债券，是跨国公司及第三世界国家的重要融资渠道。欧洲债券由国际银团(syndicate)发行，可不受任何国家资本市场的限制，且免扣缴税。欧洲债券不同于欧元债券，后者是指以欧元发行的债券。Bonds issued by a country or company in a currency that is not their own, e.g. a Japanese company issuing a dollar bond. They are not subject to withholding tax and fall outside the jurisdiction of any one country. Not to be confused with euro-denominated bonds, which are bonds issued in euros.Category: 债券

EBRD

欧洲复兴开发银行EBRD英文European Bank for Reconstruction and Development的缩写，由主要工业国家成立的一家银行，旨在协助中欧和中亚27个前计划经济国家在民主的环境下向自由市场经济过渡。该行为政府所有，但主要投资于私营企业，通常有商业伙伴参与投资。 网址： www.ebrd.comSynonym: European Bank for Reconstruction and DevelopmentA bank set up by the major industrialized nations to help centrally planned economies in 27 countries, from central Europe to Central Asia, move to a free market in a democratic environment. It is owned by governments but invests mainly in private enterprise, usually with commercial partners.金融 | 缩略语

Eurodeposits

欧洲存款Eurodeposits亦称Eurocurrency deposits，泛指一国银行体系中的外币存款，如欧洲美元存款，常指期限从隔夜至一年不等的银行间大额外币存款。参见Eurocredits（欧洲信贷）。Fixed-rate deposits that are traded wholesale between banks. Eurodeposits have maturities that range from overnight to one year. See also: Eurocredits金融 | 外汇 | 债券

Euromarkets

欧洲市场Euromarkets泛指以欧洲货币(Eurocurrency)为资金来源的国际货币/资本市场，欧洲货币是指在发行国以外流通的货币。参见Eurobonds（欧洲债券），Eurocredits（欧洲信贷），Eurodeposits（欧洲存款）。An overall term for international capital markets dealing in offshore currency deposits held in banks outside their country of origin. See also: Eurobond, Eurocredits, Eurodeposits外汇 | 债券

EIB

欧洲投资银行EIB英文European Investment Bank的缩写，是欧盟从事长期融资的机构。该银行在市场上筹集资金，用于促进成员国的地区发展，尤其是援助欠发达地区的宏观经济发展。该行也为与欧盟有关系的发展中国家提供软贷款(即条件优惠的贷款)。 网址：www.eib.org 参见EU（欧盟）。Synonym: European Investment BankThe long-term financing body of the European Union. It raises funds in the market to foster regional development among the member nations and especially to aid less-developed areas on a macro-economic scale. It also provides soft loans to developing countries associated with the European Union. See also: EU金融 | 缩略语

EUREX

欧洲期货期权交易所EUREX英文The European Derivatives Exchange的缩写，1998年由德国期货期权交易所（DTB）和瑞士期权和金融期货交易所（SOFFEX）合并而成。 网址：www.eurexchange.com 参见DTB（德国期货期权交易所），SOFFEX（瑞士期权和金融期货交易所）。The European Derivatives Exchange created in 1998 by the merger of the German exchange (DTB) and Soffex. See also: SOFFEX期货期权 | 缩略语

ERM

欧洲汇率机制ERM英文Exchange Rate Mechanism的缩写，1979年创立，旨在限制欧盟成员国货币的汇率波动。 ERM为成员国货币的汇率设定固定的中心汇率，允许汇率在中心汇率上下一定的幅度内波动。 据规定，欧盟新成员国在加入欧元区之前，应将其货币纳入允许汇率在中心汇率上下15%的区间内波动的ERM-2体系，为时两年。参见Euro（欧元），European Union（欧盟）。Synonym: Exchange Rate MechanismA system first created in 1979 to limit movements in the currencies of member countries of the European Union. A grid allows currencies to fluctuate within bands either side of their fixed central rates. New countries are supposed to enter their currencies in ERM-2, with its wide 15 percent bands, for two years before joining the eurozone.See also: Euro, EU缩略语 | 外汇

EMU

欧洲经济货币联盟EMU英文Economic and Monetary Union的缩写，指欧盟内的单一市场，允许劳动力、商品、资本和服务在该单一市场内自由流动。第三阶段的EMU催生了欧洲中央银行(ECB)，并促成欧洲单一货币—— 欧元于1999年诞生。参见ECB（欧央行），EU（欧盟），Euro（欧元）。Synonym: Economic and Monetary UnionThe single market within the European Union, which allows free movement of people, goods, capital and services. Stage three of Economic and Monetary Union saw the introduction of a single currency, the euro, in 1999 and the creation of the European Central Bank (ECB).See also: ECB, EU, Euro金融 | 缩略语

Euroclear

欧洲结算系统Euroclear国际性证券清算组织，在超过80个国家为主要金融机构提供股票和债券结算服务，以电脑记账系统提供证券和资金的结算及借贷服务， 网址： www.euroclear.com 参见Clearstream（国际清算系统），Clearing House（清算所），Clearing System（清算系统）。International clearing organization that provides clearance/settlement and borrowing/lending of securities and funds through a computerized book-entry system. The system covers both bonds and equities and serves major financial institutions in more than 80 countries.See also: Clearstream, Clearing House, Clearing System金融 | 债券 | 股票

Eurodollar

欧洲美元Eurodollar指存放于美国以外的美元存款。参见Eurocurrency（欧洲货币）。金融 | 外汇

EFTA

欧洲自由贸易联盟EFTA英文The European Free Trade Association的缩写，总部设于日内瓦，成员国包括冰岛、挪威、瑞士和列支敦士登，目标是促进成员国间的自由贸易，与欧盟有关税同盟关系。 网址：www.efta.int 参见EU（欧盟）。The European Free Trade Association has its headquarters in Geneva and comprises Iceland, Norway, Switzerland and Liechtenstein. It promotes free trade within its members' borders and has a customs union with the European Union.金融 | 缩略语

Eurocurrency

欧洲货币Eurocurrency在发行国以外流通的货币，最广泛使用的欧洲货币是欧洲美元，即在美国以外地区流通的美元。A currency that is held on deposit outside its country of origin. The most extensively used Eurocurrency is the Eurodollar - A US dollar held on deposit outside the United States.Category: 外汇

N/O

正常指令N/O英文normal order的缩写。在一些交易所(如瑞士交易所)，这是指现货买卖指令，可以是市价指令，也可以是限价指令。参看Market Order(市价单/市价指令)及Limit Order(限价指令/限价单)。A normal order to buy or sell at a certain level, i.e. to sell at higher, or to buy at lower levels than prevailing market rates.期货期权 | 金融 | 缩略语 | 外汇 | 债券 | 股票

Normal Yield Curve

正常收益率曲线Normal Yield Curve正常收益率曲线从左向右上升，显示长期证券的收益率高于短期证券，反映投资风险随年期拉长而升高、投资者进行长期投资需要较高的收益来补偿。也称"正收益率曲线"(positive yield curve)。相对的是"倒挂的收益率曲线"，这种曲线展示短期证券收益率高于长期证券。参见Inverted Yield Curve（倒挂的收益率曲线）及Yield Curve（收益率曲线）。Synonym: Positive Yield CurveA chart illustrating that yields on long-term securities are at higher rates than the rates on short-term securities, to reflect the extra risk of holding them for a longer period. Also known as a positive yield curve. The opposite of an inverted yield curve when short-term yields are above longer-term yields.See also: Inverted Yield CurveCategory: 债券

Samurai Bond

武士债券Samurai Bond由外国人在日本发行的日元债券。A bond issued in Japan by a foreign borrower denominated in yen.Category: 债券

Dead Cat Bounce

死猫式反弹Dead Cat Bounce价格崩跌后快速地略为反弹，通常是指缺乏基本面因素支持的反弹升势，反弹之后很可能又将再度疲软。此词据称是源自这种说法： 只要跌下来的位置足够高，就算是死猫也会略为反弹。A rise in the price of a financial instrument, or an overall market, after a prolonged fall. This is likely to be followed by renewed weakness because there has been no change in underlying market sentiment. Even a dead cat bounces if it is dropped from a great height.外汇 | 债券 | 股票

ARPU

每一用户平均收入ARPU英文Average Revenue Per User的缩写，指每位用户为电话及媒体企业所贡献的收入，通常按月计。高ARPU值有利于公司分摊固定成本和增加利润。参见Fixed Costs（固定成本）。Average Revenue Per User. A measure used by telephone and media companies. A high ARPU spreads fixed costs and increases profit margins.See also: Fixed CostsCategory: 缩略语

Shares Per Warrant Ratio

每张认股权证可认购股票数的比率Shares Per Warrant Ratio指使用认股权证可购买股票数量的比率。参见Warrant（认股权证）。A ratio measuring the amount of shares available through the exercise of a warrant.See also: WarrantCategory: 股票

Barrels per Day

每日桶数Barrels per Day广泛接受的英文缩写为bpd，用以量度一个油田、石油公司或产油国的原油产出量。

Stagflation

滞胀Stagflation指高通货膨胀伴随着高失业率且经济活动停滞的一种经济状况。A state of the economy where high inflation is accompanied by high unemployment and stagnant economic activity.Steve Saville, in an editorial for SafeHaven, called stagflation one of The Most Misleading Words [1]. His co-winning choice for the most misleading words contest is reflation.Category: 金融

Daily Price Limit

每日限价Daily Price Limit由交易所设定的价格单日最大涨跌幅度，以上一交易日的收盘价或结算价为计算基础。参见Limit Up/Limit Down(涨停板/跌停板)。The maximum amount, fixed by an exchange, that prices are permitted to rise or fall in one day before trading on a contract is suspended. The daily limit is measured from the previous day's settlement price.See also: Limit Up期货期权 | 股票

Earnings Per Share

每股盈余Earnings Per Share参见EPS（每股盈利）。金融 | 股票

BVPS

每股账面净值BVPS英文Book value Per Share的缩写。账面净值(book value)等同于股东权益(shareholders'euqity)，即总资产减去总负债。每股账面净值等于账面净值除以已发行股数。股价除以每股账面净值即得出股价净值比(price/book ratio)，这是投资者衡量公司资产价值的关键指标。股价净值比若低于1，则代表市场对公司资产的定价低于其重置成本(replacement cost)。若股价净值比远低于1，公司通常会成为收购目标，因为觊觎此公司资产的同业竞争者会考虑收购这家公司的股权以取得资产，而不是自己进行厂房和设备的投资。股价净值比对资本密集型的制造业公司特别有意义。 服务业因固定资产较少，股价净值比通常比较高。每股账面净值的计算公式：（资产-负债）/已发行的股数股价净值比的计算公式：股价/每股账面净值。例子：老洛普公司的总资产和总负债分别为14.07亿英镑和12.60亿英镑，两者的差额为1.47亿英镑，这是老洛普公司的账面净值，也称股东权益。账面净值=14.07亿英镑-12.60亿英镑=1.47亿英镑每股账面净值=1.47亿英镑/3.5亿股(已发行股数)=0.42英镑股价=1.5英镑股价净值比=1.50/0.42=3.57参见Assets(资产)。Synonym: Book value Per Share Book value equals total assets minus total liabilities. Book value per share (BVPS) equals book value divided by the number of shares outstanding. It is the same as shareholders' equity. BVPS is used in the calculation of the price/book ratio (share price divided by BVPS). Price/book is the ultimate measure of how much investors think a company's assets are worth and it equals the share price divided by the BVPS. A price/book ratio should be higher than one; otherwise the market is pricing the assets below their replacement value. Companies with price/book ratios well below one automatically become takeover targets as sector rivals will consider launching a bid for their stock rather than investing in new plant and equipment. Price/book is especially relevant for capital-intensive manufacturing firms. Service industry companies with few fixed assets typically trade at high price/book ratios.金融 | 缩略语

Poison Pill

毒丸行动Poison Pill泛指公司为避免遭敌意收购而采取的行动，例如发行高收益债券、授予现有股东在公司被收购后以大幅折扣购买股票的权利。这种行动旨在降低公司的被收购价值，冀藉此吓退意图收购方。 Actions taken by a company to outwit a predator in a potential hostile takeover, so that swallowing the company will be like swallowing a poison pill. Examples are the issue of high yielding bonds, conditional rights to shareholders to buy shares at a large discount if the takeover succeeds or making massive long-term commitments to the company's pension funds.

Ratio Analysis

比率分析Ratio Analysis此分析是为确定公司未来的业绩，对公司账户进行的分析包括检查三种比率，即盈利性比率、流动性比率和资产负债表比率。Determination of the prospective future performance of a company. An analysis of a company's accounts involving examining three kinds of ratios - profitability, liquidity and balance sheet ratios.Category: 金融

Gross Profit

毛利Gross Profit公司营业额(亦称营业收入、销售额)减去销货成本后的利润，尚未扣掉不属于产品直接成本的各种费用及利得税。参见Company(公司)。The total profit before the deduction of tax and expenses.Category: 金融

Privatization

民营化/私有化Privatization1. 指政府将公有的资产或企业卖给私人投资者，令公有资产转变为旨在追求利润的私有财产。民营化处理得当，可令资源发挥更高效益。2. 指特定投资者买断上市公司的全部股权，令公司变成非上市的私人持有企业。私有化可能出于各种不同的原因，比如上市公司的大股东若认为公司股价遭严重低估，买下余下股权是很好的交易，就可能会提出私有化建议，向其他股东提出全面收购。私人直接投资基金亦可能会购进上市公司，然后将其私有化，进行改造后再重新上市。参见Private Equity Fund(私人直接投资基金)。The sale of state-owned commercial and industrial businesses to the private sector by the government.金融 | 风险投资和新股发行

Horizontal Spread

水平价差Horizontal Spread一种期权交易策略，投资者根据对波动性的预期，买入或卖出到期日不同，但行使价相同的多份合约。 也称日历价差（calendar spread）。参见Option（期权）。Synonym: Calendar SpreadAn option strategy that involves buying and selling contracts with the same strike price but different maturities, in view of expected moves in volatility. Also known as a calendar spread.See also: OptionCategory: 期货期权

Perpetual Note

永久票据Perpetual Note一种没有到期日的浮动利率票据，发行人只须持续偿付利息而永远毋须还本，享有这种好处的代价是支付较一般浮息票据更高的利差。这种票据因永不还本，具有股票的部分特质。参见FRN(浮动利率票据/浮息票据)。A floating-rate note that has no final maturity, and therefore has no arrangement for repayment of principal. For this privilege, the borrower pays a higher margin over a relevant base interest rate. As they will never be repaid, the notes assume the characteristics of an equity issue.Category: 债券

Perpetual Bond

永续债券Perpetual Bond永续债券是没有到期日的债券，发行人只须持续偿付利息而永远毋须还本。这种债券因永不还本，具有股票的部分特质。

Currency Fixings

汇率定盘Currency Fixings指在一些市场，每天根据市况定出各种货币的汇价，以作为特定交易的汇率。 相关国家的中央银行常会参与汇率定盘以影响定盘价。In some markets, a daily meeting is held at which the rates for different currencies are officially fixed by adjusting the buying and selling level to reflect market conditions. The central bank of the relevant country often participates to influence the fix.Category: 外汇

Currency Risk

汇率风险Currency Risk因不利的汇率波动而导致损失的可能性。The potential for losses arising from adverse moves in exchange rates.Category: 外汇

Hot Stock

热门股票Hot Stock指价格猛涨或大跌、交投活跃的股票。A stock whose price suddenly rises or falls sharply.Category: 股票

Pte

私营Pte新加坡的公司名称中表示"私营"（private）一词的缩写。 Synonym: PrivateSingapore company title: abbreviation of private.

Bill of Exchange

汇票Bill of Exchange一种历史悠久的国际贸易融资工具。汇票是向持票人支付指定金额的委托书。远期汇票(time draft)是指定在未来某一时间支付，而即期汇票(sight draft)则是见票即付。汇票也称合格票据(eligible bills)、商业票据(commercial bills)、商业汇票(trade bills)和银行承兑汇票(BAs)。Synonyms: Eligible Bill, Trade BillOld financial instrument used to finance international trade. A bill of exchange is an order to pay a specified amount of money to the holder of the bill either at a set future date (a time draft) or on presentation of the bill (a sight draft). Also known as eligible bills, commercial bills, trade bills and BAs.See also: BA金融 | 债券

Sunk Costs

沉没成本Sunk Costs指已经付出、无法收回的资源,对于未来无关宏旨,在决策时不应考虑.Costs that have already been paid for and can therefore be ignored in calculating the future profitability of a project.金融 | 风险投资和新股发行

Bottom Fishing

河底摸鱼Bottom Fishing指投资者因认为股价不太可能进一步显着下跌而买进股票。另外，亦指公司收购亏损的同业或是收购它们的资产。When an investor buys a company's shares at a time when he believes they are unlikely to fall much further. Also, when a company buys up loss-making competitors, or purchases their assets.风险投资和新股发行 | 股票

Petrodollars

油元Petrodollars油元是指产油国因出口石油而取得，然后存放在西方国家银行的钱，亦称为"石油货币"(petrocurrency)。有时油元特指产油国出口石油而得到的美元。A term prevalent in the 1970s to describe the abundance of dollars held and invested by members of OPEC when they pushed up oil prices. See also: OPEC

Oils

油料产品Oils国际初级产品和农产品交易中的重要商品，主要是棕榈油和大豆油。Key products in international commodity and agricultural trade. The major oils are palm and soy.Category: 期货期权

CAC-40

法国CAC-40股价指数CAC-40法国股价指数，由40只法国股票构成。较新的CAC-General指数由100只法国股票构成，使用更广泛，但CAC-40指数仍被视为基准指数。两种指数均以市值加权计算。CAC-40是法国国际期货交易所（MATIF）和巴黎期权交易所（MONEP）指数期权和期货的标的。参见Capitalization Weighted Index（市值加权股价指数），MATIF（法国国际期货交易所），MONEP（巴黎期权交易所）。The principal French stock index covering 40 French equities, although the newer CAC-General, which covers 100 stocks, is more widely used. Both of these indices are capitalization-weighted averages. The CAC-40 is the basis for index futures and options traded on the MATIF and MONEP exchanges in Paris. See also: Capitalization-Weighted Index, MATIF, MONEPCategory: 股票

BTAN

法国两或五年期公债BTAN法文Bons á Taux Annuel Normalisés的缩写，法国按固定利率支付利息的两年或五年期公债。Synonym: Bons à Taux Annuel NormalisésFrench coupon-bearing, fixed-rate treasury bills with two- and five-year maturities.Category: 债券

INSEE

法国国家统计暨经济研究所INSEE法文Institute National de la Statistique et des Etudes Eonomiques的缩写，负责编制和发布若干官方经济指标。Synonym: Institut National de la Statistique et des études économiques The French National Statistics Institute, which collates and issues a number of government economic indicators.Category: 缩略语

BTF

法国国库券BTF法文Bons á Taux Fixe et Intérêts Précomptes的缩写，指法国期限为13周、26周和52周不等的贴现国库券。4周和7周期国库券在发行时间表外也偶尔发行，类似美国的现金管理国库券(cash-management bills)。Synonym: Bons à Taux Fixe et Intérêts PrécomptésFrench discount Treasury bills with maturities of 13, 26 and 52 weeks. Occasionally, four- and seven-week BTFs are issued outside the calendar and are similar to the US cash- management bills.缩略语 | 债券

MATIF

法国国际期货及期权交易所MATIF法文Marchéà Terme International de France的缩写，是法国的金融期货及期权交易所，于1999年6月并入巴黎交易所,后者于2000年9月并入Euronext。参见Euronext(泛欧交易所).Synonym: Marché à Terme International de France France's financial futures exchange.期货期权 | 缩略语

SICOVAM

法国补偿动产行业公司SICOVAM法文Société Interprofessionnelle pour la Compensation des Valeurs Mobilières的缩写，是巴黎证券交易所以前的清算机构，现已纳入欧洲清算系统（Euroclear）。参见Euroclear（欧洲清算系统）。Synonym: Société Interprofessionnelle pour la Compensation des Valeurs MobilièresFormer clearing organization of the Paris Stock Exchange, absorbed into Euroclear.See also: EuroclearCategory: 缩略语

OAT

法国财政部的可替代债券OAT法文Obligations Assimilables du Trésor的缩写，是法国财政部发行的固定利率或浮动利率、期限为7至30年不等的可替代公债。参见Fungible（可互换的/可替代的）。Synonym: Obligations Assimilables du TrésorFungible Treasury bonds issued in France, with maturities ranging from 7 to 30 years, at fixed or floating interest.See also: Fungible缩略语 | 债券

Reserve Requirements

法定存款准备金率Reserve Requirements存款机构依法必须存放于金库或中央银行的存款比例。降低或提高法定存款准备金率会影响货币供应量。降低法定存款准备金率可使银行增加贷款，而提高法定存款准备金率会迫使银行减少贷款。有时也称"最低准备金要求"(minimum reserve requirements)，"注册储备"(registered reserves)或"储备比率"(reserve ratio)。Percentage of deposits that, by law, depository institutions must set aside in their vaults or with their central bank. Lowering or raising this requirement influences the money supply. A reduction in reserve requirements enables banks to increase lending while an increase forces them to reduce lending. Sometimes known as minimum reserve requirements, registered reserves or reserve ratio.Category: 金融

Franc Zone

法郎区Franc Zone对原先将货币与法国法郎挂钩，现改为与欧元挂钩的新兴市场经济体的统称。这些国家大部分的储备为欧元资产，其货币获法国财政部保证可兑换为欧元。法郎区的成员包括布基纳法索、喀麦隆、象牙海岸(科特迪瓦)、尼日尔、新喀里多尼亚及法属波利尼西亚等国。A zone that embraces a number of emerging markets, all of which originally linked their currencies to the French franc and now link to the euro, holding most of their currency reserves in euros. Convertibility of their currencies into the euro is guaranteed by the French exchequer. Members include Burkina Faso, Cameroon, the Ivory Coast, Niger, New Caledonia and French Polynesia.金融 | 外汇

Euronext

泛欧交易所Euronext欧洲证券及商品交易的一体化市场，交易标的有股票、债券、衍生工具和初级产品，最初由阿姆斯特丹、布鲁塞尔和巴黎的交易所合并而成。 有自己的股价指数，其中包括Euronext 100 and Next 150。An integrated cross-border European market for equities, bonds, derivatives and commodities created initially by the merger of exchanges in Amsterdam, Brussels and Paris. The exchange has its own stock indices, including Euronext 100 and Next 150.债券 | 股票

IADB

泛美开发银行IADB英文Inter-American Development Bank的缩写。该行通过提供贷款和技术援助促进拉美和加勒比地区的经济与社会发展。Synonym: Inter American Development BankInter American Development Bank. The Bank promotes economic and social projects in Latin America and the Caribbean using loans and technical assistance金融 | 缩略语

Bubble

泡沫Bubble指资产价格狂涨至预期将会大幅逆转或崩溃的程度。A ramping up of asset prices to such a degree that a major reversal or crash is expected.Category: 股票

Volatility

波动性Volatility指某项价值——如股票价格或利率，在一段时间内变动的程度。高波动性是指价值剧烈变动，通常是市场不确定性较高所致。交易商欢迎高波动性的市场，因为从中获利的机会较多。低波动性是指价值的变动轻微，有如市场已消化了所有相关的消息。专业投资者一般能从低波动性的市场中得益，因为他们能更好地锁定稳定的收益。在金融市场，历史波动性(historical volatility)不同于隐含波动性(implied volatility)，前者是历史价格或收益率实际呈现的波动程度，后者则是期权价格所反映的预期波动性。Volatility describes the degree to which a value, such as a stock price or an interest rate, changes over a specified time period. High volatility means that the value changes dramatically, usually due to high market uncertainty. Traders thrive on market volatility because it presents many opportunities to earn a profit. Low volatility means values change minimally, as is the case when all news has been priced into the market. Professional investors tend to benefit from low volatility because they are better able to lock in stable returns. The financial markets distinguish between historical volatility and implied volatility. Historical volatility is a measure of volatility based on past price or yield behaviour, while implied volatility is an estimation of future behaviour, implied by the price of an option.期货期权 | 金融 | 外汇 | 股票

Volatility Analysis

波动性分析Volatility Analysis波动性分析研究市场价格随机变动的情况。Volatility analysis measures the rate of random change in market prices.期货期权 | 金融 | 外汇 | 股票

Volatility Index

波动性指数Volatility Index是技术分析上用于衡量每一特定时间内平均价格波动的一种跟踪趋势的分析方法。参见Technical Analysis（技术分析）。Used in technical analysis. A trend-following analysis that measures the average price movement in each set period of time. See also: AnalysisCategory: 技术分析

Range Forward

波动远期Range Forward参见Risk Reversal（风险逆转）。期货期权 | 外汇 | 债券

Bollinger Bands

波林格区间Bollinger Bands技术分析的一种方法。在收盘价的移动平均线上下一个标准差处各画一条线，便形成波林格区间。标准差量度价格的波动性，因此，这些区间随波动性的变化或缩窄或扩大，即市场平静时，区间缩小，市场波动时，区间扩大。区间缩窄意味着新趋势的开始，这可从价格出现突破并收于区间之外得以证实。波林格区间可用于任何价格走势图，但最常见的是与柱状图一起使用（见图3）。参见Bar Chart（柱状图），Technical Analysis（技术分析），Standard Deviation（标准差）。Used in technical analysis. Bollinger bands are lines plotted one standard deviation above and below the moving average of the closing prices. A standard deviation measures price volatility so these bands narrow and widen in line with volatility - narrow in calm markets and wide in volatile markets. The narrowing of the bands often indicates the start of a new trend, which is confirmed when prices break and close out of the band. Bollinger bands may be used with any price chart but are most commonly used with bar charts.See also: Bar Chart, Technical Analysis, Standard DeviationCategory: 技术分析

Licensed Warehouse

注册仓库Licensed Warehouse指经交易所准许,可以提供实物商品以供期货合约交割的仓库.参见Futures（期货）。A warehouse approved by an exchange from which a commodity may be delivered under a futures contract.See also: FuturesCategory: 期货期权

Registrar

注册机构Registrar指负责记录公司股东情况的机构。当证券以簿记形式处理而不发行凭证时，具备准确的股东名册尤其重要。The body responsible for keeping a record of the company's shareholders. When securities are dealt in book entry form and no certificates are issued, it is particularly important to have an accurate list of shareholders.金融 | 股票

Write Off

注销Write Off指将无价值的资产自账面撇除，根据会计准则把资产的账面值以费用、支出或亏损冲销掉。Book-keeping action that at one stroke depreciates an asset out of the balance sheet.Category: 金融

TED Spread

泰德价差TED Spread英文Treasury Eurodollar Spread的缩写，指3个月期的美国国库券期货与欧洲美元利率期货(亦是3个月期)之间的价差，是一种普遍的价差交易的基础。参见Futures（期货），Spread Trading（价差交易）。Category: 债券

Laundering

洗钱Laundering指通过秘密渠道或一系列金融交易将资金转移，以逃避侦查的隐蔽行动，通常是利用离岸的设施进行。洗钱通常旨在回避制裁或掩盖非法的资金来源，例如贩毒和赌博收入。The covert action of passing money through secret channels or via a chain of financial transactions, to evade detection, often using offshore facilities. Laundering is often used to avoid sanctions or to mask an illegal source of funds, such as drugs and gambling.Category: 金融

Sight Money

活期存款Sight Money参见Call Money（通知存款）。Category: 金融

Forward Option

活期远汇Forward Option一种特殊的远期外汇合约,交收日可选择约定的有效期限内任何一天.期货期权 | 外汇

Liquidity

流动性Liquidity泛指将资产变现的容易程度. 高流动性的资产有一个活络的市场,有足够的买家与卖家可以消化对该资产的需求与供应,资产的价格不会轻易因供需的变动而出现扭曲,这样的市场称为具有深度(depth)的市场. 资产的流动性若不足,急需变现时往往需要以较大的折扣卖出. 此词亦泛指流动资金.参见Illiquid（缺乏流动性）。The ease with which financial instruments can be traded on a market and turned into cash. Markets or instruments are described as being liquid, and having depth or liquidity, if there are enough buyers and sellers to absorb sudden shifts in supply and demand without price distortions. The opposite of illiquid. The term can also be used loosely to describe cash flow in a business, so a company that has fallen into a liquidity trap may have growing orders and production but has run out of cash.See also: Illiquid

Liquidity Margin

流动性余裕Liquidity Margin维持充沛的流动资金,超过正常所需的部分称为流动性余裕. 金融交易有时会要求保持一定幅度的流动性余裕,以保障交易顺利完成. 比如,在回购交易中,贷款者通常要求借款者提供价值超过所借款项的证券作为抵押.参见Repurchase Agreement（回购协议）。A liquidity margin is a performance guarantee in a financial transaction. In repurchase agreements (repos), lenders often seek such a margin from borrowers, perhaps by receiving securities that are worth more than the money borrowed. See also: Repurchase Agreement金融 | 外汇 | 债券 | 股票

Liquidity Risk

流动性风险Liquidity Risk因市场成交量不足或缺乏愿意交易的对手,导致未能在理想的时点完成买卖的风险.The risk a dealer has of not being able to unwind a position or enter into a position at a desired point of time because there is not enough market volume or a lack of willing counter parties.金融 | 外汇 | 债券 | 股票

CURRENT RATIO

流动比率CURRENT RATIO流动比率是衡量公司偿付短期债务能力的一项指标，由流动资产除以流动负债得出。流动资产包括现金及现金等价物、应收账款和库存，而流动负债则等于短期贷款和应付账款之和。流动比率的正常范围值为0.5～2.0，但解读这个流动性比率（liquidity ratio）必须谨慎。较高的比率可能意味着公司有太多闲置现金、客户拖欠大笔账款，或者公司的经营需要大量的库存。较低的比率并不一定意味着公司有无法偿还短期债务的风险，可能只是因为公司所在行业以支付现金为标准（例如餐馆通常只有很少或没有应收账款），或其经营不需要太多的库存（例如大多数服务业公司），或所在行业客户支付的速度较慢（例如建筑业）。流动比率的计算：例子：老洛普公司的年度报告上显示以下资料（单位：百万英镑）：流动资产：760手头现金及银行存款45短期投资35应收账款250库存430流动负债840流动比率=760/840=0.9参见Current Assets（流动资产），Current Liabilities（流动负债）。金融 | 债券

Current Liabilities

流动负债Current Liabilities指公司1年内到期的短期债务，如应付账款及应付税款等。参见资产Assets(资产)，Liabilities(负债)。The short-term financial commitments of a company, such as accounts payable, taxation and dividends payable, usually due within 12 months.See also: Assets, LiabilitiesCategory: 金融

Current Assets

流动资产Current Assets可轻易或迅速地换成现金的资产，包括库存、应收账款(以1年内到期为限)、现金（包括银行存款）和现金等价物（有价证券、政府债券等）及其他1年内可换成现金的资产。A company's assets that can be realized easily or rapidly turned into cash. These include inventory (stock in trade), receivables (monies usually due within one year), cash (bank balances) and cash equivalents (marketable securities, government bonds etc.).Category: 金融

Floating Rate Bond

浮动利率债券Floating Rate Bond指利率并非固定不变的债券。参见Floating Debt(浮动利率债务)。A bond with a variable interest rate as opposed to a fixed rate.Category: 债券

Floating Debt

浮动利率债务Floating Debt利率并非固定不变的债务。此类债务的利率与某一变动的基准利率——如国库券收益率或伦敦银行同业拆息(LIBOR)挂钩。Debt with a floating interest rate as opposed to fixed.Category: 债券

FRN

浮动利率票据FRN英文floating rate note的缩写，一种中期债务工具，支付的利率跟随某一浮动的基准利率变动。FRN的票面利率通常是伦敦银行同业拆息（Libor）加一定幅度的溢价，亦可以其他利率指标为基础，如欧元银行同业拆息（Euribor）。例如，某一FRN支付投资人的利率可以是三个月期Libor加125个基点，每季付息。参见Coupon（息票），Libor（伦敦银行同业拆借利率），Euribor（欧元银行同业拆息）。Synonym: Floating Rate NoteA floating rate note is a medium-term debt instrument that pays a variable rate of interest. The coupon is usually a premium to Libor (the London Interbank Offered Rate), the 'riskless' rate at which banks lend to each other, or its local equivalent such as Euribor. For example, the investor is promised a quarterly coupon of 125 basis points over three-month LIBORSee also: Libor, Euribor, Coupon缩略语 | 债券

Floating Exchange Rates

浮动汇率制Floating Exchange Rates指货币之间的汇率并非固定，而是由自由市场的供求关系决定的制度。一种货币的强弱，乃基于其经济实力及与贸易伙伴的关系。汇价太强会使出口商品对外国消费者来说过于昂贵，可能会因而损及出口业。汇价较弱则有助于提高出口商品的价格竞争力，但进口商品会变得较为昂贵。货币突然贬值可能意味着经济不稳。参见Bretton Woods Agreement（布雷顿森林协定），Fixed Exchange Rate（固定汇率制），Economy（经济）。A system in which currencies have no fixed parities and exchange rates. Prices are determined by supply and demand in the free market. A country's currency strengthens or weakens based on the underlying strength of its economy and its relationship with its trading partners. An overly strong currency can damage exports by making its goods too expensive for other countries to buy. A weak currency makes its exports cheaper to buy and its imports more expensive. A sudden weakening of the currency may signal economic instability.See also: Economy, Bretton Woods, Fixed Exchange RateCategory: 外汇

Consumption

消费Consumption经济整体产出中由个人和家庭消费掉的部分，与投资、政府支出和出口净额构成国内生产总值(GDP)。The proportion of national output consumed by individuals and households, in contrast with government consumption, investment and net exports.Category: 金融

