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2009

,
.
,
.

. , ,
. ,

.
,


.
2004
2.500 , 55%
2009. ,
.
.
1949 ,
.

.
, 4
, 9
() 14

(SCECBU) .
, ,
, ,
.
1976,
. 2000


,

(Dealing Room, Front Office), (Back Office)
(Middle Office)

. Project Manager

,

,
.


.

, ,
.

www.24grammata.com

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A
Accession and Acceding country = .
y (accession country)


(
, Copenhagen criteria)
.
y (acceding country)

.

.
Accountability = .

. ,
.
.
Accounting posting =
.
Accounting principles = .

. :
Accruals principle = .
,

.
Cash flow accounting and Realisation principles:
1) cash flow accounting
.
2) , realisation rule

.
Consistency and comparability principles = .


. ,

. ,

.

.
Dual aspect principle = . K
(double entry book keeping).
,
.
,
( )

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()
().
Economic reality and transparency principles =
.
,
o ,
.
.
Entity principle = . ,
.

.
Going concern basis = .

.
Historic Cost Accounting, HCA = .
.
.
Materiality principle = .

. ,
,
,

.
Money measurement principle = .

. ,

. .
Objectivity principle = .
.
, ,
.
.
Recognition of postbalance sheet events principle =
.

. :
1)
,

2)
, ,


.
Periodicity principle = . ,


. ,

.
Prudence or conservatism principle = .

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. , ,
(if in doubt, overstate losses
and understate profits).
, (unrealised gains)
(unrealised
losses) .
. ,
.
Relevance principle = .

.
.
Quantitative principle = .
.

,
:
1) Economic reality and transparency 2) Prudence 3) Recognition of postbalance sheet
events 4) Materiality 5) Accruals 6) Going concern 7) Consistency and comparability.
Accounting Regulators Committee (ARC) = .

.
.
Account Officer =
. , ,
,

.
account officer

marketing
.
customer's account officer
.
:
1)
2)
.
,
,
.
, ,

.


.
account officer

.
Accounts Payable = .
.
(current liabilities)
.
, .

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Accounts Receivable = .
.
(current
assets)
. ,
.
Accrual bond =

.
Accrued interest = .


. ,
(plus accrued interests)

. , ,
40
,
10 (6 : 1,5 = 4 40
: 4 = 10 ).
Acquis communautaire = .
(.).
( Copenhagen Criteria)
.. . ( )
( , ).
Acquisition = .
.

.
Action taken by the E.U institutions =
,
(.) :
) Regulations = . ,
' .
) Directives = . ,
,
.
) Decisions = . A
.
) Recommendations and Opinions = .

.. O.
(OJEC,
JOCE).
Active and passive portfolio management =
.
(ctive portfolio management)

(benchmark portfolio) .
benchmark . 25%

.

www.24grammata.com

(passive portfolio management)


) )

(yield to maturity)

.
.
ActiveMQ = (Apache
Software Foundation).
(Java Message Service 1.1, JMS).
(Enterprise Features) .

(clustering),
,
(cache). Java ActiveMQ
.NET[2], C/C++[3] Delphi Perl, Python, PHP
Ruby (Cross Language Clients)

OpenWire.
Addendum = , .
,
.
. ,

.
Add-on = . (hardware) (software)
/
. , (add-on) ,
, , (modems),
, .
Adjustable Rate Mortgage, ARM =
.
. prime rate
(. LIBOR) .
(ceiling).
, o AR

.
Administered, fixed and floating interest rates = ,
.
Administered interest rates = .

.
Fixed interest rates = .
.
Floating interest rates = .
+ 1%
Euribor + 0,70% MRO ().
Euribor
. .
Administered price =

.
DSL (Asymmetric Digital Subscriber Line) = DSL.

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Ad Valorem = . ,
, , (%)
.
Adverse selection = .


. ,
,
. ,
.
premium

,
.
insider trading
. ,


. .

.
,



.
Affidavit =
.
. Affidavit of loss

.
.
Affinity Card = .
,
, ,
. ,
, .
African Development Bank Group = (AfDB).
I 1964 AfDB
.
.
77 : 53 (Regional Member
Countries, RMC):
-
-





)
24 , (Non- Regional
Member Countries)

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A

.
:
1) African Development Bank, (AfDB). ( ). 1964
1966. 53 24
, .
:








.
33

.
.

, , , ,

, .
)
)
18 12
6 . 904
.
2) The African Development Fund, ADF ( ). 1972
1974
24 .
. ,
. 0,75%
0,50% .
3) The Nigeria Trust Fund, NTF ( ).
1976
432 . . 4%,
25 .

.
Agencies =
.

10 .
Agency bonds =
. Fannie Mae,
Freddie Mac, Sallie Mae Federal Home Loan Banks.
Agency =
20.000.000 .
Agency pass-throughs =
Government National Mortgage Association (Ginnie May),
Federal Home Loan Mortgage Corporation (Freddie Mac) Federal National Mortgage
Association (Fannie May) ( ).

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Agent = ,
.
Aggregate Demand, AD = .
: ,
, . ,
: (consumer spending, C), (investment, I),
(government spending, G) (expenditure on export, X)
(expenditure on imports of goods
and services, M). , (AD) AD = C + I + G
+X M. (aggregate demand curve)
.
Aggregates = ..
, , .
ALAP, as late as possible = .
.
(IT projects)
(regression test)


(unit tests).
Algorithm = . .
/
.
. /

. (converter)

.
. , (payment
queue)
,
.
alias = .
. ,
. ,
""
. alias
mail
. alias /

.
Allotment = .
,
(pro rata)
.
Alpha =
. ,

(beta, )
.

.

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,
. .
: [ ( y ) ( (b) ( ) ) ] / n, n =
(36 ), = beta , = , y
= . ,
25% 5%, 25-5=20%.
, 9%.
beta 2 (
Standard and Poors).
2 9% = 18%. 20%.
2% 200 .
(weighted Alpha)
, .

.
.

.
Alternative assets = .
(private equity),
(venture capital),
(hedge funds) (real estate).

.
American Depositary Receipt, ADR = ,
Securities and Exchange
Commission, SEC ( ).

.
.
American Express Cards = American Express.
(charge card) 1958. , American Express
1.000.000 85.000
.
1986
. , American Express , ,
, , .
Amortisation = 1)
.
. ,
( 103) (par value 100),
(premium) . (negative amortisation)

2)

.
.
, .
(straight-line amortisation) (
) .
Analog and digital lines = .
(analog line)

.
.

www.24grammata.com

(digital line)

. : ,
1 ) 0.
Anchor / Pegging currency = -

. -
.. 1998,
..
., .
Ancillary system = .

.
(clearing houses), (retail payment
systems), (FX systems),
(money market systems) (securities
settlement systems)
.
TARGET2


.
Annualize = . ,
2006 50.000
200.000 (50.000 4 )
0,5%,
6% (0,5% 12 ).
Annual Percentage Rate, APR = .
. ,
, ,
.
Annuity = , .
, ,
.
Anti-Virus = /
.


.
APEC (Asia-Pacific Economic Cooperation) = - .
1989 1993 .

2010 2020
.
: ) )
) . 2004, APEC 21 : ,
, , , , , , , , ,
, , , , , , ,
(), , .
API - Application Programming Interface = .
/
. . APIs

www.24grammata.com

(libraries)
. , APIs
socket ( ). Berkeley sockets Windows Sockets (Winsock)
APIs . , APIs Java
servlets Web APIs XML-RPC ( )
.
Application Service Provider, ASP = .
ASP , ,
.

Internet.
Appraisal =
.
A priori and a posteriori =
. A priori

. posteriori

.
Arbitrage = .
.
..
/

/ .
, ,
/ . ,
(.
)
10 12 ,

.
.
.
,
(triangular arbitrage).
Arbitrage bond =
.

.
Arithmetic mean = mean ().
.
Arms length principle = .

.
, ,
.
. ,


,

)

www.24grammata.com


) .


.
rtificial intelligence = .
/ .
1956
(MIT). , ,
, , , ,
, ,
,
/ .
ASAP, as soon as possible = .
.
(IT projects)
(Project Definition Document,
PDD) (Scope Document, SD).
ASCII, American Standard Code for Information Interchange =
.

. 7 128
, .

,
. ASCII ( 32 126)
. ASCII 1963
(ASA), ANSI.
, ANSI X3.4-1986,
ECMA-6, ISO/IEC 646:1991 International Reference Version, ITU-T
Recommendation T.50 (09/92), Request for Comments RFC 20.
Unicode ( ASCII), 128 .
Asian Development Bank (ADB) =
. 1966 2.000 50 .
,
,
.
, , , , ,
. 50%
50%
. , 49
. O : 1)
, 2)
,
.O

.
ADB 32
. 2006 64 :
) 46 :
, , , , , , , ,
, , -, , , , , , .
, , , , , , , ,
(), , , , , ,
, , , , , , ),

www.24grammata.com

, , , , , , , -
.
) 18 -:
, , , , , , , , , ,
, , , , , ,
.
) ,
, , , , , , .
) , 16 , 3
4 .
-
.
,
, , , ,
, , , ,
, , ,
, ,
.
,
D.C. ADB .
, ,
-.
Asset allocation =
.
(. ,
, , ,
, , , ), ,
.

.
.
Asset allocation optimisation = .

. , , ,
.
Asset and liability management =
(OBS)
.
: ) )

) .
Asset-Backed Securities, ABS =
, , ,
, , , ,
,
.

.
, ,
(cash flows) (pool of
mortgages). , ABS Pass Through Securities (
).
y ABS (short
duration) ,

www.24grammata.com

. , , ABS
.
y ,
( 90%
)
. :
,
,
. ABS

(sub-prime mortgage market)
.
sset-acked Commercial Paper, ABCP =
.
90 180 . , ,
. (commercial
paper) , ABCP

.
. ,

.
(ABCP program)
, ,
.
,
. ABCP programs

. ,
, : )
)

ABCPs )
ABCP program
ABCP.
(sub-prime mortgage market) 2007, ABCPs

.
Asset classes =
.
: 1) (cash and equivalents).
2)
(fixed income). o
3) (stocks).
.

, .
Assets = .
, , , , , ,
.
:
) Fixed assets = .

. :
) tangible fixed assets:
.

www.24grammata.com

, , , ,
, .
) intangible fixed assets: ,
, .
) Current assets = ,
, , .
.
) on-current assets =
.
) perating assets: .
, .
) on- operating assets:
.
Association of Southeast Asian Nations, ASEAN =
. 8.8.1967
: , , , , , ,
, , .
,



.
24.2.1976
: ) , , ,
)
)
) )
)
. 1997 ASEAN 2020
.
ASEAN 100
.

, ,
, , , ,
.
Asymmetric information = .
, ,

.

.


. ,
.
. (market makers)

,
.
market makers
.
Asymmetric shocks = .


. :

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,

. ,


( 1985, 1995, 2003
2007) .

50%
, ,
.

.
.
' . , ,

.
, ,
,

.
2008 2009


. ,
, ,
, .
Asynchronous Transfer Mode = ,
.

.
.
.
At best or at the best = .
.
: )
)
dealer


.
.
At par = , . (alla
pari = ). .
at par (100) (discount) . 90
10
105 5 .

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At the money = (option) at the money


(exercise strike price)
(underlying instrument). ,

(break-even-point) . At the money Spot
option
(spot price) . At the money forward option

(forward price) .
Audit trail = .
,
,

.
Automatic and discretionary stabilisers = .
:
Automatic economic stabilisers = .

.
. ,


.
Automatic fiscal stabilisers = .

.
.
2008
:

. ,

.


. ,
.

,
.
O Martin Weitzman
(profit sharing).
,
.
Discretionary stabilisers = .
,

,
,
.
Automatic Securities Lending Programmes, ASLP = Securities Lending.
Automatic Teller Machine, ATM = . i
,
, PIN,

www.24grammata.com

.
,
, ,
, , ,
.
, , 10.000
50.000 . , 2008, 7.000 ATMs
, 2.400
67% .
Autonomous liquidity factors = .
,

. ,
,
.
Autoregressive = .

.
Average cost = .
.

.
Averaging provision =
(minimum reserves)
(maintenance period)
. ,

.
averaging provision ( inimum reserves (reserve requirements) of the
Eurosystem).

www.24grammata.com

B
Baby bond = 1.000 .
Baby boom generation and Y generation = .
Baby boom generation 1943 1960
1946 1964.

.
,
1968
, , , --,
.

.
FED

baby boomers
. 18.1.2007
FED 78.000.000
2008

.
Y generation 1977 1994
, ,
11 , . 2015,
.
BACH (Bank for the Accounts of Companies Harmonised) =
.

9 : , , ,
, , , , .
. O
.
Backbone = .
.
(servers) /
. backbone
.
Backbone network = .
.
(servers), (routers), hubs ( )
(bridges).
backbone network .

, .
Backlog = .
Back testing =
,

www.24grammata.com

. ,

.
, ,
(hedging).

.
Back-to-back loan =

.
.
.
Backwardation = . (spot
prices) (forward prices).
(normal backwardation)
(futures)
hedgers, futures,
short . hedgers
long
. backwardation
future future
future . ,
, 2 (spot
rate) (forward rate).
contango ( ).
Bad credit = .
(credit rating).
,
.
Bailing out = 1) .
.

2) .


.
103
, .
.
Balanced fund = .
. .

, , ,
.
Balance of payments = .
,

(, , , ).
, , ,
.
, ,
: 1)
, ,
2)

www.24grammata.com

/
3)
, 4)
5) 6)
.
,
:

BALANCE OF PAYMENTS
OF GREECE

) / (1+2+3+4)

) CURRENT ACCOUNT (1+2+3+4)

1)

1) GOODS

()

()

2)

OIL balance
TRADE BALANCE excluding oil
Ships' Balance
TRADE BALANCE excluding oil and ships
Exports
Oil
Ships (receipts)
Other goods
Imports
Oil
Ships (payments)
Other goods
2) SERVICES


3)

Receipts
Travel
Transportation
Other services
Payments
Travel
Transportation
Other services
3) INCOME

,
, ,

,
, ,
4)

Receipts
Compensation of employees
Investment income
Payments
Compensation of employees
Investment income
4) CURRENT TRANSFERS

Receipts
General Government (mainly transfers
from E.U)
Other sectors
Payments
General Government (mainly payments to
E.U)
Other sectors

( )
( , )

( )

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) N

) CAPITAL TRANSFERS

( )

Receipts
General Government (mainly transfers
from E.U)
Other sectors
Payments
General Government (mainly payments to
E.U)
Other sectors


( + )

CURRENT ACCOUNT AND CAPITAL


TRANSFERS ( + )

) A
A

C) FINANCIAL ACCOUNT

DIRECT INVESTMENT
Abroad
Home
PORTFOLIO INVESTMENT
Assets
Liabilities

( )

OTHER INVESTMENT
Assets
Liabilities
(Loans of General Government)

D) CHANGE IN RESERVE ASSETS

) BALANCING ITEM

)
( )

F) RESERVE ASSETS (STOCK)

( )

,

, .
.


