Guide to Analysing Companies

Commission des Opérations de Bourse
The official watchdog of the Paris Bourse (stock exchange).
The Commission des Opérations de Bourse (cob) is a govern-
ment agency that supervises new listings on the bourse, mon-
itors takeovers and looks out for insider dealing and
other infringements of the securities laws. It also takes an in-
terest in accounting standards and efforts to make companies
more transparent to investors. The cob’s power and influence
have grown in line with the rapid growth of the French stock-
market.
Commitment fee
A payment made to a lender in return for the guarantee of a
loan (up to a certain size) as and when needed. The fee is
usually a fraction of 1% of the amount committed.
Commodity
A raw material that is usually sold in bulk on either the spot
market (that is, for cash against immediate delivery) or an
exchange (where a contract expiring within a month is
also reckoned to be on the spot market). Common commodities
are grains, metals and certain foodstuffs (such as pork bellies,
orange juice, coffee and cocoa). The most valuable commodities
of all (by turnover) are oil and gold.
Commodity Futures Trading Commission
The US regulator of trading in commodity futures and
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options. Set up by Congress in 1974, the Commodity Futures
Trading Commission (cftc) ensures the integrity of the market
and guards against manipulation, abusive trade practices and
fraud.
Commodity trading adviser
An intermediary in the United States licensed to advise on the
whys and wherefores of trading in commodities. Commod-
ity trading advisers (ctas) must be registered with the com-
modity futures trading commission, the market’s
main regulator.