Internet bank

In order to log in you need to select a means of authentication. The most convenient way to use Internet Bank is Smart-ID, but there are other solutions. Read more about authentication means.

IT vulnerability reports

It is important for us at Swedbank that our customers can feel safe and secure when doing business with us. We have therefore a structured approach to security in all of our development and management of systems and constantly strive to achieve the highest possible security and quality. Despite this, an error may slip by. If you have found a security flaw, we would like to hear more about it to be able to correct the problem as soon as possible.

• How do I find the full service price list?

  The full price list can be found on the private client homepage after selecting Prices and Rates under Useful.

• How do I find the EURIBOR?

  Euribor can be found on the private client homepage after selecting Loan and Leasing Interest Rates under Prices and Rates on the Useful page.

• How do I find IBAN and SWIFT/BIC codes?

  You can find the codes when you select International Settlements under Payments on the Everyday Banking page. Information about the international bank account number or IBAN can be found on the International Settlements page alongside the reference to the IBAN calculator. You will find the SWIFT codes when you click on the link to the List of Correspondent Banks at the bottom of the International Settlements page.

• How can I change my Internet bank settings and contact details?

  Settings and contact details can be found under May Bank on the private client homepage. You can change your contact details and permanent password and define new Internet bank settings under My contacts and settings.

• What is the donation environment?

  suitable amounts. The donation environment can be found on the Corporate Social Responsibility page.
  Further information is available on the donation environment page

• Are there no limits on transfers when I log in with my ID card / Digi-ID?

  The limits you set in your teleservices contract are applied to transfers you make after logging in with your ID card / Digi-ID, Mobile ID or PIN calculator. The sensible option is to set a daily limit that covers the transfers you usually have to make. You can always increase your transfer limit temporarily if you wish to make transfers that are bigger than usual.

• Why should I prefer an ID card / Digi-ID to a PIN calculator?

  The ID card / Digi-ID is safer, because the chip it contains enables cardholders to secure their electronic communication.
  The ID card / Digi-ID is more convenient, because it gives access to the Internet banks of all larger banks in Estonia – there is no need for many different PIN calculators. You also get direct access to all e-services without having to identify yourself through an Internet bank. And your ID card is also easy to carry on you.

• What should I do if I have lost my ID card PINs?

  You can obtain new PINs from the offices of the Citizenship and Migration Board.

• I do not have an ID card / Digi-ID yet. How do I get one?

  You can apply for an ID card / Digi-ID from the Citizenship and Migration Board. If you already have some form of personal identification issued by the Citizenship and Migration Board, such as a passport, you can apply for an ID card / Digi-ID by post. For more information see www.pass.ee

• Banking glossary

  • A
  • B
  • C
  • D
  • E
  • F
  • G
  • I
  • L
  • M
  • N
  • O
  • P
  • Q
  • R
  • S
  • T
  • V
  • W
  • Y

  A
  Account statement	A statement of the transactions done on the account.
  Account operator	A legal entity who is a participant of the central depository and intermediates securities account services to investors.
  Activity based accounting	Accounting method that accounts for revenues and expenses when they occur even if they have not actually been paid or received.
  Administration	A service offered by banks which guarantees that the assets of the customer are preserved and that expedient security transactions are concluded; a relationship with the bank where the bank concludes the ownership actions of the customer according to the customer's orders.
  ADR	A negotiable certificate held in a U.S. bank representing a specific number of shares of a foreign stock traded on a U.S. stock exchange. ADRs make it easier for Americans to invest in foreign companies.
  American-style option	An option which can be exercised at any time between the purchase date and the expiration date. Opposite of European-style option.
  Annuity	A series of equal payments paid periodically by a customer for repayment of a loan. If a loan is repaid on the basis of an annuity schedule, the amounts paid every month are of the same size and consist of a loan principle repayment and interest calculated on the outstanding loan.
  Arbitrage	Attempting to profit by exploiting price differences of identical or similar financial instruments, on different markets or in different forms. Ideally, a pair of opposite transactions that take place simultaneously and generate profit with zero risk.
  Asset allocation	The process of dividing investments among different kinds of assets, such as stocks, bonds, real estate and cash, to optimize the risk/reward tradeoff based on an individual's or institution's specific situation and goals.
  At-the-money	A condition in which the strike price of an option is equal to (or nearly equal to) the market price of the underlying security.