/
(1+2+3+4)
1)
2)
3)
4)

SUMMARY BALANCE OF PAYMENTS


OF THE EURO AREA
CURRENT ACCOUNT (1+2+3+4)

FINANCIAL ACCOUNT (a+b+c+d+e)

1)
2)
3)
4)

Goods
Services
Income
Current transfers
CAPITAL ACCOUNT

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A (++++)
)

(
)
)




:

)
)


:
( )


:
)


a) Direct investment
Equity capital and reinvested earnings
Other capital (mostly inter-company loans)
b) Portfolio investment
Equity
Debts instruments
Bonds and notes
Money market instruments
MEMO ITEM: COMBINED DIRECT AND
PORTFOLIO INVESTMENT
c) Financial derivatives
d) Other investments
Eurosystem
General government
of which: currency and deposits
MFIs (excluding the Eurosystem)
long term
short term
Other sectors
of which: currency and deposits
e) Reserve assets
Monetary gold
SDRs
Reserve position in the IMF
Foreign exchange
Other claims
Errors and omissions

Balance sheet = . (assets)


(liabilities) .

.
, ,
.
, ( profit and loss account)


,

. .

(BANK ANNUAL BALANCE SHEET PATTERN)

ASSETS

TAMEIO KAI

CASH AND BALANCES WITH CENTRAL BANKS

)
)
)

a) Cash
b) Cheques receivable
c) Deposits with central banks

TREASURY BILLS AND OTHER SECURITIES


ELIGIBLE FOR REFINANCING WITH THE CENTRAL
BANK

)
)

a) Issued by the State


b) Other

LOANS AND ADVANCES TO CREDIT INSTITUTIONS

)
)

a) Repayable on demand
b) With agreed maturity

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) A

c) Reverse repos

LOANS AND ADVANCES TO CUSTOMERS

-
)
)
-

- Loans
a) Maturing within one year
b) Maturing after one year
- Other receivables
Less allowances for credit losses

SECURITIES

-
)
)
-
)
)

- Debt securities including fixed-income securities


a) Issued by the State
b) Other
- Shares and other variable-yield securities
INVESTMENTS
a) Investments in non-affiliates
b) Investments in affiliates

INTANGIBLES ASSETS

)

)

a) Formation and preliminary expenses


Less amortisation
b) Other intangible assets
Less amortisation

TANGIBLES ASSETS

)
)

)

)

)

)

a) Land
b) Buildings - Buildings installation
Less depreciation
c) Furniture and fixtures
Less depreciation
d) EDP equipment
Less depreciation
e) Other tangible assets
Less depreciation
f) Fixed assets under construction and advances

OTHER ASSETS
PREPAYMENTS AND ACCRUED INCOME

)
)
-
-
-
-

a) Prepaid expenses
b) Accrued interest
- State bonds
- Other bonds
- Loans and advances
- Other

TOTAL ASSETS

LIABILITIES

DUE TO CREDIT INSTITUTIONS

)
)
)

a) Repayable on demand
b) Time deposits
c) Repos

DUE TO CUSTOMERS

)
-
-
-
)
-
-

a) Deposits
- Repayable on demand
- Saving deposits
- Time deposits
b) Other liabilities
- Cheques and orders payable
- Repos

DEBT SECURITIES ISSUED


OTHER LIABILITIES

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)
)

)
)

a) Dividends payable
b) Income tax and other taxes payable
c) Withholdings in favour of social security funds
and other third parties
d) Other

ACCRUED EXPENSES AND DEFERRED INCOME

)
)

a) Deferred income
b) Accrued interest on time deposits

PROVISIONS FOR LIABILITIES AND CHARGES

)

)

a) Provision for staff retirement indemnities

SUBORDINATED DEBT
CAPITAL AND RESERVES

)
)
)
)


-

Share capital
- Paid-up capital
Share premium account
Reserves
a) Legal reserve
b) Extraordinary reserve
c) Tax-free reserves under special laws
d) Reserves from the revaluation of securities
Land and building revaluation surplus
Earnings transferable to the new year
- Retained earnings
Treasury shares
Goodwill to be netted off

TOTAL LIABILITIES
OFF BALANCE SHET ACCOUNTS


-



)
)
) (,
, )
)

Contingent liabilities
- From guarantees in favour of third parties
Repos

TOTAL OFF BALANCE SHEET ACCOUNTS

c) Other accrued expenses of the year

b) Other

Other off Balance Sheet accounts


a) Beneficiaries of asset items
b) Bilateral agreements
c) Sundry off balance sheet accounts
(guarantees, securities etc)
d) Mutual funds holders

Balloon loan = .
(the balloon payment) . , ,
.

,
. ,


.
Bancassurance = .
. O ,
:
)

www.24grammata.com

) 1)

(credit insurance)
2)
(overdraft insurance) 3)
. , ,

(endowment mortgage or investment mortgage)
)
.
bancassurance , , .

.
30% 40%
.

: 1)
, 2)
3) , 4)
, 5) .
Bandwidth = .

, ,
. ,
. ,
.
herz ,
bits . To bandwidth
internet,
(downloading) .
Bank draft = .


.
(negotiable means of cashless payment).
Banker's acceptance, BA = .
.
, 90 180 ,


.
. ,
(at par)
.
. ,
,
.

. ,
, .


. O
.

.

www.24grammata.com

Bank for International Settlements, BIS = .


17.5.1930 , ,
- (Hong Kong Special Administrative
Region, SAR) 550
50 .
3
.
, BIS :
1)
.
130
BIS. 31.3.1999 112 . ,
7% , 31.3.2004
177,5 . 2008 BIS
236 SDR ( 388 )
6% .
BIS

. (MITBIS,
Medium Term Instruments)
(FIXBIS, Fixed-Rate Investment Instruments). ,
BIS
.

, .
13,28 . 1998.
2) . .
10 (G10),
O (1964-1993)
, ,
,
(CPSS),
(Committee on the Global Financial System)
G10 1998
(IAIS) 1999
(Financial Stability Institute, FSI, ).
G10
.

.
3)
. 1974 G10
(Basel Committee on Banking Supervision)
BIS. : )
, )
, )
1988
2007 Basel II
.
4) .

.
BIS 1,5 . (1
= 1,94 ) 600.000 86%
14% . 8.1.2001 BIS

16.000 .
.

7.977,56 5%

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8.1.2001 19.3.2003, 1.075,34 . 10


2003
(SDR,
Special Drawing Rights). 2008, 683.9 . SDR
9.967,3,5 . SDR.
2009, 55 ( )
(, , ,
, , -, , , , , , ,
, , , , , , , , ,
, , , , , , , , , ,
, , , , , , ,
, , , , , , , ,
, , , , , , , - SAR
).
BIS
, , ,
ex officio.
9
.
.
Bank giro = .

. (standing orders)
(direct debits).
Bank Identifier Code = BIC.
Banking disintermediation = .

. ,
,
.
, .


.
Banking Supervision Committee, BSC = .
1999
.
.
,


. .

, ,
(Central Credit
Registers).
Bank lending survey = .
2003
.
,
.
Bank loans of the single list = Tier-one, tier-two assets and their substitution
by the single list system as from 1.1.2007.

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Banknote Recycling Framework = .


. () 2004

.


()
.
(ATMs),


.
.
(Tellers machines)

. ,
(banknote handling machines)
.
2007, (roadmap)
.
1.7.2007 (remote
access).



. , ,
(common packaging standards)
,
(electronic data
communications with professional clients)
(a further harmonisation of the NCBs opening hours).
,


.

.
Banknote security features = .

, ,


. :
A)
:
Banknote paper = .
(Banknote Paper Mills) (cotton fiber paper)
, .
(polymer paper)
.
, , , , , , ,
, , , , , ,
.
(Reserve Bank of Australia, RBA)
1988.
.
Blind embossing = .
.

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Clear window = . .
.
() .
Diffractive optically variable image, DOVID =
. .
(hologram,
Kinegram, Gyrogram, ).
.
.
.
Denomination numeral in optical variable ink (OVI) =
. (. 100, 200, 500
)
.
Hologram = .
(3D). ,
(rainbow transmission holograms).
Intaglio printing = . ,
. ,

.
.
(suitable colors
with intaglio printing)
(intaglio printing relief with tactical properties).
Microperf = .
.
Moire variable color, MVC = .
,
.
Optically variable devices, OVD = .

.
Optically variable inks, OVI =
.
.
Reflecting foil strips =
.
Reflecting foil strips with diffractive structure =

.
Security thread = .
. ,
- - (security thread combined with mini
and micro lettering).
.
See through registers = .
. ,
.
Shadow image = .
. ()
.
System of transparent reflection against photocoping, STRAP =
. ()
.
.
Watermark = .

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.
. ,
(electrotype
wire watermark).
B)
:
Copy-evident paper =
. . ,
,

(void).
Infrared light, IR =
.
Invisible UV (Ultra Violet) fluorescent fibers =
.
Microprint = .

. :
) microtext = .
.

) micropattern = .
. ,

.
)
(machine readable features)
ATMS (vending machines):
Banknote number is recognised only by special machines =
.
Barcodes = .

.
Codified magnetic security thread =
.
Digital character recognition, DCR = .
(scanners)
(PCs algorithms).
OCR.
Infrared light combined inks =
. ,

.
(infrared light, IR dark) .
, ,
.
Magnetic ink character recognition, MICR = .
(OCR)
.
.
Modular features, MF =
o (counting and sorting machines)
. .
Novel numbering = .
Novel.
,

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. ,
.
Optical character recognition, OCR = .

(machine-editable text)
, (scanners),
.
Small code field intaglio printing pattern = x
.
Watermark consisted by several diagonal lines =
.
Barrel = . 42
159 .
.
Base currency = .
.
,
. ,

. .
Base effect = . ,
.
base effect (t) (t+1)
.
, base effect

(base month)
.
Basel Committee on Banking Supervision = E
. 1974
10 (G10) 13 : , , ,
, , , , , , , ,
). 4 .
(BIS) .
,
, .

G10 .
30 . 1988,
(Basel Capital Accord)
. 8%

. 1997,
(Core
Principles for Effective Banking Supervision) 1999
(Core Principles Methodology). 1999,
,

2 (Basel II). 26 2004,
, . 26
2004
G10 .
Basel II.

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Basel II = .
G10 26
2004. : :
: (Basel II:
International Convergence of Capital Measurement and Capital Standards: a Revised
Framework).
:
: .
Capital Accord 1998 ( I).


.
( )
I. ( 8%
) .
:
) (operational risk)
.

, ,


) : 1)
,

2) ,
.
(credit risk)
,
(standardised approach), I
. I,
,
, , . ,


.

(Foundation Internal Ratings Based, FIRB) ,
. FIRB
-
. ,


BCBS (Basel Committee on Banking Supervision). FIRB

(modern asset pricing theory). H
,

.
.
(default)
.
( ) (probability
of default). FIRB,

.
FIRB (confidence level) 99,9%.

, . , FIRB
,

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.
:
1) Probability of default, PD = .
. .
2) Loss given default, LGD: .

.
3) Exposure at default, EAD = .
.
4) Maturity of the loan = .
5) Correlation to systematic risk = .
.
6) Risk weight factor = .
.
(advanced
internal ratings-based approach) (input
variables).
(PD)
(LGD), (EAD)
IRB.
(operational risk)
,
,
:
1) H (the basic indicator approach).
15%
.
2) H (standardised approach).
.

BCBS
.
3) (advance measurement approach).


.


.
, (market risk)
Capital Accord 1998.
:
, ,

.
. ,

. , ,


.

.
.
.
:
.

www.24grammata.com


.

.

,
.
2587, 2588, 2589, 2590, 2591,
2592, 2593, 2594, 2595 2596/20.8.2007
2006/48/ 2006/49/,

.
BASIC, Beginners All-purpose Symbolic Instruction Code =
.

.

. BASIC
.

, .
Basis point, bp = 1%, 0,01%. 50 bp 0,5% 25 bp
0,25%. basis points
. ,
10 bp .
Basis risk = .
. .
(financial future)
(underlying spot instrument)
(hedging
transaction).
Batch processing, BP =
. off-line
.
, (payment orders)
( securities transfer orders)
. ,
/.
enchmark risk = .

benchmark
.
Bear market = . E

.

.
,
15% 20% bear market.
Behind the curve = .

.

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Benchmark = .
,
.
(benchmark portfolio), 10
10 30
. , 3 EURIBOR
Euro-LIBOR. (commodities) CRB index
20 , FIXING
, Brent
(North See Brent blend crude oil) Crude (US light sweet crude oil, WTI)
.

. :
) strategic benchmark = .
- . , ,

) tactical benchmark = .
-
. 1, 2, 3,

.

.
(.
).
.

(outperformance) . , ,

benchmark (underperformance). benchmark portfolios
,
.
Benchmarking = ,

.
,

. benchmarking
,


.
Beta = (market risk)
(volatility)

(benchmark indices).
.
,

.
. , .
(regression analysis).
1 .


.

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.

.
. ,


.

. ,
1,2 20% .
, : )
) )
)
)

)
.
BIC, Bank Identifier Code = SWIFT.


(SWIFT).
,
(International Organisation for Standardisation, ISO),
SWIFT .
SWIFT .
:
(Bank Code). 4 . BANK
(Country Code). 2 . CC GR
(Location Code).
. LL
(SWIFT BIC) BANKCCLL

.
(Branch Code) 3 . MAR.
BANKCCLLMAR.
, BIC
(IBAN, International Bank Account Number,
). 1.1.2006, IBAN BIC
()
. , 13/15.11.2005: )
1.1.2006 IBAN BIC

) 2006
IBAN BIC ) , ,
1.1.2007.
Bid and offer price = bid price
, . Offer price

, .
Big bang = .

. 27.10.1986
( ) (LSE):
) )

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) (dual capacity system)


,
(agents) - (brokers-dealers)
)
. ,
. ,
(building societies) .


.

.


, ,
31.12.2001 , 1.1.2002

.
Big Four = 4 . , ,
:
v 4 , Barclays, HSBC (Hong
Kong and Shanghai Banking Corporation), RBS (Royal Bank of Scotland) Lloyds TSB
(Trustee Savings Bank)
v 4 ,
PriceWaterhouseCoopers, KPMG (Klynveld, Peat, Marwick and Goerdeler), Ernst &
Young Deloitte Haskins & Sells.
Bilateral procedures of the Eurosystem = . O
()
.
.

.
:
direct contact with counterparties = . O

().

. , ,

operations executed through stock exchanges and market agents =
. O
.
. .. ,
,

.
Bill of exchange = .

. (issuer or drawer),
(payer or drawee
acceptor) (payee or
bearer).
.
,
.
.
. (order bill)

www.24grammata.com

(endorsement).
, , .
.
,
, ,
, , .
Bill of lading = .

.
.
.
, :
Negotiable bill of lading = .
.
Straight bill of lading = .


. ,
,
.
Clean bill of lading =
.
Bearer bill of lading = .
.
.
.
:
Truck bill of lading = .
Railway bill of lading =
Ocean bill of lading =
Post Office receipt =
Airway bill of lading =
Through bill of lading = .
, .
:
Traditional paper bill of lading = .
.
Bolero-Bill-of-Lading = .
. , ,

( Bolero).
Bill payable to order = .

.
(issuer or drawer)
(payee).

