金融行业英中词汇三

Margin account: A brokerage account in which the brokerage lends the customer cash with which to purchase securities. Unlike a cash account, a margin account allows an investor to buy securities with money that he/she does not have, by borrowing the money from the broker. The Federal Reserve limits margin borrowing to at most 50% of the amount invested. Some brokerages have even stricter requirements, especially for volatile stocks. People usually open margin accounts to take advantage of an opportunity to leverage their investment, rather than because they don’t have the money to make the full purchase. brokerages charge a relatively low interest rate on margin loans in order to entice investors into buying on margin.	保证金账户
Margin agreement: Document signed by an individual wanting to open a margin account, in which he/she agrees to certain regulations and allows the brokerage to have a lien on the account. also called hypothecation agreement.	融资交易同意书
Margin call: A broker's demand on an investor using margin to deposit additional money or securities so that the margin account is brought up to the minimum maintenance margin. This is sometimes called a "fed call" or "maintenance call".	保证金
Mark to market	按市场定价
Mark to model	按模型定价
Mark-downs	减计
Market making	做市交易
Marketable securities	有价证券
Mark-to-market	按市场计价
maturity	年期
measurement	衡量
Mentoring	引导
Mezzanine Financing	夹层融资()是一种回报和风险处于风险较高的股权融资和风险较低的优先债务之间的融资方式,它处于公司资本结构的中层,因而得名. 夹层"的概念源自华尔街,原指介于投资级债券与垃圾债券之间的债券等级,后逐渐演变到公司财务中,指介于股权与优先债权之间的投资形式.
Mini perm loan financing is collateralized by commercial, industrial, or multi-unit residential properties. It is a tool for income producing projects that need to establish an operating history prior to obtaining long term permanent financing. This financing method is utilized for a variety of property types including: Retail Office buildings Industrial properties Apartment buildings Land development Mini perm loan financing is normally available during the project rental and stabilization period. It is a short term financing solution that is used to pay off construction or commercial property loans. The term is normally three to five years. Once the project is completed and starts producing income, the borrower can begin to look for a more long term financing solution. The loan carries a balloon payment at the end of the term with the anticipation that the loan can then be easily refinanced due to the fact that the property now has an operating history on which to successfully obtain permanent financing.
Minimum capital charge	最低资本要求
MTM(mark-to-market)	ＭTM风险模型是根据某授信在整个贷款年期的风险/评级变化及其相应的利差变化(credit spread) 预测授信在贷款期末的价值。
Netting agreement: Contracts between two parties that under certain circumstances – e.g. insolvency – mutual claims from outstanding business can be offset against each other. The inclusion of a legally binding netting agreement reduces the default risk from a gross to a net amount.	净额结算协议
NIM: net interest margin	净息差
Non-recourse debt can be deconsolidated
NTA per share: net tangible assets	每股净资产
Object Finance(OF)	设备融资
obligor	债务人, 负债人
Off-taker
On and off the balance sheet	表内外
on-site and off-site supervisory techniques	现场和非现场监管
optionality	期权性风险是一种越来越重要的利率风险,来 源于银行资产、负债和表外业务中所隐含的期权。一般而言，期权赋予其持有者买入、卖出或以某种方式改变某一金融工具或金融合同的现金流量的权利，而非义 务。期权可以是单独的金融工具，如场内（交易所）交易期权和场外期权合同，也可以隐含于其他的标准化金融工具之中，如债券或存款的提前兑付、贷款的提前偿 还等选择性条款。一般而言，期权和期权性条款都是在对买方有利而对卖方不利时执行，因此，此类期权性工具因具有不对称的支付特征而会给卖方带来风险。比 如，若利率变动对存款人或借款人有利，存款人就可能选择重新安排存款，借款人可能选择重新安排贷款，从而对银行产生不利影响。如今，越来越多的期权品种因 具有较高的杠杆效应，还会进一步增大期权头寸可能会对银行财务状况产生的不利影响。
Orphan companies: An orphan structure is a financing term referring to a company whose shares are held by a trustee on a charitable purpose trust. The company is said to be an "orphan" as it is not beneficially owned by anyone. Orphan structures are usually used in offshore structures to ensure that the assets and liabilities of the subject company is treated as "off-balance sheet" with respect to the sponsor of the structure. Other reasons for creating an orphan structure are to avoid or minimise regulation which might otherwise apply to a structure, and to ensure that the company is "bankruptcy remote" from companies in the same group as the sponsor. Orphan structures are relatively common features of securitisation vehicles, where the asset backed bonds are issued by the orphan company. Retrieved from "http://en.wikipedia.org/wiki/Orphan_structure"
