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S&L
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Savings and Loan.
A federally or state chartered financial Institution that takes deposits from individuals, funds mortgages, and pays dividends. S&L is a state or federally-chartered depository financial Institution that was primarily a provider of...
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SAIF
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Savings Association Insurance Fund.
Savings Association Insurance Fund was created in 1989 as part of the savings and loan bailout. It provides Deposit insurance to thrifts.
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Salary Freeze
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The action of a company suspending salary increases for a period of time.
A salary freeze typically occurs when a company is experiencing financial difficulties. It may choose to freeze salaries for a while in order to minimize layoffs. Once the company...
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Sales fee
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A fee charged by a Broker or Agent for his/her service in facilitating a transaction, such as the buying or selling of securities or Real Estate.
In the case of securities trading, brokers can be split into two broad categories depending on the sales fees...
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Sallie Mae - Student Loan Marketing Association
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A publicly traded company that is the largest provider of educational loans in the U.S.
Along with providing student loans, Sallie Mae purchases student loans from the original lenders and provides financing to state student-loan agencies. Sallie Mae...
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Salvage Value
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The estimated value that an asset Will realize upon its sale at the end of its useful life.
The value is used in accounting to determine Depreciation amounts and in the Tax system to determine deductions. The value can be a best guess of the end value...
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Samurai Bond
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A Yen-denominated Bond issued in Tokyo by a non-Japanese company and subject to Japanese regulations.
Other types of Yen-denominated bonds are Euro yens issued in countries other than Japan.
Samurai bonds give issuers the ability to access investment...
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Saving Bank
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An Institution that primarily accepts consumer savings deposits and to make home mortgage loans.
Accounts that pay Interest, typically at below-market Interest rates, that do not have a specific maturity, and that usually can be withdrawn upon demand is...
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Savings Account
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An account with a bank or savings and loan company that pays Interest on money deposited.
A Deposit account intended for funds that are expected to stay in for the Short term. A savings account offers lower returns than the market rates. Writing checks...
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Scam
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Scam is a slang term for a fraud or confidence trick.
Phishing is one of the largest Internet related scams. Other scams include advanced fee frauds such as fake lotteries and 419 scams - where individuals are sent notification that they have either won...
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Scarcity
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The basic economic problem that arises because people have unlimited wants but resources are limited.
Due to scarcity, various economic decisions must be made to allocate resources efficiently.
When we talk of scarcity within an economic context, it...
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Scholarship
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A scholarship is an award of access to an Institution, or a financial aid award for an individual student scholar, for the purpose of furthering their education.
A kind of financial aid for students who meet special athletic, academic, or artistic qualifications,...
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Scrip Issue
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A scrip issue is the process of creating new shares which are given free of charge to existing shareholders.
Shares given without charge to existing shareholders in proportion to the shares they already hold. A script issue is a pure bookkeeping transaction....
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Scripophily
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The hobby of collecting antique bonds, stocks, and other financial instruments based upon their esthetics and prominence in the financial world.
It is the study and collection of stocks ,bonds etc. A specialized field of numismatics, scripophily is an...
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Seasoned Issue
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An issue of securities from an established company whose existing shares have exhibited stable price movements and substantial trading Volume over time, thereby earning a good reputation.
This is also known as a "seasoned Equity offering" (SEO). A Seasoned...
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Second-to-Die Insurance
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Life insurance on two people (usually married) that pays out once the last surviving spouse dies.
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Secondary Market
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Market where shares are bought and sold on the Stock Exchange after their initial flotation on the primary market.
It is the market for secondary buy-outs. A market in which an investor purchases an asset from another investor, rather than an issuing Corporation...
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Security
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Evidence of an investment, either in direct ownership (as with stocks), creditor ship (as with bonds), or indirect ownership (as with options).
Security Deposit is a type of payment usually required of an individual wishing to secure a personal loan, a...
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Seed capital
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The provision of very early stage finance to a company with a business venture or idea that has not yet been established.
Capital is often provided before venture capitalists become involved. However, a small number of venture capitalists do provide seed...
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Separate Account
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A privately managed investment account opened through a brokerage or financial advisor that uses pooled money to buy individual assets.
In the context of variable annuities, these are payments made to an insurance company for the purpose of investing in...
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Sharpe Ratio
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The Sharpe ratio or Sharpe index or Sharpe measure or reward-to-variability ratio is a measure of the excess return (or Risk Premium) per unit of Risk in an investment asset or a trading strategy. Since its revision made by the original author in 1994, it...
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Shogun Bond
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A type of foreign-Currency denominated Bond that is issued in Japan by foreign entities. Organizations such as the World Bank have issued such Debt instruments in the past .
Also known as a "geisha Bond"ie issued in Japan by nonresident companies using...
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SICAV (Mutual fund)
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Société d'Investissement À Capital Variable - SICAV
Company having a legal status and which purpose is the management of a Portfolio of bonds for the account of its share holders .
A type of Open-ended investment fund in which the amount of capital...
