C2 · 50 words
Financial markets in Spanish
Issue, trading, settlement and derivatives — the terms used on a trading floor.
El fondo cotizado is a fund, and English hears « fund » in fondo and stops there. The Spanish word is much larger. It is the bottom of a thing: el fondo del vaso, el fondo del mar. It is the background of a picture or a screen: una foto con el mar de fondo. It is the far end of a corridor, al fondo a la derecha. And a fondo means thoroughly. So somebody who says hay que ir al fondo del asunto is not talking about money at all.
The words
View
Phrase (50)
el mercado primariothe market in which a security is bornPhraseC2
El mercado primario es donde nace el título.The primary market is where the security is born.
el mercado secundariothe market that gives a holder somewhere to sellPhraseC2
El mercado secundario da salida al que quiere vender.The secondary market gives an outlet to whoever wants to sell.
la emisión de títulosthe bringing of new securities into existencePhraseC2
La emisión de títulos se cubrió tres veces.The issue of securities was three times oversubscribed.
la colocación privadathe sale to a few named buyers, which avoids a public documentPhraseC2
La colocación privada evita el folleto público.The private placement avoids the public prospectus.
el folleto de emisiónthe document that lists every risk of an issuePhraseC2
El folleto de emisión enumera todos los riesgos.The issue prospectus lists all the risks.
la salida a bolsathe first sale of a company's shares to the publicPhraseC2
La salida a bolsa se aplazó por la volatilidad.The flotation was postponed because of the volatility.
el banco colocadorthe bank that places the issue and carries the risk of itPhraseC2
El banco colocador asume el riesgo de la operación.The placing bank takes on the risk of the operation.
el precio de colocaciónthe price at which the issue is finally soldPhraseC2
El precio de colocación quedó por debajo de la banda.The placing price came in below the range.
el cuaderno de posicionesthe record of who wants to buy and sell at what pricePhraseC2
El cuaderno de posiciones se cerró antes de tiempo.The order book was closed early.
la horquilla de preciosthe gap between the buying and the selling quotePhraseC2
La horquilla de precios se ensancha cuando hay miedo.The bid-ask spread widens when there is fear.
la profundidad del mercadothe amount that can be traded before the price movesPhraseC2
La profundidad del mercado se ve en el libro.The depth of the market can be seen in the book.
la liquidez del títulothe ease of selling without moving the price, which vanishes when neededPhraseC2
La liquidez del título desaparece justo cuando hace falta.The liquidity of the security disappears exactly when it is needed.
el creador de mercadothe firm that quotes a buy and a sell price at the same timePhraseC2
El creador de mercado cotiza compra y venta a la vez.The market maker quotes a buy and a sell price at once.
la orden limitadathe instruction that will not be filled beyond a stated pricePhraseC2
La orden limitada no se ejecuta a cualquier precio.The limit order is not executed at just any price.
la orden a mercadothe instruction that will be filled, at whatever pricePhraseC2
La orden a mercado se ejecuta pero no garantiza el precio.The market order is executed but does not guarantee the price.
la subasta de aperturathe gathering of orders that sets the first price of the dayPhraseC2
La subasta de apertura fija el primer precio del día.The opening auction sets the first price of the day.
la suspensión de cotizaciónthe halting of trading in one security, here for two hoursPhraseC2
La suspensión de cotización duró dos horas.The suspension of trading lasted two hours.
la negociación algorítmicathe trading done by machines in thousandths of a secondPhraseC2
La negociación algorítmica reacciona en milisegundos.Algorithmic trading reacts in milliseconds.
la cámara de compensaciónthe body that steps between the two sides of every tradePhraseC2
La cámara de compensación se interpone entre las dos partes.The clearing house interposes itself between the two parties.
la liquidación de la operaciónthe actual exchange of the security for the moneyPhraseC2
La liquidación de la operación ocurre dos días después.Settlement of the trade happens two days later.
el depositario central de valoresthe institution in whose books the ownership is recordedPhraseC2
El depositario central de valores anota la titularidad.The central securities depository records the ownership.
el fallo en la entregathe failure to deliver on time, which costs a penaltyPhraseC2
El fallo en la entrega genera una penalización.A failure to deliver brings a penalty.
el préstamo de valoresthe lending of a security, which makes short selling possiblePhraseC2
El préstamo de valores permite vender lo que no se tiene.Securities lending makes it possible to sell what one does not have.
la venta en cortothe selling of what one does not own, reportable above a thresholdPhraseC2
La venta en corto se declara a partir de un umbral.Short selling must be declared above a threshold.