overrides	推翻评级
P/B: price to book ratio	市净率
P/E	市盈率
P/PPOP	拨备前利润
PD: probability of default	违约概率
Performing	正常
Piercing the corporate veil揭开公司的面纱（Piercing the Corporate Veil）,在大陆法中称为“直索（Durchgriff）责任”//公司人格否定	The corporate law concept of piercing (lifting) the corporate veil describes a legal decision where a shareholder of a corporation is held personally liable for the debts or liabilities of the corporation despite the general principle that those persons are immune from suits in contract or tort that otherwise would hold only the corporation liable. This doctrine is also known as "disregarding the corporate entity". Piercing the corporate veil is not the only means by which a shareholder can be held liable for the actions of the corporation. Liability can be established through conventional theories of contract, agency, or tort law. For example, in situations where a shareholder acting on behalf of a corporation personally commits a tort, he and the corporation are jointly liable and it is unnecessary to discuss the issue of piercing the corporate veil. Where piercing the corporate veil becomes necessary to discuss is usually in the case in which liability is found, but the corporation is insolvent.
Poison pill: A strategy used by corporations to discourage a hostile takeover by another company. The target company attempts to make its stock less attractive to the acquirer. There are two types of poison pills: 1. A "flip-in" allows existing shareholders (except the acquirer) to buy more shares at a discount. 2. The "flip-over" allows stockholders to buy the acquirer's shares at a discounted price after the merger. 1. By purchasing more shares cheaply (flip-in), investors get instant profits and, more importantly, they dilute the shares held by the competitors. As a result, the competitor's takeover attempt is made more difficult and expensive. 2. An example of a flip-over is when shareholders have the right to purchase stock of the acquirer on a 2-for-1 basis in any subsequent merger. This is similar to the macaroni defense, except it uses equity rather than bonds.	毒丸
Portfolio aggregation
Potential exposure measure	潜在敞口计量
Potential future exposure (PFE)	未来潜在敞口
Private placement	私募
probability of downward credit quality migrations short of default	客户资信转差: 主要是指企业并未违约﹐但由于财务情况、还款能力转差造成评级下降所带来的信用风险
Problem credits	有问题的贷款
Products、Credit Linked Notes、Repacked Credit Linked Notes	信用衍生性金融商品共分為三大類：信用風險直接衍生出來的產品; 整合固定收益證券以及信用風險，使投資人透過債權或證券直接面對信用風險; 透過中介機構，對信用風險進行重新組合，增加或是移除信用風險，使原本市場上不存在的信用風險產品透過中介機構的運作而得以在市場上交易
Project finance spread
Promissory notes	本票
Proprietary trading is a term used in investment banking to describe when the firm's traders actively trade stocks, bonds, options, commodities, or other items with its own money as opposed to its customers' money, so as to make a profit for itself. Although investment banks are usually defined as businesses which assist other business in raising money in the capital markets (by selling stocks or bonds), in fact most (cf. stock brokerage companies) are more likely to be involved in a scenario where a customer wants to sell a large amount of stock, which if sold through a stock broker couldn't be sold all at once and could possibly trigger a decline in the value due to flooding the market. The Investment Bank would agree to buy the entire amount of stock at a discount with the belief that it could sell pieces over time. The profit comes not from selling the stock at present value, but buying it at a discount. This is known as block trading. In the bond and other over-the-counter markets, it is much more likely that an investment bank will be a middleman in the transaction, holding the security for a period and attempting to make a profit from the small difference between what it bought it for and what it sold it for. For this reason the majority of trading profits usually comes from bond and commodity trading (often four times as much)
provisioning	风险拨备