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8/12/2019 VocabularyProject Sample 5
1/80
Paula Pellegrini , 1st year of study, International Affairs
Coordinator: prof. Veronica Armau
Financial Glossary
No. Word / Expression Definition Context Source
1 Catalyst An agent that provokes or
speeds significant change or
action
The fire that swept
through the Triangle
Shirtwaist factory in
New York in 1911,
killing 146 people, was
the catalystfor big
improvements in
industrial working
conditions in America.
http://www.economist.com/news/business/21577078-after-dhaka-
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2 Trade union An organization of employees
within a trade or professionthat has the objective of
representing its members
interests, primarily through
improving pay and working
conditions
Its trade unionsare
suppressed moreaggressively than they
ever were in America.
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3 Regulation 1. Law: Rule based onand meant to carry out
a specific piece of
legislation (such as for
the protection of
environment).Regulations are
enforced usually by a
regulatory agency
formed or mandated
to carry out the
It already has building
regulationsthat
should have
prevented the
collapsebut they
were not enforced.
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Paula Pellegrini , 1st year of study, International Affairs
Coordinator: prof. Veronica Armau
purpose or provisions
of a legislation. Also
called regulatory
requirement
2. General: Principle orrule (with or withoutthe coercive power of
law employed in
controlling, directing,
or managing an
activity, organization,
or system
4 Retailer A business or person that sells
goods to the end consumer, as
opposed to a wholesaler orsupplier, who normally sell
their goods to another
business
Primark, a low-cost
British retailer, and
Loblaw, the Canadianowner of the Joe Fresh
brand, whose wares
had been found in the
rubble, have both
agreed to pay
compensation to
victims and their
families.
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5 Contractor Independent entity that agrees
to furnish certain number or
quantity of goods, material,equipment, personnel, and/or
services that meet or exceed
stated requirements or
specifications, at a mutually
agreed upon price and within a
Walmart also recently
introduced stricter
fire-safety audits, anda zero tolerance
policy towards
contractorscaught
using unauthorised
factories to make
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Paula Pellegrini , 1st year of study, International Affairs
Coordinator: prof. Veronica Armau
specified timeframe to another
independent entity called
contractee, principal, or
project owner. Also called
construction firm
Walmart products.
6 Compensation Amount of money awrongdoer is required to pay
to a victim (or the victim's
beneficiary) as a compensation
for the damage or injury
caused by his or her actions or
inactions. Such damages vary
with the kind of damage or
injury sustained by the victim
Primark, a low-costBritish retailer, and
Loblaw, the Canadian
owner of the Joe Fresh
brand, whose wares
had been found in the
rubble, have both
agreed to pay
compensationto
victims and their
families.
http://www.economist.com/news/business/21577078-after-dhaka-factory-collapse-foreign-clothing-firms-are-under-pressure-improve-
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7 Audit 1. Quality control:Periodic (usually everysix months) onsite-
verification (by a
certification authority)
to ascertain whether
or not a documented
quality system is being
effectively
implemented
2. An unbiasedexamination andevaluation of the
financial statements of
an organization. It can
be done internally (by
employees of the
Walmart also recentlyintroduced stricter
fire-safety audits, and
a zero tolerance
policy towards
contractors caught
using unauthorised
factories to make
Walmart products.
http://www.economist.com/news/business/21577078-after-dhaka-factory-collapse-foreign-clothing-firms-are-under-pressure-improve-
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Paula Pellegrini , 1st year of study, International Affairs
Coordinator: prof. Veronica Armau
organization) or
externally (by an
outside firm)
3. An IRS examination ofa taxpayer's return or
other transactions. TheIRS performs this
examination to verify
the accuracy of these
filings.
8 To gripe To complain about something
to someone
Critics gripethat the
existing system for
auditing the complex
and constantlychanging supply chain
is little more than a
box-ticking exercise.
