000 ndash Einheit ist in Tausenden. A ndash Australischer Dollar ISO 4217 Währungscode AUD ABARES ndash Australisches Büro für Agrar - und Ressourcenökonomie und Wissenschaften ABCP ndash Asset-backed Commercial Paper ABF ndash Asian Bond Fund ABF1 ndash Asian Bond Fund 1. Eine Initiative der EMEAP-Zentralbanken zur Vertiefung der regionalen Finanzmärkte. Die erste Stufe (ABF1) ist ein Fonds, der in US-Dollar-Staatsanleihen und quasi-souveräne Anleihen investiert, die in acht der elf EMEAP-Volkswirtschaften (d. H. Ohne Australien, Japan und Neuseeland) ausgegeben wurden. ABF2 ndash Asian Bond Fund 2. Eine Initiative der EMEAP-Zentralbanken zur Vertiefung der regionalen Finanzmärkte. Die zweite Stufe (ABF2) umfasst acht Binnenmarktfonds, die in inländische Währungsumrechnungen und quasi-staatliche Währungsanleihen in diesen Volkswirtschaften sowie den Pan-Asian Bond Index Fund (PAIF) investieren. ABS ndash Australian Bureau of Statistics. Die zentrale statistische Autorität für die australische Regierung. ACC ndash Asiatischer Beratungsrat (BIZ). Sein Hauptzweck ist es, ein Fahrzeug für die Kommunikation zwischen den asiatisch-pazifischen Mitgliedern der BIZ und dem Vorstand in Fragen von Interesse und Sorge um die asiatische Zentralbankgemeinschaft, einschließlich des Betriebs des BIS Hong Kong Office, zur Verfügung zu stellen. ACCC ndash Australische Wettbewerbs - und Verbraucherkommission. Eine Commonwealth-gesetzliche Behörde, die für die Einhaltung des Wettbewerbs - und Verbraucherschutzgesetzes 2010 (früher das Trade Practices Act 1974) und die Bestimmungen des Verhaltenskodex verantwortlich ist. Die Konsumentenschutzarbeit der Kommission ergänzt die der staatlichen und territorialen Verbraucheragenturen. Periodenabrechnung ndash Einnahmen und Aufwendungen werden erfasst, wie sie verdient oder angefallen sind. Unabhängig davon, ob Bargeld eingegangen oder ausgezahlt worden ist. Zum Beispiel würden Verkäufe auf Kredit als Einkommen anerkannt werden, obwohl die Schulden nicht für einige Zeit abgewickelt werden können. Erwerber ndash Eine Institution, die einen Händler mit Einrichtungen zur Verfügung stellt, um Kartenzahlungen zu akzeptieren ACT ndash Australian Competition Tribunal ADI ndash Autorisierte Einlageninstitution. ADIs (Banken, Bausparkassen und Kreditgenossenschaften) werden von der australischen Aufsichtsbehörde (APRA) überwacht. AEDT ndash Australian Eastern Daylight-Spar Zeit AEST ndash Australian Eastern Standard Time AFIs ndash Alle Finanzintermediäre AFMA ndash Australian Financial Markets Association. Eine nationale Industrie, die etwa 200 Organisationen vertritt, die an den australischen OTC-Großhandelsfinanzmärkten teilnehmen. Transaktionen umfassen Devisen, Zinsprodukte, Finanzderivate, Pensionsgeschäfte, Rohstoffe, Aktien und Stromderivate. Agentur banking ndash Seit dem 1. Juli 1999 sind alle australischen Regierungsstellen und Agenturen für ihre eigenen Bankvereinbarungen verantwortlich. Im Rahmen von Bankenvereinbarungen sind die Agenturen verpflichtet, die zuvor von der Reserve Bank of Australia (RBA) erbrachten Leistungen gegen das, was von anderen Finanzinstituten zur Verfügung gestellt wird, zu testen. Allerdings blieb die australische Regierung Kernkonto, die offizielle öffentliche Konto, blieb mit der RBA. Ein System fegt Gleichgewichte von australischen Regierungsabteilungen und Agenturen von ihrem Transaktionsbanker zum offiziellen öffentlichen Konto an der RBA jede Nacht. Aggregierte Nachfrage ndash Bruttoinlandsprodukt, gemessen an der Summe der endgültigen Ausgaben für Waren und Dienstleistungen, die produziert werden. Aggregierte Versorgung ndash Bruttoinlandsprodukt, gemessen am Wert der produzierten Waren und Dienstleistungen. AGS ndash Australian Government Securities. Fügen Sie alle von der australischen Regierung ausgegebenen Wertpapiere bei Ausschreibungen ein, die von der AOFM (und von der Reserve Bank of Australia als Agent für die australische Regierung vor dem 23. Oktober 2006) durchgeführt wurden. Es handelt sich um Staatsanleihen, Schatzanweisungen, Schatzanleihen und zuvor Schatzanleihen. Diese Wertpapiere werden entweder durch Ausschreibung oder Syndizierung ausgegeben. AGV ndash Analytical Group auf Schwachstellen (FSB). Die Analytical Group on Vulnerabilities (AGV) bietet ein analytisches Forum, um neue und sich entwickelnde Risiken für das globale Finanzsystem zu diskutieren und damit die Arbeit der SCAV zu unterstützen. AIF ndash Automatisierte Informationseinrichtung. Ein automatisierter Nachrichtendienst, der von Banken genutzt wird, um das Kredit - und Liquiditätsmanagement zu unterstützen. AIFRS ndash Australische Äquivalente zu den International Financial Reporting Standards AMLCTF ndash Anti-GeldwäscheCounter-Terrorismus Finanzierung AMMD ndash Autorisierte Geldmarkt Händler AMUG ndash Australian Member User Group ANNI ndash Austraclear National Network Infrastructure ANZSIC ndash Australian und Neuseeland Standard Industrial Classification AOFM ndash Australian Office of Finanzverwaltung. Eine vorgeschriebene Agentur, innerhalb der Treasury-Portfolio, verantwortlich für die australischen Regierung39s Schulden-Management-Aktivitäten, die Durchführung von Ausschreibungen von CGS und Beratung der Schatzmeister über alle Aspekte der australischen Regierung Schulden-Management. APCA ndash Australian Payments Clearing Association Limited. Eine Aktiengesellschaft, die im Besitz von Banken, Bausparkassen und Kreditgenossenschaften ist, die eine spezifische Rechenschaftspflicht für die wichtigsten Teile des australischen Zahlungsverkehrssystems haben, insbesondere Zahlungsanweisungen. APCS ndash Australian Paper Clearing System von Australian Payments Clearing Association Limited (APCA) betrieben. APEC ndash Asia-Pacific Economic Cooperation Forum. APEC wurde 1989 gegründet und ist das wichtigste regionale Vehikel für die Förderung des offenen Handels und der praktischen wirtschaftlichen Zusammenarbeit. Es hat 21 Mitgliedsländer, darunter Australien. Wertschätzung ndash Eine Erhöhung des Wertes eines Vermögenswertes. In Fremdwährung ist es eine relative Zunahme des Wertes einer Währung gegenüber einer anderen. APPs ndash Australian Privacy Principles, ersetzt die Information Privacy Principles und die nationalen Datenschutzgrundsätze am 12. März 2014. APRA ndash Australian Prudential Regulation Authority. APRA ist der Aufsichtsbehörde der australischen Finanzdienstleistungsbranche. Es betreut Banken, Kreditgenossenschaften, Bausparkassen, Versicherungen und Versicherungsgesellschaften, Lebensversicherungsgesellschaften, freundliche Gesellschaften und die meisten Mitglieder der Superannuation. ARDB ndash Australian Resources Development Bank ASB ndash Australian Savings Bond. Eine ersetzte Form der festverzinslichen Coupon-Anleihe, die nach einer anfänglichen Haltefrist auf dreißig Tage kündbar ist. ASIC ndash Australische Wertpapier - und Investitionskommission. Einer von drei australischen Regierungsstellen (die anderen sind die australische Aufsichtsbehörde und die Reservebank von Australien), die Finanzdienstleistungen regelt. ASIC ist die nationale Regulierungsbehörde von Australias-Unternehmen. ASIC ist verantwortlich für Marktschutz und Fragen der Verbraucherintegrität im gesamten Finanzsystem. ASX ndash Die australische Wertpapierbörse ist australische primäre nationale Börse für Aktien, Optionsscheine und aktienbezogene Derivate. ASX 24 ndash ASX 24 ist ein Derivatmarkt der ASX Gruppe. Früher die Sydney Futures Exchange. ASX Clear ndash Es bietet zentrale Gegenpartei-Dienstleistungen für eine Reihe von Finanzprodukten, die auf dem ASX gehandelt werden, einschließlich Aktien, Optionsscheine und aktienbezogene Derivate. ASX Clear ist eine hundertprozentige Tochtergesellschaft der ASX-Gruppe. Früher das australische Clearing House. ASX Clear (Futures) ndash Es bietet zentrale Gegenparteien für den ASX 24 (ehemals SFE) Markt. Es handelt sich um eine hundertprozentige Tochtergesellschaft der ASX-Gruppe. Früher SFE Clearing Corporation. ASX Settlement ndash Es bietet Abrechnungsdienste für ASX-Märkte sowie für eine kleine Anzahl von Transaktionen an der National Stock Exchange (NSX). ASX Settlement ist eine hundertprozentige Tochtergesellschaft der ASX-Gruppe. Früher die ASX Settlement and Transfer Corporation. ATM ndash Automated Teller Machine AUD ndash Australischer Dollar (ISO 4217 Währungscode) A wird häufiger verwendet. AUSTRAC ndash Australian Transaction Reports und Analysis Center ist Australias Anti-Geldwäsche-und Counter-Terrorismus Finanzierung Regulierungsbehörde und spezialisierte Finanz-Intelligence-Einheit. Austraclear ndash Austraclear bietet Abwicklungsdienste für den OTC-Schuldmarkt und für Derivate, die auf den SFE - und ASX-Märkten gehandelt werden. Austraclear ist eine hundertprozentige Tochtergesellschaft der ASX-Gruppe. Australische Staatsanleihen ndash Fügen Sie alle von der australischen Regierung ausgegebenen Wertpapiere bei Ausschreibungen ein, die von der AOFM (und von der Reserve Bank of Australia als Bevollmächtigter für die australische Regierung vor dem 23. Oktober 2006) durchgeführt wurden. Es handelt sich um Staatsanleihen, Schatzanweisungen, Schatzanleihen und zuvor Schatzanleihen. Diese Wertpapiere werden entweder durch Ausschreibung oder Syndizierung ausgegeben. Australische Wertpapierbörse ndash Die australische Wertpapierbörse ist australische primäre nationale Börse für Aktien, Optionsscheine und aktienbezogene Derivate. AWOTE ndash Durchschnittliche wöchentliche ordentliche Einnahmen. Ein Maß für die Erträge für Vollzeitbeschäftigte, die vom Australian Bureau of Statistics erstellt wurden. Zahlungsbilanz ndash Eine Zusammenfassung der wirtschaftlichen Transaktionen zwischen Gebietsansässigen eines Landes und Gebietsansässigen anderer Länder. Bank akzeptiert Wechsel ndash Eine Bank akzeptiert Wechsel ist ein Wechsel, der eine Bank als Akzeptor der Rechnung listet. Als Akzeptor hat eine Bank eine Verpflichtung, dem Inhaber den Nennwert der Rechnung bei Fälligkeit zu zahlen. Unter bestimmten Umständen ist die Haftung von dem Kreditnehmer oder der Schublade abhängig. Bankrott ndash Ein Rechtsstatus, der von einem Gläubiger oder einer betroffenen Person eingeleitet werden kann, wobei die Bankrott Eigentum in einem Treuhänder verübt wird und mit Ausnahme bestimmter persönlicher und beruflicher Eigentumsrechte für den Vertrieb an die Gläubiger zur Verfügung steht. Basispunkt ndash Ein Basispunkt ist 1100. von 1 Prozent oder 0,01 Prozent, also sind 100 Basispunkte (bps) gleich 1 Prozentpunkt. Der Begriff wird in Geld - und Wertpapiermärkten verwendet, um Zins - oder Ertragsunterschiede zu definieren. Sollte ein Zinssatz von 2 Prozent auf 3 Prozent steigen, so soll er um 100 Basispunkte (bps) oder einen Prozentpunkt gestiegen sein. BBSW ndash Bank Rechnung Swap Rate BECS ndash Bulk Electronic Clearing System von Australian Payments Clearing Association Limited (APCA) betrieben. Bid ndash Der Preis für den Kauf von Wertpapieren im Primärmarkt angeboten. In Bezug auf ein Angebot enthält ein Angebot auch das Volumen, das bereit ist, zu dem angebotenen Preis gekauft zu werden. Rechnungssatz ndash Der Rechnungsbetrag ist die effektive Rendite bis zur Fälligkeit, die der Inhaber einer Rechnung erhält. Die Ausbeute wird in der Regel als pro Jahr berechnet. Milliarde ndash Tausend Millionen BIS ndash Bank für Internationalen Zahlungsausgleich. Eine internationale Organisation mit Sitz in der Schweiz, die die Kooperation zwischen Zentralbanken und anderen Agenturen bei der Verfolgung der Geld - und Finanzstabilität fördert und Banken für Zentralbanken zur Verfügung stellt. Blackout Financial Instruments ndash Blackout Finanzinstrumente umfassen Zinsprodukte (einschließlich, aber nicht beschränkt auf Anleihen, Rechnungen, Schuldverschreibungen, Einlagen - und Termineinlagen), Aktien, Optionsscheine, Optionen, Unternehmensanleihen und Devisen (außer Reisezwecken) Anleihen ndash Im Allgemeinen ist eine Anleihe eine Schuldverschreibung mit einer mittel - bis langfristigen bis zur Fälligkeit zum Zeitpunkt ihrer Erteilung. Der Inhaber einer Anleihe ist ein Kreditgeber an den Emittenten. Als solche gibt die Aussage dem Emittenten die Verpflichtung, dem Inhaber eine Einkommenszahlung und einen Strom von Einkommenszahlungen über die Laufzeit der Anleihe zu gewähren und den Kapitalgeber zurückzuzahlen. Das Risiko, dass der Emittent seine Verpflichtung nicht erfüllen kann, variiert vom Emittenten zum Emittenten und im Laufe der Zeit. Kreditnehmer ndash Eine Person oder Körperschaft, die eine Schuld an einen Kreditgeber zu vereinbarten Bedingungen verursacht. BPAY ndash BPAY ist eine Zahlungsanordnung, die im Besitz einer Gruppe von Privatkundenbanken ist. Einzelpersonen, die Konten mit einem BPAY teilnehmenden Finanzinstitut halten, können Abrechnungsorganisationen zahlen, die an BPAY teilnehmen, unter Verwendung von Kontoverwirkungen, die durch Telefon oder Internet initiiert werden. Die Überweisungen können von Spar-, Scheck - oder Kreditkartenkonten erfolgen. Bps ndash Basispunkte. Ein Basispunkt ist 1100. von 1 Prozent oder 0,01 Prozent. Der Begriff wird in Geld - und Wertpapiermärkten verwendet, um Zins - oder Ertragsunterschiede zu definieren. Breites Geld ndash Die breiteste Definition des Geldes, das von der Reserve Bank of Australia (RBA) veröffentlicht wird. Das breite Geld ist definiert als Währung plus ADI-Einlagen aus dem Nicht-AFI-Privatsektor sowie weitere kurzfristige flüssige