About Us

Glossary

Analyst

An applicant/hire who is studying for/has received a bachelor¡¯s degree (or equivalent) or a masters degree with limited (usually internship) work experience.

Arbitrage

The non-speculative transfer of funds from one market to another to take advantage of differences in interest rates, exchange rates or commodity prices between the two markets. It is non-speculative because an arbitrageur will only switch from one market to another knowing exactly what the rates or prices are in both markets and will only make the switch if the profit to be gained outweighs the costs of the operation.

Asset Swap

A transaction that attaches a swap contract to an asset in a way that changes one or more attributes of the asset's cash flow.

Associate

An applicant / hire who is studying for/has received an advanced degree (MBA, MSc, MiF, PhD etc), with at least 3 years of continuous, professional work experience obtained after a bachelor¡¯s (or equivalent) degree.

Bond

A security issued by a borrower as receipt for a loan longer than 12 months, indicating a rate of interest and date of repayment.

Capital Markets

Markets in which long-term capital is raised by industry and commerce, the government and local authorities. The money comes from private investors, insurance companies, pension funds and banks. The presence and sophistication of their capital markets distinguishes industrial countries from developing countries in that this facility for raising industrial and commercial capital is either absent or rudimentary in the latter.

Collateralised Finance

Collateralised Finance includes prime brokerage and equity financing. At Barclays Capital the collateralised finance group includes prime brokerage, equity borrowing and lending, corporate bonds, US government and agency borrowing, lending and repo and futures clearing and execution services. It is contained within Global Markets.

Commercial Paper

A short-term security issued to raise money, typically under one year and traded on a discount basis.

Commodities

Metals, Energy, European Power & Gas are the three main commodities areas in which we offer expertise. Corporations need to protect themselves against fluctuations in the price of such basic products. We advise on the full range of economic exposure facing firms.

Compliance

Legally required adherence to regulatory provisions by financial bodies and individuals. The principal purpose of Compliance is to ensure that Barclays Capital's business is conducted in accordance with the law.

Convertible Bond

A bond that can be converted into a predetermined number of shares of equity in the same company.

Corporate Bonds

A security issued by a corporate borrower as receipt for a loan longer than 12 months, indicating a rate of interest and date of repayment.

Coupon

The rate of interest payable on a bond (sometimes also used to mean the fixed rate on a swap).

Credit

The business of making and pricing loans and of assessing the ability of the borrower, whether company or country, to repay them.

Credit Derivative

Broadly defined as a derivative contract whose value changes with regard to changes in the credit risk of an underlying reference credit.

Credit Rating

A judgement placed on a borrower¡¯s capacity to pay up. For example, AAA, is a good credit rating given by a rating agency such as Standard and Poor's or Moody's and indicates a borrower¡¯s capacity to pay interest and principal on a bond or note issue.

Credit Risk

Credit Risk is assessing the financial and business risk involved in lending to particular counterparties. Relevant factors would include, but are not limited to, a company¡¯s competitive position within its industry, strategic direction, management quality and financial profile.

Debt Capital Markets (DCM)

The area of an investment bank responsible for the issuance and pricing of bonds and other debt securities. DCM is involved in the bond product, providing credit rating advice for corporates, organising bond finance using a pool of investors and offering derivative solutions for risk management. This area also trades bonds in the secondary marketplace. DCM also includes the securitisation businesses, which are involved in repackaging and selling financial or corporate assets to the market place.

Derivative

A manufactured financial instrument, the value of which changes with movements in an underlying asset, index or interest rate. Primarily used for risk management purposes.

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