  B
  Balance of payments	An accounting record of all transactions made by a country with over a certain time period, comparing the amount of foreign currency taken in to the amount of domestic currency paid out.
  Balance sheet	A quantitative summary of a company's financial condition at a specific point in time, including assets, liabilities and net worth.
  Bankcard	a card issued by a credit institution to accountholders or persons determined by accountholders for doing card transactions.
  Banking day	A day when banks are open to carry out banking operations.
  Basis point	The change in the price of a bond, per 100 nominal, for a 1 basis point change in its yield to maturity.
  Beta	A quantitative measure of the volatility of a given stock, mutual fund, or portfolio, relative to the overall market. A beta above 1 is more volatile than the overall market, while a beta below 1 is less volatile.
  Black-Scholes model	A model used to calculate the value of an option, by considering the stock price, strike price and expiration date, risk-free return, and the standard deviation of the stock's return. Blue chip - Stock of a large, national company with a solid record of stable earnings and / or dividend growth and a reputation for high quality management and / or products. More generally, anything of very high quality.
  Bond	A debt instrument issued for a period of more than one year with the purpose of raising capital by borrowing.
  Bond yield	The annual rate of return on an investment, expressed as a percentage. For bonds and notes, it is the coupon rate divided by the market price.
  Borrower	A customer who has obtained a loan from the bank.
  Broker	Any individual or firm which is in the business of buying and selling securities for itself and others.

  C
  Call	An option contract that gives the holder the right to buy a certain quantity of an underlying security from the writer of the option, at a specified price (the strike price) up to a specified date (the expiration date).
  Capital gain	The amount by which an asset's selling price exceeds its initial purchase price. A realized capital gain is an investment that has been sold at a profit.
  Cash flow	A measure of a company's financial health. Equals cash receipts minus cash payments over a given period of time; or equivalently, net profit plus amounts charged off for depreciation, depletion, and amortization.
  CD (certificate of deposit)	Short- or medium-term, interest-bearing debt instrument offered by banks and savings and loans. Low risk, low return.
  Clean price	The present value of a bond net of accrued interest - i.e. interest accrued since the last coupon date. Most markets quote bonds on a clean price basis, except when the bond is into its final coupon period, when it may be quoted dirty.
  Clearing	The process of calculating market participants' obligations towards each other and executing cash transfers as part of the settlement process.
  Closed investment fund	A fund with a fixed number of shares outstanding, and one which does not redeem shares the way a typical mutual fund does. Such funds are often listed on a major stock exchange and trade like other securities. Unlike a typical mutual fund, a closed-end fund's share price can trade above or below its net asset value.
  Closing price	The price of the last transaction for a given security at the end of a given trading session.
  Collateral	Assets pledged by a borrower to secure a loan or other credit, and subject to seizure in the event of default.
  Commission	A fee charged by a broker or agent for his/her service in facilitating a transaction, such as the buying or selling of securities.
  Common stock	Securities representing equity ownership in a corporation, providing voting rights, and entitling the holder to a share of the company's success through dividends and/or capital appreciation.
  Compounding	A process whereby the value of an investment increases exponentially over time due to compound interest.
  Convertible bond	A corporate bond that can be exchanged, at the option of the holder, for a specific number of shares of the company's preferred stock or common stock.
  Corporate actions	The term referring to any action involving a company's issued security other than market trading. Corporate actions can be intitatied by the company or by the holder of the securities. (Rights issues, takeovers, debt repayments, announcements of annual or extraordinary general meetings, dividends, etc.)
  Corporate bond	A bond issued by a corporation.
  Counterpart	One party of the transaction. A trade takes place between two counterparties.
  Coupon	The interest rate on a fixed income security, determined upon issuance, and expressed as a percentage of par. Also, the term for each interest payment made to the bondholder.
  CP	An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.
  CPI	An inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food, and transportation.
  Credit card	A bankcard which allows card transactions to be done within the extent of the credit limit established in the agreement.
  Credit rating	A published ranking, based on detailed financial analysis by a credit bureau, of one's financial history, specifically as it relates to one's ability to meet debt obligations.
  Credit risk	The likelihood of non-payment of credit.
  Creditworthiness	The ability of the customer to receive credit on the basis of the previous and present credit activities.
  Currency option	The right, but not the obligation, to buy (for a call option) or sell (for a put option) a specific amount of currency at a specified price (the strike price) during a specified period of time.
  Current account	An account on which all current settlements are reflected.
  Current assets	A balance sheet item which equals the sum of cash and cash equivalents, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that could be converted to cash in less than one year.
  Current rate	A rate quoted separately for every transaction.
  Current yield	The annual rate of return on an investment, expressed as a percentage. For bonds, it is the coupon rate divided by the market price.
  Custodian	An entity, often a bank, that safekeeps and administers securities for its customers and that may provide various other services, including clearance and settlement, cash management, foreign exchange and securities lending.
  Custody	There are generally three types of custody arrangements: domestic custody, global custody and master custody.
  Day order	A buy or sell order which automatically expires if it is not executed during that trading session.
  Debit card	A bank card which allows card transactions to be done within the amount of the money on the account.
  Default interest	A sanction for failure to fulfil monetary obligations in time.
  Deflation	A decline in general price levels, often caused by a reduction in the supply of money or credit. Opposite of inflation.

