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Acronym for "Conselho Administrativo de Defesa Econômica" (Administrative Council for Economic Defense).

Caixa Econômica

Institutions of primarily a social nature that provide loans and financing for programs and projects in the areas of welfare, health, education, labor, urban transport, and sports. Under it are the Federal Government‘s Housing Finance System and also has the authority to sell lottery tickets as well as the responsibility to centralize the collection and investment of all financial resources from FGTS.

Call Center

Customer-service center designed to receive telephone calls, automatically assigning the calls to representatives and thus allowing for the provision of customer services to end users, the implementation of telephone-based market research, sales, withholdings and other services.

Call for Capital

Subscription of new shares with or without a premium in order to increase the company‘s capital.

Call Log

Call information (extension or location, time of day and number dialed), registered by a PABX or ACD system. These logs serve as the bases for management software for a call center or for telecommunications.

Call Option

The right granted to the holder of an option to purchase from the writer, if he so desires, a standard lot of shares for a price previously stated within the term of the option.

Call Transferring

A service available to the user that automatically transfers calls to another programmed number.

Call Volume

The number of calls that can be processed by an ACD system within a given period. The number of calls that reach a call center in a given time interval.

Call Waiting

A service that allows a person in a call to place the current call on hold in order to answer another call.

Caller ID

Permits caller identification prior to operator’s (or individual’s) answering a call. It is also known as automatic number identification (ANI).


Amount of a corporation‘s money that stockholders tie-in with their worth as their own resources in order to reach their own objectives.


Sum of resources, assets, and funds that make up an estate. Resources invested in assets, securities, or those invested in economic activities with intent to profit.

Capital Increase

Adding reserves and/or new funds to the company‘s capital. Usually done through stock dividend, raising the nominal value of the stock and/or increasing subscription rights by stockholders, or also by merging with other companies.

Capital Market

Includes the entire network of stock exchanges and financial institutions where the buying and selling of stocks, bonds, and securities takes place between companies and investors with the mandatory intermediation of financial institutions on the securities distribution system.


Increase of equity via reinvestment of income or raising of funds by issuing shares.


Acronym for Cost Acquisition Per User. Its calculation may take into account costs relating to subsidy, logistics, commission on sales and Fistel.


Acronym for "Câmara Brasileira de Liquidação e Custódia" the Brazilian Clearing and Depository Corporation. It is a corporation that provides services of custody and financial settlement of transactions made on Bovespa and other markets. CBLC was created from a restructuring that took place with São Paulo Stock Exchange in 1997.


A Bank Deposit Certificate issued by banks. It is a form of investment that yields a pre-fixed or variable interest rate depending on how it was negotiated. Who buys CDBs lends money to a bank in exchange for a negotiated return within a minimum of 30 days.


Code Division Multiple Access - digital standard for cellular phones whereby all mobile telephones and RBSs transmit their signals simultaneously over the same frequencies. Each of the system’s elements (RBSs and subscribers) posses a long, exclusive binary code to differentiate one element from another on the receiver end. The code is applied to each of the bits generated by the customer, for example. CDMA is the commercial name for the spread-spectrum technology applied to cellular telephony.

Cellular Telephone Service

Mobile telephone service provide through a network of interconnected low-frequency base stations, each covering a small geographic cell within the cellular phone system’s total area.

Certificate of Deposit

Security representing the shares deposited in a financial institution.

Cetip – Cetip S.A.

It is an Over-the-Counter Clearing House of Assets and Derivatives for the settlement of trades involving certain fixed income securities, being a member of the Brazilian Payment System.


The acronym for Credit Guarantee Fund (Fundo Garantior de Crédito), an entity of a private nature of the Brazilian banking system, not of the government, whose function is to guarantee deposits.

Chamber of Arbitration

This is a forum prepared to resolve conflicts within the financial system, being an important step in making the market regulation more transparent and increasing confidence within the financial system.

Chinese Wall

The segregation (separation) of resources between two operators in order to avoid situations of conflicts of interests or competing interests. In Brazil the Central Bank through Resolution No. 2486 of April 30, 1998 established the segregation of the administration of third party resources from other activities of the institution.


Term used to describe a company’s client turnover for a given service. In the case of internet service providers and telecommunications and pay-TV operators, this indicator measures the number of users that opt out of subscribing to the company’s services and migrate to services offered by the competition.

Circuit-Switched Land-Line Telephone Service

Telecommunications service that, through the transmission of voice and other signals, is dedicated to communication between set fixed points, using telephone system processes. Circuit-switched land-line telephone services are offered to the general public as local service, national long-distance service and international long-distance service under the terms contained in the General Concession Plan.

