Jargon beginning with: c

C&F: Cost and freight - a delivery term under which the seller prices his goods to include their cost and the freight costs for delivering them to a named port. Refer to INCOTERMS for standard definition.

CAC: Compagnie des Agents de Change. The index of largest companies listed on the Paris bourse.

Carnet: A customs document allowing temporary importation of goods to a particular territory. Often used for temporary importation goods and equipment for exhibitions, concerts etc. May be issued by chambers of commerce.

CAT Bond: Catastrophe bond. An investment instrument issued to raise funds in respect of an insurance against a future catastrophe occurring, such as a hurricane for example.

CAT Mark: A standard introduced by the British government as its mark of approval for ISA investment products. The ISAs are measured against three criteria, Cost, Access and Terms.

CD: See 'Certificate of Deposit'.

CDO: Collateralised debt obligation

CDS: Credit default swap - a form of credit guarantee where the seller of the CDS agrees to compensate the buyer, such as a lender or a bondholder, should a particular borrower default on its obligations

CEBS: Committee of European Banking Supervisors - a European banking industry regulatory body that on 1st January 2011 was replaced by the EBA - European Banking Authority.

CEIPOS: Committee of European Insurance and Occupational Pensions Supervisors - a European regulatory body for the insurance and occupational pension industry which, on 1st January 2011, was replaced by EIOPA - European Insurance and Occupational Pensions Authority

Certificate Of Deposit: A document issued by a bank confirming that it has received a deposit of funds and when it will repay them.

Certificate Of Inspection: See Inspection Agency.

Certificate Of Origin: A certificate often issued by chambers of commerce attesting to the origin of manufactured goods.

Certification: A process normally carried out by embassies, consulates, chambers of commerce or other official bodies whereby documents or signatures and other details borne by documents are confirmed as being authentic.

CESCE: Compania Espanola de Seguros de Credito a la Exportacion. The Guaranteeing arm of the Spanish state export credit agency.

CESR: Committee of European Securities Regulators - a European securities industry regulatory body that, on 1st January 2011 was replaced by ESMA - European Securities and Markets Authority.

CFTC: Commodity Futures Trading Commission - a United States regulator that describes its role as to "assure the economic utility of the futures markets by encouraging their competitiveness and efficiency, protecting market participants against fraud, manipulation, and abusive trading practices, and by ensuring the financial integrity of the clearing process."

Chaebol: South Korean manufacturing and trading conglomerate.

CHAPS: Clearing House Automated Payment System. A same day clearing system for high value payments in Pounds Sterling.

CHIPS: Clearing House Inter-Bank Payments System. The real time New York-based clearing system which processes US Dollar payments.

CIF: Cost, insurance and freight. A delivery term under which the seller prices his goods to include their cost, the freight costs for delivering them to a named port and the cost of insuring them during transit. Refer to INCOTERMS for standard definition.

CILC: Confirmed Irrevocable Letter of Credit. See Confirmation, Irrevocable and Letter of Credit.

CIRR: Commercial Interest Reference Rate, a concessionary interest rate applied to ECA- supported export credit loans.

Claused Bill of Lading: A Bill of Lading that indicates that a cargo was damaged, short-shipped or otherwise impaired at the time it was accepted for shipment.

Clean On Board Bill of Lading: A Bill of Lading evidencing that goods were shipped in good order. The opposite of a Claused Bill of Lading.

Clean Report of Findings: An inspection certificate issued by Societe Generale de Surveillance (SGS) the Swiss based cargo inspection firm. See Inspection Agency.

Club Loan: A loan made by a small group of banks, a mini-Syndication.

CME: Chicago Mercantile Exchange

CMO: Central Money markets Office

CMR (Note): "Convention relative au contrat de transport international de Marchandises par Route". A CMR Note is a transport document relating to carriage by road.

Coco: Contingent convertible bond. A Coco is a bond issued by a bank which converts to equity if the issuer's capital drops below a specified level.

Collateralised debt obligation: CDOs are bonds that are backed by other assets such as loans and mortgages.

Collection: An arrangement by which a bank forwards shipping documents provided by a seller to an overseas bank for collection by the buyer. The documents will be released against payment. Also known as a Documentary Collection.

Combined Transport Document: A transport document covering two or more modes of transport by which goods may be moved.

Comecon: The trading bloc formerly made up of the communist countries of eastern and central Europe.

Commercial Invoice: Invoice issued by the seller, addressed to the buyer, describing the goods or services supplied and showing the price and other details of the commercial transaction.

Commitment: An undertaking by a bank that it will make funds available or issue its guarantee.

Commitment Commission / Fee: A fee charged by a bank for committing to make funds available or to issue its guarantee. Commitment commissions are usually charged on the basis of the time during which the commitment is remains in place.

Compliance: In banking and financial services this means complying with the rules or laws set out by a regulatory authority which govern the type of business in question.

Confirmation: In the context of a Letter of Credit when a bank is requested by a bank Issuing a credit to inspect documents presented and make payment.

Confirming Bank: A bank which adds its Confirmation to a Letter of Credit.

Confirming House: A company which makes payment to a supplier on behalf of a buyer because the buyer has insufficient credit strength for a bank to be prepared to issue a letter of credit on its behalf.

Consensus: Proper name: Guidelines for Officially Supported Export Credits. An agreement between ECAs governing the terms of their support of export credit guarantees and interest rate subsidies.

Consigment Note: Regarded by many banks as the same as a CMR Note.

Consignee: The party to whom goods are consigned.

Consignor: The party who delivers goods to a freight carrier. It is often a manufacturer or exporter.

CONSOB: Commissione Nazionale per la Società e la Borsa. Italian Stock Exchange body.

Convergeance: The process of aligning the economic performance of EMU member states prior to joining the single currency.

Conversion Rates: The irrevocable fixed exchange rates at which 11 European currencies converted to the euro.

Correlation: The comparison between the market behaviour of different types of securities and assets, e.g. stocks, bonds, property etc.

Correspondent Bank: A bank in another financial centre with whom a bank may hold an account or co- operate on other forms of business. Thus a German bank may hold an account with a correspondent bank in New York to enable it to pay and receive US Dollars.

Counterparty: A person or company with whom one transacts. E.g. banks involved in a foreign exchange transaction with each other are counterparties.

Countertrade: The generic name for various forms of trade where goods are used to trade with rather than being simply bought or sold for cash.

Country Risk: The risk that a borrower, customer or obligor will not pay on due date because of events, often of a political nature, taking place in his country and which are beyond his control. Also referred to as Political Risk.

CPMA: Consumer Protection and Markets Authority - one of two regulatory bodies to be formed from the division of the UK Financial Services Authority. The other is the PRA.

CRD: Capital Requirements Directive - including CRD I, II & III, European legislation forming the regulatory framework for capital requirements of financial services firms. It incorporates the Basel II Banking Accord including the “3 pillar” approach to capital adequacy, controls and reporting and also remuneration of key staff.

Credit Derivative: A financial structure added to or deriving from a credit risk to improve its standing.

Credit Risk: The risk that a borrower, customer or Obligor will not pay on due date.

Crowd funding: A form of funding raised by means of the borrower seeking funds from a large number of investors, usually via internet based tools. Examples of crowd funding vehicles are ZOPA www.zopa.com and www.fundingcircle.com

Currency Swap: A financial instrument which enables one or a series of payments or cashflows to be exchanged for payments or cash flows in another currency.