el apalancamiento financierothe borrowing that multiplies the outcome in both directionsPhraseC2
El apalancamiento financiero multiplica en ambos sentidos.Financial leverage multiplies in both directions.
la garantía exigidathe security a position must be backed with, topped up dailyPhraseC2
La garantía exigida se repone cada día.The collateral required is topped up every day.
el ajuste diario de pérdidas y gananciasthe daily settling of gains and losses, so no debt builds upPhraseC2
El ajuste diario de pérdidas y ganancias evita acumular deuda.The daily settlement of gains and losses avoids debt building up.
el contrato de futurosthe contract that binds both sides to a future exchangePhraseC2
El contrato de futuros obliga a ambas partes.The futures contract binds both parties.
la opción de comprathe right to buy at a fixed price, which is not an obligationPhraseC2
La opción de compra da un derecho, no una obligación.A call option gives a right, not an obligation.
la opción de ventathe right to sell at a fixed price, which protects against a fallPhraseC2
La opción de venta protege frente a la caída.A put option protects against a fall.
la prima de la opciónthe price paid up front for that rightPhraseC2
La prima de la opción se paga por adelantado.The option premium is paid in advance.
el precio de ejerciciothe fixed price written into the optionPhraseC2
El precio de ejercicio se fija al contratar.The strike price is fixed at the outset.
la volatilidad implícitathe volatility the market's own prices imply, not the pastPhraseC2
La volatilidad implícita se deduce del precio, no del pasado.Implied volatility is deduced from the price, not from the past.
la permuta financierathe exchange of one stream of payments for anotherPhraseC2
La permuta financiera intercambia dos flujos de pagos.A swap exchanges two streams of payments.
el derivado extrabursátilthe derivative agreed between two parties and not on an exchangePhraseC2
El derivado extrabursátil se negocia bilateralmente.The over-the-counter derivative is negotiated bilaterally.
el valor nocionalthe figure a contract is measured against, which is not the money at riskPhraseC2
El valor nocional no es el dinero en riesgo.The notional value is not the money at risk.
la cobertura del riesgothe taking of an offsetting position, which costs and is therefore chosenPhraseC2
La cobertura del riesgo cuesta y por eso se decide.Hedging the risk costs money and is therefore a decision.
el riesgo de contrapartethe risk that the other side does not pay, which moves rather than vanishesPhraseC2
El riesgo de contraparte no desaparece, se traslada.Counterparty risk does not disappear, it moves.
la calificación crediticiathe published opinion on whether a borrower will payPhraseC2
La calificación crediticia se revisó a la baja.The credit rating was revised downwards.
el diferencial de créditothe extra yield demanded over a safe borrowerPhraseC2
El diferencial de crédito se amplió cien puntos básicos.The credit spread widened by a hundred basis points.
el punto básicothe hundredth of a percentage pointPhraseC2
El punto básico es la centésima parte de un punto porcentual.The basis point is the hundredth part of a percentage point.
la duración del bonothe measure of how much a bond's price moves with ratesPhraseC2
La duración del bono mide la sensibilidad al tipo.The duration of the bond measures its sensitivity to rates.
el cupón corridothe interest already earned since the last couponPhraseC2
El cupón corrido se paga al comprador anterior.The accrued coupon is paid to the previous seller.
el valor liquidativothe value of a fund's holdings per share, struck at the closePhraseC2
El valor liquidativo se calcula al cierre.The net asset value is calculated at the close.
el fondo cotizadothe fund one buys and sells like a sharePhraseC2
El fondo cotizado se compra como una acción.The exchange-traded fund is bought like a share.
la gestión pasivathe management that copies an index instead of choosingPhraseC2
La gestión pasiva replica un índice.Passive management replicates an index.
el índice de referenciathe yardstick a fund must name in advancePhraseC2
El índice de referencia debe declararse antes.The benchmark index must be declared beforehand.
el abuso de mercadothe conduct that includes spreading false informationPhraseC2
El abuso de mercado incluye difundir información falsa.Market abuse includes spreading false information.
la información privilegiadathe knowledge that may not be traded onPhraseC2
La información privilegiada no puede usarse para operar.Inside information may not be used for trading.
el deber de publicar hechos relevantesthe duty to announce anything price-sensitive without delayPhraseC2
El deber de publicar hechos relevantes obliga a informar sin demora.The duty to publish price-sensitive facts requires reporting without delay.
This list belongs to Money, finance and economy — 16 lists and 800 words that can also be practised as a whole.
Practise this list
From these 50 words, as many per round as you like — up to all of them: first what is due today, then new ones. First you choose, then you fill the gap, then you write it yourself. Mistakes come back again shortly.