. : )
)
) . ,
)
)
) .
( bill of exchange). , ,

www.24grammata.com


(endorsement).
: 1)
,
)
,
.
.
)
)
. ,
.
Bit, binary digit = .
.
1 . (bit) binary digit.

bits . bit :
1 kilobit (kb) = 1.024 bits
1 megabit (mb) = 1.024 kilobits 1.048.576 bits
1 gigabit (gb) = 1.024 megabits 1.073.741.824 bits
1 terabit (tb) = 1.024 gigabits 1.099.511.627.776 bits
1 petabit (pb) = 1.024 terabits 1.125.899.906.842.624 bits
1 exabit (eb) = 1.024 petabits 1.152.921.504.606.846.976 bits
1 zettabit (zb) = 1.024 exabits 1.180.591.620.717.411.303.424 bits
1 yottabit (yb) = 1.024 zettabits 1.208.925.819.614.629.174.706.176 bits
Bitmap = . (bit)
. bits 1s 0s.
/ 1s 0s
. BMP
Paint Windows.
Black Friday = .
:
24 1869 ,
, .
20.9 24.9
140 163
.
.

4.000.000 .
11.000.000
.
19 1873

.
24 2008: p

, 24.10.2008
hedge
funds
.
, FTSE 100 5%, - 9,71%, CAC 40
- 3,54%, EUROSTOXX 50 - 4,84%
Dow Jones Industrial
Average 30 - 3,59%, NASDAQ Composite 3,24% Sandard & Poors 500
3,45%. IKKEI 6,36%, Hang Seng
12,63% .

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Black Knight (Chevalier noir) = .


,
,
.
, ,
(
White Knight (Chevalier blanc).
Black market = .

. , .
Black Monday = M . 5
:
} 28 1929 M .
9.250.000

.
(29.10.1929) ( Black Tuesday).
} 19 1987 M . 508
,
22% .
: )
(
40% )
(portfolio insurance) .

(futures)
500 .
19.10.1987.
} 27 1997 . 554
.
Long Term Capital Management. ,
1987.
} 21 2008 .
2007
(US sub-prime mortgage
market)
, 21.1.2008
(sell-off)
.
(futures) 4,5%, Nikkei
225 5,7%, SSEC
8%, HSCE
12%, S&P/ASX 200 share index 7%, FTSE 100
5,48%, CAC 40 6,83%
DAX 7,16%.
11.9.2001
. Reuters ,
245 .
} 29 2008 .
, 2007
(US sub-prime mortgage
market), .
,

RP (Trouble Assets Relief Program). 29.9.2008,
228 205
. . DJIA 6,98%, Nasdaq composite 9,14%, o Standard

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and Poors 500 8,79%, o FTSEurofirst 300 5,23%, FTSE


100 5,3%, o Dax 4,23%, o Nikkei 225 2,88%, o Hang Seng 2,49%
5,87%.
} 6 2008 . ,
,
6.10 .
RTS
15% BOVESPA 15%.
FTSE 100
7,85%, FTSEurofirst 300 - 7,75%, Xetra DAX 7,07%,
5,85%, NASDAQ Composite 4,34% Sandard & Poors 500 - 3,85%.
Black Scholes model =

(European call option). 1973
options
(futures). ,
.
, ,
,
. : ) ,
,
call option .
put option
) ,

.
Black Sea Trade and Development Bank (BSTDB) =
. O 1998
O O .
O , O 16,5%
. 14%, O 13,5%
5%, 2%,
1% 0,5%.
(subscribed capital) 2 SDRs
(authorized capital) 3 SDRs.
BSTDB : )

, )
,
)
().
.
,
:
1)
.


,
2)
. O

,
3)

.
.

www.24grammata.com

, ,
. O .
11
11 .


.
77 1999
O. BSTDB 12
EBRD 40
23 . 10 .
15.4.2000
AVIN INT.
O.
2002, 4
(IBA).
BSTDB.
3 .
13.10.2003 ALUMIL S.A, ,
, , ..., ,
. 20 .
. 6 .
16.10.2003 KMB-BANK
.
2001 9 . .
27.11.2003 .
5 . DeltaLeasing
. 2.12.2003
21 .
OPET Petrolculuk A.S
.
2005, , BSTDB
: ) 5.000.000
CB Unionbank ) 5.000.000
Postcredit Bank ) 20.000.00
JSC CONCERN KALINA )
o Izmirlian Foundation Joint Finance Facility (JFF), 425.000
OVAL Ltd,
, 500.000 Valletta Ltd,
) 18.000.000
Esenboga.
(SPV) TAV Esenboga Yatirim Yapim ve Isletme AS ) 5.000.000
) 15.000.000
Shelman SA, ,

.
2006, , BSTDB : )
, 12.1.2006
(Syndicated Loan Facility) 50.000.000 3 )
30.1.2006 6.000.000
ProCredit Bank Georgia )
1.3.2006 United Georgian Bank
3.000.000
) 3.5.2006
Agricultural Cooperative Bank of of Armenia

3.000.000 ) 11.5.2006
12.500.000
3 Procredit Ukraine ) 23.5.2006
23.000.000 7 RUSAL ARMENAL
) 12.6.2006
2.000.000
AZERDEMIRYOLBANK
.
2007, BSTDB : ) 11.1.2007
3.000.000 Inecobank

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) 25.1.2007,
5.000.000
NBD-Bank
Nizhny Novgorod ) 23.2.2007 18.000.000
Europlan leasing
) 23.2.2007 18.000.000
Kremikovtzi AD
) 18.4.2007
Center-Invest Bank 10.000.000
) 19.4.2007 9 18.000.000
GSM Avea
) 7.6.2007 3.000.000 CJSC
Euroterm ) 18.6.2007
4.000.000
Banca Sociala
) 24.7.2007 14.000.000
OJSC Concern Galnaftogaz
) 9.8.2007 36.000.000 7
NK Alfa-Nafta
) 30.8.2007
550.000.000 Ukrainian
Railways ) 24.9.2007
1.500.000
Cartu Bank ) 2.11.2007 21.000.000
NJSC Chornomornaftogaz
) 12.11.2007 OJSC Kreditprombank
10.000.000 ,
) 6.12.2007
Technika Bank 8.000.000 6
.
17.1.2008 BSTDB 7.600.000 SAS
Group LLC .
30.1.2008, BSTDB Procredit Bank
10.000.000
. 7.2.2008, BSTDB
Mobiasbanca 5.000.000
. 19.2.2008, BSTDB : )
5.000.000 Armeconombank 5
, ,
) 3.000.000
Inecobank
) ) 8.000.000
Bank Standard
) 5.000.000
Unibank 5 , ,

) 10.000.000 Procredit
Bank . 28.2.2008 BSTDB
25.000.000 5
OJSC Bank Zenit. 29.2.2008, BSTDB 20.000.000
Credit Bank 6 .
3.3.2008, BSTDB URSA Bank
36.000.000 .
18.4.2008 BSTDB 25.000.000
Albtelecom Sh.A.
(SPV) (
Calik Energi Telekomunikasyon Hizmetleri A.S (CETEL) Turk Telekomunikasyon A.S (Turk
Telecom). EBRD
100.000.000
Albtelecom. 23.5 2008 BSTDB
(VNESHECONOMBANK)
.
(Memorandum of Understanding, MoU).
,
,
. 30.5.2008 BSTDB
15.000.000 Slavinvestbank (SIB)

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. Slavinvestbank 1994
,
, ZAO
Europlan, NBD Bank Zenit Bank. 3.6.2008 BSTDB
12.000.000 Kapital Bank
. 8.6.2008 BSTDB 38.000.000
AKB Evrofinance Mosnarbank
. 10.6.2008 BSTDB
20.000.0000 Bank Pivdennyi

, . 18.6.2008
BSTDB 20.000.000
Krm International Ltd
. 28 2008 BSTDB 3 14.500.000
Procredit Bank Bulgaria
6.000.000
2003. 19.9.2008 BSTDB 325.000.000 20.000.000
.
Bayerische Landesbank (BayernLB), Emirates NBD PJSC
(Emirates NBD), Intesa Sanpaolo S.p.A. (ISP) and Sumitomo Mitsui Banking Corporation Europe
Limited (SMBCE). BSTDB. 7.10.2008
BSTDB Nordic Investment
Bank (NIB).

,
. 4.11.2008 BSTDB
(Technical Cooperation Special Fund)
BSTDB.
( ) 500.000
.
BSTDB
.
,
, ,
. BSTDB
, , , , ,
. Oesterreichische
Kontrollbank AG (OeKB) . 18.9.2008
BSTDB 325.000.000 20.000.000
Bayerische Landesbank, Emirates NBD PJSC, Intesa Sanpaolo S.p.A
Sumitomo Mitsui Banking Corporation Europe Limited.
.
28.4.2008 BSTDB
Petrom S.A 25.000.000 7 .
475.000.000
(European Bank for
Reconstruction and Development, EBRD) .
,
, .

Black Thursday = 24 1929.


,
(what goes up, must come down). T
12.900.000 4
. . ,
,
. 12.30

. J.P. Morgan and
Company

. , ,
X broker J.P.
Morgan and Company o
U.S. Steel.

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195. O 10.000 205.



13.30.

.
Black Tuesday and the Great Depression = .
29 1929.
16.400.000 .
12%.
.
(the Great Depression) (1929
1940). 100 .

(the Great Stock Market Crash). To
1932
Dow Jones 41,22 381,17 , 89,2%.
22 .
5.500 ,
40%, 50%,
2.000.000 17.000.000
30%, 50%
12 5

.
1933 New
Deal ( ).
11 2001

, United Airlines
.
.
,
.
Black Wednesday = 16 1992.

(ERM I)
,
1.000.000.000 . 10% 15%

3.300.000.000 .
800.000.000 . ,
, ERM I

.
Block trading =
. 10.000 .
log = (bloggers). internet

. blog
,
, , , , ,
,
. , ,
(breaking-news outlet),
internet (collection of links),
,

www.24grammata.com

. ,

.
Blue-chip stock = Blue-chips
(top-class credit ratings), , ,
, .

.
.

. , blue-chips ,
.
Bluetooth =
, ,
. Bluetooth
, , FAX /
. chip
2.45 GHz.
1 2 . ,
10 . , ,
.
(car bluetooth
headset)
.

.
Bolero (Bill of Lading Electronic Registry Organisation) =
.
1994. Bolero 1998

. Bolero.net
1999.
Bolero International Limited, (joint venture)
SWIFT TT Club ( Transport Mutual Insurance Association Limited).
Bolero Association Limited,
.

Bond = .

.
.
( yield curve)


(, ).
(face or par value),
(coupon rate) (interest
or coupon period). H
(zero-coupon bonds) (coupon bonds).
A :
Accrual bond =

.
Accumulation discounted bonds = .
, , ,
.

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Aussie bond =
.
Authority bond = .
.
Bear bond =
.
Bearer bond = .

.
.
Blanket bond = .
(brokers)

.
Book-entry bond =

. .
Brady bonds =
Nicholas Brady.
10 30 .
. (warrants)
. .
Brady 1980
.
(collateral)
.
ulldog bond =
.
Bullet bond = (non callable bond or puttable bond),
.

.
Bunds = .
Callable bond = . O
.
Collateral bond = (collateral). H
.
Commodity-backed bond = .

(hedge) .
Compound interest bond or C - bond =
()
.
Convertible bond =
.
:
Vanilla convertible bond = .
.
Exchangeable (XB) bond = .
.
Mandatory convertible bond = .
.
.
Mandatory exchangeable bond = .
.

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.
Contingent convertible bond (co-co) = .

.
OCEANEs (Obligation Convertible En Actions Nouvelles ou Existantes) =
.


.
Convertible preferred stock (or Convertible preference shares in the United Kingdom) =
.
(lower seniority) .

.
SPV (Special Purpose Vehicle) convertible bond =
(SPV).
SPV (holding company).
Going-public bond =

. ,
(Balladur bond).
Hybrid bond
.
Corporate bond = .
Coupon bond = .
.

. , discount notes zero coupon notes
.
Covered bonds = . Covered bonds.
Cushion bond =
.
De-leveraged bond = .

.
Discount bond = .
Double currency bond =

.
Double-dated bond = .
.
Fidelity bond = .

. ,
.
Fixed rate bond = .
.
Floating rate bond or note = .
Euribor, Libor, HICP, CPI.

(index-linked bonds).

(inflation indexed bonds) TIPS ( ).

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General obligation bond = .



.
Gilts = .
Guaranteed income bond = .
/
.
Housing bond = .
. , ,
.
Income bond = .

.
Indexed bond = .
( Inflation Linked Bonds).
Insurance bond = .
nvestment-grade bond = .
BBB Standard & Poor's Baa Moody's
Investors Service.
Irredeemables, perpetuals or consols =
.
Junk bond = (S & P) (Moodys) .

.
Junior bonds =
.
Kiwi bond =
.
Long bond = , 30
(benchmark index).
Lottery bond = .


.
Mortgage bond = .

.
,
. Mortgage Backed Securities, MBS.
Municipal bond = .
Participating bond = .

.
Pickup bond = (callable bond)
.

(redemption
premium).
Premium bond = .
Privilege bond = .
(warrants).
Puttable bond = .
Registered bond = .

-.

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(bearer bond)
.
Reorganization bonds =
.
Samurai bond =
.
.
Savings bond = .
50 10.000 .
.
Securitised bonds =
(assetbacked securities (ABS), mortgage backed securities (MBS) .
Series bond =
. :
Series EE bonds = 50%

. ,
6 .
. ,
.
.
50 10.000 .
.
EE 30 .
,
( )
.
Series HH bonds = .
500 10.000
. 6
20 .
10 . 10

.
Series I bonds =
: ) )
.
6 .
6
. 30
3 5 .
Shogun bond =
.
Short bond = .
Sour bond =

.
Sovereign or government bonds = .
Step Up bond =
. ,


.
Straight or plain vanilla or fixed rate or bullet bond =
.

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.
.
Strip bonds = .
,


.
Subordinated bond = .
,
,
.
Surety bond = .
.

. , surety bond
.
Tax deferred bonds =
.
Variable rate bonds = Floating rate bond.
War bond = .
. (national defense bond).
Zero-coupon bonds = .
, .

.
O
.
(corporate bonds).
:
) fixed-charged debentures =
,


) floating-charge debentures = '

) debentures = .
(domestic bonds) (foreign bonds).
. ,
, ,
.
:
1) (fixed-rate bonds) 3, 5, 7, 10, 15 20, 30 40
. 23.2.1998 2
2) (savings certificates)
44.000 .
:
3) (floating-rate bonds) 3, 5 7 .
(spread)
.
O 1997
4) (zero-coupon bonds),
1997
5) (privatisation bonds).
O 1998 3 5 . O

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1.1.1999

6) (Consumer Price Index - linked
bonds).
4% .
19.5.1997. 23
12.7.2002 16.4.2007 29.1.2008 22
(Harmonised
Index of Consumer Prices, HICP)
7) (foreign currency - linked bonds). 1987
.
1995 1997
.. . 1.1.2001
8) (structural bonds). 2005 .

.
(liquidity risk) (market risk)
9) (syndicated loans) 2009, 3, 5
10 .
10) (tax-free bonds).
2009


. .
Bond market = .
, .
Bond trader = . dealer
, (spot market),
(forward market),
(futures) repos and reverse repos.
Bond yield = .
.
, internal rate of return,


.
Book building = .
( Initial Public Offer, IPO).

