General Glossary

General Glossary

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Factoring  
A contract whereby a person or company transfers the credit derived from its commercial activity to another person or company which is in charge of managing collection thereof. It is not specifically regulated in Spanish Law. It is based on freedom of contract.
Financial future  
A contract traded on an organised market, whereby the parties agree on the purchase/sale of a specific amount of securities (underlying asset) on a predetermined future date at a previously agreed price.
Financial intermediaries  
Institutions that serve as an interface between economic units that wish to save or invest their funds, and those that wish to borrow funds. Normally, funds are received on a short-term basis (through current accounts, deposits, etc.) and are loaned on a long-term basis (extending loans, buying shares, debentures, etc.).
Financial markets 
Markets in which those who have a surplus of funds lend to those who have a shortage.
Financial stability 
A situation in which the financial system (comprising financial intermediaries, markets and market infrastructures) is capable of resisting shocks and resolving financial imbalances, thereby reducing the possibility of disruptions in the financial brokerage process which seriously affect the allocation of savings to profitable investments.
Fixed-term deposit  
A time deposit, that is, non-refundable until maturity, except in the case of penalisation if thus stipulated in the contract. Depending on the entity, it can be formalised in a bankbook.
Fuel cheque/autocheque  
A document issued by a bank that allows fuel to be acquired, guaranteeing payment to the supplier.