ACT Wiki - User contributions [en-gb]

Debt service ratio

2026-04-26T11:20:20Z

Doug: Add abbreviation.

#''Credit rating.'' A ratio used to assess a country’s creditworthiness. It is the ratio of a country’s total debt service payments to its exports.
#More generally, the ratio of any borrower's net cash inflows - before debt servicing payments - to its total debt servicing payments including principal/capital repayments as well as interest.
#A similar ratio calculated on a profit and loss account/income statement basis, rather than on a cash flow basis.

Also known as the Debt service cover ratio (DSCR).

== See also ==
* [[Cover ratio]]
* [[Debt]]
* [[Exports]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Corporate_finance]]
[[Category:Financial_products_and_markets]]
[[Category:Identify_and_assess_risks]]
[[Category:Investment]]
[[Category:Long_term_funding]]
[[Category:Manage_risks]]
[[Category:Risk_reporting]]
[[Category:Risk_frameworks]]
[[Category:The_business_context]]

Access bond

2026-04-17T14:44:28Z

Doug: Create placeholder page

Placeholder page

[[Category:Accounting,_tax_and_regulation]]
[[Category:Corporate_finance]]
[[Category:Corporate_financial_management]]
[[Category:Financial_management]]
[[Category:Financial_products_and_markets]]
[[Category:Financial_risk_management]]
[[Category:Investment]]
[[Category:Long_term_funding]]

Access

2026-03-20T17:26:05Z

Doug: Improve linking.

''Computing''.

A database program published by Microsoft.

== See also ==
* [[Access bond]]
* [[Access economy]]
* [[Data]]
* [[Database]]
* [[Excel]]
* [[Microsoft]]

[[Category:Technology]]

Annuity

2026-03-20T12:01:17Z

Doug: Layout.

1. ''Cash flow - equal periodicity.''

A series of equal future periodic cash flows, starting exactly one period into the future.

2. ''Cash flow - variable.''

More generally, any series of future periodic cash flows, either equal in amount or growing at a fixed compound rate per period, starting at a future date or already in payment, and usually ending at a later future date.

3. ''Periodic income.''

Any financial arrangement in which a periodic income is paid to an individual, often as a pension.

4. ''Insurance.''

An insurance contract purchased from a life assurance company that pays an income in exchange for a lump sum.

There are many variations on annuities, depending on the nature of the income stream.

== See also ==
* [[Annuity due]]
* [[Annuity factor]]
* [[Annuity formula]]
* [[Annuity ordinary]]
* [[Cash flow statement]]
* [[Cashflow]]
* [[Coupon strip]]
* [[Defined contribution pension scheme]]
* [[Growing annuity factor]]
* [[Insurance]]
* [[Lump sum]]
* [[Pension]]
* [[Perpetuity]]
* [[Purchased annuity]]
* [[Simple annuity]]

[[Category:Manage_risks]]

IFI

2026-02-10T16:16:09Z

Doug: Create page - sources - Linked pages.

''Sustainability.''

International financial institution.

For example, the World Bank.

== See also ==
* [[International financial institution]]
* [[International law]]
* [[International Bank for Reconstruction and Development]]
* [[Multilateral development bank]] (MDB)
* [[Organisation for Economic Co-operation and Development]] (OECD)
* [[Sustainability]]
* [[United States Agency for International Development]]
* [[United Nations Conference on Trade and Development]]
* [[World Bank]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Financial_products_and_markets]]

International financial institution

2026-02-10T16:13:52Z

Doug: Create page - source - Wikipedia - https://en.wikipedia.org/wiki/International_financial_institutions

''Sustainability.''

(IFI).

An international financial institution is one established by more than one country, and subject to international law.

For example, the World Bank.

== See also ==
* [[Arab Bank for Economic Development in Africa]]
* [[Asian Development Bank]]
* [[Bank]]
* [[British International Investment]] (BII)
* [[CDC]]
* [[Central bank]]
* [[Council of Europe Development Bank]]
* [[Creditworthy]]
* [[Development bank]]
* [[Development finance institution]] (DFI)
* [[European Bank for Reconstruction and Development]] (EBRD)
* [[Finance]]
* [[GIZ]]
*[[Institution ]]
*[[Institutional ]]
* [[Inter-American Development Bank]]
* [[International law]]
* [[International Bank for Reconstruction and Development]]
* [[Multilateral development bank]] (MDB)
* [[Organisation for Economic Co-operation and Development]] (OECD)
* [[Subsidiary]]
* [[Sustainability]]
* [[United States Agency for International Development]]
* [[United Nations Conference on Trade and Development]]
* [[World Bank]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Financial_products_and_markets]]

Development finance institution

2026-02-10T16:06:14Z

Doug: Improve linking.

''Sustainability.''

(DFI).

A development finance institution is a specialised development bank, or subsidiary, established to support private sector development projects in developing countries.

They are usually majority-owned by national governments.

This ensures that they are highly creditworthy, enabling them to raise money in large amounts on competitive terms.

In turn, this allows them to provide finance on competitive terms to their customers.

''(Source - OECD.)''

== See also ==
* [[Arab Bank for Economic Development in Africa]]
* [[Asian Development Bank]]
* [[Bank]]
* [[British International Investment]] (BII)
* [[CDC]]
* [[Central bank]]
* [[Council of Europe Development Bank]]
* [[Creditworthy]]
* [[Development bank]]
* [[European Bank for Reconstruction and Development]] (EBRD)
* [[Finance]]
* [[GIZ]]
*[[Institution ]]
*[[Institutional ]]
* [[Inter-American Development Bank]]
* [[International Bank for Reconstruction and Development]]
* [[International financial institution]] (IFI)
* [[Multilateral development bank]] (MDB)
* [[Organisation for Economic Co-operation and Development]] (OECD)
* [[Subsidiary]]
* [[Sustainability]]
* [[United States Agency for International Development]]
* [[United Nations Conference on Trade and Development]]

==Other resource==
*[https://www.oecd.org/development/development-finance-institutions-private-sector-development.htm Development finance institutions and private sector development - OECD]

[[Category:Financial_products_and_markets]]
[[Category:Identify_and_assess_risks]]
[[Category:Manage_risks]]
[[Category:Risk_reporting]]
[[Category:Risk_frameworks]]
[[Category:The_business_context]]
[[Category:Trade_finance]]

PortCo

2026-02-10T15:40:05Z

Doug: Created page with "Abbreviation for portfolio company, a company into which a private equity firm has invested. == See also == * Asset allocation * Credit risk diversification * Diversification * Efficient portfolio * Fund * Inefficient portfolio * Investment horizon * Maturity structure * Minimum variance portfolio (MVP) * Modern Portfolio Theory (MPT) * Optimisation * Portfolio * Portfolio analysis * Portfolio hedging * Portfo..."

Abbreviation for portfolio company, a company into which a private equity firm has invested.

== See also ==
* [[Asset allocation]]
* [[Credit risk diversification]]
* [[Diversification]]
* [[Efficient portfolio]]
* [[Fund]]
* [[Inefficient portfolio]]
* [[Investment horizon]]
* [[Maturity structure]]
* [[Minimum variance portfolio]] (MVP)
* [[Modern Portfolio Theory]] (MPT)
* [[Optimisation]]
* [[Portfolio]]
* [[Portfolio analysis]]
* [[Portfolio hedging]]
* [[Portfolio immunisation]]
* [[Portfolio investment]]
* [[Private equity]]
* [[Replicating portfolio]]
* [[Risk management]]

[[Category:Corporate_finance]]
[[Category:Corporate_financial_management]]
[[Category:Financial_management]]
[[Category:Investment]]
[[Category:Manage_risks]]

Portfolio

2026-02-10T15:37:45Z

Doug: Improve linking.

A number of different assets, liabilities, or assets and liabilities together, considered as a whole.

For example, a diversified investment portfolio.

An investor in such a portfolio would hold a number of different investment assets within the portfolio, with the objectives of growing the total value of the portfolio and limiting the risk of losses.

== See also ==
* [[Asset allocation]]
* [[Credit risk diversification]]
* [[Diversification]]
* [[Efficient portfolio]]
* [[Fund]]
* [[Inefficient portfolio]]
* [[Investment horizon]]
* [[Maturity structure]]
* [[Minimum variance portfolio]] (MVP)
* [[Modern Portfolio Theory]] (MPT)
* [[Optimisation]]
* [[PortCo]]
* [[Portfolio analysis]]
* [[Portfolio Decarbonization Coalition]]
* [[Portfolio hedging]]
* [[Portfolio immunisation]]
* [[Portfolio investment]]
* [[Replicating portfolio]]
* [[Risk management]]

[[Category:Risk_frameworks]]

IFRS 19

2026-02-02T13:32:29Z

Doug: Layout.