.


.
.
,
, . ,
:

book runner.

. ,
(syndicate member)
. bidding
.
5 .

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.
.
book runner
, , : )
) ) .
book runner
. ,

.
Book entry system = (..
)
. , .
Book value = .
.

.

. H book value ,

. H book value ( ) market
value ( ) .
Bottom up =


.
Bourse's Blue-Chip Indexes =

. Topix
Core 30 index , FTSE-100 , Xetra Dax-30 ,
CAC-40 , Milan Mib-30 , Amsterdam Exchanges-25, o Austrian
Traded Atx-20 , BEL-20 , Hex-20 , Ibex-35
, Omx-31 , SMIO-21 , OBX Stock - 25
Hong Seng Stock-23 .
blue-chip index "Dow-Jones 30"
( ). FTSE/ASE-20 (Financial
Times Stock Exchange / Athens Stock Exchange). 20
. 1997
FTSE International. 6

.
15% 100%. FTSE/ASE-20
o FTSE/XAA 40, o FTSE/XAA SMALLCAP 80, O
FTSE/Med 100 (general index) 60
,
.
Break-Even Point, BEP =
option

BEP
.
Breakout = (
) ( ).

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.
reach = , .


.
Bretton Woods agreement = . 1944,
, ,
:
(IMF)
, (World Bank).
. ,
35 / .O

1%. ,
.
1969-1970.
. O
1971

Smithsonian Agreement.
2,25%
4,5% 9%.
BRIC (Brazil, Russia, India and China) =
, ,

.

. 4

,
. , ,
.
Brilliant Uncirculated, U = .
.
Broadband = . (bandwidth)

.

.
Broadband networks = .
, ,
.
, ,
. , (.)
55.000.000 .
13 2007.
19.000.000 .
62 .
20% 30% , ,
10% 24 27
.. , 2007 108%
2006 488.000 2006 1.017.000 2007.
53% 47% .

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2006 374, 512 1.024 kbps 82,7%


374 bps. 2008 60,70%
1 24 bps. 29.1.2009
() 2008
5-6 .
1.017.000 2007 1.506.614
2008 50%. 13,4%
..
, 2008
48,1%.
(1.506.614), 1 2009
184.625 .
Broadcast = 1) .
(Email
messages). multicasting
. 2) ,
.
Broker = .
. O

(brokerage fee) .
broker :
execution service only = .
broker .
,
(the best price). ,

advisory service = . O broker



discretionary broking = . broker

. broker
.
.
Brokerage house =
(brokers)

(futures)
(options on futures)
.
Broker dealer = - .
(broker)
, broker dealer
. .
Browser = , Internet.
HTML Internet .
(interface)
. 1990,
browsers Netscape Navigator 90%
Microsoft Internet Explorer
. Mosaic FireFox Lynx. , Microsoft Internet
Explorer 80% Netscape Navigator 0,6%
1 2008
Navigator 9
browser . 16%

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Firefox 17.6.2008
Firefox 3 Opera 9,50.

,

.
Buba = Deutsche
Bundesbank.
Bubble =
.
Budget of the European Union = o E .
T 1970 3,6 . ECU (19 ECU ) 2000 93 .
(250 ). O : 1) 41 .
(44%) 2) 33 . (35%). To
2005, 25 ,
109,5 . . 2000-2006
1
AE 75%
2 3. T T
8% 3)
6,5%. E ,
, , 4) 5,1%.
E 5)
, , 32.000 4,7
. 5%.
2008 27 ,
129,1 :
(sustainable growth), (competitiveness),
(education), (research), (social policy) = 58 .
(cohesion), (convergence), (regional
competitiveness), (employment) = 46,9 .
(natural resources), (environment),
(agriculture and fisheries) = 55 .
, (freedom, security and justice) = 0,7 .
(citizenship), (culture), (media),
(public health), (consumer protection) = 0,6 .

. (the EU as a global partner), (pre-assession),


(European neighbourhood), (humanitarian aid),
(democracy and human rights) = 7,3 .
(administration), (European Commission),
. (other EU institutions) = 7,3 .
(compensations to new EU countries = 0,2 .
.
2008 67%
, 16%
(), 16% ,
1% .
18.12.2008,
2009 116,096 (
) 0,89% .
45% 60 , ,
. (research),
2008 11% (innovation) 22%.
(agriculture and fisheries)
40% 40

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(environment), 2,9%. ,
13,6 .
. (the EU as a global partner),
0,6 1
. ,
12
(competitiveness), 12 , 1

(Lifelong Learning Programme)
(Cohesion Fund) 48,5 .
O .
:
) (traditional own resources) = . E

) the harmonised VAT (Value Added Tax) =
(A) 35% 2000
1% 0,75% 2002 0,50% 2004.
2008 16%
) the application of a rate to the sum of all the Member States' GNPs, GNP resource =

2000 50% 2008
67%
) other revenue = . E.E,
.
(own resources) 1,27% AE
E.E.
H : 1)
E E 2) E
3) E K .
. E E
K
.
H E E
.
,

. O E .
E K
.
Buffer = H/Y
,
.. H/Y
. , buffer
/ (hardware)
(software) .
.

.
.
Bug = /. (software error)
(hardware error) .
.

/
(crash)
. .
1945

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/ Mark II Aiken Relay


Calculator .
Building society =

. Building Societies Act 1986
,
, . ,
building societies
.
Bullion = ( 99,5%)
.
Bullion coin =
( (gold), (silver), (platinum)
(palladium), (iridium), (rhodium), (osmium)
(ruthnium).
. ,
.

.
Bull market = (bull market)

.

.

.
Buoyant market = .
.
Business case = .

.
,
,
.
Business Continuity Management, BCM =
.



.

: , , , ,
, ,
,
, ,
,

.
BCM
(disaster recovery)
.
(business recovery),

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(business resumption), (contingency plan)


(crisis management).
, BCM


. ,
(Recovery Time Objectif, RTO)

(Maximum Tolerable Outage, MTO)
.
,
(tests)
.
Business cycle = .

. 4, 5 10 .

. O ..
() 20 30,
1990-1992 1998-2003
1991-2000. ,
(.. )
.

- ,

.
Business risk = .
,
.
,
(marked-to-market).
(market risk) (business risk)

. .

(business plans) . ,
(book-value accounting)
.
.
:
(earnings risk)
. .
. ,


(cash flow risk)
.
.
, .
.
Butterfly spread =
(options) options (expiration date)
. ) call option
( )
) put option (
) ) call put

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option
. (underlying
instrument)

.
Buy-back =

. : )
)
(credit rating) )
) ,

)
.
short
long.
Buy-in =

.
Buy-in management buy-out, BIMBO =
. ,

. , -,

(management) .

(venture capital).
Buyout =
.
Buy/Sell Back - Sell/Buy Back (BSB SBB) =
( )
( ) .
Dollar Rolls.
repos .
,
,
spot

(substitution of collateral). ,
(variation margins).
,
.
Buy/Sell - Sell/Buy repos reverse repos :
)

) ( spot forward)


)
) .



) (Master Repurchase Agreements)

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.
uy side firms and Sell side firms = Direct Market Access (DMA).
Byte = . byte
8 bits. T byte :
1 kilobyte (KB) = 1.024 bytes
1 megabyte (MB) =1.024 kilobytes 1.048.576 bytes
1 gigabyte (GB) = 1.024 megabytes 1.073.741.824 bytes
1 terabyte (TB) = 1.024 gigabytes 1.099.511.627.776 bytes
1 petabyte (PB) = 1.024 terabytes 1.125.899.906.842.624 bytes
1 exabyte (EB) = 1.024 petabytes 1.152.921.504.606.846.976 bytes
1 zettabyte (ZB) = 1.024 exabytes 1.180.591.620.717.411.303.424 bytes
1 yottabyte (YB) = 1.024 zettabytes 1.208.925.819.614.629.174.706.176 bytes.

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C
Cable modem =
.
CAC (Cotation assiste en continu) 40 index = 40

(Compagnie nationale des Agents de Change).
(real-time) .
CAC. SBF 120
SBF 250.
Cache = . /

. /
(CPU, Central Processing Unit)
CPU .
.
.
CPU 128
KB .
512. ,
, ,
. Internet Explorer
, cache
.
Calendar spread = .
(options) options
(same asset class),
.
Callable bond, callable deposit and callable interest-rate swap = ,
.
, ,
.

. Libor Euribor.

, ,
.
(callable interest-rate swap)
,
, .
Call accounts =
24 .
Call date = , ,

.
Call money =

.
.
.

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Call notice deposits =


24 .
Call premium =

.
CAM, Computer-Aided Manufacturing = /.


,
,
,
.
Candlestick chart = . 1.600
. . ,

.
.
(Japanese candlesticks),
. (open) (close)
(real body).
(black body) .
(white body)
. Y
(shadows). (high)
(low) . To high
low .

,
.
.

.

. ,
, . ,
, .
CAP = Common Agricultural Policy.
Cap = .

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. ,
(FRN, Floating Rate Note)
(ARM, Adjustable Rate
Mortgage) . ,
Libor + 1%
5% 8%,
5%.
Capacity utilisation rate = .

.
(actual output)
(potential output). ,

. , 85%,
. 70%
.
Capital Asset Pricing Model, CAPM =
. ,
1964 1965 .

. CAPM

risk premium (
)
. , ,

.
CAPM : ra = rf + ba (rm rf ) rf
(Risk free rate), ba (Beta, ) rm
. CAPM
: 1) : )


(standard deviation) )

short sales )
, (variances)
(covariances) )
(price takers)
. 2)

. 3) . 4) . 5)
.
Capital gain and capital loss = . Capital gain
. ,
. 10 14
4 .
.
99 102
.

. , .
20.000 300.000
280.000 . Capital loss
.
(, ).

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Capital market = .
. ,
, ,

. ,
: ,
.

.
.
, ,
, , ,
, ,
, , (brokers)
.
Carat = . 1) . 0,2
. 2) . 24 .
18 75%, 14
58% 9
37,5%.
Card Payment Scheme, CPS = .
,

.
(oversight of payment
systems)

, .
Caribbean Development Bank, CDB = .
1969 ,
.

,
,
,

.
:
) 18 (Regional
members), , :
, , , , , , ,
, , , , ,
, , , , ,
.
) 1974, 1978 1982
(Other Regional Members or Regional Non-Borrowing Members), ,

) (Non regional, Non-Borrowing
members)
. ,
, , .
CDB : )
)
.

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CDB (Board of Governors)



(Board of Directors) 17
. ,
,
. CDB
99 11 98
.
Carry = (cost of financing).

. ,
(underwriting or trading position). carry
.
. carry

.
Carry trade = .


. .
, 100.000 4%.
5,50%.
carry trade : )
.
)

. carry trade
currencies 2006 ( 0,25%)
(1,25% 2,25%)
: (5,25%), (5%),
(6,25%), (4,25%) (7,25%),
(3,50%) (3%).
,
.
Cartel =
.
cartel
. cartel
(OPEC, Organization of Petroleum
Exporting Countries, ).
Cash and carry = .
long , short
(underlying instrument) (future)
long. ,
future .
future
.
Cash and economic approach = .
Cash or value date or settlement approach
, . spot
.
Economic or trade date approach
,

.

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1.1.2007 ,
.
Cash Card = .
.
(ATMs, Automatic Teller Machines)
(, , ,
, ) .
,
,
. ,
().
Cash equivalents = .

. ,
,
180
.
Cash flow = .

. ,


. ,

. , ,
.
,
. ,

.
,
,

.
Cash-in machines, CIM = .


.
.
Depositing/cash-in machines.
Cash management = .
,

.

.
Cash market = . : )
(spot)

)
)

(futures).

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Cash on delivery, COD = .


,
.
Cash or title option, COTO = .
(countercyclical
strategy). ,
.
Cash-recycling machines, CRM = .


. ,
, ,

. ,
CRM .
CD = Certificate of Deposit.
CD-ROM and DVD-ROM = 1) CD-ROM (Compact Disk Read Only Memory)
( ) .

650 , 450 2) DVD-ROM
(Digital Video Disk - Read Only Memory Digital Versatile Disk Read Only Memory)
17 , 38 CD-ROM.
CEDEFOP = (Centre
Europen pour le Dvelopment de la Formation Professionnelle European
Centre for the Development of Vocational Training).
1975 1995 .
.
. ,
, .
. ,
(UNICE),
(ETYC) (
) . CEDEFOP :
1)
2)
3)

4) CEDEFOP, ,
5)
CEDEFOP
(www.trainingvillage)
(European Training Village).
CEDEL (Centrale de livraison de valeurs mobilires) =
1970
. 2000
(Deutsche Brse) Clearstream ( ).
CEFTA (Central European Free Trade Agreement) =
. 21.12.1992
2004. , ,
. 1996
, 1997 1999 .
2004 2007

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. , CEFTA
2002, FYROM 2006
2007 , , ,
, o UNMIK
(United Nations Mission in Kosovo). 2005,

,
(association agreement)
CEFTA. CEFTA
,

, ,
, , , ,
,
.
Ceiling = . :
interest rate ceiling =
(adjustable rate mortgage, ARM)
exchange rate ceiling =


loan legal maximum interest rate =
.
Cellular telephone = .

.


(cell transmitter)
.
Central Bank Counterfeit Deterrence Group, CBCDG =
. 2000
10
(G10). 31 .
,
, ()
. CBCDG

. (Counterfeit Deterrence System)

.

(International Counterfeit Deterrence Centre, ICDC)
CBCDG.

.
, ICDC

CBCDG.
Central Bank Gold Agreement = .
X 1999 2004: , Washington Agreement on
Gold, WAG,
26 1999 26.9.2004.
1)
: 2) Oesterreichische Nationalbank 3) Banca d'Italia 4) Banque de
France 5) Banco do Portugal 6) Schweizerische Nationalbank 7) Banque Nationale de

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Belgique 8) Banque centrale du Luxembourg 9) Deutsche Bundesbank 10) Banco de Espaa


11) Bank of England 12) Suomen Pankki 13) De Nederlandsche Bank 14) Central Bank of
Ireland ( 1 2003 Central Bank and Financial Services
Authority of Ireland) 15) Sveriges Riksbank. ,
WAG
.
85%
(veto).
:



, ,
.
400
2.000
,
(gold leasings)
(gold futures) (gold options)
,
.

Y 2004 2009: , 8 2004, 14



27 2004.
,
. 22.2.2006
8.3.2004. 25.1.2008
. , 2008
8 2004 : European Central Bank, Banka
Slovenije, Banca dItalia, Banco de Espaa, Banco de Portugal, ,
Banque centrale du Luxembourg, Banque de France, Banque Nationale de Belgique,
Deutsche Bundesbank, Central Bank and Financial Services Authority of Ireland,
, Central Bank of Malta, De Nederlandsche Bank, Oesterreichische
Nationalbank, Suomen Pankki, Schweizerische Nationalbank, Sveriges Riksbank.
1999 :

400 500

2.000 2.500 .

1999 . 27.9.2004,
31.3.2006
(27.9.2004 26.9.2005 57 .
Central bank independence = .
(.) 1998
.
:
institutional independence ( ):
.

