BRIC



BRIC :




Bretton-Woods System – banking / foreign exchange

The system of fixed exchange rates with fluctuation grids, in which every member of the International Monetary Fund (IMF) set a specific parity for its currency relative to gold or the dollar, and undertook to keep fluctuations within ±1% of parity by central bank mar¬ket interventions. This system was in operation from the end of WWII through the early 1970s - Bretton-Woods Agreement of 1944; International Monetary Fund; Interna¬tional Bank for Reconstruction and Development.


Bribe

A payment resulting in the payer’s receiving some right, bene¬fit, or preference to which he has no legal right and which he would not have obtained except with the payment of the money. A bribe is a criminal offense in most countries, but may not be a criminal offense in a home country if committed in a foreign country - Foreign Corrupt Practices Act


BRIC - trade negotiations

Acronym for the large developing econo¬mies of Brazil, Russia, India and China


BRICA - trade negotiations

Acronym for the large developing econo¬mies of Brazil, Russia, India. China and Arab countries


BRICET - trade negotiations

Acronym for the large developing econo¬mies of Brazil, Russia, India, China, Eastern Europe and Turkey


BRICS - trade negotiations

Acronym for the large developing econo¬mies of Brazil, Russia, India, China and South Africa


BRIMC - trade negotiations

Acronym for the large developing econo¬mies of Brazil, Russia, India, Mexico and China


British High Commission = BHC - diplomacy

The term British High Commission (BHC or High Commission, HC or Her Majesty’s High Commis¬sion, HMHC) is used in lieu of embassy in Common¬wealth countries.


Broken Cross Rates = Triangular Arbitrage – banking / foreign exchange

A forward foreign exchange ar¬rangement which is not for a standard maturity period. Stan¬dard periods are: 1 week; 2 weeks; 1,2,3,6 and 12 months


Broken Cross Rates = Triangular Arbitrage – banking / foreign exchange

In foreign exchange, disparity among three or more rates. In an old example: if DM 1=30 cents and FF 1.5 while FF 1=22 cents, a Deutsche mark will bring 30 cents if converted directly but 33 cents if converted first into francs and then into dollars.


Broker

An individual or firm that acts as an intermediary, often between a buyer and sella usually for a commission.


(a) Customs Broker —An individual or firm licensed to enter and clear goods through Customs for another indi¬vidual or firm - customs broker


(b) Insurance Broker —An individual or firm which acts as an intermediary between an insurance company and the insured. Insurance brokers usually represent and sell the services of a number of insurance companies - insur¬ance broker


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