A B C D E F G H I J K L M N O P Q R S T U V W X Y Z 1 2 3 4 5 6 7 8 9 0


Acronym for "Instituto Brasileiro de Geografia e Estatística" (Brazilian Institute of Geography and Statistics).


The index of the São Paulo Stock Exchange measures the behavior of the most actively traded stocks and indicates the average performance of prices of a theoretical portfolio of stocks traded on the floor. This portfolio has shares from 55 companies selected among those that accounted for 80% of volume traded on the market over the past 12 months. The securities included on the Bovespa index must have a minimum presence of 80% of the trading sessions analyzed and a participation greater than 0.1% of the total financial volume. This theoretical portfolio is revised every four months.


A derivative contract based on the Bovespa Index and traded on BM&F. It expresses the score of the Bovespa Index on the cash market at a future date.


Brazilian Institute of Independent Auditors.


This is the acronym for Brazil Index, which measures the return on a theoretical portfolio with 100 stocks selected from those most actively traded on Bovespa classified in descending order by liquidity and marketability, meaning the number of trades and financial volume measured in the last 12 months. The stocks that make up the portfolio undergo a weighting according to the number of shares available on the market. This theoretical portfolio is revised every four months.


A tax in Brazil that can be translated as Tax on Sales and Services.


Acronym for Interbank Deposit Certificate. It is not only an indicator, but also a type of investment that can yield an interest rate, but is only traded between banks and usually for one day. An ordinary investor cannot buy IDCs. The average daily rate of the IDC is used as a reference for the cost of money (i.e. interest) and serves to assess the profitability of investment funds.


Acronym for the Electric Energy Index. This index is made up of only stock from companies in the electric energy sector.


International Financial Reporting Standards.


Short for International Monetary Fund. This international financial organization was established in 1944 and brings together 184 countries. Its purpose is to provide temporary financial aid to countries in order to assist them in adjustments to their balance of payments, promote international monetary cooperation, bring exchange stability and orderly exchange agreements, stimulate economic growth, and improve employment levels.

Independent Audit

A body external to the organization and free from any conflict of interest that has the responsibility to determine whether the financial statements adequately reflect the organization‘s reality.

Independent Board Member

Independent Board Member is defined as a person who: (i) has no link with the Company, except as a shareholder; (ii) is not the Controlling Shareholder, nor the spouse or relative to the second degree of same, and is not or has not been linked to any company or entity related to the Controlling Shareholder within the last three (3) years (persons linked to public educational and/or research institutions being exempt from this restriction); (iii) has not been, within the last three (3) years, an employee or officer of the Company, the Controlling Shareholder or a company controlled by the Company; (iv) is not a direct or indirect supplier or purchaser of the Company‘s products and/or services in quantities that may compromise independence; (v) is not an employee or administrator of a company or entity that is supplying or acquiring the Company‘s products and/or services in quantities that may compromise independence; (vi) is not the spouse or relative to the second degree of any Company administrator; and (vii) does not receive any compensation from the Company other than that related to the position of Board member (cash shareholder payments are excluded from this restriction).


The rate chosen to adjust the values of contracts and financial assets.


The persistent increase in prices across the board resulting in a currency‘s loss of purchasing power.


Acronym for "Índice Nacional de Preços ao Consumidor" (National consumer price index). Weighted average of indexes prepared by IBGE for the metropolitan regions of Brazil (Belém, Fortaleza, Recife, Salvador, Belo Horizonte, Rio de Janeiro, Sao Paulo, Curitiba, Porto Alegre, Brasília, and Goiânia).


Acronym for "Instituto Nacional de Propriedade Industrial" (National Institute of Industrial Property).


Investor or person from the market who has access to privileged information before it becomes public.

Insider Trading

Investors that, by themselves or by third parties, make use of privileged access to information not yet disclosed by the company.


Situation in which a person or company admits to being unable to pay its financial commitments.


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

Institutional Investor

An institution that has large amounts of resources kept at a certain level of stability to be used as a reserve for risks or for income from equities and that invests part of them in the capital market.

Inter-State Services

Local circuit-switched land-line telephone services provided within states within a company’s given service region. International long-distance and data-transmission circuit-switched land-line telephone services for communication between a fixed point in national territory and another fixed point abroad.


Connection between operationally compatible telecommunication networks such that users of services from one of network can communicate with users of services in another network or can access services available in another network.


Money that the borrower must pay to the owner of the money loaned. It can be simple (when calculated on the amount of capital) or compound (when the interest is added to the capital borrowed, which becomes part of the amount on which the next interest is calculated).

Interest on Arrears

Interest due to late payment.

Interest on Own Capital

When companies distribute profits to their stockholders, they can opt to pay them through the payment of interest on their own capital rather than distribute dividends, provided that certain conditions are met as established in special regulations.

Intra-Regional Services

National long-distance circuit-switched land-line telephone services for communication between fixed points in different local areas within national territory, originating and connecting within the same region or General Concession Plan (covers intra-sectoral services and inter-sectoral services).

Intra-State Services

National long-distance circuit-switched land-line telephone services provided between locations within a state in a given service region for the company.


Employment of savings in a productive activity, targeting gains in the medium or long term. It is also used to describe financial resources were used in some kind of financial asset.

Investment Club

Group of individuals (maximum 150) that invest in a diversified portfolio of stock and that is administrated by an authorized financial institution.

Investment Policy

In asset management, the investment policy is the definition of the rules and how the management of an investment portfolio will be carried out.

Investment Portfolio

Set of fixed and variable income securities owned by individuals or companies.


A tax in Brazil that can be translated as Tax on Financial Operations. For investment funds, it is only charged on withdrawals made within less than 30 days.


Internet protocol - an interconnection protocol for sub-networks, specifically those with different physical characteristics, used to connect to the internet.


Acronym for "Índice de Preço ao Consumidor" (Consumer price index). It calculates the change in prices of a basket of average consumption and likely for the population in the city of São Paulo, calculated by the Foundation for Economic Research at USP.


Acronym for "Índice Nacional de Preços ao Consumidor Amplo", which is Brazil‘s price index calculated by IBGE.


A tax in Brazil that can be translated as Excise Tax.


Short for Initial Public Offering. Refers to the first placement of securities through a public offering on the market by a company.


Brazilian acronym for Income Tax. This tax is levied directly on the income earned by individuals and businesses. For individuals, the higher the income the higher the rate of tax levied. For companies, the percentage of the income tax depends on the type of business and taxation system in which it fits.


A tax in Brazil that can be translated as Corporate Income Tax.


Integrated services digital network - the digitalization of the telephone network for simultaneous voice, data, image, application and multimedia-service traffic. The ISDN was designed to substitute the conventional (analog) telephone network with a digital network. There are two different types of ISDN interface. The ISDN/BRI interface is used at a user‘s residence and consists of two channels that can be used at a speed of 64 Kbps and a control channel, all operating within a pair of common telephone cables. This allows the user to have an internet access speed of 64 Kbps. The version of ISDN for companies and internet service providers is ISDN/PRI, which consists of 30 channels at speeds of 64 Kbps plus one control channel.


Internet service provider - internet connection service.


A tax in Brazil that can be translated as Service Tax.


Operation of placing cash, bonds, or securities in circulation.


Telecommunications Sector Index - consists of an index that measures the costs associated with the telecommunications sector published by ANATEL. This index is used to adjust rates and was included in the 2006 Concession Agreements.


Information technology.