03:50 Feb 8, 2012 |
Italian to English translations [PRO] Bus/Financial - Investment / Securities | |||||||
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| Selected response from: James (Jim) Davis Seychelles Local time: 08:05 | ||||||
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Summary of answers provided | ||||
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4 | deferred performance |
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4 | deferred delivery or payment |
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3 | repo (and reverse repo) |
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Discussion entries: 12 | |
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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... |
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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 |
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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. |
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