International Financial Reporting Standard 19, dealing with Subsidiaries without Public Accountability: Disclosures.

IFRS 19 specifies reduced disclosure requirements that an eligible entity is permitted to apply instead of the disclosure requirements in other IFRS Accounting Standards.

IFRS 19 was issued in May 2024 and applies to an annual reporting period beginning on or after 1 January 2027.

''(Source: Deloitte, IASPlus.)''

==See also==
* [[Disclosure]]
* [[Financial reporting]]
* [[Financial statements]]
* [[IAS 1]]
* [[International Accounting Standards Board]] (IASB)
* [[International Financial Reporting Standards]] (IFRS)
* [[Principle]]
* [[Recognition]]

[[Category:Accounting,_tax_and_regulation]]

IFRS 19

2026-01-29T15:36:36Z

Doug: Update - source - IASPlus

IFRS 19

2026-01-29T15:31:15Z

Doug: Create page - sources - Linked pages.

International Financial Reporting Standard 18, dealing with presentation and disclosure in financial statements.

IFRS 18 includes requirements for all entities applying IFRS for the presentation and disclosure of information in financial statements.

IFRS 18 is compulsory for annual reporting periods beginning on or after 1 January 2027.

It replaces IAS 1.

Companies and other reporting entities may apply IFRS 18 sooner if they choose to do so.

==See also==
* [[Disclosure]]
* [[Financial reporting]]
* [[Financial statements]]
* [[IAS 1]]
* [[International Accounting Standards Board]] (IASB)
* [[International Financial Reporting Standards]] (IFRS)
* [[Principle]]
* [[Recognition]]

[[Category:Accounting,_tax_and_regulation]]

[[Category:Accounting,_tax_and_regulation]]

International Financial Reporting Standards

2026-01-28T13:57:57Z

Doug: Improve linking.

''Financial reporting.''

(IFRS).

The internationally recognised system of financial reporting required for all companies quoted on an EU stock exchange from 2005, as well as for many other large companies internationally.

The system operates via individual International Financial Reporting Standards (sometimes also known as International Accounting Standards or IAS) issued by the International Accounting Standards Board (IASB).

''The following International Accounting Standards have been withdrawn or superseded:

IAS 3, IAS 4, IAS 5, IAS 6, IAS 9, IAS 11, IAS 13, IAS 14, IAS 15, IAS 17, IAS 18, IAS 22, IAS 25, IAS 30, IAS 31, IAS 35.''

IFRS and US GAAP are both very important financial reporting regimes.

Compared with International Financial Reporting Standards (IFRS), US GAAP is generally considered to be a relatively more rules based system, compared with the relatively more principles based approach of the IFRS regime.

However, even IFRS comprises a large number of detailed accounting rules.

Over time, differences between US GAAP and IFRS are being reduced.

== See also ==
* [[Conceptual framework]]
* [[Financial]]
* [[Financial reporting]]
* [[Financial Reporting Standard]] (FRS)
* [[Generally accepted accounting principles]] (GAAP)
* [[Harmonisation]]
* [[Hedge accounting]]
* [[IAS 1]]
* [[IAS 2]]
* [[IAS 7]]
* [[IAS 8]]
* [[IAS 10]]
* [[IAS 12]]
* [[IAS 16]]
* [[IAS 19]]
* [[IAS 20]]
* [[IAS 21]]
* [[IAS 23]]
* [[IAS 24]]
* [[IAS 26]]
* [[IAS 27]]
* [[IAS 28]]
* [[IAS 29]]
* [[IAS 32]]
* [[IAS 33]]
* [[IAS 34]]
* [[IAS 36]]
* [[IAS 37]]
* [[IAS 38]]
* [[IAS 39]]
* [[IAS 40]]
* [[IAS 41]]
* [[IFRS 1]]
* [[IFRS 2]]
* [[IFRS 3]]
* [[IFRS 4]]
* [[IFRS 5]]
* [[IFRS 6]]
* [[IFRS 7]]
* [[IFRS 8]]
* [[IFRS 9]]
* [[IFRS 10]]
* [[IFRS 11]]
* [[IFRS 12]]
* [[IFRS 13]]
* [[IFRS 14]]
* [[IFRS 15]]
* [[IFRS 16]]
* [[IFRS 17]]
* [[IFRS 18]]
* [[IFRS 19]]
* [[IFRS for Small and Medium-Sized Entities]]
* [[IFRS Foundation]]
* [[IFRS S1]]
* [[IFRS S2]]
* [[IFRS Sustainability Disclosure Standards]]
* [[International Accounting Standards]] (IAS)
* [[International Accounting Standards Board]] (IASB)
* [[International Financial Reporting Interpretations Committee]]
* [[International Financial Reporting Standards Foundation]]
* [[International GAAP]]
* [[International Sustainability Standards Board]] (ISSB)
* [[Principle]]
* [[Principles based]]
* [[Rule]]
* [[Rules based]]
* [[Standard]]
* [[Standard Setting Body]]
* [[Standards]]
* [[US GAAP]]

== Other resource ==
*[http://www.ifrs.org IFRS home page]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Compliance_and_audit]]

Working capital

2026-01-22T16:44:43Z

Doug: Improve linking.

Working capital is normally defined - very broadly - as the excess of current assets (excluding cash) over current liabilities.

It represents the day to day capital requirement to continue the operations of the organisation.

Ignoring any cash or overdraft balances for now, in very simple terms, a measure of working capital can be calculated as:

Inventory

ADD: Accounts receivable

LESS: (Accounts payable)

= Working capital

This working capital requirement has to be financed in some way, or usually a combination of different ways.

For example by borrowings, shareholders' funds, external parties including supply chain finance, factoring, securitisation, or a combination of these.

Working capital can be negative, for example in food retailing.

Alternative definitions of working capital may include any short-term cash or overdraft balances of the organisation.

This inclusion (or exclusion) of cash and overdrafts may depend on:
*Whether the cash or overdraft is considered to be an operating item or part of financing
*The purposes for which the working capital figure is being calculated and used.

Other issues of definition and inclusion / exclusion arise in respect of supply chain finance/prepayments, revenue recognition accounting rules and their application in different sectors.

Here as elsewhere, it is always best to be as clear and consistent as possible - and explicit - about the detailed definition being used.

== See also ==
* [[Accounts payable]]
* [[Accounts receivable]]
* [[Capital]]
* [[Cash flow statement]]
* [[Current assets]]
* [[Current liabilities]]
* [[Factoring]]
* [[Fixed assets]]
* [[Free cash flow]]
* [[Indirect method]]
* [[Liquidity management]]
* [[Management efficiency ratio]]
* [[Over trading]]
* [[Reporting on Payment Practices and Performance Regulations]]
* [[Securitisation]]
* [[Shareholders’ funds]]
* [[Supply chain finance]]
* [[Trade creditors]]
* [[Working capital management]]

[[Category:Corporate_financial_management]]

Indirect method

2026-01-21T16:44:58Z

Doug: Layout.

''Cash flow statements''.

In relation to a Cash flow statement, the indirect method means starting with a reported profit/(loss) figure, and then adjusting it to calculate the net cash movement for a period.

Contrasted with the conceptually simpler Direct method of presentation, which shows all the main categories of gross cash receipts and payments explicitly.

The indirect method is more widely used in external financial reporting.

'''''Indirect method (Q&A)'''''

'''(Q)'''

I have been studying the indirect method of the cash flow statement and I understand the formula, but I am confused about how cash is affected in practice.
Using the indirect method, I have the following information:

Profit from the income statement 45
- Increase in working capital 20
= Net increase in cash 25

The formula is shown as:
Profit
± differences between profit and net cash flow
= net increase in cash

My confusion is with the adjustment for the increase in working capital. Why is the increase in working capital deducted from profit rather than added, especially when cash itself may not physically decrease?

'''(A)'''

Working capital includes items like inventory and receivables from customers.

These items ABSORB cash. For example, if we buy inventory we will have less cash than we otherwise would have. Let's say we buy inventory for 20, and we haven't sold it yet. Cash goes down by 20 as a result of this transaction. Inventory goes up by 20. Working capital goes up by 20.

