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Rolls

German translation: Pensionsgeschäfte

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:Rolls
German translation:Pensionsgeschäfte
Entered by: Maya Jurt
Options:
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01:22 Oct 31, 2001
English to German translations [PRO]
Bus/Financial
English term or phrase: Rolls
What are "Rolls"??

Context:
For day-to-day portfolio management efficiency, the Fund will be able to initiate from time to time such operations as forwards buy/sells, rolls and repos/reverse repos with highly rated financial institutions specialised in these types of transactions.
Andy Lemminger
Canada
Local time: 16:57
Pensionsgeschäfte
Explanation:
rolls und repos scheinen mehr oder weniger synonym zu sein.

Siehe:

Dollar Repurchase Agreements
Dollar repurchase agreements, also known as dollar repos and dollar rolls, provide financial institutions with an alternative method of borrowing against securities owned. Unlike "standard" repurchase agreements, dollar repos require the buyer to return to the seller substantially similar, versus identical, securities. Dealers typically offer dollar roll financing to institutions as a means of covering short positions in particular securities. Short positions arise when a dealer sells securities that it does not currently own for forward delivery. To avoid the costs associated with failing on a delivery, dealers are willing to offer attractive financing rates in exchange for the use of the institution's securities in covering a short position. Savings associations are the primary participants among financial institutions in dollar roll transactions, and mortgage pass through securities are typically used as the underlying collateral.

Supervisory authorities do not normally take exception to dollar repos, provided that the transactions are conducted for legitimate purposes and the institution has instituted appropriate controls. However, dollar repos that are designed to permanently dispose of securities while circumventing accounting rules for loss recognition will be viewed as an unsuitable investment practice.

To qualify as borrowings, dollar repos must require the buyer to return to the seller "substantially similar" securities by the settlement date, which can not exceed 12 months from the inception of the transaction. Mortgage pass through securities repurchased are considered "substantially similar" to those sold if all of the following conditions are met. The securities must

Be collateralized with similar mortgages;
Be issued by the same agency and be part of the same program;
Have the same remaining weighted average maturity;
Be priced to have similar market yields;
Have identical coupon rates;
Satisfy good delivery requirements.
In addition, securities used in dollar repo transactions must have been held in the seller's investment portfolio for a minimum of 35 consecutive days prior to the initiation of the contract.

Examiners should require appropriate financial statement adjustments in cases where institutions have improperly reported dollar repurchase transactions.


Selected response from:

Judith Schmid
France
Local time: 00:57
Grading comment
Vielen Dank, auch an alle anderen. "Dollar-Rolls" hatte ich vermutet, daher passt diese Antwort am besten.
4 KudoZ points were awarded for this answer

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Summary of answers provided
5 +1Rollovers, Laufzeitverlängerungen
Thijs van Dorssen
5PensionsgeschäfteJudith Schmid
4 +1Fortschreibung einer Optionsposition
Alexander Schleber


  

Answers


7 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
Fortschreibung einer Optionsposition


Explanation:
If the From the I first thought that this would be an abbreviation of "rollover" (Prolongation, Verlängerung, Rolloverkrediet), since your context is securities, I think the above is probably more likely.

Alexander Schleber
Belgium
Local time: 00:57
Native speaker of: Native in GermanGerman, Native in EnglishEnglish
PRO pts in pair: 1466

Peer comments on this answer (and responses from the answerer)
agree  Alison Schwitzgebel
15 mins
Login to enter a peer comment (or grade)

10 mins   confidence: Answerer confidence 5/5
Pensionsgeschäfte


Explanation:
rolls und repos scheinen mehr oder weniger synonym zu sein.

Siehe:

Dollar Repurchase Agreements
Dollar repurchase agreements, also known as dollar repos and dollar rolls, provide financial institutions with an alternative method of borrowing against securities owned. Unlike "standard" repurchase agreements, dollar repos require the buyer to return to the seller substantially similar, versus identical, securities. Dealers typically offer dollar roll financing to institutions as a means of covering short positions in particular securities. Short positions arise when a dealer sells securities that it does not currently own for forward delivery. To avoid the costs associated with failing on a delivery, dealers are willing to offer attractive financing rates in exchange for the use of the institution's securities in covering a short position. Savings associations are the primary participants among financial institutions in dollar roll transactions, and mortgage pass through securities are typically used as the underlying collateral.

Supervisory authorities do not normally take exception to dollar repos, provided that the transactions are conducted for legitimate purposes and the institution has instituted appropriate controls. However, dollar repos that are designed to permanently dispose of securities while circumventing accounting rules for loss recognition will be viewed as an unsuitable investment practice.

To qualify as borrowings, dollar repos must require the buyer to return to the seller "substantially similar" securities by the settlement date, which can not exceed 12 months from the inception of the transaction. Mortgage pass through securities repurchased are considered "substantially similar" to those sold if all of the following conditions are met. The securities must

Be collateralized with similar mortgages;
Be issued by the same agency and be part of the same program;
Have the same remaining weighted average maturity;
Be priced to have similar market yields;
Have identical coupon rates;
Satisfy good delivery requirements.
In addition, securities used in dollar repo transactions must have been held in the seller's investment portfolio for a minimum of 35 consecutive days prior to the initiation of the contract.

Examiners should require appropriate financial statement adjustments in cases where institutions have improperly reported dollar repurchase transactions.





    Reference: http://www.fdic.gov/regulations/safety/manual/99FUNDIN.htm
Judith Schmid
France
Local time: 00:57
Native speaker of: Native in GermanGerman
PRO pts in pair: 238
Grading comment
Vielen Dank, auch an alle anderen. "Dollar-Rolls" hatte ich vermutet, daher passt diese Antwort am besten.
Login to enter a peer comment (or grade)

12 mins   confidence: Answerer confidence 5/5 peer agreement (net): +1
Rollovers, Laufzeitverlängerungen


Explanation:
Rollovers, zu Deutsch Laufzeitverlängerung oder Fälligkeitsveränderung. Manchmal auch Laufzeitänderung.

Wenn eine Bondposition, ein Festgeld, ein Kredit etc. fällig wird, dann muss weiter ge"roll"t werden in den nächsten Termin.

Also Laufzeitverlängerung.

Adios



    Own experience
Thijs van Dorssen
Local time: 00:57
PRO pts in pair: 48

Peer comments on this answer (and responses from the answerer)
agree  Hans-Henning Judek
30 mins
  -> Arigato, Judek San!! (LOL)
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