  D
  Day order	A buy or sell order which automatically expires if it is not executed during that trading session.
  Debit card	A bank card which allows card transactions to be done within the amount of the money on the account.
  Default interest	A sanction for failure to fulfil monetary obligations in time.
  Deflation	A decline in general price levels, often caused by a reduction in the supply of money or credit. opposite of inflation.
  Delivery versus payment	The simultaneous transfer of securities and cash that ensures that delivery of securities occurs only if delivery of funds occurs.
  Dematerialised securities	Electronically held securities for which the physical certificates of ownership have been replaced by book entry records.
  Deposit	Money invested in the bank for a certain period.
  Depreciation	The allocation of the cost of an asset over a period of time for accounting and tax purposes. Also, a decline in the value of a property due to general wear and tear or obsolescence; opposite of appreciation.
  Derivative	A financial instrument whose characteristics and value depend upon the characteristics and value of an underlying instrument or asset, typically a commodity, bond, equity or currency. Examples are futures, options, and mortgage-backed securities.
  Devaluation	A substantial drop in the value of a currency, relative to the price of gold or the currencies of other countries.
  Direct debit order	A type of payment where the customer authorises the bank to transfer a certain amount to the account of a certain beneficiary upon the demand of the latter.
  Dirty price	The present value of a bond including accrued interest - i.e. interest accrued since the last coupon payment date.
  Discounted bond	A bond which is sold at a price below its face value and returns its face value at maturity.
  Diversification	A portfolio strategy designed to reduce exposure to risk by combining a variety of investments, such as stocks, bonds, and real estate, which are unlikely to all move in the same direction.
  Dividend	A declared by a company's board of directors and given to its shareholders out of the company's current or retained earnings.
  Dividend reinvestment	Using the dividends from an investment to buy more of that investment. Domestic custody involves holding assets held in a country on behalf of its clients, including assets held under sub-custodial arrangements.
  Domestic payment	a payment in case of which the accounts of the remitter and the beneficiary are in the same country.
  Double Taxation Agreement	Inter-governmental treaty developed to avoid the double taxation of income. If interest or dividend income is taxed at source, the investor will not be required to pay the tax in its country of residency.
  Duration	A measure of the average maturity of a series of cash flows, such as coupons and principal, on a bond. Duration can be used to calculate the market risk associated with a change in yield to maturity.

