glossary on trade financing terms e

Eurobonds denominated in ECUs.Français: Obligations en ECU Español: ECU bonds Français: Rendement effectif Español: Rendimiento efectivo... Français: Rendement obligataire équivalent Esp

Earning per share:

This measures a company's total net return earned on ordinary share capital It is calculated by deducting taxation, depreciation, interest charges and payments to preference shareholders and other minority interests from gross income The result is then divided by the number of ordinary shares

Français: Bénéfice par action

Español: Utilidades por acción, ingresos por acción

Earning power:

This refers to a company’s profitability, i.e its capacity to return a profit or income It is measured in terms of the profit generated during a certain period of time in relation to the capital employed More narrowly defined, it is represented by the ratio between the net profit generated and the capital resources employed

Français: Capacité bénéficiaire

Español: Rentabilidad

Earnings:

A technical accounting term, referring to the amount of profit (usually for a year) available to

the ordinary shareholders (UK) /common stockholders (US), i.e the profit available once all expenses(operating expenses, interest charges, taxes and dividends on preferred stock) have been deducted from the gross revenue The term earnings is sometimes used to describe income, net income, profit

or net profit

Français: Bénéfices, Gains

Español: Ganancias, beneficios, utilidades, ingresos

Earnings yield:

Earnings per share divided by stock price

Français: Rendement du bénéfice

Español: Dividendo por acción

Electronic commerce can be both:

(1) the on-line ordering, payment and delivery of intangible goods and services (Direct e-commerce);(2) the electronic ordering of tangible goods, which must still be physically delivered, using

traditional channels such as postal services or commercial couriers Payment is made either

physically or electronically (Indirect e-commerce)

Français: Commerce électronique

Español: Comercio electrónico

Economic growth:

The increase in a country’s output of goods and services, i.e a larger GNP, during a period of time When economic growth exceeds population growth, the country's living standards should rise Such

a development is generally due to better utilization of the country's economic resources

Français: Croissance économique

Español: Crecimiento económico

ECP:

Abbreviation for Eurocommercial paper

Français: ECP

Español: ECP

Eurobonds denominated in ECUs.

Français: Obligations en ECU

Español: ECU bonds

Français: Rendement effectif

Español: Rendimiento efectivo

Electronic banking:

Refers to the provision of retail and small value banking products and services through electronic channels Two fundamental aspects of electronic banking are:

(1) the nature of the delivery channels - "closed networks" which restrict access to members, and

"open networks" which have no membership requirements;

(2) the means of customer access to these channels - including point-of-sale (POS) terminals, automatic teller machines (ATM), telephones, personal computers, smart cards etc

Internet banking - also known as e-mail banking or virtual banking - is the latest form of electronic banking Access to the service for the customer is provided via personal computers, communicator phones and other devices with access to the Internet

Français: Electronique bancaire

Español: Operación bancaria electrónica

Electronic funds transfer:

The transfer of funds, other than a transaction originated by cheque, draft or similar paper

instrument, which is initiated through an electronic terminal, telephonic instrument, computer or magnetic tape, so as to order, instruct or authorize a financial institution to debit or credit an account

Français: Transfert électronique de fonds

Español: Transferencia electrónica de fondos

Electronic money:

Refers to "stored value" or prepaid payment mechanisms for executing payments via point-of-sale (POS) terminals, direct transfers between two devices or over open computer networks such as the Internet Stored value cards can be "single-purpose" cards, used to purchase one type of goods or service or products from one vendor, or "multi-purpose" cards, used for a variety of purchases from several vendors

Français: Monnaie électronique

Español: Dinero electrónico

The person or corporate body to whom the title and/or rights of a negotiable instrument are

transferred from the endorser, by means of the latter's signature

Seed or start up capital made available to either a public or private company, by the government or

by the company’s holding company respectively

Français: Dotation en capital

Español: Dotación de capital

EPC contract:

A contractual agreement between the client (i.e the owning company which has issued the contract)and the contractor, which outlines the terms of the contractor's responsibility for the Engineering, Procurement and Construction (EPC) activities linked to the project

Français: Contract EPC

Español: Contrato de ingeniería, adquisición y construcción

Equivalent bond yield:

The annual yield on a short-term, non-interest-bearing security calculated so as to be comparable with yields on coupon securities