An additional 20 of our cash is tied up in the form of working capital, reducing our cash. This is the reason that an INCREASE in working capital during a period REDUCES the amount of cash that we'd otherwise be enjoying at the end of the period

== See also ==
* [[Cash flow statement]]
* [[Direct method]]
* [[Financial reporting]]
* [[IAS 7]]
* [[Reconciliation]]
* [[Working capital]]

[[Category:Accounting,_tax_and_regulation]]

Indirect method

2026-01-21T16:42:53Z

Doug: Add example.

''Cash flow statements''.

In relation to a Cash flow statement, the indirect method means starting with a reported profit/(loss) figure, and then adjusting it to calculate the net cash movement for a period.

Contrasted with the conceptually simpler Direct method of presentation, which shows all the main categories of gross cash receipts and payments explicitly.

The indirect method is more widely used in external financial reporting.

'''''Indirect method (Q&A)'''''

'''(Q)''' I have been studying the indirect method of the cash flow statement and I understand the formula, but I am confused about how cash is affected in practice.
Using the indirect method, I have the following information:

Profit from the income statement: 45
- Increase in working capital: 20
= Net increase in cash: 25

The formula is shown as:
Profit
± differences between profit and net cash flow
= net increase in cash

My confusion is with the adjustment for the increase in working capital. Why is the increase in working capital deducted from profit rather than added, especially when cash itself may not physically decrease?

'''(A)''' Working capital includes items like inventory and receivables from customers.

These items ABSORB cash. For example, if we buy inventory we will have less cash than we otherwise would have. Let's say we buy inventory for 20, and we haven't sold it yet. Cash goes down by 20 as a result of this transaction. Inventory goes up by 20. Working capital goes up by 20.

An additional 20 of our cash is tied up in the form of working capital, reducing our cash. This is the reason that an INCREASE in working capital during a period REDUCES the amount of cash that we'd otherwise be enjoying at the end of the period

== See also ==
* [[Cash flow statement]]
* [[Direct method]]
* [[Financial reporting]]
* [[IAS 7]]
* [[Reconciliation]]

[[Category:Accounting,_tax_and_regulation]]

Verification of Payee

2026-01-20T14:44:10Z

Doug: Add abbreviation.

''EU financial regulation - Instant Payments Regulation (IPR).''

(VOP or VoP).

Verification of Payee is a tool to help prevent APP fraud and accidentally misdirected payments, similar to Confirmation of Payee (CoP).

It is a requirement of the EU Instant Payments Regulation (IPR).

== See also ==
*[[APP fraud]]
* [[Confirmation of Payee]] (CoP)
* [[Euro Banking Association]] (EBA)
* [[European Payments Council]] (EPC)
*[[Faster Payments]]
*[[Financial Conduct Authority]] (FCA)
* [[Immediate payments and the impact on corporate treasurers]]
* [[Infrastructure]]
* [[Instant Payments Regulation]] (IPR)
* [[Payment service provider]] (PSP)
* [[Payment system]]
* [[Payment Systems Regulator]] (PSR)
* [[PSD2]]
* [[Regulation]]
* [[Request to Pay]]
* [[Secondary reference data]] (SRD)

==Other resources==
*[https://www.abe-eba.eu/media/azure/production/4231/eba_20250526_pr_note-on-vop-requirements_v01.pdf#msdynttrid=2PfqvjDWegK0f0-qt3CRfOrAZljQnEwrRoj1_b5Ay8Y EBA addresses challenges of VOP requirements - May 2025]
*[https://eba-cms-prod.azurewebsites.net/media/azure/production/4226/eba_20250523_vop_for_bulks_key_challenges_and_pain_points.pdf VOP for bulk payments - key challenges and pain points - Euro Banking Association - May 2025]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Financial_products_and_markets]]

The Pensions Advisory Service

2026-01-20T14:42:12Z

Doug: Layout.

''Pensions - UK''.

(TPAS).

The former Pensions Advisory Service was a UK independent voluntary organisation, although partially government-funded, which provided information and advice to individuals on all pension matters.

With effect from April 2019, TPAS's work was merged with the Money Advice Service and Pension Wise to form the Money and Pensions Service.

== See also ==
* [[Money and Pensions Service]]
* [[Occupational pension scheme]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Manage_risks]]

The Pensions Advisory Service

2026-01-20T14:36:14Z

Doug:

''Pensions - UK''.

(TPAS).

The former Pensions Advisory Service was a UK independent voluntary organisation, although partially government funded, which provided information and advice to individuals on all pension matters.

With effect from April 2019, TPAS's work was merged with the Money Advice Service and Pension Wise to form the Money and Pensions Service.

== See also ==
* [[Money and Pensions Service]]
* [[Occupational pension scheme]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Manage_risks]]

Labelled finance

2026-01-20T14:01:50Z

Doug: Create page - sources - Linked pages.

''Loans - bonds - sustainability - green finance - social concerns.''

Labelled finance is a loan or a security issued in a capital market to raise financing for a project or activity related to a specified environmental or social objective.

Also spelled 'labeled' finance.

==See also==
* [[Blue bond]]
* [[Bond]]
* [[Gender bond]]
* [[Green bond]]
* [[Green finance]]
* [[Greenium]]
* [[Labeled bond]]
* [[Nature performance bond]] (NPB)
* [[Social bond]]
* [[Social impact bond]]
* [[Sustainability]]
* [[Sustainability bond]]
* [[Sustainability bond framework]]
* [[Sustainability Bond Guidelines]]
* [[Sustainability-linked bond ]]
* [[Sustainability linked bond framework]]
* [[Sustainability linked loan]]
* [[Sustainability-Linked Loan Principles]] (SLLP)
* [[Sustainable bond]]
* [[Sustainable bond framework]]
* [[Sustainable Development Goals]] (SDGs)
* [[Sustainable investment label]]
* [[Sustainable finance]]
* [[Thematic bond]]
* [[Use of proceeds bond]]
* [[World Bank]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Financial_products_and_markets]]

Labeled bond

2026-01-20T13:59:13Z

Doug: Improve linking.

''Bonds - sustainability - green finance - social concerns.''

A labeled bond is a security issued in a capital market to raise financing for a project or activity related to a specified environmental or social objective.

Also spelled 'labelled' bond.

==See also==
* [[Blue bond]]
* [[Bond]]
* [[Gender bond]]
* [[Green bond]]
* [[Green finance]]
* [[Greenium]]
* [[Labelled finance]]
* [[Nature performance bond]] (NPB)
* [[Social bond]]
* [[Social impact bond]]
* [[Sustainability]]
* [[Sustainability bond]]
* [[Sustainability bond framework]]
* [[Sustainability Bond Guidelines]]
* [[Sustainability-linked bond ]]
* [[Sustainability linked bond framework]]
* [[Sustainability linked loan]]
* [[Sustainability-Linked Loan Principles]] (SLLP)
* [[Sustainable bond]]
* [[Sustainable bond framework]]
* [[Sustainable Development Goals]] (SDGs)
* [[Sustainable investment label]]
* [[Sustainable finance]]
* [[Thematic bond]]
* [[Use of proceeds bond]]
* [[World Bank]]

==Other resource==
[https://thedocs.worldbank.org/en/doc/4de3839b85c57eb958dd207fad132f8e-0340012022/original/WB-GSS-Bonds-Survey-Report.pdf Sovereign green, social and sustainability bonds - The World Bank Group - October 2022]

[[Category:Financial_products_and_markets]]

Plain vanilla listed bond

2025-12-08T18:49:13Z

Doug: Add writer's name.

''Financial regulation - public offers - admissions to trading - UK - UK Public Offers and Admissions to Trading Regulations 2024 (POATR)''.

The UK's Public Offers and Admissions to Trading Regulations (2024) are designed to enable the use of low denomination bonds and facilitate retail inclusion.

In this context, a plain vanilla listed bond is defined as a debt security that:

:(1) is admitted to the FCA’s “official list”;
:(2) is guaranteed by the issuer’s parent undertaking, which should be an Equity Shares (Commercial Companies) (ESCC) issuer, where the issuer is an ESCC subsidiary;
:(3) bears a fixed coupon rate (including zero and stepped coupons) or a floating coupon rate, as long as it is referenced to: the BoE official bank rate or an equivalent central bank rate; a benchmark or index that tracks UK inflation; SONIA or other equivalent risk-free rate in any currency; or EURIBOR (and not subject to a modification such as a cap or floor, unless a zero floor);
:(4) is unsubordinated, unsecured and not subject to bail-in; and
:(5) is not a convertible or asset-backed security or one that gives rise to a payment or delivery obligation linked to an underlying asset or index (other than those shown above).

