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Skontroführung

English translation: securities pricing service

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16:48 Nov 10, 2000
German to English translations [PRO]
Bus/Financial
German term or phrase: Skontroführung
I need some help with "Skontroführung" in the following sentence:
"ABC verabschiedete sich von der angestammten Rolle as typischer Parketthändler und setzt heute außerdem auf die noch jungen Geschäftsfelder vorbörsliche Beteiligungen und Skontroführung."
Duden defines "skontrieren" as "Zu- und Abgänge zur ständigen Ermittlung des Bestandes fortschreiben." How could I render this in English and, more to the point, I'm missing the obvious by not using something like account management?
Cami Townsend
English translation:securities pricing service
Explanation:
According to various German websites, Skontroführung involves determining prices of securities, among them stocks that are traded OTC, but apparently also stocks listed on the Neuer Markt

Skontroführung und Börsenhandel
Die Lappe & Partner AG ist - unter Einbeziehung der Vorgängergesellschaften - seit 1962 zum Börsenhandel zugelassen. Seit 1970 ist die Skontroführung, d.h. die tägliche Preisfeststellung an der Börse, ein wesentliches Geschäftsfeld.
Aktuell werden über 550 in- und ausländische Aktien im Freiverkehr Berlin und Düsseldorf sowie im Geregelten Markt Düsseldorf betreut. Unter diesen Aktien befinden sich neben ausländischen Werten (z.B. IBM, Microsoft, AOL, Coca Cola) auch viele Aktien des Neuen Marktes. Neben der reinen Vermittlung, d.h. der Zusammenführung von Kundenordern, übernimmt die Gesellschaft gemäß den Börsenregularien auch eigene Positionen. Hierdurch wird die Liquidität in den betreuten Werten zum Nutzen der Unternehmen und der Anleger wesentlich gestärkt.
http://more-iposuccess.de/berater_m.hhtml?FID=15

(2) Preisfeststellung/Veröffentlichung:
a) Der vom Market Maker gestellte Quote ist bei der Preisfeststellung als Order zu berücksichtigen ("Best-Price-Prinzip").
b) Als Market-Maker-Quote kann auch die Eingabe in ein von der Börse akzeptiertes elektronisch betriebenes Informations- oder Handelssystem gelten, wenn die Aktualität des Quotes den Voraussetzungen gemäß § 11 Abs. 3 Buchstabe c) entspricht und eine diesbezügliche Vereinbarung zwischen Skontroführer und Market Maker vorliegt. In diesem Fall darf der Börsenpreis nicht außerhalb des vom Market Maker gestellten Quotes festgestellt werden.
c) Liegt dem Skontroführer kein aktueller Quote des Market Maker vor, darf ein Preis nur nach Berücksichtigung der Marktlage von Basiswert und Derivat festgestellt werden.
http://www.euwax.de/euwax/richtlinien/main.html

Die Aktivitäten der EUWAX Broker AG konzentrieren sich auf die Skontroführung und damit die Kursfeststellung von Aktien, Zertifikaten, klassischen Optionsscheinen und den sogenannten "Covered Warrants", den Optionsscheinen auf bereits umlaufende Basiswerte. Optionsscheine sind Optionen, deren Bedingungen in Form einer Urkunde dargestellt werden. Dadurch werden sie zum Wertpapier, womit der Handel für Privatanleger fast genauso einfach wie bei Aktien über die Wertpapierbörse erfolgt.
http://www.euwax.de/emittenten_mitglieder/makler/euwax_broke...

See also http://www.berlinerboerse.de/Zulbefv.htm

And from Prudential:
We believe we are the most thorough securities pricing service in the country. Our library consists of about 18,000 volumes of reference material including Moody's, Standard and Poors, Bank and Quotation Records, and various other publications, some dating back to 1871, and cross index files containing birth to death histories of about 1.3 million corporations. This massive library, all under one roof, is probably the largest of its kind in the country. In addition to our library, we have a very substantial database of daily securities prices dating back for many years in our computer system. Our professional services are being utilized from coast to coast by Trust Departments of banks, such as Bank of America; other broker/dealers, such as Merrill Lynch; accountants; and attorneys.
http://www.form-709.com/

Merrill Lynch Securities Pricing Service. Our business can be simplified into one phrase: We facilitate the flow of financial information to enhance our client's portfolio needs. Merrill Lynch Securities Pricing Service (MLSPS) is the premier evaluator of global financial securities.
http://209.65.16.155/sps/whoisfrm.htm

This would also tie in with your other question on "variabel gehandelt", and it makes sense in conjunction with the departure from traditional floor trading which is being alluded to.

