Sovereignty refers to the defined right of nations, the 'ownership' of their territories and national interests. A nation is referred to as 'sovereign' in terms of its independent identity and rights. Sovereign rights are exercised within national territories. A nation has the legal right to insist on its sovereign status and the right to protect its interests. The Franco- English usage dates back to the old monarchies, where the 'sovereign' was the personification of the nation. 'Sovereign wealth funds' are funds which are backed by national or government interests.