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GLOSSARY Rjenik strunih termina

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Accrued interest Interest earned but not yet paid.
Narasle kamate - Kamate koje su dospjele ali jo nisu plaene.
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Acquisition The purchase of assets or a controlling interest in a company by another company.
Nabavka / kupovina - Kupovina sredstava ili kontrolnog interesa u preduzeu od strane drugog
preduzea.
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Agency Cross See cross trade.
Vidjeti pod Cross trade Ukrteni kursevi.
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AGM Annual General Meeting of a company's shareholders.
GSD - Godinja skuptina dioniara preduzea.
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Alpha The difference between a security's expected return and its equilibrium expected return.
Alfa - Razlika izmeu oekivanog povrata na vrijednosni papir i njegovog ravnotenog oekivanog
povrata.
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American Depository Receipts ( ADRs ) Financial assets issued by a U.S. bank that represent indirect ownership of a certain number of shares of a specific foreign firm. ADRs are held on
deposit in a bank in the firm's home country.
ADR - Finansijska sredstva koja emituje banka SAD-a koja predstavljaju indirektno vlasnitvo nad
odreenim brojem dionica u preciziranoj stranoj firmi. ADR se uvaju kao depozit u banci zemlje iz
koje je firma.
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American option One which can be exercised at any time prior to and including the expiry date
of the option. ( cf. European option ).
Amerika opcija - Opcija koja se moe izvriti ( iskoristiti ) u bilo koje vrijeme u toku vaenja
opcije, ukljuujui i dan dospjea ( uporediti sa evropskom opcijom ).
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Amortise To spread a payment over a period.
Amortizovati - Rasporeivanje plaanja na odreeni vremenski period.
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Annual report The company's annual accounts, audit statements and narrative account of the
year at hand. Presentations vary considerably.
Godinji izvjetaj - Godinji finansijski izvjetaji preduzea, izvjetaji revizije i opis poslovanja za
datu godinu. Naini prezentacije znaajno variraju.
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Appreciation Describes a currency strengthening in response to market demand.
Apresijacija - Opisuje poveanje vrijednosti valute kao odgovor na trinu potranju.
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Arbitrage The simultaneous purchase and sale of the same, or essentially similar, securities or
other investments in two different markets in order to profit from price discrepancies between the
two markets.
Arbitraa - Simultana ( istovremena ) kupovina i prodaja istih, ili u osnovi slinih, vrijednosnih
papira ili drugih investicija na dva razliita trita s ciljem ostvarivanja profita na osnovu razlike u
cijeni na ta dva trita.
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Arbitrageur A person who engages in arbitrage.
Arbitar Osoba koja se bavi arbitraom.
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Ask ( or Asked ) Price The price at which a market maker is willing to sell a specified quantity of
a particular security; same as Offer ( or Offered ) Price.
Traena cijena - Cijena po kojoj je trgovac vrijednosnim papirima voljan prodati preciziranu
koliinu odreenog vrijednosnog papira; isto to i Prodajna cijena / kurs vrijednosnih papira.
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Asset allocation The process of determining the optimal division of an investor's portfolio among
the available asset classes.
Alokacija sredstava / portfelja - Proces odreivanja optimalne alokacije sredstava / podjele
portfelja investitora na raspoloive klase sredstava.
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Assets Any item owned by a company or individual that can be given a monetary value.
Sredstva - Svaki predmet u vlasnitvu preduzea ili pojedinca kojem moe biti dodjeljena novana
vrijednost.
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Asset stripping The disposal of a target company's assets by a raider following an acquisition.
Identifikacija sredstava - Iskazivanje sredstava ciljanog preduzea prije nego li ga kupac otkupi.
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At the Money Option An option whose exercise price is roughly equal to the market price of its
underlying asset. ( cf in-the-money option and out-of-the-money option ).
Neutralna opcija - Opcija ija je cijena izvrenja (cijena finansijskog instrumenta obuhvaenog
opcijom) priblino jednaka trinoj cijeni tog instrumenta.
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Audit
An official examination and checking of a company's accounts by an independent
accountant called an auditor, to certify that the accounts comply with the law, do not hide any
dishonesty, and give a true and fair view of the company's affairs.
Revizija - Slubeno ispitivanje i provjera finansijskih izvjetaja preduzea koje obavlja nezavisni
raunovoa koji se naziva revizor, ime se potvruje da su finansijski izvjetaji u skladu sa
zakonom, da ne skrivaju nikakve nepotene radnje, i da daju istinsku i pravednu sliku o poslovanju
preduzea.
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Auditors Accountants who certify that the company's accounts have been reviewed in accordance
with legal and regulatory requirements.
Revizori - Raunovoe koje potvruju da su finansijski izvjetaji preduzea provjereni u skladu sa
zakonskim i regulatornim uslovima.
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Authorised signatories Persons authorised to sign on behalf of the company borrowing the
money. Specimen signatures are usually in a booklet provided by the company. It is the bank's
( i.e. analyst's ) responsibility to verify this: if the signatory is not authorised, the company does
not have to pay the money back.
Ovlateni potpisnici - Lica koja su ovlatena da u ime preduzea potpiu uzimanje novanog
zajma. Primjeri potpisa su obino prikazani u brouri koju priprema preduzee. Odgovornost je
banke ( tj. analitiara ) da to provjeri: ukoliko potpis nije ovlaten, preduzee ne mora vratiti
pozajmljeni novac.
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Bankers acceptances Short-term negotiable discount securities, which have been accepted by a
bank which is then obliged to pay the full face value at maturity.
Bankarski akceptni nalozi - Kratkoroni prenosivi eskontni vrijednosni papiri, koji su prihvaeni
od banke koja je tada obavezna isplatiti punu nominalnu vrijednost na dan dospjea.
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Barter The exchange of one set of goods for another with no money changing hands.
Barter / robna razmjena / trampa - Direktna razmjena roba bez koritenja novca.
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Base rate The annual interest rate on which British banks base their lending charges.
Bazna stopa - Godinja kamatna stopa na kojoj britanske banke zasnivaju svoje kreditne trokove.
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Basis The difference between the spot or cash price of an asset and the futures price of the same
asset.
Baza - Razlika izmeu spot ili gotovinske cijene nekog sredstva i cijene fjuersa istog tog sredstva.
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Basis point One hundredth of 1%; 25 basis points is 0.25 %.
Bazni poen - Jedan stoti dio od 1%; 25 baznih poena je 0,25 %.
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Basis risk The risk that the price of a derivative instrument will vary from that of the underlying
commodity.
Bazni rizik - Rizik da e cijena derivativnog instrumenta varirati u odnosu na cijenu osnovne robe.
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Bear One who expects a decline in prices. The opposite of a bull. A news item is considered
bearish if it is expected to bring lower prices.
pekulant na pad kurseva / beisist / medved - Uesnik na tritu koji pekulie na pad
kurseva. Suprotno od pekulanta na poveanje kurseva ( hosist, bik ). Novost je beri kada
donosi vijest o oekivanom padu cijena.
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Bear Market A market in which prices are falling.
Berza sa tendencijom pada kurseva (medvee trite) - Berza, trite na kojem cijene padaju.
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Bearer security A negotiable physical security whose title is to the bearer, i.e. it is presumed in
law to be owned by its holder. Title to bearer securities is transferred by physical delivery, in
contrast to a registered security.
Vrijednosni papiri na donosioca - Prenosivi fiziki vrijednosni papiri koji su naslovljeni na
donosioca, tj. smatra se po zakonu da su vlasnitvo onog ko ih posjeduje. Naslov vrijednosnih
papira na donosioca se prenosi fizikom isporukom, suprotno od vrijednosnih papira na ime.
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Best execution Rule requiring a broker to execute a deal at the best price available in the market
at the time the deal is entered into.
Najbolje izvrenje - Pravilo koje nalae brokeru da izvri posao po najboljoj raspoloivoj cijeni na
tritu u trenutku kada se ulazi u posao.
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Beta or factor A measure of the volatility of an individual investment in relation to a
benchmark or index.
Beta faktor - Mjerilo / indikator nestabilnosti pojedinane investicije u odnosu na postavljene
kriterije ili indeks.
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Bid
a)
The price at which the market, or a particular market-maker, is willing to pay for a
security or other financial instrument or commodity.
b)
Sometimes used to mean take-over bid (q.v.)
Kupovni kurs - a) Cijena koju je trite, ili odreeni uesnik na tritu, voljan platiti za vrijednosni
papir, finansijski instrument ili robu.
b) Ponekad se koristi sa znaenjem otkupa radi preuzimanja kontrole.
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Bid-Offer Spread The difference between the price that a trader is willing to pay for a security or
other instrument, and the price at which he is willing to sell it.
Razlika u cijeni Razlika izmeu cijene koju je trgovac voljan platiti za vrijednosni papir ili drugi
instrument, i cijene po kojoj je voljan da ih proda.
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Bidder In the context of a corporate take-over, the firm making an offer to the target firm.
Ponudja U kontekstu korporacijskog preuzimanja, firma koja daje ponudu za ciljanu firmu.
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Bid price The price at which a marker maker is willing to purchase a specified quantity of a
particular security.
Prodajni kurs, ponuena cijena - Cijena po kojoj je uesnik na tritu voljan kupiti preciziranu
koliinu odreenih vrijednosnih papira.
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Big Bang The deregulation of the UK stock market in October 1986 (although now sometimes
used to describe major deregulation in other markets also, such as Japan).
Big Beng - Reforma Londonske berze izvrena u oktobru 1986 ( iako se sada ponekad termin
koristi da bi se opisale vee reforme i na drugim tritima, kao npr. u Japanu ).
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Bill of Exchange A negotiable instrument used mainly in international trade which represents an
instruction to the named drawee, to pay a sum of money to the named drawer, or to the bearer, on
demand, or at a specified future date.
Mjenica / Promisorna nota - Prenosivi instrument koji se uglavnom koristi u meunarodnom
prometu koji predstavlja instrukciju imenovanom trasatu, da plati odreenu sumu novca
imenovanom trasantu, ili donosiocu, na zahtjev, ili na precizirani datum u budunosti.
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Block trade A large order to buy or sell a security.
Trgovina u bloku - Veliki nalog za kupovinu ili prodaju vrijednosnih papira.
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Bond A tradeable debt certificate whereby the issuer agrees to pay the holder a fixed principal
amount on a future date and usually, although not always, a series of interest payments.
Obveznica - Kreditni certifikat kod kojeg se njegov emitent obavezuje isplatiti donosiocu fiksnu
sumu na odreeni datum u budunosti i obino, iako ne uvijek, i niz isplata kamata po utvrenoj
stopi.
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Borrower risk Risks pertaining to the company, including such factors relating to the borrower
as: management, profitability, non-performance, and bankruptcy.
Rizik dunika / zajmoprimca - Rizik u vezi preduzea, ukljuujui one faktore koji se odnose na
zajmoprimca, kao npr.: menadment, profitabilnost, slabe performanse i bankrotstvo.
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Broken date Non-standard dates in foreign exchange, Forward Rate Agreements or option
transactions, e.g. 17 days.
Nestandardni datum - Nestandardni datumi u inostranoj razmjeni, terminskim ugovorima ili
transakcijama opcija, npr. 17 dana.
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Broker Bank or other entity which arranges to bring two counterparties together.
Broker / berzanski agent / posrednik - Banka ili neko drugo tijelo koje ugovara povezivanje,
kontakt izmeu dvije partnerske strane.
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Broker-Dealer A firm or individual who brings together buyers and sellers (acting as a broker)
and who may also trade as a principal.
Broker-Diler - Firma ili pojedinac koji ugovara povezivanje, kontakt izmeu kupaca i
prodavaa (koji nastupaju kao brokeri) i koji takoe mogu nastupati i kao nalogodavci.
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Bull One who expects a rise in prices; the opposite of bear. A news item is considered bullish if
it portends higher prices.
pekulant na poveanje kurseva / hosist, bik - Uesnik na tritu koji pekulie na poveanje
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kurseva; suprotno od beisist ili medved.


