Societe Anonyme (SA) or Sociedad Anonima (SA)

Similar financial terms

ERISA-type ESOP
ESOP other than tax credits ESOPs. ERISA-types includes leveraged, leveragable, and non-leveraged ESOPs recognized under ERISA rather than under the Tax Reduction Act of 1975.

Bootstrap transaction
A highly leveraged transaction (HLT)

Random Sampling
A sampling scheme whereby each observation is drawn from the population. In particular, no unit is more likely to be selected than any other unit, and each draw is independent of all other draws.

Transactions costs
The transactions costs are the expenses to the execution of a trade. It includes the commissions plus the difference between the price obtained and the midpoint of the bid-offer spread.

Spread transaction
A position in two or more options of the same type.

ESA
Spanish Peseta, Account A previously used in Andorra and Spain

SAR
Saudi Riyal from Saudi Arabia. Each riyal is composed of 100 hallalahs. The Saudi Arabian Monetary Agency (SAMA) issues banknotes in denominations of 1, 5, 10, 20, 50, 100, 200 and 500 riyals and coins in denominations of 1, 5, 10, 25, 50 and 100 hallalahs. The one-hallalah coin is rarely seen.

The riyal has been fixed against the U.S. dollar at about 3.75 to 1 for many years. One riyal equals 0.2267 dollars, a dollar equals 3.7502 riyals.

Samurai bonds
Foreign bonds issued in Japan.

Synthetic short sale
Buy one put option and write one call option.

FSAVC
Free Standing AVC

ISA
Individual Savings Account

LISA
Lifelong Individual Savings Account

Cost of sales
The costs associated with generating reported sales, including merchandise, direct labor, and other costs attributed to current sales activity.

Growth in sales
A ratio comparing sales levels to sales in a base year; it identifies the percentage of increase in volume.

Wholesale mortgage banking
The purchasing of loans originated by others, with the servicing rights released to the purchaser.

Universal life
A whole life insurance product whose investment component pays a competitive interest rate rather than the below-market crediting rate.

Transactions motive
A desire to hold cash for the purpose of conducting cash based transactions.

Transaction demand (for money)
The need to accommodate a firm's expected cash transactions.

Transaction loan
A loan extended by a bank for a specific purpose. In contrast, lines of credit and revolving credit agreements involve loans that can be used for various purposes.

Transaction exposure
Risk to a firm with known future cash flows in a foreign currency that arises from possible changes in the exchange rate.

Terms of sale
Conditions on which a firm proposes to sell its goods services for cash or credit.

Taxable transaction
Any transaction that is not tax-free to the parties involved, such as a taxable acquisition.

Swap sale
A swap sale (also referred to as a swap assignment) is a transaction that ends one counterparty's role in an interest rate swap by substituting a new counterparty whose credit is acceptable to the other original counterparty.

Swap reversal
An interest rate swap designed to end a counterparty's role in another interest rate swap, accomplished by counterbalancing the original swap in maturity, reference rate, and notional amount.

Substitute sale
A method for hedging price risk that utilizes debt-market instruments, such as interest rate futures, or that involves selling borrowed securities as the primary assets.

Structured arbitrage transaction
A self-funding, self-hedged series of transactions that usually utilize mortgage securities as the primary assets.

Stratified sampling bond indexing
A method of bond indexing that divides the index into cells, each cell representing a different characteristic, and that buys bonds to match those characteristics.

Stratified sampling approach to indexing
An approach in which the index is divided into cells, each representing a different characteristic of the index, such as duration or maturity.

Short sale
Selling a security that the seller does not own but is committed to repurchasing eventually. It is used to capitalize on an expected decline in the security's price.

Savings deposits
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.

Savings and Loan association
A US-type state-chartered institution that accepts savings deposits and invests the bulk of the funds thus received in mortgages.

Samurai market
The foreign market in Japan.

Salvage value
Scrap value of plant and equipment.

Sales-type lease
An arrangement whereby a firm leases its own equipment, such as Acer leasing its own computers, thereby competing with an independent leasing company.

Sales forecast
A key input to a firm's financial planning process. External sales forecasts are based on historical experience, statistical analysis, and consideration of various macroeconomic factors.

Sales charge
The fee charged by a mutual fund when purchasing shares, usually payable as a commission to marketing agent, such as a financial advisor, who is thus compensated for his assistance to a purchaser. It represents the difference, if any, between the share purchase price and the share net asset value.

Sale and lease-back agreement
Sale of an existing asset to a financial institution that then leases it back to the user.

Safety-net return
The minimum available return that will trigger an immunization strategy in a contingent immunization strategy.

Safety cushion
In a contingent immunization strategy, the difference between the initially available immunization level and the safety-net return.