Consumer Price Index

消费价格指数Consumer Price Index参见CPI（消费价格指数）。Category: 金融

CPI

消费物价指数CPI英文Consumer Price Index的缩写，是反映零售层面物价变动的指标。消费物价指数的计算基础是典型消费者所购买的一篮子商品和服务，通过收集和比较固定商品组合的价格变动编制而得。也称"零售物价指数"（Retail Price Index）。Synonyms: Consumer Price Index, Retail Price IndexThe CPI is a measure of retail inflation. It is calculated by collecting and comparing the prices of a set basket of goods and services, as bought by a typical consumer, at regular intervals over time. Also known as a Retail Price Index.金融 | 缩略语

Consumer Confidence

消费者信心Consumer Confidence消费者信心指数是反映大众消费意愿的经济指标。由于消费支出对经济有重要影响，人们因此密切关注消费者信心的变化，以此作为预测未来经济形势的参考。Consumption is a major influence on an economy. The willingness of consumers to spend is closely-watched as an indicator of future economic performance. It is measured by an index of consumer confidence.Category: 金融

Limit Up

涨停板Limit Up有些交易所会为证券/商品/合约设定单日涨跌幅限制,比如限定个股单一交易日最多只能较上收盘价上涨或下跌10%. 当价格升至当日价格上限,就称为涨停板,跌至价格下限则称为跌停板. 有些交易所会在涨停板或跌停板时停止交易,直至市场价格脱离价格上限或下限. 也有交易所会在短暂停止交易后于扩大的价格区间内恢复买卖.参见Circuit Breakers（停板制度）。Synonym: Limit Down The maximum advance or decline from a previous day's settlement price that is allowed in one trading session. Some markets do not trade again during the session after a limit up/down move unless prices retreat from that limit. Other markets suspend trading temporarily when limits are hit and then reopen with expanded limit levels. See also: Circuit Breakers期货期权 | 股票

Mixed Economy

混合经济Mixed Economy介于计划经济与市场经济之间的经济体制。例如，在自由市场的大前提下，国家仍然控制部分经济部门。参见State Planning（国家计划）。Midway between a planned economy and a market economy. Thus the state runs one or more sectors or parts of the economy alongside generally free market activities. See also: State PlanningCategory: 金融

Lagging Indicators

滞后指标Lagging Indicators滞后指标反映宏观经济已经发生的变化,其走势落后于整体经济周期. 滞后指标涵盖诸如劳动力成本以及利率等指标. 与滞后指标相对的是领先指领与同步指标: 领先指标冲量那些先于整体经济周期而动的经济因素,同步指标理论上则与经济周期同步而动.参见Economic Indicators（经济指标）以及Leading Indicators(领先指标)。Lagging indicators are economic indicators that follow a change in the economic cycle, reflecting what has already happened in the overall economy. They include such things as labour costs and interest rates. They contrast with leading indicators, which measure economic factors that alter ahead of changes in the overall economic cycle and coincident indicators, which change at the same time as the overall economic cycle.See also: Economic IndicatorsCategory: 金融

All Ordinaries

澳大利亚普通股价指数All Ordinaries澳大利亚股票市场股票价格的基准指数。该指数由300多只股票构成，以股票的市值加权。 网址：www.asx.com参见Capitalization-weighted Index（市值加权指数）。The All Ordinaries Share Price Index or 'All Ords' is the benchmark index for the Australian stock market. It is a capitalization-weighted index consisting of over 300 stocks. See also: Capitalization-Weighted IndexCategory: 股票

Pip

点子Pip指价格最小的变动单位。价格波动以"点"(point)及"点子/跳动点"(pip)表示，视乎市场及金融工具而定，1点可以折合成若干点子，比如100点子，不过有时1点就是指1个跳动点。参见Point（点）。Price movements are expressed in terms of pips or points. Pip is usually synonymous with point, although it may refer to one-tenth of a point. The size of a pip or point depends on the market and the quoted instrument.See also: Point期货期权 | 债券

Point and Figure Chart

点数图Point and Figure Chart一种技术分析工具，仅反映纯粹的价格变化，而不理会时间或成交量。价格每上涨一格(box)画一个"X"，每下跌一格画一个"O"，后续增加的列置于既有列的右边。点数图对价格变动的敏感度可通过改变格值(box size)来调整。例如，股价在20元至100元之间的股票，格值可设为1元;若走势较为波动，可考虑设为2元。参见Technical Analysis（技术分析）及Three Box Reversal(三格转向)。A price chart that captures pure price movement with no regard for time or volume. Rising prices are denoted by a column of Xs and falling prices by a column of Os. Subsequent columns are placed to the right of earlier columns. See also: AnalysisCategory: 技术分析

Candlestick Chart

烛柱图Candlestick Chart技术分析中广泛使用的一种价格走势图。烛柱图与柱状图同样显示以下价格资料：开盘价、最高价、最低价和收盘价。中间的盒形（也称蜡烛的烛身）连接开盘价和收盘价，而烛身上下的细线（也称影线）则连接最高价和最低价。实心(黑色或彩色)烛身表示开盘价高于收盘价，空心(白色或无色)烛身代表收盘价高于开盘价（见图5）。参见Bar Chart（柱状图），Technical Analysis（技术分析）。A type of price chart widely used by technical analysts. Candlesticks capture the same price information as a bar chart: the open, high, low and close. A thick box (known as the body of the candle) joins the open and close values. Thin lines on either end of the body (known as shadows) join the high and low prices. If the open value is higher than the close value, the body of the candle is solid or coloured. Conversely, if the close is higher than the open then the body of the candle is clear, white or unshaded.See also: AnalysisCategory: 技术分析

Burn

烧钱Burn即Burn Rate(烧钱率)。参见Cash Burn(烧钱)。金融 | 风险投资和新股发行

Cash Burn

烧钱率Cash Burn指新公司尚未实现经营现金净流入之前，消耗其现金或风险资本的速度，通常以每月所消耗的金额来量度。The rate at which a new company uses up its cash resources or venture capital when it has yet to produce a positive cash flow. The burn rate is usually expressed as the amount of capital used up per month.See also: Flow金融 | 风险投资和新股发行

SDR

特别提款权SDR英文Special Drawing Rights的缩写。特别提款权是由国际货币基金组织(IMF)及其成员国所创立的一种特殊形式的货币，用以补充基金组织现有货币储备，并分配给成员国。特别提款权的价值根据一篮子主要交易货币──美元、欧元和日元来计算，并随这些货币汇率的波动而变化。特别提款权是IMF和一些国际组织的记账单位。它不是一种可流通的货币，也不能向IMF直接要求兑换，但特别提款权的持有者可将特别提款权向其他会员国交换上述主要交易货币。网址：www.imf.org/external/fin.htm参见IMF（国际货币基金组织），ODR（普通提款权）。Synonym: Special Drawing Rights Special drawing rights or SDRs are a form of special currency created by the International Monetary Fund and its member countries to supplement the Fund's existing reserves of currencies, and are contributed to by member states. The value of SDRs is based on a basket of the major traded currencies - the dollar, euro and yen - and fluctuates as the currencies themselves change. They serve as the unit of account of the IMF and a number of international organizations. SDRs are not a useable currency nor are they a direct claim on the IMF. But holders of SDRs can exchange them into these currencies.See also: IMF, ODR期货期权 | 缩略语

Exotic

特殊的Exotic形容金融工具异乎寻常或结构复杂，反义词是plain vanilla(最基本，最简单，最普通)。 在外汇市场，该词用于形容新兴市场国家的货币。参见Emerging Markets（新兴市场体），Plain Vanilla（普通香草型金融工具）。A term used to describe unusual or complicated financial instruments. The opposite of 'vanilla' instruments. In foreign exchange markets the term exotic is used to describe currencies of emerging market countries.See also: Emerging Markets, Plain VanillaCategory: 外汇

Exceptional Item

特殊项目Exceptional Item指属公司正常经营业务范围但规模异常的项目，通常需要在损益表上单独列出。参见Extraordinary Item (非常项目)。An item that is within normal business activities, but is of unusual size. It is usually recorded separately in the profit and loss account. See also: Extraordinary Item金融 | 财务税收

CFA Institute

特许财务分析师(CFA)公会CFA Institute颁授特许财务分析师(CFA)专业资格的非牟利机构，在超过100个国家有逾7万名会员，为财务分析业制定专业及道德上的标准，前称AIMR(投资管理与研究协会，Association for Investment Management and Research)。金融 | 缩略语

CFA

特许财务分析师CFA英文Chartered Financial Analyst的缩写，由CFA公会颁授的财务分析专业资格。参见CFA Institute (特许财务分析师(CFA)公会)。Synonym: Chartered Financial AnalystA qualification awarded by the Association for Investment Management and Research which gives proof of competence and ethical standards.See also: AIMR金融 | 缩略语

Naked Warrant

独立发行的认股权证Naked Warrant指那些并非依附公司债或优先股发行的认股权证。这类认股权证通常由投资银行或券商所发行，在证券交易所挂牌买卖。 参见Warrants（认股权证）。

Run Up

猛涨Run Up用于表示股票价格迅速上涨。A term for a quick rise in a share price.Category: 股票

Present value

现值Present value现值是指未来的现金当下的价值。现金可用于投资和生息，因此，同一数目的现金，先得到要比晚得到有价值(除非出现负利率的情况)。计算现值时，必须选定一个合适的折现率(discount rate)来折算未来的现金流。投资风险越高，适用的折现率越大。现金流入的现值减去现金流出的现值，称为净现值(NPV)。The current value of future cash flows, discounted at an appropriate interest rate. Cash earned in the future is worth less than cash earned immediately because today's cash can be invested and earn interest.金融 | 债券

S/N

现货/次日S/N即英文spot/next的缩写。用于互换和银行间拆款交易，交易第一个交割日为现货值（在大多数市场，指的是距今天起两天的价值），而到期日是下一个工作日。参见Short Dated Forwards/Deposits（短期的远期外汇或存款），Swap（互换/掉期）。Synonym: Abbreviation for spot/nextUsed in swap and deposit transactions when the first value date for the transaction is spot value (which in most markets is the value two days from today) and maturity falls on the next working day.See also: Short Dated Forwards/Deposits, Swap

Actuals

现货Actuals亦称physicals (实物)，指可供出货、储存和制造业使用的实物商品。可供交割的现货可在即期或远期基础上换成现金。Also called physicals. Refers to the physical commodities available for shipment, storage and manufacture. Actuals available for delivery are traded for cash on a spot or forward basis.期货期权 | 金融 | 缩略语

Backwardation

现货升水Backwardation1.在商品市场，现货升水指现货或近月期约的价格高于远月期约的价格。远期价格一般高于现货价格，以反映未来交割的货物的仓储及保险成本。现货升水通常是现货需求急升导致供应短缺所致，但与此同时期货价格则因预期未来供应增加而保持平稳。与"现货升水"相反的是"现货贴水"（contango）。2.在伦敦证券交易所，指证券出售方在销售证券后未能按时交割而支付的费用，目的是要取得延期交割权利。参见Contango（现货贴水），Futures（期货）。In commodity markets, backwardation is a situation where the cash or near delivery price rises above the price for forward delivery. The forward price is usually higher than the cash price to reflect the added costs of storage and insurance for stocks deliverable at a later date. Shortage of supply is often to blame for backwardation, because demand for the spot or cash product rises sharply, but the futures price stays steady because more supplies are expected in the future. The opposite of backwardation is contango.See also: Contango, Futures

Cash Commodity

现货商品Cash Commodity指买卖完成后即须交割的商品，与约定一段时间后交割的期货不同。 买卖现货商品的市场称为现货市场(spot market)。参见Derivatives(衍生工具，衍生产品)。A physical commodity, such as bags of coffee or bushels of wheat, as distinct to a commodity derivative, such as a future or option, which is a paper contract derived from the physical commodity.See also: DerivativesCategory: 期货期权

Retained Earnings

留存收益Retained Earnings指公司未以股息支付出去的收益。留存收益通常再投资于经营业务，是股东权益的重要组成部分。参见Reserves（储备）。Earnings not paid out as dividends by a company. Retained Earnings are typically reinvested back into the business and are an important component of shareholders' equity. See also: Reserves金融 | 股票

Cash Markets

现货市场Cash Markets对与期货、期权和互换等衍生工具市场相对的市场的一个统称。现货市场交易的货币、债券或股票是衍生工具的标的资产(underlying instruments)。在外汇和债券市场，现货市场指期限为12个月左右的债务工具（如票据、债券、银行承兑汇票）的交易。参见FX（外汇市场）A generic term used to describe markets in underlying financial instruments such as currencies, bonds and shares, as opposed to markets in derivative instruments such as futures, options and swaps. The term is also widely used in foreign exchange and debt markets to describe trading in debt instruments (bills, bonds, bankers acceptances etc.) with maturities of 12 months or less. See also: FX期货期权 | 金融 | 外汇 | 债券 | 股票

Spot Month

现货月份Spot Month指最接近即期的期货合约。参见Contract Month（合约月），Futures（期货）。The nearest dated futures contract.See also: Month, Futures期货期权 | 金融

Cash

现金Cash流动性极高的资产的合称，包含手头现金(硬币和钞票）、短期存款及其他极易变现的流动资产。参见Cash Equivalent (现金等价物)。A collective term for coins and banknotes at the bank and in hand, together with short term deposits and other liquid assets.Category: 金融

Cash Instruments

现金工具Cash Instruments参见Cash Markets（现货市场）。Category: 金融

Cash Ratios

现金比率Cash Ratios现金资产与负债之比。银行的现金比率亦称为现金存款比率(cash-deposit ratio)或储备比率(reserve ratio)，指银行手头持有的钞票及硬币等现金资产与存款总额之比。为应对存款人提款之需，银行必须持有一定金额的手头现金。参见Cash（现金）。The proportion of cash and related assets to liabilities. A bank's cash ratio is that of cash to total deposits.See also: CashCategory: 金融

Cash Cow

现金流Cash Cow可为公司带来稳定且强劲现金收益的产品或业务，通常成长性较差，但市场占有率较高，可为其他产品的开发提供资金支持。Something that generates a strong and steady flow of income, usually a product or a business.金融 | 风险投资和新股发行

Cash Flow

现金流量Cash Flow企业在某段时间内实际发生的现金流入及流出金额。经营现金流(Cash flow from operating activities)是公司财务报表上的关键数字，反映公司产品及服务的销售所产生的现金流入或流出净额，约等于盈利加上非现金费用，例如折旧及摊销等项目。现金流量也指债券持有人自定期的利息支付及本金偿还中获得的资金流。Cash flow is the flow of cash generated or used by a company during a specific period. Closely watched by lenders in particular, it increasingly merits its own Statement in a company's financial report, although formats of the statement vary globally. The term is also used to describe the stream of funds received by a bond holder from the periodic receipt of interest payments.Conceptually, corporate cash flow is very different from corporate earnings. A company's income statement is compiled on the basis of accrual: it includes sums earned for a specific period which may not have been received, or sums owed which may not have been paid. This working capital is excluded from cash flow: sums owing or owed are not actual cash received or paid.Cash flow aims to be the more straightforward measure of actual sums paid and received. See also: Statement, EBITDA, Operating Cash Flow, Free Cash Flow金融 | 风险投资和新股发行

Net Cash Flow

现金流量净额Net Cash Flow指某段时间内总现金收入(流入)减去总现金支出(流出)所得的金额。Retained earnings plus depreciation.See also: Retained Earnings, DepreciationCategory: 金融

Cash Flow Statement

现金流量表Cash Flow Statement公司资产负债表及损益表以外的重要财务报表，显示公司在一段时间内现金进出的情况，解释期间现金资产的变动从何而来。现金流量表一般会将现金流量归为三大类：1.经营现金流(cash flow from operating activities)，反映产品及服务销售所产生的现金流入或流出净额，等于盈利加上非现金费用如折旧及摊销，再计入现金以外的流动资产及短期贷款以外的流动负债的变动。流动资产减少代表现金流入，流动负债减少则代表现金流出；2.融资现金流(cash flow from financing activities)，反映公司在发行股票或债券，向银行贷款，还债或派发股息等融资活动上的现金流；3.投资现金流(cash flow from investing activities)，反映公司投资或出售固定资产所产生的现金流。参见Cash Flow（现金流量）。The cash flow, or flow of funds, statement shows how the operations of a company have been financed during the accounting period, and how the financial resources have been used.See also: FlowCategory: 金融

Discounted Cash Flow

现金流量贴现Discounted Cash Flow指将未来的现金流折算为现值，可用于评估投资项目及诸如股票和债券的价值。 例如，将一项投资未来预计可获得的净现金流以适当的贴现率(discount rate)折算为现在的价值，减去初始投资成本即可得出净现值(NPV， net present value)。 如果净现值为正值，意味着该项投资的回报率高于贴现率。Establishes the relative worth of a future investment project by assessing the expected cash flows from the project against its net present value. Cash flows in the future are discounted, or are estimated as worth less than current cash flows, because their real value will be eroded by inflation. Commonly used in valuing companies and as a component of equity valuation.金融 | 债券 | 股票

Cash Equivalent

现金等价物Cash Equivalent指极容易和很快可转换成现金的资产，持有这种资产如同持有现金。国库券便被视为现金等价物。此词也指一种另类的交割方式: 卖方交给买方的不是证券本身，而是等值的现金。以现金结算远较以债券或股票等标的资产交割简单，当交易的一方对持有标的证券不感兴趣，但又希望规避利率或市场波动风险时，往往以此种方式结算。参见Cash（现金）。An asset that is so easily and quickly convertible to cash that holding it is equivalent to holding cash. A Treasury bill is considered cash equivalent. This term is also used to describe an alternative method of liquidating a position, whereby the seller provides the cash equivalent to the buyer rather than the security itself. Settling by cash equivalent is a much simpler process than providing the underlying bonds or shares. It is usually done when the counter party to a deal has no interest in owning the underlying securities but wishes to protect himself against interest rate or market moves. See also: Cash期货期权 | 债券 | 股票

Cash Management Bills

现金管理国库券Cash Management Bills指期限从数日至6个月不等，以贴现方式发行的国库券。标售方式与国库券相同，但标售时间不定，可以在标售当天才宣布，不允许作非竞争性的投标。参见Treasury Bill（国库券）。Treasury bills with maturities ranging from a few days to six months and issued on a discount basis. They are auctioned in the same way as treasury bills, although not on a regular cycle, and can be announced as late as the auction day itself. Non-competitive bidding is not authorized for these bills. See also: BillCategory: 债券

Cash Settlement

现金结算Cash Settlement现金结算是金融期货最常用的结算方式。按照此方式，期货合约到期时不以标的资产如证券或实物商品进行交割，而是将未平仓合约的价值与交易所公布的结算价相比，折算成现金差额，由损失的一方支付现金给获利方以结清头寸。另外，该词也指那些在交易当天办理交割及结算的交易。参见Futures（期货），Closing a Position（结算头寸）。Cash settlement is the most common method of settling financial futures. It involves closing out the position as opposed to physically delivering the underlying financial instrument or commodity. Also used to describe a transaction that settles on the same day as the trade day.See also: Futures, Closing a PositionCategory: 期货期权

Cash Dividend

现金股息Cash Dividend以现金发给股东的股息。现金股息来自当期收益或累积盈利。参见Dividend（股息）。A dividend paid in cash to a company's shareholders. Cash dividends are distributed from current earnings or accumulated profits.See also: Dividend金融 | 股票

SMI

瑞士市场指数SMI英文Swiss Market Index的缩写。该指数由20家在巴塞尔、日内瓦和苏黎世证券交易所上市的瑞士大企业的24只证券（无记名股票和参与凭证）组成，并由成分证券的市值加权而得。SMI是在欧洲证券交易所交易指数期权的基础。网址：www.eurexchange.com 参见EUREX（欧洲证券交易所）。Synonym: Swiss Market IndexThe SMI consists of 24 securities (bearer shares and participation certificates) from 20 major Swiss companies quoted on the Basel, Geneva and Zurich Stock Exchanges. It is index weighted by the market capitalization of its constituent securities. The SMI is the basis of the index options traded on Eurex.See also: Eurex缩略语 | 股票

SOFFEX

瑞士期权和金融期货交易所SOFFEX即以前的Swiss Options and Financial Futures Exchange的缩写，这一交易所现已与德国证券交易所合并成欧洲证券交易所（EUREX）。参见EUREX（欧洲证券交易所）。Formerly the Swiss Options and Financial Futures Exchange, which merged with the German exchange DTB to create Eurex.See also: EUREXCategory: 期货期权

Gann

甘恩Gann技术分析师W.D.甘恩强调，不但价格波动的幅度有影响力，波动的持续时间亦相当重要。 甘恩角(Gann angles)是技术分析师以市场价格的高点或低点画出趋势线的特定角度。最重要的甘恩角为45度，因45度线代表了价格和时间的最佳配合。45度线中断通常意味着重大的趋势反转。参见Technical Analysis（技术分析）。Technical analyst W.D. Gann emphasized the proportionate influence of the time and duration of market movements as well as the influence of the size of price movements. Gann angles are specific angles used by technical analysts to draw trendlines from market price tops or bottoms. The most important Gann angle is the 45-degree line because it is seen as the perfect balance between time and price. A major reversal is usually indicated by a break of the 45-degree line.See also: Technical AnalysisCategory: 技术分析

PPI， Producer Price Index

生产者物价指数PPI， Producer Price Index反映批发层面的物价指标，一般是指本地制商品的平均出厂价，即产出价格。厂商投入价格则是反映制造业成本层面上的价格。参见CPI(消费者物价指数)。

Reporting Dealer

申报交易商Reporting Dealer在美国，初级市场交易商首先必须取得申报交易商的资格，之后才能向美国联邦储备委员会申报他们的头寸和交易量。参见Primary Dealer（初级市场交易商/初级市场交易员）。In the US, primary dealers first have to achieve the status of reporting dealer, whereby they report their positions and trading volumes to the Federal Reserve.See also: Primary Dealer金融 | 债券

DIP

申请了破产保护的公司DIP英文debtor-in-possession的缩写，指申请了破产保护的公司，在美国指申请了《破产法》第十一章(Chapter 11)保护的公司。公司申请破产保护是希望能在法律保护下进行资产及债务的重组，以使起死回生，避过停业与清盘了结的命运。 一旦成功申请破产保护，公司即可停止向债权人还款付息，直至提出法院批准的重组方案。因此，债权人不能将申请了破产保护的公司清盘以抵债，这相当于公司暂时为债务人所占有及控制，故称为debtor-in-possessio金融 | 缩略语 | 风险投资和新股发行

Screen Trading

电子交易Screen Trading指通过电子系统进行的交易，不同于在交易所交易大厅面对面进行的交易。Trading conducted via an electronic system. In contrast with floor trading which is conducted face-to-face on an exchange trading floor.Category: 金融

E-commerce

电子商务E-commerce泛指通过互联网买卖商品或服务。Category: 金融

ECN

电子通讯网络ECN英文Electronic Communications Network的缩写，以不记名方式撮合买卖单的电子股票市场。Synonym: Electronic Communications NetworksElectronic stock markets which anonymously match buy and sell orders.金融 | 缩略语

Barrier Option

界限期权Barrier Option一种附加条件的期权，此类期权是否有效取决于标的资产的市价是否触及确定的界限(barrier)。界限期权可分触碰生效期权(trigger/knock-in option)及触碰失效期权(knock-out option)，前者是指只有在标的资产的市价触及确定的水准时期权才生效，后者则是在标的资产的市价触及约定水准时即失效。标的资产是指行使期权时可以买进或卖出的资产。参见Options（期权）。An option, which is activated or de-activated once the price of the underlying financial instrument reaches a set level, known as the barrier. It can be categorized into either trigger or knockout options.See also: OptionCategory: 期货期权

Coffee, Sugar and Cocoa Exchange

纽约咖啡、糖及可可交易所Coffee, Sugar and Cocoa Exchange参见CSCE（纽约咖啡、糖及可可交易所）。Category: 期货期权

Break-even Point

盈亏临界点Break-even Point就市场交易而言，损益平衡点指现有的头寸既不亏损又无获利。就公司财务报表而言，损益平衡点指总收入恰好为固定和可变成本总额所抵消，获利因此为零，亦可指总营业额刚好等于固定成本。参见Fixed Costs（固定成本）。The level at which an existing trading position in a market will produce neither a loss nor a gain. In company reporting terms the break-even point is where total sales exactly match total fixed and variable costs, so profit is zero. It can also be used for the point where total turnover exactly matches fixed costs.See also: Fixed Costs

Surplus

盈余Surplus指收入或税收大于支出的差额。与之相反的是"赤字"（Deficit）。参见Deficit（赤字）。The difference occurring when income or revenue is greater than expenditure. Opposite of deficit.See also: DeficitCategory: 金融

Pre-market Trading

盘前交易Pre-market Trading指在交易所正规交易时段开始前所进行的交易。"开盘前"英文亦称为before the bell。Trading that takes place before the official opening of business on the trading floor of an exchange.金融 | 股票

After-hours Dealing

盘后交易After-hours Dealing指交易所的交易大厅结束正常交易时段后所进行的交易。Dealing taking place after the official close of business on the trading floor of an investment exchange.Category: 股票

Backing and Filling

盘整Backing and Filling市场价格频繁的小涨小跌，但整体水平没有太大变化，这种波动通常是投机性的。Numerous small rises and falls in a market, usually speculative but showing no major overall change in price levels.外汇 | 债券 | 股票

Straight Bond

直接债券Straight Bond参见Bullet Bond（一次性偿还债券）。Category: 债券

Correlation

相关系数Correlation相关系数量度两个变量(如汇丰控股的股价与恒生指数)同步变动的程度。相关系数为1，代表两个变量亦步亦趋，完全同步波动，而-1则代表两个变量以完全相反的方向变动。A statistical tool that measures the degree to which two variables move together. A correlation of 1 means that the two variables move together exactly, while a correlation of minus1 means that the variables move in exactly the opposite direction from each other.金融 | 股票

RSI

相对强弱指数RSI英文Relative Strength Index的缩写，是一种技术分析工具，用于比较数天内某种金融工具价格上涨的平均幅度相对其价格下降的平均幅度。该指数不比较两种证券的相对强弱，而只比较单一金融工具本身价格波动的强弱。运用该指数可找到超买和超卖的信号，以及作为指数的变化方向与金融工具价格变化方向间出现背离的警示。例如，当金融工具的价格下跌而相对强弱指数在上升时，这就是买入的信号。参见Momentum（动量指标/动力指标）, Technical Analysis（技术分析）。Synonym: Relative Strength IndexA technical analysis tool that compares the average strength of price rises for a given instrument with the average strength of price falls over a certain number of days. It does not compare the relative strength of two securities but the internal strength of the price moves of a single instrument. It is used to identify overbought and oversold signals as well as to act as a warning when divergence exists between the direction of the index and the direction of the instrument's price. For example, the RSI may be rising when the price of the instrument is falling, which gives a buy signal.See also: Momentum, Technical Analysis缩略语 | 技术分析

Rectangle

矩形价格形态Rectangle技术分析中的一种价格形态，显示趋势停顿，价格在两条平行的趋势线之间来回波动。矩形显示出主要趋势的一段盘整期通常会顺着该趋势的走向而消除。也称"交易范围"(trading range)或"震荡区"(congestion area)。参见Technical Analysis（技术分析）。A technical analysis pattern that represents a pause in a trend in which prices move sideways between two parallel trendlines. A rectangle portrays a consolidation period in the main trend and is generally resolved in the direction of that trend. Also known as a trading range or congestion area. See also: AnalysisCategory: 技术分析

Short-term Borrowing

短期借款Short-term Borrowing指公司必须在12个月内偿还的贷款。Loans that a company needs to pay back within 12 months.Category: 债券

Swing Line

短期借贷额度Swing Line指一种允许借款者借用隔夜资金的短期信贷便利。A credit facility allowing borrowers to take money overnight.金融 | 债券

Short Dated Forwards

短期的远期外汇或存款Short Dated Forwards指期限在一个月以内的银行存款或外汇交易。这些交易用英文字母表示交易的长短，如用O/N表示从今天至下一个工作日，T/N表示从明日至下一个工作日，S/N指从即期至即期的次日，S/W表示从即期至即期后的一周时间。对大多数市场而言，即期指自今日起两天的交易。参见Forward（远期），Swap（互换/掉期）。Category: 外汇

Short Bill

短期票据Short Bill指见票或在很短时间内即付的票据。A bill of exchange that is payable on demand or within a very short time.Category: 债券

Downstream

石油下游产业Downstream指原油开采出来后，诸如提炼、运输和销售等石油相关业务。参见Crude Oil（原油）。Oil operations such as refining, transportation and marketing that take place after crude is produced.See also: Oil, DownstreamCategory: 期货期权

R&D

研发R&D英文Research and development（研究与开发）的缩写。Research and developmentCategory: 缩略语

Bankruptcy

破产Bankruptcy无力偿债的公司或个人的资产被清理的法庭程序。参见Insolvency（无力偿债），Solvent（具偿付能力）。A court proceeding in which the assets of an insolvent company or individual are liquidated.See also: Solvent, Insolvent金融 | 债券 | 风险投资和新股发行

DIP Financing

破产保护企业融资DIP Financing指为已申请了破产保护的企业(DIP，debtor-in-possession)提供融资。金融 | 风险投资和新股发行

Hard Currency

硬通货Hard Currency泛指可以交易和兑换、大众普遍有信心的货币。通常是指那些有强大的储备支持，币值稳定或经常处于升值状态，受市场欢迎，因而可轻易兑换成其他货币的货币。A currency that can be traded and exchanged, and in which there is a general wide-ranging confidence.金融 | 外汇

Bill

票据Bill指短期债券，期限通常不超过两年，但各国具体用词各有不同。常用作美国国库券(Treasury bills)的简称。 美国国库券亦简称T-bills，指一年或一年以内到期的公债，到期前不付息。 Treasury notes及Treasury bonds为较长期的美国公债，每半年按固定的票面利率付息一次，到期偿还本金。Notes的年期为一年以上，10年以内，而bonds则是10年以上。其他国家在bills， notes及bonds的年期划分上可能各有不同。A short-term debt instrument with a maturity usually no longer than two years, although terminology varies from country to country. Bill is often a shorthand reference to treasury bills, which are short-term government debt. Medium-term debt instruments are notes and longer-term instruments are bonds. In some markets a note has a maturity of two to five years and a bond has a maturity longer than five years, but usage varies.金融 | 债券

NIF

票据发行便利NIF票据发行便利是一种票据承销安排，借款人以自己的名义发行短期票据（通常为3-6个月），承销银行会购进未能售出的票据，或是提供备用信贷，藉此确保借款人可获得资金。Synonym: Note Issuance FacilityAn NIF allows borrowers to offer short-term paper (usually three or six months) in their own names. Fund availability is guaranteed to the borrower by underwriting banks who buy any unsold notes at successive rollover dates or who provide a standby credit.金融 | 缩略语 | 债券

Acceptance House

票据承兑商行Acceptance House承兑行担保贸易融资汇票的支付，承诺在未来某一日期以某一贴现率支付汇票。承兑行据汇票所收取的金额，超过其承诺支付金额的部分即为其利润。An acceptance house guarantees payment of trade bills used to finance trade deals and goods in shipment. It "accepts" the bills by agreeing to pay the bill at a discounted rate at a specific future date. Its profit is the difference between the discounted amount it guarantees to pay and the full amount of the trade bill that it undertakes to collect from the original creditor.Category: 金融

Coupon

票面利率Coupon债券支付的年利率，以面值的百分比表达。票面利率固定的债券通常每年或每半年付息一次。Coupon亦指息票，即附于债券上，供持有人支取利息的凭证。参见Bullet Bond（一次性偿还债券），Bearer Shares/Bonds（不记名股票/债券）。The interest paid on a bond expressed as a percentage of the face value. If a bond carries a fixed coupon, the interest is usually paid on an annual or semi-annual basis. The term also describes the detachable certificate entitling the bearer to payment of the interest. See also: SharesCategory: 债券

Embargo

禁运Embargo指一国禁止对某国输出或从某国输入商品的临时行动。A temporary action taken by one country to halt shipment of goods into or out of another country.Category: 金融

FOB

离岸价格FOB英文Free on Board的缩写，国际贸易上最广泛使用的价格条件之一。在此价格条件下，卖方须负担将约定货物运至港口，装载于指定船舶上之一切风险和费用，随后一切风险和费用(包括运费)均由买方负担。A shipping term that stands for free on board. If a price quote is FOB, the costs of the goods and the loading of the ship are included, but not the freight charges. This makes imports more directly comparable with exports.期货期权 | 金融 | 缩略语

Offshore Fund

离岸基金Offshore Fund泛指所有不是以本国为注册地(domicile)的基金。离岸基金的热门注册地包括卢森堡、英国南部的海峡群岛(the Channel Islands)、开曼群岛、百慕达及巴哈马等。基金选择在这些地区成立，一般是因为此等地区提供免税优惠，或当地准许基金成立后可向全球公开发售。Funds based outside the tax system of the country in which prospective investors reside.Category: 基金

Private Company

私人公司Private Company指股票不在证券交易所挂牌买卖、因而不能公开发行股票的公司。私人公司若要成为上市公司，必须符合相关的证券法规，并进行首次公开招股(IPO)或介绍上市。参见IPO(首次公开发行)，Introduction(介绍上市)。A company not listed on a stock exchange and which therefore cannot offer its shares to the public.*私人客户投资经理与股票经纪人协会APCIMS英文Association of Private Client Investment Managers and Stockbrokers的缩写，是英国一行业协会。 网址：www.apcims.co.ukSynonym: Association of Private Client Investment Managers and StockbrokersAssociation of Private Client Investment Managers and Stockbrokers. A UK trade association.缩略语 | 股票

BVBA

私人有限公司BVBA比利时的公司名称中表示"私人有限公司"（Besloten Vennootschap met Beperkte aansprakelijkheid）词组的缩写。Synonym: Besloten Vennootschap met Beperkte aansprakelijkheidBelgian company title: abbreviation of Besloten Vennootschap met Beperkte aansprakelijkheid.