AFI-Verbindlichkeiten, die vom Nicht-AFI-Privatsektor gehalten werden. BSB ndash Bank State Branch Bulletin ndash Eine vierteljährliche Veröffentlichung durch die Reserve Bank of Australia, die Feature-Artikel und Reden enthält. Konjunkturzyklus ndash Die Periode zwischen den Gipfeln oder Trögen der makroökonomischen Aktivität. CAC ndash Sammelklausel. Eine Klausel in Anleiheverträgen, die Bestimmungen enthält, die eine qualifizierte Mehrheit der Kreditgeber erlauben, die wichtigsten finanziellen Bedingungen des Schuldvertrags zu ändern und eine Minderheit zu binden, um diese neuen Bedingungen zu akzeptieren. CAC Act ndash Commonwealth Authorities and Companies Act 1997 (das durch das Public Governance, Performance und Rechenschaftsgesetz 2013 am 1. Juli 2014 ersetzt wird). Kapitalmarkt ndash Ein Markt für mittel - bis langfristige Finanzinstrumente Finanzinstrumente, die am Kapitalmarkt gehandelt werden, umfassen Aktien und Anleihen der australischen Regierung, Staatsregierungen, Unternehmensanleihen und Finanzinstitute. Card issuer ndash Eine Institution, die ihren Kunden Debit - oder Kreditkarten zur Verfügung stellt. Cash Accounting ndash Erträge und Aufwendungen, die in einem Unternehmensabschluss erfasst werden, wenn Barmittel gesammelt oder ausgegeben werden. Cash Rate ndash Der Zinssatz, den die Banken zahlen, um Geld von anderen Banken im Geldmarkt auf einer Nacht zu leihen. Der Barsatz ist die Reserve Bank of Australias operatives Ziel für die Umsetzung der Geldpolitik. Es ist auch ein wichtiger finanzieller Maßstab auf den australischen Finanzmärkten. Es wird als Referenzzinssatz für australische Dollar Overnight Indexed Swaps (OIS) und die ASX 30 Day Interbank Cash Rate Futures verwendet. Die Reserve Bank von Australien ist der Verwalter der Barzahlung. Der Barsatz wird als der gewichtete durchschnittliche Zinssatz für über Nacht unbesicherte Kredite zwischen Banken berechnet, die im Reserve Bank Information and Transfer System (RITS) abgewickelt wurden. Cash-Rate-Ziel ndash Wie in den meisten entwickelten Ländern ist die Haltung der Geldpolitik in Australien in Form eines Ziels für einen Tagesgeld ausgedrückt. Der von der Reserve Bank von Australien verwendete Satz ist der Barsatz (auch bekannt als Interbank-Übernachtungssatz). Wenn die Reserve Bank Board entscheidet, dass eine Änderung der Geldpolitik auftreten sollte, legt sie ein neues Ziel für die Barrate fest. Eine Entscheidung, die Politik zu erleichtern, spiegelt sich in einem neuen niedrigeren Ziel für die Barrate wider, während eine Entscheidung, die Politik zu verschärfen, in einem höheren Ziel reflektiert wird. Cat No ndash Katalognummer CATCAPs ndash Kreditautorisierung Terminals mit Capture-Funktionalität CATs ndash Kreditautorisierung Terminals CCP ndash Zentrale Gegenpartei CD ndash Zertifikat der Einzahlung CDB ndash Commonwealth Development Bank CECS ndash Consumer Electronic Clearing System von Australian Payments Clearing Association Limited (APCA) betrieben. Zentralbank ndash Eine nicht-kommerzielle Bank, die kann oder auch nicht unabhängig von der Regierung, die einige oder alle der folgenden Funktionen hat: geld Geldpolitik überwachen die Stabilität des Finanzsystems Frage Währung Notizen als Banker an die Regierung zu überwachen finanziellen Institutionen und Regulierungszahlungen. CFR ndash Council of Financial Regulators, bestehend aus der Reserve Bank of Australia (RBA), die den CFR der australischen Aufsichtsbehörde (APRA) der australischen Securities and Investments Commission (ASIC) und der Treasury leitet. CFTC ndash Commodity Futures Trading Commission CGFS ndash Ausschuss für das globale Finanzsystem. Ein Ausschuss der BIZ, der die Zentralbanken bei der Entwicklung geeigneter politischer Empfehlungen in Bezug auf Finanzstabilität, Vermittlung und Transparenz unterstützen will. CGS ndash Commonwealth Government Securities. Australische Regierung Securities wurden früher als Commonwealth Government Securities bezeichnet. Charge card ndash Eine Charge-Karte ist eine Karte, deren Inhaber eine nicht revolvierende Kreditlinie erteilt wurde, die es dem Inhaber ermöglicht, Einkäufe zu tätigen und eventuell Bargeldvorschüsse zu tätigen. Eine Charge-Karte bietet keine erweiterte Gutschrift an, dass der volle Betrag der entstandenen Schulden am Ende eines bestimmten Zeitraums abgewickelt werden muss. CHESS ndash Clearing House Elektronisches Unterregister System. CHESS ist ein Abwicklungssystem für australische Aktien, die von ASX Settlement betrieben werden. Clearing ndash Der Prozess der Übermittlung, Abstimmung und in einigen Fällen Bestätigung der Zahlungsanweisungen vor der Abwicklung kann es sich um die Verrechnung von Anweisungen und die Berechnung der endgültigen Positionen für die Abrechnung. CLF ndash Engagierte Liquiditätsfazilität Netting ndash Eine Vereinbarung zur Begleichung aller vertraglich vereinbarten, aber noch nicht fälligen Verbindlichkeiten gegenüber einer Forderung an eine Einrichtung durch eine einmalige Zahlung, sofort nach Eintritt einer einer Liste von definierten Ereignissen wie der Ernennung Eines Liquidators an diese Einrichtung. CLS ndash Continuous Linked Settlement. Ein Prozess, der die gleichzeitige Devisenabwicklung auf der ganzen Welt ermöglicht, wodurch das Abwicklungsrisiko durch Verzögerungen, die sich aus Zeitzonenunterschieden ergeben, beseitigt wird. CLS Bank ndash Die CLS Bank ist eine Multi-Currency Bank, die von der Federal Reserve Bank of New York geregelt wird und die Zentralbankfonds zur gleichzeitigen Abwicklung von Cross-Devisentransaktionen in Echtzeit durch einen Prozess namens Continuous Linked Settlement (CLS) einsetzt. CME ndash Chicago Mercantile Exchange Inc. CNP ndash Karte nicht vorhanden COIN ndash Community of Interest Netzwerk Commonwealth Regierung Securities ndash Australian Government Securities wurden früher als Commonwealth Government Securities bezeichnet. Kompendium der Standards ndash Das Kompendium ist eine Initiative des Financial Stability Board (FSB) und ein gemeinsames Produkt der im FSB vertretenen Standardgremien. Es unterstreicht 12 Kernstandards und rund 60 weitere, die für solide Finanzsysteme relevant sind. Das Kompendium wird laufend aktualisiert. Die 12 Kernstandards umfassen Fragen wie Geld - und Finanztransparenz, Corporate Governance und aufsichtsrechtliche Aufsicht. Gefälschte ndash Eine Darstellung der Währung, die dazu bestimmt ist, die Empfänger zu täuschen. CPI ndash Verbraucherpreisindex. Eine allgemeine Maßnahme der Preisinflation für den Haushaltsektor, die vom Australian Bureau of Statistics erstellt und veröffentlicht wurde. CPMI ndash Ausschuss für Zahlungen und Marktinfrastrukturen CPSS ndash Ausschuss für Zahlungs - und Abwicklungssysteme. Am 1. September 2014 änderte dieser Ausschuss seinen Namen in den Ausschuss für Zahlungen und Marktinfrastrukturen. CRA ndash Kredit-Rating-Agentur Kreditkarte ndash Eine Kreditkarte ist eine Karte, deren Inhaber eine revolvierende Kreditlinie gewährt wurde. Die Karte ermöglicht es dem Inhaber, Käufe und Bargeldvorschüsse bis zu einem vorgegebenen Limit zu tätigen. Der gewährte Kredit kann vollständig bis zum Ende eines bestimmten Zeitraums oder teilweise abgewickelt werden, wobei der Restbetrag als verlängerter Kredit angenommen wird. Zinsen können auf die Transaktionsbeträge ab dem Datum jeder Transaktion oder nur auf den verlängerten Kredit erhoben werden, wenn der gewährte Kredit nicht vollständig abgewickelt wurde. Credit riskexposure ndash Das Risiko, dass eine Gegenpartei keine Verpflichtung zum vollen Wert beilegt, sei es fällig oder danach. Bei Tausch-für-Wert-Systemen wird das Risiko generell definiert, um das Ersatzrisiko (das Risiko, einen Vertrag zu einem potenziell ungünstigen Preis zu ersetzen) und das Hauptrisiko zu berücksichtigen. CRVS ndash Check Versöhnung und Verifikationssystem CS ndash Clearing und Abwicklung CSA ndash Credit Support Anhang CSIRO ndash Commonwealth Wissenschaftliche und industrielle Forschungsorganisation CUBS ndash Kreditgewerkschaften und Bausparkassen DCO ndash Derivate Clearing Organisation DDRS ndash DTCC Data Repository (Singapur) Pte Ltd DE ndash Direct Entry Debit Card ndash Eine Debitkarte ist eine Karte, die es dem Inhaber ermöglicht, auf ein Depot bei einer zugelassenen Einzahlungsstelle zuzugreifen. Deferred Net Settlement System ndash Ein Abwicklungssystem, in dem jeder Teilnehmer (in der Regel durch eine einmalige Zahlung oder Quittung) seine Nettoposition, die sich aus den geleisteten und erhaltenen Zahlungen ergibt, zu einem bestimmten Zeitpunkt nach Zahlungseingang abrechnet. Nennwert ndash Der Nennwert eines Währungspostens: kann Notizen oder Münzen sein. Abschreibung ndash Ein Rückgang des Wertes eines Vermögenswertes In Devisentermingeschäften ist es eine relative Abnahme des Wertes einer Währung gegenüber einer anderen. Deregulierung ndash Die fortschreitende Beseitigung von Kontrollen bei Einreise und Betrieb, um den Wettbewerb zu verbessern und die Produktivität der großen Unternehmen in der betroffenen Branche zu erhöhen. Derivat ndash Ein Finanzvertrag, dessen Wert auf einem anderen Finanzinstrument (z. B. einer Anleihe oder Aktie) oder einem Marktindex (wie dem Aktienkursindex) beruht oder daraus resultiert. Beispiele für Derivate sind Futures, Forwards, Swaps und Optionen. Bezeichnung ndash Die förmliche Notifizierung von Maßnahmen zur Ausübung der Befugnisse durch die Gesetzgebung. Einzugsermächtigung Eine vorab genehmigte Belastung auf dem vom Empfänger (Zahlungsempfänger) eingeleiteten Zahler-Bankkonto. Direkten Eintrag Kredit ndash Ein vor geplanter Kredit von einem Konto zum anderen. Direkte Einzahlungszahlung ndash Eine Lastschrift oder Gutschrift. Inländische Staatsanleihen ndash Domestic ausgegebene Staatsanleihen mit australischen Staatsanleihen (AGS) und Wertpapieren, die als halbstaatliche Wertpapiere bezeichnet werden und von den zentralen Kreditinstituten der Staats - und Territorien-Regierungen ausgegeben werden. D-SIB ndash Inländische systemisch wichtige Bank DTR ndash Derivative Transaktionsregeln DvP ndash Lieferung-versus-Zahlung EBA ndash Europäische Bankenbehörde EC ndash Europäische Kommission ECU ndash Europäische Währungseinheit EEA ndash Europäischer Wirtschaftsraum EEO ndash Gleiche Beschäftigungsmöglichkeiten EFT ndash Elektronische Geldtransfer EFTPOB Ndash Electronic Funds Transfer am Point of Bank EFTPOS ndash elektronischen Geldtransfer am Point of Sale. Das eftpos-System ist ein inländisches Debitkartensystem, das von eftpos Payments Australia Limited verwaltet wird. EME ndash Emerging Markets Volkswirtschaften EMEAP ndash Führungskräfte39 Treffen der ostasiatisch-pazifischen Zentralbanken. EMEAP ist ein kooperatives Forum von elf Zentralbanken und Währungsbehörden in Ostasien und Pazifik, bestehend aus der Reserve Bank of Australia, der People39s Bank of China, der Hong Kong Monetary Authority, Bank Indonesia, der Bank of Japan, der Bank Von Korea, Bank Negara Malaysia, die Reserve Bank von Neuseeland, Bangko Sentral ng Pilipinas, die Monetäre Behörde von Singapur und der Bank von Thailand. EMH ndash Effiziente Markthypothese. Die Ansicht, dass die Sicherheit oder die Aktienkurse alle verfügbaren Informationen widerspiegeln und es für einen Investor unmöglich ist, den Markt konsequent zu schlagen. EMIR ndash Europäische Marktinfrastruktur Regulierung EMV ndash EuroPay, MasterCard Visa ePAL ndash eftpos Zahlungen Australien AG Aktienmarkt ndash Ein Markt, in dem Anleger Wertpapiere kaufen und verkaufen, die das Eigentum an einem Aktiengeschäft halten. ES ndash Devisentermingeschäft (Konto, Salden oder Fonds) ESA ndash Börsenabrechnungskonto. Ein Konto bei der Reserve Bank of Australia von Finanzinstituten, um finanzielle Verpflichtungen aus dem Clearing von Zahlungen zu begleichen. ESMA ndash European Securities and Markets Authority Wechselkurse ndash Der Preis einer Währung, ausgedrückt in einer anderen Währung. Jeder Wechselkurs kann auf zwei Arten zitiert werden, z. B. Australische Dollar pro US-Dollar (USDAUD) oder US-Dollar pro Australischer Dollar (AUDUSD). Die Konvention für den australischen Dollar ist, dass es als der Fremdwährungspreis des australischen Dollars zitiert wird. Dies wird manchmal als die indirekte Methode des Zitierens bezeichnet. Umtauschkonto ndash Ein Konto, das von den Finanzinstituten bei der Reserve Bank of Australia gehalten wird, um finanzielle Verpflichtungen aus dem Clearing von Zahlungen zu begleichen. FASB ndash US Finanzbuchhaltung Standards Board FC ndash Finanzgesellschaften FCA Act ndash Financial Corporations Act 1974 FCGF ndash Finanzgesellschaften und Generalfinancen FCL ndash Flexible Credit Line Finanz - (Fiskal-) Jahr ndash Die 12-Monats-Frist für die finanzielle Messung beschlossen. In Australien ist es in der Regel vom 1. Juli bis 30. Juni im folgenden Jahr. Finanzielle aggregate ndash A Reserve Bank of Australia Datenreihe spezifiziert Maßnahmen der Lieferung von Geld und Kredit. Es umfasst einige oder alle von: Währung auf Emission aktuelle Einlagen mit Banken andere Einlagen der privaten Nicht-Bank-Sektor mit Banken Darlehen aus dem privaten Sektor von Nicht-Bank-Depot Unternehmen und Kredit (Darlehen, Vorschüsse und Rechnungen auf den privaten Sektor abgezinst) . Finanzkonglomerate ndash Finanzinstitute, die mehrere Aktivitäten wie Banken, Börsenmakler, Versicherungen und Fondsmanagement durchführen. Finanzielle Störung ndash Ein Ereignis oder ein Ereignis, der einen erheblichen Vertrauensverlust durch Einleger oder Investoren