()
() ( ,
,
,
, ,
). ,

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) ) ,
, )
)
) .
,



personal independence ( ): ,

(. )
.

(serious misconduct).
,

functional independence ( ):
O

.


financial independence ( ):
1)
.
(further calls)

,
2)
.


.
Central Counterparty = .


.
Central Credit Register (CCR) = .
,

.
Central Processing Unit = CPU.
CEO = Chief Executive Officer.
Central Securities Depository (CSD) = .
,

. ,
(collateral)
.
.

.

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Certificate of Deposit (CD) = .


.
.
, ,
. , .
, , , 1 12
.
.

. :
Bull CD =

.
Brokerage or brokered CD =
. (broker),
,
. ,
1%
Domestic CD = .
.
Euro CD =
.
, Euro CDs
. Euro CDs .
Eurodollar CD = .
. ,
CSs
. tap CSs
tranche CSs
.
Foreign CD = CD.
. ,
(Yankee CD).
Jumbo CD = 90.000
. , , ,
. CDs.
Negotiable CD = . CD
, ,

. .
Lock up CD = CD.

. ,

.
Term CD = .
.
Variable - rate CD = . CD
(on roll
dates)
.
Certificate of origin = .
( ) .

.
.

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Ceteris paribus = .
.

.
, , ceteris paribus,
,
.
,
,
.
Changeover weekend = .
O .O
, 31 1998
, 3 1999. ,
.
31.12.98 .
.
O ,


.
3.1.99
6 .. .
4.1.99.
30.12.2000 1.1.2001. H
T () 2.1.2001 2
I 2001
. .
T
.
M
T,
.
E EPMH EPMH
EPMH, 2
I 2001 . M
EPMH
T, E,
.
O
T,
.
T T EKT.
M ,
T M
2.1.2001 H A T (HAT) ,
.
Charge Card = .
. , ,
/ .
.
Chart = , .
, ,
.

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Chartist = (charts)
, ,
.
Cheapest to deliver bond (CTD) = .
(future)
. ,

,
.
Check truncation = .
.
( , ,
)
. ,

.

Cheque = .
.
(issuer or drawer),
(payee or bearer)
(payer or drawee). , ,
, ,
, , .

.
.
, .
:
account cheque or for deposit only cheque =
.
for deposit only.
.


bank cheque = .

blank cheque = .
.
.

certified cheque = .

cheque without cover =
.
N.S.F Cheque (Not Sufficient Funds).

,

common cheque =

crossed cheque =
. : 1) (general lining)


2) (special lining)
,

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utstanding check = .
.
personalized cheque = .
/

postal cheque = .

postdated cheque = .
,
.
.
28 5960/1933
, .
, ,
,
. 1957/1991:

. ,
, ()
1.4.2006 1.10.2006.

, . ,
.
private cheque = . ()

public Treasury cheque = .
, ,

stale dated cheque = , .
. ,

third guarantor cheque = .

travellers cheque = .
.
, ,
. , ,
.
Cheque Guarantee Cards = .
.
(eurocheque).
.
Chicago PMI (Purchasing Managers Index) =
10.00 .
Chicago Purchasing Managers Association 200
. 50. 50
50 .
, ,
,
, , .
Chief Accounting Officer, CAO =
,

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.
(CEO) .
Chief Administrative Officer, CAO = .
.
(CEO). , ,
.
Chief Analytics Officer, CAO = .
, ,
(CEO). ,

, ,
.
Chief Compliance Officer, CCO =
.

(money laundering) .
,
.

.
(CEO) .
Chief Executive Officer, CEO =
.

.
: (executive board)
(supervisory board)
. CEO executive board supervisory
board o chairman.
Chief Financial Officer, CFO =
. E , ,
, ,
.
(CEO)
. CFO
, , , .
Chief Information Officer, CIO =
.
(CEO),
,
.



.
,

. ,
. ,

.
Chief Legal Officer, CLO = .

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(CEO).


.


.
Chief Marketing Officer, CMO = .
(CEO)
, ,
, .

,

.
Chief Operating Officer, COO =
(day-to-date)
.
. .
,
. , ,

.
(CEO) .

.
CEO
.
Chief Strategy Officer, CSO = .
(CEO)
. )

,
)
)


.
Chief Technical Officer, CTO = .

. ,
.
, (Chief
Information Officer) .
(CEO). CTO

.
Chinese wall = .
,


. ,
.
(traders, dealers)

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(investment bankers)
(inside information).
,
(Corporate Finance) (Fund
Management). .
,


.
Chip = .
. .
Chip card = (integrated circuit card, IC
card) (smart card).
,

().
Classic and Electron Card = .

, ,
(shopping protection),
.
Classical Global Note, CGN = Global bonds.
Clean credit = .
.
Clean price = .

.
Clearing House = .
. ,

.

.
Clearstream =
. 1970
CEDEL. 2000 Clearstream
Deutsche Brse Clearing AG Deutsche Brse
Group. Clearstream 2.500
: ) ( )
(, ) )
, )
) (collateral management).
Client = . / /
/. (PC workstation)
(server) .

. O H/ host (host PC, host
server, host Internet).
Client / Server architecture = .
(, server)

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H/Y (clients). O ,
. O

.
Close a position = .
long position short position.
Closed-end fund, CEF = .
. ,

. , CEF
.
, CEF
. ,
.
Close-end credit = ,
, ,
.
Close links = .
: ) ,
, 20%
)
.
CLS = Continuous Linked Settlement.
Clustering = /.
H/Y (server)
/ servers ,
. cluster
(sub-servers).
(database sub-server) (application subserver). sub-server ,
sub-server
.
servers

.
CME Group (Chicago Mercantile Exchange Group) =
, 2007
(merger) 2008
NYMEX:
1) Chicago Mercantile Exchange Holdings Inc., CME. 1898
Chicago Butter and Egg Board 1919 Chicago Mercantile Exchange.
.
.
. ,

. , CME
(futures)
(options on futures).
, OTC 250 industrial
stock price index S & P 100 and 500 index, .
2006, 1,406 827
.

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2) Chicago Board of Trade, CBOT. 1848


(futures)
(options on futures). 3.600
/ 50 futures options. 2006,
805.884.000 . CBOT
. ,
(,
), .
9.7.2007

CME 11,6 . CME Group
.
29 2007.
.
3) New York Mercantile Exchange, NYMEX. 17.3.2008 CME
Group,
,
NYMEX. CME Group NYMEX 0,1323
36 NYMEX. NYMEX
19% . ,
.
NYMEX Globex CME.
COBOL, Common Business-Oriented Language =
. /
, ,
. 1959

. 1990
(object-orientation)
2002.
Co-branded card = )
) .

.

. : )
)
.
Collar = 1) cap (


) floor (

)
2)
(Floating-Rate Note, FRN) (AdjustableRate Mortgage, ARM).
,

3) call option long put option
long stock. (options)

.
4) (Collateralised Mortgage Obligation, CMO) collar
, yield
, .

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Collateral = . , (cash collateral),


(bond collateral), , .
. (cllaterisation)
.
.

, collateral
.
(financial collateral)
,
.
Collateral systems = (). :
) pooling system: ,


) earmarking system:

.


.
Collateralised Debt Obligation (CDO) = .
(collateralised)

(sub-prime mortgage loans),
. , CDOs
(tranches) . ,

.
2006, CDOs 503
.
Collateralised Loan Obligation (CLO) = .
(collateralised)
.
collateral (Special Purpose Vehicle, SPV, )
.

(tranches).
.
CLOs

.
Collateralised Mortgage Obligation (CMO) =
(mortgage-backed security).
(MBS) pass through
securities ( ). CMO 15 30 .
/ (prepayment risk)
.
MBS. .
,

. ,

.

www.24grammata.com

Collateral substitution = .
.
.
Collateral threshold = .

.
. , (Interest Rate Swap, IRS)
(Currency Swap, CS) (collateral)

20.000
(credit rating) 10.000 credit rating
+ .
Comfort letter =


.
Comitology = ,
,

.
Commercial Paper (CP) = . o (unsecured)

,
,
,
30 270 . ,
dealers
.
(collateral)
(credit rating)
CPs.
.
CPs , ,

.
CP, 4 :
(promissory note), (draft), (check)
(certificate of deposit, CD). CP
(Euro commercial papers, ECPs).


.
: )

.


) (dealer)
. dealer
.
CP .
1986.

50 .
O CPs
.

www.24grammata.com

,
.

. , ,
. ,
(Special Purpose Vehicle, SPV),
.
Commingling = , ,
(broker)
.
brokers
.
Commission =

.
Committee of European Banking Supervisors, CEBS =
.
2004/5/EC 5 2003.
: ) .
) .

o /
(financial stability)
)

.
. ( ,
)
. CEBS: 1)


2)
. 3)

. CEBS
,

(stress testing)
(standards on outsourcing).
23 2009 2009/78 EC

(Commission Decision of 23 January 2009 establishing the Committee
of European Banking Supervisors) 2004/5/EC
5 2003 .



(financial stability)
2007 - 2009. , :
CEBS (European Commission)

(financial conglomerates)
CEBS
, (non-binding
guidelines, recommendations and standards)
CEBS
..

www.24grammata.com

, CEBS (mediate or facilitate


mediation)
, (opinions) ,
,
,



,

,
CEBS


,

CEBS ,

(Committee of European Securities Regulators),

(Committee of European Insurance and Occupational Pensions Supervisors)

(Banking Supervision Committee (BSC) of the European System of Central Banks)
CEBS



, ,
,
.
CEBS
(financial conglomerates)
(Committee of European Insurance and Occupational
Pensions Supervisors) (Joint
Committee on Financial Conglomerates).
CEBS
,

.
CEBS
.
CEBS
.

,

. CEBS
.
CEBS
,
. CEBS ,

.
CEBS (by consensus).
, (qualified majority).
.
Committee of European Insurance and Occupational Pensions Supervisors, CEIOPS =
.

www.24grammata.com

2004/6/EC 5 2003
2009/178/EC 23 2009
.


(financial stability)
2007 - 2009. , :
(Committee of European Insurance and Occupational Pensions Supervisors)
(European Commission)
, ,
(financial
conglomerates)

, (non-binding
guidelines, recommendations and standards)

,
.. ,
(mediate or facilitate mediation)

, (opinions) ,
,
,



,

,



,
,

,

(Committee of European Securities Regulators),
(Committee of European Banking
Supervisors, CEBS)
(Banking Supervision Committee (BSC) of the European System of
Central Banks)

,

,

, ,
,
.

, .

.
E
K
(Joint Committee on Financial
Conglomerates).
E ,

www.24grammata.com

,
. ,
,
.

.

,
.
.

,
.
,
.
(European
Insurance and Occupational Pensions Committee)
2004/9/EC/7.1.2004
.
(by consensus).
, (qualified majority).
.
Committee of European Securities Regulators, CESR =
.
2001/527/EC 6
2001 2009/176/EC 23
2009 .


(financial stability)
2007 - 2009. ,
:
(Committee of European Securities Regulators)
(European Commission)
(, securities)
(financial conglomerates)

, (non-binding
guidelines, recommendations and standards)


.. ,
(mediate or facilitate mediation)
, (opinions)
, ,

,


,

,



,

,

www.24grammata.com

(Committee of European Banking Supervisors, CEBS)


(Committee of
European Insurance and Occupational Pensions Supervisors)




, ,
,
.


(UCITS, Undertakings for Collective Investments in Transferable Securities).

.
E K
(Joint Committee on Financial Conglomerates).

.

,
.
.

,
. CEBS ,

.
(by consensus).
, (qualified majority).
.
Committee of the regions = .

, (

).T . O

: , , ,
.

.
6 ,
: 1)
(COTER) 2)
(ECOS) 3) (DEVE) 4)
(EDUC) 5) (CONST)
6) (RELEX).
27 . 344
:
24 : , ,
21 : ,
15 :
12 : B, , , , , , ,
,
9 : , , ,
7 : E,
6 :
5 :

www.24grammata.com

Committee on Payment and Settlement Systems, CPSS =


. (BIS)
.
G10
, ,
.
Commodities = . , ,

(futures). ,
, , , ,
, .
.
commodities (,
), (, , , , , ) ,
, .
(commodity future)
,
.
.
~ Chicago Board of Trade
1848 Chicago Butter and Egg Board (1898)
Chicago Mercantile Exchange
.
2007 CME Group ( )
.
~ :
: Coffee, Sugar & Cocoa Exchange Inc. (CSCE), New York Kansas City Board of
Trade (KCBT) Mid America Commodity Exchange (MIDAM), Chicago Minneapolis Grain
Exchange (MGE) New York Cotton Exchange (NYCE).
: Winnipeg Commodity Exchange (WCE), Winnipeg, Manitoba (only agricultural
futures and options. Contracts traded on WCE include futures contracts for canola, flaxseed,
domestic feed wheat, and domestic feed barley. Options on canola, flaxseed, feed wheat and
feed barley are also traded).
: Brazilian Futures Exchange (BBB)
: International Petroleum Exchange (IPE) Futures and Options Exchange
(London FOX) London Metal Exchange.
: March Terme Internationale de France (MATIF), Paris
: Russian Commodity and Raw Materials Exchange, Moscow
: Budapest Commodity Exchange
: Commodity Exchange of Ljubljana
: Tokyo Commodity Exchange (TOKOM) Tokyo Grain Exchange (TGE)
: Sydney Futures Exchange (SFE)
: Hong Kong Futures Exchange (HKFE)
: Manila International Futures Exchange (MIFE), Macati
: Singapore International Monetary Exchange (SIMEX)
: South African Futures Exchange, SAFEX (agricultural futures including).
Commodity currencies =
.

,
, ,
,
.
, , ,

(), (),
() ().

www.24grammata.com

Common Agricultural Policy, CAP = , .


38 . ,
,

.
FEOGA )

)
,
.
1992
GATT
O (WTO). 1993/94

.
. O
.
FEOGA
.. 58,4% 49,3%.
2000 1999
..
. 26.6.2003
: 1)
1-1-2005
(decoupling)
1-1-2007.
, - , .
5.000 3%
2005, 5% 2006 7% 2007. 2)
2014-2015 2008.
. , . 3)

50% 100%.
.
4)
25% . 5) 10%

. . 6)

132,4 39,4
. . 1%
, 1% .
7) .
,
, , ,
4 . 8) 92%
5.000 ,
52%
.

, .
(modulation)
, 25.000.000
.
1, , 60%
50% . 9)
1, ,
55% 60%. 10)
- 60% 85%
- . 11)

www.24grammata.com

,
,
.
1.500
. 12) ,



2002.
. ,
647.000.000 ,
528.000.000 352.000.000 . 17.3.2008
.
2.840.000 1.4.2008
16.000 .

2007-2013.
40%
2% .
.. , .
15/16.12.2005
2008-2009.
2013.
(13-18/12/2005)

1913. 1913 .
Common stock equity or common shares = .
)
) ) ,
,
. , ,

.
. ,
( preferred stock or shares)

.
.
)
) .

.

)

.
Community Plant Variety Office (CPVO) = ().
1994 27 1995.
.
(
). T
:

. 25 30 .
(Court of
First Instance) (Court of Justice).

www.24grammata.com

Community Support Framework, CSF = ().