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Bullet or bullet maturity An issue of securities with no amortisation features.
Obveznice sa jednokratnim dospjeem - Emisija vrijednosnih papira bez karakteristika
amortizacije.
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Bullet repayments A loan whose interest is payable at intervals agreed in the loan agreement,
and whose principal is repayable in a lump sum at final maturity. The source of repayment is
usually a new facility that is put into place.
Jednokratna otplata glavnice Kredit kod koga se kamata plaa u ugovorenim vremenskim
intervalima,a glavnica se isplati jednokratno u momentu isteka kreditnog ugovora. Izvor otplate
cijele glavnice na kraju je esto novi kredit.
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Bull Market A market in which prices are rising.
Trite sa tendencijom porasta cijena - Naziv za trite na kom postoji tendencija porasta cijena.
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Buy-in Purchase of a security at the prevailing market price in order to complete a failed
transaction. Usually carried out by a central party, such as the exchange or clearing house. cf
Selling out.
Iskupljivanje - Kupovina vrijednosnog papira po dominantnoj cijeni na tritu kako bi se
kompletirala neuspjela transakcija. Obino kupovinu obavlja centralna strana, kao to je berza ili
klirinka kua.
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Buy-out Generic term for the acquisition of all the stock of a company by one investor or a small
group of investors. (cf MBO and LBO).
Otkup / otkupljivanje - Termin za kupovinu svih vrijednosnih papira preduzea od strane jednog
investitora ili male grupe investitora.
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Call market A security market in which trading is allowed only at certain specified times. At
those times, persons interested in trading a particular security are physically brought together and
a market price is established (cf Continuous Market).
Kol trite / Trite kupovine po pozivu - Trite vrijednosnih papira na kojem je trgovina
dozvoljena samo u odreeno precizirano vrijeme. U tom vremenskom periodu, lica zainteresovana
za odreeni vrijednosni papir se sastaju i odreuje se trina cijena.
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Call option an option giving its holder the right (but not the obligation) to buy a specified
quantity of an asset at a specified price (the strike price or exercise price) on the expiration date
(or, in the case of an American Option, on or before that date). The writer of the option has the
obligation to deliver the underlying asset if the option is exercised by the buyer (see also Put
Options).
Kupovna ili kol opcija ( na poziv ) - Opcija koja daje vlasniku pravo ( ali ne i obavezu ) da kupi
preciziranu koliinu sredstava po dogovorenoj cijeni ( cijena izvrenja ) na dan dospjea ( ili, u
sluaju amerike opcije, na dan ili prije dospjea ). Prodavac opcije ima obavezu da isporui
osnovno sredstvo ukoliko opciju izvri kupac ( vidjeti i prodajne putopcije ).
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Cap An option which fixes a maximum interest payable for a series of interest periods.
Instrumenti za garantovanje gornje granice kredita / Poklopci - Opcija koja odreuje
maksimalnu kamatu koja se plaa za seriju interesnih vremenskih perioda.
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Capital allowance The amount which a business is permitted to charge against revenues in
respect of capital expenditure when calculating its taxable profit.
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Ulog kapitala kao osloboenje od oporezivanja Iznos koji poslovanje moe da odbije od
ukupnog prihoda po osnovi investiranja kapitala u cilju smanjenja osnovice za oporezivanje.
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Capital asset pricing model This is a model of diversification in investment which seeks to
evaluate additions to a portfolio of investments in terms of the effect they will have on overall
portfolio risk.
Model vrednovanja cijene / rizika ulaganja sredstava Model diverzifikovanog ulaganja
sredstava koji vrednuje dodatne uticaje na rizik ukupnog ulaganja ovisno o razliitim scenarijima
ulaganja.
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Capital market The market in which medium to long-term financial instruments are traded,
including bonds, notes, swaps and equities.
Trite kapitala - Trite na kojem se obavlja promet srednjeronih i dugoronih finansijskih
instrumenata, ukljuujui obveznice, potvrde o dugu, svopove i vlasnike vrijednosne papire.
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Capital structure Mixture of different securities (equity and debt) issued by a firm.
Struktura kapitala - Mjeavina razliitih vrijednosnih papira ( vlasnikih i kreditnih ) koje je
emitovalo preduzee.
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Cash market The current market in an underlying security (as opposed to a future or an option).
Promptne berze / promptna trita - Trenutno trite osnovnih vrijednosnih papira ( nasuprot
tritu fjuersa i opcija ).
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Cash ratio The proportion of a bank's liabilities which must be kept as cash.
Gotovinski koeficijent Dio obaveza banke koji se mora uvati u gotovini.
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CBOT Chicago Board of Trade.
Odbor za trgovinu ^ikaga
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Certificate of deposit A negotiable certificate, issued by a bank, evidencing an interest bearing
or discounted time deposit of fixed maturity with that bank. If interest bearing, it may have either
a fixed rate or a floating rate of interest.
Depozitni certifikat - Prenosivi certifikat koji izdaje banka, koji evidentira kamatni ili eskontovani
vremenski depozit fiksnog dospjea u toj banci. Ukoliko je kamatni, moe imati i fiksnu i
promjenjivu kamatnu stopu.
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Chartist A technical analyist who primarily relies on stock price and volume charts when
evaluating securities.
^arter analiti~ar - Tehniki analitiar koji se primarno oslanja na cijene vrijednosnih papira i
dijagrame obima kada procjenjuje vrijednosne papire.
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Clearing bank A bank which provides a full banking service to the retail and business sector ( UK
).
Klirinka banka - Banka koja prua potpune bankarske usluge za maloprodaju i za poslovni sektor
(UK).
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Clearing House An entity which provides services icluding acting as a central contractual
counter-party to all traders on an exchange; guaranteeing performance of the obligations of
parties to trades; calculating amounts due to and from market participants and establishing net
settlements to be made in cash and/or securities; acting as the central settlement party and
assigning deliveries.
Klirinka kua - Tijelo koje prua usluge, ukljuujui ulogu centralnog ugovornog partnera svim
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uesnicima na berzi; garantovanje ispunjenja obaveza strana u trgovanju; obraunavanje iznosa koje
plaaju ili koji trebaju biti plaeni uesnicima na tritu i uspostavljanje saldiranja koje se obavlja u
gotovini ili vrijednosnim papirima; obavljanje saldiranja i odreivanje isporuka.
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Clearing system A depository / transaction system established to expedite the clearing of
securities by removing the necessity for physical delivery. The two centralised clearing systems for
debt and equity securities in the Euromarkets are Clearstream ( formerly known as Cedel ) and
Euroclear. Transactions and deliveries between accounts within the system are effected by way of
book-entry transfer only.
Klirinki sistem - Sistem depoa / transakcija uspostavljen radi breg kliringa vrijednosnih papira
uklanjanjem potrebe za fizikom isporukom. Dva centralizovana klirinka sistema za kreditne i
vlasnike vrijednosne papire na Eurotritima su Clearstream ( prije poznat kao CEDEL ) i
Euroclear. Transakcije i zatvaranja izmeu rauna u sklopu sistema se obavljaju samo putem
unosa podataka o transferu.
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Closed end fund
An investment fund which issues a limited number of shares and in which
shares are not redeemable until a fixed date usually some years after issuance.
Fond zatvorenog tipa - Investicioni fond koji emituje ogranien broj dionica i u kojem dionice nisu
otkupljive sve do utvrenog datuma, obino nekoliko godina nakon emitovanja.
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Closing Price The price at which the last trade of the day took place in a particular stock or the
weighted average of a certain period at the end of the day, depending on the market.
Zakljuni kurs / cijena - Cijena obavljenog zadnjeg trgovanja vrijednosnim papirima odreenog
dana ili ponderisana sredina za kraj radnog dana u odreenom vremenskom periodu, zavisno od
trita.
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Collective Investment Scheme / Fund Collective investment scheme is a general term used for
describing unit trusts, mutual funds and other similar schemes. The key features are that investors
participate in the schemes by subscription; their pooled funds are invested by the manager of the
scheme, and the investors receive profits accordingly. They do not have day to day control over
the management of the scheme. The precise definition and scope varies from country to country.
Kolektivni investicioni sistemi / fondovi - Kolektivni investicioni sistemi su generalno termin koji
se koristi da bi se opisali jedinini trastovi, uzajamni fondovi i druge sline sheme. Kljune
karakteristike su da investitori uestvuju u sistemu upisom; menader sistema investira njihova
objedinjena sredstva, a u skladu s tim investitori dobijaju ostvareni profit. Oni nemaju svakodnevnu
kontrolu nad menadmentom sistema. Precizna definicija i polje djelovanja variraju od drave do
drave.
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Commercial paper Short-term corporate debt.
Komercijalni zapis - Kratkoroni kreditni vrijednosni papiri koje emituju preduzea.
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Commission The fee an investor pays to a brokerage firm for services rendered in the trading of
securities or other investments.
Provizija / brokeraa - Naknada koju investitor plaa brokerskoj firmi za pruene usluge u
prometu vrijednosnih papira ili drugih investicija.
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Common Stock US term for legal representation of an equity ( or ownership ) position in a
corporation. (See Ordinary Shares )
Obine / redovne dionice Ameriki izraz za zakonsko predstavljanje vlasnike pozicije u
korporaciji, firmi ( vidi obine dionice ).
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Compound interest Interest which is reinvested to earn interest on interest (cf Simple Interest).
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Sloeni interes / kamata na kamatu - Kamata koja se reinvestira da bi se zaradila kamata na


