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Fremdbankdepot

English translation: securities account at third-party bank

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:Fremdbankdepot
English translation:securities account at third-party bank
Entered by: Charles Stanford
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09:05 Oct 31, 2006
German to English translations [PRO]
Bus/Financial - Finance (general) / banking
German term or phrase: Fremdbankdepot
I feel I need confirmation of this because it keeps cropping up throughout the text I am doing and I had better get it right. It is an Austrian text on regulations for bank employees about transactions in securities. They talk about "Mitarbeiter haben eigene Wertpapierdepots bei einer Fremdbank zu fuehren" and that employees have to grant the Compliance Officer "Einsicht in die von ihnen gefuehrten Konten und Depots" and I presumed that the Depot was a "securities portfolio" (which I presume is the same as a "securities deposit account"....) but if they then say: "Die Meldung von Wertpapierumsaetzen auf Fremdbankdepots" then do they also mean "securities deposit accounts"? Every dictionary seems to prefer "bank deposit" for "Bankdepot" but in my ignorance I think of a "bank deposit" as being a sum of money rather than an account.... HELP PLEASE!
Charles Stanford
Czech Republic
Local time: 00:13
see my thoughts below
Explanation:
1. I presumed that the Depot was a "securities portfolio" (which I presume is the same as a "securities deposit account"....)

Yes - or simply "securities account", in my opinion.

2. but if they then say: "Die Meldung von Wertpapierumsaetzen auf Fremdbankdepots" then do they also mean "securities deposit accounts"?

They do. I happen to work for a bank in Germany, and I was required to inform our internal Compliance department of any "Depots" I have with other banks. I happen to have such a Depot, and whenever I make a transaction in my Depot at the other bank, our compliance department is notified to make sure that I don't use confidential internal information for my own personal gain.

By the way, my suggestion for "Fremdbank" is "third-party bank". "securities accounts with third-party banks"
Selected response from:

Jalapeno
Local time: 00:13
Grading comment
many thanks
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +4see my thoughts belowJalapeno
3(turnovers on securities) accounts ...TonyTK
3(transactions regarding) investment portfolios of other banksM-A-Z
1depots kept at other banks
Jonathan MacKerron


  

Answers


4 mins   confidence: Answerer confidence 1/5Answerer confidence 1/5
depots kept at other banks


Explanation:
my guess in so many words

--------------------------------------------------
Note added at 4 mins (2006-10-31 09:10:07 GMT)
--------------------------------------------------

or "..non-affiliated banks"?

Jonathan MacKerron
Native speaker of: Native in EnglishEnglish
PRO pts in category: 122

Peer comments on this answer (and responses from the answerer)
agree  Sannwald
18 mins

disagree  TonyTK: "Depot" is never used in this sense in a banking context!
1 hr
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18 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
(transactions regarding) investment portfolios of other banks


Explanation:
Fremdbankdepot is a synonym of "Wertpapierdepot bei einer Fremdbank". The employees are subject to reporting requirements for transactions relating to security holdings of other banks.

M-A-Z
Local time: 00:13
PRO pts in category: 4

Peer comments on this answer (and responses from the answerer)
neutral  Jalapeno: Why "of"? Shouldn't that be "with"?
54 mins
  -> Not if the portfolio is a commercial offer made by another bank. That was my interpretation, which might be wrong in the light of your comment. We would need more context!
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +4
see my thoughts below


Explanation:
1. I presumed that the Depot was a "securities portfolio" (which I presume is the same as a "securities deposit account"....)

Yes - or simply "securities account", in my opinion.

2. but if they then say: "Die Meldung von Wertpapierumsaetzen auf Fremdbankdepots" then do they also mean "securities deposit accounts"?

They do. I happen to work for a bank in Germany, and I was required to inform our internal Compliance department of any "Depots" I have with other banks. I happen to have such a Depot, and whenever I make a transaction in my Depot at the other bank, our compliance department is notified to make sure that I don't use confidential internal information for my own personal gain.

By the way, my suggestion for "Fremdbank" is "third-party bank". "securities accounts with third-party banks"

Jalapeno
Local time: 00:13
Works in field
Native speaker of: Native in GermanGerman
PRO pts in category: 32
Grading comment
many thanks

Peer comments on this answer (and responses from the answerer)
agree  TonyTK: You obviously snuck this one in while I wasn't looking.
23 mins

agree  Steffen Walter
23 mins

agree  milinad
32 mins

agree  Andrea Hauer
47 mins
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1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5
(turnovers on securities) accounts ...


Explanation:
... with third-party banks" is what they seem to be saying. I'm not 100% sure "turnovers" is the right word, but it's certainly what they mean.

TonyTK
Native speaker of: Native in EnglishEnglish
PRO pts in category: 88

Peer comments on this answer (and responses from the answerer)
neutral  M-A-Z: IMO "Meldung" refers to the trading, not to the finanical result (which obviously cannot be hidden, anyway)
1 hr
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