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9 Cursory Performed with haste and
scant attention to detail
Scott Nova of the
Worker Rights
Consortium, a
pressure group, says
that many audits
covered other
important issues such
as working hours andchild labour but, at
least until recently,
lacked even cursory
inspections of
factories structural
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Paula Pellegrini , 1st year of study, International Affairs
Coordinator: prof. Veronica Armau
soundness or fire
exits.
10 Pressure group Non-profit and usually
voluntary organization whose
members have a common
cause for which they seek toinfluence political or corporate
decision makers to achieve a
declared objective. Whereas
interest groups try to defend a
cause (maintain the status
quo), the pressure groups try
to promote it (change the
status quo)
Scott Nova of the
Worker Rights
Consortium, a
pressure group, saysthat many audits
covered other
important issues such
as working hours and
child labour but, at
least until recently,
lacked even cursory
inspections of
factories structural
soundness or fire
exits.
http://www.economist.com/news/business/21577078-after-dhaka-
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11 Non-governmental
organization (NGO)
Private sector, voluntary (and
usually non-profit and non-
sectarian) organization that
contributes to, or participates
in, cooperation projects,
education, training or other
humanitarian, progressive, or
watchdog activities. Some of
them are accredited by the
UN, and some collect
donations for distributionamong disadvantaged or
distressed people
The latest meeting
took place on April
29th in Germany, with
a couple of dozen
firms and some NGOs,
hosted by GIZ, a
German government
agency.
http://www.economist.com/news/business/21577078-after-dhaka-
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12 Across-the-board 1. General: Action ordecision that affects
everyone (more or less
Im not normally one
to call for
disinvestment in a
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Paula Pellegrini , 1st year of study, International Affairs
Coordinator: prof. Veronica Armau
the same way) within a
particular geographical
area, market, or
organization.
2. Broadcasting: Radio ortelevision programscheduled to be aired
for all weekdays, at the
same time and on the
same station.
3. Securities trading:Stockmarket
movement that affects
all or most stocks in
the same manner
country, but you have
to ask if it is the right
thing to do given the
massive across-the-
boardfailure in
Bangladesh.
13 Binding contract
An agreement in writing
between two or more
individuals or entities in which
a court can impose penalties in
the event one party attempts
to negate on his or her
promise as set forth in the
signed document
Worker Rights
Consortium sought to
rally support for its
proposal that foreign
clothing giants sign a
binding agreementto
finance the upgrading
of factories in
Bangladesh.
http://www.economist.com/news/business/21577078-after-dhaka-
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14 Garment An article of clothing Spread over a fewyears, that would
amount to only a few
cents on the cost of
each garment
produced, he
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Paula Pellegrini , 1st year of study, International Affairs
Coordinator: prof. Veronica Armau
calculates.
15 Investment bank Financial institution that
provides large amounts of
long-term fixed capital,
primarily for established firms.
Investment banks generallytake an equity stake in the
borrower firm to exercise
some influence on its direction
and operations. They also act
(often jointly) as financial
intermediaries by underwriting
the sale of new securities.
Called merchant bank in the
UK
FOR a few tense
weeks in 2008, as
investment
bankexecutives
huddled behind theimposing doors of the
New York Federal
Reserve, Wall Street
seemed to be
collapsing around
them
http://www.economist.com/news/leaders/21577370-american-
investment-banks-dominate-global-finance-once-more-thats-not-
necessarily-good
16 Rot Decomposition, disease,
problem
American
International Group(AIG) and Citigroup
had to be bailed out
and the rotseemed to
be spreading.
http://www.economist.com/news/leaders/21577370-american-
investment-banks-dominate-global-finance-once-more-thats-not-necessarily-good
17 Comeuppance A deserved rebuke or penalty Across the Atlantic,
European politicians
saw this as the timely
comeuppanceof
American capitalism.
http://www.economist.com/news/leaders/21577370-american-
investment-banks-dominate-global-finance-once-more-thats-not-
necessarily-good
18 Capitalism Economic system based (to a
varying degree) on privateownership of the factors of
production (capital, land, and
labor) employed in generation
of profits. It is the oldest and
most common of all economic
Across the Atlantic,
European politicianssaw this as the timely
comeuppance of
American capitalism.