kamatu.
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Contingent liabilities Items which do not represent a liability on the balance sheet at the time of
statement date but which could do so in the future. Such items include guarantees issued in favour
of third parties, and lawsuits currently in progress whose outcome is uncertain.
Uslovne / potencijalne obaveze - Stavke koje ne predstavljaju obavezu na bilansu stanja u vrijeme
davanja izjave ali bi to mogle postati u budunosti ( obaveze sa odgoenim dejstvom ). Takve
stavke obuhvataju garancije emitovane za treu stranu i sudske parnice koje su u toku i iji je ishod
neizvjesan.
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Continuous Market ( a.k.a. Continuous Trading ) A security market in which trades occur at any
time during business hours.
Kontinuirano trite - Trite vrijednosnih papira na kojem se trgovanje odvija neprekidno u toku
radnog vremena.
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Convertible A security, usually a bond or preference share, which, at the option of the holder, can
be exchanged for other securities of the issuing corporation, usually its ordinary shares, and can
be denominated in either the same or a different currency from that of the ordinary shares.
Konvertibilan / zamjeniv vrijednosni papir - Vrijednosni papir, obino obveznica ili povlatena
dionica, koja po izboru vlasnika, moe biti zamjenjena za drugi vrijednosni papir preduzea
emitenta, obino njegove obine dionice, i moe biti denominirana u istu ili u razliitu valutu u kojoj
je obina dionica.
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Cost of capital The rate of return which a company must offer in order to attract funds. This will
vary from one company to another and between one source of funds and another. The overall cost
of capital is the weighted average of the costs of capital from individual sources.
Trokovi / cijena kapitala - Stopa povrata koju preduzee mora ponuditi kako bi privuklo
sredstva. Varirae od preduzea do preduzea i od jednog do drugog izvora sredstava. Cjelokupno
kotanje kapitala je ponderisana sredina kotanja kapitala iz individualnih izvora.
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Cost of Debt The cost to the company of debt. Because of the tax shield, it is less than the
amount paid by the borrower.
Trokovi / cijena zajma - Kotanje zajma za preduzee. Zbog poreskih zatita, ono je manje od
iznosa koje plaa zajmoprimac.
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Counterparty The parties on either side of a transaction.
Partneri - Uesnici na obje strane u transakciji.
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Coupon The interest rate paid on a fixed-rate or floating-rate bond.
Kupon - Kamatna stopa plaena na obveznicu fiksne ili promjenjive kamatne stope.
__________________________________________________________________________
Covenants Conditions in a loan agreement signed by a bank and the borrower which the
borrower must respect in order to keep his financial state at least as good as it was at the time the
loan was made. Covenants can cover conditions on management performance, disposal of
subsidiaries, amounts of debt incurred, and adherence to financial ratios. Non-compliance is
known as default.
Kondicije Uslovi kreditnog ugovora izmeu banke i zajmoprimca koje zajmoprimac mora
potovati da bi imao isti dobar finansijski status ( bonitet ) bar kao u momentu kada je uzeo kredit.
Kondicije mogu obuhvatati uslove o efikasnosti rukovoenja, kontrolu pridruenih preduzea,
veliinu zaduenja i stabilnost finansijskih koeficijenata.
__________________________________________________________________________
8

Credit rating The classification of a company's financial (credit) standing by specialist agencies
such as Moody's and Standard & Poor's.
Kreditni rejting / kreditna sposobnost - Klasifikacija finansijske ( kreditne ) sposobnosti
preduzea koju odreuju specijalizirane agencije.
__________________________________________________________________________
Credit risk The risk that a counterparty will default on a transaction.
Kreditni rizik / izloenost riziku - Rizik da partnerska strana nee izvriti transakciju.
__________________________________________________________________________
Credit scoring Technique used to evaluate a potential borrower according to predefined criteria.
Usually used in retail banking and credit card processing, and also in evaluating companies.
Kreditni rejting / kreditna sposobnost Tehnika koja se koristi u ocjeni potencijalnog
korisnika zajma prema unaprijed odreenim kriterijumima. Obino se koristi u komercijalnim
bankama i obradi potencijalnih korisnika kreditnih kartica, i takoe u ocjeni kreditne sposobnosti
preduzea.
__________________________________________________________________________
Creditworthy An institution or individual whose risk of defaulting is considered low.
Kreditno sposoban Institucija ili pojedinac kod koga se rizik neizvrenja ocjenjuje kao vrlo mali.
__________________________________________________________________________
Cross rate Exchange rate between two or more currencies, e.g. Euro to Yen or Yen to Sterling.
Ukrteni kursevi - Odnos razmjene dvije ili vie valuta, npr. euro prema jenu ili jen prema funti.
__________________________________________________________________________
Cumulative Dividends A common feature of preference shares which requires that the issuing
corporation pay all previously unpaid dividends before any ordinary share dividends may be paid.
Kumulativne dividende - Uobiajena karakteristika povlatenih dionica koja nalae da preduzee
emitent isplati sve prethodno neplaene dividende prije nego to bude mogue plaanje dividendi na
obine dionice.
__________________________________________________________________________
Custodian An entity that holds customers' securities in safe keeping.
Depozitar - Tijelo koje uva vrijednosne papire svojih klijenata.
__________________________________________________________________________
Current ratio The relationship between current assets and current liabilities. It is a measure of a
business's short term solvency.
Tekuci koeficijent Odnos izmeu obrtnih sredstava i tekuih obaveza. To je mjera kratkorone
solventnosti posla.
__________________________________________________________________________
Dealer In the US, a person or institution acting as a principal in buying and selling securities.
Used more loosely in the UK to refer to anyone trading securities, as agent or principal.
Diler - U SAD, lice ili institucija koja djeluje kao nalogodavac u kupovini ili prodaji vrijednosnih
papira. U UK se slobodnije koristi kada se misli na sve koji trguju vrijednosnim papirima, kao agent
ili kao nalogodavac.
__________________________________________________________________________
Debt Borrowed funds used as a source of finance.
Zajam / Pozajmica - Pozajmljena sredstva koja se koriste kao izvor finansija.
__________________________________________________________________________
Delivery Versus Payment The process of securities and cash changing hands at the same time,
thereby removing risk of default by either party.
Isporuka pri plaanju - Proces u kojem se vrijednosni papiri i gotovina razmjenjuju istovremeno,
ime se otklanja rizik obe strane.
__________________________________________________________________________
Delta Rate of change in an option's price in response to a one point change in the price of the
option's underlying asset.
Delta - Stopa promjene u cijeni opcije koja nastaje kao odgovor na promjenu od jednog poena u
9

cijeni osnovnog sredstva opcije.


__________________________________________________________________________
Depository ( Central Depository ) A central location in which certificates of title to debt or equity
securities are held.
Depo (Centralni Depo) - Centralna lokacija na kojoj se se uvaju vrijednosni papiri.
__________________________________________________________________________
Depreciation Loss in value, usually of currency but also of other assets.
Depresijacija - Opadanje vrijednosti, obino valute ali i drugih sredstava.
__________________________________________________________________________
Derivative A generic term for a range of instruments, traded on and off exchange, that are based
on underlying securities, currencies and commodities. Their prices, and their price movements,
are dependent upon the price movements of the underlying asset.
Derivat - Univerzalni termin za skupinu instrumenata, kojima se trguje na berzi i van nje, koji se
zasnivaju na osnovnim vrijednosnim papirima, valutama ili robama. Njihova cijene, i kretanja tih
cijena zavise od kretanja cijena njihovih osnovnih sredstava.
__________________________________________________________________________
Dilution A holding of shares is diluted when its proportional size, and hence, voting power, is
reduced as a result of an increase in the number of shares in issue.
Razvodnjavanje Posjed dionica se razvodnjava kada se njihova proporcionalna vrijednost,
glasaka snaga, umanjuje kao rezultat poveanja broja akcija koje se emituju.
__________________________________________________________________________
Discount basis A method for quoting the annualised return on non-interest-bearing securities,
which always sell at a discount, in which the amount of the discount from par represents the
investor's income during the life of the securities.
Eskontna osnovica - Metod za nuenje godinje dobiti na vrijednosne papire koji ne nose kamatu,
koja se uvijek prodaje na popust, gdje popust predstavlja prihod investitora u toku cijelog trajanja
vrijednosnog papira.
__________________________________________________________________________
Discounted cashflow ( DCF ) A method of determining the net present value of cashflows to be
received in the future.
Eskontovani novani tok - Metod odreivanja neto sadanje vrijednosti gotovinskih tokova koji e
biti primljeni u budunosti.
__________________________________________________________________________
Disintermediation The process whereby investors lend funds directly to borrowers without a bank
acting as intermediary.
Neposredno kreditiranje Postupak u kom investitor daje zajam zajmoprimcu bez banke kao
posrednika.
__________________________________________________________________________
Dividend That part of the profit of a company which is distributed to its shareholders.
Dividenda - Dio profita preduzea koji se distribuira njegovim dioniarima.
__________________________________________________________________________
Dividend Yield The current annualised dividend paid on a share, expressed as a percentage of
the current price of the shares.
Prinos na dionice / prihod od dionice / ukamaenje Tekui godinji prinos plaen za dionicu,
izraen u postotcima trenutne vrijednosti dionica.
__________________________________________________________________________
Dutch Auction An auction in which the seller reduces the price until a price is found at which the
whole of an offering can be sold.
Da ili Holandska aukcija - Aukcija na kojoj prodava umanjuje cijenu sve dok ona ne bude
onolika po kojoj se cijela ponuda moe prodati.
__________________________________________________________________________
DVP See Delivery versus Payment.
10

Isporuka prilikom plaanja


__________________________________________________________________________
Earnings per share The total earnings, net of tax, attributable to equity, divided by the number
of shares.
Zarada po dionici - Ukupna neto dobit od dionica, bez plaenog poreza, koja je vezana za
vlasniki ulog, podjeljena brojem dionica.
__________________________________________________________________________
Economic risk The long-term risk to a company's competitive position from movements in
exchange rates, or similar external factors.
Ekonomski rizik - Dugoroni rizik konkurentne pozicije preduzea na promjena kurseva ili dejstvo
slinih spoljnih faktora.
__________________________________________________________________________
EGM Extraordinary general meeting of a company called to discuss special business such as a
proposed takeover.
VSD - Vanredna skuptina dioniara preduzea koja je sazvana da bi se raspravili posebni poslovni
aranmani, kao npr. predloeno preuzimanje.
__________________________________________________________________________
Equity (1) A company's share capital; it is permanently employed in the business and does not
have to be repaid unless the company is liquidated. The term is most commonly used to mean
shareholders' equity. (2) In the context of credit analysis, this refers to the net value of all assets
after deduction of all charges.
(1) Dioniki kapital - Dioniki kapital preduzea; stalno se koristi u poslovanju i ne mora biti
isplaen izuzev u sluaju likvidacije preduzea. Termin se veoma esto koristi sa znaenjem
vlasnitva dioniara preduzea.
(2) Sopstveni kapital dionikog drutva - U kontekstu kreditnih analiza, ovo se odnosi na neto
vrijednost svih sredstava nakon odbijanja svih naknada.
__________________________________________________________________________
Eurobond A negotiable debt security issued outside the country of its currency and intended for
international distribution, e.g. a US dollar determination bond issued in London.
Euroobveznica - Prenosiv kreditni vrijednosni papir koji se emituje izvan zemlje njene valute i
namjenjen je meunarodnoj distribuciji, npr. obveznica odreena prema amerikom dolaru
emitovana u Londonu.
__________________________________________________________________________
Eurocurrency Funds which are held in an account outside the country in whose currency they
are denominated.
Eurovaluta - Sredstva koja se dre na raunu izvan zemlje u ijoj su valuti denominirana.
__________________________________________________________________________
Eurodollar A dollar denominated deposit with a bank outside the USA.
Eurodolar - Dolarski denominirani depoziti u bankama izvan SAD.
__________________________________________________________________________
European option One which can be exercised only on the expiry date ( cf. American option ).
Evropska opcija - Opcija koja se, nasuprot amerikoj opciji, moe izvriti ( realizovati ) samo na
dan dospjea.
__________________________________________________________________________
Evergreen facility A facility which automatically renews itself unless the borrower or lender
gives notice to cancel.
Kontinuelni izvor sredstava Izvor sredstava koji se automatski obnavlja ako zajmoprimac ili
zajmodavac ne objave prekid.
__________________________________________________________________________
Exchange A facility ( trading floor or computerised system ) for organised trading of securities
and/or other financial instruments or commodities.
11