Private Equity Fund

私人直接投资基金Private Equity FundPrivate equity此词一般是指非上市公司的股权，但private equity fund并非指仅投资非上市公司股票的基金，而是指由private equity firm(私人直接投资公司)管理的，以策略投资者(strategic investor)的角色积极参与投资标的的经营与改造的基金。这种基金像创投基金(venture capital fund)那样，会投资未上市的新兴企业，期待靠投资标的的首次公开招股(IPO)大赚一笔，另外也会以那些陷入经营困境的上市公司为目标。他们会取得这类上市公司的主导权，然后通常会将之私有化(下市)，放手改造后再重新上市大赚一笔。中文"私募基金"一词不等同private equity fund，该词应可译为privately offered fund，但这并非英文的常用词。所谓私募(private placement)与公募(public placement/offering)是以证券发行方式的差别来区分的，前者是向特定的投资者私下筹募资金，后者则是公开邀请公众认购证券，须遵守有关公开发行证券的严格法规。就此而言，对冲基金(hedge fund)是一种私募基金，而共同基金(mutual fund)则是一种公募型的基金，前者所受的监管相当宽松，仅以富豪级的投资人或机构投资者为销售对象，后者则面对一般大众，受证券监管当局较严格的监督管理。

Private Placement

私募Private Placement指直接向特定投资者如基金、保险公司及银行等机构投资者出售证券。因不涉及向公众发行，一般毋须向证券监管当局注册登记。参见Placing/Placement（配售）及Public Placement(公募/公开配售)。Usually refers to a bond issue that is placed directly with investors, is not listed on a stock exchange and does not have a prospectusSee also: Placing, Prospectus风险投资和新股发行 | 股票

Active Fund Management

积极型基金管理Active Fund Management积极型基金管理在选择证券时是基于对个别公司以及金融工具的具体研究及判断，基金的构成反映了在微观层面上的决策。与之相反的是被动型基金，这种基金的目的是与市场或指数的表现一致，其构成反映了该市场或指数的构成。A fund is actively managed when securities selection is based on specific ideas and research about individual companies or financial instruments. The overall composition of the fund mirrors decisions made at the micro level. It is the opposite of passive management in which a fund aims to match the performance of a market or index, and its constituents mirror the composition of that market or index.Category: 基金

Moving Average Crossover

移动平均交汇点Moving Average Crossover分析移动平均线的其中一个简单方法是观察短期线与长期线的交叉情况: 短期线向上穿越长期线,通常视作买进的讯号;短期线向下穿越长期线则通常视作卖出的讯号.参见Moving Average（移动平均线/移动平均值）, Technical Analysis（技术分析）。Technical analysts interpret crossovers between two moving averages - one using a short interval and the other a longer interval - as significant buy or sell signals.See also: Moving Average, Technical AnalysisCategory: 技术分析

Moving Average

移动平均线Moving Average一种常用的技术分析工具. 移动平均线反映特定时段内的价格均值,常用的期限包括20、30、50、100以及200天,可反映短期至长期的价格趋势. "移动"是指每日计算移动平均值时,以最新的一个数值取代最旧的一个. "平均"是为了避免短暂的价格剧烈波动扭曲价格走势线形. 短天期移动平均线的起伏会大于长天期. 计算平均值有各种方式,最简单的是算术平均法,称为简单移动平均(simple moving average);另外亦可采用某种加权平均(weighted average)的方式,让较近期的数值对线形有较大的影响. 分析移动平均线的其中一个简单方法是观察短期线与长期线的交叉情况: 短期线向上穿越长期线,通常视作买进的讯号;短期线向下穿越长期线则通常视作卖出的讯号.参见Technical Analysis（技术分析）。A technical analysis indicator that provides a way of smoothing data and is used to confirm price trends. It reduces the effects of isolated sharp price movements and shows the underlying trend more clearly. A moving average is usually calculated by adding a series of closing prices and then averaging the data on a period-by-period basis. As the period moves on, the oldest price in the sequence is dropped and replaced by the current price.See also: Technical AnalysisCategory: 技术分析

Dilution

稀释Dilution指因为发行认股权证或红股等因素而导致股本扩大，令现有股东的权益(每股盈余和每股资产值)下降。 为反映可能发生的稀释效应，多数地区要求公司公布全面摊薄每股盈余(fully diluted earnings per share)，即假设认股权证、股票期权、可转换债券及优先股的换股权全部行使后，以扩大后的股本为计算基础的每股盈余。参见Bonus Issue（红利股），Rights Issue（认股权证发行）。Reduction in the value of earnings and assets to existing holders of a company's shares caused by an increase in issued shares, which occurs when a rights or a bonus issue is made. In the US, fully diluted earnings per share are earnings after assuming the exercise of warrants and stock options and the conversion of convertible bonds and preferred stock.See also: IssueCategory: 股票

Stability and Growth Pact

稳定与增长公约Stability and Growth Pact指欧盟旨在支持货币联盟和欧元的预算公约，目的是要防止欧元区所有成员国出现大量的政府预算赤字，以致增加整个欧元区的借贷成本。该公约要求成员国将其预算赤字控制在国内生产总值的3%以下，并在中期内彻底消灭它们的预算赤字。当经济增长明显弱于预期时，可予以展延，但违反公约规则的成员国会被处以罚金。A European Union budget pact designed to underpin monetary union and the euro. It aims to prevent any one eurozone member from racking up large government budget deficits that would raise the cost of borrowing for the whole club. The pact requires countries to keep their budget deficit below 3 percent of their gross domestic product and to wipe out their budget deficits altogether in the medium term. Extensions can be granted when growth is significantly weaker than expected, but fines are imposed for breaking the rules.Category: 金融

Moody's

穆迪信贷评级Moody's穆迪是主要的国际信贷评级机构之一,该公司对债务人信用稳健程度的评级受资本市场广泛关注,会影响一家机构的债券价格及借贷成本.网址：www.moodys.com参见Credit Rating(信用评级/信贷评级).Category: 债券*

Shell Company

空壳公司Shell Company指有股票挂牌但不能交易的公司，也指暂停经营的非上市公司。A non-trading company with a stock market quote. Also a dormant unquoted company.Category: 股票

Bear

空头Bear认为价格将下跌的市场人士。空头会抛空，即卖出他们并没持有的投资工具，以期在价格下跌后低价回补以了结获利。参见Bull（多头）。A market player who believes prices will fall. Bears will sell a financial instrument which they do not own and then make a profit by repurchasing it later at lower price. See also: Bull期货期权 | 外汇 | 债券 | 股票

Short Position

空头头寸Short Position一种因预料价格会下跌而卖出或使卖出大于买入的头寸。空头头寸可以通过买入等额的金融工具而平仓。因空头头寸而买入称"空头回补"(shortcovering)。在先前未建立多头头寸的情况下卖出， 则称为"卖空"(shortselling)。参见Long Position（多头头寸）。A position showing a sale or a greater number of sales over purchases in anticipation of a fall in prices. A short position can be closed out through the purchase of an equivalent amount. Buying back from a short position is known as shortcovering. Selling into a market without a prior long position is called short-selling. See also: Long期货期权 | 金融 | 外汇 | 债券 | 股票

Short Hedge

空头套期保值Short Hedge指为了防止相应的现货市场价格下跌而卖出期货或期权头寸。持有现货金融工具或大宗商品所造成的损失，将因以新的较低价格履行期货或期权合约实现获利而弥补。与之相对的是"多头套期保值"（long hedge）。参见Cash Markets（现货市场），Futures（期货），Hedging（套期保值），Option（期权）。The sale of a futures or option position to protect against a fall in price in the corresponding cash market. Losses in holdings of cash instruments or commodities will be offset by the profits from the futures or options which can be realized by meeting those obligations at the new lower price of the future or option. Opposite of long hedge. See also: Markets, Futures, Hedging, OptionCategory: 期货期权

Bear Trap

空头陷阱Bear Trap导致空头看错市场走势的假讯号，比如讯号显示近期升势快将结束，价格将恢复先前的跌势，但结果是价格继续上扬，令做空者被迫高价回。A false signal that a rising trend will end and that the market will resume previous falls. Short sellers are trapped by rising prices and have to cover their positions by buying stock at higher prices.外汇 | 债券 | 股票

Breakout

突破Breakout技术分析上所用的一个术语，指价格升破阻力位(通常是前一高位)，或跌穿支撑位(通常是前一低点)。价格突破通常发生在趋势线或价格形成线断裂之时。参见Technical Analysis（技术分析）。A term used in technical analysis to describe when a price climbs above a resistance level (usually its previous high) or falls below a support level (usually its previous low). Breakouts usually occur when a trend line or formation is broken.See also: Technical AnalysisCategory: 技术分析

Competitive Bid Auction

竞争性标售Competitive Bid Auction发行政府公债时常用的标售方法。竞标者提出欲购买的数量及价格，债券按竞标者的需求及由此决定的利率分配，先满足最高价的投标，然后自上而下分配直至售出整批债券。参见Dutch Auction(荷兰式标售)，Non-competitive Bid Auction(非竞争性标售)。An auction method commonly used to issue government bonds, with underwriters submitting bids for certain amounts. The bonds are then allocated according to the level of demand, at rates determined by the level of the bids. The highest bids are allocated their requests in full. The remaining bids are met in descending order until the issuer has sold the required amount of bonds.See also: Dutch Auction, Non-competitive Bid AuctionCategory: 债券

First Notice Day

第一通知日First Notice Day指期货合约的卖方有权发出通知，将提交金融工具或实物商品以供交割的第一个日子。参见Futures（期货）。The first date on which the seller (short position) of a futures contract is authorized to give notice of intention to deliver actual financial instruments or physical commodities against that futures contract to a holder of a long position. The vast majority of traders exit their positions before FND (first notice day). See also: FuturesCategory: 期货期权

Grades

等级Grades指为判定商品的品质而设定的标准。Standards set for judging the quality of a commodity.Category: 期货期权

Sherpas

筹备七国集团峰会的政府高官Sherpas指七国集团或八国集团的高级官员，他们每次在七国集团峰会前要会谈三至四次，以确定要讨论的议题及起草最后公报。以为登山探险人士搬运物品的工人而得名。参见G7（七国集团），G8（八国集团）。Senior officials from the leading industrial democracies of the G7/G8 organization who meet three or four times before each of the G7 summit conferences to agree topics to be discussed and to draft the final communiqué. Named after the porters on mountain-climbing expeditions.See also: G7, G8Category: 金融

Simple Moving Average

简单移动平均数Simple Moving Average不加权的移动平均数。参见Unweighted Moving Average（不加权的移动平均数）。An unweighted moving averageSee also: Average金融 | 技术分析

Elevator Pitch

简明扼要的商务方案Elevator Pitch指非常简明扼要地说明商务方案，简洁的程度足以在搭电梯的时间内完成，通常是指创业人士以约一分钟的时间向创投基金说明商业模式。A summary of a business proposition, brief and succinct enough to be delivered in the time taken by an elevator ride, preferably with someone influential.Category: 金融

Arithmetic Average

算术平均数Arithmetic Average即简单平均数，等于所有数值之和除以数值的项数。Simple average, equal to the sum of all values divided by the total number of values.Category: 金融

MBO

管理层收购MBO英文Management Buyout的缩写,指公司管理层收购公司的多数股权. 在绝大多数此类收购中,管理层会买断所有其他股东的持股,然后将公司私有化(即从上市公司变成非上市公司). 管理层通常并不提供收购所需的全部资金,会透过借贷或与投资公司合作取得部分融资.Synonym: Management BuyoutA purchase of part or all of a company's shares by the managers of that company in order to set it up as an independent concern. The managers act as principals and do not usually provide all the financing.缩略语 | 风险投资和新股发行

Sector Index

类股指数Sector Index指一种反映某特定行业市场活动的股票交易所综合指数。A stock exchange composite index that reflects the market activity of a particular industry.Category: 股票

Window Dressing Dates

粉饰账目的日子Window Dressing Dates指接近会计年度、季度或半年度结账的日子。在此期间，公司为求账目更好看，会特地进行一些交易，例如基金公司可能会卖掉一些投机性较高的股票，改买蓝筹股以显示其投资组合有很好的资产质素。Window dressing dates are ends of periods, usually a year end but can be three or six months, when banks and companies aim to present their accounts in a favourable light, often helped by raising additional short-term funds.Category: 股票

Actuary

精算师Actuary保险统计和风险数学方面的专家，通常专注于保险风险与保费的计算。A specialist in statistics and the mathematics of risk, often focused on insurance risks and premiums.

Systematic Risk

系统性风险Systematic Risk指因为是整体市场波动的风险或是市场某一部分波动的风险，而无法分散的那类风险。参见Diversification（分散风险）。Risk that cannot be diversified away because it is the risk of movements in the overall market or in the relevant market segment.See also: DiversificationCategory: 金融

Sortino Ratio

索提诺比率Sortino Ratio一种衡量投资组合相对表现的方法。与夏普比率(Sharpe Ratio)有相似之处，但索提诺比率运用下档标准差而不是总标准差，以区别不利和有利的波动。参见Standard Deviation（标准差）。A way of measuring the relative performance of an investment portfolio. Similar to the Sharpe Ratio, but it uses the downside standard deviation rather than the overall standard deviation, to distinguish between bad and good volatility.See also: Standard DeviationCategory: 金融

Cumulative Preferred Stock

累积优先股Cumulative Preferred Stock一种对持有人较有保障的优先股，公司在给普通股股东分配盈余前，必须先向累积优先股股东支付股息，包括先前年度因故(如盈余不足)未支付的股息。参见Ordinary Share(普通股)。A type of preferred share that grants the holder the right to dividend arrears before any payments are made to holders of ordinary shares.See also: CapitalCategory: 股票

Cumulative Method

累积投票法Cumulative Method也称cumulative voting，指公司选举董事会成员的投票方式，该方式允许普通股股东将所有的选票投给某一候选人，如此将有利于少数股东发挥影响力。例如，如果公司要选出五名董事，持有100股的股东将获得500票（持股数乘以将选出的董事人数，即等于选票数），这些股东可将全部500票投给某一候选人，亦可随意分配在各候选人身上。参见Ordinary Share(普通股)。A method of voting rights that allows the ordinary shareholder to cast votes in any combination for a set number of positions being elected. There is no commitment to equally distribute the votes.See also: CapitalCategory: 股票

Red Book

红皮书Red Book在英国，指政府随同预算发表的年度报告，其中包括关于已宣布措施的详细信息。取名于报告封面的传统红色。An annual statement in the UK that accompanies the budget. It is published by the government and contains detailed information on announced measures. Named for the traditional colour of its cover.Category: 金融

NASDAQ

纳斯达克NASDAQ英文The National Association of Securities Dealers' Automated Quotations System（全国证券交易商协会自动报价系统）的缩写。以前为美国全国证券交易商协会(NASD)所拥有和经营。纳斯达克是以纽约为基地的股票电子市场，许多高科技龙头公司在这个市场上市。纳斯达克综合股价指数普遍被视为美国科技股的指标指数，同时亦是美股的主要基准股指之一。网址：www.nasdaq.com. 参见High Tech Stock（高科技股），DJIA（道琼斯工业指数）。Synonym: National Association of Securities Dealers' Automated Quotations SystemThe National Association of Securities Dealers' Automated Quotations System, formerly owned and operated by the National Association of Securities Dealers (NASD). NASDAQ is an electronic stock market based in New York listing many leading high-tech companies. The exchange's index - the NASDAQ Composite - has become an alternative benchmark to the DJIA. See also: High Tech Stock, DJIA缩略语 | 股票

NASDAQ Composite

纳斯达克综合股价指数NASDAQ Composite美股备受关注的主要基准股指之一，普遍被视为是美国科技股的指标指数。成份股为所有在纳斯达克系统上市的美国国内外公司，以成份股的股价经市值加权计算得出。参见NASDAQ（纳斯达克）。

Paper Chain

纸上交易链Paper Chain参见Daisy Chain（1。菊花链交易）。

Paper Barrel

纸上石油Paper Barrel石油短期买卖合约，旨在套期保值或投机，通常不进行实物交割。参见Hedging（套期保值）。A cargo of oil traded for short-term hedging or speculative purposes, but not usually physically deliveredSee also: Hedging

Above the Line

线上项目Above the Line损益表上的项目，由公司正常经营活动所产生，会影响资产负债表。参见Below the Line (线下项目)，Extraordinary Item（特殊项目），Exceptional Item（例外项目）。A gain or loss from a company's normal business activities, shown in the profit and loss account and affecting the balance sheet. See also: Below the Line, Extraordinary Item, Exceptional ItemCategory: 金融

Below the Line

线下项目Below the Line指公司的损益表上单独记录的特别项目。参见Extraordinary Item（特殊项目）。A term used to describe when an exceptional item is recorded separately in a company's profit and loss account. See also: Extraordinary ItemCategory: 金融

Line Chart

线状图Line Chart线状图是技术分析所用的最简单的图形，仅显示价格随时间推移而变化的情形，价格以点表示，然后用线将点连接起来。参见Technical Analysis（技术分析）。Used in technical analysis, a line chart is the simplest form of chart. It is a plain record of a price charted against time, with the changes marked as dots and joined together by a line.See also: Technical AnalysisCategory: 技术分析

OECD

经合组织OECD英文Organization for Economic Co-operation and Development（经济合作暨发展组织）的缩写，是一个由30个国家组成的组织，旨在促进民主管治和市场经济。成员国讨论和制定经济与社会政策，也与非成员国和欠发达国家开展合作。Synonym: Organization for Economic Co-operation and DevelopmentA group of 30 countries which promote democratic government and the market economy. They discuss and define economic and social policies and also work with non-member countries and less developed nations.Category: 缩略语

Current Earnings

经常性获利Current Earnings英文亦称recurrent earnings，指公司正常经营活动所产生的获利，包含利息收入及支出，但不包括特殊项目和税项。经常性获利因而是指营业利润，即息税前利润(EBIT)，再计入利息项目。分析师预测公司每股盈余(EPS)时，通常是预测经常性获利，因为特殊项目和税项难以估计。参见Consensus Estimates(市场平均预估)。Current or recurrent earnings are those arising from normal company operations, including financial items, before extraordinary items and taxes. Current earnings are therefore the company's operating earnings (EBIT or earnings before interest and taxes) plus or minus financial items. When analysts forecast earnings per share, they usually forecast current earnings, because they find it hard to predict extraordinary items and taxation.See also: EstimatesCategory: 金融

Current Account

经常账户Current Account一国国际收支的主要组成部分，主要包括商品贸易收支，即有形货物的进出口，及服务贸易收支，即诸如旅游、银行及保险等各种服务的往来。经常账户不包含长期借贷和投资的资金流，这些均是资本账户上的项目。参见Balance of Payments(国际收支)，Capital Account(资本账户A country's current account balance is the sum of the visible trade balance (exports and imports that can be seen) and the invisible balance (credits and debits for services of one kind or another, such as tourism, banking and insurance). It excludes flows produced by long-term borrowings or investment, which are counted in the capital account. See also: AccountCurrent AccountCategory: 金融

Business Cycle

经济周期Business Cycle指总体经济活动周而复始的一种波动。 一个周期包含衰退(recession)、复苏(recovery)、顶峰(peak)及放缓(slowdown)四个阶段，由一个顶峰到下一个顶峰通常需要5～10年时间。Regular fluctuations in overall economic activity over time. The cycle has four distinct elements: recession, recovery, peak and slowdown. Business cycles tend to be anywhere from five to 10 years peak to peak.

Activity Indicators

经济周期活动指标Activity Indicators显示经济体在经济周期中所处阶段的指标，包括工业生产、设备利用率和零售额等。参见Business Cycle(经济周期)和Economic Indicators(经济指标)。Indicators that show where an economy is in the business cycle. Activity indicators include industrial production, capacity utilization and the volume of retail sales. See also: Business Cycle, Economic IndicatorsCategory: 金融

EVA

经济增加值EVA英文Economic value Added的缩写，顾问公司Stern Stewart & Co设计的公司盈利能力指标，为市场广泛采用。 EVA等于公司税后营业利润减去资本总成本。Synonym: Economic value AddedConceived by consultants Stern Stewart & Co, EVA is a popular method of measuring a company's profitability. EVA is calculated by taking the total cost of capital from post-tax operating profit.金融 | 缩略语

Economic Indicators

经济指标Economic Indicators指提供经济状况相关信息的数据，如国内生产总值(GDP)、消费价格指数(CPI)、货币供应量、贸易收支和失业率等。经济指标可以预示产出和需求未来的走势，因此常常引发消费者、政府、公司和金融市场的反应。先行指标先于经济周期而动，滞后指标的变动则落在经济周期之后，而同步指标则与经济周期同时变动。参见Lagging Indicators（滞后指标），Leading Indicators（先行指标），Coincident Indicators（同步指标）。Published data that provide information on the state of an economy, such as gross domestic product, the consumer price index, money supply, the trade balance and unemployment. They can give clues about the future direction of output and demand, prompting reaction from consumers, governments, companies and financial markets. Leading indicators move ahead of the overall economic cycle; lagging indicators move afterwards and coincident indicators move at the same time.See also: Lagging Indicators, Leading Indicators, Coincident IndicatorsCategory: 金融

Recession

经济衰退Recession指经济出现停滞或负增长的时期。不同的国家对衰退有不同的定义，但美国以经济连续两个季度出现负增长为衰退的定义被人们广泛使用。A period of static or negative economic growth. Various nations have differing definitions but the US definition of two succeeding quarters of negative growth is widely used.Category: 金融

Broker

经纪人Broker为市场上买卖双方提供中介服务从中收取佣金的人。经纪人可分交易商经纪(inter-dealer brokers)和代理经纪(client or agency brokers)两大类，前者只为专业的做市商服务，后者则为机构或个人投资者服务。Brokers act as agents for buyers and sellers, for which they charge a commission, or brokerage. There are two main categories of brokers: inter-dealer brokers, who only work with specialist market makers, and client or agency brokers, who deal on behalf of institutional or retail clients.

Operating Cash Flow

经营现金流Operating Cash Flow英文亦称为cash flow from operating activities，反映一段时间内产品及服务销售所产生的现金流入或流出净额，等于盈利加上非现金费用如折旧及摊销，再计入现金以外的流动资产以及短期贷款以外的流动负债的变动。流动资产减少代表现金流入，流动负债减少则代表现金流出。经营现金流是重要的财务指标，一家公司的经营现金流若持续为净流出，多数会陷入财务困境。The change in a company's net cash position during a given trading period.

Business Risk

经营风险Business Risk指公司营业收入及获利增长不如预期的风险。The risk that a company may not produce the sales and earning growth as forecast.Category: 金融

Structural Adjustment

结构性调整Structural Adjustment指改革整个经济的结构。大多在国际货币基金组织和世界银行推动的结构性调整规划中使用，目的是要实现市场开放、贸易自由和削减预算赤字与经常账户逆差。Reform of the structure of a whole economy. Mostly used in the context of structural adjustment programmes promoted by the IMF and the World Bank. Designed to bring about open markets, liberalized trade and to lower budget and current account deficits.Category: 期货期权

Structural Deficit

结构性赤字Structural Deficit指一国的预算赤字中不受经济周期性波动影响的部分。参见Cyclical Deficit（周期性赤字）。The portion of a country's budget deficit that is not the result of economic swings.See also: DeficitCategory: 期货期权

Settlement

结算Settlement指为证券或商品的交割而进行的支付，通常发生于交易后一些时日。Payment for securities or commodities in exchange for their delivery. Usually takes place some time after the deal itself.期货期权 | 股票

Settlement Price

结算价格Settlement Price参见EDSP（交易所交割结算价格）。期货期权 | 股票

Clearing House

结算所Clearing House结算所是为市场上所有交易进行结算的行政中心。除负责交易结算的行政工作外，结算所亦确保合约的履行。一旦买卖单成功撮合，结算所即成为买卖双方各自的交易对手，从而大大减低交易对手风险(counter party risk)。结算所的职能还包括确保标的金融工具或商品实际交割以履行期货合约，并维持保证金账户的资金水平。参见保证金（Margin）。A clearing house is the administrative centre of a market through which all transactions are cleared. In addition to administering trades, the clearing house guarantees the performance of contracts. It becomes the counter party to both the buyer and the seller of a contract when a trade has been matched, thereby greatly reducing counter party risk. Other functions include making sure that underlying financial instruments or commodities are actually delivered to fulfil futures contracts, and maintaining the margin accounts.See also: MarginCategory: 金融

Settlement Date

结算日Settlement Date参见value Date（起息日）。期货期权 | 股票

Green Rates

绿色汇率Green Rates欧盟共同农业政策下(CAP)所使用的一种人为汇率。 在CAP框架下，向农民支付金钱以农业记账单位(agricultural units of account)计算，然后再将农业记账单位按绿色汇率换算为成员国的货币。由于只有政府才能修改这种汇率，绿色汇率较市场汇率要稳定得多。 欧元于1999年问世后，只有未加入欧元区的欧盟成员国才适用绿色汇率，因此其数目大减。参见CAP（共同农业政策），European Union（欧洲联盟），Euro（欧元）。Green rates are accounting currencies used when assessing payments to farmers within the EU's Common Agricultural Policy (CAP). Under CAP, farmers are paid in agricultural units of account and green rates were devised to convert these units of account payments into national currencies. They can only be revised by governments, which makes them far more stable than market rates and the number of green rates was sharply reduced by the introduction of the euro in1999. Green rates only now exist for those countries that remain outside the single currency.See also: CAP, EU, EuroCategory: 外汇

Buffer Stock

缓冲库存Buffer Stock国际组织持有的商品库存，其目的是通过这些库存商品的买卖来稳定价格。The stock of commodities held by an international organization that will aim to stabilize prices and supplies by buying and selling from its stockpile.Category: 期货期权

Downsizing

缩编裁员Downsizing机构裁减人力的婉转说法，通常涉及解聘大量雇员。 A euphemism for the process of reducing the workforce of an organization, which usually involves laying off a significant number of employees.金融 | 风险投资和新股发行

Illiquid

缺乏流动性Illiquid如果市场或金融工具缺乏买方或卖方，那幺这些市场或金融工具可称为缺乏流动性或缺乏深度。缺乏流动性使得证券难以找到真实的价格。与之相对的是"具有流动性"（liquid）。参见Liquid（具有流动性）与Liquidity(流动性)。Markets or instruments are described as being illiquid, or lacking depth, if there is a shortage of buyers or sellers. This shortage makes is difficult to find a true price for an illiquid security. The opposite of liquid.See also: Liquidity金融 | 股票

Gap

缺口Gap1.指银行的资产与负债不相配，通常是指两者的期限或金额上的明显差距。2.技术分析上所称的跳空缺口，指图表上的价格水平向上或向下大幅跳动，以致价格图上留下空白。 向上跳空代表价格走势强劲，向下跳空则代表价格急剧转疲。 突破性缺口(breakaway gap)在重要价格形态完成时出现，通常意味着一个重大趋势的开始（见图9）。参见Technical Analysis（技术分析）。A mismatch between a bank's assets and liabilities. Also a term used by technical analysts to describe a break between price levels, indicating a sharp price movement and leaving a gap on the charts. An upwards gap shows market strength and a downwards gap the reverse. A breakaway gap appears at the completion of key price patterns and often signals the start of a significant move. See also: Technical AnalysisCategory: 技术分析

Gapping

缺口操作Gapping指根据对利率未来趋势的预期，刻意使资产与负债的长短期限有明显差距，借此牟取利益。The process of intentionally mismatching the maturities of assets and liabilities by borrowing short and lending long.基金 | 金融 | 债券 | 股票

Russell 3000

罗素3000指数Russell 3000指由弗兰克·罗素公司编制的股指，由美国市值前3,000名大的企业所组成。罗素2000指数则是由罗素3,000指数中市值排名后2,000名的成分股所组成。 网址：www.russell.comAn index of the 3000 largest US companies by market capitalization, compiled by the Frank Russell Company. The Russell 2000 index measures the performance of the smallest 2000 companies within the main index. Category: 股票

Dollarization

美元化Dollarization指一个经济体以美元作为主要货币。美元化可以是非正式、不需要获得官方批准的，即人民自发地普遍使用美元；亦可以是正式的，即国家停止发行本国货币，只使用美元。Adoption of the US dollar as the main currency across large parts of the economy. It can occur informally and without official approval, when citizens vote with their pockets, or formally when a country stops issuing its own currency and uses only foreign currency.Category: 外汇

ISM

美国供应管理协会ISM英文Institute of Supply Management的缩写。该机构的前身为"全美采购经理人协会"（NAPM, the National Association of Purchasing Management），其每月编制的企业活动指数广受金融市场关注。Synonym: Institute of Supply Management A US institute, formerly known as the National Association of Purchasing Management (NAPM), that produces a monthly index on business activity that is widely watched by financial markets.Category: 缩略语

US Street Method

美国债市的标准计息方法US Street Method指除美国财政部以外，美国债市参与者计算到期收益率使用的标准方法，无论实际付息频率如何，收益率均为每半年按复利计算。参见YTM（Yield To Maturity）（到期收益率）。The standard yield-to-maturity calculation used by US market participants, apart from the US Treasury, whereby the yield is compounded semi-annually regardless of the coupon frequency.See also: YTMCategory: 债券

NASD

美国全国证券交易商协会NASD英文National Association of Securities Dealers的缩写，是美国证券业主要的非官方监管机构，负责维持经纪及交易商的职业操守。网址：www.nasd.comSynonym: National Association of Securities DealersA US regulatory organization for brokers and dealers that enforces legal and ethical standards.缩略语 | 股票

National Association of Securities Dealers' Automated Quotations System

美国全国证券交易商协会自动报价系统National Association of Securities Dealers' Automated Quotations System参见NASDAQ（纳斯达克）。Category: 股票

NAPM

美国全国采购管理协会NAPM英文National Association of Purchasing Management的缩写，这一机构现已改称"供应管理学会"（the Institute of Supply Management）。网址：www.ism.ws. 参见Institute of Supply Management（美国供应管理协会）。Synonym: National Association of Purchasing ManagementNow known as the Institute of Supply Management. See also: ISM金融 | 缩略语

CFTC

美国商品期货交易委员会(CFTC)CFTC英文Commodities Futures Trading Commission的缩写，是负责监管美国国内期货与期权交易所及其成员的美国政府机构。网址：www.cftc.gov参见Futures（期货），Option（期权）。Commodities Futures Trading Commission. The US government agency responsible for regulating domestic futures and options exchanges and their members. See also: Futures, Option期货期权 | 缩略语

Commodities Futures Trading Commission

美国商品期货交易委员会Commodities Futures Trading Commission参见CFTC（美国商品期货交易委员会）。Category: 期货期权

US Treasury Bill

美国国库券US Treasury Bill指美国政府发行的期限为3个月、6个月、最长为12个月的无记名短期债券。国库券定期出售，在货币市场上占有主导地位。美国财政部有近三分之一的有价债券属于国库券。在公开市场买卖国库券是美国货币政策的重要组成部分。参见Open Market Operations（公开市场操作）。Short-term US government bearer securities with maturities of three, six and maximum twelve months. Sold on a regular basis and commanding a dominating position on money markets. Nearly one-third of marketable US Treasury debt is concentrated in Treasury bills. The purchase and sale of such bills through open market operations forms a key part of US monetary policy. See also: Open Market OperationsCategory: 债券

IRS

美国国税局IRS英文Internal Revenue Service的缩写，是美国负责税收的联邦机构。网址：www.irs.govSynonym: Inland Revenue ServiceThe US federal agency responsible for the collection of taxes. 金融 | 缩略语 | 财务税收

Depository Trust Corporation

美国存管信托公司Depository Trust Corporation参见DTCC（美国证券集中保管结算公司）。Category: 基金

General Accounting Office

美国审计局General Accounting Office负责稽查美国政府部门及审查公共部门资金运用的机构，其负责人称为"审计长"(the Controller General)。 网址：www.gao.govThis office audits US government departments and examines the use of public funds. It is headed by the Controller General.Category: 金融

US Treasury Note

美国政府中期债券US Treasury Note指美国财政部发行的期限从2～10年不等的债券。中期债券是不可提早赎回的(non-callable)。这种债券每半年按固定的票面利率付息一次，到期时按面值还本。US Treasury securities with maturities from two to ten years. Notes are non-callable. They pay a fixed semi-annual coupon and mature at par.Category: 债券

Ginnie Mae

美国政府国民抵押贷款协会Ginnie Mae美国政府国民抵押贷款协会（GNMA）的俗称。这是美国政府独资拥有的一家企业，主要业务是为不动产放款抵押债券(MBS)提供担保，作为这些MBS后盾的抵押贷款必须经联邦政府机构提供保险或担保。该机构提供的担保英文称为GNMA pass-through certificates。网址：www.ginniemae.gov.参见Securitization（证券化）。Synonym: GNMAGovernment National Mortgage Association (GNMA). A wholly owned corporate unit of the US Government whose chief function is to guarantee securities backed by pools of federally insured or guaranteed mortgages to aid secondary market liquidity. Its guarantees are known as GNMA pass-through certificates.See also: Securitization缩略语 | 债券

Competition Commission

英国竞争委员会Competition Commission英国负责监督垄断、合并和反竞争活动的机构。网址：www.competitioncommission.org.ukThe UK regulator of monopolies, mergers and anti-competitive activities.Category: 金融

API Gravity

美国石油学会重力指标API Gravity美国石油学会采用的一种公认的石油比重指标，可粗略衡量石油的质量。API重力值越高，可提炼越多的高级精炼油品。参见API（美国石油学会）。Universally accepted scale, adopted by the API, to express the specific gravity of oils. It serves as a rough measure of quality. The higher the API gravity number, the richer the yield in premium refined products. See also: APICategory: 期货期权

