Dictionary_of_Banking_and_Finance

sells valuable assets or purchases unattractive assets. poison pill

scout /skaυt/ noun a person who searches for something, especially someone who looks for promising new members of staff

scrap /skr p/ noun 1. material left over after an industrial process, and which still has some value (as opposed to waste, which has no value) to sell a ship for scrap 2. pieces of metal to be melted down to make new metal ingots

scrap value /skr p v lju / noun the value of an asset if sold for scrap

Its scrap value is £2,500.

screen /skri n/ noun 1. a glass surface on which computer information or TV pictures can be shown She brought up the information on the screen. I’ll just call up details of your account on the screen. 2. a flat panel which acts as a form of protection verb 1. to examine something carefully to evaluate or assess it 2. to consider a range of items or people and only select some to screen out to consider things and remove some

screening / skri n ŋ/ noun the act of evaluating or assessing new product ideas Representatives from each department concerned will take part in the screening process. Screening showed the product idea to be unrealistic for our production capacity.

screen trading / skri n tre d ŋ/ noun trading using a monitor, as opposed to the old open outcry system

scrip /skr p/ noun a security (a share, bond, or the certificate issued to show that someone has been allotted a share or bond)

‘…under the rule, brokers who fail to deliver stock within four days of a transaction are to be fined 1% of the transaction value for each day of missing scrip’ [Far Eastern Economic Review]

scrip issue / skr p ʃu / noun an issue of shares whereby a company transfers money from reserves to share capital and issues free extra shares to the shareholders (the value of the company remains the same, and the total market value of shareholders’ shares remains the same, the market price being adjusted to account for the new shares).

Also called free issue, capitalisation issue

scripophily /skr pɒf li/ noun the practice of collecting old share certificates and bond certificates as a hobby and investment

SDB abbreviation sales day book Sdn abbreviation Sendirian

Sdn berhad abbreviation Sendirian berhad, a Malay term for a private limited company

SDRs abbreviation special drawing rights

sea freight / si fre t/ noun the transportation of goods in ships, or goods sent by sea

seal /si l/ noun 1. a special symbol, often one stamped on a piece of wax, which is used to show that a document is officially approved by the organisation that uses the symbol contract under seal a contract which has been legally approved with the seal of the company 2. a piece of paper, metal or wax attached to close something, so that it can be opened only if the paper, metal or wax is removed or broken verb 1. to close something tightly The computer disks were sent in a sealed container. 2. to attach a seal, to stamp something with a seal Customs sealed the shipment.

SEAQ noun a computerised information system giving details of current share prices and stock market transactions on the London Stock Exchange. Dealers list their offer and bid prices on SEAQ, and transactions are carried out on the basis of the information shown on the screen and are also recorded on the SEAQ database in case of future disputes. Full form Stock Exchange

Automated Quotations system

search /s% tʃ/ noun an examination of records by the lawyer acting for someone who wants to buy a property, to make sure that the vendor has the right to sell it

season / si z(ə)n/ noun a period of time when some activity usually takes place the selling season

seasonal / si z(ə)n(ə)l/ adjective which lasts for a season or which only happens during a particular season seasonal variations in sales patterns The demand for this item is very seasonal.

seasonal demand / si z(ə)n(ə)l d -

mɑ nd/ noun demand which exists only during the high season

seasonal unemployment

/ si z(ə)nəl n m plɔ mənt/ noun unemployment which rises and falls according to the season

seasoned / si z(ə)nd/ adjective US referring to securities which are reputable or a loan which is safe for the long term

seat /si t/ noun membership of a stock exchange

SEC abbreviation Securities and Exchange Commission

second noun, adjective / sekənd/

(the thing) which comes after the first verb 1. / sekənd/ to second a

motion to be the first person to support a proposal put forward by someone else

Mrs Smith seconded the motion or

The motion was seconded by Mrs Smith.