Berza - Mjesto ( sala berze ili kompjuterizovani sistem ) za organizovanu trgovinu vrijednosnih
papira i/ili ostalih finansijskih instrumenata ili roba.
__________________________________________________________________________
Exchange rate risk The potential loss that could be incurred from a movement in exchange rate.
Rizik deviznog kursa - Potencijalni gubitak koji moe nastati usljed promjena deviznog kursa.
__________________________________________________________________________
Ex-Dividend Date The date on which ownership of shares is determined for purposes of paying
dividends. Investors who purchase their shares before the ex-dividend date receive the dividend in
question. Those who purchase shares on or after the ex-dividend date are not entitled to the
dividend.
Datum dividende Datum za utvivanje vlasnitva na dionicama u cilju isplate dividendi.
Investitori koji kupe svoje dionice prije ovog datuma dividende dobijaju dividende, a oni koji kupe
dionice poslije ovog datuma nemaju pravo na dividende.
__________________________________________________________________________
Exercise price The rate at which the holder of an option has the right to buy ( a call option ) or
sell ( a put option ) the underlying asset ( cf strike price ).
Cijena izvrenja opcije - Cijena po kojoj vlasnik opcije ima pravo kupiti ( kupovna opcija ) ili
prodati (prodajna opcija) osnovni vrijednosni papir.
__________________________________________________________________________
Expiry date or Expiration The final date on which an option can be exercised. In the case of a
European Option, the only date upon which it can be exercised.
Dan dospjea - Konani datum do kojeg opcija mora biti realizovana. U sluaju evropske opcije, to
je jedini dan kada ona moe biti realizovana.
__________________________________________________________________________
Ex-Rights Date The date on which ownership of shares is determined for purposes of granting
rights to purchase new shares in a rights offering. Investors who purchase their shares before the
ex-rights date receive the rights in question. Those who purchase shares on or after the ex-rights
date are not entitled to the rights.
Datum prava dionica Datum za utvivanje vlasnitva na dionicama u cilju osiguranja prava
kupovine novih dionica prilikom ponude prava na kupovinu. Investitori koji kupe svoje dionice prije
ovog datuma za kupovinu prava dobijaju ta prava, a oni koji kupe dionice poslije ovog datuma
nemaju pravo na ta prava.
__________________________________________________________________________
Federal Reserve US central bank.
Federalne rezerve - Centralna Banka SAD
__________________________________________________________________________
Fill-or-Kill Order A trading order which is cancelled if the broker is unable to execute it in full
immediately.
Berzanski nalog Sve ili nita / Ispuniti ili ponititi - Nalog koji se ponitava ako broker nije
u mogunosti da ga odmah izvri u potpunosti.
__________________________________________________________________________
Financial Services Authority ( FSA ) UK regulator of securities, banking and insurance
business and other investment business.
FSA - Regulator vrijednosnih papira, bankarskih i osiguravajuih organizacija i ostalih investicionih
poslovanja u UK.
__________________________________________________________________________
Financial year end The closing date of the annual accounts of a company.
Kraj finansijske godine - Dan zakljuivanja godinjih rauna preduzea.
__________________________________________________________________________
Fiscal year end The end of the tax year as defined by the tax authorities.
Kraj fiskalne godine - Kraj poreske godine koji definiu poreske vlasti.
__________________________________________________________________________
12

Fixed cost A cost which does not vary with the level of output.
Fiksni / stalni trokovi - Trokovi koji ne variraju u skladu sa nivoom proizvodnje.
__________________________________________________________________________
Fixed-rate interest Interest on a security which is calculated as a constant specified percentage of
the principal amount and paid at the end of specified interest periods, usually annually or semiannually until maturity. Frequently called the coupon.
Fiksna / stalna kamatna stopa - Kamata na vrijednosni papir koja je obraunata kao konstantan
odreeni postotak glavnice i isplauje se na kraju preciziranog perioda, obino kod godinjeg ili
polugodinjeg dospjea. esto se naziva i kupon.
__________________________________________________________________________
Flotation The process by which companies obtain a public quotation.
Flotiranje - Proces kojim preduzea stiu javnu kotaciju / vrednovanje.
__________________________________________________________________________
Floating exchange rate When the value of a currency is decided by supply and demand only.
Fluktuirajui / plivajui devizni kurs - Sluajevi u kojima se vrijednost valute odreuje samo
ponudom i potranjom.
__________________________________________________________________________
Floating or variable rate Interest on an issue of securities which is not fixed for the life of the
issue but which is periodically determined by an agent bank according to a formula specified in
the terms of the issue. The rate is usually set at a margin above a specified money-market rate,
which, for example, for Eurodollar securities is typically the three- or six month inter-bank rate at
which leading banks offer Eurodollar deposits to each other.
Promjenjiva kamatna stopa - Kamata na emisiju vrijednosnih papira koja nije fiksna u periodu
trajanja emisije ve je periodino odreuje banka agent prema formuli koja je precizirana uslovima
emisije. Stopa se obino postavlja na margini iznad precizirane stope trita novca, koja je npr. za
eurodolarske vrijednosne papire tipino tro- ili esto-mjesena meubankarska stopa po kojoj
vodee banke nude eurodolarske depozite jedne drugima.
__________________________________________________________________________
Floating-rate loan A loan on which the interest rate is reset at periodic intervals.
Zajmovi sa promjenjivom kamatnom stopom - Zajam kod kojeg se kamatna stopa odreuje u
periodinim intervalima.
__________________________________________________________________________
Floating Rate Note ( FRN ) A note paying interest on a floating-rate basis, generally subject to a
certain minimum rate of interest.
Obveznice sa promjenjivom kamatnom stopom - Obveznica koja isplauje kamatu po
promjenjivoj osnovi, najee zavisi od odreene minimalne kamatne stope.
__________________________________________________________________________
Floor (1) An option which fixes the minimum interest rate receivable on a deposit for a series of
interest periods;
(2) Physical exchange location where buyers and sellers trade.
(1) Instrumenti za garantovanje donje granice kredita / Podovi - Opcija koja utvruje fiksnu
donju granicu kamatne stope na ulog za niz vremenskih perioda u kojima se plaa kamata;
(2) Sala / Parket / Podij Fizika lokacija na berzi gdje kupci i prodavci trguju.
__________________________________________________________________________

Forfaiting Selling of invoices to raise cash. Debts of various kinds are put together and sold to
banks or corporate treasurers. A term used in international trade.
Forfetiranje / finasiranje bez prava na regres - Prodaja potraivanja radi prikupljanja
gotovine. Zajmovi razliitih vrsta se objedinjuju i prodaju bankama ili korporacijskim trezorima.
Termin se koristi u meunardonoj trgovini.
13

__________________________________________________________________________
Forward-forward An agreement to lend or take on deposit a specific amount of money for a
specific period, starting on a specific future date.
Rezervisanja unaprijed Ugovor o pozajmici ili uzimanju depozita odreene koliine novca na
odreen period, iji datum u budunosti je odreen.
__________________________________________________________________________
Forward points The interest rate differential between two currencies. The forward points are
added to or subtracted from the spot rate to give the forward rate.
Forvard poeni / terminski poeni - Razlika kamatne stope izmeu dvije valute. Terminski poeni se
dodaju ili oduzimaju od tekueg kursa kako bi se dobio terminski kurs u budunosti.
__________________________________________________________________________
Forward rate The rate at which a foreign exchange contract is struck today for settlement at a
specified date in the future.
Terminski ( budui ) kurs - Kurs koji se primjenjuje u terminskim poslovima - stopa po kojoj se
ugovor u stranoj valuti nivelira danas za saldiranje odreenog datuma u budunosti.
__________________________________________________________________________
Forward Rate Agreement ( FRA ) An agreement which fixes the interest rate payable receivable
on a given notional amount for a specified future period.
Budue kamatne stope ( terminski ugovor ) - Ugovor kojim ugovorne strane unaprijed
ugovarajuu kamatnu stopu na odreeni novani iznos za neki odreeni budui period.
_________________________________________________________________________
Front Running Entering into a trade ahead of a customer trade with the knowledge that the
customer's trade will move the market. Such trading is prohibited in all well regulated markets.
Istravanje Ulazak u transakcije prije trgovanja klijenata sa znanjem da e trgovanje klijenata
pokrenuti trite. Takvo trgovanje je zabranjeno na dobro reguliranim tritima.
__________________________________________________________________________
FT-SE 100 Known as Footsie. An index of 100 leading UK shares listed on the London Stock
Exchange, to provide a picture of share price movements.
FT-SE 100 - Indeks od sto vodeih dionica na listingu Londonske berze (poznat kao futsi), koji
prua sliku kretanja cijena dionica.
__________________________________________________________________________
Fundamental Analysis A form of security market analysis which seeks to determine the intrinsic
value of securities based on underlying economic factors. These intrinsic values are compared to
current market prices to estimate current levels of mispricing.
Osnovna / Fundamentalna analiza - Oblik analize trita vrijednosnih papira kojim se nastoji
utvrditi stvarna / realna vrijednost vrijednosnog papira na osnovu relevantnih ekonomskih faktora.
Tako dobijene stvarne vrijednosti se uporeuju sa trenutnom trinom cijenom kako bi se procijenio
trenutni nivo pogreke u odreivanju cijena.
__________________________________________________________________________
Future An agreement to buy or sell a standard quantity of a specified item on a future date at an
agreed price.
Fjuer - Ugovor o kupovini ili prodaji standardne koliine odreene robe po utvrenoj cijeni i u
odreenom trenutku u budunosti.
__________________________________________________________________________
Gearing This is a ratio that sums up the financial standing of a company. It is obtained by dividing
the total interest-bearing debt by the shareholders' funds. The higher the number, the greater the
risk. A company that has a large proportion of its permanent capital from debt is referred to as
being highly geared. Some analysts use the ratio of debt to capital employed, rather than debt to
equity, and this is also known as gearing.
Leverid - Odnos koji sumira finansijsku poziciju preduzea. Dobija se podjelom ukupnog duga
na koji se plaa kamata sa vlasnikim ulogom sredstava. Vei koeficijent odraava vei rizik.
Preduzee koje ima veliku proporciju duga u odnosu na trajni kapital se definira kao visoko
14

