Certificates allowing the holder the opportunity to buy shares in a company at a stated price over a specified period. Warrants are usually issued in conjunction with a new issue of bonds, preferred shares or common shares.

Like the IMF (see above), an agency of the United Nations established at the end of the Second World War to promote post-war economic recovery, development and trade -- principally by providing development finance. The Bank promotes economic development and growth in developing countries by providing investment resources (e.g. capital and expertise) in support of development projects and micro-economic policy reforms that contribute to growth.

Established on January 1, 1995, the World Trade Organization provides the institutional framework for the GATT and all agreements and arrangements concluded under the auspices of the Uruguay Round of multilateral trade negotiations. Agreements were concluded in the fields of agriculture, services, investment, intellectual property, textiles, etc. The WTO will be headed by a Ministerial Conference which will meet at least once every two years. The WTO institutional framework includes a Dispute Settlement Body and a Trade Policy Review Mechanism.