2. /s kɒnd/ to lend a member of staff to another company, organisation or department for a fixed period of time He was seconded to the Department of Trade for two years.

secondary / sekənd(ə)ri/ adjective second in importance

secondary auditor / sekənd(ə)riɔ d tə/ noun an auditor for a subsidiary company who has no connection with the primary auditor who audits the accounts of the main company

secondary bank / sekənd(ə)ri b ŋk/ noun a finance company which provides money for hire-purchase deals

secondary industry / sekənd(ə)rindəstri/ noun an industry which uses

basic raw materials to produce manufactured goods

secondary market / sekənd(ə)rimɑ k t/ noun a market where existing securities are bought and sold again and again, as opposed to a primary market, where new issues are launched

secondary mortgage market

/ sekənd(ə)ri mɔ d$ mɑ k t/ noun US a nationwide system organised by various federal mortgage associations for polling mortgages and selling them to investors

secondary products / sekənd(ə)riprɒd kts/ plural noun products which

have been processed from raw materials (as opposed to primary products)

secondary properties

/ sekənd(ə)ri prɒpətiz/ plural noun commercial properties which are not in prime sites and therefore are not as valuable

second-class / sekənd klɑ s/ adjective, adverb referring to a less expensive or less comfortable way of travelling The group will travel sec- ond-class to Holland. The price of a second-class ticket is half that of a first class.

second-class mail / sekənd klɑ sme l/ noun a less expensive, slower mail service The letter took three days to arrive because he sent it second-class.

second earner / sekənd % nə/ noun a second person in a household, usually a spouse, who also earns a salary

seconder / sekəndə/ noun a person who seconds a proposal There was no seconder for the motion so it was not put to the vote.

second half / sekənd hɑ f/ noun a period of six months from 1st July to 31st December The figures for the second half are up on those for the first part of the year.

second half-year / sekənd hɑ f j ə/ noun the six-month period from July to the end of December

secondment /s kɒndmənt/ noun the fact or period of being seconded to another job for a period He is on three years’ secondment to an Australian college.

second mortgage / sekəndmɔ d$/ noun a further mortgage on a property which is already mortgaged

second quarter / sekənd kwɔ tə/ noun a period of three months from April to the end of June

second-ranker / sekənd r ŋkə/ noun a company which occupies the second rank, i.e. not one of the top companies

second round / sekənd raυnd/ noun a new tranche of venture capital raised for a new project after the start-up finance

second-tier / sekənd t ə/ adjective not in the first and most important group

second-tier bank / sekənd t ə

b ŋk/ noun a bank which is not as large as the main banks in a country

second-tier market / sekənd t ə

mɑ k t/ noun a secondary market, such as the AIM, where securities which are not listed on the main Stock Exchange can be traded

secret / si krət/ adjective which is deliberately kept hidden from people, or which is not known about by many people The MD kept the contract secret from the rest of the board. The management signed a secret deal with a foreign supplier. noun something which is kept hidden or which is not known about by many people to keep a secret

secretariat / sekr teəriət/ noun an important office and the officials who work in it the United Nations secretariat

‘…a debate has been going on over the establishment of a general secretariat for the G7. Proponents argue that this would give the G7 a sense of direction and continuity’ [Times]

secretary / sekrət(ə)ri/ noun 1. an official of a company or society whose job is to keep records and write letters 2. a member of the government in charge of a department the Trade Secretary the Foreign Secretary the Education Secretary

Secretary of State / sekrət(ə)ri əvste t/ noun 1. a member of the

government in charge of a department the Secretary of State for Trade and Industry 2. US a senior member of the government in charge of foreign affairs

(NOTE: The UK term is Foreign Secretary.)

Secretary of the Treasury

/ sekrət(ə)ri əv ðə tre$əri/ noun US a senior member of the government in charge of financial affairs

secret ballot / si krət b lət/ noun an election where the voters vote in secret

secret reserves / si krət r z% vz/ plural noun reserves which are illegally kept hidden in a company’s balance sheet, as opposed to ‘hidden reserves’ which are simply not easy to identify

section / sekʃən/ noun 1. a part of something You should read the last section of the report – it is very interest-

ing. 2. one of the parts of an Act of Parliament

sector / sektə/ noun 1. a part of the economy or the business organisation of a country All sectors of the economy suffered from the fall in the exchange rate. Technology is a booming sector of the economy. 2. a section of a stock market, listing shares in one type of industry (such as the banking sector)

