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Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Sovereign wealth fund (SWF).

A sovereign wealth fund (SWF) is a government-owned enterprise that invests a portion of its country's foreign-exchange reserves in global financial markets.

These reserves consist of a balance of payments surplus, also called a current account surplus, that are created because the payments received in overseas currencies for the country's exports, such as natural resources or manufactured goods, exceed what its residents are paying for imports.

Unlike the traditional overseas investments that governments make to ensure liquidity, such as the purchase of US Treasury securities, SWF assets are separate from official reserves and are typically invested in the private sector to produce higher returns.

SWFs are controversial, in part because their investment strategies, portfolio holdings, and returns are generally secret and in part because of the concern that the sponsoring countries could exert substantial economic pressure on the companies and countries where they invest.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
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The Game Licensing currently offered by Novel Games is available in two types: 1) licensing the Flash source codes, and 2) licensing the Flash SWF file. Licensing the Flash source codes gives full flexibility in customization and all you need to possess is the basic knowledge of Flash.
The Flash Player is a runtime that executes SWF files, or Flash files, this is comparable to how Gecko, and WebKit are runtimes that execute open standard web content (HTML, CSS, JS).
The company said the new solution has a fast, robust and lightweight engine, with more than 30 ways to optimise ActionScript code and over 15 ways to optimise SWF files. The new version also fully encrypts SWF files, protecting them from memory scanners, enabling free locking to URLs, domains and subdomains.
However, some SWF files are primarily multimedia and/or animation that can incorporate text and both vector and raster graphics.