in ein Finanzinstitut oder eine Störung der Finanzmärkte verursacht. Finanzinstitut ndash Ein Unternehmen, dessen primäre Funktion ist es, zwischen zwischen Kreditgebern und Kreditnehmer in der Wirtschaft. Finanzmärkte ndash Ein allgemeiner Begriff für die Märkte, in denen Finanzinstrumente gehandelt werden. Finanzinstrumente haben keinen intrinsischen Wert von sich selbst. Sie stellen einen Anspruch auf reale Vermögenswerte oder einen künftigen Einkommensstrom dar. Die vier wichtigsten Finanzmärkte sind der Devisenmarkt, der Festzins - oder Anleihemarkt, der Aktien - oder Aktienmarkt und der Derivatmarkt. Finanzsektor ndash Der Sektor der Wirtschaft, der Finanzinstitute und Finanzmärkte umfasst. Financial Stability Board (ehemals Finanzstabilitätsforum) ndash Financial Stability Board. Der Financial Stability Board (FSB) wurde im April 2009 als Wiederaufbau des Financial Stability Forum (FSF) gegründet, das seit 1999 existiert hat. Der FSB hat das Mandat, die Schwachstellen zu beurteilen, die das Finanzsystem beeinflussen, Maßnahmen ermitteln und beaufsichtigen Um sie anzusprechen und die Zusammenarbeit und den Informationsaustausch zwischen den für die Finanzstabilität zuständigen Behörden zu fördern. Seine Mitgliedschaft umfasst die ursprünglichen FSF-Mitglieder, G20-Länder, die nicht bereits in der FSF, Spanien, und eine Reihe von internationalen Gruppierungen von Regulierungsbehörden und Aufsichtsbehörden und Ausschüsse von Zentralbank-Experten enthalten sind. Financial Stability Review ndash Die Reserve Bank gibt eine halbjährliche finanzielle Stabilitätsprüfung aus. Diese Bewertungen beurteilen den krisen Zustand des Finanzsystems und die potenziellen Risiken für die finanzielle Stabilität und die Erhebungspolitik, die zur Verbesserung der finanziellen Stabilität entwickelt wurde. Finanzsystemarchitektur ndash Die Struktur der Finanzsystemregulierung, - überwachung und - vermittlung. Fiskalische Transparenz ndash Die Einrichtung, die es Investoren und anderen interessierten Parteien ermöglicht, sich über die Art und Qualität des Entscheidungsprozesses zu informieren, die von den Entscheidungsträgern der Regierung oder der betroffenen Körperschaft verfolgt wird. Einer der zwölf Hauptnormen, die vom Finanzstabilitätsforum als das für die bewährten Praktiken in soliden Finanzsystemen erforderliche Mindestniveau festgelegt wurden. Die fiskalische Transparenz stärkt die Rechenschaftspflicht der Regierung und verringert das Risiko der Aufrechterhaltung einer nicht nachhaltigen Politik. Schwankender Wechselkurs ndash Wechselkurse, die von den Marktkräften bestimmt werden, basierend auf der Nachfrage nach und der Lieferung einer Währung. FMA Act ndash Finanzmanagement und Rechenschaftsgesetz 1997 (das am 1. Juli 2014 durch das Public Governance, Performance and Accountability Act 2013 ersetzt wird). FMI ndash Finanzmarktinfrastruktur FOI ndash Freiheit der Information, ein Regime, unter dem Einzelpersonen das Recht haben, den Zugang zu Dokumenten von australischen Regierungsministern und den meisten Regierungsbehörden zu verlangen. Das Regime wird durch das FOI-Gesetz festgelegt. FOI Act ndash Freedom of Information Act 1982 Fremdwährungs-Liquidität ndash Die Fähigkeit, Fremdwährung für inländische Währung auszutauschen, ohne den Wechselkurs signifikant zu verändern. Das Ausmaß, in dem eine Fremdwährung leicht gehandelt werden kann, ohne eine erhebliche Preisbewegung zu verursachen. Vier Säulenpolitik ndash Eine australische Regierungspolitik, dass es nicht weniger als vier große Banken geben sollte, um ein angemessenes Niveau des Wettbewerbs im Bankensektor aufrechtzuerhalten. FSAP ndash Finanzsektor Bewertung Programm. Ein gemeinsamer Internationaler Währungsfonds (IWF) und Weltbank-Programm, um die Stärken und Schwachstellen der Länderfinanzsysteme zu ermitteln und festzustellen, wie die wichtigsten Risiken der Risiken verwaltet werden. Für die Entwicklungsländer werden Assessments verwendet, um Entwicklungs - und technische Hilfebedürfnisse zu ermitteln und politische Antworten zu priorisieren. Für die entwickelten Länder werden FSAP-Bewertungen ausschließlich vom IWF durchgeführt und decken keine Entwicklungsfragen ab. FSB (früher FSF) ndash Financial Stability Board. Der Financial Stability Board (FSB) wurde im April 2009 als Wiederaufbau des Financial Stability Forum (FSF) gegründet, das seit 1999 existiert hat. Der FSB hat das Mandat, die Schwachstellen zu beurteilen, die das Finanzsystem beeinflussen, Maßnahmen ermitteln und beaufsichtigen Um sie anzusprechen und die Zusammenarbeit und den Informationsaustausch zwischen den für die Finanzstabilität zuständigen Behörden zu fördern. Seine Mitgliedschaft umfasst die ursprünglichen FSF-Mitglieder, G20-Länder, die nicht bereits in der FSF, Spanien, und eine Reihe von internationalen Gruppierungen von Regulierungsbehörden und Aufsichtsbehörden und Ausschüsse von Zentralbank-Experten enthalten sind. FSI ndash Finanzsystem Anfrage FSS ndash Finanzstabilitätsstandards FSS ndash Fast Settlement Service (von RITS) FX ndash Devisenhandel G20 ndash Gruppe von 20 Ländern: Argentinien, Australien, Brasilien, Kanada, China, Frankreich, Deutschland, Indien, Indonesien, Italien, Japan, Mexiko, Russland, Saudi Arabien, Südafrika, Südkorea, Türkei, Großbritannien und USA sowie Vertreter der Europäischen Union, IWF und Weltbank. Die G20 ist ein Forum für die internationale Wirtschaftskooperation. Die Mitglieder treffen sich auf einer Vielzahl von Ebenen, um den Dialog über wichtige wirtschafts - und finanzpolitische Fragen zu erweitern und die Kooperation zu fördern, um ein starkes, nachhaltiges und ausgewogenes Wirtschaftswachstum zu erreichen. G7 ndash Gruppe der Sieben Länder: Kanada, Frankreich, Deutschland, Italien, Japan , Großbritannien und den USA. Die G7 beschäftigt sich mit Fragen von primärem Interesse an entwickelten Volkswirtschaften. G8 ndash Gruppe von acht Ländern: G7 Länder und Russland. GDES ndash Government Direct Entry Service. Die Regierung Direct Entry Service (GDES) ist ein Reserve Bank of Australia proprietären System, das ein großes Volumen von australischen Regierung Zahlungen verarbeitet. Direkte Kredit - und Lastschriftverfahren werden elektronisch über direkte Kommunikationsverbindungen oder RBAnet empfangen. Transactions are processed through the GDES system and distributed to financial institutions via APCAs Common Payments Network. GDP ndash Gross Domestic Product. A key measure of the value of economic production in the economy. GDP is determined in one of three ways: the value of goods and services produced less the cost of production the sum of incomes generated by production the sum of final expenditure on goods and services produced plus exports minus imports. An average of the three approaches may be calculated and is also referred to as GDP. GF ndash General Financiers GHOS ndash Group of Governors and Heads of Supervision GMBA ndash Global Master Repurchase Agreement Government EasyPay ndash Government EasyPay is a telephone and Internet collection service available to Australian Government agencies. GPF ndash Government Partnership Fund G-SIB ndash Global systemically important bank G-SIFI ndash Global systemically important financial institution GST ndash Goods and Services Tax HAC Rule ndash Honour All Cards Rule HILDA Survey ndash The Household, Income and Labour Dynamics in Australia (HILDA) Survey is a household-based panel study which began in 2001. It collects information about economic and subjective well-being, labour market dynamics and family dynamics. Interviews are conducted annually with all available adult members of each household in the sample and members are followed over time. The HILDA Survey was initiated and is funded by the Australian Government Department of Social Services. and is managed by the Melbourne Institute of Applied Economic and Social Research (Melbourne Institute). HLI ndash Highly leveraged institution, in which debt represents a high proportion of aggregate liabilities and capital represents a low proportion. The most well known are also called hedge funds. Hedge funds are typically pooled investment vehicles that are privately organised and administered by professional investment managers. HM Treasury ndash Her Majestys Treasury HQLA ndash High-quality liquid assets HVCS ndash High-value Clearing System operated by Australian Payments Clearing Association Limited (APCA). IAC ndash Issuers and Acquirers Community Framework operated by Australian Payments Clearing Association Limited (APCA). IAIS ndash International Association of Insurance Supervisors IASB ndash International Accounting Standards Board ICS ndash Initial Convenience Service ICT ndash Information and Communications Technology IMF ndash The International Monetary Fund (IMF) is an organisation of 189 countries, that works to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty. IMSG ndash Implementation Monitoring Standing Group Index of Commodity Prices ndash A Reserve Bank of Australia-compiled index which provides a measure of price movements in rural and non-rural (including base metals) commodities in Australian Dollars (AUD), Special Drawing Rights (SDR) and United States Dollars (USD). Indicative ndash Data are not necessarily observed but calculated from reference points. For a financial asset or product, an indicative price may not necessarily correspond to the price at which dealers in that market would execute transactions for an example see Notes for Table F11. indicative mid rates ndash The daily schedule of annual returns expressed as a percentage of the prices of specific fixed-coupon bonds, capital-indexed bonds and Treasury notes issued by the Australian Government. They are closing rates as sourced from Yieldbroker Pty Limited (except for Treasury Indexed Bond yields prior to 18 September 2013, which are 4.30 pm mid-rates sourced from a survey of bond dealers by the RBA). inflation ndash A measure of the change (increase) in the general level of prices. inflation target ndash A tool to guide monetary policy expressed as a preferred range or figure for the rate of increase in prices over a period. In Australia, the inflation target is between 2 and 3 per cent per annum on average over the course of the business cycle. insolvency ndash A situation where an entity has insufficient assets to cover the value of its liabilities, resulting in an inability to meet its financial obligations as they fall due. interbank overnight rate ndash The interbank overnight rate (also known as the cash rate) is the interest rate which banks pay or charge to borrow funds from or lend funds to other banks on an overnight unsecured basis. The Reserve Bank of Australia uses this rate as an operational target for the implementation of monetary policy. The Reserve Bank of Australia calculates and publishes this rate each day on the basis of data collected directly from banks. The interbank overnight rate has been published by the Reserve Bank of Australia since June 1998. interchange fee ndash A fee paid between card issuers and acquirers when cardholders make transactions. interest rate ndash The term used to describe the cost of borrowing money or the return to the owner of the funds which are invested or lent out. It is usually expressed as a percent per annum of the amount of money borrowed, lent or invested. international reserves ndash Holdings by a central bank of foreign exchange and gold. IOSCO ndash International Organization of Securities Commissions. An international organisation whose members co-operate to promote high standards of regulation in order to protect investors and ensure that markets are fair, efficient and transparent. IPS ndash Information Publication Scheme IRAP ndash Information Security Risk Assessment Program IRD ndash Interest Rate Derivatives IRS ndash Interest rate swaps ISDA ndash International Swaps and Derivatives Association ISMA ndash International Securities Market Association IT ndash Information Technology labour market ndash A collective term for employment, unemployment, participation rates and wages. LCH. C ndash LCH. Clearnet Limited LCIR ndash Loan Consolidation and Investment Reserve LCR ndash Liquidity Coverage Ratio lender ndash A person or institution which provides loans on agreed terms to borrowers. lending and credit aggregates ndash Reserve Bank of Australia measures of lending and credit made available to the private non-finance sector (including public trading enterprises) or, the government sector by those financial intermediaries whose liabilities are included in broad money. Broad money is defined as currency plus bank current deposits of the private non-bank sector, plus all other bank deposits of the private non-bank sector plus borrowings from the private sector by non-bank financial intermediaries (NBFIs), less the latters holdings of currency and bank deposits. LIBOR ndash The London Inter-Bank Offered Rate (LIBOR) is a reference rate based on the interest rates at which banks offer to transact with each other on an unsecured basis in the London market. The LIBOR reflects quotes by a panel of banks for maturities of up to 12 months for the Australian dollar, Canadian dollar, Danish krone, euro, Japanese yen, New Zealand dollar, Swedish krona, Swiss franc, UK Pound sterling, and the US dollar. The reference rates are set at 11.00 am London time. liquidity ndash The capacity to sell an asset quickly without significantly affecting the