Clearing House

An organization that brings together several commercial banks from one location in order to settle debits among them, settling all checks issued by the clients of each one for that day.

Closed Capital

Characteristic of a corporation, or private company, in which the capital is divided in the form of shares among stockholders, but they are not permitted to be traded on the securities market. A closed capital company cannot have its shares traded on the stock market.

Closing Price

The last price of a given security in a trading session.


Acronym for "Comissão Nacional de Bolsas". It is a nonprofit civil association that represents the interests of stock exchanges in Brazil before the monetary authorities and market regulators.


"Cadastro Nacional de Pessoa Jurídica", or National Register of Legal Entities.

Code of Conduct

A manual prepared by the administrative bodies of a corporation in accordance with the principles and policies set by the board of directors in order to guide managers and employees in their way of conducting everyday business. The code of conduct should also set social and environmental responsibilities.


A tax in Brazil that can be translated as Contribution for Social Security Financing.

Commercial Dollar

Exchange rate used for business operations in the country such as the payment of foreign debt and remittances of dividends from companies headquartered abroad.


Goods or products, usually agricultural or mineral, negotiated between importers and exporters. There are specific stock exchanges for trading commodities. Coffee, cotton, soybeans, and oil are examples of commodities.

Common Stock

Type of stock that gives its holder essential rights of a stockholder, specifically a share in the company‘s net income and voting rights at the company‘s meetings. Each common share corresponds to one vote in the General Meeting. According to Brazilian corporate law, it gives minority shareholders of common stock the right to receive at least 80% of the amount paid by the controlling group in the case of its control being sold (tag along).

Compulsory Deposits

The obligation that a financial institution has to deposit with the Central Bank a set percentage of the amount of their demand and term deposits.

Compulsory Deposits on Investment Funds

The Central Bank determines that investment funds must also pay compulsory deposits on the amounts invested in the fund. Currently short-term funds pay 50% as compulsory deposit, 30-day funds pay 5%, and funds of 60 days or more do not require compulsory deposits.

Concession Agreement

An agreement or set of agreements, as the case may be, signed on June 2, 1998 by the company, each of the former subsidiaries and ANATEL that regulates the provision of circuit-switched fixed-line telephone services in the respective geographic region.

Concession or Concessions

A concession to provide circuit-switched fixed-line telephone services through ANATEL.


The concept to define the set of technologies intended to unify voice and data networks.


Changing the characteristics of a security. In the case of stock, it may be converting it from common stock into preferred stock or vice versa depending on the determination of the extraordinary general meeting and the provisions of the a corporation‘s bylaws.


A company that has its capital divided into shares. The rights and responsibilities of its stockholders are limited to the face value of the shares subscribed or acquired.

Court-supervised Agreement with Creditors

Legal action that allows a company to continue operating even when it admits insolvency as a means of avoiding bankruptcy. In this case, the company admits it is unable to pay its debts within the time limits, but becomes obligated to pay off its debts according to what is specified in the sentence granting the benefit.


A tax in Brazil that can be translated as Temporary Contribution on Financial Transactions. It is a federal contribution that is charged on money leaving a checking account. The value of the CPMF tax is 0.38% on the value of the transaction.


Call rates, by minute.

CR1 (VC1)

Call rates applicable to local calls made from mobile phones and from fixed-lines to cellular phones.

CR2 (VC2)

Call rate applicable to calls where the caller and receiver are in different billing areas but in the same primary number area.

CR3 (VC3)

Call rate applicable to calls where the caller and receiver are in different primary number areas.


The term used to denote a sharp drop in stock market prices. The word became known after the fall of the Stock Exchange in New York on October 24, 1929.

Credit Analysis

The study done by a credit institution to establish whether the loan applicant has capacity to pay. This analysis is crucial for defining the maximum amount that can be loaned.


The sale of products/services from one line to a client who already subscribes to or has the products/services of another line (example: using a pay-TV subscriber’s information and relationships as a basis to sell broadband internet services to the same user).


Operator selection code [Código de Seleção de Prestadora] consisting of two numbers that the user presses before placing a long-distance call in order to indicate which telecommunications operator the user chooses to complete the call. This came into use in Brazil after the privatization of Telebrás as a means of promoting competition among long-distance operators. Examples of CSPs include: 14 and 31.


A tax in Brazil that can be translated as Social Contribution on Net Income.


The act of taking legal responsibility over securities. It is when equities and stock are registered in the name of who bought them, ensuring their ownership.


Acronym for "Comissão de Valores Mobiliários", which is the Securities and Exchange Commission of Brazil.

Cyber Data

Information-technology structures and systems.