. ()

..

. O
.
, ( Integrated Mediterranean Programmes, IMP)
:

1 1989-1993: 1 1 7,2 ECU.


,
, 14,3 ECU.
2
.

.
2 1994-1999: 2 2 13,9 ECU.
,
, 22,5 ECU. 14,333
, 400.000
3 .
3 2000-2006: 3 22,7
( ) 17 .
13,4 . 2008,
, 9, 3 (22,5
13,4) .
2,27 . 50%
4
3 4 .
.
, 2006
3 58%.
() 57,7%, 58,5%. ,
( ) 90%
. 88,6%
93,3% .
4

2007-2013: 4 20,101 .

Compliance risk = .

, ,
.
Compound interest = . interest.
Computer-aided design, CAD = . /
, , .
,
, ,

.
Computer-Aided Manufacturing = CAM.
Computer Based Training, CBT = .
DVD.
.

www.24grammata.com

Internet.
. CBT
/
. , distance learning,
.
Concentration risk = .

.
(financial conglomerates).
(BIS) :
1)
2)
3)
4)
5)
6)
(back-office services)
7) . (, , ,
)

. ,
11 2001,

.
Concentrator = . ,


.
/, (servers) (peripherals).

. , concentrator

(path)
path. , ,

.
Conditional Prepayment Rate, CPR = .


.
Condor spread =
(options). put (
) call options (
) .

,

.
.
Conduits = , (Special Purpose
Vehicles, SPVs). .

(Government National Mortgage Association Federal Home Loan Mortgage Corp.)
.

www.24grammata.com

conduits


(Asset-Backed Securities, ABS),
(sset-acked Commercial Papers, ABCPs),
(Collateralised Debt Obligations, CDOs),
(PassThrough Securities)
(Pay-Through Securities).
.
,

, .
(collateral) . ,
, 30
.
("securities arbitrage" conduits)
(hedge funds)

.
(asset-backed
commercial papers, ABCPs)
.
(off-balance sheet)


.
Conglomerate = .
.
(financial conglomerates)
(
, , ,
, ).
(international financial conglomerates)

.
Consignee = .
.
Consol bond = ,
1749. ,
. 100 2,5
.
.
(yield to maturity).
Consolidated balance sheet = .
. ,


.
.
Consortium =
.

, ,
.

www.24grammata.com



, .
Consumer Confidence, Eurozone =

.

. , 20.000
: 1)
2)

3)
12 4) 12
5)

.

.
Consumer Confidence Index, USA =
Conference Board Inc., .
5.000
.
: 1) 2)
3)
4)
5) .

. 10.00 ..

.
Contagious effect = Domino effect or contagious effect.
Contango = (forward price)
(spot price). ,
(futures)
.
backwardation ( ).
Contingency plan = .


.
Contingent debt = () .

.
Contingent liabilities = .
.
.
Continuity of contracts = ..
.


.. .

www.24grammata.com

Continuous Linked Settlement, CLS =


.
1974 Bankhaus Herstatt
(settlement risk)
,
.

2,5

,
.
2002 (CLS)
2003 117.000
1 15 2004
107.592 3,684 .
21 2005, CLS
. 344.016
4.203 . To 2005, CLS 64%
. 2006, 81% 2007 83%.
CLS 90%
. 2007, CLS 381.436
(per day) 2,9 .

.
1,5 . 19 2008
10
.
: CLS :
)
(cross border foreign exchange transactions)
,
CLS
(paymentversus-payment, PvP)
)
(same day)
)
,
)

.
CLS , ,
In/Out Swaps
(The
Settlements Directory for CLS) ,
.
: CLS : ,
, , , ,
. 8.9.2003 , ,
. 6.12.2004
, ,
. 26 2008
17.
: CLS Group :
1) CLS Group Holdings AG .
CLS UK Intermediate Holdings Ltd, CLS Bank International CLS Services
Ltd.
2) CLS Bank International.

.

www.24grammata.com

Federal Reserve Bank of New York.



3) CLS Services Ltd .
(back office, help desk) CLS Bank
.
4) CLS UK Intermediate Holdings Ltd.
CLS Bank
, ,
50%
44% .

CLS Bank CLS
Bank.
, CLS Bank International :
) (Settlement Members): CLS
Bank. CLS Bank
CLS Bank.
) (User Members):
CLS Bank CLS Bank.

CLS Bank.

CLS Bank.
) (Third Parties): CLS Bank

CLS Bank.
: ) )
(custodians) ) .
) (Nostro Agents):

CLS Bank. ,
CLS Bank, ,
CLS Bank.
) (central banks and approved
payment systems): CLS Bank
. ,
. , CLS Bank
(RTGS systems).
) (liquidity providers):

,
.
) (Vendors): CLS
CLS Bank
. 2004, CLS
Software Service Solution Providers Systems
Integrators and Consultancy Services.
27.3.2009 CLS Bank service 60
4.686 411 ,
4.275 .
CLS Bank International , ,
(payment versus payment)
. ,
CLS Bank.

, .
, .

(RTGS)

www.24grammata.com

. SWIFT CLS Bank


1 . CLS
Bank
.
08.00 13.00 . ,
(loss sharing agreement).
2007, CLS Bank International

( payment-versus-payment, PvP)
(non-deliverable forwards, NDFs)

(over-the-counter (OTC) credit derivatives)
Depository Trust & Clearing
Corporation (DTCC) Deriv/SERV Trade Information Warehouse. 6 2009
CLS Group ICAP

(over-the-counter (OTC) .
Contracts for differences, CFDs = .
(derivative) (high leverage)
(margin trading). ,

(broker) (margin) 5% 20%
.
. ,
broker
(collateral)
.
, broker .
.
brokers CFDs .
CFDs
. , (underlying instrument)
. CFD
. ,
,
1/10 1/100. , 1/10
10.000 1.000 .
10% 1.000
. , .
Conundrum = , , . ,
. ,
conundrum
.
(Federal Reserve System)


(flattening)
.
Convergence criteria =
. :
1. (inflation).
, ,

, .
,
. ,

www.24grammata.com


.
2. . :
2) (public deficit)
3%

, ,

2) (public debt) 60%
/
. , ,

, ,
.
, ,
.

( , oneoff measures)

( , self-reversing
measures). ..
.

, , .
3. (interests convergence).
,

(),
.
.
4. 2 (Exchange Rate
Mechanism II (ERM II):
,
, . ,


.
5. : ,
.
,
.

, ,
.
(sustainable convergence).

.
.
Convergence programmes = o . o

.
,

.
.

www.24grammata.com

ECOFIN
.
Conversion = .
, (data base),
(version)
(compatible) (version) .

, , , (mechanical conversion)
(automatic scripts).
,
instruments (complete re-configuration),
. ,
. 70% 30% , (semimechanical conversion).

(manual conversion).
Convertible bonds = ,

.
Convexity = duration (
) .
.
,
. convexity
(duration) . convexity
:
(positive convexity)


(negative convexity)


(zero convexity)

.
duration
,
.
convexity .
Cookies = , data text files,
.
( Artificial intelligence).
shortcuts. ,
. ,
cookies,
2000 .
Copenhagen criteria = .

(21 22 1993).
:
) (political criterion):
, ,

www.24grammata.com

) (economic criterion):


) (acquis communautaire): ,
..
CORBA (Common Object Request Broker Architecture) =
(objects)
. IDL (Interface Definition
Language) ORB (Object Request Broker)
.
CORBA )
)
(servers), (clients),
(libraries) ) APIs (Application Program Interfaces),

(object/service information models).
CORBA (servers)
(clients),
.
/ CORBA,
, .
servers. ,
(restart)

.
Core principles for systematically important payment systems =
( Systematically important
payment systems).
: 1) 2)
3)

4)
5)
,

6)

7)
8)
9)
10) , .
Corporate banking and corporate finance = (corporate
banking)
, , , ,
, ,
. (corporate finance)
,
, ,
, (underwriting),
.
Corporation =


. ,
Inc. (Incorporation),
Ltd (Limited) S.A (Society Anonymous).

www.24grammata.com

Corporate bond = . ,
, ,

.
,
.
.
, .
Corporate culture = .
.


. , , ,

,
,
.
,
)
) (team work) )
)
)

)
(bonuses and fringe benefits).

,
.
,
,
,
.

( (mission),
(goals) (organisation).
Corporate governance = . : )

,
) )
) .


. ,
, ,
.
Corporate Social Responsibility (CSR) = .

.
,
,
.


,
,

.

www.24grammata.com


, . , ,


, ,
, ,

. ,
,
. , ,


.
Correlation coefficient = .

.
.
-1 +1.
.
.
, .
Corresponding banking =
. O
, nostro loro,
. O
.
Correspondent Central Banking Model (CCBM) =
.
CCBM1

(collateral)
.

.
, .

.
, (),
(),
30.000.000 Deutshe Bank, Frankfurt.
SWIFT
Deutshe Bank n
(Deutshe Bundesbank) .
CCBM2 CCBM1. .
8.3.2007, CCBM2
project
(Collateral Central Bank Management).

.
2013. CCBM2 :
(IT platform)

TARGET2
TARGET 2
SECURITIES (T2S)
(Single Eurosystem Interface)
T2S

www.24grammata.com

(collateral)
(repos)


(real time)
(Straight Through Processing, STP)
(collateral) TARGET2


(Securities Settlement Systems, SSSs) (eligible
linkages)
(modular approach)
(voluntary participation).


(modules) CCBM2 :
the message router = .
CCBM2 , SSSs/ T2S,
(Central Securities Depositaries, CSDs),
, TARGET2, )
CCBM2. O
.

SWIFTNet . ,

the credit and collateral module = .


. ,
: ) (collateral position)

) (credit position)

TARGET2.
(pooling and earmarking systems)
(repos).



.
,
the securities module = .
(collateral)
(custody).

(repos). ,
(close
links). ,
SSSs/ T2S . SSSs/ T2S
, securities module

. , ,

(reconciliation)
.
the credit claims module = .

,

.

www.24grammata.com

.
.
y CCBM2 :
1) he static data function = .
, ,
, .
: ) the Eligible Collateral Database = .

) the Application
Reference Database = .
CCBM2 ,
, ,
, , .
2) The monitoring and reporting function =
.



.
(web interface)

.
17.7.2008 .


ARGE2 Securities.
Cost-benefit analysis, CBA =
- .

.
, ,
, ,
, , .
CBA

. ,

: 1) ,
,
(system upgrade) 2)

, ,
3)
.

. . 3
300.000 900.000
.
Cost of carry = .
.
,
long ( margin accounts) short
,
.
, cost of carry ,
,
.
. : Cost of carry = +
.

www.24grammata.com

(negative cost of
carry). ,
(positive cost of carry).
Cost of funds index, COFI =
.
, . ,

. (benchmark
index).
Council of Europe = .
. 1949 Palais de lEurope
.
(the European Convention on Human Rights).
,
, ,
,
.
( European Court of Human Rights)

. 47 ,
.
Council of Europe Development Bank, CEB =
. 1956
.
55 .
CEB : )
,
,

(53% 5 ) )

(22% ) )
(25% ).
CEB 50%
, ,

.

.
(, Prime 1 A-1+), - .
(Euro
Medium Term Note), (AUD Medium Term Note)
(Euro Commercial Paper)
, 76% , (2%),
(1%) (1%).
CEB 40 : , , ( ),
, , ( ), ( ), , ,
, ( ), , (Holy See), ,
( ), , ( ), , , , ,
, , ( ), , , ,
, , , , ,
, , ,
, ( ), , FYROM.
CEB ) (Governing Board)
.
,
,
) (dministrative Council)

www.24grammata.com

.

) (Governor)
)
(Auditing Board) 3
.
Council of the European Union = .
..

(European Council).
" ".
,

. ,
:
(General Affairs and External Relations) Affaires
gnrales et relations extrieures).
(Economic and Financial Affairs - ECOFIN,
Affaires conomiques et financiers).
(Justice and Home Affairs, Justice et affaires
intrieures).
, , (Employment, Social Policy,
Health and Consumers Affairs, Emploi, Politique sociale, Sant et Consommmateurs).
- ,
(Internal Market, Industry and Research including tourism, Comptitivit, March
intrieur, Industrie et Recherche, y inclus tourisme).
, (Transport, Telecommunications and Energy,
Transports, Tlcommunications et Energie).
(griculture and Fisheries, Agriculture et Pche).
(Environment, Environnement).
, ,
(Education,Youth and Culture, ducation, Jeunesse et Culture).
13.12.2007 :
) (European Council),
,
. (President of the European Council),
.
) (Council)
.
:
(The General Affairs Council)
.

.
(Foreign Affairs Council)

.

(High Representative of the Union for Foreign Affairs and
Security Policy).
) "
(Qualified majority voting) .
.
55%
65% .
,
" " (blocking minority), 4
,

www.24grammata.com

.
1 2014.

: 1)
,
72%
,
65% 2) ,
,
, 55%
,
65% .

35%
, ,
3)
4) ,
1 2014 2017,

. 1 2017
, 55% 55%
.
)
(qualified majority) .
.
,

. (Unanimity)
, .
Counterparty = .
,
, , ,
,
.
Counterparty risk = .
(.. , ,
)
.
Country risk = . O
.
, /
,
.
.
Coupling and Decoupling = .
y Coupling ,
. ,


.
, ,
.
.
, (are coupled)
. , (coupling or dependency)

www.24grammata.com

.
coupling
. .
y Decoupling

.
,
, ,
.
(decoupling) (KA) .
2003 1.2007
,
. Decoupling

.


. ,
2007 .
2008

.
2007-2009

.
Coupon = , . H
.
.

. ,
.
Coupon bond = .
(zero - coupon bond)
.

Court of Justice of the European Communities =


() .
:
The Court of Justice = . 1952
8
. ,
, , 13
5 3 .
.
:
) Actions for failure to fulfil obligations = .

.
) Actions for annulment = ,
. .
.
, (,
, ).
/
(
)

www.24grammata.com

' . ,
, .
) Actions for failure to act = ,
.
, , ..
.
. ,
. ,

.

.
) References for preliminary rulings = . E
.

.
.
.
) Appeals = .
, ,
. ,
.
,
. ,
, '
.

(Review).
The Court of First Instance = . I 1988

(Court of Justice)
.
.
.
(Court of Justice)
,
.
:
) Direct actions brought by natural or legal persons against acts of Community institutions =

( )
..

.
) Actions brought by the Member States against the European Commission =
.
)

()
.
) Actions seeking compensation for damage =
.
) Actions based on contracts made by the Communities which expressly give jurisdiction to
the Court of First Instance =
.
) ctions relating to Community trade marks = .

www.24grammata.com

) Appeals, limited to points of law, against the decisions of the Civil Service Tribunal. =
, ,
.
The European Union Civil Service Tribunal =
() .
2004 .
.
(Court of First Instance)
,
(Court of Justice). :
, ,
. ,
, 1989,
.
E
, , , 150
35.000 .

(, , , , ..),
(, , , ,
, ..).
,
Eurojust, ,
().

.
, , .
13.12.2007
:
(Court of Justice of the European Union)
:
1) (Court of Justice)
. : )
,
) , ,
)

2) (General Court)

3) (specialised courts).
, ,
,

.