Français: Rendement obligataire équivalent

Español: Rendimiento equivalente al de los bonos

Equity:

The part of a company's capital belonging to its shareholders In accounting terms, equity is what is left when all the company's liabilities have been deducted from its assets, except for those liabilities due to shareholders The value of equity of a quoted company corresponds to the price per share multiplied by the number of shares

Français: Actif net

Español: Participación de beneficios

Escrow accounts:

Accounts held in Offshore banks, outside the country of a debtor, through which a portion of his export revenues are channelled in order to cover future debt-service payments The beneficiaries of the escrow accounts are the creditors who will obtain extra security for their loans and priority in debt service

Français: Comptes de dépôt

Español: Cuenta de garantía bloqueada, cuenta de depósito en garantía

A new currency introduced 1 January 1999 between 11 member states of the European Union (Italy, France, Germany, Spain, Portugal, Austria, Finland, Belgium, Luxembourg and The Netherlands) as the final step in the process leading to full Economic and Monetary Union (EMU) within the EU The Euro will gradually replace the use of the national currencies and will become the only currency in circulation within the EU by 1 July 2002 The parity Euro-ECUhas been set at one-to-one

Français: Euro

Español: Euro

Euro Lines:

Lines of credit granted by international banks in Eurocurrencies

Français: Lignes of credit

Español: Eurolíneas

Eurobond:

A Bond issued by a company or a government in a market other than that of its currency of

denomination Eurobonds are then sold internationally and not in just one domestic market (e.g a German corporation may issue euro-dollar bonds on the London capital market) The main

eurobonds include the Eurodeutsche Mark bonds, Eurodollar bonds, Eurofrench Franc bonds, Eurosterling bonds and Euroyen bonds, although the nationally denominated European eurobonds will be phased out within Europe

Français: Marché des Euro-capitaux

Español: Euromercado de capitales

EuroCDs (Certificate of deposit):

CDs issued by a non resident bank in a Euro currency

Français: EuroCD (certificat de Dépôt)

Español: Eurocertificado de depósito

Eurocommercial paper:

Abbreviated as ECP or Euro-CP It indicates short-term money market paper issued by major class companies on the Euromarket, usually without necessarily being underwritten by the lead issuing bank

first-Français: Euro-effet commercial

Español: Efecto comercial en eurodivisas

Eurocurrency market:

A money market, based mainly in Europe, engaged in the lending and borrowing of Eurocurrencies tofinance international trade and investment projects The main financial instrument used in the Eurocurrency market for long-term investment purposes is the Eurobond Depositors in the

Eurocurrency market include commercial banks, industrial companies and Central Banks Borrowers are typically companies, which resorted to Eurofinance during times of domestic credit restrictions and/or when domestic interest rates were higher than those prevailing in the Eurocurrency market.Français: Marché des Euromonnaies

Español: Mercado de eurodivisas

Eurodollars:

U.S Dollar-denominated deposits held in banks and other financial institutions outside the United States Although the majority of such deposits are held in Western Europe (thus leading to the "Euro"denomination), they are not limited to this area

Français: Eurodollars

Español: Eurodólar

Eurodollar bonds:

Eurobonds denominated in dollars

Français: Obligations en Eurodollar

Español: Eurodollar bonds

Euroequity market:

The market for shares sold outside of their country of origin

Français: Marché des Euro-actions

Español: Mercado de euroacciones

An international financial market consisting of several specialized markets (such as the Eurobond andthe Eurocurrency markets) on which bank loans and bond issues are transacted in Eurocurrencies Although its name refers to Europe, the Euromarket is by no means confined to it geographically but

Français: Euromarché de l’argent

Español: Euromercado del dinero

Euronotes:

Medium-term notes issued on the Euromoney market

Français: Europapier

Español: Europagaré

European Bank for Reconstruction and Development (EBRD):

A London based financial institution which began its operations in June 1991 It provides financial assistance to facilitate the transition to market economies and to promote private and

entrepreneurial initiatives in Central and Eastern Europe

Français: Banque Européenne pour la Reconstruction et le Développement

Español: Banco Europeo de Reconstrucción y Desarrollo

European Currency Unit (ECU):