price of that asset. Liquidity is also sometimes used to refer to assets that are highly liquid. liquidity management ndash Activities within a financial institution to ensure that holdings of liquid assets (e. g. cash, bank deposits and other financial assets) are sufficient to meet its obligations as they fall due, including unexpected transactions. LVR ndash Loan-to-valuation ratio macroeconomy ndash The economy looked at as a whole or in terms of major components measured by aggregates such as gross domestic product, the balance of payments and related links, in the context of the national economy. This contrasts with microeconomics which focuses upon specific firms or industries. margin loans ndash Loans which are made to investors to purchase financial assets, usually equities or units in managed funds. These assets are used as security for the margin loan. Margin loan clients are required to keep the ratio of borrowings to the value of underlying security below a pre-arranged level. When the ratio goes above this level, lenders will make a margin call, requiring the borrower to either repay some of the loan or provide additional security to support the loan. margin payment ndash A payment made to meet a margin call, to cover an adverse movement in the price of physical assets, such as equities or units in managed funds, or derivatives, such as futures, options or swap contracts. MAS ndash Monetary Authority of Singapore metadata ndash Metadata is the information that defines and describes data. MFSC ndash Monetary and Financial Stability Committee MMC ndash Money Market Corporation MMFs ndash Money Market Funds monetary aggregates ndash A series of measures of the values of currency on issue, current deposits with banks, other deposits with banks, plus borrowings from the private sector by non-bank financial institutions (NBFIs) less currency and bank deposits by NBFIs. Components consist of: M1 defined as currency plus bank current deposits from the private non-bank sector M3 defined as M1 plus all other authorised deposit-taking institution (ADI) deposits from the private non-ADI sector, plus certificates of deposit issued by banks, less ADI deposits held with one another Broad money defined as M3 plus other short-term liquid AFI liabilities held by the private sector, except those held by other AFIs Money base defined as holdings of banknotes and coins by the private sector plus deposits of banks with the Reserve Bank of Australia (RBA) and other RBA liabilities to the private non-bank sector monetary policy ndash The setting of an appropriate level of the cash rate target by the Reserve Bank of Australia to maintain the rate of inflation in Australia between 2 and 3 per cent per annum on average over the business cycle. money market ndash The market which deals in short-term discount securities such as Treasury notes, bank bills and promissory notes. Major participants in this market include the Reserve Bank of Australia, banks, superannuation funds, insurance companies, investment trusts, investment banks, building societies and large corporates. Moodys ndash An international statistical rating organisation and data provider. MOU ndash Memorandum of Understanding. A statement specifying agreement relative to responsibilities and authorities on matters on common interest. For example MOUs exist between the Reserve Bank of Australia and the Australian Prudential Regulation Authority (APRA), and with the Australian Securities and Investments Commission (ASIC). NAIDOC ndash National Aborigines and Islanders Day Observance Committee NASDAQ ndash National Association of Securities Dealers Automated Quotation. A US stock price index for companies listed on the NASDAQ exchange. Typically, these companies are in high technology-based sectors. NBB ndash National Bank of Belgium NBFIs ndash Non-bank financial institutions NBS ndash National Banknote Site Net interest margin ndash A measure of the difference between a banks interest earnings and interest expenses, expressed as a proportion of their interest-earning assets. Net interest spread ndash A measure of the difference between a banks average rate of interest-bearing assets and its average rate of interest-bearing liabilities. NGF ndash National Guarantee Fund NIST ndash National Institute of Standards and Technology NNPDC ndash National Note Processing and Distribution Centre. The primary functions of the NNPDC, which operates out of Note Printing Australia Limited, are: the despatch to banks of new andor reissuable quality notes the receipt from banks of unfit, surplus fit notes post peak periods and other notes required for quality controlauthentication assessment the processing and destruction of unfit and mutilated notes the processing of notes required for assessment and the storage of notes awaiting despatch to banks. Nominal interest rate ndash The nominal interest rate refers to the cost of borrowing money before adjustment for inflation i. e. it includes compensation for the expected erosion of the value of the borrowed funds due to inflation. It is the cost visible to the borrower, and is composed of the real interest rate plus inflation. non-tradables ndash Non-tradables refers to things that are not readily exported or imported, like medical services, housing and haircuts. As such, their prices are largely determined domestically. By comparison, tradable items are things whose prices are largely determined on the world market like oil, motor vehicles and clothing. As such, the prices of tradable items are heavily influenced by exchange rate movements, whereas the prices of non-tradables largely reflect domestic factors. NPA ndash Note Printing Australia Limited. Wholly owned subsidiary of Reserve Bank of Australia. Based at Craigieburn, Victoria, NPA prints banknotes for Australia and some other countries on polymer substrate. NPP ndash New Payments Platform NSA ndash not seasonally adjusted numismatics ndash Numismatics is generally defined as the collecting of coins, commemorative or military medals and, more recently, the collecting of currency notes. OECD ndash The Organisation for Economic Co-operation and Development (OECD) is an organisation of 34 countries that seeks to promote policies that will improve the economic and social well-being of people. OFC ndash Offshore financial centre offer ndash Price offered to buyers. official reserve assets (RBA) ndash The Reserve Bank of Australias holdings of foreign exchange, Special Drawing Rights, Australias shareholding in the International Monetary Fund (IMF) and gold. OG ndash SWIFT Oversight Group OHS ndash Occupational Health Safety. OIS ndash Overnight indexed swap, a bilaterally traded, or over-the-counter (OTC), derivative in which one party agrees to pay the other party a fixed interest rate in exchange for receiving the average cash rate recorded over the term of the swap. OPA ndash Official Public Account ORA ndash Official reserve asset. The Reserve Bank of Australias holdings of foreign exchange, Special Drawing Rights, Australias shareholding in the International Monetary Fund (IMF) and gold. original ndash An original time series shows the actual movements in the data over time, not seasonally adjusted. OSSG ndash Official Sector Steering Group (of FSB) OTC ndash over-the-counter overnight loans ndash Loans, which are recallable, repayable or renegotiable the next day, usually by 11.00 am. PAIF ndash Pan-Asian Bond Index Fund. A component of the second stage of EMEAPs Asian Bond Fund initiative (ABF). The PAIF is an exchange-traded fund listed on the Hong Kong Stock Exchange and cross-listed on the Tokyo Stock Exchange. The PAIF tracks the performance of the Markit iBoxx ABF Pan-Asia index and invests in domestic currency-denominated government and quasi-government bonds issued in eight of the eleven EMEAP economies (i. e. excluding Australia, Japan and New Zealand). PAYE ndash Pay as you earn PAYG ndash Pay as you go PBS ndash Permanent Building Societies PDS ndash Payment Delivery System PEXA ndash Property Exchange Australia Ltd PFC ndash Pastoral Finance Companies PFMI ndash Principles for Financial Market Infrastructures PGPA Act ndash Public Governance, Performance and Accountability Act 2013 PIBA ndash Primary Industry Bank of Australia PID ndash Public Interest Disclosure, the public interest disclosure regime established under the PID Act. PID Act ndash Public Interest Disclosure Act 2013 Pillar 1 ndash The New Basel Capital Accord, issued by the Basel Committee on Banking Supervision, aims to improve the flexibility and risk sensitivity of the existing Accord. The New Accord consists of three mutually reinforcing pillars. Pillar 1 sets out the framework for revised minimum capital requirements, building-in rewards for stronger and more accurate risk management. Pillar 2 ndash The New Basel Capital Accord, issued by the Basel Committee on Banking Supervision, aims to improve the flexibility and risk sensitivity of the existing Accord. The New Accord consists of three mutually reinforcing pillars. Pillar 2 proposes procedures for supervisory review of an institutions capital adequacy and internal risk assessment process. Pillar 3 ndash The New Basel Capital Accord, issued by the Basel Committee on Banking Supervision, aims to improve the flexibility and risk sensitivity of the existing Accord. The New Accord consists of three mutually reinforcing pillars. Pillar 3 recommends requirements aimed at enhancing market discipline through effective disclosure of information to market participants. PIN ndash Personal Identification Number polymer substrate ndash The polymer (polypropylene) sheeting on which Australian and a range of other countries currency notes are printed. PSB ndash Payments System Board. Created in 1998, within the Reserve Bank of Australia (RBA). The PSB is responsible for determining the RBAs payments system policy so as to best contribute to: controlling risk in the financial system promoting the efficiency of the payments system and promoting competition in the market for payment services, consistent with the overall stability of the financial system. Powers to carry out the PSBs policies are vested in the RBA. PSG ndash Policy Standing Group (CPMI-IOSCO entity) PSNA ndash Payment Systems and Netting Act 1998 PSR ndash Payments System Regulator Publication Date ndash Date when the data series was last updated. PvP ndash Payment-versus-Payment QTC ndash Queensland Treasury Corporation RBA ndash Reserve Bank of Australia. Australias central bank, the body corporate successor to the Commonwealth Bank established in 1912 created under its new name by the Reserve Bank Act 1959. RBA Repos ndash An intra-day repurchase agreement between an Exchange settlement account (ESA) holder and the Reserve Bank of Australia that is undertaken unilaterally by the ESA holder through the Austraclear System. RBAnet ndash An internet-based desktop banking package developed by the Reserve Bank of Australia (RBA) to facilitate secure exchange of banking information between the RBA and its banking customers. RBRF ndash Reserve Bank Reserve Fund. A general reserve which provides for events which are contingent and non-foreseeable, including to cover exceptional losses on RBAs holdings of domestic and foreign securities that cannot be absorbed by its other resources the RBRF also provides for potential losses from fraud and other non-insured losses. Amounts set aside for this reserve are determined by the Treasurer after consultation with the Board. RCG ndash Regional Consultative Group RDP ndash Research Discussion Paper. One of a series which makes the results of current economic research within the Reserve Bank of Australia (RBA) available to the public. Papers present preliminary results of research to encourage discussion and comment. The contents represent views of the authors and not necessarily those of the RBA. Real interest rate ndash The real interest rate refers to the cost of borrowing money (i. e. the nominal interest rate) net of inflation. It takes account of the fact that part of the nominal interest that borrowers pay to lenders represents compensation for anticipated inflation. The remaining real component better reflects the economic cost of borrowing and the return to lending. Red Book ndash A publication entitled Payment Systems in Australia. Its aim is to contribute to the understanding of the payment and settlement system in Australia both domestically and internationally. The second revised edition was published in June 1999. Red Book is not an exclusively Australian term. The original Red Book was Payment Systems in the Group of Ten Countries. There have been a number of country Red Books since then, including Australia. repo ndash Repurchase agreement. The vehicle whereby most Reserve Bank of Australia (RBA) domestic market operations are conducted. Repurchase agreements (usually called repos) involve the sale or purchase of securities with an undertaking to reverse the transaction at an agreed date in the future and at an agreed price. Repos provide flexibility in that they allow the RBA to inject liquidity on one day and withdraw it on another with a single transaction. Reports on the Observance of Standards and Codes (ROSC) ndash IMF staff, in conjunction with the relevant authorities of the respective countries, have embarked on a series of Reports on the Observance of Standards and Codes (ROSC). These reports summarise