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SICOVAM
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Sicovam, an acronym for Société Interprofessionelle pour la Compensation des Valeurs Mobilières.
French organization in charge of facilitating, by operations of transfer from account to account, the circulation of the securities between its partners.
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Sight draft
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A draft which is payable on demand.
It is a bill of Exchange payable on the day it is presented to the named entity (the drawee). Also called sight bill or at sight .
Bank Draft is a type of check where the payment is guaranteed to be available by...
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Signature guarantee
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An authentication of a signature in the form of a stamp or seal by a bank, a stock Exchange member or another acceptable guarantor. Often required when securities are transferred from one party to another.
A form of authentication issued by a bank or other...
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Sin Tax
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A state-sponsored Tax that is added to products or services that are seen as vices, such as alcohol, tobacco and gambling.
These type of taxes are levied by governments to discourage individuals from committing such activities without making the use of...
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Sinful Stock
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Stock from companies that are associated with (or are directly involved in) activities that are widely considered to be unethical or immoral.
Also known as "sin stock".
Examples of activities some people may consider sinful include the Distribution...
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Situs
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The location or Position of a property.
For intangible property, such as Debt, the situs is probably the jurisdiction in which the Debt obligation was issued. The situs of Real Estate (land) is where the land is located ,the situs of debts is where the...
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Sleeping Beauty
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A company that is ready for takeover but has not been approached by an acquiring company.
A company may be considered a sleeping beauty because it has large Cash reserves, undervalued Real Estate, or huge potential.
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SMA
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Special Memorandum Account.
A special account where excess Margin generated from a client's Margin account is deposited. Also known as "special miscellaneous account".
The purpose of an SMA is to lock in any increase in a client's Margin account. Consider...
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Small Business Administration (SBA)
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Operated by U.S. Government, this federal agency Will guarantee loans to qualified borrowers.
It acts as co-signer, ensuring banks that it Will pay off the loan if the business owner is unable to do so. Business banks often use the SBA to guarantee for...
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Smurf
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Slang for somebody who frequently launders money.
Not the same as those cute blue creatures we all remember so fondly. Instead, it describes someone much more like their nemesis Gargamel. The process of creating the appearance that large amounts of money...
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Sotheby's
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One of the world's most venerable Auction houses.
The company is largely known for holding auctions of very valuable and rare collectors' items such as jewelry, antiques and fine art.
Sotheby's acts as a market for the Exchange of rare and valuable...
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Speculator
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A person who gambles on High-Risk investments, hoping to make a large profit quickly.
Financial speculation, involves the buying, holding, selling, and Short-selling of stocks, bonds, commodities, currencies, collectibles, Real Estate, derivatives, or...
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Spin-out firms
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These are captive or semi-captive firms that gain independence from their parent organizations.
Creation of a new, independent company created through selling or distributing new shares for an existing part of another company. Spin out happens when a...
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Spot price
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The current value of an asset.
The current price at which a particular commodity can be bought or sold at a specified time and place is the Spot price. It is also the price that is quoted if you want to buy any commodity today.
The Spot price or Spot...
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Spot Trade
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The purchase or sale of a foreign Currency or commodity for immediate Delivery.
Spot trades are settled "on the Spot", as opposed to at a set date in the Future. It is also called "Cash trades".
Futures transactions that expire in the current month...
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Squawk box
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A speaker and intercom system that is used on trading desks.
A squawk Box allows direct communication between a trader and a Broker. This allows the users to be in contact with a Broker on a continuous Basis, and keep up with current market quotes.
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Stagflation
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A condition of slow economic growth and relatively High unemployment - a time of stagnation - accompanied by a rise in prices, or Inflation.
Stagflation is a period of Inflation combined with stagnation (that is, slow economic growth and rising unemployment),...
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Stake
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Part of the capital of a firm held by an individual or a body corporate, conferring a right to the Distribution of the profit and more generally to management.
It can be a sum of money gambled on a risky game or venture or a share or Interest in a business...
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State bank
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Bank organized under a state, rather than a federal, Charter.
A state bank is generally a bank that is chartered by a state. It differs from a reserve bank in that it does not necessarily control monetary policy (indeed, the state in question may have...
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Statement
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The monthly bill from a credit card issuer that describes and summarizes the activity on an account.
A statement includes the outstanding balance, purchases, payments, credits, finance charges and other transactions for the month .It is a record of activity...
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Steering
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An illegal procedure in which a prospective buyer is shown properties in specific neighborhoods where the residents share the buyer's ethnicity.
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Story Stock
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A stock whose value is a reflection of expected Future potential (or favorable press coverage) rather than its assets and income.
A stock whose price is currently moving, or expected to move, due to some important company news An example of a story stock...
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STP
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Straight Through Processing
An initiative by many financial companies to streamline transactions by maintaining contact throughout processing.
Companies in the financial world use this to optimize the speed at which transactions are processed. This...
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Strangle
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An options strategy where the investor holds a Position in both a call and put with different strike prices.
This Option strategy is profitable only if there are large movements in the price of the Underlying asset. This is a good strategy If you think...