Conference Board

美国经济咨商会Conference Board美国一家非牟利组织，发布有关管理及市场方面的研究报告，其中包括每月对消费者信心的调查。网址：www.conference-board.orgA US organization that disseminates research about management and the marketplace, including a monthly survey of consumer confidence. It is a not-for-profit organization.Category: 金融

Federal Home Loan Mortgage Corporation

美国联邦住房抵押贷款公司Federal Home Loan Mortgage Corporation参见Freddie Mac（美国联邦住房抵押贷款公司）。Category: 债券

Federal Reserve System

美国联邦储备体系Federal Reserve System美国联邦储备体系成立于1913年，是美国的中央银行体系。虽然美国联邦储备委员会的成员由美国总统任命，但被认为是独立运作的机构。联邦储备体系由联邦储备委员会、12家联邦储备银行及其24家分行、全国性和州级的会员银行组成。联邦储备体系调控货币供应量、制定法定存款准备金比率、监督印钞过程，为整个银行系统的资金转移担当结算行及确保成员银行遵守相关法规。网址：www.federalreserve.gov参见Federal Reserve Board（美国联邦储备委员会），FOMC（美国联邦公开市场委员会）。Established in 1913, the Federal Reserve System is the central bank system of the US. Although itsboard is selected by the US President, it is considered to be an independent entity. It comprises the Federal Reserve Board, the 12 Federal Reserve Banks, their 24 branches and all national and state member banks. They regulate money supply, set reserve requirements, supervise printing of currency, act as a clearing house for the transfer of funds throughout the banking system and ensure that member banks meet Federal Reserve regulations.See also: Federal Reserve Board, FOMCCategory: 金融

Federal Reserve Board

美国联邦储备委员会Federal Reserve BoardM主导美国联邦储备体系的委员会，其七名理事由美国总统任命(参议院通过)，任期为14年，但委员会主席的任期只有4年，以便使每位总统均有影响主席人选的机会。美国联邦储备体系是美国的中央银行体系，负责制定货币政策及监管银行业。 联邦公开市场委员会(FOMC)是联邦储备委员会下属委员会，负责制定美国的利率水平。网址：www.federalreserve.gov 参见Federal Reserve System（美国联邦储备体系），FOMC（美国联邦公开市场委员会）。This board runs the Federal Reserve System, which controls US monetary policy and oversees the banking industry. Its seven governors are appointed for 14-year terms by the US President (with Senate approval), but each chairman's term is only four years, thereby allowing each president the possibility of influencing the choice of chairman. The FOMC, a sub-committee of the board, sets US interest rates.See also: Federal Reserve System, FOMCCategory: 金融

FOMC

美国联邦公开市场委员会FOMC英文The Federal Open Market Committee的缩写，指美国联邦储备委员会的政策委员会，负责制定美国官方利率和其他联邦储备体系的指导方针，由12名委员组成。 网址：www.federalreserve.gov/fomcSynonym: Federal Open Market Committee A 12-member policy committee of the US Federal Reserve Board that sets official US interest rates and other Federal Reserve guidelines. 金融 | 缩略语

FDIC

美国联邦存款保险公司FDIC参见Federal Deposit Insurance Corporation（美国联邦存款保险公司）。金融 | 缩略语

FERC

美国联邦能源监管委员会FERC英文Federal Energy Regulatory Commission的缩写，是美国能源部下属机构，负责监管州与州之间的天然气管道及天然气的价格。网址：www.ferc.fed.usFederal Energy Regulatory Commission. An agency within the US Department of Energy that oversees regulation of interstate natural gas pipelines and gas prices.期货期权 | 金融 | 缩略语

SEC

美国证券交易委员会SEC英文Securities and Exchange Commission的缩写，该机构负责美国证券业所有相关部门法规的监督和管理，主要目的是通过完整的公开揭露，来保护投资者和维护市场的完整性。网址：www.sec.govSynonym: Securities and Exchange CommissionThe US regulatory body responsible for overseeing and administering rules associated with all sectors of the securities industry. Its main aim is to protect investors and maintain the integrity of the markets by full public disclosure. Category: 股票

DTCC

美国证券集中保管结算公司DTCC英文Depository Trust Clearing Corporation的缩写，美国提供各种证券的托管和结算服务的机构， 美国存管信托公司(DTC， Depository Trust Company)是其全资子公司。由代理人户头(nominee account，又称street name)持有的证券由DTCC提供托管服务。网址：http：//www.dtcc.com参见Depository（受托人），Nominee Account（代理人户头）。Synonym: Depository Trust and Clearing CorporationA US central depository for securities certificates and registrations. Used for Street Name or Nominee Account holdings. See also: Depository, Nominee Account缩略语 | 股票

FASB

美国财务会计准则委员会FASB英文The Financial Accounting Standards Board的缩写。该委员会成立于1973年，目的是制定和监督美国的会计准则。网址：www.fasb.orgSynonym: Financial Accounting Standards BoardThe Financial Accounting Standards Board was established in 1973 to establish and supervise accounting rules in the United States.金融 | 缩略语

TIPS

美国通膨保值公债TIPS英文Treasury Inflation-Protected Securities的缩写, 是美国财政部发行的一种特殊公债. TIPS持有人除享有一般美国公债零信贷风险的好处外,还可回避通货膨胀侵蚀债券价值的风险. TIPS派发的票息及偿还的本金会经通膨调整—按消费者物价指数加以调整,令投资人得以享有某一水平的实质回报. 参见Index-linked Bonds(与指数挂钩的债券).Category: 债券

FAO

联合国粮农组织FAO英文The Food and Agriculture Organization的缩写，是联合国粮食和农业组织的简称，是联合国下属机构，业务涉及农业、林业和渔业，目标是确保世界有足够的粮食供给。 网址：www.fao.orgSynonym: Food and Agriculture OrganizationThe Food and Agriculture Organization is an offshoot of the United Nations, concerned with the agricultural, forestry and fishing industries.Category: 缩略语

ADR

美国预托证券ADR英文American Depositary Receipt的缩写，是外国公司股票在美国的股票市场进行交易通常采用的方式。美国预托证券由美国的银行发出，代表那些外国公司在海外托管的股票。对公司和投资者而言，以美国预托证券为交易标的而不直接买卖相关的股票可降低管理与交易成本。Synonym: American Depositary ReceiptThe form in which shares of foreign companies are usually traded on US stock markets. An ADR is issued by a US bank and represents a bundle of shares of a foreign corporation held in custody overseas. Trading in ADRs rather than the underlying shares reduces administration and trading costs, both for companies and for investors.缩略语 | 股票

American Option

美式期权American Option指在合约期限内任何时点（直至及包括到期日）均可执行的一种期权，不同于只能在到期日才能执行的欧式期权。一种称为"半美式"的变异期权则只能在到期日之前某些时段内执行。An option which can be exercised at any time during the life of the contract, up to and including the expiry date, in contrast to European options which can be exercised only on the expiry date. A variation is the 'semi-American', where options can be exercised on only a set number of dates before expiry.Category: 期货期权

Fed

美联储Fed美国联邦储备委员会的简称，即美国的中央银行。参见Federal Reserve System(美国联邦储备体系)。Shorthand for the US central bank. See also: Federal Reserve SystemCategory: 金融

Chinese Wall

职能与资料分隔制度Chinese Wall指为防范价格敏感资料在同一金融机构内的交易、基金管理及企业融资部门之间传递的措施。例如，如果企业融资部门将即将进行的收购计划告知交易部门，会被视为不适当的行为，在一些国家甚至是非法的。Rules designed to prevent price-sensitive information seeping between the dealing, fund management and corporate finance operations within the same investment house. For example, it would not be considered appropriate, and in some countries it is illegal, for a corporate finance team to notify its own in-house share dealing department of an impending takeover bid.Category: 金融

UNDP

联合国开发计划署UNDP英文The United Nations Development Programme的缩写，是世界上为经济与社会发展提供援助的最大多边资金来源之一。The United Nations Development Programme. One of the world's largest multilateral sources of grant funding for economic and social development.Category: 缩略语

ECLAC

联合国拉丁美洲及加勒比海经济委员会ECLAC英文United Nations Economic Commission for Latin America and the Caribbean的缩写。 网址：www.eclac.clUnited Nations Economic Commission for Latin America and the Caribbean.Category: 缩略语

UNECE

联合国欧洲经济委员会UNECE英文United Nations Economic Commission for Europe的缩写。United Nations Economic Commission for EuropeCategory: 缩略语

Concerted Intervention

联合干预Concerted Intervention指多家中央银行按既定计划同时干预外汇市场，通常是应某一试图维持目标汇率的中央银行的请求而进行。干预的目的可能是按既定政策支撑或削弱某一货币的汇价，亦可能是为了击退投机性的资金流。参见Intervention(干预)。Pre-arranged simultaneous intervention in foreign exchange markets by several central banks. This usually happens at the behest of one single central bank which is trying to maintain a target rate for its currency. The intervention may be designed to strengthen or weaken a currency as a matter of deliberate policy, or to fight off speculative currency flows. See also: InterventionCategory: 外汇

Co-financing

联合融资Co-financing指由商业银行与国际金融机构(例如国际货币基金组织和世界银行)共同为一国提供融资资金。国际机构的参与可增强商业银行的信心。Finance jointly provided for a country by commercial banks and an international financing institution such as the IMF or the World Bank. The participation of the international institution lends confidence to the commercial lenders.金融 | 风险投资和新股发行

Peg

联系汇率Peg就汇率制度而言，peg是pegged exchange rate的口头简称，泛指一国货币的汇率与某一基准挂钩的制度，常用的基准包括美元(如香港将港元与美元的汇率定在1美元兑7。8港元)及一篮子主要贸易伙伴的货币。 参见Currency Board(货币局制度)及Crawling Peg(爬行钉住汇率制)。

Associated Company

联营公司Associated Company指由两个或以上公司共同掌控的公司。根据公认的会计准则，若A公司对B公司的经营管理有重大影响，但未达到有效控制的程度，B公司即是A公司的联营公司。对联营公司的持股通常在20%～50%之间。金融 | 风险投资和新股发行

Syndicated Loan

联贷Syndicated Loan指由主承销银行牵头，由若干银行参加组成的银团所安排的大额贷款。A large loan arranged by a group of banks that form a syndicate, headed by the lead manager.金融 | 债券 | 风险投资和新股发行

Fed Funds

联邦基金Fed Funds指美国的商业银行存放在联邦储备银行(即中央银行体系)的准备金，包括法定准备金及超过准备金要求的资金。这些资金可以借给其他成员银行，以满足他们对短期准备金的需求，拆借的利率称为联邦基金利率。该利率是美国两大基准利率之一，另一基准利率是贴现率。联邦基金也可指联邦储备委员会用以支付其购买美国政府证券的资金。参见Discount Rate（贴现率），Federal Reserve System（美国联邦储备体系）。Reserve balances deposited at the Federal Reserve Bank by US commercial banks. These funds can be lent out to other member banks to meet short-term reserve requirements and the rate at which they are lent is known as the Fed Funds rate. This is one of two key US interest rates, the other being the discount rate. Fed Funds can also refer to the money used by the Federal Reserve to pay for its purchases of government securities. See also: Discount Rate, Federal Reserve System期货期权 | 债券

Buba

联邦银行Buba系德文Bundesbank(联邦银行)的缩写，是德国的中央银行。参见Bundesbank（联邦银行）。Category: 金融

Shareholder value

股东价值Shareholder value指公司为股东创造股息和促进股价增长的能力。其重点在于公司的投资和运用资本创造现金流的能力。Describes the ability of a company to deliver value to shareholders in terms of both dividends and growth in the company's share price. It focuses on a company's investments and its capacity to generate cash flows from its capital.Category: 股票

Share Register

股东名册Share Register指涵盖公司股份所有权明细内容的主要登记名册。股东和大众通常拥有检视一家公司股东名册的合法权利，此文件往往由银行或官方注册机构保存。若司法未坚决主张股东名册必须正确，且容易供人查寻，投资者则有权对此提出质疑。A central register containing details of a company's share ownership. Shareholders and the public usually have a legal right to inspect a company's share register, which is usually kept by a bank or institution which acts as the official registrar. Investors are rightly suspicious of jurisdictions which do not insist on accurate and easily accessible share registers.Category: 股票

Shareholders'Equity

股东权益Shareholders'Equity参见Shareholders'Fund(股东资金)。Category: 股票

ROE

股东权益收益率ROE英文Return on Equity的缩写，是公司的利润与其股东权益的比率，以百分比表示。该比率是最常用于衡量公司管理层运用股东资金状况的指标。该比率的主要优点是可使投资者以此就各种不同产业的获利能力进行比较。投资者不在乎持有的是低利润率的零售业股票，还是高利润的高科技公司股票，只要这些股票创造的收益率高于平均股东权益收益率就行。该比率的主要缺点是忽略了公司融资的债务一面，因此不能反映在创造收益时所涉及的风险。高股东权益收益率可以是高收益或低股东权益所致，因此，亦应关注公司的杠杆操作（即公司的债务/股东权益比率）。稳健经营的公司的股东权益收益率在10%～25%之间不等。大多数投资者喜好股东权益收益率为两位数的公司，或至少高于低风险投资如政府债券的收益率。公司获得高股东权益收益率通常会吸引其他人加入同业成为竞争者，并需保持增长及（或）削减成本，以便维持两位数的股东权益收益率。计算公式：股东权益收益率=(可分配的利润/股东权益)×100例子：在上一个财年里，老洛普公司的可分配利润和股东权益分别为0.64亿英镑和3亿英镑。股东权益收益率=(0.64/3)×100=21.33%参见Assets（资产）,Earnings（收益）,Shareholders'Funds（股东的资金）。Synonym: Return On EquityROE is the ratio of a company's profit to its shareholders' equity, expressed as a percentage. It is the most widely used measure of how well management uses shareholders' funds. Its main advantage is that it is a benchmark that allows investors to compare the profitability of hugely differing industries. Investors do not care whether their holdings are in low-margin retailers or high-margin technology companies, as long as they produce an above-average ROE. Its main flaw is that it ignores the debt side of the company's funding and thus fails to measure the amount of risk involved in obtaining a given amount of earnings. A high ROE can be due to high earnings or low equity, therefore it is always wise to keep an eye on the company's leverage (as measured by its debt/equity ratio). ROE ratios for healthy companies range between 10 and 25 per cent. Most investors look for companies with double-digit ROEs, or at least higher than the return on a risk-free investment such as a government bond. Companies earning high ROEs will typically attract competition into their market segment and need to keep growing and/or cutting costs to maintain double-digit ROE levels.金融 | 缩略语 | 股票

EGM

股东特别大会EGM英文Extraordinary General Meeting的缩写，指公司为某一特别目的——例如通过合并计划或增资而召开的股东大会。 股东特别大会与股东年会(AGM)不同，后者是股东表决通过公司财务报表、股息支付和选举董事的年度例行会议。Synonym: Extraordinary General MeetingA company meeting of shareholders called for an extraordinary purpose such as the approval of a merger or a capital increase. In contrast with the annual general meeting, which is a routine meeting of shareholders to approve the accounts and dividend payments and to elect directors.缩略语 | 股票

Shareholders'Funds

股东资金Shareholders'FundsG指公司的净资产(即股东资金加上留存收益)减去少数股东权益。也称"股东权益"(Shareholder's equity)或"股东的已用资本"(Shareholder's capital employed)。参见Minority Interests(少数股东权益)。Category: 股票

Relative Strength

股价的相对强弱Relative Strength指股票的现行价格、股票组合或某种股指，与过去某一时刻相同金融工具的价格、组合或指数间的比较。Comparison between a current share price, portfolio of shares or a stock index and the price of the same instrument, portfolio or index at a given time in the past.Category: 股票

KGaA

股份两合公司KGaA德国的公司名称中表示"股份两合公司"(Kommanditgesellschaft auf Aktien)的缩写。在这种公司中,至少要有一位股东对公司债务负无限责任,其他股东可为有限责任股东.Category: 缩略语

AB

股份公司AB瑞典的公司名称中表示"股份公司"（Aktiebolag）一词的缩写。Swedish company title: abbreviation of Aktiebolag.Category: 缩略语

AS

股份公司或有限责任公司AS1.挪威文Aksjeselskap的缩写，表示非上市的股份有限公司(private limited liability company)；2.捷克的公司名称中表示"股份有限公司"(Akciova spolecnost)词组的缩写；3.爱沙尼亚的公司名称中表示"股份公司"(Aktsiaselts)词组的缩写；4.斯洛伐克的公司名称中表示"股份公司"(Akciova Spolocnost)词组的缩写；5.土耳其的公司名称中表示"有限责任公司"(Anonim Sirket)词组的缩写。Synonym: Akciova spolecnostCzech or Slovak company title: abbreviation of Akciova spolecnost.Category: 缩略语

Kft

股份有限公司Kft匈牙利的公司名称中表示"股份有限公司"(Korlatolt felelossegu tarsasag)的缩写。Synonym: Korlatolt felelossegu tarsasagHungarian company title: abbreviation of Korlatolt felelossegu tarsasag.Category: 缩略语

Dividend

股息Dividend公司税后盈余中分配给股东的部分。公司董事会会建议派息金额，交由股东投票通过。就普通股而言，派发股息是公司的选择，而非义务。股息的形式可以是现金，也可以是股票。The part of a company's after-tax earnings that is distributed to the shareholders. The board of directors of the company recommends how much dividend should be paid out at its annual meeting and it is voted through by the shareholders. The dividend is neither automatic nor guaranteed for ordinary shareholders. The dividend can be in the form of cash or shares.金融 | 股票

Dividend Cover

股息保障倍数Dividend Cover公司向股东支付股息能力的指标，由可派发股息的盈余(即股东应占溢利)，除以股息得出。对于有稳定派息记录的公司来说，倍数越高，市场对其评价越高。The extent to which a company's dividend and/or interest payments are matched or exceeded by its earnings. Expressed as a multiple. The company's rating in the market increases as the multiple rises.金融 | 股票

Declaration Date

股息宣布日Declaration Date公司董事会宣布下一次派发股息的日期和水平的日子。派息计划一经通过，股息即成为已宣布股息(declared dividend)，是公司必须清偿的债务。Category: 股票

Dividend Stripping

股息截止过户前买进、除息后卖出Dividend Stripping一种主要旨在避税的股票买卖手段，在截止过户前买入股票，以便享有已宣布将支付的股息，然后在股票除息(ex-dividend)后随即卖出。在这种情况下，通常投资人会取得一笔金额与股息相当的投资亏损(capital loss)，视各地的税法而定，这笔投资亏损可用来抵消其他投资上的获利，而股息的税率则可能显着地低于投资利得的税率，如此，投资人即可获得税务上的得益。参见Dividend（股息）。A term used to describe a speculator's strategy whereby shares are purchased shortly before a dividend payment date, based on the belief that a much higher than normal dividend will be paid. See also: Dividend金融 | 股票

Equity Swap

股权互换Equity Swap指在企业收购或合并行动中，股权的转移完全或部分地以换股的方式进行，通常是收购方发行新股，换取被收购公司的股权。有时亦采用新成立一家公司，以新公司的股票换取合并双方的股权，换股的比例反映两家公司的资产估值。A corporate takeover or merger that does not involve cash, but that is carried out by the exchange of shares in one company for those in the other. Sometimes shares in two companies will be swapped for equity in a third newly-created enterprise in a ratio reflecting the underlying assets or worth of the two companies merging.风险投资和新股发行 | 股票

Stock Index Future

股票指数期货Stock Index Future指以股票市场指数为交易对象的期货合约。参见Futures（期货）。A futures contract on a share market index. See also: Futures期货期权 | 股票

Dividend Yield

股息收益率Dividend Yield反映股票股息收益水平的指标，以按年率计算的股息除以股票市价得出。高收益率可能意味着高水平的股息，但也可能只是因为股价已显着地下跌，致使在市场不看好公司的情况下，股息收益率看来也相当不错。低收益率可能意味着股价因市场预期公司快速成长而上升，也可能只是因为公司选择保留现金供再投资之用，因此没有派发多少股息。参见Dividend（股息）。The ratio of annualized dividends to the price of a share. Dividend yields are widely used to measure the income return of a share. High yields may mean high dividends, or they may mean that the price of the share has fallen, making the ratio look impressive despite a poor market rating of the company. Low yields may mean that the company's share price is high in anticipation of rapid growth, or that the company is not distributing much of its earnings in dividends, preferring to keep cash for reinvestment in the business. See also: Dividend金融 | 股票

Payout Ratio

股息派发比率Payout Ratio亦作Dividend Payout Ratio，指公司的净利以现金股息派发给股东的比例，等于每股股息除以每股盈余。The proportion of a company's net profits that is paid out to shareholders in cash dividends. The ratio is calculated by dividing the total cash dividends by the company's earnings in the same period.Category: 股票

DDM

股息贴现模型DDM英文Dividend Discount Model的缩写，是股票估值的一种模型，以适当的贴现率将股票未来预计将派发的股息折算为现值，以评估股票的价值。 DDM与将未来利息和本金的偿还折算为现值的债券估值模型相似。参见Dividend（股息）。Dividend Discount Model. It values common stock as the sum of the present (discounted) values of its estimated future dividend payments. This model assumes that dividends paid in the future are worth less than their nominal value because of the effects of inflation. To compare them with dividends received today they must be discounted by the estimated rate of inflation. DDM is the share valuation model most readily comparable with bond evaluation, which discounts future coupon payments by an appropriate rate.See also: Dividend金融 | 缩略语 | 外汇 | 股票

Equity

股本Equity指股东在公司中所占的权益，多用于指股票。英文equity market是指股票市场，即股票发行与交易的市场。The shareholders' stake in a company. Equity markets are the markets in which shares or stocks are issued and traded.Category: 股票

Return on Equity

股本收益率Return on Equity参见ROA（资产收益率）, ROE (股本收益率）。金融 | 风险投资和新股发行 | 股票

Equity Financing

股本融资Equity Financing指公司以发行股票——普通股或优先股的方式筹措资金。Selling common or preferred stock to investors in order to raise funds.Category: 股票

Replacement Cost

重置成本Replacement Cost指以新的资产置换已使用的固定资产的现价成本。The cost in current terms of replacing a fixed asset already in use with a new asset.金融 | 风险投资和新股发行

Stock Split

股票分割Stock Split指将公司的股票分割成数量更小的股票，但不影响股本总额，也不影响公司储备。分割的主要效应是降低每一股上市股票的单位价格，使之更易于做小股交易，对小额投资者更具吸引力。与之对称的是"反向股票分割"（Reverse Stock Split）。参见Reverse Stock Split（反向股票分割）。The break up of a share into smaller units without affecting either the total share capital or reserves. The main effect is to reduce the unit price of each quoted share, making them easier to trade in small lots and more attractive to small investors. Opposite of a reverse stock split.See also: SplitCategory: 股票

Share Premium

股票升水Share Premium指股票市场价值超过其面值的部分。The market value of shares in excess of their par value.Category: 股票

Negative Stock Split

股票合并Negative Stock Split参见Reverse Stock Split（股票合并）。

Share Repurchase

股票回购Share Repurchase参见Buy Back（回购）。

International Share Offering

股票国际销售International Share Offering指国内公司的股票经由承销团在国际市场销售。这些股票可以是新发行的，也可以是二次发售。This occurs when shares of a domestic company are sold internationally via a syndicate of underwriters. They can be either new shares or a secondary offering.Category: 股票

Stock Index

股票指数Stock Index以数字形式显示整个市场相对于过去某"基准"参考日期运行的表现。计算方法有两种：加权的和不加权的。不加权的指数指简单算术平均或几何平均数。算术平均数指将指数的构成股的价格变化百分比相加，然后除以构成股的数量。几何平均数是一种相当准确的计算方法，计算时将指数中所有股票的价格连乘积，然后按计算股票平均数的数量n开n次方根。几何平均数的使用频率不如算术平均数。在加权指数中，有些股票的权重要大于另一些股票，权重的大小通常以股票的市值为基础。参见Capitalization-weighted Index（以市值加权的指数），Market Capitalization（市值）。A market index is a numerical representation of the way an entire market has performed relative to some 'base' reference date in the past. They are calculated in two ways - weighted or unweighted. Unweighted indices are simple arithmetic or geometric averages. An arithmetic average adds up all the percentage changes in the prices of the constituent stocks and then divides that by the number of stocks in the index. The geometric average is a very precise measurement, calculated by multiplying all the prices of the shares in the index and taking the nth root where n is the number of shares you are averaging. It is much less frequently used than an arithmetic average. In Weighted indices, certain stocks carry a greater weighting than others, usually based on their market value or capitalization. See also: CapitalizationCategory: 股票

Stock Index Fund

股票指数基金Stock Index Fund指投资于某一股票市场指数中一组证券的基金。参见Tracker Fund（指数追踪基金）。A fund that invests in a group of securities from a particular stock market index.See also: Fund基金 | 股票

Stock Index Option

股票指数期权Stock Index Option指以股票指数为交易对象的看涨期权或看跌期权。参见Option（期权）。A call or put option on a stock indexSee also: Option期货期权 | 股票

Bullion

金银条Bullion非硬币形状的贵金属，例如金块或金条。Precious metal in non-coin form such as ingots, bars or wafers.

Equity Options

股票期权Equity Options一种股票衍生工具，给予持有人在某一日期(或某期限之前)按商定价格买进或卖出某一股票的权利，若履约条件对己不利，持有人可以放弃权利。参见Options（期权）。Options that give the holder the right, but not the obligation, to buy or sell a stock or share at a particular price on or before a certain date.See also: Option期货期权 | 股票

Stock Broker

股票经纪人Stock Broker指为机构客户进行股票交易和（或）提供投资咨询的公司或个人，他们自己本身不投资。A company or individual, executing trades and/or providing investment advice to individual and institutional customers, but not acting as a principal.Category: 股票

Stock Dividend

股票股息Stock Dividend指以尚未公开发行的股票形式支付给股东的股息。参见Dividend（股息、红利）。A dividend paid to shareholders in the form of authorized but hitherto unissued shares.See also: DividendCategory: 股票

Free Float

股票自由流通量Free Float指公司上市的股票中可不受限制地自由交易的部分，不包括那些不太可能被拿出来交易的股份。The proportion of a company's listed shares that are freely available for trading and are not restricted or unlikely to trade.Category: 股票

Rights Issue

股票认购权发行Rights Issue发行新股是公司筹措额外资金的办法之一。现有股东拥有优先认购这些新股的权利，而股票认购发行可使股东按所持有股份比例额外增购新股。例如，以三购二的股票认购权发行，允许股东每持有3股可额外增购2股新股。认股权可以在市场上交易。One of the ways that a company can raise additional funds is to issue new shares. These new shares must be first offered to current shareholders and a rights issue allows a shareholder to buy an additional number of shares for each share held. For example, a two-for-three rights issue entitles shareholders to buy two additional shares for every three owned. Rights can be traded in the market.Category: 股票

Share Discount

股票贴水Share Discount指股票的市场价值低于票面价值的部分。股票的面值或名义价值是指股票首次卖出或发行时人为设定的一个数字。这个数字通常并不太重要，因为股票的交易价格往往高于其面值。然而，股票贴水对优先股却很重要，因为优先股是根据面值来支付固定股息的。参见Par value（票面价值），Preference Shares（优先股）。The amount by which the market value of shares drops below par value. The par or nominal value of a share is an arbitrary figure which is set when a share is first sold or issued. It usually has little or no significance because shares usually trade far above par value. However, a share discount to par value can be significant for preference shares, which pay fixed dividends based on par value.See also: ShareCategory: 股票

Book Building

股票邀标定价法Book Building公司在发行/配售(placing)股票时，通过投资银行进行的一项作业，旨在为股票定出最好的价格，并避免认购不足的情况出现。 投资银行会邀请潜在投资人(主要是机构投资者及个别大户)表达他们的认购意愿，统计他们在各个价位愿意认购的股票数量，从而定出一个为市场接受，又尽可能对发行公司有利的发行或配售价格。An exercise by an investment bank, which is lead-managing a new issue to ascertain the likely levels of demand for a security at different prices. It is designed to prevent an issue being undersubscribed because of a large discrepancy between the issue price and the price at which the security starts trading on the secondary market.Category: 股票

Equity Risk Premium

股票风险溢价Equity Risk Premium为补偿投资者所冒的市场风险，股票投资的回报率必须高于国库券，高出的幅度即称为股票风险溢价。国库券为政府发行的短期债券，风险极低，其回报率被视为可代表无风险投资回报率。The extra return that the overall stock market or a particular stock must provide over the rate on treasury bills to compensate for market risk. Treasury bills are regarded as risk free because they are guaranteed by the government.Category: 股票

Dirty Float

肮脏浮动汇率制Dirty Float指一种官方不公开汇率目标的汇率制度。中央银行或货币当局通过干预外汇市场以使汇率维持在其不公开的目标水平，而目标水平可能会随环境的变化而改变。英文亦称managed float(有管理的浮动汇率制)。A system where no official parities for currencies are declared or maintained. The central bank or national monetary authority does not publish details of a fixed target, e.g. four francs to the dollar. Instead it intervenes in foreign exchange markets to achieve an undisclosed target exchange rate. The target may be changed according to circumstances. Also known as a managed float.Category: 外汇

Back-to-back Loans

背对背贷款Back-to-back Loans不同国家的两家公司各自以本国货币向对方贷出一笔等值的贷款，借此规避外汇风险或外汇管制。例如，一家美国公司向一家英国公司贷出100万美元，而此英国公司则向该美国公司贷出等值的英镑(以美元兑英镑当时的汇率计算)，借此安排，两家公司不需兑换即可取得所需的货币。亦称为"平行贷款"（parallel loans）。Synonym: Parallel LoanArrangement whereby a loan in one currency is set against a loan in another currency. It can be used to avoid or overcome exchange risks and exchange controls. Also known as parallel loans.Category: 外汇

Top Down

自上而下的投资策略Top Down一种投资策略，试图通过挑选行业标的以组成理想的投资组合。基金公司如果运用自上而下的投资策略，首先会研究经济或市场的总体趋势，以选择最好的行业进行投资，然后再从选定的行业内寻找最佳的投资工具。基金也可能会先选定投资哪一些国家，然后再选择行业，最后选定具体的标的。与之相对的是"自下而上的投资策略(bottom up)"。参见Bottom Up（自下而上的投资策略）。An investment strategy that tries to achieve a balance in an investment portfolio by selecting various sectors or industries. If a fund uses a top-down approach it will look at general economic or market trends to find the best sectors to invest in. Then it will look for the best investments within that sector. A fund may also choose countries, before it chooses sectors and finally the individual companies within those sectors. Opposite of bottom up. See also: Bottom UpCategory: 基金

Bottom Up

自下而上的投资策略Bottom Up依赖个股筛选的投资策略。采用这种策略的基金最为关注的是个别公司的表现和管理，而不是经济或市场的整体趋势。自下而上的投资策略一般不是很重视将资产均衡地配置在各种行业上。与之相反的是"top down"（自上而下的投资策略）。参见Top Down（自上而下的投资策略）An investment strategy that relies on stock picking, rather than trying to achieve a balanced weighting in various sectors. If a fund uses a bottom-up approach, it will focus on the performance and management of individual companies rather than general economic or market trends. The opposite of top down.See also: Down基金 | 风险投资和新股发行

ATM

自动柜员机ATM英文Automated Teller Machine的缩写，是一种提供提款、存款及一些其他银行服务的机器。Automated Teller Machine, or cash machine. An automated dispenser of cash and banking services.Category: 缩略语

Free Floating Exchange Rate

自由浮动汇率Free Floating Exchange Rate指完全由市场供求因素决定的货币汇率，与受官方管制的有管理的浮动汇率制或爬行钉住汇率制不同。参见Dirty Float（肮脏浮动），Crawling Peg（爬行钉住汇率）。A currency exchange rate that is allowed to be set completely by market forces, in contrast with a managed exchange rate using devices such as a dirty float or a crawling peg.See also: Dirty Float, Crawling PegCategory: 外汇

Free Cash Flow

自由现金流Free Cash Flow自由现金流等于公司的经营现金流减去公司的资本支出。经营现金流(Cash flow from operating activities或Operating cash flow)反映公司产品和服务的销售所产生的现金流入或流出的净额，约等于盈利加上非现金费用，如折旧及摊销。参见Operating Cash Flow（经营现金流）A company's operating cash flow minus what it spends on capital assets. Operating cash flow is simply the change in a company's net cash position during a given trading period.See also: Operating Cash FlowCategory: 金融

Free Trade Zone

自由贸易区Free Trade Zone指在某特定区域内，原料、零件、半成品或成品均可自由进出，货物可在此区域内加工后出口，政府均不征收关税。但若货物离开自由贸易区，运至地主国其他课税区使用或消费，关税及进口限制措施均适用。自由贸易区通常还会有一些其他优惠，如一定时期内的盈利税减免以及外汇进出限制的放宽。视具体情况而定，有时会称为"自由贸易加工区"(free trade processing zone)或"对外贸易区"(foreign trade zone)。A designated area within a country in which businesses can operate free of customs duties or currency restrictions. Profits are usually tax-free for a set period. Also known as a free trade processing zone and a foreign trade zone.Category: 金融

CBOT

芝加哥期货交易所CBOT英文The Chicago Board of Trade的缩写。芝加哥期货交易所是全球历史最悠久的期货交易所，主要从事金融期货和农产品期货的交易。网址：www.cbot.com参见Futures（期货）。Synonym: Chicago Board of TradeThe Chicago Board of Trade is the world's oldest futures exchange and specializes in financial and agricultural futures. See also: FuturesCategory: 缩略语

Free Asset Ratio

自由资产比率Free Asset Ratio用于衡量人寿保险公司是否有足够资产承担潜在负债的一个比率，由公司资产的市场价值除以负债得出。 如果该比率比较低，公司在投资时就必须更为谨慎，以确保有足够的现金支付即将到期的储蓄型保单。A way of seeing whether a life insurance company has enough assets to cover its potential liabilities. The Free Asset Ratio simply measures the market value of the company's assets to its liabilities. If the ratio is low the company has to be more cautious in its investments to make sure it has enough cash to cover maturing savings policies.Category: 金融

Locals

自营交易商Locals指因某些原因,部分股东被禁止出售持股的一段时间. 例如,公司职员有时以优惠条件取得公司股票,往往会被要求至少持有这些股票一段时间.指从事本身帐户买卖的交易员.Lock-up Period禁售期/售股限制期指因某些原因,部分股东被禁止出售持股的一段时间. 例如,公司职员有时以优惠条件取得公司股票,往往会被要求至少持有这些股票一段时间.Individual traders operating on futures or options exchanges purely for their own account.Category: 金融

Bottomry

船舶抵押贷款Bottomry船东为了支付修理或其他继续航行的必要支出，将船只抵押，以取得紧急贷款，并承诺在安全完成航程后还款。如果船东未能偿还贷款，银行可行使权利处置作为抵押的船只。Authority given to a banker to dispose of goods pledged as security against a loan. For example, the pledging of a ship as collateral against emergency loans needed for repairs, with a commitment to repay the loan on safe completion of the voyage. If the ship's owner fails to repay the loans the bank can exercise bottomry and dispose of the ship.