the extent to which countries observe certain internationally recognised standards, focusing primarily on the areas of direct operational concern to the IMF. The World Bank has begun to prepare ROSCs in the areas of corporate governance and accounting and auditing, and is developing a template to begin assessments of insolvency and creditor rights. repurchase agreement ndash The vehicle whereby most Reserve Bank of Australia (RBA) domestic market operations are conducted. Repurchase agreements (usually called repos) involve the sale or purchase of securities with an undertaking to reverse the transaction at an agreed date in the future and at an agreed price. Repos provide flexibility in that they allow the RBA to inject liquidity on one day and withdraw it on another with a single transaction. Reserve Bank of Australia Bulletin ndash A quarterly publication by the Reserve Bank of Australia which contains feature articles and speeches. Reserve Bank Registry of Inscribed Stock ndash Registry of holders of Commonwealth Government Securities comprising Treasury bonds and Treasury notes. ReSG ndash Resolution Steering Group (part of FSB) RFC ndash Registered Financial Corporation RITS ndash The Reserve Bank Information and Transfer System (RITS) was established in August 1991 and is operated by the Reserve Bank of Australia. RITS is Australia39s Real-Time Gross Settlement (RTGS) system, which plays a central role in the Australian payments clearing and settlement system. RITS is the means by which Exchange Settlement Accounts are accessed and membership is compulsory for all Australian-licensed banks and participants in the Reserve Bank39s domestic market operations. RM ndash Risk and Compliance Department RMBS ndash Residential Mortgage-backed securities RP ndash Repurchase Agreement. The vehicle whereby most Reserve Bank of Australia (RBA) domestic market operations are conducted. Repurchase agreements (usually called repos) involve the sale or purchase of securities with an undertaking to reverse the transaction at an agreed date in the future and at an agreed price. Repos provide flexibility in that they allow the RBA to inject liquidity on one day and withdraw it on another with a single transaction. RTGS ndash Real-time gross settlement. A payment system in which processing and settlement take place in real time (continuously). RTPC ndash Real-time Payments Committee SP ndash Standard and Poors. An international statistical rating organisation and data provider. SA ndash Seasonally adjusted SAFA ndash South Australian Government Financing Authority SAR ndash Special Administrative Region SCAV ndash Standing Committee on Assessment of Vulnerabilities (of the FSB) SCCI ndash Specialist Credit Card Institution SDR ndash Special Drawing Right. Used as an international reserve asset to settle transactions between countries and help balance international liquidity. The value of the SDR is calculated by the International Monetary Fund (IMF) on the basis of a weighted basket of five currencies: US dollar European euro Chinese renminbi Japanese yen and UK pound. The IMF publishes the value of the SDR each day in terms of US dollars and the Reserve Bank of Australia provides an equivalent value in Australian Dollars. Seasonally adjusted ndash A seasonally adjusted series involves estimating and removing seasonal patterns from the original data. securities ndash A financial instrument which represents a claim over real assets or a future income stream. Such instruments are usually tradeable. Examples of securities include bonds, bills of exchange, promissory notes, certificates of deposit and shares. securitisation ndash Asset securitisation is the process of converting a pool of illiquid assets, such as residential mortgages, into tradeable securities. semis ndash Semi-government Securities (Australian state and territory government securities) settlement ndash The discharge of obligations arising from fund transfers between two or more parties. SIFI ndash Systemically Important Financial Institution smart card ndash Also known as a chip card or IC (integrated circuit) card. A card containing one or more computer chips or integrated circuits for identification, data storage or special-purpose processing used to validate personal identification numbers (PINs), authorise purchases, verify account balances and store personal records. SOF ndash SWIFT Overnight Forum SOLA ndash Statement of Liabilities and Assets. The weekly Reserve Bank of Australia balance sheet published each Friday, as at close of business the previous Wednesday. solvency ndash The capacity of an entity to meet its financial obligations as they fall due. Solvency may be expressed as maintaining positive net-tangible assets. solvent institutions ndash Institutions that maintain solvency (i. e. they can meet their financial obligations as they fall due). SSF ndash Securities settlement facility Statement of Liabilities and Assets ndash The weekly Reserve Bank of Australia balance sheet published each Friday, as at close of business the previous Wednesday. Statement on Monetary Policy ndash The Reserve Bank of Australia (RBA) issues a Statement on Monetary Policy four times a year. These statements assess current economic conditions and the prospects for inflation and output growth. These statements have replaced the Semi-Annual Statements on Monetary Policy and the Quarterly Reports on the Economy and Financial Markets, which were previously issued by the RBA. STMM ndash Short-term Money Market Sub-prime mortgage ndash While there is no precise definition of sub-prime mortgages, in the United States, they are typically loans made to borrowers with impaired credit histories, which might include one or more payment defaults, a previous loan foreclosure, or bankruptcy. SWIFT ndash Society for Worldwide Interbank Financial Telecommunication. A co-operative organisation that operates a network for the exchange of payment and other financial messages between financial institutions. SWIFT PDS ndash SWIFT Payment Delivery System systemic risk ndash The risk that the failure of one participant in a payments system, or in financial markets generally, to meet its required obligations when due will cause other participants or financial institutions to be unable to meet their obligations (including settlement obligations in a transfer system) when due. Such a failure may cause significant liquidity or credit problems and, as a result, might threaten the stability of financial markets. systemic risks ndash Events which may jeopardise financial system stability and cause harm to the real economy. For example, the Y2K problem was regarded as such a risk. They may include the risk that the failure of one participant in a payments system, or in financial markets generally, to meet their required obligations when due, will cause other participants or financial institutions to be unable to meet their obligations (including settlement obligations in a transfer system) when due. Such a failure may cause significant liquidity or credit problems. systemic stability ndash The Reserve Bank of Australia has a general and longstanding responsibility for safeguarding the stability of the Australian financial system. In broad terms, financial system stability equates to smoothly functioning financial markets and the absence of financial disturbances that may threaten the health of the economy more broadly. The RBA can use its balance sheet to support a sound financial institution facing liquidity difficulties, should system stability be at risk. TASCORP ndash Tasmanian Public Finance Corporation TBMA ndash The Bond Market Association TCorp ndash New South Wales Treasury Corporation TCV ndash Treasury Corporation of Victoria TPP ndash Trans-Pacific Partnership. The Trans-Pacific Partnership (TPP) is a proposed trade agreement among twelve Pacific Rim countries concerning a variety of matters of economic policy, about which agreement was reached on 5 October 2015 after 7 years of negotiations. The countries involved are Brunei, Chile, New Zealand, Singapore, Australia, Canada, Japan, Malaysia, Mexico, Peru, the United State and Vietnam. tradables ndash Tradable items are things whose prices are largely determined on the world market like oil, motor vehicles and clothing. As such, the prices of tradable items are heavily influenced by exchange rate movements. By comparison, non-tradables refers to things that are not readily exported or imported, like medical services, housing and haircuts. As such, their prices are largely determined domestically. Treasury adjustable rate bonds ndash Australian Government Securities with an adjustable interestcoupon rate, periodically reset according to movements in the Australian Bank Bill Swap Reference Rate. These securities are no longer issued by the Commonwealth Government. Treasury fixed-coupon bonds ndash Australian Government Securities with fixed maturity dates and twice-yearly interest or coupon payments. Coupon payments are fixed for the life of the bond at its first issue. Treasury indexed bonds ndash Australian Government Securities with a payment stream that increases by an indexation factor reflecting changes in the rate of inflation. Indexing occurs on the principal value of the investment. Treasury notes ndash Australian Government Securities with a short term to maturity, issued at a discount to their face value with the difference (or discount) representing the return on the note. They are used primarily to meet the Governments need for within-year finance. Trend ndash A trend series is a seasonally adjusted series that has been further adjusted to remove irregular effects and smooth out the series to show the overall trend of the data over time. This series is usually provided by the Australian Bureau of Statistics. TRI ndash Cash Rate Total Return Index. The TRI measures the performance of an investment earning the cash rate. where interest is reinvested. The Reserve Bank of Australia publishes the TRI, which members of the public can use as a benchmark with a risk-free rate of return. TWI ndash Trade-weighted index. The TWI is the weighted average value of the Australian dollar in relation to the currencies of Australias trading partners. The base level was set at 100 in May 1970. The TWI is calculated daily at 4 pm. US ndash US dollar USD ndash US dollar. Also referred to as US. WATC ndash Western Australian Treasury Corporation weighted average issue yield ndash The weighted average of successful yields at auction of Australian Government Securities. Yields are weighted by the share of the total amount sold that is allocated to each successful bidder. WGBS ndash Working Group on Banking Supervision (of EMEAP) WGFM ndash Working Group on Financial Markets (of EMEAP) WGPSS ndash Working Group on Payment and Settlement Systems (of EMEAP) WST ndash Wholesale Sales Tax. WST was superseded by the Goods and Services Tax introduced on 1 July 2000. Y2K ndash Year 2000. The Year 2000 problem was the possibility that financial institutions computer systems would fail on 1 January 2000 and spark a loss of public confidence in individual institutions or at worst, in the financial system as a whole. In the event, the arrival of Y2K was virtually incident-free. year-average growth ndash The rate of change between the year and the previous year, where the year is typically a calendar year or a financial year. For example year-average growth 201112 means the percentage change between the financial year 201011 and the financial year 201112. It can also be referred to as growth in the year. year-ended growth ndash The rate of change between the period and the equivalent period in the previous year, where the period is typically a month or a quarter. For example year-ended growth June 2012 means the percentage change between June 2011 and June 2012. It can also be referred to as growth over the year or through-the-year growth. yield ndash The expected rate of return expressed as a percentage of the net outlay or net proceeds of an investment, not of its face value. Dig deeper than the mainstream headlines to see where the stock market is really at and where the true stock opportunities lie. Discover the latest insights on global and Australian share markets right here. so that you can buy, sell and trade shares, with minimal loss and for maximum profits. More than just Australian stock market news. learn which ASX shares are worth paying attention to and which you should avoid. Leverage the expertise of our financial analysts, to invest in everything from blue chips and small caps, to dividends, tech stocks, mining shares, bonds and more. to help grow your wisdom and your wealth. Blue chips might be the biggest shares on the stock market but are they the best way to get rich Find out which blue chip stocks are worth getting into and holding onto, here. The riskiest shares on the stock market are often the most rewarding. Small cap stocks are where the real big gains can be made. But can you stomach the risk for the rich rewards Find out here. Dividend shares can grow your wealth in both an up and down market. But not all dividend stocks are the same. Learn about the kind of dividends that can bring you a stream of income, for years to come. If youre new to investing in the stock market, this definitive guide will show you the ropes so that you can begin buying and selling shares with confidence. Our financial