Shorts
gilt-edged securities issued by
the UK government that are
due to be repaid within five years. (See also gilts.)
Short sale
See short.
Short-term
A loan with an original maturity of less than 12 months is
generally considered to be short-term,
although the term is used
quite loosely.
Short-termism is the name given to the recognised inability of
financial institutions in the Anglo-Saxon world to make gen-
uinely long-term investments. More than
their counterparts else-
where, particularly in continental Europe, they are under
pressure to show returns by the time of the next (quarterly)
report to shareholders.
Shunter
A broker who deals on two different
exchanges in a secu-
rity that is quoted on both.
Sight deposit
A bank deposit that can be withdrawn immediately.
Single capacity
The separation (once strictly observed in the UK) of market-
making in securities (the job of the jobber)
and dealing in se-
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curities (the job of the broker). It was rather like the distinction
between wholesaling and retailing. Single capacity was effec-
tively abolished by the City of London’s big bang.
Sinking fund
An account into which money is
paid at regular intervals to
meet a large payment that is expected at some future date.
Smart card
A plastic credit card or debit card that contains informa-
tion about the balance (or lack of it) available on the card.
Smurfing
The transfer of lots of small amounts of money from many dif-
ferent bank accounts into
a single account, often off-
shore. Commonly used as a means for those engaged in
money laundering to disguise the
sources and uses of their
ill-gotten gains.
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