Hope it helps a bit!



Selected response from:

Ulrike Lieder
Local time: 04:54
Grading comment
You put an incredible amount of work into this answer. Thank you for your generosity.
4 KudoZ points were awarded for this answer

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Summary of answers provided
naGreat dialog!Cami Townsend
nasettlement or clearingDan McCrosky
nasecurities pricing service
Roy Fox
nasecurities pricing serviceUlrike Lieder


  

Answers


35 mins
securities pricing service


Explanation:
According to various German websites, Skontroführung involves determining prices of securities, among them stocks that are traded OTC, but apparently also stocks listed on the Neuer Markt

Skontroführung und Börsenhandel
Die Lappe & Partner AG ist - unter Einbeziehung der Vorgängergesellschaften - seit 1962 zum Börsenhandel zugelassen. Seit 1970 ist die Skontroführung, d.h. die tägliche Preisfeststellung an der Börse, ein wesentliches Geschäftsfeld.
Aktuell werden über 550 in- und ausländische Aktien im Freiverkehr Berlin und Düsseldorf sowie im Geregelten Markt Düsseldorf betreut. Unter diesen Aktien befinden sich neben ausländischen Werten (z.B. IBM, Microsoft, AOL, Coca Cola) auch viele Aktien des Neuen Marktes. Neben der reinen Vermittlung, d.h. der Zusammenführung von Kundenordern, übernimmt die Gesellschaft gemäß den Börsenregularien auch eigene Positionen. Hierdurch wird die Liquidität in den betreuten Werten zum Nutzen der Unternehmen und der Anleger wesentlich gestärkt.
http://more-iposuccess.de/berater_m.hhtml?FID=15

(2) Preisfeststellung/Veröffentlichung:
a) Der vom Market Maker gestellte Quote ist bei der Preisfeststellung als Order zu berücksichtigen ("Best-Price-Prinzip").
b) Als Market-Maker-Quote kann auch die Eingabe in ein von der Börse akzeptiertes elektronisch betriebenes Informations- oder Handelssystem gelten, wenn die Aktualität des Quotes den Voraussetzungen gemäß § 11 Abs. 3 Buchstabe c) entspricht und eine diesbezügliche Vereinbarung zwischen Skontroführer und Market Maker vorliegt. In diesem Fall darf der Börsenpreis nicht außerhalb des vom Market Maker gestellten Quotes festgestellt werden.
c) Liegt dem Skontroführer kein aktueller Quote des Market Maker vor, darf ein Preis nur nach Berücksichtigung der Marktlage von Basiswert und Derivat festgestellt werden.
http://www.euwax.de/euwax/richtlinien/main.html

Die Aktivitäten der EUWAX Broker AG konzentrieren sich auf die Skontroführung und damit die Kursfeststellung von Aktien, Zertifikaten, klassischen Optionsscheinen und den sogenannten "Covered Warrants", den Optionsscheinen auf bereits umlaufende Basiswerte. Optionsscheine sind Optionen, deren Bedingungen in Form einer Urkunde dargestellt werden. Dadurch werden sie zum Wertpapier, womit der Handel für Privatanleger fast genauso einfach wie bei Aktien über die Wertpapierbörse erfolgt.
http://www.euwax.de/emittenten_mitglieder/makler/euwax_broke...

See also http://www.berlinerboerse.de/Zulbefv.htm

And from Prudential:
We believe we are the most thorough securities pricing service in the country. Our library consists of about 18,000 volumes of reference material including Moody's, Standard and Poors, Bank and Quotation Records, and various other publications, some dating back to 1871, and cross index files containing birth to death histories of about 1.3 million corporations. This massive library, all under one roof, is probably the largest of its kind in the country. In addition to our library, we have a very substantial database of daily securities prices dating back for many years in our computer system. Our professional services are being utilized from coast to coast by Trust Departments of banks, such as Bank of America; other broker/dealers, such as Merrill Lynch; accountants; and attorneys.
http://www.form-709.com/

Merrill Lynch Securities Pricing Service. Our business can be simplified into one phrase: We facilitate the flow of financial information to enhance our client's portfolio needs. Merrill Lynch Securities Pricing Service (MLSPS) is the premier evaluator of global financial securities.
http://209.65.16.155/sps/whoisfrm.htm

This would also tie in with your other question on "variabel gehandelt", and it makes sense in conjunction with the departure from traditional floor trading which is being alluded to.