nategnuto. Neki analitiari koriste koeficijent odnosa duga prema ukupnom kapitalu a ne odnos
duga prema vlastitim sredstvima i taj odnos je takoe poznat kao nategnutost poslovanja.
__________________________________________________________________________
Gilt A UK government bond.
Glit / Obveznica sa zlatnom podlogom Dravne obveznice UK.
__________________________________________________________________________
Global Depository Receipt ( GDR ) Like American Depository Receipts ( ADRs ) above, but
GDRs are issued by banks from countries other than America.
GDR Kao i naprijed pomenuti ADR, samo to GDR emituju banke iz drugih zemalja, a ne
amerike.
__________________________________________________________________________
Goodwill An accounting convention defined as the difference between the fair market price of the
assets acquired and the price actually paid for those assets.
Gudvil - Raunovodstvena konvencija koja je definisana kao razlika izmeu pravedne ( prave )
trine cijene nabavljenog sredstva i cijene koja je zapravo plaena za ta sredstva.
__________________________________________________________________________
Guarantee Usually an undertaking by a third party to assume the debts of the borrower in the
event of default; a common situation with parent / affiliate lending arrangements.
Garancija Uobiajeno garancija treeg lica u sluaju neizvrenja obaveza zajmoprimca,
uobiajena situacija kod aranmana izmeu osnivaa i filijala.
__________________________________________________________________________
Hedge A transaction entered into for the purpose of the limitation or reduction of risk on an
already existing investment position.
Hed Transakcija u koju se ulazi s ciljem ograniavanja ili smanjenja rizika na ve postojeu
investicionu poziciju.
__________________________________________________________________________
Hedge Fund a fund utilising a highly leveraged investment strategy.
Hed fond / heding fond Fond koji omoguuje investicionu strategiju visokog leverida.
__________________________________________________________________________
Highly-leveraged transaction ( HLT ) The term adopted by US regulatory agencies to define any
transaction which involves significant increase in a company's debt burden.
Transakcije visokog leverida Termin usvojen kod amerikih regulatornih agencija kojim se
definie svaka transakcija koja dovodi do znaajnog poveanja dunikog tereta preduzea.
__________________________________________________________________________
Hostile bid An unsolicited bid which the target company's board and management have determined
is not in the best interests of the shareholder.
Neprijateljska ponuda Neispregovarana / Neprijateljska / Agresivna ponuda koju upravni
odbor preduzea smatra kao ne najpodobniju za interese dioniara.
__________________________________________________________________________
Inflation risk The potential for losses or reduced income arising from changes in the rate of
inflation.
Rizik inflacije Potencijal za gubitke ili umanjen prihod koji proizilazi iz promjena stope inflacije.
__________________________________________________________________________
Initial margin The deposit paid initially by both the buyer and the seller of a futures contract or
option to secure the contract.
Inicijalni depozit Depozit / iznos koji inicijalno plaaju i kupac i prodavac terminskog ugovora ili
opcije kako bi obezbjedili izvrenje posla.
__________________________________________________________________________
Initial Public Offering ( IPO ) The first offering to the public of any category of a company's
shares.
Inicijalna javna ponuda Prva ponuda javnosti svih kategorija dionica preduzea.
__________________________________________________________________________
15

Insider Dealing
( Illegal ) Trading on the basis of confidential, private information.
Poslovanje insjadera ( nelegalno ) Trgovanje na osnovu povjerljivih, privatnih informacija.
__________________________________________________________________________
Instrument A global term for securities, encompassing a range of financial debt from negotiable
deposits to bonds. Typically used in relation to short maturities, such as money-market
instruments.
Instrument Univerzalni termin za vrijednosne papire, koji obuhvata itav spektar finansijskih
dugova od prenosivih depozita do obveznica. Tipino se koristi za kratkorona sredstva, kao to su
instrumenti trita novca.
__________________________________________________________________________
Intangible assets Items which are valuable to a company but have no material form. These are,
for example, trademarks, reputation, brand loyalty and copyrights.
Neopipljiva sredstva Sredstva, stvari koje su vrijedne za preduzee ali nemaju materijalnu formu.
To su, na primjer, zatitni znak, reputacija, odanost i vlasnika prava.
_________________________________________________________________________
Inter-bank rates The rates at which banks bid for or offer deposits to each other in a particular
market.
Meubankarske kamate Kamate po kojim banke zakljuuju novane transkacije izmeu sebe, na
odreenom tritu.
__________________________________________________________________________
Interest rate risk The potential for losses or reduced income arising from changes in the interest
rate.
Rizik kamatne stope / kamatni rizik Potencijal za gubitke ili umanjen prihod koji proizilazi iz
promjena kamatne stope.
__________________________________________________________________________
Interest rate swap Exchange of interest obligations or receipts in the same currency.
Kamatni svop Razmjena kamatnih obaveza ili primitaka u istoj valuti.
__________________________________________________________________________
In-the-Money option: An option which if exercised immediately would give a profit, a call option
with a strike prize lower than the cash market price of the underlying or a put option with a strike
price higher than the cash market prize of the underlying (cf out-of-the-money).
Pozitivna opcija Opcija koja, ukoliko se izvri, odmah daje profit, kupovna opcija ija je cijena
izvrenja nia od gotovinske trine cijene finansijskog instrumenta obuhvaenog opcijom ili
prodajna opcija ija je cijena izvrenja via od gotovinske trine cijene finansijskog instrumenta
obuhvaenog opcijom.
__________________________________________________________________________
ISIN ( International Security Identification Number ) The standardised letter / number
identification system used to identify all internationally traded securities.
Meunarodni identifikacioni broj vrijednosnog papira Standardizovani slovno / brojani
identifikacioni sistem koji se koristi za identifikaciju svih vrijednosnih papira u meunarodnoj
trgovini.
__________________________________________________________________________
Launch date The day on which a new issue is first available for public sale and purchase.
Datum putanja u promet Dan na koji je nova emisija prvi put na raspolaganju za javnu
kupovinu i prodaju.
_________________________________________________________________________
Lead manager An institution which arranges a new issue on behalf of a borrower, and usually
acts as primary underwriter agreeing to buy the whole issue from the borrower.
Glavni nosilac posla / vodei menader Institucija koja organizuje novu emisiju u ime
zajmoprimca, i obino nastupa i kao primarni garant emisije prihvatajui da kupi cijelu emisiju od
zajmoprimca.
16

__________________________________________________________________________
Leasing A method of financing fixed assets coming from that group of sources known as off
balance sheet. The asset, instead of being acquired by its user, is purchased by an investment
company which then leases (rents) the asset to its ultimate user. The user thus substitutes a flow of
lease payments for a lump sum payment of capital.
Lizing Metod finansiranja fiksnih sredstava koja dolaze iz grupe izvora koja je poznata pod
nazivom vanbilansna evidencija. Sredstvo, umjesto da je kupljeno od strane njegovog korisnika,
kupuje investiciono preduzee koje zatim to sredstvo iznajmljuje njegovom krajnjem korisniku.
Korisnik tako ima vremenski tok otplate kroz lizing umjesto jednokratne isplate ukupne cijene.
_________________________________________________________________________
Leverage The use of borrowing to fund an investment.
Leverid Koritenje zajmova radi finansiranja investicije.
__________________________________________________________________________
Leveraged buy-out A buy-out in which debt raised on the target company's assets is the
principal form of capital used to finance the transaction.
Otkup preduzea kupovinom akcija pozajmljenim sredstvima Otkup podizanjem velikih
kredita za ije obezbjeenje slui aktiva preduzea koje se otkupljuje / kod kojeg je dugovanje
podignuto na sredstva ciljnog preduzea glavni oblik kapitala koji se koristi za finasiranje
transkacije.
__________________________________________________________________________
Limit Order A trading order which specifies a limit price at which the broker is to execute the
order. The trade will be executed only if the broker can meet or better the limit price.
Berzanski nalog sa limitiranom cijenom Nalog za trgovanje koji precizira limit cijene po kojoj
broker treba da ga izvri. Trgovanje e biti obavljeno samo ako broker moe postii limitiranu cijenu
ili cijenu koja je povoljnija od nje.
__________________________________________________________________________
LIFFE The London International Financial Futures Exchange.
LIFFE Londonska meunarodna berza finansijskih fjuersa.
__________________________________________________________________________
Liquiditation Selling off the company's assets to satisfy the creditors during a winding up. The
main risk in a liquiditation is asset shrinkage; whether the assets being liquidated can fetch a
market value sufficient to satisfy all creditors.
Likvidacija Rasprodaja sredstava preduzea kako bi se zadovoljili kreditori u toku postupka
likvidiranja. Glavni rizik prilikom likvidacije jeste smanjenje sredstava; i pitanje da li sredstva koja se
likvidiraju mogu dostii trinu vrijednost dovoljnu da bi se zadovoljili svi kreditori.
__________________________________________________________________________
Liquidity The ability to buy and sell an asset quickly and in large volume without substantially
affecting prices.
Likvidnost Sposobnost kupovine i prodaje sredstava brzo i u velikom obimu bez znaajnijeg
uticaja na cijene.
__________________________________________________________________________
Listed Company A company that has its shares listed on a recognised securities exchange.
Preduzee koje kotira na berzi / koje je na listingu berze Preduzee koje ima dionice koje se
kotiraju na priznatoj berzi vrijednosnih papira.
__________________________________________________________________________
Listing The process by which an issue of securities is admitted for trading on a recognised stock
exchange. Also, a company is said to have a listing on an exchange.
Listing / kotiranje vrijednosnih papira Proces kojim se emisija vrijednosnih papira prihvata
za trgovanje na priznatoj berzi vrijednosnih papira. Takoe, moe se rei i da je preduzee na
listing-u berze.
__________________________________________________________________________
Loan agreement
Defines the rules and obligations binding on the lenders, borrowers,
17

guarantors, and related parties.