Elliott Wave Theory

艾略特波浪理论Elliott Wave Theory技术分析的一种理论，认为市场走势不断重复一种模式，每一周期由5个上升浪和3个下跌浪组成。艾略特波浪理论将不同规模的趋势分成九大类，最长的超大循环波(grand supercycle) 是横跨200年的超大型周期，而次微波(subminuette)则只覆盖数小时之内的走势。但无论趋势的规模如何，每一周期由8个波浪构成这一点是不变的。参见Technical Analysis（技术分析）。Category: 技术分析A technical analysis theory which states that the market follows a repetitive pattern, with each cycle made up of a five-wave rise followed by a three-wave fall. There are many different degrees of trend, but the Elliott Wave theory categorizes nine different trends (or magnitudes) ranging from a grand supercycle covering 200 years to a subminuette of only a couple of hours. The eight-wave cycle is constant, regardless of what degree of trend is being considered. See also: Technical AnalysisCategory: 技术分析

CME

芝加哥商业交易所CME英文The Chicago Mercantile Exchange的缩写。芝加哥商品交易所是第一家从事金融期货交易的期货交易所，主要从事短期利率及外汇期货的交易。 网址：www.cme.com参见Futures（期货）。Synonym: Chicago Mercantile ExchangeThe Chicago Mercantile Exchange was the first futures exchange to trade financial futures. It specializes in short-term interest rate futures and currency futures. See also: Futures期货期权 | 缩略语

CBOE

芝加哥期权交易所CBOE英文The Chicago Board Options Exchange的缩写。芝加哥期权交易所是全球最大的上市期权市场，主要发展股票期权。网址：www.cboe.com参见Option（期权）。Synonym: Chicago Board of Options ExchangeThe Chicago Board Options Exchange is the world's largest marketplace for listed options, specializing in equity options. See also: Option期货期权 | 缩略语

Eurotop 100

英国《金融时报》(Eurotop)100 股价指数Eurotop 100英国《金融时报》(或称富时)指数集团(FTSE)编制的两种泛欧股价指数(现已改称FTSEurofirst 300指数)。Eurotop 300指数的成分股为欧洲最大的300家公司，被广泛视为欧洲股市的基准指数。 Eurotop 100指数的成分股则是100只成交最活跃的大型股。网址：www.ftse.com和www.reuters.com

(Eurotop)300

英国《金融时报》(Eurotop)300 股价指数 (Eurotop)300英国《金融时报》(Eurotop)100 股价指数

FTSE 100

英国《金融时报》100指数FTSE 100Y富时100指数是伦敦证券交易所的基准股价指数，英文发音为"the Footsie"。 该指数的成分股为英国市值最大的100只股票，占股市成交量的70%。 该指数是按股票市值加权的股价指数，是伦敦国际金融期货交易所（LIFFE）的指数期货和期权合约的标的指数。网址：www.ftse.com参见LIFFE（伦敦国际金融期货交易所），LSE（伦敦证券交易所）。Synonym: FootsieThe FTSE 100 is the benchmark index for equity prices on the London Stock Exchange. Known as the 'Footsie' it comprises 100 of the largest UK stocks, by market capitalization, accounting for about 70 percent of stock turnover. The FTSE is a capitalization-weighted index and is the basis for index futures and options contracts traded on LIFFE. See also: LIFFE, LSECategory: 股票

FTSE Eurotop 100

英国《金融时报》Eurotop 100指数FTSE Eurotop 100富时指数公司编制的欧洲股价指数之一，成分股为欧洲交投最活跃的100只股票。 网址：www.ftse.comAn index of the 100 most-traded European stocks. Category: 股票

FTSE Eurotop 300

英国《金融时报》Eurotop 300 指数FTSE Eurotop 300欧洲股市的基准指数，成分股为欧洲市值最大的300家公司。网址：www.ftse.com A benchmark index of European stocks, the FTSE Eurotop is made up of the largest 300 European companies by market capitalization. Category: 股票

Brent

英国布兰特原油Brent布兰特混合油(Brent blend)是英国北海出产的原油，是其他原油定价的参照基准。被广泛用作能源市场外石油价格的指标。布兰特原油在远期市场上交易，而且是在伦敦国际石油交易所交易的期货和期权合约的基础。 网址：www.eia.doe.gov/emeu/cabs/northsea.html参见Dated Brent（装船日期已定的布兰特原油），IPE（伦敦国际石油交易所），WTI（美国西得州轻质原油）。Brent blend is a benchmark crude oil from the UK North Sea against which other crude oils are priced. It is widely used as an indicator of the price of oil beyond energy markets. It is traded on forward markets and is the basis of futures and options contracts listed on the International Petroleum Exchange in London. See also: Dated Brent, IPE, WTICategory: 期货期权

IMRO

英国投资管理监督组织IMRO英文The Investment Management Regulatory Organization的缩写，原为英国负责监督基金管理业的主管机构，于2001年底并入英国金融服务监管局(FSA)。网址：www.fsa.gov.ukCategory: 缩略语

Inland Revenue

英国税务局Inland Revenue指英国政府负责税收的部门。The UK government department responsible for collecting tax.Category: 金融

Dutch Auction

荷兰式拍卖Dutch Auction源自荷兰鲜花市场的拍卖方式，由卖方先喊出一个高于合理水平的价格，然后逐步降低叫价，直至有买家愿意买入，即以当其时的叫价成交。其特点是叫价由高位逐步降低，这与叫价逐步提高至无人再出高价时成交的常见拍卖方式相反。一般来说，在拍卖数量多于一件的同质物品(如一批同等条件的债券)时，采用荷兰式拍卖均为单一价格标售(如美国的公债标售)，即所有得标者支付划一的价格。按此方式，出最高价者得标，在完全满足最高价者的数量后，再由次高价者取得其所需的数量，以此类推，直至拍卖物品全部卖出，但所有得标者均支付同一价格，即最后得标者的出价，这是得标者中的最低出价。参见Treasury Bill（国库券）。 An auction where the price is lowered gradually - from a price well above the true value - until a responsive bid is seen. This then becomes the price at which the offering is sold. The US Treasury sells its treasury bills using a similar basis where the bids are termed tenders.See also: Treasury BillCategory: 债券

Profit-taking

获利回吐Profit-taking获利回吐一般是指在价格上扬一段时间后，投资者卖掉手头持有的资产以实现获利，这会导致价格短暂回落。广义而言，获利回吐是指结清头寸以实现获利。Realizing profits by closing out an existing position (for example, selling a share or exercising an option).期货期权 | 金融 | 债券 | 股票

Daisy Chain

菊花链交易Daisy Chain1.在得知装船日期之前(即所谓的turning wet之前)所进行的布兰特或迪拜原油的一连串远期交易，亦称"纸上交易链"（paper chain）。参见Brent(布兰特原油)。2.指经纪商或其他市场人士在某一证券上制造交投热络的假象，通常旨在推高价格后出货图利。A sequence of deals which trade a forward (or paper) cargo of Brent or Dubai crude oil ahead of receiving loading dates (known as turning wet). A daisy chain is also known as a paper chain.See also: Brent

Trading Profit

营业利润Trading Profit参见Operating Profit（经营利润）。Category: 金融

Revenue

营业收入Revenue指公司在某一段时间内销售产品或服务的金额，也称"销售额"(sales)或"营业额"(turnover)。The amount of goods or services sold by a company in a given period. Also known as sales or turnover.金融 | 财务税收

Turnover

营业额Turnovēr. 营业额是公司在一段时间内出售的商品或服务的总金额，也称"营业收入"(revenue)或"销售额"(sales)。2. 成交额指一段时间内某一市场的交易总量。1.The amount of goods or services sold by a company in a given period. Also known as revenue or sales. 2. Total volume of trades in a market during a given period.金融 | 财务税收

Operating Profit

营运利润Operating Profit指公司正常营业活动所产生的利润，一般而言，等于公司营业收入减去销货成本(cost of sales，货品及服务的直接成本)，再减营业费用得出。对非金融公司而言，一般视为等同息税前利润(EBIT)，即未计利息以及税项的利润。分析师有时还会根据损益表调整出自己认为更有意义的营运利润指标，比如未计利息、税项、折旧及摊销之利润(EBITDA)—此指标剔除折旧及摊销此两项非现金支出对盈利的影响，被认为一定程度上反映了现金基础上的营运利润。另外，分析师亦常常会剔除一些性质特殊的一次性收支项目，计算出持续经营基础上的营运利润。参见Operating Costs(营运成本)。Profits from a company's ordinary revenue-producing activities, calculated before taxes and interest costs. Exact definitions vary from country to country. Also known as PBIT (profit before interest and tax) or trading profit.金融 | 财务税收

Operating Margin

营运利润率Operating Margin反映公司某段时间内盈利能力的一个财务比率，分子为营运利润，分母为销售额，以百分比表达。亦是公司营运效率的一个指标。参见营运利润(Operating Profit)。The ratio of operating profit to turnover over a given period, expressed as a percentage and used to indicate a company's ability to control its variable costs.Category: 金融

Operating Costs

营运成本Operating Costs亦称营业费用(operating expenses)，是指维持公司日常运作所需支付的费用支出，如销售及行政费用，不包括公司出售的产品及服务的直接成本，后者称为销货成本(cost of sales或cost of goods sold)，是制造这些产品所直接投入的材料及劳动力的成本。A company's direct costs in producing goods and services for sale, including raw materials, labour, sales and administration costs. Also known as cost of sales.Category: 金融

Working Capital

营运资金Working Capital营运资金等于流动资产减去流动负债，是衡量公司能动用多少流动资产来改善营运或扩充业务的一个指标。参见Current Assets/Liabilities（流动资产/负债）。Working Capital usually refers to net working capital and is the resource that a company can use to finance day-to-day operations. It is calculated by taking current liabilities from current assets.See also: Assets, LiabilitiesCategory: 金融

Sarbanes-Oxley Act

萨尔巴尼斯—奥斯利法Sarbanes-Oxley Act美国成立联邦会计监督委员会的法源依据，据此可对蓄意制作不实财务报告的企业负责人追究刑事责任。US legislation which created a federal accounting supervision board and introduced criminal liability for executives who knowingly file false financial reports.http://www.sarbanes-oxley.com

Bushel

蒲式耳Bushel容量单位。英制，1蒲式耳等于8加仑或36.4公升，用于量度玉米、水果及各种液体。美制，1蒲式耳等于35.3公升。1蒲式耳物品的重量视物品的种类而定。A measure of volume. In the UK, it equals 8 imperial gallons or 36.4 litres for corn, fruit, liquids, etc. In the US it equals 35.3 litres. The weight of a bushel varies according to the commodity involved.Category: 期货期权

Blue Sky Laws

蓝天法Blue Sky Laws美国一些州为保护投资者免受证券欺诈之害而制定的法规。这些法规要求发行证券必须注册，并提供完整的财务资料。据称，此词源自20世纪初美国一位最高法院法官的一句话。该法官说有些投机性的投资计划的价值犹如"一小片蓝天"(had as much value as a patch of blue sky)。State laws in the United States aimed at protecting the public against securities frauds. They require new issue offerings to be registered with full financial details provided. The phrase is thought to derive from a reference by a Supreme Court judge that some investment schemes had about as much value as a patch of blue sky.Category: 金融

Monetarism

货币主义Monetarism主张以严控货币供应量作为主要的货币政策工具，特别是用于抑制通货膨胀的经济学派。Theory that advocates strict control of money supply as the major weapon of monetary policy, especially against inflation.Category: 金融

Blue Chip Stock

蓝筹股Blue Chip Stock泛指业绩及派息记录良好、股价表现通常在平均之上的大公司股票。 股息稳定且丰厚的股票又称收息股(income stock)。 蓝筹股的名称源自赌场使用的筹码，传统上大金额的筹码是蓝色的。参见Stock（股票）。A generic term for the stocks of major companies with sound earnings and dividend records and above-average share performance. Blue chip stocks are also known as income stock. Named after high-value poker chips, which were traditionally blue.See also: StockCategory: 股票

Butterfly Spread

蝶状价差Butterfly Spread一种期权交易策略，同时卖出一组平价跨式期权(at-the-money straddle)和买入一组价外异价跨式组合(out-of-the-money strangle)。如果标的资产的价格保持平稳，蝶式买卖即有利可图；而如果标的资产的价格剧烈波动，蝶式买卖的风险仍有限。参见At the Money（平价），Option（期权），Out of the Money（价外期权），Straddle（跨式期权），Strangle（异价跨式组合/勒式组合）。An option strategy involving the simultaneous sale of an At The Money Straddle and purchase of an Out Of The Money Strangle. Potential gains will be seen if the underlying financial instrument on which the option is based remains stable, while the risk is limited should the underlying move dramatically.See also: At the Money, Option, Out of the Money, Straddle, Strangle

Short Margin Account

融券保证金账户Short Margin Account要求进行卖空的投资者必须存入一笔保证金的账户，与之相对的是融资。An account requiring a margin deposit from investors who are involved in short selling, as opposed to buying on margin.期货期权 | 金融 | 股票

Strike Price

行使价Strike Price指期权交易中商定的价格，期权可以按此价格履行，英文也称Exercise Price。The price agreed in an options transaction and at which the option may be exercised. Also known as the exercise price.Category: 期货期权

Moving Strike Option

行使价可重设的期权Moving Strike Option泛指行使价在期权有效期内可按约定方式重设的期权.参见Ladder Option(梯式期权)及Strike Price（行使价）。An option on which a single strike price is not determined for the life of the option, but will vary over time.See also: Strike PriceCategory: 期货期权

Exercise Price

行使价格Exercise Price参见Strike Price(行使价)。期货期权 | 金融

Exercise

行使权利Exercise指期权持有人行使合约赋予的权利。期权持有人通知期权的卖方，表明将行使权利，卖方即须按约定条件，向期权持有人买进或卖出合约指定的资产。行使权利英文亦称为assign。To make use of the right possessed by the holder of an option. The option holder notifies the writer that they wish to exercise or assign their option. The writer is then obliged to the holder on the terms already agreed - they must buy or sell the underlying asset. See also: AssignCategory: 期货期权

Street Name

行号代名Street Name参见Nominee Account（被提名者账户）。Category: 金融

CEO

行政总裁CEO英文Chief Executive Officer的缩写，是公司最高行政负责人的职衔。Synonym: Chief Executive OfficerChief executive officer. An executive title often held by the chairman of the board, the company president or another senior officer.Category: 缩略语

Currency Swap

货币互换Currency Swap参见Swap(互换/掉期)。期货期权 | 外汇

Voting Trust

表决权信托Voting Trust旨在集合股东投票权的信托，股东将股票的拥有权及表决权转交受托人一段特定的时间。设立这种信托的原因不一而足，例如在公司的财务状况不稳时，公司董事希望集中一般股东的表决权以作出快速的政策变动，便可能会在商业银行设立一个表决权信托，邀请股东交出股票一段时间以换取一些利益。A trust set up by the company at a commercial bank inviting ordinary shareholders to deposit their shares for a fixed period in return for other privileges. This procedure is carried out if a company has financial instability and board members wish to concentrate voting power to make rapid policy changes.金融 | 股票

VTC

表决权信托凭证VTC英文Voting Trust Certificate的缩写，是一种可转让的凭证，证明股票已存入表决权信托，确认股东已放弃其表决权利。参见Voting Trust（表决权信托）。Synonym: Voting Trust CertificateA negotiable certificate proving that ordinary shares have been deposited into a voting trust, confirming that ordinary shareholders have relinquished their right to vote.See also: Trust缩略语 | 股票

Off Balance Sheet

表外项目Off Balance Sheet"帐外"是指不会出现在资产负债表上，比如以营业租赁(operating lease)的方式长期租用重要的设备，虽然形同拥有该资产，但公司的资产负债表上却不会记录该项资产，这就是一种帐外活动。公司进行帐外融资(off-balance-sheet financing)，是指以某种方式取得融资，但资产负债表上却不会出现相关的债务(或者是相关债务不会主即全部反映在资产负债表上)。多数金融衍生工具对参与其中的公司来说都是帐外项目。就银行而言，收费服务费--而不是以贷款为本的利息收入--的活动，也会产生帐外项目，如发出信用证。参见Letter of Credit（信用证），Option（期权），Swap（互换/掉期）。An obligation entered into by a company that does not have to be shown on the balance sheet, such as leases and project finance. With banks, where the money earned is fee-based, examples include trading of swaps, options and letters of credit.See also: L/C, Option, SwapCategory: 金融

Performance Fees

表现费Performance Fees在基金业，表现费的性质等同基金经理分享基金的投资获利。若基金在某一年的投资表现高于特定水平，基金经理便可收取表现费，藉此鼓励他们争取更佳回报。一般来说，投资于复杂工具的基金--如对冲基金--才会收取表现费，亦称为奖励费(incentive fees)。香港证监会的《对冲基金指引》规定，如果要征收业绩表现费，计算方法应该在基金的销售文件详细披露。就组合式对冲基金(fund of hedge funds)而言，销售文件必须披露会否在组合式基金以及子基金两个层面同时收取表现费。

Indications of Interest

表达认购意愿Indications of Interest参见IOI（表达认购意愿）。金融 | 股票

Frozen Assets

被冻结的资产Frozen Assets指因战争、政权交替或法律诉讼等原因而遭暂时冻结、不许转移的资产。Assets, balances or credits temporarily blocked or immobilized due to political circumstances such as war or legal action.Category: 金融

Passive Management

被动式管理Passive Management一种投资策略，追求与市场指标一致的回报，其资产配置反映了所追踪的指标的构成，亦称为被动型投资策略(passive portfolio strategy)参见Active Fund Management（积极型基金管理）及Index fund(指数基金)。An investment strategy that focuses on mirroring the composition of a given market or sector to match its return and risk characteristics.See also: ManagementCategory: 基金

Crack Spread

裂解价差Crack Spread1.石油产品期货的一种交易策略，通常指买进原油期约，同时卖出汽油和取暖油期约。对炼油厂而言，买进原油期货可锁定原料成本，卖出油品期货则可锁定售价。2.指计算一桶原油提炼出来的油品理论上的市场价值。A calculation showing the theoretical market value of petroleum products that could be obtained from a barrel of crude after the oil is refined or cracked.Category: 期货期权

Naked Position

裸头寸Naked Position指未有进行套期保值的多头或空头头寸。参见Hedging（对冲/套期保值）。A long or short position that has not been hedged.See also: Hedging期货期权 | 金融

Beige Book

褐皮书Beige Book英文亦称the Tan Book，为美国联邦储备委员会(FED)每年发布八次的美国经济展望调查报告。网址：www.federalreserve.gov/FOMC/BeigeBook/2004Synonym: Tan bookA survey of the outlook for the US economy published eight times a year by the Federal Reserve Board. Also known as the Tan Book.Category: 金融

WTI

西得州轻质原油WTI英文West Texas Intermediate的缩写，是美国原油的基准，其他原油定价的指标。WTI由美国得克萨斯州西部油田出产的原油混合而成，是一种低硫轻质(美国石油学会重力指标为40度)原油。参见API Gravity（美国石油学会重力指标）。West Texas Intermediate is a benchmark crude oil against which other crudes are priced. A light (40 degrees API) sweet blend of crude oils produced in fields in Western Texas, it is the benchmark for US crude oil.See also: API Gravity期货期权 | 缩略语

SAE

西班牙的股份有限公司SAE西班牙的公司名称中表示"西班牙的股份有限公司"（Sociedad Anonima Espaol）词组的缩写。Synonym: Sociedad Anonima Espanol. Spanish company titleCategory: 缩略语

Offer document

要约文件Offer document就并购而言，要约文件是指意图收购方发给收购目标公司股东的正式文件。在美国，offer document有时是指招股书(prospectus)。参见Prospectus（招股书/募股说明书）。An official document from a bidder in a takeover battle that is sent to shareholders in the target company. In the United States an offer document can be synonymous with a prospectus.See also: Prospectus

Specifications

规格说明Specifications对某一种原油或已炼制油品的特性所做的说明。由于这些产品的特性往往有很大的差异，即便是同等级的产品也是如此，因而需要具体的说明。这些特性影响原油或石油产品的价格及其最终用途。Refers to properties of a given crude oil or refined petroleum product. Properties are specified because they often vary widely, even within the same grade of product. The properties affect the price and end-use of the crude or petroleum product.Category: 期货期权

Economies of Scale

规模经济Economies of Scale指随着厂商扩大生产规模，产品的平均单位成本随着产出增加而下降的现象。 资本密集型产业的规模效益通常较为明显，因为厂房和设备等固定成本庞大，分摊到更多的产出上，每单位产出平均成本下降的效果很显着。 规模效益亦可指随着生产规模扩大，厂商能以较低的价格大批买进原料、在融资上获得较优惠的利率以及因生产上分工更精细而提高了生产率。The theory that it is cheaper and more efficient to produce additional units of a product because the fixed costs of production, such as land and buildings, are spread over a larger amount of output. The marginal cost, or the cost of the last unit of production, drops as more output is produced.Category: 金融

MIT

触及市价单MIT英文market if touched的缩写,是一种设定成交前提的交易指令：一旦市价触及所设的价格,该指令自动变成市价单,即须按当时所能取得的最佳价格尽快成交. 经纪人接获这种交易指令,只要当天市价曾触及所设价格,即必须以市价完成交易,不得推诿因故无法成交.参见Market Order(市价单/市价指令).Synonym: Market If TouchedWritten as MIT. An order to sell or buy at a specific price if the market reaches that price.金融 | 缩略语

Trigger Price

触发价格Trigger Price指国际商品协定中引发协定各方采取调节措施的市场价格。参见Commodity Agreements（商品协定）。The price at which buy/sell mechanisms in commodity agreements take effect.See also: Commodity AgreementCategory: 期货期权

Knockout Option

触碰失效的期权Knockout Option指一旦标的资产的价格达到某一水平便宣告无效的期权。标的资产是指行使期权时可以买进或卖出的资产. 期权的卖方设定行权限制，目的是要减少标的资产的价格发生剧烈波动时造成的损失。相对地，期权买方支付较低的费用，获利的机会也有限。例如，某股当前市价为95美元,期权卖方可以出售一张触碰失效型的看涨期权(call)，授予买方以100美元的价格买入股票的权利，同时订明股价一旦升至109美元期权即宣告无效。如果股票的价格升至100美元以上，期权买方将会行权。如果股价猛涨至109美元或以上，则期权被撤销，期权的卖方因而解除巨额损失的风险。参见Barrier Option（界限期权/障碍期权）。An option that is knocked out, or nullified, when the underlying instrument reaches a certain price. The option writer sets the limit, with the aim of restricting his losses if the price of the underlying financial instrument moves move very sharply. In exchange the buyer pays less for an option which offers only limited opportunities for profit. For example, an option writer might sell an option on a share now trading at $95 giving the option buyer the right to buy or "call" the share at $100, but with a knockout limit of $109. If the share price rises above $100 the buyer will exercise the option. If the price rises sharply, above $109 then the option is nullified and the option writer has removed his exposure to large D622See also: Barrier OptionCategory: 期货期权

Trigger Option

触碰生效期权Trigger Option界限期权的一种，请参见Barrier Option(界限期权)。参见Options（期权），Down and In（下跌生效期权），Up and In（上涨生效期权）。A type of barrier option. See also: Option, Down and In, Up and InCategory: 期货期权

Planned Economy

计划经济Planned Economy指由政府决定资源配置的经济模式。在严格的计划经济下，政府决定了全部商品的生产规模与价格。与计划经济相对的是藉自由市场的需求与供给决定资源配置的经济模式，名为市场经济。参见Market Economy(市场经济)。An economy in which the government fixes prices and production. A planned economy contrasts with a free market economy.Category: 金融

Virus

计算机病毒Virus旨在对受感染的计算机或计算机网络产生负面影响的计算机程序。Computer code or a program designed to have negative effects on the computer or computer network it infects.

Econometrics

计量经济学Econometrics运用统计和数学方法验证和发展经济理论的学科，也包括以经济研究成果为基础制订规划和执行政策。The use of statistical and mathematical methods to verify and develop economic theories. Also covers the development of plans and the implementation of policies based on economic findings.Category: 金融

Warrant

认股权证Warrant一种衍生工具，持有人有权在一定的期限内按约定的认购价向发行人购进一家公司的普通股，认购价通常高于发行时标的股票的市价。认股权证的有效期通常较长，可以是数年至永久有效。认股权证通常依附公司债或优先股发行，作为吸引投资人认购的"赠品"，但认股权证有其独立的价值，可自由转让、单独买卖。认股权证的标的股票通常是发行公司自身的股票，但也可以是子公司的股票。参见Covered Warrant (备兑认股证)。A type of financial instrument attached to a security that has a separate life and value. A warrant allows the investor to purchase ordinary shares at a fixed price over a period of time (years) or to perpetuity. The price of the shares is usually higher than the market price at the time of issue. A warrant is freely transferable and can be traded separately. Warrants are usually issued by companies for their own shares, or the shares of a subsidiary. Covered warrants are issued by banks, for the shares of other companies, or for use as a trading instrument.Category: 股票

Undersubscribed

认购不足Undersubscribed指新发行的证券因投资者需求不足而未能全部售出，与之相对的是"超额认购(Oversubscribed)"。参见Oversubscribed（超额认购）。When a new issue is not completely bought by investors. Opposite of oversubscribed. See also: Oversubscribed金融 | 债券 | 风险投资和新股发行 | 股票

Registered Form

记名证券Registered Form指证券所有人至发行公司办理登记的证券。证券可采记名或不记名的方式持有，政府债券以记名方式最为常见。参见Bearer Shares/Bearer Forms（不记名股票或不记名证券）。A security that is registered in the books of the issuer in the name of the owner. Securities are kept in either registered or bearer form and government bonds are most commonly registered.See also: Bearer Shares金融 | 债券 | 股票

Holder of Record

记录持有人Holder of Record指发行公司的记录上所显示的证券持有人。显示股票持有人的记录称为「股东名册」。The name of the owner of a security as recorded in the issuing company's records.Category: 股票

Securitization

证券化Securitization指将其他金融资产组合后所开发出的金融投资工具，并以新的形式出售给投资者。抵押贷款可以证券化，而一个流行歌星歌曲专辑未来所能获得的版税也可证券化。这项新的金融工具随后可以进行交易。Creation of financial instruments by combining other financial assets and then selling them to investors in the new form. Mortgages can be securitized, as can future royalties from a pop star's song portfolio. The new instruments can then be traded.Category: 金融

Tombstone

证券发行通告Tombstone发布关于新发行证券的细节的公告，常以广告形式出现在报纸上。这种公告会列明负责经办的投资银行或提供资金的公司。证券发行通告只是一种记录，并非邀请认购的通知。证券发行通告英文称为tombstone (墓碑)，是因为其样式与墓碑上的碑文相似（见图15）。参见Bulge Bracket（主力承销商）。A public notice such as a newspaper advertisement announcing the details of a new issue including the names of investment and finance houses who have organized and provided the funds. A tombstone appears as a matter of record and is not an invitation to subscribe. The layout and list of names resembles the inscription on a tombstone.See also: Bulge BracketCategory: 股票

Portfolio Investment

证券投资Portfolio Investment国际收支中、资本帐下的一个项目，反映资本跨国进行证券投资的情况，与直接投资不同，后者涉及在国外设立公司开展业务，直接参与公司的经营管理。证券投资则一般只是被动地持有股票或债券。参见Balance of Payments(国际收支)，Capital Account(资本账)及FDI（外国直接投资）。Investment through financial instruments rather than by taking a direct stake in a company and its management and development. It contrasts with foreign direct investment, which takes direct ownership in a company or builds new factories, rather than investing in shares and bonds. See also: FDI基金 | 金融 | 风险投资和新股发行

Circling

证券的预售Circling指承销商在证券正式发行前，接洽可能购买的客户，以确定他们愿意购买的价格和数量。The pre-selling of an issue by taking orders from prospective customers金融 | 债券 | 股票

CUSIP

证券统一辨识码CUSIP英文Committee on Uniform Securities Identification Procedures(证券统一辨识程序委员会)的缩写。 美国各种联邦政府债券、市政及公司债券均会获得一个CUSIP码，作为辨识的统一代码。Category: 缩略语

Cereals

谷物Cereals指诸如小麦、燕麦、大麦、裸麦、大米、玉米、小米和高粱等普遍交易的农作物。Commonly traded crops such as wheat, oats, barley, rye, rice, maize (corn), millet and sorghum.Category: 期货期权

Liabilities

负债Liabilities就公司而言,负债是指公司运作所产生的债务以及偿付责任. 负债须透过向债权人转移经济利益来偿还,比如支付现金或提供商品或服务. 在公司的资产负债表上,资产等于负债加股东资金,换着话说,资产的资金来源不外乎负债以及股东资金. 负债的形式包括贷款、应付帐款、应计费用、预收收入以及或有负债等.参见Assets（资产）以及Company(公司)。Liabilities are debts arising from borrowing and credits used to finance assetsSee also: AssetsCategory: 金融

Currency Limit

货币交易限额Currency Limit一个交易商、一组交易商或一个交易室被允许做某种货币交易的最大额度。The maximum amount a dealer, a group of dealers, or a dealing room are allowed to trade in any particular currency.Category: 外汇

Debt

负债权益比率Debt衡量公司债务水平的一个比率，由长期债务除以股东权益得出。The supply of funds from a creditor to a debtor in exchange for interest and a commitment to return the funds in full at a fixed date in the future. Debt is usually in the form of financial instruments such as bonds, bills and notes. Creditors, who can be private individuals, banks or institutions such as pension funds and insurance companies, lend the money in the belief that the debtor will honour the obligation to pay the interest and eventually to repay the capital of the loan. Debt instruments have a defined life, a maturity date and normally pay a fixed rate of interest. All purchasers of debt have a supply of cash which is not immediately needed, on which they wish to earn interest until it is required for their own direct use. The interest is a payment for their willingness to forgo use of the funds for a fixed time.See also: Debt, Notes金融 | 股票

Negative Carry

负利差Negative Carry指头寸的融资成本大于其收益，相反的情况称为"正利差"（positive carry）。参见Carry and Roll(债券利差交易)。A term used to describe a situation where the financing cost of a position is greater than the return. It is the opposite of 'positive carry', where the financing cost is less than the return.金融 | 外汇 | 债券

Negative Goodwill

负商誉Negative Goodwill一家公司收购另一家公司时，若所支付的代价低于被收购公司的账面资产净值，差额即称为负商誉。参见Goodwill（商誉）。The gain for a company when it makes an acquisition and pays less than the market value of the assets acquired. See also: GoodwillCategory: 金融

CFO

财务总监CFO英文Chief Financial Officer的缩写，是公司财务负责人的职衔，负责处理公司的资金及财务计划等问题。Synonym: Chief Financial OfficerChief financial officer. An executive position, the CFO is responsible for handling a company's funds and financial planning.Category: 缩略语

Financial Year

财政年度Financial Year指公司因应会计需要而制定的年度。财政年度可以是日历年度，也可以跟日历年不同，例如从4月份开始。英文亦称fiscal year。 The year used for a company's accounting purposes. It can be a calendar year or it can cover a different period, often starting in April. It can also be referred to as the company's fiscal year.Category: 金融

Fiscal Balance

财政收支Fiscal Balance指政府的税收加上出售资产的收入减去政府支出的余额。余额为正值代表政府有财政盈余，负值则代表财政出现赤字。The balance of a government's tax revenues, plus any proceeds of asset sales, minus government spending. If the balance is positive the government has a fiscal surplus, if negative there is a fiscal deficit.金融 | 财务税收

Fiscal Policy

财政政策Fiscal Policy指政府通过调整税收和政府支出来影响经济的预算政策。参见Monetary Policy（货币政策）。The budgetary policies through which a government influences the economy, such as changes in taxation and government spending. See also: PolicyCategory: 金融

Capital Investment

资本投资Capital Investment指在建筑物、厂房或机器等资本设备上的投资。例如，化学品提炼厂的建设是资本密集型的投资，需要投入大量的资本。Investment in capital equipment, such as buildings, plant or machinery. For example, the building of a chemical refinery would be capital intensive and require large capital investment.金融 | 风险投资和新股发行

Book

账簿Book交易商买卖一种或多种金融工具的记录。"谈论账簿"(talking a book)指交易商视本人做多头还是做空头，对一项金融工具发表利多或利空的评论。账簿(books)也指一家企业的全部会计记录。参见Matched Book（对应账簿），Unmatched Book（非对应账簿）。A trader's record of purchases and sales in one or more financial instrument. Talking a book also means a trader commenting favourably or unfavourably on a financial instrument depending on whether he is long or short in that instrument. The 'books' is also a colloquial term referring to the overall accounting records of a business.See also: BookCategory: 金融

