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batuffolo
Scheda di rilascio valutazione dell'emendamento
Feb 8, 2012 03:50
12 yrs ago
27 viewers *
Italian term

a riporto

Italian to English Bus/Financial Investment / Securities
This is from a list of powers granted to the chairman of the board of directors:

acquistare e/o vendere, dare e/o ricevere a riporto titoli di credito, sia a pronti che a termine;

I'm not sure how "a riporto" fits in here. Any suggestions?

TIA
Proposed translations (English)
4 deferred delivery or payment
4 deferred performance
3 repo (and reverse repo)

Discussion

James (Jim) Davis Feb 9, 2012:
If you are on the distributon side of gas and electricity then you have to trade on highly sophisticated energy markets. However, you could probably exclude options trading.
Sylvia Gilbertson (asker) Feb 9, 2012:
Yep, and in fact it engage in coal mining but also imports and exports other types of fuels, buys and sells them, and apparently transports them by ship as well. Anyhow, it is most definitely not a financial company by any stretch of the imagination.
James (Jim) Davis Feb 9, 2012:
Fossil fuel company That covers anything from a coal mine to an oil refinery.
Sylvia Gilbertson (asker) Feb 9, 2012:
No, not a bank or financial company. It's a fossil fuel company.
James (Jim) Davis Feb 9, 2012:
What is the company? Is it a bank or financial company. If it is he should be able to buy and sell options of all kinds.
James (Jim) Davis Feb 9, 2012:
Yes of course you are right. In my experience "a riporto" is very rare. It is also confused by the sia pronti che a terimine, which is fine for the simple buy and sell but it doesn't make sense for a repo because the first leg is spot and the second is forward.
Sylvia Gilbertson (asker) Feb 9, 2012:
And in fact this is the only paragraph that would give the power to simply buy and sell securities. He's also given the power to acquistare e/o cedere divise sia a pronti che a termine.
CristianaC Feb 9, 2012:
low because not sure about repo for riporto as I explained in my answer as usually this translates "pronti contro termine" which is not exactly the same.
but, yes, I would really tend to read the sentence as I proposed
James (Jim) Davis Feb 9, 2012:
@Cristiana Why was your confidence level so low? What are your doubts?
James (Jim) Davis Feb 9, 2012:
Sylvia You can see the rest of the translation. In some part of the document, this chairman must have the power to simply buy and sell securities. If it doesn't grant that power anywhere else, then this is it and Cristiana's interpretation will be right. Also the commas are right for it.
Sylvia Gilbertson (asker) Feb 9, 2012:
Cristiana, so you are saying that he has the right to buy and sell the securities and the right to "dare e/o ricevere a riporto" securities? I.e. with the "a riporto: referring only to the second set of verbs? I hadn't read it like that and it does change the complexion of the question.
CristianaC Feb 9, 2012:
hmm, in my opinion the sentence should be read differently:
acquistare e/o vendere is one thing
dare e/o ricevere a riporto is another one
and riporto only applies to the second leg

so the first one is obvious, and the second one just needs the correct translation for operazione di riporto, as this is regulated under Italian law.
e.g.
Sindacato di blocco: gli aderenti al patto sono obbligati a non cedere a terzi i titoli, ne costituire su di essi pegno ovvero non concedere usufrutto o dare a riporto ...

Proposed translations

6 hrs
Selected

deferred delivery or payment

However you can't translate this using that.
The whole pharse is a catch all to cover just any type of forward type of transaction or option you could imagine. I think you can safely summarise it as:

"repurchase and reverse repurchase agreements on securities and lending and borrowing of securities, both spot and forward"

The "riporto" contracts in Tam's link are a specific type of contract found only on the Milan stock exchange which involve shares only which is not your case (titoli di credito is a generic for anything from a bill of exchange to a bond or a share).

You have to translate the whole sentence

Divising it it:
"acquistare e/o vendere ... a riporto titoli di credito"
This is "repurchase agreement" (sell to repurchase) "and "reverse repurchase agreements" (other end of the transaction, purchase to resell) "on securitiesE

Then the second part which is borrowing and lending rather than actually selling and purchasing (very technical distinctions)
"dare e/o ricevere a riporto titoli di credito"

I think you can just say here "lending and/or borrowing securities".

This means mainly participating in the uncovered short market, where dealers borrow securities (uncovered i.e.) expecting the price to fall, so they sell them (short selling) to buy them back at a lower price before they have to give them back to the lender. For every short seller there is a lender. However you might borrower shares to vote at a shareholders' meeting. As I said it is a catch-all phrase.




"dare e/o ricevere a riporto titoli di credito"





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Note added at 1 day10 hrs (2012-02-09 14:23:31 GMT) Post-grading
--------------------------------------------------

Hi Sylvia, I have a feeling Cristiana's analysis is more accurate than mine. What is reassuring (for me) is that an expert of Cristiana's calibre has given a low confindence level.
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4 KudoZ points awarded for this answer. Comment: "I like this solution. Jim. I knew what all the words meant, it was just finding a way to put them together, and this works just fine. Thanks."
3 hrs

deferred performance

It means a contract whereby either party performs later than they otherwise would have to.

http://poseidon01.ssrn.com/delivery.php?ID=93100902010012207...
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7 hrs

repo (and reverse repo)

acquistare /vendere - simply : purhcase/sell

dare /ricevere a riporto - enter into repurchase agreements (repo and reverse repo)

Repo is usually used to translate "pronti contro termine" which in Italy is considered as very similar but not the same as "riporto"

(for a discussion on this issue see
http://archivioceradi.luiss.it/documenti/archivioceradi/osse...

riporto i regulate in the Italian Civil Code

Ai sensi del codice (art.1548 C.C.), "il riporto è il contratto per il quale il riportato trasferisce in proprietà al riportatore titoli di credito di una data specie per un determinato prezzo, e il riportatore assume l'obbligo di trasferire al riportato, alla scadenza del termine stabilito, la proprietà di altrettanti titoli della stessa specie, verso il rimborso del prezzo, che può essere aumentato o diminuito nella misura stabilita" .

According to this ECB document the following translation could be applied:

riporto - repo
pronti contro termine -buy/sell back

http://www.ecb.int/pub/pdf/other/pp75-86_mb200604it.pdf

therefore in your case for the
"dare/ricevere a riporto"
I would use repo and reverse repo agreements







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