Ugovor o zajmu Definie pravila i obaveze koje su obavezujue za kreditore, zajmoprimce,
garante i sve ostale ugovorne strane.
__________________________________________________________________________
Long A market position where the dealer has bought the market product in excess of immediate
requirements, usually with a view to selling it at a higher price at a later date.
Duga pozicija Pozicija na tritu u kojoj je diler kupio vie trinih proizvoda nego to je u
skladu sa trenutnom potranjom, obino sa namjerom da ih kasnije proda po vioj cijeni.
__________________________________________________________________________
Management group The primary underwriters of a new issue comprising the managers.
Konzorcijum / menadment grupa Primarni garanti nove emisije koju ine menaderi.
__________________________________________________________________________
M&A Mergers and acquisitions.
F & K - Fuzija preduzea ( merderi ) i kupovina.
__________________________________________________________________________
Margin (1) This is expressed as a percentage added to a reference interest rate (e.g. to six-month
LIBOR) to establish the coupon of floating-rate instrument. Also called the spread. (2) On a
futures or options exchange, a security deposit which must be put up by a person wishing to trade
on that exchange (initial margin) or additional funds required to be put up as a result of price
movements (variation margin).
Mara (1) Izraava se kao postotak dodat na referentnu / baznu kamatnu stopu ( npr.
estomjeseni LIBOR ) kako bi se ustanovila mara instrumenta sa promjenjivom kamatnom
stopom. (2) Na berzi fjuersa ili opcija, obezbjeenje koje se mora deponovati od strane osobe koja
eli trgovati na toj berzi (inicijalna mara) ili dodatna sredstva koja je potrebno deponovati kao
rezultat kretanja cijena (mara varijacija).
__________________________________________________________________________
Margin Account An account maintained by an investor with a brokerage firm in which securities
may be purchased by borrowing a portion of the purchase price from the brokerage firm, or may
be sold short by borrowing the securities from the brokerage firm.
Kreditni raun efekata Raun koji investitor ima u brokerskoj firmi u kojoj se vrijednosni papiri
mogu kupovati pozajmljivanjem dijela kupovne cijene od brokerske firme, ili se mogu prodavati
sredstva koja se jo ne posjeduju uzimanjem pozajmice vrijednosnih papira od brokerske firme.
__________________________________________________________________________
Market Capitalisation The aggregate market value of a security, equal to the market price per
unit of the security multiplied by the total number of outstanding units of the security.
Trina kapitalizacija Ukupna trina vrijednost vrijednosnog papira, koja je jednaka trinoj
cijeni po jedinici vrijednosnog papira pomnoenoj ukupnim brojem preostalih jedinica vrijednosnog
papira.
__________________________________________________________________________

Market-maker A dealer or trader who undertakes to quote continuous bid and offered prices or
yields for an issue of securities and to trade on those prices, thus ensuring there is always a market
in those securities.
Nivelator trita Diler ili trgovac koji ima stalnu ponudu i tako osigurava da emisija vrijednosnih
papira ima stalno trite.
__________________________________________________________________________
Mark-to-market Re-value a position according to the prevailing market price.
Pozicioniranje cijena Ponovna procjena pozicije u skladu sa preovladavajuom trinom
cijenom.
__________________________________________________________________________
18

Maturity The final date on which a loan must be repaid.


Dospjelost / dospjee Krajnji datum do kojeg zajam mora biti otplaen.
__________________________________________________________________________
Maturity schedules The repayment days on the loan.
Plan dospjea Kalendarski plan otplaivanja kredita.
__________________________________________________________________________
MBO Management buy-out. A buy-out in which the existing management team of a company
acquires complete ownership and control of the company.
Otkup preduzea koji vri njegova uprava Otkup u kojem postojei tim uprave preduzea
otkupljuje kompletno vlasnitvo i kontrolu nad preduzeem.
__________________________________________________________________________
Merger The combining of the ownership of two companies. Either a new company is created in
which the shareholders of both the old companies are given shares in the new, or one company
becomes a subsidiary of the other.
Spajanje / merder Kombinacija vlasnitva dva preduzea. Moe da se kreira novo preduzee
u kojem se vlasnicima dionica oba prethodna preduzea daju dionice u novom, ili jedno preduzee
postaje aflijacija drugog.
__________________________________________________________________________
Money markets Short-term (less than one year) financial markets.
Trita novca Kraktorona ( krae od jedne godine ) finansijska trita.
__________________________________________________________________________
Mortgage-backed security A bond which is secured against a pool of mortgages.
Hipotekarni vrijednosni papir Obveznica koja je osigurana skupinom hipoteka.
__________________________________________________________________________
Multiples The name given to ratios such as the price-earnings ratio used in determining relative
market-based values.
Multiplikatori Imena data koeficijentima kao npr. koeficijentu cijena/profit koji se koristi za
odreivanje relativnih trinih vrijednosti.
__________________________________________________________________________
National Chartered Bank US equivalent to UK clearing bank. Must be a member of the Federal
Reserve system.
Nacionalna kliring banka Ameriki ekvivalent klirinkoj banci UK. Mora biti lan sistema
Federalnih rezervi.
__________________________________________________________________________
Net Asset Value The market value of a company's assets, less any liabilities.
Neto vrijednost sredstava Trina vrijednost sredstava preduzea umanjena za obaveze.
__________________________________________________________________________
Nominal amount or value The value stated on the face of a security. ( See Par Value.)
Nominalna vrijednost / par vrijednost Vrijednost koja je naznaena na vrijednosno papiru.
__________________________________________________________________________
Off balance sheet finance Finance provided in such a way that its source does not appear as a
liability on the balance sheet. Leasing and debt factoring are examples of such sources of finance.
Vanbilansne finansije Finansije koje se obezbjeuju na takav nain da se izvori ne pojavljuju kao
obaveze na bilansu stanja. Lizing je primjer takvog izvora finansija.
__________________________________________________________________________
Offer The price at which the market, or a particular market-maker, is willing to sell a security or
other financial instrument or commodity (see also ask and bid).
Ponuda Cijena po kojoj je trite, ili odreeni nivelator trita, voljan prodati vrijednosni papir ili
drugi finansijski instrument ili robu.
__________________________________________________________________________
19

Offer for sale


An offer of new shares to the public made on the issuer's behalf by an
intermediary.
Ponuda / plasman vrijednosnih papira prodajom Ponuda novih dionica javnosti koju u ime
emitenta vri posrednik.
__________________________________________________________________________
Offer for subscription An offer of new shares to the public made directly by the issuer.
Ponuda / plasman vrijednosnih papira javnom ponudom Ponuda novih dionica javnosti koju
vri direktno emitent.
__________________________________________________________________________
Opening (1) the initial price at which a security or other instrument trades on any trading day; (2)
the beginning of a daily trading session.
(1) Poetni kurs / kurs otvaranja inicijalna cijena po kojoj se vrijednosnim papirima ili drugim
instrumentima trguje na dan tgovanja,
(2) Otvaranje Poetak dnevnog trgovanja.
__________________________________________________________________________
Open market operations The activities of central banks used to influence interest rates and the
money supply.
Operacije na otvorenom tritu Aktivnosti centralnih banaka kojima se utie na kamatne stope i
priliv novane mase.
__________________________________________________________________________
Open outcry A trading system adopted on some exchanges whereby the traders are required to
call out their price which anyone in the pit may accept.
Otvoren poziv na trgovanje Sistem trgovanja na nekim berzama gdje se od posrednika zahtijeva
da izvikuju cijene koje svako u sali na mjestu gdje se trguje moe prihvatiti.
__________________________________________________________________________
Open position Uncovered or unhedged exposure to interest rate or currency movements.
Otvorena pozicija Nepokriveno ili izlaganje bez heda kamatnim stopama ili kretanjima
vrijednosti valute.
__________________________________________________________________________
Option A contract giving the holder the right but not the obligation to buy or sell a specific
quantity of an underlying asset at an agreed price for a specified period ( see call option and put
option ).
Opcija Ugovor koji vlasniku daje pravo ali ne i obavezu da kupi ili proda odreenu koliinu
finansijskih instrumenata obuhvaenih opcijom po ugovorenoj cijeni u definisanom vremenskom
periodu ( pogledati kupovne i prodajne opcije ).
__________________________________________________________________________
Ordinary shares UK term for shares which give the rights of ownership in a company, such as to
share in profits by way of dividends, to vote in general meetings and to elect and dismiss directors.
(Known in the US as Common Stock, q.v.)
Obine dionice UK izraz za dionice koje daju pravo vlasnitva u preduzeu, kao to je uee u
profitu podjelom dividendi, pravo glasa na generalnoj skuptini dioniara i izbor ili otputanje
direktora.
__________________________________________________________________________
Out-of-the Money option An option which if exercised immediately would give a loss (cf in-themoney).
Negativna opcija Opcija koja bi u sluaju trenutnog izvrenja donijela gubitak.
__________________________________________________________________________
Outright
Simple foreign exchange transaction involving either the purchase or the sale of
currency.
Obine devizne transakcije Jednostavna kupovina / prodaja deviza.
__________________________________________________________________________
Over-the-counter ( OTC ) Originally the term used to describe transactions or markets where
20

two parties to the trade dealt with each other without the use of an organised exchange. NB. One
of the largest exchanges in the world, NASDAQ, does, however, still describe itself as an over-thecounter market.
Vanberzansko ( trite ili transakcije ) - Originalno, termin se koristi da bi se opisale transakcije ili
trita gdje dvije strane u trgovini sarauju jedna s drugom bez koritenja usluga organizovane
berze. Jedna od najveih svjetskih berzi, NASDAQ, jo uvijek se sama naziva vanberzanskim
tritem.
__________________________________________________________________________
Par (1) the principal value generally of a debt security; (2) the stated value of an equity security,
which generally bears no relationship to the price at which it is traded.
Nominalna vrijednost / par vrijednost (1) generalna vrijednost glavnice kreditnih
vrijednosnih papira, (2) navedena vrijednost vlasnikih vrijednosnih papira, koja generalno nema
veze sa cijenom po kojoj se njome trguje.
__________________________________________________________________________
Pit The designated area on an exchange floor where trading in a particular option, commodity or
future takes place.
Mjesto za trgovanje u sali berze Odredjeno mjesto na berzi gdje se trguje opcijama, robama,itd.
__________________________________________________________________________
Place During an issue's primary market distribution, to sell the related securities to investors.
Plasirati U toku primarne trine distribucije emisije, prodati relevantni vrijednosni papir
investitorima.
__________________________________________________________________________
Poison Pill Provisions designed to make a company less attractive to an unsolicited takeover
attempt.
Otrovna tableta Sredstva namjenjena smanjenju privlanosti preduzea za pokuaje
nepregovaranog preuzimanja od strane agresivnih kupaca.
__________________________________________________________________________
Political risk The potential for losses or reduced income arising from a change in government
policy.
Politiki rizik Mogui gubici ili umanjen prihod do koga dolazi usljed promjene dravne politike.
__________________________________________________________________________
Pre-emption rights Shareholders' rights that ensure that their claim on a company will be
maintained in the event of a further issue of shares.
Prava preeg otkupa Prva dioniara kojima se obezbjeuje da e njihovi zahtjevi prema
kompaniji biti uvaeni u sluaju daljeg emitovanja dionica.
__________________________________________________________________________
Preference shares Shares, evidencing ownership in a corporation, which pay a fixed percentage
dividend but which do not normally give the holder voting privileges. Preference share rank
ahead of ordinary shares for dividend payments and return of capital if a company becomes
insolvent.
Povlatene dionice Dionice, koje evidentiraju vlasnitvo u korporaciji, koje donose fiksan
postotak dividende ali koje obino ne daju vlasniku glasake privilegije. Povlatena dionica rangira
se ispred obine dionice kod isplate dividende i povrata kapitala ukoliko preduzee postane
nesolventno.
__________________________________________________________________________
Premium (1) For securities selling above par, the difference between the price of the security and
par.
(2) An amount that must sometimes be paid above par in order to call an issue, i.e. a call
premium.
(3) Occasionally used and interchangeable with margin or spread when the latter two refer to a
percentage above a given amount or rate.
Premija (1) za vrijednosne papire koji se prodaju iznad nominalne vrijednosti, razlika izmeu
21

cijene vrijednosnog papira i nominalne vrijednosti.