Safekeep
For a fee, bankers will hold in their vault, clip coupons on, and present for payment at maturity bonds and money market instruments.

Safe harbor lease
A lease to transfer tax benefits of ownership (depreciation and debt tax shield) from the lessee, if the lessee could not use them, to a lessor that could use them.

Round-trip transactions costs
Costs of completing a transaction, including commissions, market impact costs, and taxes.

Purchase and sale
A method of securities distribution in which the securities firm purchases the securities from the issuer for its own account at a stated price and then resells them, as contrasted with a best-efforts sale.

Public Securities Administration (PSA)
The trade association for primary dealers in US government securities, including MBSs.

Price/sales ratio
Determined by dividing current stock price by revenue per share (adjusted for stock splits). Revenue per share for the P/S ratio is determined by dividing revenue for past 12 months by number of shares outstanding.

PSA
A prepayment model based on an assumed rate of prepayment each month of the then unpaid principal balance of a pool of mortgages. PSA is used primarily to derive an implied prepayment speed of new production loans, a 100% PSA assumes a prepayment rate of 2% per month in the first month following the date of issue, increasing at 2% per month thereafter until the 30th month. Thereafter, 100% PSA is the same as 6% CPR.

Opening sale
A transaction in which the seller's intention is to create or increase a short position in a given series of options.

Net salvage value
The after-tax net cash flow for terminating the project.

Negotiated sale
Situation in which the terms of an offering are determined by negotiation between the issuer and the underwriter rather than through competitive bidding by underwriting groups.

Mean of the sample
The arithmetic average; that is, the sum of the observations divided by the number of observations.

Margin of safety
With respect to working capital management, the difference between (a) the amount of longterm financing, and (b) the sum of fixed assets and the permanent component of current assets.

Limitation on sale-and-leaseback
A bond covenant that restricts in some way a firm's ability to enter into sale and lease-back transactions.

Limitation on merger, consolidation, or sale
A bond covenant that restricts in some way a firm's ability to merge or consolidate with another firm.

Legal defeasance
The deposit of cash and permitted securities, as specified in the bond indenture, into an irrevocable trust sufficient to enable the issuer to discharge fully its obligations under the bond indenture.

Special sauce
We can thank McDonald's for this one. It's used to refer to anything proprietary.

Sabanes Oxley Act
This is an Act passed in the USA to ensure that corporations meet prescribed accounting and reporting standards. It was legislated as a response to corporate misappropriations and malfeasance. It is supposed to better protect investors although it is doubtful that it will make dishonest people honest. It merely adds to the bureaucratic burden and cost of running a company.

Kansas City Board of Trade
The second largest grain exchange in the world, established in 1876. The KBOT was the first exchange to trade stock index (share price index) futures.

Best-efforts sale
Best efforts is a method of securities distribution or underwriting in which the securities firm agrees to sell as much of the offering as possible and return any unsold shares to the issuer. As opposed to a guaranteed or fixed price sale, where the underwriter agrees to sell a specific number of shares (with the securities firm holding any unsold shares in its own account if necessary).

Cash transaction
A transaction where exchange is immediate, as contrasted to a forward contract, which calls for future delivery of an asset at an agreed-upon price.

Closing sale
A transaction in which the seller's intention is to reduce or eliminate a long position in a stock, or a given series of options.

Compensating balance
An excess balance that is left in a bank to provide indirect compensation for loans extended or services provided.

Conditional sales contracts
Similar to equipment trust certificates except that the lender is either the equipment manufacturer or a bank or finance company to whom the manufacturer has sold the conditional sales contract.

Contingent deferred sales charge (CDSC)
The formal name for the load of a back-end load fund.

Garage sale
Sale of unwanted items at extremely low prices.

Madrid Stock Exchange (Bolsa de Madrid)
The largest of Spain's four stock exchange.

Flat Organisational Structure
An organisation where there is less distance between the higher and lower levels within the hierarchy. This involves a shorter chain of command and usually, a wider span of control.

Financial Services Authority (FSA)
The Financial Services Authority was created by the incoming UK Labor Government in 1997 as the regulatory body for the whole financial services industry. A number of separate regulatory bodies were brought together into the FSA. The FSA also took over the responsibilities that the Bank of England had for supervising banks and other financial institutions. The Chairman of the FSA is Howard Davies, an ex deputy governor of the Bank, and now a member of the Court of Directors. The Bank and the FSA ...

Salvage Value
Is the amount remaining after a depreciated useful life. It refers to the residual or recoverable value of a depreciated asset. It should be noted that the gross salvage value may be adjusted by a removal or disposal cost. This adjustment would lower the gross salvage value.

Sacred Cow
An asset, position, or project which is considered protected by management. Often this investment is presented as "off-limits" or non-negotiable.

Transaction
The entry or liquidation of a trade.