.

.


.
.
.

,
. , ,

,

www.24grammata.com


.
Covariance = .
( 1 +1)
.
jh = rjhjh rjh (correlation)
h j h
j h. j = h + 1

. 1

.
Covenant = , .
(positive covenants),

, (negative covenants)



.

.
Covered bonds = . ,
,
.
, ,
.
,
, .
)
)
,
,

.
, ,

.
pfandbriefe, covered bonds
, , 200

.
.
2598/2.11.2007,
(covered bonds)


,
, 91 . 3601/2007.
(covered bonds)
,
,
. ,

,
.

www.24grammata.com

, :

, ,
.

( , ,
, ),
.

.

:
,
91 . 3601/2007,
:
)

(i)
,
,
(ii)
,
,
(iii) ,
(iv)

, ,
, ,

.
) ,
500.000.000
9%.

) ,
. 8() /
2588/20.8.2007
, ,
, .

, ,
.
)
:
)


) :
(i) - ..
0%,
(ii) - ..,
(iii) , 0%,
(iv) - ..,
,
(v) ,
,
.
, 15%
,

www.24grammata.com

(vi) .
)
,
,
.

)
, ,
95% ,
.

.
)

.


, ,
, (servicer)
.
,
:
)


,
,
.

200 .
)
, (12) ,
.

.


,
.


,
,
.
. 8() / 2588/20.8.2007,

54/27.2.04
,
.

,

,
, - ,
, .

www.24grammata.com

(Trustee)
.


.
,

.
.
,

(pari-passu)

.

, ,

,

.

(solo consolidation).
91
.3601/2007, -
,
.
,
.
1.7.2009
2010

.
CPU, Central Processing Unit = /.
,
.
,
.
Crash of an IT system = /,
/
. Crashes
. .
Crawling peg =
,
.
Credit analyst = .

. ,


.
Credit at Risk, CaR = .

.
.

www.24grammata.com

Credit bureau = .
.
:
Experian 13.000
19 . (credit score)
, ,
(CRM)
.
Equifax 1899 1965. 4.800
9.504 . .
(credit score),
,

.
, ,
13
Trans Union 3.600 , , 250 ,
24 .
(credit score)
.
Credit Card = .
(Visa, MasterCard, American Express,
). ,
.
, ,
/ .

( ).
. ,
,
.
, .
, 1995 1.058.000, 2000 3.030.000
2004 5.641.932.
Credit card backed security =
. (assetbacked security, ABS, )
304 1987 1,5
2004.

. -

spreads. Excess
spread ,
. (portfolio yield)

12.
Credit crunch 2007- 2009 = Subprime mortgage loans, credit crunch and
economic crisis.
Credit Default Swap, CDS = Swap.
Credit derivative = .
o (underlying instrument)
.

Credit Default Swap ( Swap).

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Credit enhancement = .

. , (derivatives)
(Over-the-Counter, OTC),
(corporate debt) (securitised debt),
. :
y (collateralization).
(collateral).

(market value)
y - (overcollateralization). ,
,
y (third party loan guarantees).


y (credit insurance).



y (letters of credit). ,

y (Special Purpose Vehicle, SPV, )


y , , credit
enhancements (netting agreements),

(credit downgrade triggers) (bundling with credit
derivatives).
Credit line or credit limit = .

(overdraft), ,

.

.



.
Credit Linked Note = .


.
51% 100%
,
, . ,
credit default swap (
)
.
Credit Rating =
,
( Credit Rating
Agencies, CRAs. :
(triple A) =
.
.
(double A) =
.

www.24grammata.com

A =

.
BBB (triple ) = .
.

.
.
(double ) =
.
.
= .

.
CCC Caa (triple C) = .

.
C D = .
.
.

.

.
.
, , (benchmark)
(bunds)
.
250 ,
3%
.
3,50% 6%.
:
) . ,
,


. ,
,


.
, ,
, ,
.

,

.
) .
.

,
.

.
, ,
.
,

www.24grammata.com

,


. ,
.
Credit Rating Agencies, CRAs = .
, ,
, ,
.
,

. , CRA

, ,
.
,
,
. 130
.
.
- ,
,

. 80% :
h Standards and Poors.
1941 Standard Statistics Poor's Publishing Company.
, 1200.
S&P 500
S&P Global 1200 29 70%
, S&P Managed Futures Index, o S&P/ HKEx Indices S&P
Asia 50 , , ( Standards
and Poors stock exchange indices). 15.000
1.800 .
, : )
) )
)
) )

.
h Moodys Corporation. 2.300
18 .
:
) Moodys Investors Service. 1.800 1.000
. .
, , 3.000 22.000
.
30 150.000
, , 75.000
, 10.000 100
) Moodys KMV.

, . 1.500
80 70%

.
h Fitch Ratings Sovereigns Group.
80

95% .

www.24grammata.com

, .
Fimalac S.A FitchRatings ( Fimalac)
Fitch Risk, Fitch
Training, FitchResearch Fitch Ratings Commercial
Paper, CreditDisk, Fitch Insurance Information, Fitch Ratings Delivery Service,
Bankscope FitchRatingsBloombergService
: )
)
,
)
)
(commercial papers) ) CD-ROM
,
)
6.000 100 )
Fitch
)
Bureau van Dijk 11.000
) Bloomberg
(, )
.
O
:
Standards and Poors
AAA
AA+
AA

AA-

A+

A-

BBB+

BBB

BBB-

Moodys Investors Service


Aaa

Aa1

FitchRatings
AAA
AA+

Aa2

Aa3

A1

A2

A3

Baa1

Baa2

Baa3

AA

AA-

A+

A-

BBB+

BBB

BBB-

h , A. M. Best,
TheStreet.com Ratings Egan-Jones Ratings Company, RattoHumphreys Calificadora de Riesgo S.A, Baycorp Advantage,
Rating and Investment Information, Inc, Credit Analysis & Research Ltd,
Credit Information Bureau Ltd. (CIB), CRISIL, Limited, Investment Information and Credit
Rating Agency (ICRA) ONICRA Credit Rating Agency of India Ltd,
P.T. Kasnic Credit Rating Indonesia P.T. PEFINDO Credit Rating,
DBRS (Dominion Bond Rating Service), China Lianhe
Credit Rating Co. Ltd, Dagong Global Credit Rating Co., Ltd, Shanghai Credit Information
Services Co, Ltd, China Shanghai Far East Credit Rating Co., Ltd Xinhua Far East China
Ratings, Capital Intelligence Limited ,
BRC Investor Services S.A, Seoul Credit Rating &
Information, Inc National Information and Credit Evaluation, Inc,
Rating Agency Malaysia Berhad (RAM), Global Credit Rating
Co, Pacific Credit Rating (PCR) Equilibrium Clasificadora de Riesgo,
Interfax Rating Agency (IRA) Rus Ratings, Taiwan Ratings
Corporation (TCR), Thai Rating and Information Services (TRIS),
Clasificadora de Riesgo Humphreys Limitada, Feller Rate Clasificadora de Riesgo
Humphreys Clasificadora de Riesgo.
Credit risk = .

.
( Principal risk), (

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Replacement cost risk)


,

.
( Counterparty risk), ( Issuer risk),
( Country risk) (
Settlement or Herstatt risk).
Credit Risk Transfer, CRT = .
,
(CRT instruments)
. CRT
(financial guarantees), (letters of credit)
(credit insurance products .
(surety bonds) (credit insurance).
,
(credit derivatives) .
(credit default
swaps), (total return swaps)
(collateralised debt obligations and their
variants),
. ,
(credit-linked
notes) swaps
. (basket default swaps),
(collateralised debt obligations, CDOs) .
CRT
. ,
(CRT market)
2007-2008
(sub-prime mortgage market).

.
.

(SIVs Conduits), ,
(hedge funds) .
(credit rating),
(probability of default)
.
. ,
sub-prime mortgage
market.
,
.
Credit scoring = , 300 800,
.
/

(, , .).
Credit Union = .


.

.
.

www.24grammata.com

.

. , ,
(risk diversification)

.
CrestCo Euroclear UK & Ireland = (Central Securities
Depository, CSD)
CREST

. ,
. (real-time)
(same day settlement) (delivery versus
payment, DVP)
. ,
18 . 52.000 50.000
CrestCo. 2002
Euroclear,
Euroclear UK & Ireland. 400 .
CRM (Customer Relationship Management) = .


.

.
call centers,
internet, ,
(one stop shopping)
.
, ,
.
.


.
, CRM
, ,
CRM

.
,
,
.
CRM 1996. 2001
47 2007 70
.
, CRM
.


.
,
call centre
.
.
CRM
.

www.24grammata.com

Cross-default = .

,
.
Cross rates = .
. ,
(basis currency) . ,
, ,
(. , ).

.
. -
-
-
.
Cross-selling = .


. , ,
,

, , (,
, )
. .


. ,
.
CRT, Cathode Ray Tube = .

. 1897

/,
(video and video cameras), .
,
( LCD, Liquid Crystal
Display Plasma display).

Crude oil = .
.
.
(gasoline), (home heating oil),
(diesel fuel) (Kerosene).
(natural gas) 65% . o
(nergy Information Administration)
40% , 25%, 22%,
8% 4%.
.
bpd = barel per day ( )
OPEC
.
161 . , ,
(benchmarks) :
) US light sweet crude oil, WTI.
. 39.6
(light crude oil) 0,24

www.24grammata.com

- (sweet crude oil).


(New York Mercantile Exchange, NYMEX)
(benchmark) .
WTI (West Texas Intermediate). O WTI
2 OPEC
(OPEC Basket price) 1 2 .
) North See Brent blend crude oil.
Brent Crude, Brent Sweet Light Crude, Oseberg
Forties. To Brent Crude
North See crude il. E 15
38,3 (light crude oil)
0,37 - (sweet
crude oil) ( ).
.
(benchmark) ,
. , North
See Brent blend crude oil,
0,50 . , North See Brent blend crude oil
OPEC (OPEC Basket
price) 2 (WTI).
OPEC Basket price OPEC.
7 : 1) Algerias Saharan Blend 2) Indonesias Minas 3) Nigerias
Bonny Light 4) Saudi Arabias Arab Light 5) Dubais Fateh 6) Venezuelas Tia Juana Light
7) Mexicos Isthmus.
OPEC
.
.
Imported Refiner Acquisition Cost, IRAC

(crude oil) .

, IRAC
. OPEC Basket price
2 WTI 1 2 North See
Brent blend crude oil. OPEC Basket price
.
Cumulative Abnormal Return, CAR = .

.
Currency board =

. O (,
.)
.
Currency distribution = .
,

, .
, 50% , 20% , 10%
, 5% , 5% , 3% , 3%
, 2% 2% .
-,
,
(.
) .
.
,

www.24grammata.com


(
).
Currency Information System, CIS = .
()
,

().

.
Currency option = option.
Currency pair = . ,
.
,
.

.
Currency risk = .

.
.
Currency specialisation =
. , dealing room
,
.

.
()
,

.

.
Currency swap = swap.
Cushion bonds = .
premium (callable)
.
.
Custody and custodians = (custody)
.
(custodians) ,
Clearstream Euroclear. custodian )
) ) ,
)
(securities lending programmes)
. custodians

(broker- dealers).
(fraud
risk). , custodian

. , subcustodians.

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Custody risk = .
..
.
Customer Lifetime Value, CLV =
.


.
Customer oriented banking = .
: )
, )


, )
, )

.
Cybernetics = .
.

. ,
,
, .
1834



. 1948


.
Cyberspace = .
Newromancer. ,

Internet. on-line ,
.
Cylinder = put option (
) call option (
) (different strike options). H
,
(premium) put option call option
, .

www.24grammata.com

D
Daemon = .
. UNIX.

. , sendmail daemon
.
, , limit daemon
, market information update daemon
, market information calculation deamon
, source sink link deamon
Reuters activity deamon .
Data Base Management System, DBMS = .

H/Y. : ) (the hierarchical
model).

.
. ,
. , , )
(relational model). ,
,
.
.
DAX Indices = DAX (Deutscher Actienindex),
1984,
. :
DAX = 30

.
MDAX = 50 30
DAX
.
TecDAX = 30 .
SDAX = 30
MDAX.
HDAX = DAX, MDAX TecDAX.
VDAX = DAX
.
LDAX = DAX
Xetra.
LMDAX = DAX
Xetra.
LecDAX = ecDAX
Xetra.
LSDAX = SDAX
Xetra.

Day count conventions = .



.
(360, 365, 366)
(30, 31, 28 29 ).
:

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Actual/360 =
360 .
,
,
360 .
.
Actual/actual =
.
366 365.

. (zero
coupon bonds)
(settlement day) (redemption date).
Actual/365 fixed =
365 .
30/360 = 30 360.

.
30/360 = 30 360.
31 , 30.
31, 30.
30+/360 = 30 360.
31 , 30.
31 , 1 .
Daylight limit = .

. .. NOSTRO
.
. .

(. BIS) .
Day trading = , ,

.
DCS, Digital Cellular System, = .
GSM ( ) 1.800 . E
(roaming)
,
. ,
Cosmote.
Dealing risk = (dealer): )

)
.
Debenture =
(collateral)
. ,
10 40

.
Debit Card = . ( Diners)
.
45
, ,

www.24grammata.com

.

.
.

(Ms).

. ,
. , 1995 361.000, 2000 3.254.000
2004 5.339.420.
2004 88,2% 11,8% 7,35% 92,65%
,
,
.
Debt consolidation = .

. (consolidation loan).
Debt-equity swap = - .
.
,
.

.

.
Debt Management Office (DMO) = .
1998
(PSBR)
. 1999
(Exchequer cash management).
(gilts). DMO
,
, (
).
.

(Financial Services Authority, FSA).
(LSE)

(Gifts Settlements Office, GSO).
,

.
Debt ratio (general government) =
().

(,
).


.
( convergence criteria).
Debt rescheduling agreement = .

,

www.24grammata.com

.
,
.
Debt security = .

. (coupons)

.
.
Debug = , / (bug, ).
, (software)
(hardware)
. / (debugging)

.
Decoupling = Coupling and Decoupling.
Deed = , , .

.

.
De facto = .

.
Default = 1) .

, ,
, /
2)
,
.
, 1
,
.
Default probability = .
.
.
Defensive securities and stocks = .

. ,


, .
Deficit ratio (general government) =
().

.
(,
)
.
( convergence criteria).

www.24grammata.com

Deflation = .

0,2% 0% .
,
.
.
, ,
. :
) ,
, .
1928
) ,
, .
1999 .
1993
, 1997
2002
)
. ,
.
1876 1896
1998 1999.
2003 7%
.
Deflator = .


.
,
. , ,
(GDP) (GNP).
GDP, GDP
GDP.
Deleverage = .

. ( leverage).

.
. , ,
. , ,
.
.
,
.
Delinquency =
,
.
Delisting =

.
Delivery Versus Payment (DVP) = .


.

www.24grammata.com

Delta =
(underlying instrument).
(hedge ratio).
(option)
(premium of an option) ,
(future).
100 put options (
) +100 call options (
). puts
. put premiums
. calls
. , premium
call
(implied volatility) .
, premium call option
. )
at the money options (
(option) at the money
) ) Gamma

( ) )
(implied volatility, ).
Demand deposit = .