  E
  EPS	Total earnings divided by the number of shares outstanding. Companies often use a weighted average of outstanding stock over the reporting term.
  Euro	The common currency of the European Monetary Union, which became valid on January 1999. The European Monetary Union consists of countries who met the economic criteria determined in the Maastricht Treaty of the European Union in 1998. The Euro became valid as a settlement currency from the beginning of 1999. On January 1st 2002, the System of European Central Banks put into circulation banknotes with nominal values of 5, 10, 20, 50, 100, 200 and 500 euros and coins with nominal values of 1, 2, 5, 10, 20 and 50 cents and 1 and 2 euros.
  Eurobond	A bond issued and traded outside the country whose currency it is denominated in, and outside the regulations of a single country; usually a bond issued by a non-European company for sale in Europe.
  Euro currency	Currency deposited by companies and federal governments in banks outside their own country, usually currency of a non-European country deposited in Europe.
  European style option	An option which can only be exercised for a short, specified period of time just prior to its expiration, usually a single day.
  Ex-dividend day	The first day of the ex-dividend period. also called reinvestment date.
  Expiration date	The date on which an option, right or warrant expires, and becomes worthless if not exercised.

  F
  Fill or kill	An order given to a broker that must immediately be filled in its entirety or, if this is not possible, totally canceled.
  Foreign bond	A bond issued outside of the issuer_s domicile. Generally the nominal currency of the bond is the currency in circulation in the country the issue will be carried out.
  Forward	Cash market transaction in which a seller agrees to deliver a specific cash commodity to a buyer at some point in the future.
  Free cash flow	Operating cash flow (net income plus amortization and depreciation) minus capital expenditures and dividends.
  Free of payment	The movement of securities which is not dependent on the simultaneous movement of cash countervalue.
  FRN (Floating Rate Notes)	A bond on which the coupon is reset periodically in line with a money market reference rate such as LIBOR.
  Fund manager	The individual responsible for making portfolio decisions for a mutual fund, pension fund, or insurance fund.
  Fundamental analysis	A method of security valuation which involves examining the company's financials and operations, especially sales, earnings, growth potential, assets, debt, management, products, and competition.
  Futures	A standardised, transferable, exchange-traded contract that requires delivery of a commodity, bond, currency, or stock index, at a specified price, on a specified future date.

  G
  GDP	The total market value of all final goods and services produced in a country in a given year; equals total consumer, investment and government spending, plus the value of exports minus the value of imports.
  GTC (good till cancelled)	An order to buy or sell which remains in effect until it is either executed or cancelled.
  Guarantor	A person who enters into the obligation to pay the debt for the debtor.

  I
  Index	A benchmark against which financial or economic performance is measured.
  Indexing	A passive investment strategy in which a portfolio is designed to mirror the performance of a stock index.
  Inflation	A macroeconomic indicator which shows the increase of the general price level; the inflation rate is the speed of price increases.
  Insider	An officer or director of a company whos has not publicly known information. Also, any individual who has inside information.
  Institutional investor	Entity with large amounts to invest, such as investment companies, mutual funds, brokerages, insurance companies, pension funds, investment banks.
  Interest	Interest is the fee payable for the use of borrowed money. Simple interest is calculated only on the basis of the loan amount, compound interest on the basis of the sum of the loan and the previous period’s interest. Floating interest rates change during the agreement period according to the conditions set in the agreement. Floating interest rates are usually reviewed twice a year, whereas interest is calculated on the basis of the 6 months EURBOR as of the date of review. EURIBOR (European Interbank Offered Rate) is the all-European interbank interest rate of the EURO. A fixed interest rate is valid during the entire duration of the loan agreement.
  Interest rate	The interest rate on a fixed income security, determined upon issuance, and expressed as a percentage of par. Also, the term for each interest payment made to the bondholder.
  Interest rate risk	The possibility of a reduction in the value of a security, especially a bond, resulting from a rise in interest rates.
  Interest swap	An exchange of two debt obligations that have different payment streams.
  International payment	A payment in case of which the accounts of the remitter and the beneficiary are in different banks and the banks are in different countries.
  In-the-money	Situation in which an option's strike price is below the current market price of the underlier (for a call option) or above the current market price of the underlier (for a put option).
  Investment fund	Firm that invests the pooled funds of retail investors for a fee. There are two types: open-end (mutual funds) and closed-end (investment trusts).
  IPO (initial public offering)	The first sale of stock by a company to the public.
  ISIN	International Securities Identification Number. A coding system developed by ISO with the purpose of creating one unique number on a global basis for identifing securities.
  Issue	A stock or bond which has been offered for sale by a corporation or government entity, usually through an underwriter or in a private placement.
  Issue prospectus	A legal document offering securities or mutual fund shares for sale. It must explain the offer, including the terms, issuer, objectives (if mutual fund) or planned use of the money (if securities), historical financial statements, and other information that could help an individual decide whether the investment is appropriate for him/her.
  Issuer	A company or municipality offering (or having already offered) securities for sale to investors.

