A

Amministrazione Straordinaria

Receivership

Assegno

Cheque (check US)

Assegno bancario

Personal cheque

Assegno circolare

Bank cheque

Assemblea generale

Annual General Meeting

Assicuratore

Insurer

Assicurazione

Insurance

Assicurazione sulla vita

Life insurance

Asta

Auction

Aumento di capitale

Capital increase (usually in the form of a rights issue)  Rights = diritti

Azione

Share / stock

Azione ordinaria

Ordinary share / common stock

Azione di risparmio

"Savings" share.  A peculiarity of the Italian market, these shares have no voting rights but receive a larger dividend than ordinary shares.

Azione privilegiata

Preference share

Azionista

Shareholder

B

BCE (Banca Centrale Europea)

ECB (European Central Bank)

Banca d'Italia

Italian Central Bank

Banca

Bank

Banca popolare

Co-operative banks with limited liability.  Generally more locally focussed.

Bancomat

ATM

Beneficiario

Beneficiary

Bilancio d'esercizio

Financial statements (both balance sheet and Profit & Loss account for a given period)

BOC (Buoni Ordinari Comunali)

Long-dated bonds emitted by local government bodies

Bonifico

Bank transfer

Bonifico estero

TT or telegraphic transfer (international)

BOP (Buoni Ordinari Provinciali)

Long-dated bonds emitted by provincial government bodies

BOR (Buoni Ordinari Regionali)

Long-dated bonds emitted by regional government bodies

Borsa

The stockmarket (in general)

Borsa Italiana

Italian Stock Exchange

BOT (Buoni Ordinari del Tesoro)

Short-dated Italian government bonds with maturities ranging from 2 months to one year.  Interest is paid at maturity (as if it were a zero-coupon).

BTP (Buoni del Tesoro Poliennali)

Medium-long term Italian government bonds with maturities ranging from 3 to 30 years and with half-yearly coupon payments.

C

Capitale sociale

Paid-up share capital

Capitalizzazione

Market capitalisation

Carta di credito

Credit card

Carta prepagata

Pre-paid card

Cassa di compensazione e garanzia (CCG)

Central counterparty for both the cash and derivatives markets in Italy

Cassetta di sicurezza

Safe-deposit box

CCT (Certificati di credito del Tesoro)

Medium-long term Italian government bonds indexed to the current BOT yield.

Certificati di deposito

Certificates of deposit

Cedola

Coupon

Collocamento

Term used in conjunction with IPO for shares, or generally referring to the sale of any financial product.

Commissione

Commission

CONSOB (Commissione Nazionale per le Società e la Borsa)

Italian market regulator (equivalent of the SEC in the US or the FSA in the UK).  Works in conjunction with the Banca d'Italia.

Conto corrente

Current account/cheque account

Corso

The price of a financial instrument attributed to it during market trading

Corso secco

The price of a bond considered without accrued interest

Corso tel quell

The full price of a bond (both capital value and accrued interest payable)

CTZ (Certificati del Tesoro Zero Coupon)

Zero coupon Italian government bonds with maturities at 18 or 24 months.

D

Delega

Authorisation.  (This term is used for authorised signatories to an account)

Denaro

Literally "money".  Also used in stockmarket circles to mean "bid".  Opposite of "lettera" (ask).

Dividendo

Dividend

Documento d'Offerta

Offer document required to be filed as part of a take-over bid etc.

E

Estratto conto

Statement

F

Fallimento

Insolvency

Fatturato

Total sales

FIB 30

The old name for the Italian stockmarket index future.  Since replaced with SPMIB.

Fideiussione

Guarantee (given by one person/entity for the obligations of another).

Flottante

Free float (i.e. number of shares in circulation for a particular listed company)

Fondo Comune d'investimento

Managed fund

Frazionamento - Raggruppamento

Stock split - stock consolidation

G

Gestione Collettiva del Risparmio

Collective fund management

Gestione di patrimoni mobiliari

Asset management.

Gestione Patrimoniali in Fondi

Asset management in managed funds.

Giacenza

Account balance - Giacenza media = the average balance over a period of time.

Girata

Payment to order (usually for a cheque)

I

IDEM

Italian Derivatives Market

Impresa di investimento

Generic term to describe any entity that is authorised to offer investment services.

Indice

Index

Interesse

Interest

Intermediario

Intermediary

Investitore

Investor (although for private individuals, the term risparmiatore (saver) is equally as common.

ISVAP (Istituto per la Vigilanza sulle Assicurazioni Private e di interesse collettivo)

Insurance regulator.

L

Lettera

Ask (financial - opposite of Denaro)

M

Mercato

Market

Mercato Ristretto

Since replaced by Expandi, the third tier of the Italian stockmarket.

Mezzi propri

Shareholder's funds (balance sheet)

MIB 30

Former main Italian stockmarket index.  Superceded by the SPMIB 40 during the course of 2004.

Monte Titoli

The electronic register system for financial instruments.

MTA (Mercato telematico azionario)

Italian stock exchange main board.

Mutuo ipotecario

Mortgage (secured over real estate).

N

Non trasferibile

Not Negotiable (usually written on the back of a cheque by the drawer)

Nota integrativa

Notes to financial statements

O

Obbligazione

Bond

Obbligazione convertibile

Convertible bond

OICR (Organismo di investimento collettivo del risparmio)

General term to indicate collective managed fund vehicles

OPA (Offerta pubblica d'Acquisto)

Public bid for a listed company (can be further defined depending on whether the aim is to acquire total control etc.)

OPS (Offerta pubblica di scambio)

As above, but the bidder offers other financial instruments as consideration.

OPV (Offerta pubblica di vendita)

Placement of shares in a company already listed.

P

Parametro oggettivo di riferimento

Benchmark (objective reference point for an investment)

Partecipazione

Large or important shareholding (partecipazione rilevante - a shareholding exceeding 2% of the shares in a listed company)

Pegno

Pledge

Polizza

Policy (insurance)

Polizza caso morte

An insurance policy paying capital or an income to a beneficiary upon the death of the insured.

Polizza caso vita

As above, but the capital or income is paid to a beneficiary during the life of the insured.

Premio assicurativo

Insurance premium

Prestito

Loan

PIL (Prodotto interno lordo)

Gross Domestic Product

Prospetto Informativo

 Prospectus

R

Rendimento Annualizzato

Annualised return

Rendimento Effettivo

Effective return (yield calculated on current price)

S

SGR (Società di gestione del risparmio)

Fund management company

SICAV (Società di Investimento a Capitale Variabile)

Open-ended investment company (equivalent of a UK Investment Trust, but unlisted)

SIM (Società di Intermediazione Mobiliare)

Società

Company or partnership (generic term)

Società di capitali

Stock company

Società di persone

Partnership

Sofferenze

Non-performing loans

Sollecitazione del pubblico risparmio

Any offer made to the public designed to encourage investment in a specific financial instrument or the sale/exchange of instruments already held.

Sopra la pari

A quotation over nominal value

Sotto la pari

A quotation under nominal value

Sottoscrittore

Literally "underwriter", but refers to anyone purchasing financial instruments at the moment of emmission.

Spese

Expenses

Strumenti finanziari

Literally "financial instruments".  Basically comprises anything from shares to derivatives.

T

Tasso d'interesse

Interest rate

Tasso di cambio

Exchange rate

Titolo

A generic term for both stocks and bonds

V

Valore

Value