''(Source - James Leather FCT, The Treasurer, Issue 4, 2025, p30.)''

== See also ==
* [[Admission to trading]]
* [[Asset backed securities]]
* [[Bailin]]
* [[Bank Rate]]
* [[BoE]]
* [[Cap]]
* [[CCI]]
* [[COBS]]
* [[Convertibles]]
* [[Coupon rate]]
* [[Debt]]
* [[EURIBOR]]
* [[Financial Conduct Authority]] (FCA)
* [[Floor]]
* [[Inclusion]]
* [[Low denomination bond]] (LDB)
* [[MTF]]
* [[Official List]]
* [[Plain vanilla]]
* [[Public offer]]
* [[Regulation]]
* [[Retail bond]]
* [[Retail inclusion]]
* [[Risk-free rates]]
* [[Security]]
* [[SONIA]]
* [[UK Prospectus Regulation]]
* [[UK Public Offers and Admissions to Trading Regulations 2024]] (POATR)
* [[Unsecured]]
* [[Zero coupon]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Corporate_finance]]
[[Category:Financial_products_and_markets]]
[[Category:Identify_and_assess_risks]]
[[Category:Investment]]
[[Category:Long_term_funding]]

Plain vanilla listed bond

2025-12-08T17:36:45Z

Doug: Improve linking.

''Financial regulation - public offers - admissions to trading - UK - UK Public Offers and Admissions to Trading Regulations 2024 (POATR)''.

The UK's Public Offers and Admissions to Trading Regulations (2024) are designed to enable the use of low denomination bonds and facilitate retail inclusion.

In this context, a plain vanilla listed bond is defined as a debt security that:

:(1) is admitted to the FCA’s “official list”;
:(2) is guaranteed by the issuer’s parent undertaking, which should be an Equity Shares (Commercial Companies) (ESCC) issuer, where the issuer is an ESCC subsidiary;
:(3) bears a fixed coupon rate (including zero and stepped coupons) or a floating coupon rate, as long as it is referenced to: the BoE official bank rate or an equivalent central bank rate; a benchmark or index that tracks UK inflation; SONIA or other equivalent risk-free rate in any currency; or EURIBOR (and not subject to a modification such as a cap or floor, unless a zero floor);
:(4) is unsubordinated, unsecured and not subject to bail-in; and
:(5) is not a convertible or asset-backed security or one that gives rise to a payment or delivery obligation linked to an underlying asset or index (other than those shown above).

''(Source - The Treasurer, Issue 4, 2025, p30.)''

== See also ==
* [[Admission to trading]]
* [[Asset backed securities]]
* [[Bailin]]
* [[Bank Rate]]
* [[BoE]]
* [[Cap]]
* [[CCI]]
* [[COBS]]
* [[Convertibles]]
* [[Coupon rate]]
* [[Debt]]
* [[EURIBOR]]
* [[Financial Conduct Authority]] (FCA)
* [[Floor]]
* [[Inclusion]]
* [[Low denomination bond]] (LDB)
* [[MTF]]
* [[Official List]]
* [[Plain vanilla]]
* [[Public offer]]
* [[Regulation]]
* [[Retail bond]]
* [[Retail inclusion]]
* [[Risk-free rates]]
* [[Security]]
* [[SONIA]]
* [[UK Prospectus Regulation]]
* [[UK Public Offers and Admissions to Trading Regulations 2024]] (POATR)
* [[Unsecured]]
* [[Zero coupon]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Corporate_finance]]
[[Category:Financial_products_and_markets]]
[[Category:Identify_and_assess_risks]]
[[Category:Investment]]
[[Category:Long_term_funding]]

Plain vanilla listed bond

2025-12-08T17:33:31Z

Doug: Layout.

''Financial regulation - public offers - admissions to trading - UK - UK Public Offers and Admissions to Trading Regulations 2024 (POATR)''.

The UK's Public Offers and Admissions to Trading Regulations (2024) are designed to enable the use of low denomination bonds and facilitate retail inclusion.

In this context, a plain vanilla listed bond is defined as a debt security that:

:(1) is admitted to the FCA’s “official list”;
:(2) is guaranteed by the issuer’s parent undertaking, which should be an Equity Shares (Commercial Companies) (ESCC) issuer, where the issuer is an ESCC subsidiary;
:(3) bears a fixed coupon rate (including zero and stepped coupons) or a floating coupon rate, as long as it is referenced to: the BoE official bank rate or an equivalent central bank rate; a benchmark or index that tracks UK inflation; SONIA or other equivalent risk-free rate in any currency; or EURIBOR (and not subject to a modification such as a cap or floor, unless a zero floor);
:(4) is unsubordinated, unsecured and not subject to bail-in; and
:(5) is not a convertible or asset-backed security or one that gives rise to a payment or delivery obligation linked to an underlying asset or index (other than those shown above).

''(Source - The Treasurer, Issue 4, 2025, p30.)''

== See also ==
* [[Admission to trading]]
* [[Asset backed securities]]
* [[Bailin]]
* [[Bank Rate]]
* [[BoE]]
* [[Cap]]
* [[CCI]]
* [[COBS]]
* [[Convertibles]]
* [[Coupon rate]]
* [[Debt]]
* [[EURIBOR]]
* [[Financial Conduct Authority]] (FCA)
* [[Floor]]
* [[Inclusion]]
* [[Low denomination bond]] (LDB)
* [[MTF]]
* [[Official List]]
* [[Public offer]]
* [[Regulation]]
* [[Retail bond]]
* [[Retail inclusion]]
* [[Risk-free rates]]
* [[Security]]
* [[SONIA]]
* [[UK Prospectus Regulation]]
* [[UK Public Offers and Admissions to Trading Regulations 2024]] (POATR)
* [[Unsecured]]
* [[Zero coupon]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Corporate_finance]]
[[Category:Financial_products_and_markets]]
[[Category:Identify_and_assess_risks]]
[[Category:Investment]]
[[Category:Long_term_funding]]

Official List

2025-12-08T16:40:49Z

Doug: Mend link.

''Financial regulation - public offers - admissions to trading - UK - Financial Conduct Authority (FCA)''.

The FCA’s Official List is its list of publicly listed companies.

== See also ==
* [[Admission to trading]]
* [[Asset backed securities]]
* [[Bailin]]
* [[Bank Rate]]
* [[BoE]]
* [[Cap]]
* [[CCI]]
* [[COBS]]
* [[Convertibles]]
* [[Coupon rate]]
* [[Debt]]
* [[EURIBOR]]
* [[Financial Conduct Authority]] (FCA)
* [[Floor]]
* [[Inclusion]]
* [[Listed company]]
* [[Low denomination bond]] (LDB)
* [[MTF]]
* [[Plain vanilla listed bond]]
* [[Public offer]]
* [[Regulation]]
* [[Retail bond]]
* [[Retail inclusion]]
* [[Risk-free rates]]
* [[Security]]
* [[SONIA]]
* [[UK Prospectus Regulation]]
* [[UK Public Offers and Admissions to Trading Regulations 2024]] (POATR)
* [[Unsecured]]
* [[Zero coupon]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Financial_products_and_markets]]

Official List

2025-12-08T16:36:58Z

Doug: Create page - sources - Linked pages.

''Financial regulation - public offers - admissions to trading - UK - Financial Conduct Authority (FCA)''.

The FCA’s Official List is its list of publicly listed companies.

== See also ==
* [[Admission to trading]]
* [[Asset backed securities]]
* [[Bailin]]
* [[Bank Rate]]
* [[BoE]]
* [[Cap]]
* [[CCI]]
* [[COBS]]
* [[Convertibles]]
* [[Coupon rate]]
* [[Debt]]
* [[EURIBOR]]
* [[Financial Conduct Authority]] (FCA)
* [[Floor]]
* [[Inclusion]]
* [[Listed]]
* [[Low denomination bond]] (LDB)
* [[MTF]]
* [[Plain vanilla listed bond]]
* [[Public offer]]
* [[Regulation]]
* [[Retail bond]]
* [[Retail inclusion]]
* [[Risk-free rates]]
* [[Security]]
* [[SONIA]]
* [[UK Prospectus Regulation]]
* [[UK Public Offers and Admissions to Trading Regulations 2024]] (POATR)
* [[Unsecured]]
* [[Zero coupon]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Financial_products_and_markets]]

Plain vanilla listed bond

2025-12-08T16:32:31Z

Doug: Improve linking.

