In preparation for my upcoming study abroad and internship program in Kiev, Ukraine, I checked out the "New English-Russian Banking and Economic Dictionary" back in April, which merited its own post. The reference work contains over 15,000 terms related to banking and finance, of which I chose what I deemed to be the most relevant and important 120 entries to study. Many are cognates (meaning they look/sound just like their English equivalent); some are not.
So for the first Foreign Finance Friday, I thought I'd share one of my favorite Russian finance terms:
акционерный капитал корпорации
This three-word phrase is the Russian expression for the single English word, "stock." Translated, the phrase literally means "joint-stock capital of a corporation." In Russia, "joint-stock" refers to all non-partnership business entities that issue shares, whether publicly or privately traded. Founders of a joint-stock company sign a written agreement for its formation, which establishes the size of authorized capital, types and categories of shares, cost of shares, etc.
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Joint-stock companies must also register with the Russian Federal Securities Market Commission as either a publicly traded or open joint-stock company (Russian: Открытое акционерное общество - abbreviated OAO), or a privately traded or closed joint-stock company (Russian: Закрытое акционерное общество - abbreviated ZAO), with a maximum of 50 shareholders. As is often the case in finance, understanding the meaning behind seemingly odd acronyms is important, regardless of what country you might be in.
More info on Russian business entities at this link.
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