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Satellite – Based Services

Telecommunications services provided via satellite for, among other purposes, calls to countries that cannot be reached by cable or providing cable alternatives and setting up closed user networks.


Share of income not used for consumption.

Savings Account

One of the most traditional financial investments models. The investor can make investments that yield a profit at intervals of 30 days.


Brazil‘s securities distribution system managed and operated by CETIP.


Acronym for Securities and Exchange Commission. It is the regulating organization for capital markets in the US, equivalent to CVM in Brazil.

Secondary Market

Where the trading takes place of securities already acquired from the primary market. Bovespa is the largest secondary market of stocks in Brazil.


Investment in money or goods susceptible to monetary valuation, carried out by the investor because of a need to raise funds from the general public, which provides venture capital to an enterprise, in which he, the investor, has no direct management but expects to get profit or future benefit. In the case of an investment fund, the performance of the investment will depend on the manager‘s effort.

Securities Dealer

A company that operates in the open market according to rules set by Central Bank, intermediating the placement and issuance of capital on the market through the subscription, alone or as part of a consortium, of the issuance of securities for resale.

Security Holder

Person (or entity) that owns one or more stocks.


A set of monitoring standards and procedures created by private entities to ensure fair market practices and maintain ethical standards in the operations of their associates.


Acronym for "Sistema Especial de Liquidação e Custódia", which is Brazil‘s special system for settlement and custody. It is the system used by the Central Bank to which only the accredited institutions in the financial market have access. The function of Selic is to register the trades with federal government securities, receive the security from the seller, transfer it to the buyer, and make a financial settlement.

Service Area

The area in which mobile stations can access mobile service and receive calls, including from the public telephone network.

Service Level

Quality parameter normally defined by comparing predefined goals with the results of statistics generated by ACD systems.

Service Quality

Term normally used for high-speed networks like ATM networks and frame relay; also used for telecommunications operators to gauge performance components, like ease of access to a line’s signal, sound quality, etc.


The fraction of a fund. All equity of an investment fund is actually the sum of quotas or shares that were purchased by different investors. Everyone that invests in funds purchases quotas. The buyer is called a shareholder in the market.

Share Control

Ownership of the largest part of voting right stocks in a company by one stockholder or group of stockholders, thus giving them the power of decision over it.

Shareholders’ Equity

Represents the difference between the value of assets and liabilities. It can also be called net worth and is the book value given to stockholders or partners. In the case of investment funds, net worth is the sum of all assets and operations of the funds minus costs and fees.

Sharpe Index

Index that allows you to relate the risk and return involved in a certain investment. For professionals in the financial market, the Sharpe ratio for an investment will be better the higher the return and the lower the risk.


Brazilian Central Bank Information System. Computerized communications tool that connects the Central Bank with the financial institutions.

Smart Phone

Mobile telephone apparatus that uses the GSM standard, designed to facilitate e-mailing, faxing and visualizing intranet screens on the view screen. It contains a small keyboard and software that links the telephone directly with specific applications.


In Brazil, personal mobile phone services.


Short message service - allows short messages to be sent or transmitted through cellular telephone. Like e-mail, SMS messages are stored and remitted to SMS servers, which means that messages can be retrieved even when the subscriber is not available to receive them.


Brazil‘s Debenture Module managed and operated by CETIP.

Special Auction

A trading session held on days and hours determined by the stock exchange. In the case of the sale of shares in companies owned by the government, for example, special auctions were held known as privatization auctions.


This is a process of transfer by a company of portions of its equity to one or more companies that already exist or were established for this purpose, and extinguishing the original company if all of its equity was transferred.


The difference between the purchase price and the selling price of a security or a currency. In the case of interest rate, it is the difference between the loan rate charged by banks from the borrowers and the funding rate paid to customers.


In Brazil, the transport telecommunications network service.


(Interested parties) - individuals or entities who take some risks, directly or indirectly, in the company. In addition to the stockholders, they are the employees, customers, suppliers, creditors, governments, among others.

Stand-Alone Sim Card

The SIM (subscriber identity module) card, or chip as it is commonly referred to among Brazilian operators, is a small circuit card that stores the user’s data, such as the user’s personal agenda, application and authentication code. The stand-alone SIM card refers to the sale of only the chip, without a cellular phone or telephone device.

Standard Lot

Amount of securities of identical characteristics and in quantities prefixed by the stock exchanges.


Acronym for "Supremo Tribunal Federal", the Brazilian Federal Supreme Court.


Acronym for "Superior Tribunal de Justiça", the Brazilian Superior Court of Justice.


A marketable security that represents the smallest unit by which the capital of a company is divided.

Stock Dividend

Stock bonuses granted to the stockholders when there is a capital increase of a company.

Stock Exchange

An entity whose basic objectives are to maintain a trading location or system capable of closing trades between its transactions agents of buying and selling securities, uphold high ethical standards in trading and disclosing the transactions made with speed, scope and detail.

Stock Market

Part of the capital market that includes primary placement of new shares issued by companies and the secondary trading (on stock exchanges and on the over-the-counter market) of the shares already put into circulation.

Stock Portfolio

A set of stocks from different companies.

Stock With Nominal Value

A share that has its value established by the company‘s bylaws.

Stock Without Nominal Value

A share for which there is no face value and the price is that set by the market when it is issued.


It is an institution in the financial system that acts as an intermediary in transactions between investors and stock exchanges. Establishment of the financial system that operates on the capital market, with securities, and particularly on the stock market.

Subscribed and Paid-In Capital

Amount of capital plus the portion of subscription paid by the stockholder.

Subscribed Capital to be Paid

Portion of subscription that the stockholder must pay according to determination of the body that authorized the capital increase of a company.


Individual or legal entity that signs a contract with an operator to utilize telecommunication services.


Acquisition of securities issued by a company, in cash or assets, for the formation or increase of capital.

Subscription Right

Right of a stockholder to subscribe preferably new shares of a corporation when there is an increase in its capital.

Subscription Term

Deadline set by a corporation for stockholders to exercise their stock rights that it has issued.


Variation (positive or negative) observed in the price of the same stock at a given time period.


Hardware device whose function is to switch calls and/or messages of varied types within a telephone exchange or computer network.

Switched Line

Communications link whereby the physical path may vary each time, such as occurs in the public telephone network.


Devices that filter and direct data packets between local networks, operating within the link layer (layer 2) of the open systems interconnection (OSI) model.


Communication method whereby data is directed between hosts (any machine or computer connected to a network).