Book Runner

账簿管理人Book Runner负责证券发行行政工作的投资银行，其工作包括邀请投资者认购及将证券分配给认购者。The investment firm responsible for looking after the administration of a new bond issue. The book runner is responsible for tasks such as inviting others to subscribe and allocating bonds to subscribers.金融 | 风险投资和新股发行

Book value

账面价值Book value资产负债表所反映的账面价值。固定资产的账面价值一般等于原购入成本减去累计折旧。The value at which fixed assets are listed in the balance sheet. Effectively the original purchase cost minus any allowance for depreciation.Category: 金融

Book Price

账面价格Book Price资产第一次入账时所登记的价值。The value at which assets were originally entered in the books of a company's balance sheet.Category: 金融

Written Down value

账面净值Written Down value英文亦称为net book value，是指资产负债表上固定资产的账面净值，即原始成本减去累计折旧后的账面值。Fixed assets in a company's balance sheet which are listed at their historical, or original cost, minus depreciation.Category: 金融

Paper Profit

账面盈利Paper Profit指因资产价值上升而产生但尚未实现的利润，比如手头的证券投资大幅升值，但因尚未卖出，盈利并未实现。英文亦称为paper gain， book profit， unrealized gain/profit。Apparent, but as yet unrealized, profit arising from an increase in the value of an asset.Category: 金融

Money

货币Money货币是一种金融资产，是贮积财富的工具以及公认的交易媒介。各国对货币与货币供应量的定义不尽相同，但可分为两大类：广义货币和狭义货币。狭义货币指可用于日常交易的货币，如硬币、钞票、活期存款和旅行支票等。广义货币的变现性较差些，包括储蓄存款、定期存款和货币市场中的机构资金等。参见Money Supply（货币供应量）。Money is a financial asset, a store of wealth and a recognized medium of exchange. Definitions of money and money supply vary from country to country but fall into two categories - broad and narrow. Narrow money is money that can be used in everyday transactions, including coins, notes, current accounts and travellers' cheques. Broad money is less easily accessible and includes savings accounts, time deposits and institutional funds in the money market.See also: Money SupplyCategory: 金融

Money Supply

货币供应量Money Supply指一个经济体中的货币总存量，包括钞票和硬币、各种信贷及其他流动金融工具。各国对货币供应量的定义不尽相同，但在多数经济体中，货币供应量的定义正逐渐从狭义的仅包括流通现金和存放于商业银行的活期存款，延伸至包括货币市场基金在内的广义货币供应。The total stock of money in an economy, including notes and coins, loans, credit and other liquid instruments. There are various definitions of money supply in each country, but in all economies the definitions gradually range from narrow, which usually includes just cash in circulation and demand deposits at commercial banks, through to the broadest measure which includes money market funds.Category: 金融

Corto

货币回笼额Corto指墨西哥中央银行为控制流动性，每天从国内货币市场回笼的比索金额。提高货币回笼额后，市场上的流动资金减少，从而导致利率上升。The 'corto', or short, is the amount of pesos the Mexican central bank withdraws from the local money market on a daily basis to control liquidity. An increase in the corto reduces liquidity and leads to higher interest rates.金融 | 债券

Currency Board

货币局制度Currency Board一种严格的汇率制度，在此制度下，一国将其货币的汇率牢牢钉住另一种货币，例如美元或欧元。货币局制度保证该国的钞票和硬币能以某一固定的汇率完全兑换成被钉住的货币。由于有此保证，货币局制度不能发行超过与其外汇储备等值的钞票和硬币。因此，货币局制度的运作是被动和机械化的。这种制度可防止政府通过印钞票来为其活动融资，能避免因此而产生的通货膨胀。香港的联系汇率即是货币局制度，港元的汇率以1美元兑7.8港元钉住美元。A strict exchange rate system in which a country pegs its currency firmly to another, such as the dollar or the euro. The currency board guarantees full convertibility of the country's notes and coins into the reference currency at a fixed exchange rate. Because of that guarantee the board cannot issue more notes and coins than it can match with its holdings of foreign currency. As a result the currency board's operations are automatic and passive. This system prevents the government financing its operations by printing money thereby creating inflation.Category: 外汇

Money Market

货币市场Money Market指期限在一年以内的短期债务工具市场,所交易的金融工具包括银行承兑汇票、商业票据、回购协议、可转让存款证以及国库券等. 货币市场工具一般来说是相当安全的资产,适合作为短期闲置资金的投资标的.A wholesale market for the buying and selling of money. Money markets trade in debt instruments with residual maturities of 12 months or less.Category: 金融

Money Market Basis

货币市场基础Money Market Basis指计算利息时有关日数算法的一种惯例. 在美国,这是指假定一年有360天,而计息的日数则取计息期间的实际日数. 在英国,计息日数同样是实际日数,但一年则取365天,少数情况下取实际日数(则闰年为366天,非闰年为365天).Category: 金融

Capital Reserve

资本储备Capital Reserve股东资金的组成部分，又称不可分配的储备(undistributable reserve)，是公司按照法规必须留存的收益，不得以现金发放给股东。重估储备(revaluation reserve)是资本储备的一种，源自资本资产的价值重估，而非一般的经营活动。资本储备还包括股票发行溢价(share premium)及资本偿还储备(capital redemption reserve)。A part of shareholders' funds that comes from a revaluation of capital assets and not from the normal operations that are recorded in the profit and loss account.金融 | 股票

Monetary Policy

货币政策Monetary Policy指调控货币供应总量和利率水平的政府政策。货币政策对宏观经济活动和通货膨胀可产生直接的影响。政府通常将执行货币政策的权力授予中央银行。参见Central Banks（中央银行）, Fiscal Policy（财政政策）, Money Supply（货币供应量）。Government policy that deals with total money supply and the general level of interest rates. It has a direct effect on the overall level of economic activity and inflation. Governments often delegate monetary policy implementation to central banksSee also: Central Banks, Fiscal Policy, Money SupplyCategory: 金融

Monetary Policy Committee

货币政策委员会Monetary Policy Committee参见MPC（货币政策委员会）。Category: 金融

PPP

购买力平价PPP英文Purchasing Power Parity的缩写。购买力平价理论认为，长期而言，一项商品只能有一个价格，即在不同国家购买同一商品的成本应该是一样的;因此，当汇率水平令各种货币的购买力相等时，汇率即处于均衡水平。比如，如果一部个人电脑在美国卖1，000美元，在中国大陆卖8，000元人民币，而1美元刚好可兑换8元人民币，则美元(在个人电脑上)的购买力与人民币相同，1美元兑8元人民币的汇率即是购买力平价理论上的均衡汇率。比较商品在不同国家的价格时，通常采用一组有代表性的标准商品，而不是单一商品。按此理论，通货膨胀较为严重的国家，其货币应会贬值，以令各种货币的购买力保持一致。购买力平价理论只适用于可透过国际贸易流通的商品，同时忽略了一些现实因素，如运输成本、关税以及其它交易费用。此理论可用来计算各国按购买力计的国内生产总值(GDP)，以免各国物价水平的差异掩盖了真实的经济产值。参见Big Mac Index（巨无霸汉堡包指数）。Synonym: Purchasing Power ParityA theory which states that the rate of exchange between two currencies is in equilibrium when it exactly reflects the difference in cost of standard goods in the two countries. If the same radio costs ￡100 in the UK and $150 in the US, there is purchasing power parity if the exchange rate is ￡1=$1.5 and the radio costs effectively the same amount in both countries. Purchasing power parity cannot apply to immobile goods such as houses and it does not take into account distortions caused by transport costs and trade restraints, so standard goods that are widely available in both countries are used as a measure. See also: Index金融 | 外汇

Purchase Fund

购买基金Purchase Fund指债券发行人设立的一个特别帐户，旨在为提前赎回债券提供资金。发债人会选择在债券价格对己有利时(比如跌至面值以下)买回债券，因为这样做要比债券到期时才赎回(通常是按面值赎回)省钱。购买基金与偿债基金类似，但前者是发债人自愿设立的，后者则是按偿债基金条款必须设立的。参见Sinking Fund（偿债基金）及Pro Rata Sinking Fund（按比例偿债基金）。A borrower uses a purchase fund to buy back issued bonds in the secondary market if the price is advantageous, i.e. at par or below. This can save money on repayment of the bonds at par at maturity. Similar to a sinking fund but not mandatory.See also: Fund

Capital Intensive

资本密集型的Capital Intensive指在生产设备上必须投入大量资本。 资本密集型产业的例子包括钢铁、炼油及发电等。参见Capital（资本）。A project or production process that uses a relatively large amount of capital. See also: Capital金融 | 风险投资和新股发行

Discount

贴水DiscountDiscount一般是指某物的售价低于其正常水平。如果一项资产的价值高于其市场价格所反映的水平，该项资产则称为"处于贴水状态"(at discount)。在货币市场，金融票据到期前不付息，因此其价格低于面值，故称"以贴现的方式表达"。在外汇市场，贴水指远期汇率低于现汇。在期货市场，贴水指期货的价格低于现货，英文称为backwardation。 Discount的英文反义词为premium(溢价/升水)。参见Backwardation（延期交割贴水），Premium（溢价）。Generally used to describe when something is selling below its normal price. An asset or fund is described as being at discount when its value is above its market price. In the money markets it is the action of buying financial paper at less than par value. In the foreign exchange markets it is a margin by which the forward rate falls below spot. In the futures market it is referred to as backwardation. Opposite of premium.See also: Backwardation, Premium期货期权 | 金融 | 外汇 | 债券

Discount Yield

贴现收益率Discount Yield以贴现方式出售的证券的收益率。The yield on a security that sells at a discount.金融 | 债券

Discount Rate

贴现率Discount Ratē. 指商业银行以政府债务如国库券为抵押，向中央银行借入资金的利率。2. 泛指将未来现金流折算为现值的利率。参见Central Bank（中央银行），Discount（贴现）。The interest rate at which the central bank is prepared to lend funds to commercial banks, which supply government debt such as Treasury bills as collateral. . See also: Bank, Discount

Discount Window

贴现窗口Discount Window由中央银行作为最后贷款人(lender of last resort)，以贴现率向商业银行提供资金的机制。中央银行并非一定要提供资金，因此商业银行不可将通过贴现窗口融资视为一项权利。参见Central Bank（中央银行），Discount（贴现）。The facility set up by central banks to provide funds to commercial banks as the 'lender of last resort'. Central banks lend at their discretion, and not as a right, to commercial banks at the discount rate.See also: Bank, Discount金融 | 债券

Discount House

贴现行Discount House英国货币市场主要参与者之一，主要业务是为各种货币市场工具如承兑商(accepting house)承兑的长期汇票、国库券和商业票据等提供贴现服务。Term used in the UK to describe an institution acting as an intermediary between the Bank of England and the banking system.金融 | 债券

Precious Metals

贵金属Precious Metals主要的贵金属包括黄金、白银、铂金及钯金。另外，铑、铱、锇和钌亦属贵金属。参见Base Metals（基本金属），Minor Metals（小金属）。There are eight precious or noble metals - gold, silver, platinum, palladium, rhodium, iridium, osmium and ruthenium. The latter four are co-products of platinum and palladium. See also: MetalsCategory: 期货期权

Facility Fee

贷款安排费Facility Fee指借款人向贷款人支付的贷款安排费用。A payment made by a borrower to a lender for arranging a loan.金融 | 风险投资和新股发行 | 股票

Capital Markets

资本市场Capital Markets参见Capital（资本）。金融 | 风险投资和新股发行

Lending Margin

贷款息差Lending Margin银行厘订贷款利率时,常以基准利率加上某一固定水平的息差来表示,该息差即是所谓的贷款息差. 基准利率通常是一个浮动的市场利率,比如伦敦银行同业拆借利率(Libor). 举例,贷款利率若为Libor加200基点,200基点即是贷款息差. 贷款息差有时也指银行收取的贷款利率超过其资金成本的幅度.参见Libor（伦敦银行同业拆借利率）。The fixed spread that borrowers agree to pay above an agreed base rate for calculating interest. The base, or reference rate, may be a rate such as London Interbank Offered Rate.See also: Libor金融 | 债券

Loan Loss Provisions

贷款损失准备金Loan Loss Provisions指银行因预期贷款无法收回,在帐面上提列的坏帐损失准备. 坏帐损失在损益表上是一项经营费用.Funds set aside to cover anticipated loan losses. They appear on a bank's income statement as an operating expenseCategory: 金融

Trade Barrier

贸易壁垒Trade Barrier指妨碍商品和服务在国家之间自由交换的人为限制，常见的形式包括关税、补贴、配额和外汇管制等。Artificial restraint on the free exchange of goods and services between countries, usually in the form of tariffs, subsidies, quotas or exchange controls.Category: 金融

Balance of Trade

贸易差额Balance of Trade一国商品进出口总值的一个记录。若进口超过出口，超出的部分称为贸易逆差(trade deficit)；而若出口超过进口，超出的部分称为贸易顺差(trade surplus)。Monetary record of a country's net imports and exports of physical merchandise. It can be negative, showing that a country is importing more than it exports, or positive, showing it exports more than it imports.Category: 金融

Trade Figures

贸易数据Trade Figures一国与其他国家贸易往来的记录，显示如原材料和制造品等有形商品的进出口总额。贸易数据较易收集，通常按月公布。也称balance of trade（贸易差额/贸易收支）。The record of a country's trading relationship with the rest of the world, showing the balance between exports and imports of visible goods such as raw materials and manufactured items. The trade figures are relatively easy to collect and are usually published monthly. Also known as the balance of trade.Category: 金融

PHLX

费城证券交易所PHLX英文Philadelphia Stock Exchange的缩写，是美国的证券市场之一，也从事货币衍生产品的交易。The Philadelphia Stock Exchange. A US stock market that also lists currency derivatives缩略语 | 股票

Fibonacci Numbers

费波纳奇数字序列Fibonacci Numbers13世纪意大利数学家费波纳奇(Leonardo Fibonacci)发现的一个数字序列，序列中相邻的两个数字之和等于下一个数字，开始的几个数字是1， 1， 2， 3， 5， 8， 13， 21， 34... 费波纳奇数序神奇之处在于，从第五个数字起，每一数字与下一数字之比均接近0.618。技术分析师运用该数序来确定走势回档(升势后的回落或跌势后的反弹)的目标价位。参见Retracements（价格折返率），Technical Analysis（技术分析）A number sequence discovered by a thirteenth century Italian mathematician Leonardo Fibonacci in which the sum of any two consecutive numbers equals the next highest number. The ratio of any number to its next highest number approaches 0.618 after the first four numbers. These numbers are used by technical analysts to determine price objectives from percentage retracements.See also: Retracement, Technical AnalysisCategory: 技术分析

Assets

资产Assets对企业有价值、能帮助企业获利的皆为资产。资产包括有形之物如厂房、设备和金融资产这些有形资产，以及商誉、专利权及品牌等无形资产Assets are tangible items of value to a business such as factories, machinery, and financial instruments and intangible items such as goodwill, the title of a newspaper or a product's brand name. They appear on the company's balance sheet.Category: 金融

Unmatched Book

资产与负债期限不对称Unmatched Book指资产与负债的期限不对应。具体地，是指负债的平均期限短于资产的平均期限。对银行来说，可指银行发放了长期贷款，但只有短期存款，这些存款在收回贷款资产前即可能被客户提走。有时也称"lending long and borrowing short"（借短贷长）。参见Book（账簿）。One in which the maturities of assets and liabilities do not correspond. More specifically when the average maturity of the liabilities is less than that of the assets. For a bank it can mean it has made long-term loans but has only short-term deposits, which may be withdrawn before the loan assets are realized. Sometimes known as lending long and borrowing short. See also: BookCategory: 金融

NAV

资产净值NAV总资产减去总负债即是资产净值。就公司而言，资产净值通常按资产及负债的帐面值计算得出。就基金而言，资产净值代表共同基金的实际价值，等于基金所拥有的资产总值减去所有的负债(包括应分摊的开销成本)。为了使开放型基金的投资者在买卖基金上有一公平合理的计价标准，基金公司会于每一个基金交易日，根据该基金投资组合内的所有资产，包括股票、债券、现金、其他有价证券或资产于特定时点、集中交易市场的报价，来计算出基金的总资产价值，减去全部债务得出资产净值，再除以该基金发行在外的总单位数，即得到每一单位基金的资产净值，也就是该基金于该交易日的买卖价格依据。参见Mutual Fund(共同基金)。Synonym: NAVThe valuation of a company or fund based on its assets. This can lead to differences of perception depending on how assets are valued. For mutual funds and unit trusts, the NAV is calculated daily by dividing the net value by the number of outstanding shares. This is the price at which investors can redeem their mutual fund shares.See also: Mutual Fund基金 | 金融 | 缩略语

Asset Turnover

资产周转率Asset Turnover参见Capital Turnover（资本周转率）。Category: 风险投资和新股发行

Capital Loss

资本损失Capital Loss指出售资产的所得低于资产成本所造成的损失。Loss when the sale of an asset yields less than the acquisition cost.金融 | 风险投资和新股发行

Equity Withdrawal

资产增值抵押借款Equity Withdrawal英文亦称为mortgage/home/house/housing equity withdrawal，指将房屋抵押给银行，但所取得的贷款并非用于购买房子，多用来支付家庭消费。 这种贷款活动通常会在房屋价格持续上涨时趋于活跃，因为房价上扬，代表通过抵押可贷得更多的资金，而按揭利率通常又是一般家庭可取得的最低贷款利率(因为有抵押品，银行的风险较低)，因此，这类贷款是房价高涨时期流行的家庭融资方式。 Equity withdrawal直译为"提取净值"，因equity可理解为净值，即资产减去相关负债后的资产净值，提取净值即指增加负债(以资产为抵押增加贷款)，将资产净值套现之意。Category: 债券

Return on Assets

资产收益率Return on Assets参见ROA（资产收益率）。金融 | 缩略语 | 股票

Asset Management

资产管理Asset Management指代客户投资的基金业，亦称投资信托。另外，也有一种资产管理公司(Asset Management Company， AMC)专注处理银行坏账，例如中国政府为四大国有商业银行设立的四家资产管理公司。Also known as liability management, this is the function of controlling assets and liabilities to achieve the optimum return and reduce risk.Category: 基金

Portfolio

资产组合Portfolio指投资者持有的一组资产。一个资产多元化的投资组合通常会包含股票、债券、货币市场资产、现金以及实物资产如黄金等。An investor's collection, or holding, of financial instruments.基金 | 金融 | 风险投资和新股发行

Balance Sheet

资产负债表Balance Sheet显示公司资产与负债状况的会计报表，为股东和监管当局编制。 资产负债表显示公司在某一时点持有什幺资产，及这些资产的融资方式。参见Assets（资产），Liabilities（负债）。An accounting statement of a company's assets and liabilities, provided for the benefit of shareholders and regulators. It gives a snapshot, at a specific point of time, of the assets that the company holds and how the assets have been financed.See also: Assets, Liabilities金融 | 财务税收

Asset Allocation

资产配置Asset Allocation指将资金分配在股票、债券及现金等各种资产上，争取在最低水平的风险上获取最佳回报。The process of distributing investment funds among different kinds of assets, such as stocks, bonds and cash, to achieve the highest expected returns for the lowest possible risk.Category: 基金

Capital

资本Capital资本在经济学上的定义是：生产中必需的、劳动力和土地以外的资产。在金融市场上，资本指主要用于购置资本货物(capital goods)的融资工具，尤其是债务工具和股票。参见Debt（债务），Equity（股本）。Economists define capital as assets, other than labour and land that are required for production. In financial markets capital refers to the financing instruments used principally to acquire capital goods. In particular it refers to debt instruments and equity. See also: Debt, EquityCategory: 金融

Undercapitalized

资本不足Undercapitalized指企业的所有人投入的资金不够，不足以支持业务的运作及必要的扩张。Term used when a business is not supplied with enough funds by its owners to support its activities and provide for any needed expansion.Category: 金融

Capital Adequacy Ratio (CAR)

资本充足率Capital Adequacy Ratio (CAR)要求银行因应业务所需而必须持有的最低资本水平，由十国集团(G10)的中央银行于1988年定出统一标准。国际清算银行的该规则决定了商业银行必须持有的资本类别以及规模，对银行可发放的贷款种类亦有影响。按1988年的巴塞尔资本协定，商业银行的资本充足率最低须达8%。在银行的资产负债表上，资产方包括贷款及银行选择持有的其他资产。这些资产牵涉的风险程度不一，银行监管机构会按资产的类别指定不同的风险权数(risk weighting)，然后对银行各种类别的资产采用这些风险权数，以计算出某银行所承受的整体信贷风险(即风险资产，risk weighted credit exposures/risk weighted assets)，再规定每间银行持有的资本额最少要相当于风险资产的某个百分比，亦即资本充足率。风险权数由零至100%不等，一般标准是：现金及对政府的短期借贷的风险权数为零，即无须就此风险极低的资产持有资本；住宅按揭(抵押贷款)的权数为50%，一般贷款权数为100%。参见Basel Rules（巴塞尔资本协定），BIS（国际清算银行），G10（十国集团），Tier One（一级资本）。Category: 金融

Capitalization Issue

资本化发行Capitalization Issue亦称为发行红股(bonus issue)，免费发行(free issue)及股利股票发行(scrip issue)，参见bonus issue。参见Share（股票），Stock（股票）。金融 | 股票

Capital Turnover

资本周转率Capital Turnover反映企业资本密集程度的指标，亦可视为资本运用效率的参考，等于销售总额（或营业额）除以企业所动用的资本(capital employed)。资本周转率越低，要创造一定金额的收入就须动用越多的资本。Synonym: Asset TurnoverA measure of how capital intensive a business is. It measures total sales (or turnover) divided by the capital employed in the business. The smaller the number the more capital is required for a given amount of sales. Also known as Asset Turnover.金融 | 风险投资和新股发行

Capital Goods

资本品Capital Goods指用于生产其他产品的固定资产，如厂房和设备。参见Capital（资本）。Category: 金融

Capital Base

资本基础Capital Base指公司已发行的股本加上储备及留存收益(retained earnings)。The issued capital of a company, plus reserves and retained profits.金融 | 风险投资和新股发行

Capital Gain

资本增值Capital Gain指以高于资产成本的价格出售或转让资产所获得的利润。通货膨胀和汇率波动均可能影响实质资本利得。Profit from selling or transferring assets at a higher price than their initial cost. Inflation and currency movements can affect the real capital gain.金融 | 风险投资和新股发行

Capital Flight

资本外逃Capital Flight指资金大量撤出一个国家。政治不稳定、货币贬值、新的管制措施和税收，或担心政府限制资本流动等因素都有可能引发资本外逃。The withdrawal of large amounts of money from a country. It may be caused by such things as political instability, currency depreciation, new regulations and taxation or fears of government restrictions on movement of capital.Category: 金融

Capital Controls

资本管制Capital Controls政府限制或禁止资本流出本国的措施。这种管制的威胁可能导致投资者和基金经理撤走资金，即所谓的资本外逃现象。参见capital flight（资本外逃）。Government measures that restrict or bar the sending of capital outside a country. The threat of such controls can cause investors and fund managers to withdraw their funds, a reaction known as capital flight.Category: 金融

Capital Account

资本账户Capital Account国际收支上本国与外国之间资本流动的记录，反映本国资产和负债状况的变动，包含贷款和投资相关的资本流动。投资项目包括直接投资(direct investment)及证券投资(portfolio investment)。参见Balance of Payments（国际收支），Current Account（经常账户）。An account in the balance of payments that records movements of capital between domestic and foreign residents. The capital account records changes in the asset and liability position of domestic residents. It covers flows such as loans and investments.See also: AccountCategory: 金融

CAPM

资本资产定价模型CAPM一种跟踪股票风险与预期收益之间关系的模型。该模型假定风险资产的收益率等于无风险资产的收益率加上风险溢价，而风险溢价等于股票的β值乘以市场整体收益率与无风险资产收益率之差。参见Beta（贝塔系数，β值）。Synonym: Capital Asset Pricing ModelCapital Asset Pricing Model. A model that tracks the relationship between risk and expected return. It stipulates that the return on a risky asset is equal to the risk-free rate plus a risk premium. The risk premium is the stock's beta multiplied by the difference between the market rate of return and the risk-free rate.See also: Beta金融 | 缩略语 | 风险投资和新股发行 | 股票

Capital Risk

资本风险Capital Risk指公司的股票价格下跌或变得毫无价值，从而导致资本损失的风险。参见Risk（风险）。The risk that a company's share price will fall in value or become worthless, resulting in a loss of capital. See also: Risk金融 | 股票

Resiliency Test

资金实力测试Resiliency Test指对保险公司规定的法定偿债(偿付能力)保证金，以确保他们有足够的资产抵备他们的理赔。参见Solvency Margin（偿债保证金）。The statutory solvency margins set for insurance companies, to ensure that they have sufficient assets to meet their liabilities.See also: MarginCategory: 金融

Operational Balances

资金操作余额Operational Balances就银行体系而言，是指商业银行存放于中央银行、供每日资金结算用的资金余额。Commercial bank funds held on deposit at the central bank to settle the final position at the end of the day between the banking system and the central bank.

Money Flow Index

资金流向指标Money Flow Index简称MFI,是一种技术分析工具,衡量资金流入及流出金融工具的强度. MFI与价格走势出现背离可能是价格趋势逆转的讯号. 这种指标与相对强弱指标(RSI)类似,只是RSI仅考虑价格,而MFI则将成交量也纳入分析.参见Technical Analysis（技术分析）, RSI（相对强弱指数）。A technical analysis indicator. A volume-weighted relative strength index which attempts to measure the strength of money entering and leaving the market.See also: Technical Analysis, Relative Strength Index金融 | 技术分析

Variable Redemption Bond

赎回值可变动的债券Variable Redemption Bond指赎回价值与某种指标挂钩的债券，参照指标可以是美元兑日元的汇率、美国公债、股价指数或黄金价格的走势等。A bond whose redemption value is linked to a variable such as the dollar/yen exchange rate, the performance of the benchmark US Treasury bond, a stock index or the gold price.Category: 债券

Redemption Yield

赎回收益率Redemption Yield赎回证券时，将当前收益率的涨跌情况纳入资本利得或损失的计算内。Current yield increased or decreased to take account of the capital gain or loss on redemption.债券 | 股票

Redemption Warrant

赎回认股权证Redemption Warrant指借款者提供持券人在认股权证不履行时的担保赎回价格。参见Warrant（认股权证）。The borrower offers the holder a guaranteed redemption price if the warrant is not exercised. See also: WarrantCategory: 股票

Deficit

赤字Deficit支出超过收入，差额称为赤字，与之相反的是盈余。参见Surplus（盈余）。The difference when expenditure is greater than income. Opposite of surplus.See also: SurplusCategory: 金融

Deficit Financing

赤字财政Deficit Financing指财政出现赤字，导致政府需要借款的预算政策，可以是政府刻意的政策行动，也可以是无法控制支出的直接后果。Budgetary policy that produces a deficit and a resulting government borrowing requirement. It can be the direct result of positive government action or failure to control spending.Category: 金融

Dated Date

起息日Dated Date指新发行的证券开始计息的日期，通常为证券的发行日。Date from which interest begins to accrue on a new issue, frequently the issue date.金融 | 外汇 | 债券 | 股票

Overbought

超买Overbought指资产的价格升至基本面因素无法支持的水平，通常发生在价格短时间内急涨之后。超买意味着价格很容易出现向下修正。在技术分析上，当一种金融工具的相对强弱指数超过75%时，一般视为出现超买。与之相反的情况称为"超卖"。参见Oversold（超卖），RSI（相对强弱指数），Technical Analysis（技术分析）。When prices have risen more than they should according to fundamental factors. This could mean the market is liable to a downward correction. In technical analysis, an instrument is overbought when it registers more than 75 per cent on its RSI. The opposite of oversold. In technical analysis, an instrument is overbought when it registers more than 75 per cent on its RSI. The opposite of oversold.See also: Analysis期货期权 | 金融 | 外汇 | 债券 | 技术分析 | 股票

Enhanced Scrip Dividend

超值股票股息Enhanced Scrip Dividend以股票派发的股息。 为鼓励投资者接受股票股息，股票股息的市场价值通常要高于现金股息。参见Dividend(股息)。A dividend to shareholders in the form of extra shares which have a market value greater than the value of the dividend. They can usually be sold immediately by the holder.See also: DividendCategory: 股票

Majors

跨国石油公司Majors指跨国石油公司,这些公司无论在规模、经验以及一体化程度等各方面，均在国际石油业中处于领先地位。 Multinational oil companies, which by virtue of size, age and/or degree of integration, are among the pre-eminent firms in the international petroleum industry.期货期权 | 金融

Oversold

超卖Oversold指就基本面因素而言，资产价格已跌至不合理的水平，通常发生在价格短期内急跌之后。超卖意味着价格很容易出现向上调整。在技术分析上，当一种金融工具的相对强弱指数低于25%时，一般视为出现"超卖"。相反的情况称为"超买"。参见Overbought（超买），RSI（相对强弱指数），Technical Analysis（技术分析）。When prices have dropped more than they should according to fundamental factors. This could mean the market is liable to an upward correction. In technical analysis, an instrument is oversold when it registers less than 25 percent on its RSISee also: Analysis金融 | 外汇 | 债券 | 技术分析 | 股票

Supranational

超国家金融机构Supranational指在世界资本市场上筹措资金，以便对发展中国家或大型项目进行投资的机构。超国家金融机构由数国政府所有，例如世界银行和欧洲复兴开发银行等。An agency which raises money in world capital markets to fund investment in developing countries or large projects. Supranationals are owned by a consortium of national governments. They include the World Bank and the European Bank for Reconstruction and Development.Category: 金融

SuperMontage

超级蒙太奇交易显示系统SuperMontage指NASDAQ股票市场的交易和下单显示系统，该系统既显示指令，也执行指令，方式与电子通讯网络（ECN）相似。参见ECN（电子通讯网络），NASDAQ（纳斯达克）。The NASDAQ Stock Market's trading-and-order display system, which both shows orders and executes them, in a manner similar to trading on ECNs, electronic communications networks. See also: ECN, NASDAQCategory: 股票

Oversubscribed

超额认购Oversubscribed指市场对新发行证券的认购量超过发行量。出现超额认购时，可以透过抽签或按比例的方式分配证券。超额认购的程度越高，代表市场对该证券的需求越高，挂牌交易后价格很易升至远高于发行价的水平。When an issuing house receives more subscriptions for a new issue than are available. Applications cannot be met in full and the issue will then be shared out, typically on a pro rata basis. The issue will tend to open at a premium to its issue price, reflecting the over-demand风险投资和新股发行 | 股票

Greenshoe Option

超额配股权Greenshoe Option股票承销协议的一项条款，允许承销商在市场需求强劲时，额外配售一定数量的股份，如原招股规模的15%。 因首家给予承销商这种权利的公司称Green Shoe Company而得名，有时亦称为Over-Allotment Option(超额配股权)。A provision in the underwriting agreement for a share issue that allows the sale of additional shares to the public if demand is high. Named after the Green Shoe Company which first granted such an option. Sometimes known as an Over-Allotment Option. See also: Option期货期权 | 股票

Trend Reversal

趋势反转Trend Reversal参见Reversal Day（逆转日）。Category: 技术分析

Trendline

趋势线Trendline在技术分析上，趋势线是联结多个价格高点(或低点)而成的一条直线，显示市场当前的趋势。趋势线存在的时间越久，越多次遭价格试探而未被突破，其重要性就越强。 技术分析师相当重视趋势线，因为价格若突破趋势线可能意味着新趋势的开始。参见Technical Analysis（技术分析）。In technical analysis, a trendline is a line connecting specific price action to identify the direction of the market. The longer the trendline has been in place, tested but not broken, the more significant it becomes.See also: AnalysisCategory: 技术分析

Channel Lines

趋势轨道Channel Lines趋势轨道由技术分析图表上连接一连串高点，以及连接一连串低点的两条相互平行的直线所组成。如果价格穿越其中一条线，可能意味着出现突破性的走势（见图6）。参见Technical Analysis（技术分析）。Lines on a technical analysis chart connecting highs and lows that run parallel to each other. If either line is broken, it may indicate a substantial move in the direction of the breakout.See also: Technical AnalysisCategory: 技术分析

Continuation

趋势连续性Continuation在技术分析中，指价格走势图上的横向波动，可能代表基本趋势的歇息或是对先前超买或超卖状况的修正，下一步将是回归主要趋势。参见Technical Analysis（技术分析）。In technical analysis, a sideways movement in prices shown on a chart which is likely to be simply a pause in an underlying trend, possibly to correct an overbought or oversold condition. The next move will be in the direction of the main trend.See also: Technical AnalysisCategory: 技术分析

Convergence

趋同Convergence指期货价格随着到期日的逼近日益靠近标的金融工具的价格。也指希望加入某货币区的国家的利率朝货币区利率的基准水平靠拢的过程，这是希望加入欧元区的国家市场交易上的一个新因素。参见Basis Risk（基差风险），Futures（期货）。The process by which a futures price moves toward the price of the underlying instrument as expiry approaches. Also, the movement of interest rates in applicant countries towards those prevailing in the currency bloc which they are aspiring to join. This is a new factor in the market trading of the countries that want to join the Eurozone.See also: Risk, FuturesCategory: 期货期权

Selloff

跌价抛售Selloff指当出现严重的市场压力压抑价格时，为了防止股票、债券、期权、期货或其他任何形式的商品或金融工具的价格进一步下跌而出现的大量抛售。When severe market pressure depresses prices, causing the sale to avoid further falls of shares, bonds, options, futures or any other form of commodity or financial market instrument.期货期权 | 外汇 | 债券 | 股票

Multinational

跨国公司Multinational英文亦称multinational corporation,简称MNC,是指在多个国家经营的大型企业. 跨国公司的股票常在不止一个的证券交易所上市,有些则是透过预托证券的方式挂牌.参见ADR（美国预托证券）。A publicly-owned company that operates commercially in a number of countries outside its own base. Usually its activities in each country encompass all aspects of production of its goods or services. Such companies are often listed on more than one stock exchange or have shares available via depository receipts. See also: ADRCategory: 金融

Cross Listing

跨市场上市Cross Listing指股票在两家或以上的证券交易所正式挂牌交易，通常涉及在两个或以上的国家上市，意味着该股在海外市场亦可自由买卖。参见Share(股票)，Stock(股票)。Shares that are officially listed on more than one stock exchange and are therefore traded freely away from their domestic centre. They can also appear in cross-border stock market indices.See also: Share, StockCategory: 股票

Straddle

跨式期权组合Straddle指一种包含相同的行使价和到期日的看涨期权和看跌期权的期权策略。这种策略通过在市场上涨时履行看涨期权，而在下跌时履行看跌期权，而使期权的购买者享受价格波动较大的好处。风险是如果价格只小幅波动，价格的变化过小，无法抵偿购买两份期权的成本。An option strategy involving one call and one put with the same strike and same expiry date. The strategy allows the buyer to take advantage of large price movements in either direction, by exercising the call in a rising market and the put in a falling market. The risk is that prices move only slightly and the change is not enough to cover the costs of the two options.Category: 期货期权

Square Position

轧平头寸Square Position使多头与空头头寸均衡。参见Flat（不做多亦不做空）。期货期权 | 金融 | 外汇 | 债券 | 股票

Pass-through Certificate

转付证券Pass-through Certificate一种固定收益证券，代表在一个抵押贷款资产组合中的权益。抵押贷款服务商(mortgage servicer)负责向借款人每月收取还款，然后将款项转付给这种证券的持有人。参见MBS(按揭证券)。This represents an interest in a pool of mortgages in the United States. Payments received on the underlying pool are passed through to the investor by the firm servicing the mortgage payments.

