New York Mercantile Exchange. It is the leading market in the
trading of futures and options on metals,
specialising in
aluminium, copper, gold and silver. Together with the London
Metals Exchange, comex dominates
worldwide trading in
metals.
Comfort letter
A letter required by US securities legislation. Written by an in-
dependent auditor, it guarantees that the information con-
tained in a prospectus has not altered
materially in the period
between the preparation of the prospectus and its distribution
to the public. Comfort letters can also be written by the parties
to legal agreements covering points
related to the substance of
the agreement.
Commercial paper
short-term debt instruments issued by top-notch banks
and corporations. Born in the US financial markets,
commercial
paper spread rapidly in Europe and East Asia in the 1980s. It has
a maturity of 5–365 days (most frequently 30–90), and is issued
in dollops as small as $10,000 or as large as $1m. It is usually
sold at a discount to its face value
and rarely bears inter-
est. When issued in the euromarket, such instruments are
known as Eurocommercial paper. Lenders
like the fact that it is
issued only by the soundest banks and companies and is often
backed by additional lines of credit.
Don’t confuse selling with art.
Jack Taylor
Commission
The
reward of an agent, usually expressed as a percentage of
the sales that the agent generates on behalf of his or her client.
C
COMMISSION
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01 Essential Finance 10/11/06 2:21 PM Page 81
In most industries there are accepted rates for different types of
business. Any negotiation of commission is done around these
benchmarks.
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