''Financial regulation - public offers - admissions to trading - UK - UK Public Offers and Admissions to Trading Regulations 2024 (POATR)''.

The UK's Public Offers and Admissions to Trading Regulations (2024) are designed to enable the use of low denomination bonds and facilitate retail inclusion.

In this context, a plain vanilla listed bond is defined as a debt security that:

:(1) is admitted to the FCA’s “official list”;
:(2) is guaranteed by the issuer’s parent undertaking, which should be an Equity Shares (Commercial Companies) (ESCC) issuer, where the issuer is an ESCC subsidiary;
:(3) bears a fixed coupon rate (including zero and stepped coupons) or a floating coupon rate, as long as it is referenced to: the BoE official bank rate or an equivalent central bank rate; a benchmark or index that tracks UK inflation; SONIA or other equivalent risk-free rate in any currency; or EURIBOR (and not subject to a modification such as a cap or floor, unless a zero floor);
:(4) is unsubordinated, unsecured and not subject to bail-in; and
:(5) is not a convertible or asset-backed security or one that gives rise to a payment or delivery obligation linked to an underlying asset or index (other than those shown above).

''(Source - The Treasurer, Issue 4, 2025, p30.''

== See also ==
* [[Admission to trading]]
* [[Asset backed securities]]
* [[Bailin]]
* [[Bank Rate]]
* [[BoE]]
* [[Cap]]
* [[CCI]]
* [[COBS]]
* [[Convertibles]]
* [[Coupon rate]]
* [[Debt]]
* [[EURIBOR]]
* [[Financial Conduct Authority]] (FCA)
* [[Floor]]
* [[Inclusion]]
* [[Low denomination bond]] (LDB)
* [[MTF]]
* [[Official List]]
* [[Public offer]]
* [[Regulation]]
* [[Retail bond]]
* [[Retail inclusion]]
* [[Risk-free rates]]
* [[Security]]
* [[SONIA]]
* [[UK Prospectus Regulation]]
* [[UK Public Offers and Admissions to Trading Regulations 2024]] (POATR)
* [[Unsecured]]
* [[Zero coupon]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Corporate_finance]]
[[Category:Financial_products_and_markets]]
[[Category:Identify_and_assess_risks]]
[[Category:Investment]]
[[Category:Long_term_funding]]

Vanilla

2025-12-08T14:57:51Z

Doug: Layout.

'Vanilla' is a description meaning that there are no additional non-standard features in a financial contract.

For example, a vanilla interest rate swap is a standardised agreement to exchange fixed for floating interest flows, calculated on a fixed notional principal amount over the life of the swap.

The term derives from ice cream, where vanilla ice cream was historically the commonest and cheapest variety.

''Also known as Plain vanilla.''

== See also ==
* [[101]]
* [[Bells and whistles]]
* [[Exotic]]
* [[Green curve]]
* [[Greenium]]
* [[Interest rate swap]]
* [[Notional principal]]
* [[Plain vanilla listed bond]]

[[Category:Financial_products_and_markets]]

Plain vanilla

2025-12-08T14:57:13Z

Doug: Improve linking.

A description meaning that there are no additional non-standard features in a financial contract.

For example, a plain vanilla interest rate swap is a standardised agreement to exchange fixed for floating interest flows, calculated on a fixed notional principal amount over the life of the swap.

The term derives from ice cream, where 'plain vanilla' ice cream was historically the commonest and cheapest variety.

''Also known as Vanilla.''

== See also ==
* [[101]]
* [[Bells and whistles]]
* [[Exotic]]
* [[Linear]]
* [[Plain vanilla listed bond]]

[[Category:Financial_products_and_markets]]

Low denomination bond

2025-12-08T14:56:37Z

Doug: Improve linking.

''Debt capital market (DCM) - bonds - denominations - retail - regulation - Financial Conduct Authority (FCA).''

(LDB).

A low denomination bond is a bond with a small enough denomination to be accessible to retail investors.

:'''''Serious consideration to retail inclusion'''''

:"Given the substantial benefits of retail inclusion to both issuer and investor, [the FCA's delay in implementing reforms] has been frustrating.

:However, it should probably be taken as a positive sign that the FCA are giving retail inclusion (through removing the barriers to using low denomination bonds (LDBs)) serious consideration in order to avoid unintended consequences."

:''Michael Smith, Head of DCM at Winterflood Securities - The Treasurer online - December 2024.''

== See also ==
* [[Association of Corporate Treasurers]] (ACT)
* [[Bond]]
* [[Corporate bond]]
* [[Debt capital market]] (DCM)
* [[Denomination]]
* [[Dual disclosure standard]] (UK - FCA)
* [[Financial Conduct Authority]] (FCA)
* [[Investor]]
* [[Issuer]]
* [[Order book for Retail Bonds]] (ORB)
* [[Plain vanilla listed bond]]
* [[PRIIPs Regulation]]
* [[Regulation]]
* [[Retail]]
* [[Retail bond]]
* [[Retail inclusion]]
* [[UK Public Offers and Admissions to Trading Regulations 2024]] (POATR)
* [[Wholesale bond]]

==Other resources==
*[https://www.treasurers.org/hub/blog/uk-debt-capital-market-reform-retail-inclusion UK Debt Capital Market Reform & Retail Inclusion – where are we now? The Treasurer online - December 2024]

*[https://www.fca.org.uk/publication/feedback/engagement-feedback-new-public-offers-admissions-trading-regime.pdf Engagement feedback on the new public offers and admissions to trading regime - Financial Conduct Authority (FCA) - December 2023]

*[https://www.winterflood.com/sites/default/files/Enabling%20broader%20access%20to%20the%20UK%20bond%20markets%20-%20Winterflood%20White%20Paper.pdf Enabling broader access to the UK bond markets - Winterflood Securities - October 2023]

*[https://www.treasurers.org/hub/treasurer-magazine/opening-up-bond-market-will-give-corporates-more-flexibility Opening up bond market will give corporates more flexibility - The Treasurer - September 2023]

*[https://www.treasurers.org/hub/treasurer-magazine/return-retail-bonds-market-on-cards Return of retail to bond markets on the cards - The Treasurer - August 2023]

*[https://www.fca.org.uk/publication/call-for-input/non-equity-securities-engagement-paper-4.pdf Engagement paper - non-equity securities - FCA - May 2023]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Financial_products_and_markets]]
[[Category:The_business_context]]

COBS

2025-12-08T14:55:20Z

Doug: Improve linking.

''Financial regulation - public offers - admissions to trading - UK - Financial Conduct Authority (FCA)''.

The UK's Financial Conduct Authority's Conduct of Business Sourcebook.

== See also ==
* [[Admission to trading]]
* [[CCI]]
* [[Financial Conduct Authority]] (FCA)
* [[Low denomination bond]] (LDB)
* [[MTF]]
* [[Plain vanilla listed bond]]
* [[Public offer]]
* [[Regulation]]
* [[Retail bond]]
* [[Retail inclusion]]
* [[UK Prospectus Regulation]]
* [[UK Public Offers and Admissions to Trading Regulations 2024]] (POATR)

[[Category:Accounting,_tax_and_regulation]]
[[Category:Financial_products_and_markets]]

UK Public Offers and Admissions to Trading Regulations 2024

2025-12-08T14:54:48Z

Doug: Improve linking.

''Financial regulation - public offers - admissions to trading - UK''.

(POATR or POATRs).

The UK's Public Offers and Admissions to Trading Regulations (2024) are designed to serve as a framework to replace the UK's Prospectus Regulation, enabling the use of low denomination bonds and facilitating retail inclusion.