‘…government services form a large part of the tertiary or service sector’ [Sydney Morning Herald]

‘…in the dry cargo sector, a total of 956 dry cargo vessels are laid up – 3% of world dry cargo tonnage’ [Lloyd’s List]

sector fund / sektə f nd/ noun a fund which is invested in only one sector of the stock market

secure /s kjυə/ adjective safe, which cannot change secure job a job from which you are not likely to be made redundant secure investment an investment where you are not likely to lose money verb 1. to secure a loan to pledge an asset as a security for a loan 2. to get something safely into your control

He is visiting several banks in an attempts to secure funds for his project. He secured the backing of an Australian group.

secured creditor /s kjυədkred tə/ noun a person who is owed

money by someone, and can legally claim the same amount of the borrower’s property if the borrower fails to pay back the money owed

secured debt /s kjυəd det/ noun a debt which is guaranteed by assets which have been pledged

secured loan /s kjυəd ləυn/ noun a loan which is guaranteed by the borrower giving assets as security

secure sockets layer /s kjυəsɒk ts le ə/ noun full form of SSL

secure website /s kjυə websa t/ noun a website on the Internet that encrypts the messages between the visitor and the site to ensure that no hacker or eavesdropper can intercept the information

securities /s kjυər tiz/ plural noun

1. investments in stocks and shares 2. certificates to show that someone owns stocks or shares

Securities and Exchange Commission /s kjυər tiz ən ks tʃe nd$

kə m ʃ(ə)n/ noun the official body which regulates the securities markets in the USA. Abbreviation SEC

Securities and Futures Authority /s kjυərətiz ən fju tʃəz ɔ θɒrəti/ noun in the UK, a

self-regulatory organisation which supervises the trading in shares and futures, now part of the FSA. Abbreviation SFA

Securities and Investments Board /s kjυər tiz ən n vestmənts

bɔ d/ noun formerly, the name of the regulatory body which supervised the securities markets in the UK (now the FSA). Abbreviation SIB

securities broker /s kjυərətizbrəυkə/ noun same as securities

trader

securities house /s kjυər tiz haυs/ noun a firm which buys and sells securities for clients

securities market /s kjυər tizmɑ k t/ noun a Stock Exchange, a place where stocks and shares can be bought or sold

securities trader /s kjυər tiztre də/ noun a person whose business is buying and selling stocks and shares

securitisation /s kjυər ta -

ze ʃ(ə)n/, securitization noun the process of making a loan or mortgage into a tradeable security by issuing a bill of exchange or other negotiable paper in place of it

securitise /s kjυrəta z/, securitize verb to make a loan into a security which can be traded (e.g. by issuing an IOU for a loan)

security /s kjυər ti/ noun 1. the fact of being protected against attack office security the act of protecting an office against theft 2. the fact of being kept secret security in this office is nil nothing can be kept secret in this office 3. a guarantee that someone will repay money borrowed to give something as security for a debt to use a house as security for a loan The bank lent him £20,000 without security.

to stand security for someone to guarantee that if the person does not repay a loan, you will repay it for him 4. a stock or share

security guard /s kjυər ti ɑ d/ noun a person who protects an office or factory against burglars

security of employment /s -

kjυər ti əv m plɔ mənt/ noun a feeling by an employee that he or she will be able to stay in the same job until retirement

security of tenure /s kjυər ti əvtenjə/ noun a right to keep a job or

rented accommodation provided certain conditions are met

security printer /s kjυər ti pr ntə/ noun a printer who prints material that has to be kept secure, such as paper money, share prospectuses or secret government documents

seedcorn / si dkɔ n/, seed money

/ si d m ni/ noun venture capital invested when a new project is starting up (and therefore more risky than secondary finance or mezzanine finance)

They had their ranch house to operate out of, a used printer and seed money from friends.