Conversion

转换Conversion指行使可转换证券(如可转换债券或优先股的换股权)，将其转换成普通股。The process of converting a convertible security, such as a bond or preferred stock, into common stock.债券 | 股票

Switch

转换交易Switch指以一种证券交换另一种证券。转换交易常常用于改善资产的组合，或许还可以提高收益率或证券组合的品质。The exchanging of one security for another. A switch is often used to improve a portfolio, perhaps to enhance the yield or quality.Category: 金融

Conversion Ratio

转换比率Conversion Ratio按合约条件，可转换证券如可转换债券或优先股兑换成股票的转换比率。The ratio for the convertibility of a preferred share into a fixed number of common shares, or from a convertible bond into the underlying shares.债券 | 股票

Assign

转让Assign一方将所有权转让给另一方，通常需要签署一份文件。在金融衍生产品市场，转让是指执行期权的行为。参见Exercise（行使权利），Option（期权）。To transfer ownership to another party. It usually involves signing a document. In derivatives markets assignment refers to the act of exercising an option.See also: Exercise, Option期货期权 | 金融 | 风险投资和新股发行

Soft Loan

软贷款Soft Loan指利率低于借贷的实际成本，或完全没有利息的贷款。世界银行的附属机构——国际开发协会为发展中国家提供用于长期基本建设项目的软贷款。参见IDA（国际开发协会）。A loan with an interest rate below the real cost of borrowing, or with no interest rate at all. The International Development Association, an affiliate of the World Bank, provides soft loans to developing countries for long-term capital projects.See also: IDACategory: 金融

Around Par

较现货价贴水Around Par远期外汇市场所用的术语，指远期汇率所报的点数在现货价的两端，例如"one around par"(-1/+1)是指较现货价贴水/升水各1点。Foreign exchange term used in the forward market when the points are quoted either side of par, i.e. one side of the quotation being at a discount, the other side at a premium.期货期权 | 金融 | 外汇

Marginal Cost

边际成本Marginal Cost指多生产一单位的产品所增加的成本，例如多生产一双鞋而需要的皮料和劳动力。边际成本与诸如厂房和机器等固定成本不同，后者无论生产多少产品都不会改变。也称增量成本(Incremental Cost)。 The additional cost of one extra unit of production, for example the leather and labour needed to produce an extra pair of shoes. In contrast with fixed costs such as buildings and machinery that do not change no matter how much is produced. Also known as Incremental Cost.Category: 金融

Churning

过度频密的买卖Churning指经纪人利用客户的资金进行过量的买卖，旨在赚取额外佣金。就整体市场而言，也指交投热络，但市场走势不明朗的一段时期。 参见Broker（经纪人）。

Bridging

过渡性贷款Bridging过渡性贷款(bridging loan)是一种在中期或长期融资安排确定前的短期融资。Bridging, or a bridging loan, is short-term financing made available pending arrangement of intermediate or long-term financing.Category: 金融

Return on Capital Employed

运用资本收益率Return on Capital Employed参见ROA（资产收益率）, ROCE（运用资本收益率）。金融 | 缩略语 | 风险投资和新股发行 | 股票

FRA

远期利率协议FRA英文forward rate agreement的缩写，指一种利率衍生工具，合约双方为一项短期投资或贷款预先设定未来一段时间的利率水平。参见Derivatives（金融衍生工具）。A forward rate agreement is an interest-rate derivative that allows investors and borrowers to set the interest rate on a short-term investment or loan in advance for a predetermined period. Also known as a FRA, this financial instrument differs from many others in that it requires no upfront payment: there is simply a one-way payment as the instrument expires, according to the difference between the rate agreed at the outset, and the prevailing rate on "fixing date" (just before the contract expires). Who pays who? If you were the buyer and real rates are higher than the contracted rate, you will be paid the difference between the rates (taking into account the volume specified on the contract, and the length of the FRA). On the other hand, if you were the buyer and real rates fell lower than the agreed rate, you would pay the seller. Some people therefore say an FRA is a bet on rates, with one party being the winner...and the other the loser.See also: Derivatives期货期权 | 缩略语

Forwards

远期合约Forwards承诺以当前约定的条件在未来进行交易的合约，会指明买卖的商品或金融工具种类、价格及交割结算的日期。远期合约是必须履行的协议，不像可选择不行使权利(即放弃交割)的期权。 远期合约亦与期货不同，其合约条件是为买卖双方量身定制的，通过场外交易(OTC)达成，而后者则是在交易所买卖的标准化合约。 参见Futures（期货合约），OTC（场外交易）。A forward is an agreement to buy or sell a commodity or a financial asset at a specified future date for a fixed price. It is a completed contract and the commodity or financial asset will be delivered, unlike an option which gives a choice of whether or not to complete the trade at the later date. Unlike futures, forwards are not contracts with standard fixed terms. They are tailor-made between the buyer and seller for each deal and are traded OTC rather than on an exchange. See also: Futures, OTCCategory: 期货期权

SAFE

远期外汇交易综合协议SAFE英文Synthetic Agreement for Forward Exchange的缩写，是汇率协议（ERA）和远期汇兑协议（FXA）的总称。参见ERA（汇率协议），FXA（远期汇兑协议）。Synonym: Synthetic agreement for forward exchangeA collective name for exchange rate agreements (ERA) and forward exchange agreements (FXA).See also: ERA, FXA缩略语 | 外汇

FXA

远期外汇合约FXA英文Forward Exchange Agreement的缩写。 远期外汇合约是一种外汇衍生工具，其结算基于合约起始日的远期汇率与结算时的即期汇率之差。参见Derivatives（金融衍生工具），ERA（汇率协议）。A Forward Exchange Agreement is a currency derivative in which settlement is based on the difference between the forward rate on the start date of the contract and the spot rate at settlement.See also: Derivatives, ERA缩略语 | 外汇

Forward Margin

远期差价Forward Margin远期汇率与即期汇率间的差价，反映两种货币之间利率的差距。参见Discount（贴水），Premium（升水）。The discount or premium between the spot and forward rates for a forward foreign exchange transaction. It represents the interest-rate differential between the two currencies traded.See also: Discount, Premium期货期权 | 外汇

Forward Market

远期市场Forward Market进行远期合约交易的市场，交易按约定条件在未来某一日期交割结算。 常单指远期外汇市场，因远汇是成交最活跃的远期市场之一。参见Forwards（远期交易），Spot（即期交易），FX（外汇）。Markets that deliver and settle on a date other than spot. The term is often used to describe the forward FX (Foreign Exchange) market, which is one of the most liquid forward markets.See also: Forwards, Spot, FX期货期权 | 外汇

ERA

远期汇率衍生合约ERA英文Exchange Rate Agreement 的缩写，一种外汇衍生工具，可对冲未来某段时间的汇率风险，合约的价值随两个远期汇率(如三个月和六个月期远期汇率)的差距扩大或缩小而变动。与标准的远期外汇合约(FXA)不同的是，这种合约以两个远期汇率的差额为结算基础，而FXA的结算则基于合约开始时的远期汇率与结算时现货汇率的差距。参见Derivative（金融衍生工具），Forwards（远期交易），FXA（远期外汇协议），Spot（即期）。Synonym: Exchange Rate AgreementThis is a foreign exchange derivative contract based on a synthetic or constructed forward contract in which settlement is based on the difference between two foreign exchange forward rates and not the spot rate. In contrast, a standard forward exchange agreement or FXA is based on the difference between the forward rate on the start date of the contract and the spot rate at settlement.See also: Derivative, Forwards, FXA, Spot期货期权 | 缩略语 | 外汇

Time Draft

远期汇票Time Draft参见Bill of Exchange（汇票）。Category: 金融

Default

违约Default广义而言，default是指不履行按合约所承诺的义务，多指债务人不履行还本付息的义务，通常由债权人宣布债务人违约。Failure to meet an obligation such as a payment of interest or principal. Technically, the borrower does not default. The initiative comes from the lender who declares the borrower is in default.金融 | 债券

Distressed Debt

违约风险相当高的债务Distressed Debt由于借款人已违约或非常有可能违约，导致信用评级急剧下降的债务。Debt whose market rating has fallen sharply because the borrower has defaulted or is highly likely to default on repayments.金融 | 债券

Spinning

违规派送新股Spinning指在富有吸引力的股票首次公开发行中，承销商将部分股票按优惠条件分配给某些特定客户，以便获得他们的投资银行业务。The favourable allocation by an underwriter of shares in a desirable initial public offering to selected clients in the expectation of winning their investment banking business in return.Category: 股票

Cross Default Clauses

连带违约条款Cross Default Clauses商业银行的一种贷款条款，列明借款人一旦无法履行与银行的任何其他贷款合约，将被视同对本次借款的违约。Cross default clauses are triggered automatically when a lender declares that a loan is in default. Such clauses might mean that other loans and borrowing instruments made to the borrower by the lender, and by other lenders, are also in default.金融 | 债券

Dubai Crude

迪拜原油Dubai Crude阿联酋出产的一种原油，是含硫原油的主要定价基准，尤其是用于为中东出口至亚洲的原油定价。A leading benchmark crude oil produced in the United Arab Emirates, used in pricing sour crudes, predominantly for pricing Middle East crude exports to Asia.Category: 期货期权

Margin Call

追加保证金通知Margin Call英文亦称为maintenance call,指结算所或经纪行在客户的保证金水平低于最低保证金要求时,通知客户增加保证金.参见Maintenance Margin（维持保证金）。A call made by the clearing house or broker to a counter-party whose margin account has fallen below the minimum requirement or the maintenance margin. Also referred to as a maintenance call.See also: Maintenance Margin期货期权 | 金融 | 外汇 | 股票

Withholding Tax

预提税Withholding Tax指应课税的收入，例如利息、股息或是薪金在发放时被扣下的税款。Tax deducted at source on interest or dividend payments to investors.金融 | 财务税收

Index Tracking

追踪指数表现Index Tracking指试图令资产组合的价值紧贴某一市场指数的表现,通常是透过复制所追踪的指数的资产结构来达成.A process whereby a fund manager aims to reproduce the performance of a stock market index. A manager buys the shares that make up the index in the relevant proportions in which they are represented in the index.See also: Indexing基金 | 风险投资和新股发行

Pension Fund

退休基金Pension Fund公司、工会、政府机构或其他组织为支付员工退休金而设立的投资基金，资金来自雇主以及雇员的供款。退休基金通常委托资产管理公司代为管理，追求稳定的长期回报，每年都有数以十亿美元计的资金投资在金融市场上，在很多国家是最大的机构投资者。

Pension Shortfall

退休金资金缺口Pension Shortfall退休金计划(pension plan)若是属于界定利益型(defined-benefit)，就可能会出现退休基金资产不足以满足退休金支付义务的情况，这种情况称为pension shortfall，在不少国家是一个相当严重的问题。界定利益型的退休金计划对退休者的福利有明确的承诺，一旦雇主供款不足，或者退休基金投资表现不理想，就会出现资产不足以支付退休福利的情况。解决退休金资金缺口问题基本上有两个方法:一是雇主增加供款，二是提高退休基金的投资回报。出现资金缺口的退休金计划英文称为underfunded pension plan，而unfunded pension plan(未有拨款的退休金计划)则是指雇主以现行收入支付员工的退休福利，没有特别为退休金供款或拨出款项。

Reverse Repurchase Agreement

逆回购协议Reverse Repurchase Agreement英文亦称为reverse repo. 回购交易有所谓正回购和逆回购之分，这是同一笔交易的两面：正回购是相对于资产持有人来说的，逆回购是相对于资金持有人来说的。逆回购是指资金持有人买入资产(实质是接受资产作为抵押，向对方提供资金)，同时约定某一期限后按约定价格将资产卖回给对方。参见Repurchase Agreement（回购协议）。金融 | 债券

Counter Clockwise

逆时针价量图Counter Clockwise技术分析中使用的一种图形，显示一段时间内的价格与成交量。 分析师可据此观察价格与成交量的模式，并根据模式重复出现的情况来制定交易策略。Used in technical analysis, this is a chart that plots price against volume over a given number of periods. Price/volume patterns can be identified and strategies can be planned based on pattern repetition.Category: 技术分析

Counter-cyclical Stock

逆经济周期而动的股票Counter-cyclical Stock指股价与经济周期反向起伏的股票，即景气好时股价下滑，而景气差时股价上涨。参见Cyclical（周期性），Cyclical Stock（景气循环股）。A stock whose market value moves against the rise and fall of the economy. Typically shares of companies that produce necessities for which the demand remains relatively constant irrespective of economic cycles, such as food retailers.See also: stocksCategory: 股票

Overdraft

透支Overdraft提取高于帐户余额的款项，即会出现透支的状况。透支亦指由银行提供的短期信贷便利，性质如同银行可随时要求偿还的短期贷款，透支的资金成本可能较长期贷款更高。A short-term borrowing facility offered by banks. Overdrafts are usually repayable on demand and are more expensive than longer-term borrowing.金融 | 债券

Inflation

通货膨胀Inflation通货膨胀指因过多货币追逐过少商品，导致商品和服务的价格持续上升的现象。引发通货膨胀的原因，可以是政府大印钞票以至货币供应大幅增加，或是对商品及服务的需求过度热络，亦可以是因为商品供应萎缩。从成因层面看通货膨胀，有许多类型。需求拉动型通货膨胀(demand-pull inflation)是由经济中的过度需求引起，而成本推动型通货膨胀(cost-push inflation)则由生产成本上升引起。维持通货膨胀率在适当水平通常是政府的首要政策目标之一，通常也是各国中央银行的首要目标。某些央行会获政府授予政策上的独立自主，以便维持通货膨胀率在某一目标水平。温和的通货膨胀是相当常见的，被认为是良性的经济现象。假如通货膨胀完全消失，经济陷入通货紧缩，这会抑制消费，因为消费者会因为预期商品将变得更便宜而延后购物。在通货紧缩的情况下,货币的购买力上升，这会令偿还现有债务变得更为困难，并会打击对信贷的需求。参见Deflation（通货紧缩）, Hyperinflation（恶性通货膨胀）, Stagflation（滞胀）。Inflation is a persistent rise in the prices of goods and services, caused by too much money chasing too few goods. Inflation can be caused by an increase in money supply or demand due to government spending or the printing of money, or by a contraction in the supply of goods. Different types of inflation are defined by their cause. Demand-pull inflation is caused by excess demand in the economy, while cost-push inflation is caused by increased costs of production. The rate of inflation is often a primary policy target of governments, and of central banks given policy independence to achieve a target rate. Moderate inflation is common in economies and can be regarded as relatively benign. If all inflation is removed and an economy slips into deflation it can stunt consumption because consumers postpone purchases in the knowledge that goods will become cheaper. Deflation also stunts demand for credit and makes repayment of existing debts more difficult because the value of money is increasingSee also: Deflation, Hyperinflation, StagflationCategory: 金融

Disinflation

通货膨胀趋缓Disinflation指通货膨胀率下降或放缓，即物价虽然仍在上升，但升速比以前缓慢。不要与通货紧缩(deflation)混淆，后者指物价普遍下降。参见Inflation（通货膨胀）。A fall or slowing in the rate of inflation. Prices are still rising but at a slower rate than before. Not to be confused with deflation, which is when prices are falling.See also: InflationCategory: 金融

Inflation Risk

通货膨胀风险Inflation Risk指投资的实质价值—以资产值所代表的购买力衡量—因通货膨胀而下降的风险,即投资的名义回报低于通货膨胀率的风险.The risk associated with the return from an investment not covering the loss in purchasing power caused by inflation.Category: 金融

Quick Ratio

速动比率Quick Ratio有时亦称"酸性测试比率"(acid test ratio)。速动比率是公司偿付短期负债能力的指标，由公司不包括库存在内的流动资产(现金、准现金、应收帐款及短期投资)除以流动负债得出。该比率越大，表示公司资金周转越稳健。速动比率与流动比率相似，差别在于后者所用的流动资产计入库存，而库存往往是流动资产中最不容易变现的。参见Current Ratio（流动比率）。Sometimes called the acid test, the quick ratio is an indicator of a company's ability to meet its short-term liabilities. It is the total of a company's cash plus accounts receivable plus short-term investments divided by its current liabilities. The higher the number the healthier the position and within an industry, high quick ratios suggest relatively high liquidity. The quick ratio is similar to the current ratio, which is a less stringent test because it adds inventory (which may not always be easy to sell quickly) to cash, accounts receivable and short-term investments before dividing by current liabilities.See also: Ratio金融 | 债券

RAN

预期收入票据RAN英文Revenue anticipation notes的缩写。参见Municipal Notes（市政票据）。Revenue anticipation notesSee also: Notes缩略语 | 债券

Speedline

速度线Speedline在技术分析中，速度线衡量趋势上涨或下跌的速度，绘制的方法是将趋势分为三段，并在关键水平上画出趋势线。参见Technical Analysis（技术分析）。In technical analysis, speedlines measure the rate of rise or fall in a trend and are constructed by dividing trends into thirds and drawing trendlines at key levels.See also: AnalysisCategory: 技术分析

Squeeze

逼仓Squeezē.指投资者急于减少他们的损失而迫使价格上升或下降。空头逼仓是指当投资者通过购买股票使空头头寸平仓，导致价格急剧上升。2.该词也用于指任何商品供给处于短缺状态，或指货币政策的紧缩期。When prices are being forced up or down as investors rush to cut their losses. A short squeeze is when prices rise sharply as investors cover short positions by buying shares. A squeeze is also used to describe when any commodity is in short supply or a period when monetary policy is tight.

Moral Suasion

道德劝说Moral Suasion一般是指中央银行或政府当局以劝告而非强迫的手段影响市场参与者。The use of persuasion rather than coercion by central banks and governments to influence market participants.Category: 金融

Dow Theory

道氏理论Dow Theory道氏理论泛指查尔斯·道(Charles Dow)对股票市场的看法。道氏将其想法应用在他设计的股价指数上，即道琼斯工业平均指数（DJIA）和道琼斯运输类股指数(DJTA) 。其理论被普遍认为是许多现代技术分析原理的基础。道氏理论也可指道氏理论中的这一条：美国股市的主要趋势必须得到DJIA和DJTA相同走势的确认。参见Technical Analysis（技术分析）。The term generally used to describe Charles Dow's ideas about stock market behaviour. Dow applied his ideas to the stock market averages (indices) he designed - the Dow Jones Industrial Average (DJIA) and the Dow Jones Transportation Average (DJTA). His theories are widely recognized to be the foundation to many modern technical analysis disciplines. Dow Theory is also used specifically to describe one of Dow's theories - that a major trend in the US stock market has to be confirmed by a parallel change in the DJIA and DJTA.See also: Analysis, DJIA技术分析 | 股票

DJIA

道琼斯工业指数DJIA英文Dow Jones Industrial Average的缩写，是美国股票市场历史最悠久的指数之一。道琼斯工业指数之所以广受全球投资者关注，是因为它是全球最大股票市场的基准指数，还因为美国经济对世界各国极为重要。该指数的成分股是在纽约证券交易所上市的30种最大的股票，由这30种股票的价格以算术平均数计算得出，不考虑成分股市值的大小。因此，市值最小和最大的成分股同幅度的股价变化对指数的影响是相同的。 参见Arithmetic Average（算术平均数），NYSE（纽约证券交易所），Dow Jones Industrial Average（道琼斯工业指数）。Synonym: Dow Jones Industrial AverageThe Dow Jones Industrial Average is the main benchmark US stock market index.缩略语 | 股票

Euro STOXX

道琼斯欧洲STOXX50指数Euro STOXX英文the Dow Jones Euro STOXX50的简称，是欧洲股市基准指数之一，成分股为50只欧洲蓝筹股。 由道琼斯公司编制，该公司为欧洲16个股票市场编制200余种股价指数。 Shorthand for the Dow Jones Euro STOXX50, one of over 200 indices covering 16 stock markets in Europe compiled by Dow Jones. The Euro STOXX is used as a benchmark for tracking Europe's stock markets. It comprises 50 blue chip European stocks. Category: 股票

Safe Haven Currency

避风港货币Safe Haven Currency指诸如美元或瑞士法郎等主要交易货币。投资者和基金经理在政治动荡时期欲为资金寻找避风港时，即会将资金投入此类货币。A major traded currency, such as the US dollar or Swiss franc, used by investors and fund managers seeking a safe haven for their funds in times of political turmoil.Category: 外汇

Partly Paid

部分缴款Partly Paid指允许认购者对新发行的证券仅支付定价的一部分，待指定日期再支付余款。A system of payment that allows shareholders or bondholders to pay only a part of the determined price for a new issue, with the rest to be settled at a fixed future date.

Placing

配售Placing此词基本上只是"出售证券以筹集资金"之意，但使用上(特别是placing)常是指私人配售(private placement)，即向特定投资者直接出售证券，不以公众为销售对象也不经公开市场进行。参见Private Placement(私募/私人配售)及Public Placement(公募/公开配售)。A sale of new shares directly to institutional investors, bypassing the public.See also: Flotation, IPO

Acid Test

酸性测试Acid Test亦称"速动比率"，是一项反映公司偿付其短期负债能力的指标，计算方法类似于流动比率，即为公司的流动资产(但不包括流动性较低的库存)对其流动负债的比率。参见Quick Ratio（速动比率）。Also known as the quick ratio. Indicator of a company's ability to meet its short-term liabilities, calculated like a current ratio by measuring a company's current assets relative to its liabilities See also: Current RatioCategory: 金融

PMI

采购经理人指数PMI英文Purchasing Manager's Index的缩写，是产业营运状况的一项指标，通常按月公布。调查机构访问众多公司，收集诸如新订单、职位增减、库存、产出以及价格等方面的资料，编制出采购经理人指数。PMI有时特指制造业的采购经理人指数，但服务业也有自己的PMI，只是受重视程度较低。PMI一般将50设为成长与收缩的分界线，指数高于50代表产业正在扩张，低于50则代表正在收缩。该指数被视为是经济活动的领先指标。参见Economic Indicators（经济指标），Leading Indicators(先行指标)。Synonym: Purchasing Managers' IndexA monthly survey of purchasing managers in industrial companies that records changes in items such as orders, employment, inventories and prices, compared with those of the previous month. It is expressed as a number, with 50 regarded as neutral (ie. the same number of respondents reporting increased activity as there were reporting decreased activity). Figures above 50 indicate growth and below 50 contraction. The index is regarded as a leading indicator of economic activity, but methodology varies from country to country.See also: Indicators金融 | 缩略语

Revaluation Reserve

重估后而得的储备Revaluation Reserve指公司对其资本资产进行重新估价后，而产生的可分配给股东的储备。A reserve attributable to shareholders, produced by revaluation of a company's capital assets such as its property holdings.金融 | 股票

DWT

重量吨DWT1.英文Dead weight tonnes的缩写，是计算海运费率的基准之一。 对每立方米重量超过1公吨的货物例如金属，船公司均以重量，即吨数为计费基础。 重量吨多指公吨（1公吨=1000公斤，或2204磅），亦可指长吨（1长吨=2240磅）。2.指船只可以承载的最大重量，包括货物、燃料及备用品等。Dead weight tonnes. The measurement of a ship by the maximum weight it can carry, including cargo, fuel and stores. The weight is measured in metric tonnes (1000 kg or 2,204 lbs) or long tons (2,240 lbs).

Golden Handcuffs

金手铐Golden Handcuffs指公司为了留住员工而提供的奖励，奖励可分若干年支付或约定在未来某一时点支付。A financial bonus offered by a company wanting to retain an employee. Payment may be delayed or spread out over several years.Category: 金融

Gold Standard

金本位制Gold Standard货币能以固定的比率兑换黄金的货币制度。在金本位制度下，中央银行必须有能力以黄金兑换已发行的全部本国货币。 在采用金本位的国家之间，货币之间的兑换率是固定的，按各自兑换黄金的比率计算得出。 绝大多数发达国家在第二次世界大战结束之前已放弃了金本位制。A monetary system of fixed exchange rates whose parities were set in relation to gold. Under the system, central banks had to be able to exchange gold for any amount of their currencies. Most developed countries had abandoned the gold standard before the end of the Second World War.期货期权 | 金融

Golden Share

金股Golden Share一种赋予股东特殊投票权，旨在让持股人维持控制权，避免公司被收购的安排，通常是赋予持股人对重大事项(如公司控股权的变动)的否决权。 金股可用来打击潜在收购方发起收购的意欲，常被政府用来防止刚私有化的国营企业落入不受欢迎的投资者手中，或出现政府不希望看到的变化。参见Stock（股票），Share（股票）。A share that confers sufficient voting rights in a company to maintain control and protect it from takeover. The golden share prevents potential predators from buying shares and then using them to outvote the company's existing owners.See also: Stock, ShareCategory: 股票

Financial Intermediation

金融中介活动Financial Intermediation指金融中介机构促成资本的使用者(如企业和政府)与资本的供给者(如养老基金和私人投资者)进行交易的活动。通常专用于描述商业与投资银行的活动。参见Disintermediation（非中介化）。Financial intermediaries bring together users of capital, such as businesses and governments, with suppliers of capital such as pension funds and private investors. The term is usually reserved for describing the activities of commercial and investment banks.See also: DisintermediationCategory: 金融

Old Lady of Threadneedle Street

针线街的老妇人Old Lady of Threadneedle Street英国中央银行——英格兰银行——的昵称，得名于英格兰银行所在街道的名称。An affectionate name for the Bank of England, Britain's central bank, derived from the street where it is situated.Category: 金融

Financial Centre

金融中心Financial Centre一国进行国内外商业与政府金融交易的主要地点。金融中心往往在国家的首都，如东京、巴黎、布鲁塞尔和伦敦，但也有不在首都的，如纽约、芝加哥、法兰克福、米兰、香港、悉尼、多伦多和大阪等。A country's key location for international and domestic, commercial and government financial transactions. Financial centres are often in a country's capital e.g. Tokyo, Paris, Brussels and The City in London, but financial centres in non-capital cities include New York, Chicago, Frankfurt, Milan, Hong Kong, Sydney, Toronto and Osaka.Category: 金融

FMA

金融市场协会FMA英文The Financial Markets Association的缩写，是各国外汇交易商协会的专业联合会。亦称"国际外汇交易商协会"（the Association Cambiste International，ACI）。 网址：www.aciforex.comThe Financial Markets Association is an umbrella organization for groups of foreign exchange dealers in various countries. Also known as the Association Cambiste Internationale (ACI).缩略语 | 外汇

FSF

金融稳定论坛FSF英文Financial Stability Forum的缩写。金融稳定论坛于1999年根据七国集团(G7)财政部长和中央银行行长的指示成立，其目标是促进国际金融体系稳定，采取行动消除对国际金融体系的威胁。论坛的成员是七国集团政府当局和国际金融机构的代表，包括监管者、中央银行及著名经济学家。 网址：www.fsforum.orgSynonym: Financial Stability ForumSet up in 1999 at the behest of the G7 finance ministers and central bank governors, the purpose of the FSF is to identify and oversee action to remove threats to the international financial system. Its members are regulators, central bankers and leading economists from the G7 and international financial organizations. 金融 | 缩略语

Derivatives

金融衍生工具Derivatives金融衍生工具由现货市场的标的资产(underlying cash assets)衍生出来，标的资产的交易方式如同股票或其他金融工具。 诸如期货、期权以及互换等衍生工具的价格及走势很大程度上受标的资产的表现影响。 但事实上，金融衍生工具常常反过来推动现货市场的走势，某些期货和期权的成交量较现货市场还要活跃。金融衍生工具可以在证券交易所挂牌买卖，亦可通过场外交易(OTC)的方式买卖。参见Cap（利率上限期权），Collar（利率上下限期权/领子式期权），Floor（利率下限期权），Futures（期货），Option（期权），OTC，Over-the-Counter（场外交易），Swap（互换/掉期）。Derivatives instruments are derived from underlying cash assets that can be bought, sold and traded in a similar way to shares or any other financial instrument. The pricing and performance of derivatives such as futures, options and swaps is largely based on the underlying asset. In practice, derivatives often drive the underlying market and the volume traded in certain futures and options contacts can outstrip the underlying cash market. Derivatives can be traded on an investment exchange, or directly by telephone or computer in an over-the-counter (OTC) market.See also: Cap, Collar, Floor, Futures, Option, OTC, Swap期货期权 | 金融 | 外汇 | 债券 | 股票

Gilt-edged

金边证券Gilt-edgedGilt-edged直译是"有金色的边"，用于形容风险很低的优质证券，因英国政府最初发行的债券票面的边缘为金色而得名。英国和南非所发行的政府债券英文即称为gilts。A term used to describe securities that carry little risk. Government bonds in both the UK and South Africa are known as gilts. The name comes from original UK government bond certificates which had gilded edges.Category: 债券

Interbank Market

银行同业市场Interbank Market指银行同业之间进行交易的市场,最常用于指银行间的外汇交易市场,也指银行同业之间的隔夜拆款市场,隔拆交易是商业银行用于达到央行准备金要求的主要手段.A term used to describe professional markets between banks. Most commonly used to refer to the wholesale market in foreign exchange, but also used for funds traded overnight to satisfy reserve requirements at the central bank.外汇 | 债券

BA

银行承兑汇票BA英文Bankers' Acceptances的缩写，指按贴现方式出售的不记名短期不计息票据，由承兑银行在票据到期时以全额面值赎回。参见Bill of Exchange 汇票。Synonym: Bergenset AnsvarNorwegian company title: abbreviation of Bergenset Ansvar.Category: 缩略语

Bank Bill

银行汇票Bank Bill英文亦称bank draft，banker's bill和banker's draft，指由银行签发或承兑的汇票，由银行承兑的汇票英文称为banker's acceptance。由于银行汇票是由银行签发或承兑的，它的风险低于一般汇票，在货币市场较易贴现，且可获得较优惠的贴现率。参见Bill of Exchange（汇票A bill of exchange issued or accepted by a bank. It is thus more acceptable than a normal trade bill of exchange because the risk is less and the discount is accordingly also smaller. See also: Bill of ExchangeCategory: 金融

Seignorage

铸币税Seignorage指政府通过印发货币而获得的收入或支付能力。印发货币可以非常低的成本增加货币供应量，但不增加商品的供给，因此可视之为一种通货膨胀税。参见Printing Money（印发货币）。Revenue, or spending power, which a government acquires by printing money. The act of printing money increases the money supply at very little cost without increasing the supply of goods, so it can be regarded as an inflation tax. See also: Printing Money金融 | 财务税收

Return on Sales

销售收益率Return on Sales参见Profit Margin（利润率）。Category: 金融

Sales

销售额Sales指公司在某一时期内所卖出的商品或服务的款项。亦称"营业收入"(revenue)或"营业额"(turnover)。The amount of goods or services sold by a company in a given period. Also known as revenue or turnover.金融 | 财务税收

Cost of Sales

销货成本Cost of Sales英文亦称为cost of goods sold。销货成本是公司出售的商品或服务的直接成本，即为制造这些产品所直接投入的原材料和劳动力的成本，不包括无法轻易按合理比例分摊到各种产品上的间接成本(overhead)，后者以销售及行政费用为主，如广告推销及后勤部门的支出，通常合称营业费用(operating expenses)。Category: 金融

Zero Coupon Swap

零息利率互换Zero Coupon Swap一种利率互换合约，合约一方定期支付利息，另一方则仅支付一次，通常是在合约的期末一次性支付。参见Swap（互换/掉期）。An interest rate swap in which one party makes regular payments while the other party makes one lump sum payment, typically at the end of the contract.See also: SwapCategory: 债券