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systems and, in general, is
synonymous with free market
system
19 Hedge fund Exceptionally risky and largely
unregulated US investment
partnership which employsaggressive leverage to multiply
gains (or losses) from
fluctuations in the prices of
financial instruments (bonds,
notes, securities). Hedge funds
are restricted under US law to
less than 100 investors who
typically put in a minimum of
one million dollars each
Angela Merkel,
Germanys chancellor,
blamed her peers inWashington for not
having regulated
banks and hedge
fundsmore rigorously.
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20 To pounce To seize something swiftly and
eagerly
Barclays quickly
pouncedon thecarcass of Lehman
Brothers, buying its
American operations
in what Bob Diamond,
the head of its
investment bank at
the time, called an
incredible
opportunity to gain
entry to the American
market.
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21 Carcass A framework or basic structure Barclays quickly
pounced on the
carcassof Lehman
Brothers, buying its
American operations
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in what Bob Diamond,
the head of its
investment bank at
the time, called an
incredible
opportunity to gainentry to the American
market.
22 Market share A percentage of total sales
volume in a market captured
by a brand, product, or
company
Deutsche Bank, a
German giant, also
expanded to take
market sharefrom
American rivals.
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23 Capital market A financial market that works
as a conduit for demand and
supply of debt and equity
capital. It channels the moneyprovided by savers and
depository institutions (banks,
credit unions, insurance
companies, etc.) to borrowers
and investees through a
variety of financial instruments
(bonds, notes, shares) called
securities.
A capital market is not a
compact unit, but a highly
decentralized system made upof three major parts: (1) stock
market, (2) bond market, and
(3) money market. It also
works as an exchange for
trading existing claims on
The dominance that
American firms had
long exerted over
global capital marketsseemed to have come
to an abrupt end.
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capital in the form of shares
24 Resurgent Undergoing or tending toproduce resurgence (a
rising again into life,
activity, or prominence)
Almost five years on it
is Europes banks that
are on their knees and
Wall Street that is
resurgent.
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25 To shed To lose, to cut Switzerlands two
biggest banks, UBS
and Credit Suisse,
which were expanding
fast before the crisis,
are still shedding
assets.
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26 Asset 1. Accounting:Something that an
entity has acquired or
purchased, and thathas money value (its
cost, book value,
market value, or
residual value). An
asset can be (1)
something physical,
such as cash,
machinery, inventory,
land and building, (2)
an enforceable claim
against others, such asaccounts receivable,
(3) right, such as
copyright, patent,
trademark, or (4) an
assumption, such as
Switzerlands two
biggest banks, UBS
and Credit Suisse,
which were expandingfast before the crisis,
are still shedding
assets.
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goodwill
2. Something valuablethat an entity owns,
benefits from, or has
use of, in generating
income27 Ward A means of protection; a
defense
Royal Bank of
Scotland, which for a
brief time broke into
the ranks of the
worlds ten-biggest
investment banks,
remains a wardof the
British government.
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28 To slump To fall or sink suddenly
To drop or slide down
suddenly
The share of the
investment-banking
market held byEuropean banks
hasslumpedby a fifth
since the crisis (see
our special report),
with many of the gains
going to Wall Streets
surviving behemoths.
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29 Behemoths Something of monstrous size,
power, or appearance
The share of the
investment-banking
market held by
European banks hasslumped by a fifth
since the crisis (see
our special report),
with many of the gains
going to Wall Streets
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surviving behemoths.
30 Revenue The income generated from
sale of goods or services, or
any other use of capital or
assets, associated with the
main operations of anorganization before any costs
or expenses are deducted.
Revenue is shown usually as
the top item in an income
(profit and loss) statement
from which all charges, costs,
and expenses are subtracted
to arrive at net income. Also
called sales, or (in the UK)
turnover
JPMorgan Chase,
Goldman Sachs and
Citigroup alone
account for a third of
the industrysrevenues.