segment noun / se mənt/ a section of a market defined by certain criteria verb /se ment/ to divide a potential market into different segments

segmentation / se mən te ʃ(ə)n/ noun the division of the market or consumers into categories according to their buying habits

selected personal information

/s lekt d p% s(ə)nəl nfə me ʃ(ə)n/ noun information, such as the post code of your home or the maiden name of your mother, used for identification purposes

self- /self/ prefix referring to yourself

self-employed / self m plɔ d/ adjective working for yourself or not on the payroll of a company a self-employed engineer He worked for a bank for ten years but is now self-employed. plural noun the self-employed people who work for themselves

self-financed / self fa n nst/ adjective the project is completely self-financed the project pays its development costs out of its own revenue, with no subsidies

self-financing / self fa n ns ŋ/ noun the financing of development

costs, the purchase of capital assets, etc. by a company from its own resources adjective the company is completely self-financing the company finances its development costs, capital assets, etc. from its own resources

self-insurance /self n ʃυərəns/ noun insuring against a probable future loss by putting money aside regularly, rather than by taking out an insurance policy

self-made man / self me d m n/ noun a man who is rich and successful because of his own work, not because he inherited money or position

self-regulating organisation /selfre jule t ŋ ɔ əna ze ʃ(ə)n/ noun

same as self-regulatory organisation

self-regulation /self re jυ le ʃ(ə)n/ noun the regulation of an industry by itself, through a committee which issues a rulebook and makes sure that members of the industry follow the rules (NOTE:

For example, the Stock Exchange is regulated by the Stock Exchange Council.)

self-regulatory /self re jυ-

le t(ə)ri/ adjective referring to an organisation which regulates itself

self-regulatory organisation /selfre jυlət(ə)ri ɔ əna ze ʃ(ə)n/ noun

an organisation, such as the Securities and Futures Authority, which regulates the way in which its own members carry on their business. Abbreviation SRO

self-select PEP /self s lekt/ noun

Personal Equity Plan

self-service banking /self s% v sb ŋk ŋ/ noun a situation where a bank’s customers arrange transactions by themselves, without involving bank staff, e.g. by using ATMs for cash withdrawals

self-supporting /self sə pɔ t ŋ/ adjective which finances itself from its own resources, with no subsidies

sell /sel/ verb 1. to give goods in exchange for money to sell something on credit The shop sells washing machines and refrigerators. They tried to sell their house for £100,000. Their products are easy to sell. 2. to be sold These items sell well in the pre-Christmas period. Those packs sell for £25 a dozen. hard sell (NOTE:

selling – sold)

sell-by date / sel ba de t/ noun a date on a food packet which is the last date on which the food is guaranteed to be good

seller / selə/ noun a person who sells

There were few sellers in the market, so prices remained high.

seller’s market / seləz mɑ k t/ noun a market where the seller can ask high prices because there is a large demand for the product (NOTE: The oppo-

site is a buyer’s market.)

sell forward / sel fɔ wəd/ verb to sell foreign currency, commodities, etc. for delivery at a later date

selling costs / sel ŋ kɒsts/, selling overhead / sel ŋ əυvəhed/ plural

noun the amount of money to be paid for the advertising, reps’ commissions and other expenses involved in selling something

selling price / sel ŋ pra s/ noun the price at which someone is willing to sell something

selling price variance / sel ŋ pra sveəriəns/ noun the difference between

the actual selling price and the budgeted selling price

sell off / sel ɒf/ verb to sell goods quickly to get rid of them

sell out / sel aυt/ verb to sell your business They sold out and retired to the seaside.

sellout / selaυt/ noun this item has been a sellout all the stock of the item has been sold

sell up / sel p/ verb to sell a business and all the stock He sold up and bought a farm.

semi- /semi/ prefix half or part

semiannual / semi njuəl/ adjective referring to interest paid every six months

semi-fixed cost / semi f kst kɒst/ noun same as semi-variable cost

semi-variable cost / semiveəriəb(ə)l kɒst/ noun money paid to

produce a product which increases, though less than proportionally, with the quantity of the product made Stepping up production will mean an increase in semi-variable costs. Also called

semi-fixed cost

Sendirian noun a Malay term meaning ‘limited’