(2) Iznos koji ponekad mora biti plaen iznad nominalne vrijednosti da bi se opozvala emisija.
(3) Povremeno se koristi, i to istim sistemom kao i mara kada se ona odnosi na postotak iznad
datog iznosa ili stope.
__________________________________________________________________________
Present value The current worth of a payment or a series of payments, discounted at a given
interest rate. Future value becomes present value through the process of discounting.
Sadanja vrijednost Trenutna vrijednost plaanja ili serije plaanja, eskontovana po datoj
kamatnoj stopi. Budua vrijednost postaje sadanja vrijednost kroz proces eskontovanja.
__________________________________________________________________________
Price / Earnings ratio The number obtained by dividing the market price of a share in a
company by the current or projected earnings attributable to that share.
Koeficijent cijena dionice / zarada Broj koji se dobije diobom trine vrijednosti dionice
preduzea trenutnom ili predvienom zaradom na tu dionicu.
__________________________________________________________________________
Primary market (1) The market in which new issues of securities are initially syndicated and
distributed, i.e. sold or placed.
(2) In the context of money markets, the discount market.
Primarno trite (1) Trite na kojem se inicijalno plasira i distribuira nova emisija vrijednosnih
papira. (2) u kontekstu trita novca, eskontno trite.
__________________________________________________________________________
Prime rate The rate at which prime borrowers can borrow from banks ( US ).
Primarna stopa Stopa po kojoj primarni zajmoprimci mogu uzimati pozajmice od banaka (SAD).
__________________________________________________________________________
Principal, face value, maturity or nominal amount That amount inscribed on the face of a
security, exclusive of interest or premium, due to a security holder at maturity and it is the amount
used in the computation of interest due on such security.
Nominalna vrijednost Iznos koji je naveden na vrijednosnom papiru, bez interesa ili premije, koji
se isplauje vlasniku vrijednosnog papira po njegovom dospjeu; to je iznos koji se koristi pri
izraunavanju dospjelih kamata na takav vrijednosni papir.
__________________________________________________________________________
Private placing / placement A lead manager, ( example, a bank) is appointed to sell an issue of
securities to a limited number of investors who are usually the clients of that manager, rather than
to a wider public. This is not a method of gaining a listing, although that may come later.
Zatvorena ponuda Glavni nosilac posla, npr. banka, je imenovan da prodaje emisiju vrijednosnih
papira ogranienom broju investitora koji su obino klijenti tog menadera ( banke ), a ne da ih
putaju u javnu ponudu. Ovo nije metod kojim se stie listing, mada do toga moe doi kasnije.
__________________________________________________________________________
Promissory note An undertaking to pay a specific sum of money on demand at a fixed or
determinable future date.
Promisorna nota Obaveza plaanja specifine sume novca prema zahtjevu, na odreen ili neki
neodreen datum u budunosti.
__________________________________________________________________________
Prospectus or offering memorandum A document, prepared by the lead manager to an issue
containing all the pertinent information about a public offering of securities and about the
borrower and guarantor, if any. It is made available to the appropriate legal authorities, stock
exchanges and prospective investors. A preliminary prospectus is generally dispatched at the
beginning of the subscription period and a final prospectus is dispatched immediately after both
the final terms have been fixed and the subscription agreement has been signed by the borrower
and the managers.
Prospekt za emisiju vrijednosnih papira Dokument o emisiji koji priprema nosilac posla, u
kojem su sadrane sve bitne informacije o javnoj ponudi vrijednosnih papira i o zajmoprimcu ili
22

garantu, ako postoje. Stavlja se na raspolaganje svim relevantnim pravnim vlastima, berzama i
potencijalnim investitorima. Preliminarni prospekt se generalno distribuira na poetku perioda upisa
a konana verzija prospekta se distribuira odmah nakon to su ugovoreni konani uslovi i nakon
potpisivanja ugovora o upisu od strane zajmoprimca i menadera.
__________________________________________________________________________
Proxy The signing by a shareholder of a power of attorney, thereby authorising a designated
party to cast all of the shareholder's votes on any matter brought up at the company's annual
meeting.
Punomo Ovlatenje, punomo koju potpisuje dioniar, kojom autorizuje imenovanu osobu da
glasa u njegovo ime u vezi svih pitanja koja se razmatraju na godinjoj skuptini dioniara
preduzea.
__________________________________________________________________________
Public offering An offering for sale of a new issue of securities to the general investing public.
Javna emisija / javna ponuda Ponuda za prodaju nove emisije vrijednosnih papira ukupnoj
investitorskoj javnosti.
__________________________________________________________________________
Put Option An option giving the holder of the option the right (but not the obligation) to sell a
specified quantity of the underlying asset at a specified price (strike price)on (in the case of a
European Option), the expiration date or in the case of an American Option) on or before that
date (see call option).
Prodajna opcija Opcija koja vlasniku daje pravo ali ne i obavezu da proda preciziranu koliinu
sredstva obuhvaenog opcijom po ugovorenoj cijeni (cijeni izvrenja) na dan dospjea (evropska
opcija) ili (u sluaju amerike opcije) prije ili zakljuno sa danom dospjea.
__________________________________________________________________________
Raider An individual or corporation which seeks to gain control of a target company by buying up
its shares on the open market, either by accumulation or tender offer. The raider's intentions are
usually unwelcome, or hostile.
Napada Pojedinac ili korporacija koja nastoji da ostvari kontrolu nad ciljanim preduzeem
kupovinom njegovih akcija na otvorenom tritu, ili njihovom akumulacijom ili na tenderu. Ovakve
namjere nisu obino dobrodole ili se tretiraju kao neprijateljske.
__________________________________________________________________________
Ramping Buying a large amount of securities to force the price higher.
Napad Kupovina velikog broja vrijednosnih papira u cilju nasilnog dizanja cijene.
__________________________________________________________________________
Rating The evaluation of an issue's investment quality by a US rating agency, such as Moody's or
Standard & Poor's.
Rangiranje / rejting Procjena vrijednosti investicione kvalitete emisije koju u SAD obavlja
posebne agencije za odreivanje rejtinga, kao npr. Moodys ili Standard & Poors.
__________________________________________________________________________
Ratio analysis The technique of analysing company performance by calculating financial ratios
for historical and comparative purposes.
Analiza koeficijenata Tehnika analiziranja poslovanja preduzea izraunavanjem finasijskih
koeficijenata za istorijske i komparatvine namjene.
__________________________________________________________________________
Real interest rate The interest rate less the rate of inflation.
Realna kamatna stopa Kamatna stopa minus stopa inflacije.
__________________________________________________________________________
Red Herring
A preliminary prospectus that provides much of the information in the final
prospectus, but is not an offer to sell the security, nor does it display an actual offering price.
Preliminarni / privremeni prospekt, Crvena Haringa Preliminarni prospekt koji prua
veinu informacija konanog prospekta ali ne predstavlja ponudu vrijednosnih papira za prodaju,
23

niti navodi aktuelne cijene ponude.