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Strategic investment
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An investment that a Corporation makes in a young company that can bring something of value to the Corporation itself.
The aim may be to gain access to a particular product or technology that the start-up company is developing, or to support young companies...
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Strip Bonds
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The capital portion of a Bond from which the coupons have been stripped.
The Holder of the Strip Bond is entitled to its Par value at maturity, but not the annual Interest payments. A Bond where both the principal and regular Coupon payments--which have...
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Strong Form Efficiency
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The strongest version of market efficiency.
It states all information in a market, whether public or private, is accounted for in a stock price. Not even insider information could give an investor the advantage. Not even insider information could give...
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Structural Unemploment
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Unemployment resulting from changes in the basic composition of the economy.
These changes simultaneously Open new positions for trained workers. Here, the unemployed workers lack the specific skills required for the jobs, or are located in a different...
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Student loan
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A means of borrowing money for education after High school at Low Interest rates and generous repayment terms from federal government programs.
Student loans are loans offered to students to assist in payment of the costs of professional education. These...
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Sub prime loan
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A loan offered to an individual who does not qualify for a loan at the prime rate due to their credit history.
Sub prime lending is lending at a higher rate than the prime rate. It is also known as B-paper, near-prime, or second chance lending. If a...
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Subchapter S (S Corporation)
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A Corporation that meets the requirements for, and has made a proper election to be taxed under, Subchapter S of the Internal Revenue Code.
This gives the Corporation the Option of being taxed as if it were a partnership (income is taxed to the shareholders,...
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Subsidiary
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A company owned by another company(parent company) that controls more than 50% of its voting stock.
AS Long as the parent company has more than 50% of the voting stock in the subsidiary, it has control. In the case of a foreign subsidiary, the company...
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Suicide Provision
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A life insurance policy provision whereby if the insured commits suicide within a specified period, usually one or two years after date of issue, the company is not liable to pay the face amount of coverage; instead, liability is limited to a return of premiums...
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Sundry Income
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External income that results from factors outside of a firm's control.
Examples of sundry income include gains from foreign Exchange, Royalty income, or even income from the sale of various investments.
This is called as miscellaneous income too.
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Sunrise Industry
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Slang for a new, emerging growth industry that is expected to be the strongest sector in the Future.
It is a figurative term for the emerging growth sectors that some believe Will be the mainstays of the Future economy, taking the place of declining sunset...
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Sunshine Laws
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Federal and state regulations that require meetings on public policy to be publicized
U.S. federal and state laws which require regulatory authorities' meetings, decisions and records to be made available to the public.
Sunshine laws were first created...
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Sunshine Trade
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A High-Volume transaction prematurely revealed to the market before the order is even entered.
Sunshine trades are meant to reduce confusion and speculation by investors by making the large transactions more transparent.
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Super Bowl Indicator
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An indicator based on the belief that a Super Bowl win for a team from the old AFL (AFC division) foretells a decline in the stock market for the coming year, and that a win from a team from the old NFL (NFC division) means the stock market Will be up for...
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Supply Management
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A broad term describing the various acts of identifying, acquiring and managing the products and/or resources needed to run a business or other organization.
These include physical goods as well as information, services and any other resources needed....
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Survey
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A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.
Surveying is the technique and science of accurately determining the terrestrial or...
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Swap
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A Swap is a contract where two parties agree to Exchange their Interest payment liabilities on an agreed amount of each others Debt, for a fixed time period.
There are two basic kinds of Swap transaction; the single-Currency Swap and the cross-Currency...
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Sweeper account
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A bank account which offsets the Cash held in a depositor's account against credit card, loan and mortgage debts to reduce the debit Interest payable on them.
Often it Will automatically transfer surplus funds held in a depositor's current account to his...
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Sweetheart Deal
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A merger, a sale or an agreement in which one party in the deal presents the other party with very attractive terms and conditions.
The terms of a sweetheart deal are usually so lucrative that it is difficult to justify turning the Offer down.
This...
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Swissie
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A slang term for the Swiss franc.
The Swiss franc, or Swissie, has often been considered a safe-haven Currency during times of geopolitical unrest. This is mainly due to the country's neutral stance in global conflicts.
For example, one may hear in...
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Symmetallism
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A monetary standard in which a nation Will redeem its Currency in specified proportions of both gold and silver.
It can be compared with Bimetallism, in which Currency is redeemable in either gold or silver.
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Syndication
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The sharing of deals between two or more investors, normally with one firm serving as the Lead investor.
Investing together allows venture capitalists to Pool resources and share the Risk of an investment. Syndicated loan happens when a group of banks...
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Synergy
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The effect of a combination of separate actions or operations that make the whole greater than the sum of its parts.
Synergy is the idea that the value and performance of two companies combined Will be greater than the sum of the separate individual parts....
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Synthetic Dividend
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A type of incoming Cash flow that an investor creates with certain financial securities to produce a Dividend-like payment stream that resembles the periodic Cash receipts from a Dividend-paying stock.
For example, suppose an investor owns shares in a...
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