Sendirian berhad noun a Malay term meaning ‘private limited company’

senior / si niə/ adjective 1. referring to an employee who is more important 2. referring to an employee who is older or who has been employed longer than another 3. referring to a sum which is repayable before others

senior capital / si niə k p t(ə)l/ noun capital in the form of secured loans to a company (it is repaid before junior capital, such as shareholders’ equity, in the event of liquidation)

senior debt / si niə det/ noun a debt which must be repaid in preference to other debts (such as a first mortgage over a second mortgage)

seniority / si ni ɒr ti/ noun 1. the fact of being more important in order of seniority 2. the fact of being older or having been an employee of the company longer

senior manager / si niə m n d$ə/, senior executive / si niər -

zekjυt v/ noun a manager or director who has a higher rank than others

senior partner / si niə pɑ tnə/ noun the most important partner in a firm of solicitors or accountants

sensitive / sens t v/ adjective able to feel something sharply The market is very sensitive to the result of the elections. price-sensitive

sensitivity analysis / sensə t vəti ə n ləs s/ noun the analysis of the effect of a small change in a certain calculation on the final result

separable / sep(ə)rəb(ə)l/ adjective which can be separated

separable net assets

/ sep(ə)rəb(ə)l net sets/ plural noun assets which can be separated from the rest of the assets of a business and sold off

separate / sep(ə)rət/ adjective not connected with something

separate estate / sep(ə)rət ste t/ noun the property of one of the partners in a partnership, as opposed to the property belonging to the partnership itself

separation / sepə re ʃ(ə)n/ noun US the act of leaving a job (resigning, retiring or being fired or made redundant)

The interviewer asked the candidate whether the separation mentioned in his CV was due to resignation, redundancy or dismissal. The exit interviews attempted to find out what employees really felt about separation.

sequester /s kwestə/, sequestrate

/ si kw stre t, s kwestre t/ verb to take and keep a bank account or property because a court has ordered it The union was fined for contempt of court and its funds have been sequestrated.

sequestration / si kwe stre ʃ(ə)n/ noun the act of taking and keeping property on the order of a court, especially of seizing property from someone who is in contempt of court

sequestrator / si kw stre tə, s -

kwestre tə/ noun a person who takes and keeps property on the order of a court

series / s əri z/ noun a group of bonds or savings certificates, issued over a period of time but all bearing the same interest

Serious Fraud Office / s ər əsfrɔ d ɒf s/ noun a British government department in charge of investigating major fraud in companies. Abbreviation

SFO

serve /s% v/ verb to serve someone with a writ or to serve a writ on someone to give someone a writ officially, so that they have to receive it

service / s% v s/ noun 1. a piece of work done to help someone as a duty or a favour After a lifetime’s service to the company he was rewarded with a generous golden handshake. 2. a form of business (e.g. insurance, banking, or transport) that provides help in some form when it is needed, as opposed to making or selling goods 3. the fact of working for an employer, or the period of time during which an employee has worked for an employer retiring after twenty years service to the company The amount of your pension depends partly on the number of your years of service. 4. the work of dealing with customers The service in that restaurant is extremely slow 5. payment for help given to the customer to add on 10% for service the bill includes service the bill includes a charge added for the work involved The service in that res-

taurant is extremely slow. verb to service a debt to pay interest on a debt

The company is having problems in servicing its debts.

service bureau / s% v s bjυərəυ/ noun an office which specialises in helping other offices

service charge / s% v s tʃɑ d$/ noun 1. a charge added to the bill in a restaurant to pay for service 2. an amount paid by tenants in a block of flats or offices for general maintenance, insurance and cleaning 3. US a charge which a bank makes for carrying out work for a customer (NOTE: The UK

term is bank charge.)

service contract / s% v skɒntr kt/ noun a contract between a

company and a director showing all conditions of work He worked unofficially with no service contract.

service cost centre / s% v s kɒstsentə/, service centre / s% v ssentə/ noun a section of a company

considered as a cost centre, which provides a service to other parts of the company

service department / s% v s d -

pɑ tmənt/ noun 1. the section of a company which keeps customers’ machines in good working order 2. a department of a company which does not deal with production or sales (e.g. accounts or human resources)

service industry / s% v s ndəstri/ noun an industry which does not produce raw materials or manufacture products but offers a service (such as banking, retailing or accountancy)

services / s% v s z/ plural noun benefits which are sold to customers or clients, e.g. transport or education We give advice to companies on the marketing of services. We must improve the exports of both goods and services.

service sector / s% v s sektə/ noun the part of an economy that consists of service industries

session / seʃ(ə)n/ noun a period of time spent on a specific activity, especially as part of a larger event The morning session or the afternoon session will be held in the conference room.

