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a riporto

English translation: deferred delivery or payment

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03:50 Feb 8, 2012
Italian to English translations [PRO]
Bus/Financial - Investment / Securities
Italian term or phrase: a riporto
This is from a list of powers granted to the chairman of the board of directors:

acquistare e/o vendere, dare e/o ricevere a riporto titoli di credito, sia a pronti che a termine;

I'm not sure how "a riporto" fits in here. Any suggestions?

TIA
Sylvia Gilbertson
United States
Local time: 07:05
English translation:deferred delivery or payment
Explanation:
However you can't translate this using that.
The whole pharse is a catch all to cover just any type of forward type of transaction or option you could imagine. I think you can safely summarise it as:

"repurchase and reverse repurchase agreements on securities and lending and borrowing of securities, both spot and forward"

The "riporto" contracts in Tam's link are a specific type of contract found only on the Milan stock exchange which involve shares only which is not your case (titoli di credito is a generic for anything from a bill of exchange to a bond or a share).

You have to translate the whole sentence

Divising it it:
"acquistare e/o vendere ... a riporto titoli di credito"
This is "repurchase agreement" (sell to repurchase) "and "reverse repurchase agreements" (other end of the transaction, purchase to resell) "on securitiesE

Then the second part which is borrowing and lending rather than actually selling and purchasing (very technical distinctions)
"dare e/o ricevere a riporto titoli di credito"

I think you can just say here "lending and/or borrowing securities".

This means mainly participating in the uncovered short market, where dealers borrow securities (uncovered i.e.) expecting the price to fall, so they sell them (short selling) to buy them back at a lower price before they have to give them back to the lender. For every short seller there is a lender. However you might borrower shares to vote at a shareholders' meeting. As I said it is a catch-all phrase.




"dare e/o ricevere a riporto titoli di credito"





--------------------------------------------------
Note added at 1 day10 hrs (2012-02-09 14:23:31 GMT) Post-grading
--------------------------------------------------

Hi Sylvia, I have a feeling Cristiana's analysis is more accurate than mine. What is reassuring (for me) is that an expert of Cristiana's calibre has given a low confindence level.
Selected response from:

James (Jim) Davis
Seychelles
Local time: 16:05
Grading comment
I like this solution. Jim. I knew what all the words meant, it was just finding a way to put them together, and this works just fine. Thanks.
4 KudoZ points were awarded for this answer

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Summary of answers provided
4deferred performance
Thomas Roberts
4deferred delivery or payment
James (Jim) Davis
3repo (and reverse repo)
cristianac


Discussion entries: 12





  

Answers


3 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
deferred performance


Explanation:
It means a contract whereby either party performs later than they otherwise would have to.

http://poseidon01.ssrn.com/delivery.php?ID=93100902010012207...

Thomas Roberts
Works in field
Native speaker of: Native in EnglishEnglish, Native in ItalianItalian
PRO pts in category: 4
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7 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
repo (and reverse repo)


Explanation:
acquistare /vendere - simply : purhcase/sell

dare /ricevere a riporto - enter into repurchase agreements (repo and reverse repo)

Repo is usually used to translate "pronti contro termine" which in Italy is considered as very similar but not the same as "riporto"

(for a discussion on this issue see
http://archivioceradi.luiss.it/documenti/archivioceradi/osse...

riporto i regulate in the Italian Civil Code

Ai sensi del codice (art.1548 C.C.), "il riporto è il contratto per il quale il riportato trasferisce in proprietà al riportatore titoli di credito di una data specie per un determinato prezzo, e il riportatore assume l'obbligo di trasferire al riportato, alla scadenza del termine stabilito, la proprietà di altrettanti titoli della stessa specie, verso il rimborso del prezzo, che può essere aumentato o diminuito nella misura stabilita" .

According to this ECB document the following translation could be applied:

riporto - repo
pronti contro termine -buy/sell back

http://www.ecb.int/pub/pdf/other/pp75-86_mb200604it.pdf

therefore in your case for the
"dare/ricevere a riporto"
I would use repo and reverse repo agreements









cristianac
Italy
Local time: 14:05
Specializes in field
Native speaker of: Native in ItalianItalian, Native in EnglishEnglish
PRO pts in category: 16
Login to enter a peer comment (or grade)

6 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
deferred delivery or payment


Explanation:
However you can't translate this using that.
The whole pharse is a catch all to cover just any type of forward type of transaction or option you could imagine. I think you can safely summarise it as:

"repurchase and reverse repurchase agreements on securities and lending and borrowing of securities, both spot and forward"

The "riporto" contracts in Tam's link are a specific type of contract found only on the Milan stock exchange which involve shares only which is not your case (titoli di credito is a generic for anything from a bill of exchange to a bond or a share).

You have to translate the whole sentence

Divising it it:
"acquistare e/o vendere ... a riporto titoli di credito"
This is "repurchase agreement" (sell to repurchase) "and "reverse repurchase agreements" (other end of the transaction, purchase to resell) "on securitiesE

Then the second part which is borrowing and lending rather than actually selling and purchasing (very technical distinctions)
"dare e/o ricevere a riporto titoli di credito"

I think you can just say here "lending and/or borrowing securities".

This means mainly participating in the uncovered short market, where dealers borrow securities (uncovered i.e.) expecting the price to fall, so they sell them (short selling) to buy them back at a lower price before they have to give them back to the lender. For every short seller there is a lender. However you might borrower shares to vote at a shareholders' meeting. As I said it is a catch-all phrase.




"dare e/o ricevere a riporto titoli di credito"





--------------------------------------------------
Note added at 1 day10 hrs (2012-02-09 14:23:31 GMT) Post-grading
--------------------------------------------------

Hi Sylvia, I have a feeling Cristiana's analysis is more accurate than mine. What is reassuring (for me) is that an expert of Cristiana's calibre has given a low confindence level.

James (Jim) Davis
Seychelles
Local time: 16:05
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 80
Grading comment
I like this solution. Jim. I knew what all the words meant, it was just finding a way to put them together, and this works just fine. Thanks.
Login to enter a peer comment (or grade)




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