Shortage of units due to an excessive number of short sales . An uncovered amount under a Lombard loan. Together with the lead manager and the co-managers, the members of an issue syndicate jointly guarantee to place the entire amount of the envisaged issue. In contrast to the syndicate members, the banks in the selling group and the broker are invited by the lead manager to take part in the placement of the issue in return for a remuneration, but are not called upon to guarantee placement. In Switzerland, any dissolution of undisclosed reserves which has a significant impact on the company's results must be declared in the annual financial statements.
Undisclosed reserves enhance a company's creditworthiness.
Disclosed or open reserves . An international syntax used in the exchange of electronic data. Head office in Zurich. Merged in 1998 with Swiss Bank Corporation to form the new UBS . Embodies the investor's right, enforceable against the management company, to a share in the assets and income of the investment fund.