‘…statistics from the stock exchange show that customer interest in the equity market has

averaged just under £700m in recent trading sessions’ [Financial Times]

set /set/ adjective fixed or which cannot be changed There is a set fee for all our consultants. verb to fix or to arrange something We have to set a price for the new computer. The price of the calculator has been set low, so as to achieve maximum unit sales. (NOTE: setting – set) the auction set a record for high prices the prices at the auction were the highest ever reached

set against / set ə enst/ verb to balance one group of figures against another group to try to make them cancel each other out to set the costs against the sales revenue Can you set the expenses against tax?

set aside / set ə sa d/ verb to decide not to apply a decision The arbitrator’s award was set aside on appeal.

setback / setb k/ noun something that stops progress The company has suffered a series of setbacks over the past two years. The shares had a setback on the Stock Exchange.

‘…a sharp setback in foreign trade accounted for most of the winter slowdown’ [Fortune]

SET Index /set ndeks/ noun an index of share prices on the Bangkok Stock Exchange

set off / set ɒf/ verb to use a debt owed by one party to reduce a debt owed to them

Sets abbreviation Stock Exchange Electronic Trading System

settle / set(ə)l/ verb 1. to settle an account to pay what is owed 2. to place a property in trust

settled account / set(ə)ld ə kaυnt/ noun an arrangement between two parties who agree the accounts between them

settled property / set(ə)ld prɒpəti/ noun property which is held in trust

settlement / set(ə)lmənt/ noun 1. the payment of an account we offer an extra 5% discount for rapid settlement we take a further 5% off the price if the customer pays quickly settlement in cash or cash settlement payment of an invoice in cash, not by cheque 2. an agreement after an argument or negotiations a wage settlement to effect a settlement

between two parties to bring two parties together to make them agree

‘…he emphasised that prompt settlement of all forms of industrial disputes would guarantee industrial peace in the country and ensure increased productivity’ [Business Times (Lagos)]

settlement date / set(ə)lmənt de t/ noun a date when a payment has to be made

settlement day / set(ə)lmənt de / noun 1. the day on which shares which have been bought must be paid for (on the London Stock Exchange the account period is three business days from the day of trade) 2. in the USA, the day on which securities bought actually become the property of the purchaser

settle on / set(ə)l ɒn/ verb to leave property to someone when you die He settled his property on his children.

settlor / set(ə)lə/ noun a person who settles property on someone

set up / set p/ verb to begin something, or to organise something new to set up an inquiry or a working party to set up a company to start a company legally to set up in business to start a new business She set up in business as an insurance broker. He set himself up as a freelance representative.

‘…the concern announced that it had acquired a third large tanker since being set up’ [Lloyd’s List]

seven-day money / sev(ə)n dem ni/ noun an investment in financial instruments which mature in seven days’ time

severally / sev(ə)rəli/ adverb separately, not jointly they are jointly and severally liable they are liable both as a group and as individuals for the total amount

severance pay / sev(ə)rəns pe / noun money paid as compensation to an employee whose job is no longer needed

SFA abbreviation Securities and Futures Authority

SFO abbreviation Serious Fraud Office

shadow director / ʃ dəυ da -

rektə/ noun a person who is not a director of a company, but who tells the directors of the company how to act

shady / ʃe di/ adjective not honest

The newspapers reported that he had been involved in several shady deals.