This was introduced in 1979 with the coming into effect of the European Monetary System (EMS) The ECU is based on a basket of European currencies and its value is equal to the sum of the values

of the EC currencies included in the reference basket

Français: Unité Monétaire Européenne

Español: Unidad Monetaria Europea

European Free Trade Association (EFTA):

A regional organization, established in December 1960 by the Stockholm Convention as an

alternative to the European Economic Community, designed to provide a free trade area for

industrial products among member countries Unlike the EEC, however, EFTA members did not set up

a common external tariff and did not fully liberalise agricultural trade EFTA currently has four members: Iceland, Liechtenstein, Norway and Switzerland Other members such as the U.K.,

Denmark, Portugal, Sweden, Finland and Austria left EFTA when they joined the EC

Français: Association Européenne de Libre Echange (AELE)

Español: Asociación Europea de Libre Comercio

European Investment Bank (EIB):

An independent public institution set up by the Treaty of Rome of 1957 with the mission of

contributing to the steady and balanced development of the European Union (EU) The members of the EIB are the EU Member States, who have all subscribed to the Bank's capital The EIB provides companies and public institutions with long-term finance for specific capital projects; typically regional and structural development projects with cross-border effects The EIB collaborates closely with the banking community, both when borrowing on the capital markets and when financing capital projects It also undertakes activities outside the European Union, either out of its own resources or under mandate of the EU or the Member States

Français: Banque Européenne d’Investissement (BEI)

Español: Banco Europeo de Inversión (BEI)

European Monetary System (EMS):

A co-operative foreign exchange arrangement set up in 1979 and involving most of the members of the European Community, designed to promote exchange rate stability within the EC By requiring participants to maintain their exchange rates within set fluctuation margins, the EMS was intended

to move Europe toward closer economic integration and to avoid disruption to trade resulting from excessive exchange rate swings.

Français: Système monétaire européen (SME)

Español: Sistema Monetario Europeo (SME)

European Monetary Union (EMU):

The final stage of the process of macro-economic integration at the European Union level European countries participating in the EMU are required to hand over the conduct of their monetary policy to

a single European Central Bank and to respect stringent guidelines on government spending (the so called Stability Pact) The most apparent aspect of the EMU is the introduction and gradual

switchover to a single currency, the Euro

Français: Union monétaire européenne (UME)

Español: Unión Monetaria Europea (UME)

European option:

An option which can only be exercised at its expiry date Compare with an American option

Français: Option européenne

Español: Opción europea

European terms:

The quotation of a foreign currency on an indirect basis See also indirect quote

Français: Termes européens

Español: Términos europeos

Euro-Treasuries:

A security on the Eurobond market entitling the holder to buy a particular US Treasury bond at a fixed price, at any point within a given period of time

Français: Euro Bons du Trésor

Español: Eurobonos de tesorería

Exchange:

The marketplace within which shares, options and futures on stocks, bonds, commodities and indicesare traded Some of the main world exchanges include the New York Stock Exchange (NYSE), the National Association of Securities Dealers Automatic Quotation System (NASDAQ), the LIFFE, etc.Français: Echange

Español: Bolsa, bolsa de valores

Exchange permit:

A government permit sometimes required in order to convert domestic currency into a foreign currency, for payment of international transactions

Français: Permis de change

Español: Permiso de cambio de divisas

Exchange controls:

Restrictions applied by a government (or the Central Bank) to limit the convertibility of the local currency into foreign currencies

Français: Contrôle des changes

Español: Control de cambios, control cambiario, intervención de los cambios

Exchange rate:

The price at which one currency can be converted into another On foreign exchange markets there are two reference exchange rates: the Bid rate (at which operators are willing to buy the currency in exchange for another) and theasked rate (at which they are willing to sell the currency against another) Freely traded currencies also have a spot rate for immediate exchange and a forward rate for exchanges to be carried out at some future date

Français: Taux de change

Español: Tipo de cambio

Exchange risk coverage:

A general term for financial techniques (such as insurance, swaps, forwards etc.) intended to cover (protect) the enterprise from adverse variations in the exchange rate (e.g from the depreciation of the currency of denomination of a credit)

Français: Couverture du risque de change

Español: Cobertura de los riesgos cambiarios, cobertura de los riesgos de fluctuación de los tipos de cambio