== See also ==
* [[Admission to trading]]
* [[CCI]]
* [[COBS]]
* [[Financial Conduct Authority]] (FCA)
* [[Low denomination bond]] (LDB)
* [[MTF]]
* [[Plain vanilla listed bond]]
* [[Public offer]]
* [[Regulation]]
* [[Retail bond]]
* [[Retail inclusion]]
* [[UK Prospectus Regulation]]

==Other resources==
*[https://www.treasurers.org/hub/blog/uk-debt-capital-market-reform-retail-inclusion UK Debt Capital Market Reform & Retail Inclusion – where are we now? The Treasurer online - December 2024]
*[https://www.legislation.gov.uk/uksi/2024/105/contents/made The UK Public Offers and Admissions to Trading Regulations 2024 - text]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Financial_products_and_markets]]

Plain vanilla listed bond

2025-12-08T14:50:31Z

Doug: Mend link.

''Financial regulation - public offers - admissions to trading - UK - UK Public Offers and Admissions to Trading Regulations 2024 (POATR)''.

The UK's Public Offers and Admissions to Trading Regulations (2024) are designed to enable the use of low denomination bonds and facilitate retail inclusion.

In this context, a plain vanilla listed bond is defined as a debt security that:

:(1) is admitted to the FCA’s “official list”;
:(2) is guaranteed by the issuer’s parent undertaking, which should be an Equity Shares (Commercial Companies) (ESCC) issuer, where the issuer is an ESCC subsidiary;
:(3) bears a fixed coupon rate (including zero and stepped coupons) or a floating coupon rate, as long as it is referenced to: the BoE official bank rate or an equivalent central bank rate; a benchmark or index that tracks UK inflation; SONIA or other equivalent risk-free rate in any currency; or EURIBOR (and not subject to a modification such as a cap or floor, unless a zero floor);
:(4) is unsubordinated, unsecured and not subject to bail-in; and
:(5) is not a convertible or asset-backed security or one that gives rise to a payment or delivery obligation linked to an underlying asset or index (other than those shown above).

''(Source - The Treasurer, Issue 4, 2025, p30.''

== See also ==
* [[Admission to trading]]
* [[Asset backed securities]]
* [[Bailin]]
* [[Bank Rate]]
* [[BoE]]
* [[Cap]]
* [[CCI]]
* [[COBS]]
* [[Convertibles]]
* [[Coupon rate]]
* [[Debt]]
* [[EURIBOR]]
* [[Financial Conduct Authority]] (FCA)
* [[Floor]]
* [[Inclusion]]
* [[Low denomination bond]] (LDB)
* [[MTF]]
* [[POP]]
* [[Public offer]]
* [[Regulation]]
* [[Retail bond]]
* [[Retail inclusion]]
* [[Risk-free rates]]
* [[Security]]
* [[SONIA]]
* [[UK Prospectus Regulation]]
* [[UK Public Offers and Admissions to Trading Regulations 2024]] (POATR)
* [[Unsecured]]
* [[Zero coupon]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Corporate_finance]]
[[Category:Financial_products_and_markets]]
[[Category:Identify_and_assess_risks]]
[[Category:Investment]]
[[Category:Long_term_funding]]

Plain vanilla listed bond

2025-12-08T14:48:19Z

Doug: Improve linking.

''Financial regulation - public offers - admissions to trading - UK - UK Public Offers and Admissions to Trading Regulations 2024 (POATR)''.

The UK's Public Offers and Admissions to Trading Regulations (2024) are designed to enable the use of low denomination bonds and facilitate retail inclusion.

In this context, a plain vanilla listed bond is defined as a debt security that:

:(1) is admitted to the FCA’s “official list”;
:(2) is guaranteed by the issuer’s parent undertaking, which should be an Equity Shares (Commercial Companies) (ESCC) issuer, where the issuer is an ESCC subsidiary;
:(3) bears a fixed coupon rate (including zero and stepped coupons) or a floating coupon rate, as long as it is referenced to: the BoE official bank rate or an equivalent central bank rate; a benchmark or index that tracks UK inflation; SONIA or other equivalent risk-free rate in any currency; or EURIBOR (and not subject to a modification such as a cap or floor, unless a zero floor);
:(4) is unsubordinated, unsecured and not subject to bail-in; and
:(5) is not a convertible or asset-backed security or one that gives rise to a payment or delivery obligation linked to an underlying asset or index (other than those shown above).

''(Source - The Treasurer, Issue 4, 2025, p30.''

== See also ==
* [[Admission to trading]]
* [[Asset backed securities]]
* [[Bailin]]
* [[Bank Rate]]
* [[BoE]]
* [[Cap]]
* [[CCI]]
* [[COBS]]
* [[Convertibles]]
* [[Coupon rate]]
* [[Debt]]
* [[EURIBOR]]
* [[Financial Conduct Authority]] (FCA)
* [[Floor]]
* [[Inclusion]]
* [[Low denomination bond]] (LDB)
* [[MTF]]
* [[POP]]
* [[Public offer]]
* [[Regulation]]
* [[Retail bond]]
* [[Retail inclusion]]
* [[Risk free rates]]
* [[Security]]
* [[SONIA]]
* [[UK Prospectus Regulation]]
* [[UK Public Offers and Admissions to Trading Regulations 2024]] (POATR)
* [[Unsecured]]
* [[Zero coupon]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Corporate_finance]]
[[Category:Financial_products_and_markets]]
[[Category:Identify_and_assess_risks]]
[[Category:Investment]]
[[Category:Long_term_funding]]

Plain vanilla listed bond

2025-12-08T14:46:27Z

Doug: Improve linking.

''Financial regulation - public offers - admissions to trading - UK - UK Public Offers and Admissions to Trading Regulations 2024 (POATR)''.

The UK's Public Offers and Admissions to Trading Regulations (2024) are designed to enable the use of low denomination bonds and facilitate retail inclusion.

In this context, a plain vanilla listed bond is defined as a debt security that:

:(1) is admitted to the FCA’s “official list”;
:(2) is guaranteed by the issuer’s parent undertaking, which should be an Equity Shares (Commercial Companies) (ESCC) issuer, where the issuer is an ESCC subsidiary;
:(3) bears a fixed coupon rate (including zero and stepped coupons) or a floating coupon rate, as long as it is referenced to: the BoE official bank rate or an equivalent central bank rate; a benchmark or index that tracks UK inflation; SONIA or other equivalent risk-free rate in any currency; or EURIBOR (and not subject to a modification such as a cap or floor, unless a zero floor);
:(4) is unsubordinated, unsecured and not subject to bail-in; and
:(5) is not a convertible or asset-backed security or one that gives rise to a payment or delivery obligation linked to an underlying asset or index (other than those shown above).

''(Source - The Treasurer, Issue 4, 2025, p30.''

== See also ==
* [[Admission to trading]]
* [[Asset backed securities]]
* [[Bailin]]
* [[Bank Rate]]
* [[BoE]]
* [[Cap]]
* [[CCI]]
* [[COBS]]
* [[Convertibles]]
* [[Coupon rate]]
* [[Debt]]
* [[EURIBOR]]
* [[Financial Conduct Authority]] (FCA)
* [[Floor]]
* [[Inclusion]]
* [[Low denomination bond]] (LDB)
* [[MTF]]
* [[POP]]
* [[Public offer]]
* [[Regulation]]
* [[Retail bond]]
* [[Retail inclusion]]
* [[Risk free rate]]
* [[Security]]
* [[SONIA]]
* [[UK Prospectus Regulation]]
* [[UK Public Offers and Admissions to Trading Regulations 2024]] (POATR)
* [[Unsecured]]
* [[Unsubordinated]]
* [[Zero coupon]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Corporate_finance]]
[[Category:Financial_products_and_markets]]
[[Category:Identify_and_assess_risks]]
[[Category:Investment]]
[[Category:Long_term_funding]]

Plain vanilla listed bond

2025-12-08T14:38:39Z

Doug: mend links

''Financial regulation - public offers - admissions to trading - UK - UK Public Offers and Admissions to Trading Regulations 2024 (POATR)''.

The UK's Public Offers and Admissions to Trading Regulations (2024) are designed to enable the use of low denomination bonds and facilitate retail inclusion.

In this context, a plain vanilla listed bond is defined as a debt security that:

:(1) is admitted to the FCA’s “official list”;
:(2) is guaranteed by the issuer’s parent undertaking, which should be an Equity Shares (Commercial Companies) (ESCC) issuer, where the issuer is an ESCC subsidiary;
:(3) bears a fixed coupon rate (including zero and stepped coupons) or a floating coupon rate, as long as it is referenced to: the BoE official bank rate or an equivalent central bank rate; a benchmark or index that tracks UK inflation; SONIA or other equivalent risk-free rate in any currency; or EURIBOR (and not subject to a modification such as a cap or floor, unless a zero floor);
:(4) is unsubordinated, unsecured and not subject to bail-in; and
:(5) is not a convertible or asset-backed security or one that gives rise to a payment or delivery obligation linked to an underlying asset or index (other than those shown above).