shake /ʃe k/ verb to move something quickly from side to side to shake hands to hold someone’s hand when meeting to show you are pleased to meet them or to show that an agreement has been reached The two negotiating teams shook hands and sat down at the conference table. to shake hands on a deal to shake hands to show that a deal has been agreed

shakeout / ʃe kaυt/ noun 1. a reorganisation in a company, where some people are left, but others go a shakeout in the top management 2. the process of revising prices on a stock market, usually at the end of a sharp rise or fall

shakeup / ʃe k p/ noun a total reorganisation The managing director ordered a shakeup of the sales departments.

shaky / ʃe ki/ adjective not very sure or not very reliable He only has the shakiest idea of what he should be doing. The new issue got off to a shaky start on the market.

share /ʃeə/ noun 1. a part of something that has been divided up among several people or groups to have a share in to take part in or to contribute to to have a share in management decisions 2. one of many equal parts into which a company’s capital is divided

He bought a block of shares in Marks and Spencer. Shares fell on the London market. The company offered 1.8m shares on the market. to allot shares to give a certain number of shares to people who have applied to buy them

‘…falling profitability means falling share prices’ [Investors Chronicle]

‘…the share of blue-collar occupations declined from 48 per cent to 43 per cent’ [Sydney Morning Herald]

share account / ʃeə ə kaυnt/ noun an account with a credit union which pays dividends instead of interest

share at par / ʃeə ət pɑ / noun a share whose value on the stock market is the same as its face value

share buyback / ʃeə ba b k/ noun an arrangement where a company buys its own shares on the stock market

share capital / ʃeə k p t(ə)l/ noun the value of the assets of a company held as shares

share certificate / ʃeə sə t f kət/ noun a document proving that you own shares

shareholder / ʃeəhəυldə/ noun a person who owns shares in a company to call a shareholders’ meeting (NOTE:

The US term is stockholder.)

‘…as of last night the bank’s shareholders no longer hold any rights to the bank’s shares’ [South China Morning Post]

‘…the company said that its recent issue of 10.5% convertible preference shares at A$8.50 has been oversubscribed, boosting shareholders’ funds to A$700 million plus’ [Financial Times]

shareholders’ equity / ʃeəhəυldəzekw ti/ noun 1. the value of a com-

pany which is the property of its ordinary shareholders (the company’s assets less its liabilities) 2. a company’s capital which is invested by shareholders, who thus become owners of the company

shareholders’ funds / ʃeəhəυldəzf ndz/ noun the capital and reserves of a company

shareholding / ʃeəhəυld ŋ/ noun a group of shares in a company owned by one owner

share incentive scheme / ʃeər n-

sent v ski m/ noun same as share option scheme

share index / ʃeər ndeks/ noun an index figure based on the current market price of certain shares on a stock exchange

share issue / ʃeər ʃu / noun an act of selling new shares in a company to the public

share option / ʃeər ɒpʃən/ noun a right to buy or sell shares at a certain price at a time in the future

share option scheme / ʃeərɒpʃən ski m/ noun a scheme that gives

company employees the right to buy shares in the company which employs them, often at a special price

shareout / ʃeəraυt/ noun an act of dividing something among many people a shareout of the profits

share premium / ʃeə pri miəm/ noun an amount to be paid above the nominal value of a share in order to buy it

share premium account / ʃeəpri miəm ə kaυnt/ noun a part of

shareholders’ funds in a company, formed of the premium paid for new shares sold above par (the par value of the shares is the nominal capital of the company)

share register / ʃeə red$ stə/ noun a list of shareholders in a company with their addresses

share split / ʃeə spl t/ noun the act of dividing shares into smaller denominations

share warrant / ʃeə wɒrənt/ noun a document which says that someone has the right to a number of shares in a company

sharing / ʃeər ŋ/ noun the act of dividing up

shark repellent / ʃɑ k r pelənt/ noun an action taken by a company to make itself less attractive to takeover bidders

sharp /ʃɑ p/ adjective sudden There was a sharp rally on the stock market. Last week’s sharp drop in prices has been reversed.

sharply / ʃɑ pli/ adverb suddenly

Shares dipped sharply in yesterday’s trading.

sharp practice /ʃɑ p pr kt s/ noun a way of doing business which is not honest, but is not illegal

shekel / ʃek(ə)l/ noun a unit of currency used in Israel

shelf /ʃelf/ noun a horizontal flat surface attached to a wall or in a cupboard on which items for sale are displayed

The shelves in the supermarket were full of items before the Christmas rush.

shelf registration / ʃelfred$ stre ʃ(ə)n/ noun a registration of

a corporation with the SEC some time (up to two years is allowed) before it is offered for sale to the public

shell company / ʃel k mp(ə)ni/ noun a company which does not trade, but exists only as a name with a quotation of the Stock Exchange (NOTE: The

US term is shell corporation.)