Mismatch

错配Mismatch1. 指债务期限与投资期限之间的显著差异,比如以短期债务为长期投资融资,即存在期限错配的问题,会有资金周转不灵的风险.2. 指空头交易头寸与多头头寸不相配的情况.参见Matched Book（对应账簿）, Long（多头）, Short（空头）。1. A difference between the length of time for which money is borrowed and the length of time for which it is invested, or the difference between the maturities of borrowing and investments. One example is when a bank borrows money for a C1125short time but lends it for a longer period, so there is a mismatch between its source and use of funds. 2. A mismatched book, or a mismatch in an overall trading position, occurs when short and long positions do not complement each other.See also: Mismatch, Long, ShortCategory: 债券

Mismatch Note

错配式票据Mismatch Note一种浮动利率票据,其票面利率与所参照的基准利率在期限上错配,例如每个月重设一次票面利率,但参照的基准利率是6个月期的伦敦银行同业拆借利率.参见Libor（伦敦银行同业拆借利率）。A variable rate note on which the changes in coupon, or refixes, are based on a mismatched reference rate in terms of maturity, a note refixing on a monthly basis against six-month Libor See also: Libor, MismatchCategory: 债券

Long Ton

长吨Long Ton1长吨等于2,240磅，也等于1.016公吨。A ton of 2,240 pounds weight. Equal to 1.016 metric tonnes.Category: 期货期权

LEAPS

长期股票期权LEAPSLong-term Equity Anticipation Securities的缩写,是一种个股或股价指数的长期期权,期限可长达三年.Synonym: Long-term Equity Anticipation SecuritiesLong-term options on individual stocks with an expiry date of up to two years.期货期权 | 缩略语

Secular Trend

长期趋势Secular Trend指朝单一方向持续发展的趋势。亦即不反映景气季节性或技术性因素的长期市场波动。A persistent trend in a single direction. A market movement over the long term which does not reflect cyclical seasonal or technical factors.Category: 金融

Long Dated Forwards

长期远期外汇合约Long Dated Forwards指交割日在12个月之后的远期外汇合约.参见Forwards（远期合约）及value Date（交割日）。Forward foreign exchange contracts with value dates beyond 12 months.See also: ForwardsCategory: 期货期权

Distressed Securities

问题证券Distressed Securities指已破产、濒临破产或正从破产中再生的公司所发行的债券或股票。Shares and bonds of companies which are in, near or emerging from bankruptcy债券 | 风险投资和新股发行 | 股票

Indirect Quotation

间接标价法Indirect Quotation外汇术语，指一单位本国货币可兑换若干单位外币的报价方式。美国以外最常见的间接标价例子是英镑兑美元的汇率。美国的银行在国际业务上使用间接标价法，但在国内业务上则使用直接标价法。A foreign exchange term for the number of units of foreign currency that can be exchanged for one unit of domestic currency. The most common example of an indirect quotation outside the US is the sterling/dollar rate, which shows how many dollars can be exchanged for one pound. US banks use indirect quotations in their international dealings but use direct quotations. for domestic purposes.Category: 外汇

Defensive Stock

防御性股票Defensive Stock指风险较市场整体水平为低的股票，其β值较低。诸如食品零售和公用事业等非周期性类股(non-cyclical sectors)多属于防御性股票，这些公司的营业收入在经济周期中一般不会出现非常显着的波动。参见β值（贝塔系数/Beta）。Low beta stocks that are less risky than the overall market. Defensive stocks tend to be in non-cyclical sectors such as food retailing and public utilities, where sales do not fluctuate markedly throughout the economic cycle.See also: BetaCategory: 股票

Sunshine Laws

阳光法律Sunshine Laws在美国指确保尽可能披露政府机构（包括负责监管证券交易的机构）运作的法律。Laws in the United States that ensure maximum disclosure of the business of government agencies, including those responsible for regulating securities trading.金融 | 股票

Resistance

阻力价位Resistance阻力价位通常指价格走势图上某一特定的价格水平，在这一水平上，卖方的意愿强度足以压倒买方的压力，以使价格不会升逾这一阻力水平。阻力水平一旦被冲破，就将会出现新的支撑价位。参见Support（支撑价位）, Trendline（趋势线）。Resistance is a level, usually identified on a price chart, where selling interest is strong enough to overcome buying pressure so that the price does not rise beyond this point. Each time a level of resistance is penetrated it will create a new level of support. See also: Support, TrendlineCategory: 技术分析

Alexander's Filter

阿历山大过滤器Alexander's Filter指技术分析的一种方法，以涨跌百分比来衡量特定时间内价格上涨或下跌的速度。升速很快为买进讯号，反之则为卖出讯号。参见Technical Analysis（技术分析）。Category: 金融

ARA

阿姆斯特丹ARA英文Amsterdam/Rotterdam/Antwerp 的缩写。石油货品若称cost and freight ARA，是指可将阿姆斯特丹/鹿特丹/安特卫普地区内的港口作为交货地点。参见C and F（成本与运费）Synonym: Amsterdam/Rotterdam/Antwerp area An oil cargo offered with 'cost and freight ARA' means that ports within this area (Amsterdam/Rotterdam/Antwerp area) can be considered for delivery.Category: 缩略语

OAPEC

阿拉伯石油输出国组织OAPEC英文Organization of Arab Petroleum Exporting Countries的缩写。该组织的宗旨是促进阿拉伯产油国之间的合作，支持阿拉伯石油业的发展。成员国包括阿尔及利亚、巴林、埃及、伊拉克、科威特、利比亚、卡塔尔、沙特阿拉伯、叙利亚和阿联酋。该组织不就石油产量或价格作决定。Synonym: Organization of Arab Petroleum Exporting CountriesOAPEC aims to improve economic co-operation in the petroleum industry. Its members are Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria and the United Arab Emirates. The group does not make decisions on oil output or pricing期货期权 | 缩略语

Cum All

附各项权利Cum All指股票买方可获得购买时该股所附带的全部权利，如获得已宣布将派发的股息或获分配新股等。Cum all means that a buyer of shares is entitled to all the supplementary advantages attached to a share at the time.Category: 股票

Captive Insurance Company

附属保险公司Captive Insurance Company指由非保险业的大公司所组织成立的保险公司，用来满足母公司部分或全部保险需要。利用附属保险公司可节约成本和少纳税，因此，当公司的规模大至可自保其风险时，往往使用附属的保险公司。An insurance company owned by the company or companies whose risks it insures. Using a captive company brings costs and tax advantages so they are often used when a company considers itself large enough to insure its own risks.Category: 金融

Escrow

附带条件的托管Escrow指将金钱、财物或金融工具交由第三方托管，待满足了特定条件后才转交给指定人士。进行托管，可称为"将资产放进托管户头"(escrow account)中。Money, property or financial instruments put into the care of a third party for delivery only when certain specified conditions are met. Such money is held in an Escrow account.Category: 金融

Interest Bearing

附息Interest Bearing指会根据本金按约定利率支付利息,一次付清(通常在到期日支付)或在约定期限内分多次支付,英文又称为coupon bearing.Synonym: Coupon BearingA term used to describe instruments that pay a given rate of interest on the principal amount, either in one payment (typically at maturity), or as a series of payments over the life. Also referred to as Coupon Bearing债券 | 股票

Warrant Bonds

附认股权的债券Warrant Bonds附送认股权证的债券，持有人可按认股权证的条件认购特定公司(通常是债券发行公司)的普通股。这种债券的票面利率通常低于不附送认股权证的同类债券，因其附送的认股权证有一定的价值，投资者有机会以优惠的价格认购股票。参见Warrant (认股权证)。Bonds with an attached warrant which entitles purchase of a certain number of shares of the borrowing company for a certain period at a price fixed in advance. The coupon on the bond may be less than comparable bonds without warrants because of the possible benefit of buying shares at an advantageous price.Category: 债券

Markdown

降价Markdown在场外交易中,这是指投资者在向交易商(经纪商或做市商)出售金融商品时,以低于交易商所报出的最高买价(bid)的价格卖出,调降的幅度可视为支付交易商的一种佣金. 也指做市商因应市况变化调低报价. 相对的是markup.参见Markup（提价），OTC（场外交易）。The amount or percentage deducted from the bid price when a customer sells to a broker or market maker in the over-the-counter market, which is regarded as a type of commission. Markdown is also used to describe market makers adjusting their prices down to reflect changing market conditions. Opposite of markup.See also: Markup, OTCCategory: 金融

Downgrade

降低信用评级Downgrade指信用评级机构调降债务发行人或债务工具的信用等级。与之相反的是upgrade(升级)。参见Credit Rating（信用等级），Upgrade（升级）。The reduction of credit rating for a borrowing institution or its debt instruments. Opposite to upgrade.See also: Rating, UpgradeCategory: 债券

NEPAD

非洲发展新伙伴计划NEPAD英文New Partnership for Africa's Development的缩写，是多国政府旨在消除非洲贫困、促进非洲发展的一项规划。Synonym: New Partnership for Africa's DevelopmentAn intergovernmental programme to combat poverty and promote development in Africa.

Limit Order

限价指令Limit Order限价单是相对于以当前市价马上成交的市价单(market order)而言. 客户发出限价单时会指定一个价格，成交价不得逊于所指定的价格：若是买进，成交价不得高于指定价；若是卖出，成交价不得低于指定价。限价单的有效期限视客户的指示而定,可以是在指定时段内有限,也可以在客户通知取消前保持有效.参见GTC(撤销前有效的指令).An order that stipulates the price at which a market transaction can be executed. The maximum price is stipulated for a buy order and the minimum for a sell. Limit orders are normally valid for a certain time specified by the client. They can also be Good Till Cancelled (GTC), remaining valid until the limit is reached and the order is executed, or until the order is cancelled期货期权 | 金融

Ex-All

除净Ex-All指股票买方不享有公司已宣布将给予股东但尚未落实的全部权利。参见Ex (无权获得)。Means a buyer of shares does not receive any of the supplementary benefits attached to a share at the time.Category: 股票

Ex-Dividend

除息Ex-Dividend指所购买的股票不附带获得股息的权利，即股票的卖方保留股息。参见Cum Dividend（附带股息）。This indicates shares that have been bought without the right to receive the dividend, i.e. the seller retains the dividend.See also: Cum Dividend金融 | 股票

Clean Price

除息价格Clean Price不含应计利息的债券报价，一般报价均为除息价格。参见Dirty Price（含息价格/全价）。Basically, this is the quoted price of a bond, but its correct definition is the present value of the cash flow of a bond, excluding accrued interest. See also: Price金融 | 债券

Ex-Rights

除权/无权获得认股权证Ex-Rights指股票的买方将不会获得公司宣布将发行的认购权证。参见Rights Issue（有认股权证的发行）。A term associated with a rights issue. It indicates when stocks are trading without the rights. See also: Rights Issue

Stochastics

随机指标Stochastics技术分析用语，随机指标是一种动能指标，可以在市场横盘波动时看出趋势可能出现转变。收盘价如果坚守在波动区间的上端，显示有买压存在；收盘价如果一直徘徊在区间底部附近，则显示有卖压存在。参见Technical Analysis（技术分析）。Used in technical analysis, stochastics is a momentum indicator which identifies possible changes in trends in sideways moving markets. It is based on the relationship between the high and low price and the closing price on a bar chart. Closing levels consistently near the top of the range show buying pressure and closing levels consistently near the bottom of the range show selling pressure. See also: AnalysisCategory: 技术分析

Implied Volatility

隐含波动性Implied Volatility指期权价格中所隐含的波动性预测，即是由期权本身的价格,反推出市场人士所预期的标的资产的价格波动程度. 标的资产是指行使期权时可以买进或卖出的资产. 隐含波动性显示的是对价格波动剧烈程度的预期,并不反映对价格变动方向的预期. 波动性以年率(annualized percentage)的方式表示。参见Volatility（波动性）。The volatility implied in the price of an option. It is a measure of how much the market thinks prices will move given a known option price. It indicates the size, but not the direction, of the movement expected. Volatility is expressed as an annualized percentage.See also: VolatilityCategory: 期货期权

O/N

隔夜O/N英文overnight的缩写。在资金拆借市场，隔夜是指款项当天交收，第二天到期。在互换交易(swap)中，隔夜是指第一次交换当天完成，第二天反向交换，完成整笔交易。Synonym: OvernightAbbreviation for overnight that is used in swap and deposit transactions when the first value date is today and the maturity falls tomorrow. The overnight swap price is adjusted by the interest rate differential for that short period金融 | 缩略语

O/N Limit

隔夜持仓额度O/N Limit指交易员获准持有隔夜头寸的限额。这让交易员得以保留一定的仓位过夜，无需在一天结束时平掉全部仓位。Limits authorizing dealers to carry positions overnight, removing the obligation to square the position at the end of each day.See also: Flat

O/N Funds

隔拆资金O/N Funds指银行同业市场上供隔夜拆借的资金。商业银行进行隔拆交易，常是因为要满足中央银行对资金储备的要求。Funds traded overnight on the interbank market to satisfy commercial banks' reserve requirements at the central bank.

Bed and Breakfast Deal

隔日交易Bed and Breakfast Deal在税务年度结束前卖出股票，随即在新税年开始后买回，借此在保留股票拥有权的同时，将资本利得或亏损入账以满足税务上的目的。The sale of a share and its repurchase shortly after the beginning of a new tax year. This allows shareholders to register a capital loss or profit for tax purposes while retaining ownership of the shares.金融 | 股票

Retail Price Index

零售价格指数Retail Price Index参见RPI（零售价格指数）。金融 | 缩略语

Zero Coupon Bond

零息债券Zero Coupon Bond指不支付利息的债券。由于零息债券是贴现发行，即以低于面值的价格发行，到期时按面值还本，因此面值与发行价的差额即是投资人的资本利得，这实际上等同于一次性收取的利息。因零息债券到期前不支付利息，投资人无须面对利息所得再投资的收益率下跌的风险。另外，对一些投资人来说，获得一次性的资本利得而非一连串的利息收入，也许还有赋税上的好处。A bond that pays no coupon but is issued at a deep discount to face value. The difference between the issue and redemption prices creates a capital gain that boosts the effective yield close to market levels. As it does not pay a coupon, investors do not run the risk of reinvesting interest paid at a lower rate if interest rates fall during the life of the bond. There may also be tax advantages to an investor from taking a one-off capital gain rather than a stream of income from coupon payments.Category: 债券

Zero Coupon Yield Curve

零息债券收益率曲线Zero Coupon Yield Curve由零息债券构成的收益率曲线，英文也称为spot yield curve。市场通常做法是根据理论从平价收益率曲线(par yield curve)推出这条曲线，并经常用于推算贴现因子。平价收益率曲线是由那些价格与面值相等(selling at par)的债券所构成的收益率曲线。参见Yield Curve（收益率曲线）。A yield curve of zero coupon bonds. Market practice is often to derive this curve theoretically from the par yield curve and it is frequently used to derive discount factors. Also known as a spot yield curve.See also: BondCategory: 债券

Depository Receipts

预托证券Depository Receipts参见ADR(美国存托凭证)。Category: 股票

Odd Lot Trade

零碎交易Odd Lot Trade证券及商品的交易一般以标准的数量单位进行，比如股票交易以一手为单位(视市场及个股而定，一手可以是100股、400股、1000股...) 。买卖的数量低于一单位的标准交易数量时，即称为零碎交易，其交易价格可能与标准市价不同。A block of securities or commodities that is smaller or larger than the standard lot size traded in that market. The price can vary from the current market value.

Unlisted Stock

非上市股票Unlisted Stock指不在证券交易所挂牌交易的股票。A security that is not listed or traded on a stock exchange.Category: 股票

Disintermediation

非中介化Disintermediation指借款者或投资人通过直接发行或购买证券，绕过银行和其他金融中介机构的现象。Process where borrowers or investors bypass banks and other financial intermediaries by directly issuing or buying securities.金融 | 股票

Off-the-Run Issue

非指标债券Off-the-Run IssueOff-the-run用于形容政府债券，是指某种年期债券并非最新发行的一批，其流动性较低，相对于同年期的指标债(on-the-run issue)而言，收益率较高，即较为便宜。 参见On-the-Run Issue（指标债券）。

Broken Date

非标准交易日期Broken Date远期市场标准交易日期以外的交易日，英文亦称odd date。参见Forwards（远期交易）。Synonym: Odd DateAny trading date, falling outside the standard periods, traded in the forward markets. Also known as odd date.See also: Forwards期货期权 | 金融

Bucket Shop

非法经纪公司Bucket Shop1.高价贩卖不值钱股票的欺诈性经纪公司，通常通过电话跨国兜售。 因这种经纪公司的活动场所通常相当简陋，英文亦以boiler room(锅炉房、开水间)来称呼这种公司。2.买空卖空的投机商号。这种非法经纪商在收到客户的买卖委托后，不会立即处理，而是等到股价升或跌至对自己有利的水平时才进场买卖，实际买卖价与客户委托价的差距则成了其利润。 有时它们也会在价格有利时先自行买卖，而不以客户的交易委托为优先。A fraudulent brokerage selling overpriced shares with little underlying value. They usually operate by telephone sales, often from another country. Also known as a boiler room, a reference to the cheap premises from which such brokerages work. A bucket shop can also be a brokerage that accepts commissions to trade shares at a certain price, then carries out the order at a different price to its advantage, pocketing the difference.

Letter Stock

非注册股票Letter Stock美国的私募股票，这种股票的发行没有向美国证券交易委员会注册，因此不容易转让。也称"信函证券"(letter securities)，这一术语包括信函股票和信函债券。按美国证券交易委员会的规定，信函证券购买者需出具"投资信函"(investment letter)，表明购买这些证券是出于投资目的而不是为了转售。参见SEC（美国证券交易委员会）。A US privately issued security, which is not registered with the SEC and is thus not easy to transfer. Also known as letter securities, a term which covers letter bonds as well as letter stocks or shares. A SEC rule requires the purchaser to lodge an "investment letter" saying the purchase is for investment and not for resale. See also: SECCategory: 股票

AFDB

非洲开发银行AFDB英文 African Development Bank的缩写，非洲开发银行是一家位于科特迪瓦(象牙海岸)首都阿比让的开发融资机构。其宗旨是减少成员国的贫困和促进成员国的社会发展。 网址：www.afdb.orgSynonym: African Development BankA development finance organization based in Abidjan, Ivory Coast. Its aim is to reduce poverty and promote social development among its regional members. Category: 缩略语

Non-competitive Bid Auction

非竞争投标拍卖Non-competitive Bid Auction一种不用出价的竞标方式，美国拍卖公债时常用。非竞争投标主要是为小额投资者所设，支付的价格是竞争性投标者的平均出价。如果非竞争投标者可优先得标，竞争性投标者的得标额可能会显著减少。An auction which allows bids for quantity rather than price, particularly for government securities. The non-competitive bidder pays the average price determined by the competitive bidders. These bids allow small investors to participate in the auction. Non-competitive bids are given priority and are awarded in full, so they can reduce the amounts available to competitive bidders.金融 | 债券

Extraordinary Item

非经常性项目Extraordinary Item非经常性的盈利或亏损，是公司正常业务范围之外的项目，例如出售部分业务的获利或亏损。参见Exceptional Item（特殊项目）。A non-recurring item that shows gains or losses outside normal business activities. An extraordinary item is shown in the profit and loss account and affects the balance sheet. It can be, for example, the sale of property or loss from selling part of the company.See also: Exceptional ItemCategory: 金融

FOK

非足额即撤销指令FOK英文的缩写为FOK。这是有条件的证券买卖委托，指明必须即时足额完成，否则当作废处置，通常是在投资者希望以特定价位买进大量股票时使用。Synonym: FOKFOK. An order to buy or sell a share that must be cancelled if not carried out immediately. FOKs are often used when an investor wants to buy a large quantity of stock at a particular price.金融 | 缩略语 | 股票

Face value

面值Face value对于股票或债券而言，面值指证券上标明的价值。 对债券工具而言，面值指到期需偿还的本金金额。股票的面值纯粹只是名义价值，与其市场价值无关。面值英文亦称为par value(平价)或nominal value(名义价值)。On a share certificate or bond, the face value is what appears on the face of the document. On a debt instrument, it is the amount to be repaid at maturity. On a share it is a purely nominal amount and has no relevance to the market value of the instrument. Face value is also known as 'par value' or 'nominal value'.金融 | 债券 | 股票

Chaebol

韩国综合企业财团Chaebol韩国多元化经营的企业集团的通称。Chaebol当作英文使用时，单数与复数相同。Generic name for diversified South Korean business conglomerates. Singular and plural, the word is the same.Category: 风险投资和新股发行

Prepay

预付款Prepay在商品交易中，指为获得卖方承诺在未来某个时候交货而支付的款项。Cash paid or lent to a company in exchange for a promise that it will deliver commodities at a later date.

Forecast

预测Forecast指根据现有数据推测未来走势，广泛用于企业和财务规划、经济和金融市场预测。分析师预测的数据包括价格水平、公司盈利和经济指标。A projection of current trends using existing data. Forecasts are widely used by business and financial planners, economists and stock market analysts. Analysts' forecasts include price levels, company earnings and economic indicators.Category: 金融

Budget

预算Budget政府或企业对未来一段时间的收入和支出的分项预测。An itemized forecast of the incomes and expenditure of a government or company for a given future period.Category: 金融

Budget Surplus

预算盈余Budget Surplus预算中收入超过支出的金额，通常是针对政府的收支而言。参见Budget（预算）。The amount by which revenues exceed spending. It usually refers to government spending and revenues.See also: Budget, Budget DeficitCategory: 金融

Budget Deficit

预算赤字Budget Deficit预算中支出超过收入的金额，通常是针对政府的收支而言。参见Budget（预算）。The amount by which spending exceeds revenues. It usually refers to government spending and revenues.See also: BudgetCategory: 金融

Leading Indicators

领先指标Leading Indicators领先指标衡量那些先于整体经济周期而动的经济因素,可作预测经济整体产出及活动水平之用. 领先指标包括股价指数、资本财订单、房屋建筑订单以及消费者信心指数等. 相对的,滞后指标反映宏观经济已经发生的变化,其走势落后于整体经济周期,而同步指标理论上则与经济周期同步而动.参见Lagging Indicators(滞后指标).Leading indicators are measurements of economic factors that change ahead of changes in the overall economic cycle. They are used to predict changes in overall output and activity in an economy and include such things as share prices, new orders for investment goods, housing construction orders and the index of consumer confidence. Lagging indicators are economic indicators that follow a change in the economic cycle and coincident indicators change at the same time as the overall economic cycle.Category: 金融

Bellwether

领头羊Bellwether具指示意义的金融工具或指标，其表现被视为可反映市场、行业或经济的整体状况。此术语引申自羊群中被系上铃铛的领头羊，bellwether一字由bell(铃铛)和wether(阉羊)所构成。An instrument or indicator that is generally seen to be an indicator of the overall market, economy or sector's performance. From the lead sheep of a flock, which is belled.金融 | 股票

Bells and Whistles

额外的卖点Bells and Whistles证券附加的卖点，目的是吸引投资者或降低发行人的成本或两者兼得。Additional features of a security designed to attract investors and/or reduce issuer costs.基金 | 期货期权 | 外汇 | 债券 | 股票

Exposure

风险Exposurē. 指对某一借款人或国家的信贷总额，即借款人一旦违约银行可能损失的总金额。 为防止风险过度集中在单一借款人上，银行通常会制定避险措施。 2. 在交易上，此词指当前头寸因市场价格的波动而可能出现盈亏的程度。The total amount of credit committed to a borrower or a country. Effectively, the total amount at risk in the case of a default. Banks can set rules to prevent overexposure to any single borrower. In trading operations, exposure is the potential for running a profit or loss from fluctuations in market prices.金融 | 债券 | 风险投资和新股发行

Risk-Return Relationship

风险与收益的关系Risk-Return Relationship指风险与收益之间存在的关系。为获得更高的收益，投资者必须承担更大的风险。Category: 金融

Risk Premium

风险溢价Risk Premium为补偿较高的风险而要求从投资获得额外的收益。参见Equity Risk Premium（股份风险溢价）。The extra reward required from an investment in order to compensate for higher risks.See also: PremiumCategory: 金融

Risk Management

风险管理Risk Management风险管理是介于交易部门与结算部门之间的"中间部门"功能。风险管理包括至少每天重估所有的头寸，估算未来可能亏损的风险，并确保损失控制在可接受的范围内。参见Middle Office（中间部门）, Mark to Market（按市价调整）。Risk management is a 'middle office' function that sits between the dealing room and settlement. It involves revaluing all positions at least daily to estimate the risk of possible future losses on those positions and ensure that they are within acceptable limits. See also: MarketCategory: 金融

Venture Capital

风险资本Venture Capital风险资本投资在那些被认为处于初期成长阶段的小公司上，资金由私人和机构投资者提供。Funds used to invest in small companies that are considered to be in their first phase of growth. Funding is provided by private and institutional investors.Category: 风险投资和新股发行

Risk Reversal

风险逆转Risk Reversal指以不同的行使价格购买看跌期权和出售看涨期权，或两者相反的一种期权策略。出售期权所得，可以部分或全部用于偿付购买期权而需支付的期权费。也称一买一卖期权组合(cylinder)、断点远期(break forward)或范围远期(range forward)。参见Option（期权）。An option strategy involving the purchase of a put and the sale of a call, or vice versa, with different strike levels. The premium generated from the sale of an option could partly or totally finance the premium to be paid for the purchase of an option. Also known as a cylinder, a break forward or range forward. See also: OptionCategory: 期货期权

Feeds

饲料Feeds牲畜的饲料是根据牲畜的种类划分的，例如家畜、猪、乳牛、牛/羊、特产和小动物。Animal foodstuffs are classified by the livestock for which they are designed: poultry, hog, dairy, cattle/sheep, speciality and small animal.Category: 期货期权

Short First Coupon

首期短期息票Short First Coupon指对新近发行债券支付的第一期利息，这种利息要低于一般的半年期或一年期利息。The first interest payment on a recently issued bond which is less than the normal semi-annual or annual payment.Category: 债券

First Coupon

首次付息First Coupon指对债券持有人首次支付的利息。 The date on which an initial interest payment is due to the holder of a bond.Category: 债券

IPO

首次公开招股IPO英文Initial Public Offering的缩写，指一家公司首次向公众发行股票筹措资金,令公司成为股票在交易所挂牌买卖的上市公司,英文亦称为flotation或going public. 发行者通常通过承销商向公众出售股票。承销商设定股票的发行价格、促销股票，且通常还保证按一定的价格吸纳部分股票，以免发行者受不利的市场变动影响。参见Flotation（上市/挂牌）, Going Public（上市/首次公开招股）。Synonym: Initial Public OfferingThe first offering of shares to the public by a privately owned company. IPOs are used by companies to raise new funds, or to achieve a listing on an exchange. The issuer normally offers the shares to the public through an underwriter who sets the price, promotes the offering and usually guarantees to take the shares at a certain price, to protect the issuer against adverse market movements. Also known as a flotation or going public.See also: Going Public金融 | 缩略语 | 风险投资和新股发行 | 股票

HKMA

香港金融管理局HKMA英文Hong Kong Monetary Authority的缩写，香港金融管理局行使了一般中央银行的职能。 网址：www.info.gov.hk/hkmaSynonym: Hong Kong Monetary AuthorityHong Kong Monetary Authority, effectively Hong Kong's central bank.Category: 缩略语

Vanilla Bond

香草债券Vanilla Bond指没有任何特别之处的普通债券，按固定利率付息，到期按面值还本。 在冰淇淋中，vanilla(香草)是最基本的口味，没有任何花俏之处，由此引申出没有任何特别之处的香草债券。参见Bullet Bond（一次性偿还债券）。A bond with no unusual features, paying a fixed rate of interest and redeemable in full on maturity. The term derives from vanilla or 'plain' flavoured ice-cream. See also: Bullet BondCategory: 债券

Maastricht Treaty

马城条约Maastricht Treaty正名为《欧盟条约》(the Treaty on European Union),是1992年2月7日由当时欧洲共同体12个成员国于荷兰马斯特里赫特签署的条约,1993年11月1日开始生效. 该条约催生了欧洲联盟(欧盟),赋予新的政治和社会责任,以取代欧洲共同体,并为成员国加入欧洲经济货币联盟(EMU)确定了条件以及时间表.参见EMU（欧洲经济货币联盟），EU（欧盟）。An agreement signed in 1991 by the 12 member nations of the then European Community, that set the timetable and criteria for Economic and Monetary Union within the bloc. The treaty also created the European Union, with new political and social responsibilities, to replace the European Community. The Maastricht Treaty is also known as the Treaty on European Union. See also: EMU, EUCategory: 金融

Scalpers

黄牛Scalpers指在期权和期货市场上持仓时间非常短的交易商。这些交易商的目的是借此频繁的买进卖出一点一点地获利。参见Day Trading（当日交易）。Traders in the options and futures market who hold their positions for a very short time. Their aim is to make small gains frequently.期货期权 | 金融

Maastricht Criteria

马城条约标准Maastricht Criteria《马城条约》所定出的标准,凡是希望成为欧洲经济货币联盟正式成员的国家必须符合这些条件，包括：l 通货膨胀率不得超过通膨率最低三个成员国平均值的1.5个百分点；l 财政赤字不得超过国内生产总值(GDP)的3%；l 公共债券不得超过GDP的60%。参见EMU（欧洲经济货币联盟），EU（欧盟），Maastricht Treaty（马城条约/马斯特里赫特条约）。The criteria, set out in the Treaty of Maastricht, that need to be met by European countries if they wish to become full members of the Economic and Monetary Union. They include: 1) inflation of no more than 1.5 percentage points above the average rate of the three member states with the lowest inflation 2) a national budget deficit close to or below 3 percent of gross national product and 3) public debt not exceeding 60 percent of gross national product.See also: TreatyCategory: 金融

Bank Negara Malaysia

马来西亚国家银行Bank Negara Malaysia马来西亚的中央银行。 网址：www.bnm.gov.myMalaysia's central bankCategory: 金融

Peaks

高点/峰顶Peaks就技术分析而言，peak是指价格走势图上出现的一个价格高点。资产的价格触及高点后，因为卖压大于买压，价格因而回落。高点往往成为价格的阻力位，需要颇强的动能方能向上突破，创出新高。短时间内的高点，英文称为reaction high。与peak相对的是trough。参见Technical Analysis（技术分析）及Troughs(低点/谷底)。Synonym: TroughsTerms used by technical analysts to describe patterns that appear on their share price charts. Peaks, or reaction highs, are resistance points and represent a price level where selling pressure overcomes buying pressure, halting a price rise. Troughs, or reaction lows, are support points and represent a price level where buying pressure overcomes selling pressure thereby halting the price drop.See also: Analysis

High Low Open Close (HLOC)

高点低点开盘收盘四价格High Low Open Close (HLOC)大多数价格表和走势图所展示的四项重要价格资料。这四项价格通常以交易日为时段单位，但也可以周、季或年为时段单位。高点和低点分别是一时段之内市场最高和最低成交价，而开盘价和收盘价则分别指该时段市场交易开始和结束时的价格水平。外汇 | 债券 | 股票

Top Reversal

高点反转Top Reversal指价格在升势中创出新高，但当日收盘回落至较上一交易日(有时是上两个交易日)收盘水平更低的水准。A top reversal is the setting of a new high in an uptrend followed by a lower close than the previous day's closing rate (sometimes the previous two days).期货期权 | 金融 | 外汇 | 债券 | 股票

High Tech Stock

高科技股High Tech Stock泛指从事电脑技术和高级电子行业的公司的股票。The stock of companies involved in computer technology and advanced electronics.Category: 股票

Cache

高速缓冲存储器Cache一种软件功能，使经常使用的数据储存在使用者的个人电脑上，以节省连接网络的时间。A cache is a software function that allows frequently accessed data or pages to be stored on a user's PC to save time connecting to a network.风险投资和新股发行

Cocktail Swap

鸡尾酒式互换Cocktail Swap指各种不同类型互换合约的混合体，常用于分散主要融资交易的风险。参见Swap（互换）。A mixture of different types of Swaps. A Cocktail Swap will often be incorporated to spread the risk on major financing.See also: Swap金融 | 债券

Macauley duration

麦考利存续期Macauley duration参见Duration（存续期）。Category: 债券

Yellow Strip

黄色报价带Yellow Strip在英国的股票市场，出现在股价显示屏幕上的黄色报价带，显示全部做市商所报的价格中最好的买方出价和卖方报价，两者的差额称为"价差(spread)"。参见Ask（卖方报价），Bid（买方出价），Spread（价差）。In the UK share market the yellow strip that appears on price display screens shows the best bid and ask price among all those quoted by market makers. The difference between the best bid and best ask is known as the spread.See also: Offer, Bid, SpreadCategory: 股票

Golden Parachute

黄金降落伞Golden Parachute公司高级雇员合约中的条款，注明在公司因被收购而导致其职位不保时，必须向其支付丰厚福利。此类条款可用来打击潜在收购方发起敌意收购的意欲。Category: 金融

Dawn Raid

黎明突袭Dawn Raid指在短时间内大量购买某些股票的行为，通常是收购计划的一部分，常发生于市场开始交易后不久。参见Stock(股票)，Share(股票)。Buying a large block of stock in a short time, usually for the buyer to position himself in a possible or actual takeover. The purchase often takes place at the start of a trading day.See also: Stock, Share风险投资和新股发行 | 股票

Black Market Economy

黑市经济Black Market Economy由于逃税而没有官方记录的交易。Transactions not officially recorded because of tax evasion.金融 | 财务税收

Dragon Bonds

龙债券Dragon Bonds由日本以外的亚洲公司通常以美元发行的债券。龙债券的期限一般较短，如3～5年，发行公司希望借此开拓亚洲快速增长经济体以外的投资者Bonds issued by Asian companies outside Japan and usually denominated in US dollars. Dragon bonds are usually short-dated, three to five years, and issued by companies who want to expand their range of investors from among Asia's rapidly growing economies.Category: 债券