''(Source - The Treasurer, Issue 4, 2025, p30.''

== See also ==
* [[Admission to trading]]
* [[Asset backed securities]]
* [[Bailin]]
* [[Cap]]
* [[CCI]]
* [[COBS]]
* [[Convertibles]]
* [[Coupon rate]]
* [[Debt]]
* [[Equity Shares (Commercial Companies)]] (ESCC)
* [[Financial Conduct Authority]] (FCA)
* [[Floor]]
* [[Inclusion]]
* [[Low denomination bond]] (LDB)
* [[MTF]]
* [[Official list]]
* [[PFLS]]
* [[Plain vanilla listed bond]]
* [[POP]]
* [[PRM]]
* [[PROD 3]]
* [[PRR]]
* [[Public offer]]
* [[Regulation]]
* [[Retail bond]]
* [[Retail inclusion]]
* [[Security]]
* [[Stepped coupon]]
* [[UK Prospectus Regulation]]
* [[UK Public Offers and Admissions to Trading Regulations 2024]] (POATR)
* [[Unsecured]]
* [[Unsubordinated]]
* [[Zero coupon]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Corporate_finance]]
[[Category:Financial_products_and_markets]]
[[Category:Identify_and_assess_risks]]
[[Category:Investment]]
[[Category:Long_term_funding]]

Plain vanilla listed bond

2025-12-08T14:34:10Z

Doug: Create page - source - The Treasurer Issue 4, 2025, p30.

''Financial regulation - public offers - admissions to trading - UK - UK Public Offers and Admissions to Trading Regulations 2024 (POATR)''.

The UK's Public Offers and Admissions to Trading Regulations (2024) are designed to enable the use of low denomination bonds and facilitate retail inclusion.

In this context, a plain vanilla listed bond is defined as a debt security that:

:˚ is admitted to the FCA’s “official list”;
:˚ is guaranteed by the issuer’s parent undertaking, which should be an Equity Shares (Commercial Companies) (ESCC) issuer, where the issuer is an ESCC subsidiary;
:˚ bears a fixed coupon rate (including zero and stepped coupons) or a floating coupon rate, as long as it is referenced to: the BoE official bank rate or an equivalent central bank rate; a benchmark or index that tracks UK inflation; SONIA or other equivalent risk-free rate in any currency; or EURIBOR (and not subject to a modification such as a cap or floor, unless a zero floor);
:˚ is unsubordinated, unsecured and not subject to bail-in; and
:˚ is not a convertible or asset-backed security or one that gives rise to a payment or delivery obligation linked to an underlying asset or index (other than those shown above).

''(Source - The Treasurer, Issue 4, 2025, p30.''

== See also ==
* [[Admission to trading]]
* [[Asset-backed]]
* [[Bailin]]
* [[Cap]]
* [[CCI]]
* [[COBS]]
* [[Convertible]]
* [[Coupon rate]]
* [[Debt]]
* [[Equity Shares (Commercial Companies)]] (ESCC)
* [[Financial Conduct Authority]] (FCA)
* [[Floor]]
* [[Inclusion]]
* [[Low denomination bond]] (LDB)
* [[MTF]]
* [[Official list]]
* [[PFLS]]
* [[Plain vanilla listed bond]]
* [[POP]]
* [[PRM]]
* [[PROD 3]]
* [[PRR]]
* [[Public offer]]
* [[Regulation]]
* [[Retail bond]]
* [[Retail inclusion]]
* [[Security]]
* [[Stepped coupon]]
* [[UK Prospectus Regulation]]
* [[UK Public Offers and Admissions to Trading Regulations 2024]] (POATR)
* [[Unsecured]]
* [[Unsubordinated]]
* [[Zero coupon]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Corporate_finance]]
[[Category:Financial_products_and_markets]]
[[Category:Identify_and_assess_risks]]
[[Category:Investment]]
[[Category:Long_term_funding]]

Reduction of Capital

2025-12-08T14:04:44Z

Doug: Layout.

''Company law - distributable reserves - capital''.

Reduction of Capital is a formal legal process that - subject to safeguards - transforms undistributable reserves into legally distributable amounts.

''(Source - The Treasurer, Issue 4, 2025, p40.)''

== See also ==
* [[Capital]]
* [[Capital account]]
* [[Capital adequacy]]
* [[Capital and liquidity management]]
* [[Capital buffer]]
* [[Capital charge]]
* [[Capital conservation]]
* [[Capital Conservation Buffer]]
* [[Capital control]]
* [[Capital employed]]
* [[Capital expenditure]] (capex)
* [[Capital instrument]]
* [[Capital maintenance]]
* [[Capital management]]
* [[Capital market]]
* [[Capital redemption reserve]]
* [[Capital Requirements Directive]]
* [[Capital securities]]
* [[Capital structure]]
* [[Capitalisation]]
* [[Corporate finance]]
* [[Distributable reserves]]
* [[Equity]]
* [[Equity capital]]
* [[Merger reserve]]
* [[Realised profits]]
* [[Redenomination reserve]]
* [[Regulatory capital]]
* [[Reserves]]
* [[Share capital]]
* [[Share premium]]
* [[Statutory reserve]]
* [[Undistributable reserves]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]

COBS

2025-12-08T12:17:23Z

Doug: Create page - source - The Treasurer, Issue 4, 2025, p30.

''Financial regulation - public offers - admissions to trading - UK - Financial Conduct Authority (FCA)''.

The UK's Financial Conduct Authority's Conduct of Business Sourcebook.

== See also ==
* [[Admission to trading]]
* [[CCI]]
* [[ESCC]]
* [[Financial Conduct Authority]] (FCA)
* [[Low denomination bond]] (LDB)
* [[MTF]]
* [[PFLS]]
* [[Plain vanilla listed bond]]
* [[POP]]
* [[PRM]]
* [[PROD 3]]
* [[PRR]]
* [[Public offer]]
* [[Regulation]]
* [[Retail bond]]
* [[Retail inclusion]]
* [[UK Prospectus Regulation]]
* [[UK Public Offers and Admissions to Trading Regulations 2024]] (POATR)

[[Category:Accounting,_tax_and_regulation]]
[[Category:Financial_products_and_markets]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Financial_products_and_markets]]

CCI

2025-12-08T12:08:31Z

Doug: Add definition - source - The Treasurer Issue 4, 2025, p31.

1. ''Investment - retail - regulation - UK.''

Consumer Composite Investment.

2. ''Market conditions - sentiment - consumer confidence - OECD.''

The OECD's Consumer confidence index.

3. ''Financial regulation - public offers - admissions to trading - UK''.

Consumer Composite Investment rules.

== See also ==
* [[Confidence]]
* [[Confidence indicator]]
* [[Consumer]]
* [[Consumer Composite Investments]]
* [[Consumer confidence]]
* [[Consumer confidence index]]
* [[Economic sentiment indicator]] (ESI)
* [[Investment]]
* [[Office for National Statistics]]
* [[Organisation for Economic Co-operation and Development]] (OECD)
* [[Regulation]]
* [[Retail]]
* [[UK Public Offers and Admissions to Trading Regulations 2024]] (POATR)

==Other resource==
*[https://data.oecd.org/leadind/consumer-confidence-index-cci.htm#indicator-chart The Consumer confidence index - OECD]

[[Category:The_business_context]]

UK Public Offers and Admissions to Trading Regulations 2024

2025-12-08T12:05:11Z

Doug: Add abbreviation. Source - The Treasurer Issue 4, 2025, p29.

''Financial regulation - public offers - admissions to trading - UK''.

(POATR or POATRs).

The UK's Public Offers and Admissions to Trading Regulations (2024) are designed to serve as a framework to replace the UK's Prospectus Regulation, enabling the use of low denomination bonds and facilitating retail inclusion.