analysts bring you investment ideas that can help keep you ahead of the game and assist you in making profitable investment decisions nowand in the years to come. Discover investment opportunities that the mainstream advisors and the majority of investors either overlook or just simply dont know aboutuntil its too late to act. How to investwhere to investwhen to investhow much to investand what to invest in Arm yourself with the knowledge and knowhow that will help you become a better, smarter, investor. Learn about important investment strategies that few others know about. Investing insights that could introduce you to some of the most profitable investment opportunities in Australia. and around the world. Find out why your compulsory super fund should be the last destination for your retirement wealth, and discover some of the best ways to build your own private nest egg outside of the system. Learn how advances in technology translate into investment opportunities, and which technology stocks and investments we think have potential to make money. Our investment editors have identified unique investment opportunities that are flying under the radar of mainstream financial analysts. They are investment ideas that could make you rich, protect your wealth or both. Click here for more. Volatility will keep presenting investment opportunities in the mining and resources sector. But how do you know where to look Our market analysts investigate global and Australian resource opportunities that could drive the next bull market in commodities. But most importantly, theyll try and let you in on these insights before they become the next missed opportunity of the investment mainstream. There are still profitable mining stocks and resource shares out there you just have to know how, and where, to find them. We can help you do this right here. Arguably two of the most important commodities to monitor nothing quite sends world market into a flurry like the oil and gas price. To see which oil and gas stocks are worth watching, and potentially investing in, go here. Its been one of Australias biggest exports and one of the biggest money-makers for the Aussie economy. But can iron ore stocks still make money for you. or is the dream run about to end Find out here. Rare in demand and in short supply gold, silver, palladium and platinum are considered the worlds most precious metals. But is the price and conditions right to invest in one or all of these wealth preservers Go here to find out. Something the world will always need and consume is energy. So investing in energy stocks is a worthwhile addition to your portfolio. Go here to learn which energy sectors to watch, and those you may wish to put money into. One of the best ways you can preserve your wealth is by investing in gold and silver bullion. Likewise, one of the best ways you can skyrocket your portfolio is to invest in silver and gold stocks. But the price of gold and silver are both prone to market swings, so having expert insight into these markets is invaluable. Youll find such insights right here. Learn more about the gold market, and discover the best ways to invest in gold. Including: how to buy gold bullion, what the latest gold price moves mean and buying gold stocks. Go here for more. Golds poorer cousin or is it Whilst the silver market is highly volatile, this means you can also buy silver at a bargain when the silver price dips. For more on investing in silver and silver stocks, go here Looking to invest in these precious metals, but dont know where to start This guide to buying gold and silver will show you what you need to do, what to look out for, and when could be the best time to buy for profit. Property bubbles have helped cause many of the major financial crises happening in the world right now. Uncover a real world view of the current property market and discover some of the best ways you can secure your wealth, in a rising or falling real estate market. The Aussie house price boom could well be at an end, and the housing bubble about to pop. Learn the truth about the Australian housing market right here and what you can do to protect your wealth from falling Australian house prices. Uncover invaluable insights on global real estate markets around the world including everything from struggling housing markets. to off-the-radar residential and commercial investment opportunities that you wont have heard about. Go here for more. Property investments dont have to cost you your life savings nor should they commit you to a lifetime of debt. Learn how you could beat regular property market returns, by investing a fraction of the usual outlay, here. Make no mistake, the financial system is unravelling. Much of it is out of your control, but there is hope. We dont claim to have all the answers, but we can let you know which factors affect your wealth the most. Plus, provide you with informed suggestions as to which investments could best shelter and grow your wealth in these turbulent times. Currency markets affect everything, so it pays to follow currency moves carefully. Learn how a rise or fall in the Aussie dollar can affect your portfolio. Plus, discover the financial markets to take advantage of when major currencies like the US dollar, Euro, Yuan and Yen shift in value. Debt bubbles and credit crunches have decimated wealth, destroyed jobs and ruined families. And the current debt crisis is escalating at an alarming pace. So how can you protect and grow your wealth in a financial crisis More on that here. Should you prepare your wealth for inflation, deflation, or some measure of both Here youll find some interesting perspectives on the steps you should take to keep your portfolio afloat. Learn how to defend your financial assets against the wealth destroying monetary policies of the RBA, the US Federal Reserve and the rest of the worlds central banks. and discover the best ways to make money in a high or low, interest rate environment. No spoon-fed economic news for the masses here. What youll find is an enlightening perspective on the Australian and global economy, that can provide useful insights for your investment decisions. Enjoy a contrarian outlook on the Australian economy and how movements beyond our borders could affect your stocks, retirement fund or the value of your home. Go here for more. Chinas economy has been a powerhouse in recent years. But times are a changing and China, for better or worse, is a subject of heated debate. Are there investment opportunities to be still had from China, and how will they affect your wealth at home Find out here. The US economy is drowning under the weight of its public and private debt. But is it too soon to call the end of this financial, military and political empire Only time will tell. Either way, you need to make sure your investments are on the right side of the trade. The Eurozone is in a huge mess right now. Can it hold it together or will, one-by-one, member states leave the Euro and go at it on their own More importantly, what consequences will this have for Australia and your investments More on that here. Dont just follow the news on the global economy get an inside peek into whats happening in developed and emerging economies around the world and what it could mean for your investments. Go here for more. Todays emerging markets could be the powerhouse economies of tomorrow. Go here to find out which ones are most likely to influence the world markets in the near and long term, and discover the best ways to profit from their meteoric rise. REVEALED: The Five Best ASX Stocks for 2017 Click here to download your free report now. Media The Investors Guide to Investing and Profiting From Australian Small-Cap Stocks The Investors Guide to Investing and Profiting From Australian Small-Cap Stocks Discover how to find and invest in small cap companies BEFORE they hit the big time potentially making gains of up to 1,000 in under a year. Ive been researching, advising and writing about investment ideas and money-making strategies for a decade. I like to think the more I learn, the better I get. Im always discovering, always keeping my mind open to new ideas. It comes to reason then Im the resident go-to guy for family and friends when it comes to wealth-building advice. A school friend of mine is in a high paying, well respected position with a major Aussie company. Were always talking about the economy domestically and globally. Recently, we were chatting online about the stock market and he asked me what kinds of companies he should be buying to add to his stock portfolio. Small stocks, I suggested. Only small ones Yes. The smaller the better. That might seem like brash advice but I meant it. A companys market cap is simply the stock markets best estimate of a companys total value. Big companies are large caps. Generally speaking, brokers in Australia consider companies with a market cap under 500 million a small-cap stock . You might also hear these companies referred to as penny stocks . I think small-caps are hands down the best way that a private investor can make a fortune on the stock market. (Of course, this comes with some caveats, which Ill get to in a moment.) If youre serious about making a fortune in the stock market and you have a small pot of money youre prepared to risk, because small stocks are inherently riskier I recommend you buy small caps and microcaps . With small caps, rogue private investors like you have a unique advantage. For one thing, big funds cannot invest in small-cap stocks. Its a liquidity problem. Small investments cant offer meaningful profit opportunities to large investors. Theres a practical problem, too. Small caps are thinly traded. Its impossible for them to take large positions without pushing the price up. So in general, the big money ignores small-cap stocks. And because the fund managers arent interested, the investment banks dont bother researching these companies8230and the press ignores them, too. Legions of analysts dont bother with these companies. The market for larger stocks is efficient because the market knows all the information about them. Its hard for you to find pricing anomalies. The small-cap market is CHOCK-FULL of pricing inefficiencies and undervaluations. In other words, you can find incredible bargains in the small-cap universe if you bother to look. Most private investors dont bother. Small caps can give you HUGE returns. I can think of many that have risen hundreds of percentage points in the last few years. But they can also generate HUGE losses. Thats why you need to tread carefully. Now, if youre retired and your investment goals are ONLY to preserve your capital and make low-risk income, this is not for you. Small-cap stocks are best suited to aggressive investors8230like my well-paid school friend. Theyre also for older folks with spare capital theyre happy to put on the line for stratospheric returns. In a moment, Ill reveal precisely how you could earn massive profits by investing in carefully selected Aussie small-cap stocks 8230 How its possible to make more money in one year than your super fund returns in 30 Theres a little-known sector of the Australian stock market you need to know about even if youve never bought or sold a share in your life: the small-cap sector. Its a group of publicly traded companies listed on the Australian Securities Exchange (ASX). These companies are practically invisible to mainstream investors both private and corporate. Mention one of these small-cap companies to brokers, and I guarantee theyll simply scratch their heads. If you have a super fund, its almost certain that not one of these shares is in it. The analysts who make a living researching shares dont make it by researching small caps. In fact, these analysts bosses actively encourage them to deny their existence. 