__________________________________________________________________________
Recapitalisation The replacement of equity with debt in a company's capital structure; control of
the company does not change.
Rekapitalizacija Zamjena vlasnikih sredstava dugom u strukturi kapitala preduzea; kontrola u
preduzeu se ne mijenja.
__________________________________________________________________________
Repurchase agreement 'repo' A financing arrangement whereby the owner of securities sells
them to another party and simultaneously agrees to purchase the securities at an agreed price at a
specified future date: the purpose of such transactions may, in effect, be to provide secured
finance to the "Seller" in the original transaction, or to "lend" securities to the original buyer who
may need them to settle another transaction. The difference between the original sale price and
the repurchase price will be based on interest rates for the period.
Aranmani o ponovnoj kupovini ili otkupu vrijednosnih papira / repo Finansijski
aranman pri kojem vlasnik prodaje vrijednosne papire drugoj strani i simulatno dogovara kupovinu
vrijednosnog papira po dogovorenoj cijeni odreenog datuma u budunosti: svrha ovakve
transakcije moe biti obezbjeivanje osiguranih finansija za prodavca u originalnoj transakciji, ili
davanje na zajam vrijednosnih papira originalnom kupcu koji ih treba radi dogovaranja druge
transakcije. Razlika izmeu originalne prodajne cijene i cijene rekupovine e se bazirati na kamatnoj
stopi za dati period.
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Reverse repo The opposite to a repo, i.e. the purchase of securities for current delivery and the
simultaneous sale of the securities for forward delivery.
Obrnuti repo Suprotno od repo aranmana, tj. kupovina vrijednosnih papira za trenutnu
isporuku i simultana prodaja vrijednosnih papira za buduu isporuku.
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Rights issue An issue of shares which is first offered to existing shareholders.
Pravo na emisiju Emisija dionica koja se prvo nudi postojeim dioniarima.
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Rollover date The date at which interest is reset on a floating-rate loan.
Datum promjene kamatne stope Datum na koji se mjenja kamatna stopa na zajmove sa
promjenjljivom kamatom stopom.
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Sale of the "Crown Jewels" or "Family Silver" The target company sells the assets which are
most likely to be of interest to a raider in an effort to maintain its independence. These are usually
the most valuable assets of the corporation.
Prodaja Kraljevskih dragulja ili Porodinog srebra Ciljano preduzee prodaje sredstva
koja su najvjerovatnije od najveeg interesa za napadaa u cilju da zadri svoju nezavisnost. To su
obino najvrijednija sredstva preduzea.
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Scorched Earth A strategy whereby a company sells off a majority of its assets in an effort to
render itself unattractive to a hostile acquirer.
Demoliranje prije povlaenja Strategija prodaje svih vrijednih sredstava preduzea kao
nastojanje da se preduzee prikae neprijateljskom kupcu u neprivlanom svijetlu.
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SEC The US Securities and Exchange Commission, the federal agency which administers US
federal securities laws.
Komisija za berze i vrijednosne papire SAD Federalna agencija koja provodi amerike
federalne zakone o vrijednosnim papirima.
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Secondary market
(1) The market for buying and selling securities after their initial
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distribution.
(2) In the money markets, the market for certificates of deposit, the interbank market, local
authority bonds and commercial paper.
Sekundarno trite (1) Trite za kupovinu i prodaju vrijednosnih papira nakon njihove inicijalne
distribucije. (2) Na tritima novca, trite za depozitne certifikate, meubankarsko trite, lokalne
dravne obveznice i komercijalne papire.
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Securitisation The conversion of bank loans and other non-tradeable assets into tradeable
securities.
Sekjuritizacija Konverzija bankarskih kredita i drugih sredstava kojima se ne moe trgovati u
vrijednosne papire kojima se moe trgovati.
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Security (1) A negotiable instrument representing a debt or equity obligation; (2) Collateral (qv).
Vrijednosni papir (1) prenosivi instrument koji predstavlja kreditnu ili vlasniku obavezu, (2)
kolateral / hipoteka.
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Self-Regulation A method of regulation where the rules and standards of conduct in securities
markets are set by the firms that operate in these markets, subject to oversight by governmental
agencies.
Samo-regulisanje Metod regulisanja pri kojem pravila i standarde poslovanja na tritima
vrijednosnih papira odreuju firme koje operiu na tim tritima, pri emu su one pod nadzorom
dravnih agencija.
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Sell-out The sale of a security at the prevailing market price to satisfy a failed transaction.
Rasprodaja Prodaja vrijednosnih papira po postojeoj trinoj cijeni kako bi se zadovoljila
neuspjela transakcija.
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Shares Units of company stock or equity which may be ordinary shares or another class, e.g.
preferred or deferred.
Dionice Jedinice vrijednosnih papira preduzea ili dionikog kapitala koje mogu biti obine
dionice ili dionice drugih klasa, npr. povlatene ili sa odloenim pravom.
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Short A market position whereby the dealer has sold a market product which he does not own,
with a view to buying it back at a lower price at a later date.
Kratka pozicija Pozicija na tritu u kojoj je diler prodao trini proizvod koji ne posjeduje, s
ciljem da ga otkupi po nioj cijeni neto kasnije.
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Short term In most markets, a periods of less than one year.
Kratkoroni period Na veini trita, periodi krai od jedne godine.
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Simple interest Interest which is calculated and paid solely on the principal. (cf compound
interest.)
Prosti interes Interes koji se izraunava i plaa iskljuivo na glavnicu.
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Sinking fund Money, either cash or eligible securities, periodically set aside by the borrower in
order to redeem all or part of its long-term debt.
Amortizacioni fond Novac, gotovina ili vrijednosni papiri, koje zajmoprimac periodino ostavlja
na stranu u cilju otplate cijelog ili dijelova dugoronog duga.
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Spin off A company which was once part of a large corporation and has been floated separately.
Raspredanje Preduzee koje je bilo dio velike korporacije a odvojilo se.
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Spot Market for immediate delivery of underlying assets for immediate payment.
Promptno trite Trite sa momentalnom isporukom osnovnog sredstva za trenutno plaanje.
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Spot rate The price used for currency trades in the spot market, which can be for settlement
either on the day the trade was made, or the following day.
Promptni kurs / promptna stopa Cijena koja se koristi pri kupoprodaji deviza na promptnom
tritu, koja se moe saldirati istog dana trgovanja ili narednog dana.
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Spread A difference in prices or yields, often between a market-maker's bid and offer rates.
Mara Razlika u cijenama ili ukamaenju, esto izmeu ponude uesnika na tritu i stopa
ponude.
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Straight or straight debts In the context of debt security issues; colloquial usage for fixed-rate or
fixed-income securities.
Obveznice sa fiksnom kamatnom stopom U kontekstu emisija kreditnih vrijednosnih papira;
vrijednosni papiri sa fiksnom kamatnom stopom ili fiksnim prihodom.
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Strike price The price or interest rate at which an option may be exercised.
Cijena izvrenja Cijena ili kamatna stopa po kojoj opcija moe biti izvrena.
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Strike rate or price The rate at which an option may be exercised (cf exercise price).
Stopa izvrenja / cijena izvrenja Stopa po kojoj opcija moe biti izvrena.
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Subordinate debt Securities on which the claims of a holder on the assets of the borrower rank
behind other debt in right of payment in a liquidation.
Podreene neosigurane obveznice Vrijednosni papiri na koje se zahtjevi vlasnika sredstava
zajmoprimca rangiraju iza drugih dugovanja prema pravu plaanja u likvidaciji.
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Sub-underwriter see Underwriter. ( Vidjeti pod Garant ).
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Swap A contract for exchange of interest obligations (fixed/floating, currency or other bases) and
on occasion principal amounts.
Svop Ugovor o razmjeni kamatnih obaveza ( fiksnih / promjenjivih, deviznih ili drugih ) a
povremeno i glavnica.
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Take down The beginning of a loan period.
Datum stupanja na snagu ugovora o zajmu Ugovoreni poetak zajma.
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Take-over The process by which one company tenders for the shares of another in order to gain
control.
Preuzimanje Proces u kojem jedno preduzee nastoji preuzeti dionice drugog preduzea s ciljem
sticanja kontrole nad tim preduzeem.
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Tangible net worth The difference between total tangible assets and the total liabilities of a
company. Tangible assets exclude all 'intangible' assets such as goodwill, trade marks and brand
names.
Materijalna neto vrijednost razlika izmeu ukupne materijalne aktive i ukupnih obaveza
preduzea. Materijalna aktiva ne obuhvata nematerijalna, neopipljiva sredstva, kao to su
vrijednost gudvil-a, zatitnog znaka ili imena.
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Tender Offer (1) A formal offer to buy some or all of the shares of a publicly quoted company,
usually at a premium above the current market price, for cash, securities or both. May be friendly
26

or unfriendly. (2) An offer by a company to buy back its own liabilities. (3) Another name for an
auction of new securities.
Plasman vrijednosnih papira tenderom / aukcijom (1) Formalna ponuda za kupovinu dijela ili
svih dionica preduzea koje je javno kotirano, obino uz premiju iznad trentune trine cijene, za
gotovinu, vrijednosne papire ili oboje. Moe biti prijateljski ili neprijateljski. (2) Ponuda preduzea
da otkupi svoje obaveze. (3) Drugi naziv za aukciju novih vrijednosnih papira.
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Terminal value What a company is presumed to be worth at some point in the future.
Terminalna / konana vrijednost Koliko e preduzee vrijediti u nekom momentu u budunosti.
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Tick The minimum price fluctuation of a future or an option.
Tik Minimalna fluktuacija cijene fjuersa ili opcije.
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Treasury bills ( T- Bills ) Short-term securities (one year or less) issued by a government at a
discount.
Mjenice dravne blagajne / blagajniki zapisi Kratkoroni vrijednosni papiri (do jedne godine
ili krae) koje emituje drava uz popust.
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Treasury bonds ( T- Bonds ) Coupon-bearing securities issued by a government with an original
maturity of more than 10 years.
Obveznice dravne blagajne / obveznice trezora Vrijednosni papiri sa kuponom ( kamatom )
koje emituje drava uz originalno dospjee od 10 ili vie godina.
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Treasury notes Coupon-bearing securities issued by a government with an original maturity of
10 years or less.
Srednjerone obveznice dravne blagajne Vrijednosni papiri sa kuponom ( kamatom ) koje
emituje drava uz originalno dospjee od 10 godina ili krae.
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Treasury risk The risks inherent in the money market operations of an organisation.
Rizik dravne blagajne Rizik koji je sastavni dio operacija trita novca jedne organizacije.
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Two-way price A price for which both a bid and an offer are quoted.
Dvosmjerna cijena Cijena kod koje se navode i ponuena i traena cijena.
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Underlying instrument / asset The instrument or asset on which a derivative is based. For
example, an option on a future has an underlying futures contract.
Instrument ili sredstvo koje je obuhvaeno vrijednosnim papirom Instrument ili sredstvo na
kojem se zasniva derivat. Na primjer, opcija na fjuers ima kao osnovu terminski fjuers ugovor.
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Underwrite To agree to purchase securities if they are not purchased by others, i.e. to contract to
buy the unsubscribed securities of a primary market issue on a given date at a specific price, thus
guaranteeing the borrower the full proceeds. Another method of underwriting is for the
underwriter to buy the whole, or a portion of an issue and then sell it on; this is called a bought
deal.
Garantovati Prihvatiti kupovinu vrijednosnih papira ako ih niko drugi ne kupi; npr. ugovorno
kupiti neprodane vrijednosne papire emisije primarnog trita dogovorenog dana i po
ugovorenoj cijeni, ime se zajmoprimcu garantuje rezultat. Drugi metod garantovanja jeste da
garant kupi cijelu ili dio emisije te da je onda on sam prodaje;
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Underwriter An institution that underwrites (see Underwrite above). There may also be subunderwrites who perform the same service for the underwriters.
Garant Institucija koja daje garanciju. Takoe mogu postojati i sub-garanti koji iste usluge
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obavljaju za same garante.


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Value date Maturity date ( settlement date ) of a spot or forward contract.
Datum valute Dan dospjea ( saldiranja ) promptnog ili forvard ( budueg ) ugovora.
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Variable cost A cost which varies proportionately with the level of output.
Varijabilni trokovi Trokovi koji variraju proporcionalno sa nivoom proizvodnje.
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Variation margin Funds required to be deposited with an exchange or a broker by a buyer or
seller of a futures contract in order to cover price movements.
Rezreva za fluktuacije cijena Rezervna sredstva koje se moraju deponovati na berzi ili kod
brokera od strane kupaca ili prodavaca ugovora o fjuersima u cilju pokrivanja fluktuacija u
cijenama.
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Vertical integration A diversification strategy that calls for the acquisition of businesses related to
the production or distribution of the acquirer's product. Classic example is the oil refinery that
acquires oil wells and gas stations.
Vertikalna integracija Strategija diverzifikacije korporacija koja zahtjeva kupovinu preduzea
povezanih sa proizvodnjom ili distribucijom osnovnog proizvoda korporacije koja obavlja kupovinu.
Klasian primjer je kupovina izvora nafte ili benzinskih stanica od strane rafinerija nafte.
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Volatility A measure of price fluctuations.
Nestabilnost / nepostojanost Mjera fluktuacija cijena.
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Warrant A certificate, ( frequently but not always attached to a debt security ), which gives the
holder the right (but not the obligation) to purchase either a number of the borrower's ordinary
shares, or specific fixed or floating-rate bonds at a stipulated price. Warrants can usually be
traded independently of the underlying security.
Certifikat Certifkat, ( esto ali ne i uvijek uz kreditni vrijednosni papir ), koji daje vlasniku pravo
( ali ne i obavezu ) da kupi bilo odreeni broj obinih dionica zajmoprimca, ili preciziranu obveznicu
fiksne ili promjenjive kamatne stope po dogovorenoj cijeni. Certifikati se obino mogu kupovati i
prodavati nezavisno od osnovnog vrijednosnog papira kojim su obuhvaeni.
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White knight A corporation or investor who comes to the aid of a target in a takeover battle,
usually by buying a sufficient number of shares to thwart a hostile bid.
Bijeli vitez Korporacija ili investitor koji se pojavljuje kao pomo u borbi protiv preuzimanja,
obino putem kupovine dovoljnog broja dionica da onemogui neprijateljsku ponudu.
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Writer The seller of an option.
Prodavac Prodavac opcije.
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Yield The rate of return on a security. Usually expressed as a percentage of the market price.
Efektivno ukamaenje / prinos Stopa povrata na vrijednosni papir. Obino se izraava kao
postotak trine cijene.
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Yield curve A chart showing the relationship between yields and maturities for a set of similar
securities or inter-bank deposits.
Kriva efektivnog ukamaenja / prinosa Dijagram koji pokazuje odnos izmeu ukamaenja i
dospjea za grupu slinih vrijednosnih papira ili meubankarskih depozita.

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