== See also ==
* [[Admission to trading]]
* [[CCI]]
* [[COBS]]
* [[ESCC]]
* [[Financial Conduct Authority]] (FCA)
* [[Low denomination bond]] (LDB)
* [[MTF]]
* [[PFLS]]
* [[Plain vanilla listed bond]]
* [[POP]]
* [[PRM]]
* [[PROD 3]]
* [[PRR]]
* [[Public offer]]
* [[Regulation]]
* [[Retail bond]]
* [[Retail inclusion]]
* [[UK Prospectus Regulation]]

==Other resources==
*[https://www.treasurers.org/hub/blog/uk-debt-capital-market-reform-retail-inclusion UK Debt Capital Market Reform & Retail Inclusion – where are we now? The Treasurer online - December 2024]
*[https://www.legislation.gov.uk/uksi/2024/105/contents/made The UK Public Offers and Admissions to Trading Regulations 2024 - text]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Financial_products_and_markets]]

Verification of Payee

2025-12-08T11:55:31Z

Doug: Remove surplus link.

''EU financial regulation - Instant Payments Regulation (IPR).''

(VOP or VoP).

Verification of Payee is a tool to help prevent APP fraud and accidentally misdirected payments, similar to Confirmation of Payee.

It is a requirement of the EU Instant Payments Regulation (IPR).

== See also ==
*[[APP fraud]]
* [[Confirmation of Payee]] (CoP)
* [[Euro Banking Association]] (EBA)
* [[European Payments Council]] (EPC)
*[[Faster Payments]]
*[[Financial Conduct Authority]] (FCA)
* [[Immediate payments and the impact on corporate treasurers]]
* [[Infrastructure]]
* [[Instant Payments Regulation]] (IPR)
* [[Payment service provider]] (PSP)
* [[Payment system]]
* [[Payment Systems Regulator]] (PSR)
* [[PSD2]]
* [[Regulation]]
* [[Request to Pay]]
* [[Secondary reference data]] (SRD)

==Other resources==
*[https://www.abe-eba.eu/media/azure/production/4231/eba_20250526_pr_note-on-vop-requirements_v01.pdf#msdynttrid=2PfqvjDWegK0f0-qt3CRfOrAZljQnEwrRoj1_b5Ay8Y EBA addresses challenges of VOP requirements - May 2025]
*[https://eba-cms-prod.azurewebsites.net/media/azure/production/4226/eba_20250523_vop_for_bulks_key_challenges_and_pain_points.pdf VOP for bulk payments - key challenges and pain points - Euro Banking Association - May 2025]

[[Category:Accounting,_tax_and_regulation]]
[[Category:Financial_products_and_markets]]

Tokenise

2025-12-08T11:54:30Z

Doug: Remove surplus link.

''Blockchain.''

In the context of blockchain, to tokenise is to create a token - a unit of value that only exists as a registry entry in the blockchain - as a representation of a traditional (non-digital) asset.

:'''''HSBC – The potential of tokenisation'''''

:"On tokenisation, Hashir Abdul Rahim, Head of Digital Products, Markets & Securities Services, HSBC described how assets evolved from paper certificates to dematerialised assets in the past and are now being transformed into programmable assets and what that can bring to global markets.

:Asset tokenisation is the process of transforming an underlying asset into another unit of a digitised or physical asset called tokens.

:Tokenisation helps to convert an asset into a digital unit that can be managed with potentially less intermediaries through blockchain technology, provided regulations evolve as well.

:Potential benefits of tokenised assets include:

:*Lower cost of ownership
:*Elimination of reconciliation activities
:*Fractionalisation which enables affordability and inclusion"

:''Reflections from the ACT member event in Singapore - 19 September 2024.''

== See also ==
* [[Altcoin]]
* [[Bitcoin]]
* [[Blockchain]]
* [[Coin]]
* [[Crypto]]
* [[Cryptoassets]]
* [[Cryptocurrency]]
* [[Cryptography]]
* [[Currency]]
* [[Digital asset]]
* [[Digital currency]]
* [[Intangible assets]]
* [[Invoice tokenisation]]
* [[Money]]
* [[Token]]
* [[Tokenised bond]]
* [[Tokenised deposit]]

==Other resource==
*[https://www.treasurers.org/hub/blog/September-Singapore-Event Reflections from the ACT member event in Singapore - 19 September 2024]

[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]

Exchange-traded funds

2025-12-08T11:53:36Z

Doug: Remove surplus links.

(ETFs).

Open-ended funds - often tracking an index - that are priced on a continuous basis and can be bought or sold like shares.

== See also ==
*[[Cash investing in a new world]]
*[[Fund]]
* [[Index]]
*[[Share]]
*[[Tracker fund]]

[[Category:Corporate_finance]]

CETN

2025-12-08T11:52:47Z

Doug: Layout.

{{lowercase}}
Crytpo Exchange Traded Note.

== See also ==
* [[An introduction to debt securities]]
* [[Cryptoassets]]
* [[ETN]]
* [[Euro Medium Term Note]]
* [[MTN programme]]
* [[Note]]
* [[Notes]]
* [[Security]]

[[Category:Financial_products_and_markets]]

CETN

2025-12-08T11:51:18Z

Doug: Create page - sources - Linked pages & The Treasurer Issue 4, 2025, p22.

{lowercase}Crytpo Exchange Traded Note.

== See also ==
* [[An introduction to debt securities]]
* [[Cryptoassets]]
* [[ETN]]
* [[Euro Medium Term Note]]
* [[MTN programme]]
* [[Note]]
* [[Notes]]
* [[Security]]

[[Category:Financial_products_and_markets]]

ETN

2025-12-08T11:48:53Z

Doug: Create page - sources - Linked pages & The Treasurer Issue 4, 2025 p22.

Exchange Traded Note.

== See also ==
* [[An introduction to debt securities]]
* [[cETN]]
* [[Euro Medium Term Note]]
* [[MTN programme]]
* [[Note]]
* [[Notes]]
* [[Security]]

[[Category:Financial_products_and_markets]]

Medium term notes

2025-12-08T11:46:56Z

Doug: Improve linking.

(MTNs).

Debt securities that range in maturity from about nine months to several years (sometimes as long as 30 years) and are in bearer form.

They are normally issued as part of an MTN programme where documentation exists to cover the programme and is regularly updated.

== See also ==
* [[An introduction to debt securities]]
* [[Bearer instrument]]
* [[cETN]]
* [[ETN]]
* [[Euro Medium Term Note]]
* [[MTN programme]]
* [[Security]]
*[[Term]]

[[Category:Long_term_funding]]

Tokenise

2025-12-06T16:59:50Z

Doug: Improve linking.

''Blockchain.''

In the context of blockchain, to tokenise is to create a token - a unit of value that only exists as a registry entry in the blockchain - as a representation of a traditional (non-digital) asset.

:'''''HSBC – The potential of tokenisation'''''

:"On tokenisation, Hashir Abdul Rahim, Head of Digital Products, Markets & Securities Services, HSBC described how assets evolved from paper certificates to dematerialised assets in the past and are now being transformed into programmable assets and what that can bring to global markets.

:Asset tokenisation is the process of transforming an underlying asset into another unit of a digitised or physical asset called tokens.

:Tokenisation helps to convert an asset into a digital unit that can be managed with potentially less intermediaries through blockchain technology, provided regulations evolve as well.

:Potential benefits of tokenised assets include:

:*Lower cost of ownership
:*Elimination of reconciliation activities
:*Fractionalisation which enables affordability and inclusion"

:''Reflections from the ACT member event in Singapore - 19 September 2024.''

== See also ==
* [[Altcoin]]
* [[Bitcoin]]
* [[Blockchain]]
* [[Coin]]
* [[Crypto]]
* [[Cryptoassets]]
* [[Cryptocurrency]]
* [[Cryptography]]
* [[Currency]]
* [[Digital asset]]
* [[Digital currency]]
* [[Fund tokenisation]]
* [[Intangible assets]]
* [[Invoice tokenisation]]
* [[Money]]
* [[Token]]
* [[Tokenised bond]]
* [[Tokenised deposit]]

==Other resource==
*[https://www.treasurers.org/hub/blog/September-Singapore-Event Reflections from the ACT member event in Singapore - 19 September 2024]

[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]

Exchange-traded funds

2025-12-06T16:57:21Z

Doug: Improve linking.

(ETFs).

Open-ended funds - often tracking an index - that are priced on a continuous basis and can be bought or sold like shares.

== See also ==
*[[Cash investing in a new world]]
*[[ETCs]]
*[[Exchange-traded notes]] (ETNs)
*[[Exchange-traded products]] (ETPs)
*[[Fund]]
* [[Index]]
*[[Share]]
*[[Tracker fund]]

[[Category:Corporate_finance]]