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|German to English translations [PRO]|
Bus/Financial - Investment / Securities / Effekten
|German term or phrase: Kuponschnippler|
|Die Effekten-Enthusiasten, die tatsächlich die Zinskupons ausschneiden. Wat'n dat auf Englisch?|
Selected response from:
Local time: 19:47
|Dat scheint's wohl zu sein. Habe auch eine schöne Referenz gefunden:|
(The dated term "coupon clipper" described an independently wealthy person before computerization came to Wall Street. In the old days, a bondholder actually clipped coupons from the edge of the bond to be sent off in exchange for cash.) aus
Und das jibbet heute noch?
3 KudoZ points were awarded for this answer
7 mins confidence: 8 mins confidence: 14 mins confidence:
Further to my request for more context, there's another meaning of "schnippeln" when referring to interest or dividend coupons.
"Washing a coupon" is a practice designed to avoid tax on interest or dividend income. Shortly before the coupon (dividend) payment date, the security is sold to a tax-exempt entity (such as charities, trusts or similar non-profit organisations), which cashes in the coupon (tax-free, of course) and subsequently re-sells the security to the original owner. The prices for purchase and sale are generally chosen so as to share the benefit between the parties.
This used to be extremely popular in the German market during the early nineties, since tax-exempt entities would not only receive the cash flow free of tax, but (in the case of dividends from German companies) with the corporation tax credit on top. The party was over quickly, when the German tax authorities not only realised what was going on, but started reclaiming the tax credits. Successfully so... <ouch>
But even after that, you could still see the effect in the pricing of equity options before and after dividend dates - the implied share prices clearly reflected the tax credit.
As I said, it really depends on the context here - my confidence ratio reflects my uncertainty about the context, not the terminology (100% certain about that).
Note added at 2003-03-26 11:52:32 (GMT) Post-grading
Danke für den kompletten Satz - damit hätte ich mir die Erklärung auch sparen können.... ;-))
Klar gibt\'s sowas auch heute noch - der Vorteil solcher \"Tafelgeschäfte\" ist es doch, dass diese nicht über die Bücher der Bank nachvollziehbar sind...
Local time: 19:47
Specializes in field
Native speaker of: German
PRO pts in category: 419
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|May 30, 2013 - Changes made by Steffen Walter:|
|Field (specific)||(none) » Investment / Securities|| |
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