90 of hedge funds dont even track small-cap stocks, let alone buy them. And its pretty much a miracle if you find the financial press mentioning the names of these stocks even in passing. For all intents and purposes, small-cap stocks are off-the-grid. So far under the radar that some go their whole lives as listed companies with only a couple hundred shareholders. Yet8230small-cap stocks have quietly and consistently trounced blue-chip index stocks for 50 years, according to research carried out by the London Business School. They tend to do even better after bear markets. In What Works on Wall Street by James OShaughnessy, there is a comparison of the performance of small-cap stocks with the SampP 500. Following the 197374 bear market, small-cap stocks had risen 447 six years later compared to only 264 for the SampP 500. In 2003, as the markets recovered from the bear market of 2001, small stocks outpaced all others by a nearly two-to-one margin. The same story repeated in 2009. And with current market turmoil and depressed stock prices, the stage is being set for it to happen again in 2016. In fact, small-cap stocks could make you triple-digit returns in under a year8230the kinds of gains that buy-and-hold investors in big-name stocks like BHP Billiton Ltd ASX:BHP may now never see. For reasons Ill show you in a moment, only independently minded private investors have the chance to exploit this little-known stock subset. So whats it all about OK. Lets start at the beginning. If you have a basic knowledge of the stock market, then you could choose to skip this question. But before I get to small caps8230 What IS a share Well, as their name suggests, if you hold shares, you own a share of a company. In practice, this means three things for you as a shareholder: You can sell your shares to other people interested in buying them hopefully for a nice profit You are also entitled to a share of the companys profits. This is paid out to you by the company every six or 12 months as the dividend. (Although its worth pointing out that many small-cap shares dont pay dividends regularly. They prefer to reinvest profits in the growth of the business. Thats good for you though: Youre in the small-cap game mainly for the capital gain any income is a big bonus.) You can vote at shareholder meetings. Again, new companies often take a few years to become profitable. And even successful, established companies can have bad years, when they actually lose money. That means dividends should not be your priority as a small-cap investor. What are small-cap shares Righto. Heres where things get interesting. Small caps are the smallest shares that trade in any market. The minnows. Technically mid and small caps are defined as companies outside the top 100 on the ASX, but I tend to consider only stocks outside the top 250 as genuine small-cap contenders. In 2015, the SampPASX Small Ordinaries ASX:XSO index, which represents companies ranked between the top 100 and 300 by market capitalisation, returned 7.83. Compare this to the SampPASX 200 ASX:XJO index, which represents the biggest 200 companies on the ASX by market capitalisation. For the whole of 2015, the ASX 200 returned -1.83 investors lost money. The Small Ordinaries outperformed the big end of town by 9.66 While this is impressive and just a guide to what this end of the market can do, the Small Ordinaries index captures companies with market caps largely greater than 100 million. The biggest gains typically come from companies smaller than that (as I said, stocks outside the 250). Had you picked some of the best small-cap stocks on the Australian market in 2015, you could have made gains like: Bellamys Australia Ltd ASX:BAL . 714 Blackmores Ltd ASX:BKL . 534 Netcomm Wireless Ltd ASX:NTC . 523 Pilbara Minerals Ltd ASX:PLS . 700 Of these stocks, the last two brought investors huge percentage gains in just the last six months 2015. Thats how quick these stocks can run. We tipped Bellamys to readers of my advisory service, Australian Small-Cap Investigator . in September 2014 and sold it 14 months later for a 575 gain. So you can see these gains, if you have the nerve and spare money to put on the line, could be well worth the risk. And the risk of investing in small-cap stocks can be pretty big. But there are a whole bunch of other benefits to actively trading small caps right now: Youre unlikely to grow 3050 richer each year with blue chips. Well-run, smaller companies can nimbly adapt to the changing marketplace and react much quicker than their bigger, duller large-cap peers. The maths is simple. Its a lot easier for 155-million companies to double in size and revenue than for expensive 25-billion companies to do the same. The ONLY way and, I repeat, the ONLY way to grow truly wealthy from stocks is to invest in solid companies trading at affordable prices and hold them until they grow into larger (hopefully much larger) corporations8230companies everyone wants to buy. Small caps are barely covered by the mainstream you have the field to yourself. Most people dont give these tiny companies a second glance, despite the fact that, as Ive shown, they can provide you with heavyweight profits. Why Three reasons: 1) Large caps are more likely to generate higher fees for the investment banks who produce broker research. 2) Greater stock liquidity generates more revenue from trading commissions for these same investment banks. 3) Many funds are bound by market-cap restrictions on their portfolio holdings. Basically, there is less incentive from a broker-dealer perspective to provide coverage for small and micro-cap companies. This means YOU have an excellent chance at identifying under-priced bargains in the lower end of the market. Shares trading for virtually nothing8230great investments which the big shots are ignoring like a drunk uncle at a wedding Small caps thrive in ANY market. Small companies typically care less about whats happening with the economy. Theyre constantly innovating anyway. In contrast, research demonstrates that larger companies cut back on innovation during downturns. Many small caps operate in under-penetrated industry niches, devoid of much competition. In other words, their profit opportunities are young8230and potentially unlimited. Thats all well and good. The question is: How do you find the best small caps on the market Finding the right small-cap company can be tough. Not every small company has a bright future ahead of it. Thats why you need to consider each stock very carefully before you buy it. You dont need to have a business degree, a million dollars in the bank or connections to the worlds of science and finance. What you DO need is that ability to recognise a good story when you see one. Developing this ability takes a bit of time, a bit of experience and a lot of enthusiasm. Here are some of the things you should look for to decide whether a small-cap stock has the potential: Do I FULLY understand the business First off, you need to know exactly what makes a business tick. This has nothing to do with charts and graphs. Talk to people8230go to industry functions8230absorb facts and figures8230get a genuine understanding for the companys core activity. Whenever possible, pay a personal visit. You dont need to do this all the time, but you do need to know what a company is about. Ask yourself: What is its Unique Selling Proposition Do I TRUST the guys at the top Really good management is like gold. When you come across a company that has it, you know youre onto something. Its even more important to screen for BAD management. Right now, hundreds of company directors in Australia have been involved in several company failures. Youll also want to know if a director owns shares in the company (bad news if he doesnt8230GREAT news if hes buying) and whether he has a good track record. Am I looking at a future household name Is this small retailer one day going to have outlets in every major shopping mall in Australia Will the drug that this Perth-based biotech company just patented soon be in every pharmacy in the world Is this iron ore producer, on the brink of bankruptcy just a few years back, about to become a global player Remember: The beauty of the perfect small cap is it has almost infinite room for expansion. Do the numbers stack up Hardly exciting stuff, but you simply cannot underestimate the importance of good old-fashioned number crunching to identify good small-cap stocks. No matter how great a companys product or service is8230no matter how adept their PR company is at spinning a compelling story or promising a stellar future8230the balance sheet doesnt lie. What you are looking for are the nuggets that indicate a richer vein. What most investors find is mud8230and a swirl of confusion. But if you want the big strike, thats where you must do your work: finding a good, well-run business on the cusp of its hockey-stick growth phase. And here, you can have the advantage over the worlds richest and smartest investors. Warren Buffett the Sage of Omaha has this to say on small-cap investing for private investors like you: Having a lot of money to invest forced Berkshire to buy companies that were less attractive. With less capital, I could have put all my money into the most attractive issues and really creamed it. Small caps are the best way I know to really cream it if youre an average person trying to build wealth over months8230rather than decades. This is where you can make big money, FAST. With small-cap investing, youre essentially betting that an undiscovered stock is about to get some major exposure soon8230maybe even become a future large cap, or maybe just find a few months in the spotlight. Sometimes it doesnt happen. Small-cap stocks can be very risky. They can double or halve in the course of a days trading. Theyre only for investors who are prepared to risk some money for the opportunity to make a lot more. But when it does happen and when you were invested right at the beginning, when a stock was trading for pennies its an amazing feeling So, lets say youve unearthed a small cap you think has a big future. You want in. How do you go about it Four Must Buy ASX Beauties for 2017 Australias hottest stock picker reveals his four top ASX profit plays you should own this year There are more than 2,000 stocks on the Australian market. So how do you know which stocks are likely to head higher over the longer term In this special investor report, Australias hottest stock picker, Sam Volkering, reveals the four ASX stocks that he believes could outperform in 2017. Simply enter your email address in the box below and click claim my free report. Plusyoull receive a free subscription to Money Morning . We will collect and handle your personal information in accordance with our Privacy Policy. You can cancel your subscription at any time. Buying and selling small-cap shares When you want to buy and sell shares, you have to do this through a stockbroker. Many online stockbrokers let you make share transactions over the Internet. But you should know that, in small-cap trading, its often useful to have a physical broker who can put an order through for you straight away. Thats because sometimes online brokers have a delay before the transaction is carried out. That can mean you have trouble getting in, or out, of the stock at the price you want. This is especially the case with small-cap shares, which can experience very quick price movements. Youll have to weigh this against the fact that physical brokers typically charge higher fees. First of all, youll need to set up an account. This is extremely easy, and loads of brokers are competing for business, so you have lots of choice. Ill tell you more about that in a moment. For now, lets get to the interesting part placing an order. If you tell your broker to buy a particular share, he or she will look for the latest prices from firms called market makers, and purchase your shares at the best price he or she can get. By law, brokers are obliged to get you the best price available. A typical conversation (if you deal over the phone) would go like this: BROKER: Good morning, SirMadam. Please could you give me your account number. YOU: Its XXXXXXX. BROKER: Thank you. And how can I help YOU: Id like to buy shares in XYZ company. Whats your best price BROKER: Let me just see8230XYZ Company The best price is 86.5c to buy. You can now decide whether you want to go ahead. If you dont like the price offered, or you just change your mind at the last minute, you can say, No, thank you. Lets assume you want to go ahead8230 You do need to be absolutely certain, because you are entering into a verbal contract to buy the shares. You wont be able to back out of the deal once you have committed yourself. YOU: Okay, yes, Id like to buy 600 shares at 86.5c please. The broker will then confirm the number of shares you want to buy and the cost. BROKER: Thats 600 XYZ shares at 86.5c, total cost including commission 588.95. Would you like to go ahead BROKER Thank you, thats 600 XYZ at 86.5c the deals now gone through for you. The contract note will be with you shortly. YOU: Thanks very much. Bye. BROKER: Thank you. Goodbye. Your broker will then send you a contract note through the post (or over the Internet, if this is how you deal), which gives all the details of your transaction. The contract note also tells you the date by which you must pay for your shares (many discount brokers want access to your cash before dealing). You must pay by the settlement date typically (but not always), thats three business days after the day you place your order. If you dont pay on time, the broker will have to sell the shares again at whatever price he can get and then repurchase a new block of shares at your expense. Selling is the same but in reverse this time you want to get the highest possible price When can you buy and sell shares The Australian Securities Exchange (ASX) is open for trading in Australian shares from 10am to 4pm (AEST), Monday to Friday. Take care if you place an order outside these hours, it will not be carried out until the market reopens at 10am on the next business day. To avoid being caught out by unexpected price movements, always specify an upper price above which you will not buy. This is known as a limit buy price. How do you set up a small-cap brokerage account You can choose between three different types of service from a broker. The cheapest option is where a broker just buys or sells shares, acting on your instructions. The more expensive options are where a broker also starts to give you investment advice, or completely handles your investments for you. WARNING: Most brokers know no more about small-cap shares than you do. The three categories are known as: Execution-only brokers. With execution-only brokers, all you do is contact a broker and ask him to either buy or sell the shares of your choice. The broker will not give any advice on the shares. He or she is simply there to execute your buysell instructions. Advisory brokers. You can