‘…shell companies, which can be used to hide investors’ cash, figure largely throughout the twentieth century’ [Times]

shelter / ʃeltə/ noun a protected placeverb to give someone or something protection

sheriff’s sale / ʃer fs se l/ noun US a public sale of the goods of a person whose property has been seized by the courts because he has defaulted on payments

shilling / ʃ l ŋ/ noun a unit of currency used in Kenya, Somalia, Tanzania and Uganda

shipment / ʃ pmənt/ noun an act of sending goods We make two shipments a week to France.

shipping company / ʃ p ŋ

k mp(ə)ni/ noun a company whose business is in transporting goods or passengers in ships

shogun bond / ʃəυ n bɒnd/ noun a bond issued in Japan by a non-Japanese company in a currency which is not the yen. Compare samurai

bond

shoot up / ʃu t p/ verb to go up fast

Prices have shot up during the strike.

(NOTE: shooting – shot)

shop /ʃɒp/ noun 1. a retail outlet where goods of a certain type are sold a computer shop an electrical goods shop All the shops in the centre of town close on Sundays. She opened a women’s clothes shop. 2. a workshop, the place in a factory where goods are made verb to go to shops to make purchases (NOTE: shopping – shopped)

shop around / ʃɒp ə raυnd/ verb to go to various shops or suppliers and compare prices before making a purchase or before placing an order You should shop around before getting your car serviced. He’s shopping around for a new computer. It pays to shop around when you are planning to get a mortgage.

shopper / ʃɒpə/ noun a person who buys goods in a shop The store stays open to midnight to cater for late-night shoppers.

shoppers’ charter / ʃɒpəz tʃɑ tə/ noun a law which protects the rights of shoppers against shopkeepers who are not honest or against manufacturers of defective goods

shopping / ʃɒp ŋ/ noun 1. goods bought in a shop a basket of shopping

2. the act of going to shops to buy things

to do your shopping in the local supermarket

shopping basket / ʃɒp ŋ bɑ sk t/ noun a basket used for carrying shop-

ping (NOTE: Its imaginary contents are used to calculate a consumer price index.)

shopping cart / ʃɒp ŋ kɑ t/ noun a software package that records the items that an online buyer selects for purchase together with associated data, e.g. the price of the item and the number of items required

shop price / ʃɒp pra s/ noun same as retail price

short /ʃɔ t/ adjective, adverb 1. for a small period of time in the short term in the near future or quite soon to borrow short to borrow for a short period 2. not as much as should be The shipment was three items short. My change was £2 short. when we cashed up we were £10 short we had £10 less than we should have had to give short weight to sell something which is lighter than it should be to be short of a stock not to have shares which you will need in the future (as opposed to being ‘long’ of a stock) to sell short, to go short to agree to sell at a future date something (such as shares) which you do not possess, but which you think you will be able to buy for less before the time comes when you have to sell them verb to sell short

He shorted the stock at $35 and continued to short it as the price moved up.

short bill / ʃɔ t b l/ noun a bill of exchange payable at short notice

short-change / ʃɔ t tʃe nd$/ verb to give a customer less change than is right, either by mistake or in the hope that it will not be noticed

short credit /ʃɔ t kred t/ noun terms which allow the customer only a little time to pay

short-dated bill /ʃɔ t de t d b l/ noun a bill which is payable within a few days

short-dated gilts /ʃɔ t de t dlts/ plural noun same as shorts

short-dated securities /ʃɔ tde t d s kjυər tiz/ plural noun same

as shorts