  L
  Leasing	A transaction where the bank purchases the property which the customer is interested in and allows the latter to use the same for a certain fee.
  LIBOR	The interest rate that the largest international banks charge each other for loans.
  Limit order	An order to a broker to buy a specified quantity of a security at or below a specified price or to sell it at or above a specified price (called the limit price).
  Loan limit	An amount given to the customer on the basis of a resolution of the loan committee that must be used for the agreed purpose.
  Loan schedule	A loan repayment schedule.
  Long-term loan	Loans whose deadline exceeds 1 year.

  M
  Macaulay duration	Macaulay duration is a measure of the weighted average life of a bond, taking into account: a) The size of each cash flow b) It´s timing.
  Market	A public place where buyers and sellers make transactions, directly or via intermediaries.
  Market cap	The sum of a corporation's long-term debt, stock and retained earnings. also called invested capital. Also, the market price of an entire company, calculated by multiplying the number of shares outstanding by the price per share.
  Market maker	A brokerage or bank that maintains a firm bid and ask price in a given security by standing ready, willing, and able to buy or sell at publicly quoted prices (called making a market).
  Market order	A buy or sell order in which the broker is to execute the order at the best price currently available.
  Master custody	The custody of domestic and foreign assets of a domestically domiciled, whose assets the master custodian has primary control over, providing a single point of reporting and integration of value added services.
  Maturity date	The date on which a debt becomes due for payment.
  Modified duration	A measure of the market risk on a bond. Defined as the percentage change in the market value of a bond investment for a 100 basis point change in yield.
  Monetary committee	A monetary system in case of which the independent issuer (Bank of Estonia) may change the amount of money circulating in the state only according to how the gold and foreign currency reserves of the issuer change. This system allows people to always change their money into a foreign currency on the basis of a fixed rate. In addition to Estonia, the monetary committee system is also used in Hong Kong, Singapore and Argentina.
  Money market fund	An open-end mutual fund which invests only in money markets.
  Mortgage loan	Credit which is secured with the property of the borrower and in case of which the conditions of the loan, the methods of repayment, liquidity, the right to purchase the mortgage and the possibilities of reacquisition have been particularly emphasised.
  MTN	MTN's are debt instruments predominantly of one to ten years maturity which are issued under one set of master documentation over a period of several years. For this reason they are also referred to as continuously-offered products.
  Municipal bond	Bond issued by a state, city, or local government to finance operations or special projects.
  Mutual fund/open-ended fund	An open-ended fund operated by an investment company which raises money from shareholders and invests in a group of assets, in accordance with a stated set of objectives. Benefits include diversification and professional money management. Shares are issued and redeemed on demand, based on the fund's net asset value which is determined at the end of each trading session.

  N
  NAV	The dollar value of a single mutual fund share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

  O
  Option	The right, but not the obligation, to buy (for a call option) or sell (for a put option) a specific amount of a given stock, commodity, currency, index, or debt, at a specified price (the strike price) during a specified period of time.
  OTC-market	The computer and phone system through which over the counter (as well as listed) securities are traded.
  Out-of-the-money	A call option whose strike price is higher than the market price of the underlying security, or a put option whose strike price is lower than the market price of the underlying security.
  Overdraft	Allows money to be overdrawn from the account within the extent of a determined limit.