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31 To crimp To be an inhibiting orrestraining influence on Both, however, facehostile regulations at
home and abroad that
seem likely to
crimptheir global
ambitions.
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32 To reassert Strengthen or make more firm The industry over
which Wall Street is
reassertingitself is
very different from
the one it dominated
half a decade ago.
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33 Capital
requirements
Total financing needs (Long-
term capital + Working capital)
of a firm arising from its
current and future plans
Higher capital
requirementsand
other regulations,
including Americas
absurdly complicated
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Coordinator: prof. Veronica Armau
(and still unfinished)
Dodd-Frank act, are
likely to erode the
profitability of the
industry.
34 To erode To diminish or destroy bydegrees Higher capitalrequirements and
other regulations,
including Americas
absurdly complicated
(and still unfinished)
Dodd-Frank act, are
likely to erodethe
profitability of the
industry.
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35 Balance - sheets A condensed statement that
shows the financial position ofan entity on a specified date
(usually the last day of an
accounting period)
European banks, in
contrast, arecontinuing to shrink
their balance-
sheetsand limp along
with insufficient
capital.
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36 Equity 1. In terms ofinvestment
strategies, equity
(stocks) is one of
the principal asset
classes. The other
two are fixed-income (bonds) and
cash/cash-
equivalents. These
are used in asset
allocation planning
Deutsche Bank, which
had insisted it did not
need more equity, has
at last faced reality
and is raising almost
3 billion ($4 billion).
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Coordinator: prof. Veronica Armau
to structure a
desired risk and
return profile for an
investor's portfolio2. A stock or any
other security
representing anownership interest
3. On a company'sbalance sheet, the
amount of the funds
contributed by the
owners (thestockholders) plus
the retained
earnings (or losses).
Also referred to as
"shareholders'
equity"37 Base pay The most basic sum of money
or hourly rate paid to an
employee of a business in
compensation for their work
efforts or time spent on the
job. An employee's base pay is
generally strictly financial in
nature and does not take into
account any other payments,
benefits or expense allowances
First, they are
specifying how much
banks can pay in
bonuses relative to
base pay.
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38 Retail banking Savings accounts, consumerloans, credit cards, etc., and
other such services provided to
individuals. Also called
consumer banking. See also
corporate banking and
Second, they aretrying to force banks
to hold more capital
and to make it easier
to allow them to fail
by, for instance,
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wholesale banking separating their retail
deposits from their
wholesale businesses.
39 Wholesale banking Banking services which (in
contrast to retail banking) are
offered only to governmentagencies, pension funds, other
institutional customers and to
corporations with strong
balance sheets and sound
income statements. These
services include cash
management, fleet and
equipment leasing, large-sum
loans, loan participation,
merchant banking, and trust
services
Second, they are
trying to force banks
to hold more capitaland to make it easier
to allow them to fail
by, for instance,
separating their retail
deposits from their
wholesalebusinesses.
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40 Subsidy Economic benefit (such as a
tax allowance or duty rebate)
or financial aid (such as a cash
grant or soft loan) provided by
a government to (1) support a
desirable activity (such as
exports), (2) keep prices of
staples low, (3) maintain the
income of the producers of
critical or strategic products,
(4) maintain employmentlevels, or (5) induce
investment to reduce
unemployment. The basic
characteristic of all subsidies is
to reduce the market price of
Switzerland and
Britain are making
progress in ending the
implicit taxpayer
subsidythat supports
banks that are too big
to fail.
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Coordinator: prof. Veronica Armau
an item below its cost of
production. Also called
subvention
41 Subprime loan A loan with elevated fees and
interest, given to someone
with a lower credit score
Yet it is not obvious
that European firms or
taxpayers gain fromhaving national banks
that are good at
packaging and selling
American subprime
loans.
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42 Bail - outs A situation in which a business,
individual or government
offers money to a failing
business in order to prevent
the consequences that arise
from a business's downfall.Bailouts can take the form of
loans, bonds, stocks or cash.
They may or may not require
reimbursement
They bear the main
risk of future bail-
outs.