talk to advisory brokers, for a fee, who provide a service for those who would like to control a portfolio of shares but are not confident enough to go it alone. Most such brokers ask you to come in for an interview to find out what you are looking for, your income and commitments, and your attitude to risk. Discretionary brokers. This is the most expensive of the three services. This type of broker buys, sells, advises on and manages your share investments completely. He or she will be in close contact, keeping you informed of the current value of your investments and what he or she is buying and selling, but will have full authority to act for you. As with an advisory broker, you will have to undertake an initial interview to give your broker a clear idea of what he or she should be doing on your behalf. Whichever broker you decide to use, you will be sent a Client Agreement Letter. This outlines the services you will be offered and the terms under which the broker will work for you. You will then have to deposit some money into your account then you are ready to start buying and selling shares. Four questions to ask before you dive into the world of small-cap investing Trading small caps can be an excellent way to supplement your investment income and make big returns quickly. But if you dont begin with a solid foundation, it will cost you money instead of delivering an extra benefit to your portfolio. Before you plunge into your first small-cap trades, here are four questions you must answer to make your trading better and more profitable. Question 1: Can I afford to lose the money I invest Small-cap investing is a risky business. If youre risk averse, or dont have capital youre prepared to lose, its a game you might want to sit out. Look this is NOT retirement investing. But it CAN be a great source of extra revenue8230made quickly. And its pretty damn thrilling. Heres a rule of thumb: At the very least, you must not urgently need the money youre going to put into these speculative stocks. If the money would best be used paying the mortgage or your kids school fees, dont trade with it. Losses happen. You need to be able to swallow them monetarily and mentally if youre going to make the most of small-cap investing. Question 2: Are you ready to spend some time before you start trading to learn the basics of the market Trading in small caps is not rocket science but its not easy either. More than 2,200 stocks are on the ASX. Finding the best of the small-caps takes time, knowledge and expertise. Thats where an advisory service like my Australian Small-Cap Investigator helps you find the best small-cap stock. Still, if you boil it all down to its bare bones, you basically find a company, find out if it has a promising product or service that could shoot it into the mainstream, and invest. But you should get some background on how the stock market works and the various sectors that make up the ASX before you start. Another important aspect is learning to manage the emotional and psychological part of the game. Youll eventually discover that your own personal psychology is definitely the most important variable that can lead you to the winning or losing side of the market. When the market moves against you, it puts pressure on your willingness to stick with your plan. Indeed, trading small caps brings joy, anger, despair, regret, euphoria, stress, uncertainty and many other emotions. These emotions must not drive your decisions. It is very hard to take efficient action without a rigorous plan. Question 3: Are you ready to trade small-caps with a confident, disciplined approach There is nothing half-hearted about trading small caps. Youre either in with a clear idea of the potential risks and rewards of each trade or youre out. This involves setting rigid stop losses and sticking to them if a trade moves against you. Over the long term, discipline is essential to profits. Trading discipline helps you maintain focus and adapt to any market conditions. A good trading plan takes into account everything that happens after you have executed this trade and placed your money at risk. It takes into account all your money management rules and all the parts of the process that are in your control8230basically anything that involves you taking action. Why is this important Because you need controls on your behaviour. A plan is a practical set of rules that makes it easier for you to stick to your strategy. Elements of a good small-cap trading plan include: Your goal in terms of return (capital gained), risk (maximum loss you are willing to incur while trading) and expectations regarding your capital trading. Position sizing, plus all your stop-loss and take-profit rules. The number of small-cap shares you believe you can trade well at the same time. Scheduling your trading research and analysis. The review and assessment of your trading plan on a regular basis. I cant create a plan for you. Its unique for each individual. But hopefully Ive pointed you in the right direction. Trading small-caps is a little like life: If you fail to plan, you plan to fail. A trading plan will help you to maximise your gains when your trading system is right. Itll also help you minimise your losses when your system is wrong. Question 4: Are you comfortable with your trading time frame The time frame is the period of time you think youll need to study and analyse the share, reach your conclusions, and evaluate whether or not its worth a punt. Its also a way of being realistic about your expectations over time. Depending on several factors like your educational and professional background, your appetite for risk, your personal temperament, your goals and targets youll have a natural time frame that suits you best. Your small-cap trading strategy has to be designed for your particular time frame. Your first duty, then, is to identify exactly what your personal time frame is. Are you keen to try to identify long-term small-cap opportunities8230promising tiny companies that have a five-year plan for bringing an innovative product or service to market Or do you want to trade in a shorter time frame, banking profits and moving onto the next opportunity Do you want to deeply study the fundamentals of the small caps you want to trade before you invest Or are you willing to take a more carefree punt in the hope of getting in quickly on the ground floor These are some of the questions you have to ask before constructing a small-cap trading system. For example, if your goal is to double your capital in three years and you expect to spend time researching and studying once a week, you may feel comfortable with a long trading time frame. You might then open positions based on a weekly or monthly time frame. If your goal is, say, a 10 return per month, with a daily monitoring of your portfolio, you may want to be more proactive with an important trade activity and might need a shorter time frame. Some final tips for trading small caps Trading any stock takes a bit of thought and effort. Small caps are even trickier. Before you start buying small caps stocks that trade outside the SampPASX 200 ASX:XJO index you need to discover how to acquire these shares at the price you want to pay for them. Buying a stock on the ASX 200 is pretty simple. Most of the time, you can put in a market order that will be immediately filled right at the price you want. But less liquid, more thinly traded stocks outside the top 200 Australian companies is a tougher proposition. This is where you can make big money8230triple-digit percentage gains in under a year, if you pick wisely. But its also a riskier investment, and one thats harder to physically make at the price you want. Here are some final tips before you begin your small-cap adventure. Place limit orders: Heres the number one rule: When you find a small cap you want to buy, make sure you place whats called a limit order. When I find a penny stock that fits my buying criteria, I first look to see how it trades. If I feel the stock has enough regular trading volume, I know I should have no problem picking up shares on the open market at a favourable price. But if the stock is thinly traded, I never try to buy shares without using a limit order. Always check the bid and the ask price. Youll find that most online brokerages come with loads of useful tools. Perhaps the best is the real-time quote window. It gives you an almost immediate bid and ask price. This will give you a clear picture of how much you should pay for a stock before you buy. Remember, the current price of the stock is not necessarily the price you will need to pay to pick up shares. This number is simply the price at which the last transaction occurred. BE PATIENT Weeks can seem like months when youre invested in a small cap. You can be tempted to act on every little price move or every piece of news. If you like the story and youve done the research have a little faith. If theres an unusual amount of buying in the early morning, it often calms down after the first half hour of trading. This rule isnt carved in stone, but it is a helpful tip that could help you save a little money on your next trade. If youre REALLY into a stock for its long term potential, build a position over the long term. Youre not looking to trade8230but you think a small cap has the potential, over time, to become an ASX 200 stock. So theres no rush. Build your positions over days or weeks, instead of putting in a huge order. Youll have a better chance of getting smaller orders filled right away. Follow these tips every time you buy small caps, and youll have the opportunity to make more money. Again this is risky stuff. You should go into this with your eyes wide open, and even seek independent financial advice if you need it. Ill finish with another insightful quote from Warren Buffett: The best decade was the 1950s I was earning 50-plus returns with small amounts of capital. I know more about business and investing today, but my returns have continued to decline since the 50s. Money gets to be an anchor on performance. At Berkshires size, there would be no more than 200 common stocks in the world that we could invest in if we were running a mutual fund or some other kind of investment business. Buffetts success means hes stuck in a box. He has so much money that he cant even think about touching 90 of stocks trading on the market. This is despite the fact he knows he could generate 50 returns from them YOU arent weighed down by the money anchor. YOU can invest in the stocks Buffett only dreams about. Sam Volkering Editor . Australian Small-Cap Investigator Ed Note: We hope you8217ve found this introduction on how to invest and profit from small-cap stocks valuable. If you did, than you8217re going to love Money Morning editor and small-cap specialist Sam Volkering8217s latest report. In it you8217ll find his top three Australian small-cap stocks for 2016 . You can download it now completely for FREE. To download your free report 8216The Top Three Aussie Small-Caps for 20168217 click here now . Welcome to Money Morning At Money Morning our aim is simple: to give you intelligent and enjoyable commentary on the most important stock market news and financial information of the day - and tell you how to profit from it. We know the best investments are often the hardest to find. So thats why we sift through mountains of reporting, research and data on your behalf, to present you with only the worthwhile opportunities to invest in. Become a more informed, enlightened and profitable investor today. Click here to take out your FREE subscription to Money Morning . This week in Money Morning, your editors look at both sides of the Aussie economy. Good news continues to roll in for the big Aussie resource stocks. But where can the really big gains be found At least a third of the women that wrote in were only investing in the property market, and wouldnt go near the stock market. This week in Money Morning, your editors look at both sides of the Aussie economy. Good news continues to roll in for the big Aussie resource stocks. But where can the really big gains be found While the bounce in commodity prices helped lift its profit, RCR Tomlinson is looking for new ways to diversify its revenue base. This morning the Cardno Limited share price jumped 24.7 to 2.12. Shareholders welcomed the move after a 44 drop yesterday. This week in Money Morning, your editors look at both sides of the Aussie economy. Good news continues to roll in for the big Aussie resource stocks. But where can the really big gains be found This week in Money Morning, your editors look at both sides of the Aussie economy. Good news continues to roll in for the big Aussie resource stocks. But where can the really big gains be found Investment Resources How to Make More Money in One Year Than Your Super Fund Does in 30 Yes it is possible, and in this special investor report youll learn how to cash in on a unique class of stock thats quietly trounced bluechip returns for the last 50 years running. These offthegrid stocks are the single greatest opportunity for you to triple your returns today. Plus youll get daily financial email Money Morning absolutely FREE. Simply enter your email address in the box below and click Subscribe Now. Privacy Statement We will collect and handle your personal information in accordance with our Privacy Policy. 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