  P
  P / B ratio	A stock's capitalisation divided by its book value.
  P / E ratio	The most common measure of how expensive a stock is. Equal to a stock's capitalisation divided by its after-tax earnings over a 12-month period.
  Payment	A transfer of monies from one account to another by bank transfer or cash done in a bank.
  Payment balance	A ratio of the total amount of payments received from foreign countries and paid from the state to foreign countries within a certain time: the balance is active if the amount of outgoing payments is bigger and passive in the opposite case; a report which identifies all the financial transactions of one state with other states; people who travel will not have to waste time and money on currency exchange; consumers can buy services and goods in each country for comparable prices, which increases competition and reduces prices; inflation decreases and interest rates drop; the negative influence arising from the fluctuation of currency rates on the economies of the states will disappear; trading in the customs-free inner market of the European Union will become easier; the export costs of companies, first and foremost the smaller ones, will decrease.
  Payment date	The date on which a dividend, mutual fund distribution, or bond interest payment is made or scheduled to be made.
  Periodic payment order	A customer’s order to the bank to transfer a certain amount to one specific beneficiary after certain intervals of time.
  Position	The amount of a security either owned (a long position) or owed (a short position) by an investor or dealer.
  PPI	An inflationary indicator to evaluate wholesale price levels in the economy.
  Preferred share	Stock type which provides a specific dividend that is paid before any dividends are paid to common stock holders, and which takes precedence over common stock in the event of a liquidation. Usually does not carry voting rights.
  Primary market	The market for new securities issues.
  Principal	The amount borrowed, or the part of the amount borrowed which remains unpaid (excluding interest).
  Private placement	The sale of securities directly to institutional investors, such as banks, mutual funds, insurance companies, pension funds. Does not normally require registration with a country´s Securities Board.
  Prospectus	A legal document offering securities or mutual fund shares for sale. It must explain the offer, including the terms, issuer, objectives (if mutual fund) or planned use of the money (if securities), historical financial statements, and other information that could help an individual decide whether the investment is appropriate for him/her.
  Public offering	The making available of a new securities issue to the public through an underwriting.
  Put	An option contract that gives the holder the right to sell a certain quantity of an underlying security to the writer of the option, at a specified price (strike price) up to a specified date (expiration date).

  Q
  Qualitative analysis	Determining the value of an investment, especially a stock, by examining its non-numeric characteristics, such as management, employee morale, customer loyalty, and brand value.
  Quantitative analysis	The process of determining the value of a security by examining its numerical, measurable characteristics such as revenues, earnings, margins, and market share.
  Quotation	A definition of the price of goods or the price of securities in the stock exchange.
  Quoted security	A security that is in accordance with a trading provisions of a licensed stock exchange and that can be traded on this exchange.

  R
  Record date	Date on which an individual must own shares in order to be eligible to receive a declared dividend or capital gains distribution.
  Reference number	A combination of figures characterising a specific account and the payment related thereto, which connects the invoice submitted by the seller to the customer and the payment order made on the basis thereof.
  Repo	A contract in which the seller of debt securities agrees to buy them back at a specified time and price.
  Rights	A privilege allowing existing shareholders to buy shares of an issue of common stock shortly before it is offered to the public, at a specified and usually discounted price, and usually in proportion to the number of shares already owned.
  Risk/reward trade-off	The relation between risk and return that usually holds, in which one must be willing to accept greater risk if one wants to pursue greater returns
  Risk capital	Funds made available for start-up firms and small businesses with exceptional growth potential. Managerial and technical expertise are often also provided.
  Risk/income ratio	a ratio between the growth potential of an investment and the possibility of a loss.
  ROA	A measure of a company's profitability, equal to a fiscal year's earnings divided by its total assets, expressed as a percentage.
  ROE	A measure of how well a company used reinvested earnings to generate additional earnings, equal to a fiscal year's after-tax income (after preferred stock dividends but before common stock dividends) divided by book value, expressed as a percentage.