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43 IPOInitial Public
Offering
First offering of a firms' stock
(shares) on the stockmarket, at
the time it 'goes public.'
Because a stockmarket usually
values the stock on the
expectations of the firm's
future growth and income,IPOs are typically an
opportunity for the founders
and other early investors to
make high profits by cashing
their stockholdings
IPOfees are much
higher in America than
elsewhere (7% v 4%),
mainly because the
market is dominated
by a few big
investment banks.
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44 Buffers A means or device used as a
cushion against the shock of
fluctuations in business or
financial activity
Wall Streets new
titans say they are
already penalised by
new international
rules that insist they
have somewhat biggercapital buffersthan
smaller banks because
they pose a greater
risk to economies if
they fail.
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45 Surcharges Amount added on to a usual
charge for a specific product,
purpose, or service
Increasing the capital
surchargesfor big
banks would do more
for the stability of the
financial system than
the thicket of Dodd-Frank rules ever will.
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46 Thicket Something resembling a
thicket in density or
impenetrability
Density
Increasing the capital
surcharges for big
banks would do more
for the stability of the
financial system than
the thicketof Dodd-
Frank rules ever will.
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47 Joint venture New firm formed to achieve
specific objectives of a
partnership like temporaryarrangement between two or
more firms. JVs are
advantageous as a risk
reducing mechanism in new-
market penetration, and in
Verizon Wireless, the
joint ventureof
VerizonCommunications VZ -
0.15% and Vodafone ,
will distribute $7
billion to its parent
companies next
http://www.forbes.com/sites/abrambrown/2013/05/14/verizon-
wireless-to-pay-a-massive-and-unepexected-7b-dividend-to-owners/
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18/80
Paula Pellegrini , 1st year of study, International Affairs
Coordinator: prof. Veronica Armau
pooling of resource for large
projects. They, however,
present unique problems in
equity ownership, operational
control, and distribution of
profits (or losses). Researchindicates that two out of five
JV arrangements last less than
four years, and are dissolved in
acrimony
month, a surprise
decision that adds a
new wrinkle to the
relationship between
the owners.
48 Parent company Firm that owns or controls
other firms (called
subsidiaries) which are legal
entities in their own right. Also
called parent corporation
Verizon Wireless, the
joint venture of
Verizon
Communications VZ -
0.15% and Vodafone ,
will distribute $7
billion to its parentcompaniesnext
month, a surprise
decision that adds a
new wrinkle to the
relationship between
the owners.
http://www.forbes.com/sites/abrambrown/2013/05/14/verizon-
wireless-to-pay-a-massive-and-unepexected-7b-dividend-to-owners/
49 Dividend A share of the after-tax profit
of a company, distributed to its
shareholders according to the
number and class of shares
held by them
The dividendwill be
paid June 25.
http://www.forbes.com/sites/abrambrown/2013/05/14/verizon-
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50 Majority stake The right to control a company
because you own a group of
shares that together are more
than any other shareholder
has.
The payout is an
unexpected move.
Verizon, able to
dictate the dividend
terms because of its
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19/80
Paula Pellegrini , 1st year of study, International Affairs
Coordinator: prof. Veronica Armau
The ownership of 50% plus one
of the stock in a publicly-
traded company. This gives the
person or company holding
majority stake outright control
of the company's operations,especially the election of its
board of directors
majority stake, two
weeks ago said it
might use cash this
year to repay debt.
51 Debt A duty or obligation to pay
money, deliver goods, or
render service under an
express or implied agreement.
One who owes, is a debtor or
debitor; one to whom it is
owed, is a debtee, creditor, or
lender
The payout is an
unexpected move.
