Banken for en verden i endring The bank for a ... - BNP Paribas

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Banken for en verden i endring The bank for a ... - BNP Paribas

• glossary

Investment club A variable- or split-capital company, which enables its members to jointly manage a portfolio of marketable

securities formed from an initial investment and/or regular capital contributions. Clubs benefit from a favourable

regime in respect of capital gains tax. The FNACI (National Federation of Investment Clubs), which is located

at 39, rue Cambon, 75001 Paris, provides on request all the information required for the launching and smooth

running of these clubs.

IRB International Retail Banking, one of the BNP Paribas Group's core businesses.

IRFS International Retail Banking and Financial Services

ISIN code The new identification number for securities listed on the stock market. The ISIN code replaces the well-known

Sicovam code which had since become the Euroclear code. On 30 June 2004, Euronext Paris put an end to its

existing system for identifying securities and replaced it with a system that uses ISIN codes. Having already been

adopted by a number of European stock markets including Amsterdam, Brussels, Lisbon and Frankfurt, the new

system gives a unique identity to each share and therefore facilitates cross-border transactions between investors,

primarily by improving harmonisation within Euronext. The ISIN code comprises 12 characters: 2 letters to indicate

the issuing country (e.g., FR for France and US for the United States) and 10 figures. BNP Paribas’s ISIN code is

FR0000131104.

LBO Leveraged Buy Out. Company acquisition financed primarily by debt. In practice, a holding company is set up to

take on the debt used to finance the acquisition of the target. The interest payments due by the holding company

are covered by ordinary or exceptional dividends received from the acquired target.

LIFFE London International Financial Futures and Options Exchange.

Liquidity Ratio between the volume of shares traded and the total number of shares in issue.

LME London Metal Exchange.

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GLOSSARY

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