  S
  S.W.I.F.T.	The Society for Worldwide Interbank Financial Telecommunication, established to service payments needs of banking industry through standardised, electronic messages. The securities markets became involved in 1987 with the acceptance of stock exchanges, brokers and depositories into the SWIFT network.
  Same day payment	The day of receipt/making the payment is both the remitter’s value date and the beneficiary’s value date.
  Savings deposit	Money deposited in the bank for a certain period to which the customer may make additional payments if desired, i.e. the principal amount may be increased.
  Secondary market	A market in which an investor purchases a security from another investor rather than the issuer, subsequent to the original issuance in the primary market.
  Security account	Whenever a client enters into a custody agreement, Swedbank opens an account in its books in the name of client for depositing securities belonging to that client. A cash account is a precondition for opening a securities account.
  Security type	Different securities as stock, bond, fund share etc.
  Settlement date	Legal transfer of the title of ownership on securities or other assets. It is normally the completion of a transaction, by which the seller transfers securities or other financial instruments to the buyer and the buyer transfers money to the seller.
  Share	An investment which represents ownership in an enterprise or investment fund.
  Short sale	Borrowing a security from a broker and selling it, with the understanding that it must later be bought back (hopefully at a lower price) and returned to the broker.
  Short-term liabilities	Liabilities payable within 12 months like short-term debt, long-term debt interest etc.
  Short-term loan	A loan whose deadline is less than 1 year.
  Standard deviation	A statistical measure of the historical volatility of a mutual fund or portfolio. More generally, a measure of the extent to which numbers are spread around their average.
  Standard statement	An account statement approved by the Banking Association and a regulation of the president of the Bank of Estonia.
  Stock	An instrument that signifies an ownership position, or equity, in a corporation, and represents a claim on its proportionate share in the corporation's assets and profits.
  Stock exchange	An exchange on which shares of stock and common stock equivalents are bought and sold.
  Stock option	An option in which the underlier is the common stock of a corporation, giving the holder the right to buy or sell its stock, at a specified price, by a specific date. Also called equity option.
  Stop order	A market order to buy or sell a certain quantity of a certain security if a specified price (the stop price) is reached or passed.
  Strike price	The specified price on an option contract at which the contract may be exercised, whereby a call option buyer can buy the underlier or a put option buyer can sell the underlier.
  Sub-Custodian	Institution that administers securities of a custodian and/or custodian clients in a local market.
  Subscription	To agree to purchase securities in a new issue.
  Swap	An exchange of streams of payments over time according to specified terms. The most common type is an interest rate swap, in which one party agrees to pay a fixed interest rate in return for receiving a adjustable rate from another party.
  Symbol	A system of letters used to uniquely identify a stock or mutual fund.

  T
  TALIBOR	Tallinn Interbank Offered Rate and TALIBID (Tallinn Interbank Bid rate) are the average of the interest rates quoted by contributor banks on the loans and deposits for specific tenors, which are calculated and published by Bank of Estonia on daily basis. The list of contributor banks is approved by BOE and currently consists of the 5 banks most active on the Estonian money market.
  Tax	An amount paid on certain services/benefits/income as established by the state.
  Tax reclaim	Reclaiming (if entitled to do so) excess tax withheld on an interest or dividend payment.
  Technical analysis	A method of evaluating securities by relying on the assumption that market data, such as charts of price, volume, and open interest, can help predict future (usually short-term) market trends.
  Term deposit	Money deposited in the bank for a certain period whereas the principal amount of the money does not change.
  Trade date	The date on which the transaction occurs.

  V
  Value date	The day when the settlements related to a securities transaction are done. The value date is a certain number of days after the date of the transaction.
  Volatility	The relative rate at which the price of a security moves up and down; found by calculating the annualised standard deviation of daily change in price.

  W
  Warrant	A security usually issued along with a bond or preferred stock, entitling the holder to buy a specific amount of securities at a specific price, usually above the current market price, for an extended period, anywhere from a few years to forever.

  Y
  Yield to maturity (YTM)	Yield that would be realized on a bond or other fixed income security if the bond was held until the maturity date. It is greater than the current yield if the bond is selling at a discount and less than the current yield if the bond is selling at a premium.

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