Trust

An entity created for the purpose of protecting and conserving assets for the benefit of a third party, the beneficiary- A contract affecting three parties, the settlor, the trustee and the beneficiary.

Trustee

Trustees have a fiduciary duty to act in accordance with a trust deed and for the benefit of the beneficiary (ies).

UCPDC

‘Uniform Customs and Practice for Documentary Credit’ developed by the International Chamber of Commerce as the rules that govern the operation of Letter of Credit transactions worldwide. ICC publication No. 500 contains details of the rules currently in use.

Undervaluation

When a firm’s securities sell for less than their intrinsic, or potential, or long-run value for one or more reasons.

Underwriting

The arrangement in which investment bankers undertake to ensure the full success of the issue of securities.

Universal Bank

A bank or a financial institution that has the legal authority to offer all financial services and may, thus, be engaged in securities dealing, insurance, underwriting, and the full range of more traditional banking services.

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