Standby Letter of Credit

A guarantee issued by a bank, on behalf of a buyer that protects the seller against non-payment for goods shipped to the buyer. The buyer pays the seller directly for the goods and only if the buyer fails to pay does the seller claim under the Standby Letter of Credit.

Statement

All transactions in a bank account for a period of time. Statements are usually given once a month.

Statutory Audit

By law, certain companies need to have their accounts audited by suitably qualified accountants. This is called a statutory audit.

Stocks

Traded on a stock exchange, these are shares in a company. Essentially, one purchases shares in an exchange for owning a part of a company.

Swap

An agreement for an exchange of payments between two counterparties at some point (s) in the future and according to a specified formula.

Syndicate

Group of banks and financial institutions, which together contribute the necessary financing for a transaction.

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