Hope it helps a bit!





Ulrike Lieder
Local time: 04:54
Native speaker of: German
PRO pts in pair: 3525
Grading comment
You put an incredible amount of work into this answer. Thank you for your generosity.

Peer comments on this answer (and responses from the answerer)
Meturgan
Login to enter a peer comment (or grade)

12 hrs
securities pricing service


Explanation:
I don't want to add anything to the excellent answer already posted, which I have noted for myself, but thought it might be helpful to mention that Zahn translates "Skontro" as "auxiliary ledger" and "skontrieren" as "to settle". There is just a lingering doubt in my mind as to whether "Skontroführung" might not have something to do with settlement, but I am happy to bow to the previous answerer's greater wisdom.

Roy Fox
Austria
Local time: 13:54
PRO pts in pair: 74
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17 hrs
settlement or clearing


Explanation:
Sorry to be so late.

I think Roy's doubts were well founded. Not only Zahn but also Hamblock/wessels, Eichborn and Romain show "settle/clear" for "skontrieren".

If we look at another part of uel's Prudential-American and Merrill Lynch references, we can see that what they do is provide VALUATIONS of the worth of a security as an asset, not set current exchange prices. The first American and now British use of the word "pricing" is confusing here.

http://www.securities-pricing.com/

"Prudential-American Securities Financial Information Center is the oldest (since 1973) and best-known Securities Valuations company in the United States. We are the only broker/dealer registered with the Securities and Exchange Commission that specializes in securities pricing for Date of Death, Alternate Valuations, IRS Forms 706 and 709, Cost Basis, Mergers, Name Changes, Liquidations and Worthless or Obsolete Securities."

http://209.65.16.155/sps/index.htm

Merrill Lynch Securities Pricing Service (MLSPS) is a full service evaluator of global securities. Our primary function is the timely and accurate delivery of customized portfolio evaluations to all areas of the financial industry. MLSPS provides comprehensive coverage, responsive client services, and a commitment to clients' needs.
Our services are unparalleled, having access to, and relationships with, most of the major financial databases worldwide as well as the resources and trade information from Merrill Lynch, the world-class financial services firm.
Our clients include mutual funds, master trust and custodian banks, investment advisors, insurance companies, broker/dealers, pension consultants, portfolio analytic index originators and accounting services, and third-party trust accounting firms. MLSPS clients utilize our evaluations to calculate net asset values and conduct investment research. Our clients choose MLSPS because of our commitment to performance, client focus, and technology.

The London Clearing House now does the same thing as ML and P-A, as shown at this site:

http://de.news.yahoo.com/000911/27/125gk.html

"Asset Control International, a leader in providing streamlined data management systems to the international financial services community, announced today that its technology provides the foundation for the new London Clearing House (LCH) securities pricing service. After an initial implementation in support of risk management for LCH's RepoClear and SwapClear services, the pricing service is currently being extended into additional instruments and services."

It appears that the valuation function above is something different from your "skontrieren" as indicated in your Duden definition:

"Zu- und Abgänge zur ständigen Ermittlung des Bestandes fortschreiben."

Your Duden definition is similar to the several business dictionaries mentioned above which show "settlement or clearing" as a translation for Skontrierung. If we really study the GERMAN references uel provided, I think we can see that the service offered by the German brokers is highest quality "Abrechnung" = "settlement" function rather than providing info about the worth of security as an asset. The German brokers are assuring their investor customers the settlement of the buying and selling transactions will contain no surprises because of sudden minute-by-minute price swings. (see your other question)




Dan McCrosky
Local time: 13:54
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 1541
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17 hrs
Great dialog!


Explanation:
I appreciate the additional comments. Like many of the sites uel mentioned, the URL below equates "Skontroführung" with "Preisfeststellung." Certainly the idea of "auxiliary ledger" and Duden's definition imply a settlement or, to bring it more down to my level, a continuous balancing of various securities accounts and/or entire portfolios. In describing its own securities pricing service (second URL), Merrill Lynch says as much by saying "Our primary function is the timely and accurate delivery of customized portfolio evaluations to all areas of the financial industry." So obviously they are valuing the portfolios, but if "pricing service" is the term they use to describe that part of their business (and is the term other financial service institutions use, as well), wouldn't it be preferable to one that, though perhaps more accurate, is not really used in the industry?


    Reference: http://www.boerse-stuttgart.de/boerse/organisation/freiverke...
    Reference: http://www.ml.com/sps/
Cami Townsend
PRO pts in pair: 227
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