A system that is designed to create financial efficiency for countries using the euro by providing a unified system in which to perform financial transactions. The SEPA seeks to create a better system for credit transfers, an improved debit system and a cheaper way for individuals and firms to make transactions within member countries or regions. The European Commission wants the European market to be self sufficient by the year 2010, but banks will begin to implement SEPA in 2008. Up to 29 countries are slated to become a part of SEPA; the goal is to make a unified system in which financial transactions can be performed with reduced transaction costs and greater efficiency.
The interest rate at which banks located in Asian time zones can borrow funds from other banks located in the region. In Asia, the SIBOR is used more commonly than the LIBOR. It is set daily by the Association of Banks in Singapore (ABS). More than anything else, the SIBOR serves as a benchmark, or reference rate for borrowers and lenders that are directly or indirectly involved in an Asian financial market. Because of its location, political stability, strict legal and regulatory environment as well as the volume of business undertaken in Singapore, the city state is regarded as a major hub of Asian finance. Commonly, very large loans to businesses in the area and interest rate swaps involving businesses participating in the Asian economy will be quoted or denominated in SIBOR plus a number of basis points.
A verification system used by many different institutions to authorize and guarantee the individual signatures applied to securities requiring transfers. This is the authentication benchmark used by the securities industry when making transfers.
A line that graphs the systematic, or market, risk versus return of the whole market at a certain time and shows all risky marketable securities.Also refered to as the "characteristic line".|||The SML essentially graphs the results from the capital asset pricing model (CAPM) formula. The x-axis represents the risk (beta), and the y-axis represents the expected return. The market risk premium is determined from the slope of the SML. The security market line is a useful tool in determining whether an asset being considered for a portfolio offers a reasonable expected return for risk. Individual securities are plotted on the SML graph. If the security's risk versus expected return is plotted above the SML, it is undervalued because the investor can expect a greater return for the inherent risk. A security plotted below the SML is overvalued because the investor would be accepting less return for the amount of risk assumed.
A form of taxes that self-employed business owners must pay based on their net earnings from self-employment. Self Employed Contributions Act Tax (SECA Tax) was first imposed by the SEC Act of 1954.Similar to the Federal Insurance Contributions Act Tax (FICA Tax) that employees pay, the payments fund Social Security, Old Age Survivors and Disability Insurance (OASDI) and Medicare programs. |||The basic tax rate for SECA tax payments is twice the percentage rate that employees pay at source from their paychecks. This is to cover both the employer and employee portion of the payment. The employer portion of the payment, is deductible as a business expense.If your net earnings are less than the minimum set each year, no SECA Tax is payable. If, however, your net earnings are above the minimum, you must pay SECA Tax on the entire amount (including the amount under the minimum).
Reported on the income statement, it is the sum of all direct and indirect selling expenses and all general and administrative expenses of a company. Direct selling expenses are expenses that can be directly linked to the sale of a specific unit such as credit, warranty and advertising expenses. Indirect selling expenses are expenses which cannot be directly linked to the sale of a specific unit, but which are proportionally allocated to all units sold during a certain period, such as telephone, interest and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, heat and lights. High SG&A expenses can be a serious problem for almost any business. Examining this figure as a percentage of sales or net income compared to other companies in the same industry can give some idea of whether management is spending efficiently or wasting valuable cash flow. For example, in the television industry businesses that depend on a great deal of advertising must carefully monitor their marketing expenses. A good management team will often attempt to keep SG&A expenses under tight control and limited to a certain percentage of revenue by reducing corporate overhead (i.e. cost-cutting, employee lay-offs).
A committee created by two university professors, from Rochester and Carnegie Mellon, in the early 1970's. The committees purpose is to evaluate the policy and actions of the FOMC. Meeting semi-annually, the SOMC has expanded its scope to include discussions on a wider range of macroeconomic and public policies. Participants of the committee are drawn from both public and private institutions, and their opinions are reflections of only the committee itself.
A marketing term referring to the amount of the customer's total spending that a business captures in the products and services that it offers. Increasing the share of a customer's wallet a company receives is often a cheaper way of boosting revenue than increasing market share. |||Increasing share of wallet can be done by adding new products or services that a firm will offer to existing customers. This can also be done by cross-selling services within the same company. As an example, a bank might recommend to an existing client a different service that they offer, such as referring a wealth management client to an individual elsewhere in the organization who might sell the client insurance or arrange for a mortgage. By cross-selling within the bank they can increase their share of the customer’s wallet.
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