Verizon, able to
dictate the dividend
terms because of its
majority stake, two
weeks ago said it
might use cash this
year to repay debt.
http://www.forbes.com/sites/abrambrown/2013/05/14/verizon-
wireless-to-pay-a-massive-and-unepexected-7b-dividend-to-owners/
52 Interest (in a
company)
Law: An advantage, claim,
duty, liability, right, and/or
title associated with a tangible
or intangible item. Legal claim
or right in or over an asset or
property is called a security
interest
Verizon, in effect, is
using the dividend to
force Vodafone to sell
its interestin the
company.
http://www.forbes.com/sites/abrambrown/2013/05/14/verizon-
wireless-to-pay-a-massive-and-unepexected-7b-dividend-to-owners/
53 Merger Voluntary amalgamation of
two firms on roughly equal
terms into one new legal
entity. Mergers are effected byexchange of the pre-merger
stock (shares) for the stock of
the new firm. Owners of each
pre-merger firm continue as
owners, and the resources of
Verizon Wireless,
created in 2000 from a
mergerof Bell
Atlantics andVodafones mobile
businesses, is the
largest U.S. carrier,
followed by AT&T.
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Paula Pellegrini , 1st year of study, International Affairs
Coordinator: prof. Veronica Armau
the merging entities are
pooled for the benefit of the
new entity. If the merged
entities were competitors, the
merger is called horizontal
integration, if they weresupplier or customer of one
another, it is called vertical
integration
54 Contingency 1. Existing situationwhose result is
unknown or
unpredictable.
2. Possible event thatmust be prepared for
Stock Exchanges Shift
To ContingencyPlans
As Sandy Wreaks
Havoc
http://www.forbes.com/sites/abrambrown/2012/10/29/nyse-
nasdaq-to-shut-trading-hurricane-sandy/
55 Trading The business of buying and
selling commodities;commerce
U.S. tradingcame to a
halt Monday morningand will remain at a
standstill Tuesday, as
Hurricane Sandy
drenches the East
Coast.
http://www.forbes.com/sites/abrambrown/2012/10/29/nyse-
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56 Stock exchange Organized and regulated
financial market where
securities (bonds, notes,
shares) are bought and sold at
prices governed by the forces
of demand and supply. Stock
exchanges basically serve as
(1) primary markets where
corporations, governments,
municipalities, and other
incorporated bodies can raise
The NYSE and Nasdaq
stock exchangehope
to reopen Wednesday,
after stock and bond
exchanges already
called off Monday or
ended early.
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Paula Pellegrini , 1st year of study, International Affairs
Coordinator: prof. Veronica Armau
capital by channeling savings
of the investors into
productive ventures; and (2)
secondary markets where
investors can sell their
securities to other investors
for cash, thus reducing the risk
of investment and maintaining
liquidity in the system. Stock
exchanges impose stringent
rules, listing requirements, and
statutory requirements that
are binding on all listed and
trading parties
57 Bond A debt instrument that
certifies a contract between
the borrower (bond issuer) and
the lender (bondholder) as
spelled out in the bond
indenture. The issuer
(company, government,
municipality) pledges to pay
the loan principal (par value of
the bond) to the bondholder
on a fixed date (maturity date)
as well as a fixed rate of
interest for the life of the bond
The NYSE and Nasdaq
stock exchange hope
to reopen Wednesday,
after stock and bond
exchanges already
called off Monday or
ended early.
http://www.forbes.com/sites/abrambrown/2012/10/29/nyse-
nasdaq-to-shut-trading-hurricane-sandy/
58 Commodity
exchange
Open and organized
marketplace where ownership
titles to standardized
quantities or volumes of
certain commodities (at a
specified price and to be
Meanwhile, the CME
Group plans to close
the trading floor of
the Nymex
commodities
exchange, moving it to
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Paula Pellegrini , 1st year of study, International Affairs
Coordinator: prof. Veronica Armau
delivered on a specified date)
are traded by its members.
Although samples of the
commodities are physically
examined and graded, physical
delivery of the commodity
rarely occurs because the
delivery contracts are usually
exchanged or closed out
(traded out) before their
expiration date. Commodity
exchanges are divided roughly
into three main types: metals
exchanges, fuels exchanges,
and soft (agricultural)
commodity exchanges. Other
exchanges deal in currencies
and commodity indices
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