Although the finance industry often deals with numerical data, most of the financial products still need to be worded in accordance to the local finance regulations. The explanation texts for financial products need to be accessible and understandable by the local investors. Many foreign banks would want to get into the local market place, but they often lack the language and cultural sensibility to reach the investors effectively. This is where specialist translation services come into the picture.
Who uses Financial Translations?
The world of banking and finance is a truly global one. That means it is also a highly competitive market. That is why every bank and financial institution will compete to reach out to the clients in the best possible way. Highly professional financial translations will only serve to increase the reputation and credibility of one’s image. Accurate financial translations are also crucial to communicate the important details to the local clients. Many financial companies such as investment banks, international banks, high street banks, asset management companies, and insurance companies are frequent users of financial translation services. These financial institutions commonly require financial translations to be done:
• Credit research documents and materials
• Fixed income research and reports
• Foreign exchange research and analysis
• Weekly or monthly brief to the investors
• Annual financial report for public listed or private companies
• Primary or new issue research information
• Secondary or relative value research reports
Who Carries out the Translations?
Specialist financial translations are not like traditional general translation. They are only carried out by expert translators. Translators that specialise in financial translations are more often than not professionals with finance and banking background. It is also not surprising to find credit researchers who are professional qualified translators. Therefore, these translators are very familiar with the banking terms used in the local finance industry. These translators are also well aware that the translations must be concise and still able to grab the attention of the readers or investors. Furthermore, it is a standard requirement for financial translators to know their way around most company financial statements such as income statements, cash flow statements, balance sheets, audited account reports, and notes to the accounts. Financial translations also occasionally demand the translator to have the knowledge in financial derivatives, bonds, futures, options, and shares.
Financial Translation Confidentiality
Due to the characteristic of the financial industry, certain information is not supposed to be published before getting the approval from the Financial Services Authority. Any breach or leak of information may have serious consequences to the market place and stock prices.
Therefore, it is important for customers to hire a professional translation company that has an established reputation in the translation industry. Always make sure that the company has a serious commitment to protecting the confidentiality of original documents and the translated work. It is important to make this point clear from the start with the translation company so that any potential breach of law can be prevented.