.
Dematerialisation = .

.
( )
.
Demutualization =
.

.
o ,
, .


.

Deposit = . :
blocking or frozen deposit: . 1)
( ,
) 2) (. ,
) 3) ( ,
)
. . 3

certificate of deposit: .
.

. ,
.

Certificate of Deposit (CD)

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collateralised deposit: (collateral)



. ,
(credit rating)

current account deposit: .
.
.


. (overdraft).
,
(join current account)
deposit redeemable at notice: .
,
.
3 .
, 3
.
,
. . ,
,

derivative deposit: .

dormant deposit account: .
12 ATM,
, , ,
.
, , .

.

foreign exchange deposit: ,
.

interbank deposit: .
. ,

. ,
(overnight deposit)
.

.
join account deposit: .

.
,

.
, ,
joint owner undivided deposit: .
,
.
.
, ,
() ,
, 15 ,

www.24grammata.com



overdraft account deposit: ,

(overdraft) .


overnight deposit: .

savings deposit: .
.
.
.

, , ,

sight deposit = .
( Demand deposit).


.
.
. ,
(overdraft)
time deposit = .
(deposits with an agreed maturity) 1, 3, 6, 12 1, 2,
3, 4 5 .
(early withdrawal),
.
,
conditional deposit: . , ,
,
,
, ,
, ,
. ,
, .
Depositing/cash-in machines = .

. , ,

.
Depository Trust Company, DTC =
. ,
(FED)
(Securities and Exchange Commission, SEC).
Depository Trust and Clearing Corporation (DTCC)
, - Wall Street.
2.000.000 23 65
, 116 ,
.
Deposit swap = swap ( synthetic swap).
: 1)
spot 2)
3)

www.24grammata.com

,
.

.
Deregulation = .

(banking deregulation).
Derivatives = .
.
(underlying instruments) ,
, , ,
. (SFAS 133)
.
: ) (underlyings)
(notional amounts) .
(settlements)
)


)
,

.
:
1) (Forward Based Derivatives)
(FRA's, Interest Rate Swaps, Foreign Exchange Forwards, Equity Forwards,
Index Forwards, Commodity Forwards)
2) (Options Based
Derivatives) . ptions, Interest Rate Caps, Interest Rate Floors, Foreign
Exchange Calls, Foreign Exchange Puts, Commodity Calls and Puts, Equity Calls and Puts.
3) (Swaps Based Derivatives) . fixed
interest rates with floating rates swaps, rates floating with reference to one basis to another
basis swaps, total return swaps, caps, floors and collars symmetric and
asymmetric swaps
4) option interest rate swap (swaption)
5) (Futures Based
Derivatives).
Forward, Option, Swap,
Swaption, Futures.
) (hedging)
)

)
.
,
2303/16-5-94. O
.
2533/1997 ()
()
27 1999
(-Futures)
: FTSE/ASE 20 Mid 40 , , , .
14.1.2000
' 2000
, (options) FTSE/ASE-20 Mid 40
. 300
800 4,7 113 . .

www.24grammata.com

5.000 7.000 .
,
58.694 .
FTSE/ASE.
.. 20 ()
FTSE/ASE-20 .
.
5,87 . .
2.820 . O
20% .
2.820 5,87 20 = 331.068 .
2.850
2.850 - 2.820 = 30 30
5,87 20 = 3.522 .
58.694 .
.

. .
Development Acceptance Test, DAT =
.

. unit
regression tests (implementation)
. To DAT
(business requirements)
. ,
software engineerers, DAT
. (high level
gross verification test)
.
software implementation unit
regression tests ( ).
Dial up =

(LANs WANs).
PCs.
dial up V.34 V.90.
PPP ( ).
dial up
modem modem ( Internet Service Provider, ISP).
modems
modems . 1990,
, dial up
. , .
V.90 dial up 56 Kbps ISDN
128 Kbps. , dial up
.

DIAS, Interbanking Systems S.A. = , .


28.6.1989
2, . ,
,
,
90% . , ,

. :
DIASATM, Switching of ATM networks interbanking system

www.24grammata.com

( s)
s

, .
600
. DIASATM

,
24 .
DIASCHEQUE, Electronic Cheque clearing interbanking system
( )

. ,
,

. DIASCHEQUE check truncation,

, .., ,
( , ,
). ,
300.000 .
, ,
,
.
DIASPAY, Corporate and State mass payments interbanking system
(
)
,
, , , ...
(, , , )
( , , ,
)
. DIASPAY )
,
, ,
)
,
,
s
24.
DIASTRANSFER, Funds transfer interbanking system
( )


.
. DIASTRANSFER ,
,
, ,
,
.
DIASDEBIT, Corporate and State collection of mass receipts interbanking system
( )

/ ,
.
,

www.24grammata.com

, .
,
, , , , ,
... To , , : ..,
.., ...
... DIASDEBIT :
, -
,
,
- ad hoc -
.
) , ,
, ,
) ,
,
,
.
Management of ATM networks service
( s )
.. s
.
.. : , ,
. ,

DIASATM.
Management of ATM cards service
( )
..
, (cash cards)
s. .. ,
()
. PINs . ,
, .
,
.
DIASPOS, Direct Debit Management interbanking system
( (S)


, EFT/POS (Electronic Funds Transfer at the Points of
Sale) .. .
, , 180 (..)
. ,

.

.
DIAS-DRS, Disaster Recovery System (DRS) or Backup EDP Centre
( )

.

.
Digital banking = .
. internet, ,
.

www.24grammata.com

, ,
. .
.

.
Direct, indirect and second-round effects = ,

.
30 50 ,
: )
(direct effect) )
,
,

(indirect effects)
) ,

.
(second-round effects)
.
Direct investment = .
.

10% .

.
,

.

( )
( ).
Direct Market Access (DMA) = .

(buy side firms)

. uy side firms (fund managers)
(insurance companies). buy side firms
DMA,

(sell side firms). , buy side firms
sell
side firms. Sell side firms (brokers)
(Multilateral Trading
Facilities, MTFs) ,
. , DMA

sell-side firms.
Direct Public Offering, DPO = .
,
, .
(Initial Public Offering, IPO),
, , .
, , .
DPO
.

www.24grammata.com

Direct Server Access, DSA = .


, , (server)
. ,
, ,

.
( lectronic trading platforms (ETP))
,
(market makers)
( ) .
Dirty price =
.
Disclosure =
,

.
Discount basis =
( ,
).
Discount note =


. .
Discount rate =

.
Disinflation = .
. ,


.

( ).
(deflation)
.
()


. (anchored)
(
2%) ,
, .
Disintermediation = .

(off
balance sheet items). ,

.
Diversification = .
,
(, , , )
.

www.24grammata.com

. ,

. ,
,
. : )
(horizontal diversification)
. (broad
diversification) NASDAQ,
(narrow diversification) .
,
) (vertical diversification) .
. ,

.
DLP, Digital Light Processing =
(projectors) (video
projectors). , 1897 Texas Instruments
20 . DLP,

(Digital Micromirror Device, DMD). pixel

(800/600, 1024768, 1280720 19201080).
DMD
,
.

Documentary credit = .


, ,

.
, -
. ,
.
} :
1) applicant = ()

2) issuing bank = ()
( 17.7-13.8.1923)

3) beneficiary = ()
4) confirming or advising bank =


( - confirming bank)
( - advising bank).
} (documents)
(bill of lading)
(full set of documents)
(insurance documents), (invoices),
(certificate of origin), (packing list) .

.
} ()
,

www.24grammata.com

. , ,
,
.
,
.
} ,
,

(Uniform Customs and Practice for Commercial Documentary
Credits, UCP 500) 1 1994.
} :
() .

(issuance or opening of
documentary credit)
().
(operative credit instrument) ) (documentary credit)

) (commercial letter of credit, Letter
of credit, L/C)


(confirmation of the
documentary credit)
. (execution)

( )


(acceptance of documents)

(final settlement)
(clearance)

.
}
Revocable documentary credit =


. ,
. .
17.7-13.8.1923,

.
Irrevocable documentary credit =


.
. ,

.
.
,

.
}

www.24grammata.com

Documentary credits confirmed and executable by the intermediary bank =




. ,
.
Documentary credits non confirmed but executable by the intermediary bank =
,


. ,
, .
Negotiable documentary credits =


. ,


.
Documentary credits confirmed by the intermediary bank and negotiable =

,



.
Ancillary or Back to back documentary credit =


.

. ,
,
.
Red clause documentary credit =


.

.
,
.
Revolving documentary credit =

.
: )
.


)
(15,
, , , ) )
.
Transferable documentary credit =


.

www.24grammata.com

: )
) , ,
) ,

)
) )

)
.
Documentary payment order = .
.
100%

.
, ,
, .
Document Image Processing (DIP) =
(scanning) /,
.
Domain Name = .
(web site). "www.mvcm.com" domain name
metrovista internet. domains Internet
.COM, .NET, .MIL, .ORG, Commercial, Network,
Military Organisation. domains, InterNIC,
(server)
.
Domain Name System, DNS = DN.
{IP (Internet Protocol)
numbers}. (DNS server)

.
Domino effect or contagious effect = .
.
. O 19.1.1961

.
( ) .. .

.
1998
, . ,
. .
1998
1999. ,
.
,
2008 2009.


.
.
dot-com =

. .com

www.24grammata.com

( Domain name).

,
.
(downloading).
Double bottom / double top = , .
) (double bottom) ,

)
(double top) , ,

.
10%
20% . ,

.
.
Dow Jones EUROSTOXX 50 =
STOXX Limited (Deutsche
Boerse AG), (Dow Jones & Company)
SWX Group.
y 50
( supersector
leading Blue-chip index).

(Exchange Traded Funds,
ETFs), (Futures),
(Options) (structured products).
y
:
1) AEGON 0,5214% ( ) 2) Air Liquide 1,3339% () 3) ALSTOM 0,6861%
() 4) Allianz 2,3875% () 5) ArcelorMittal 1,3840% ()
6) Assicurazioni Generali 1,4466% () 7) AXA 1,9032% () 8) Banco Santander
4, 9067% () 9) BASF 2,1998% () 10) Bayer 2,4282% () 11) BBVA
2,4763% () 12) BNP Paribas 3,2338% () 13) Carrefour 1,4682% ()
14) Crdit Agricole 0,8508% () 15) Daimler AG 1,8302% () 16) Deutsche
Bank 2,0656% () 17) Deutsche Brse 0,8943% () 18) Deutsche Telekom
1,8457% () 19) E.ON 3,4880% () 20) ENEL 1,7994% () 21) Eni
3,3414% () 22) Fortis 0,4312% ( ) 23) France Tlcom 2,3839% ()
24) Groupe Danone 1,5847% () 25) Socit Gnrale 1,8896% () 26) Iberdrola
1,7081% () 27) ING Group 1,2672% ( ) 28) Intesa Sanpaolo 1,8256%
() 29) L'Oral 1,0076% () 30) LVMH 1,1698% () 31) Munich Re 1,4614%
() 32) Nokia 3,3224% () 33) Philips 1,0132% ( 34) Renault
0,4488% () 35) Repsol YPF 0,9956% () 36) RWE 1,8844% ()
37) Saint Gobain 0,8108% () 38) Sanofi-Aventis 3,7167% () 39) SAP AG
2,0670% () 40) Schneider Electric 1,0254% () 41) Siemens AG 3,3727%
() 42) SUEZ 2,7026% () 43) Telecom Italia 0,7545% () 44) Telefonica
4,8825% () 45) Total S.A. 6,7465% () 46) UniCredit 2,3185% ()
47) Unilever 2,1172% % ( ) 48) Vinci 1,2776% () 49) Vivendi 1,6067%
() 50) Volkswagen 1,6979% ().
Dow Jones Industrial Average (DJIA) and Dow theory = DJIA 30
(NYSE)
Nasdaq..

Dow Jones and Company. 3.7.1884
11 NUSE, ,
" ". 1885

www.24grammata.com

" ",
. 1896,
"DJIA" 12
, . 1920,
20 1928 30 . Dow Jones & Company
2007 5,6
News Corporation

DJIA
2009
:

3M Corporation
5,20%
International Business
9,33%
1
16
Machines (IBM)
Alcoa Incorporated
0,96%
Johnson & Johnson
4,80%
2
17
3

American Express Company

2,32%

18
19

J.P. Morgan Chase &


Company
Kraft Foods Inc.

Bank of America

1,04%

Boeing Company

2,26%

4,51%

20

McDonalds Corporation

5,10%

Caterpillar Incorporated

3,30%

21

2,22%

Chevron Corporation

6,05%

22

Merck & Company


Incorporated
Microsoft Corporation

1,90%

Cisco Systems Inc. (CSCO)

1,73%

23

Pfizer Incorporated

1,22%

Coca-Cola Company

4,23%

24

4,52%

10

2,32%

25

11

E.I Du Pont De Nemours and


Co
Exxon Mobil Corporation

6,31%

26

Procter & Gamble


Company
SBC Communications AT&T INC.
Travellers Cos. (TRV)

12

General Electric Company

1,17%

27

13

ewlett-Packard Company

3,18%

28

14

Home Depot Incorporated

2,10%

29

15

Intel Corporation

1,42%

30

United Technologies
Corporation
Verizon Communications
Inc.
Wal-Mart Stores
Incorporated
Walt Disney Company

3,04%

2,09%
3,80%
4,79%
2,54%
4,36%
2,18%

O 40,94 100 1941.


42 (24.11.72) 1.000 . 9.1.87 2.000
, 17.4.91 3.000, 24.2.94 4.000, 22.11.95 5.000, 15.10.96
6.000, 14.2.97 7.000, 17.7.97 8.000 7.4.98 9.000 .
} 29.3.1999 10.000 (10.006,78 ).
} (3.5.1999) 11.000 (11.014 )
29.12.99 11.484,66 .
14.1.2000 (all time high)
11.722,98 . 11.000
7.6.2001 (11.090,74)
11.9.2001.
11.000 9.1.2006 (11.001,26) 11.043,44
. 5.5.2006 11.577,74 , ,
2001 . 19.6.2006
11.014,55 . 21.9.2006 11.533,23 27.9.2006

www.24grammata.com

14.1.2000 11.720,77
.
2006: 28.9.2006 11.724,86 (all time
high)
5.10. 11.870,06 , 12.10.2006 11.959,63 , 13.10
11.960,51 16.10 11.997,25 .
} 18.10.2006 12.000
12.049,51 , 23.10 12.125,16 24.10
12.133,80 .
26.10 12.134,68 12.167,02
27.10.2006 12.163,66
12.236,10 . 9.11.2006 spot 12.176,54
(12.236,10 27.10.2006).
15.11 spot 12.218,01
12.291,73 . 16.11. spot 12.251,71
12.325,91 . T 17.11
spot 12.305,82 12.342,56 .
20.11.2006 spot 12.342,56
12.355,23 22.11.2006
12.361 . 13.12.2006
12.368,61 14.12.2006 12.341,26 . 15.12 12.416,76
12.486,30 . 18.12
12.445,52 12.490,70 . 19.12
12.491,91 20.12.2006
12.498,47 . 27.12.2006
12.519 . 28.12.2006 12.510,57
(intraday high - all time high) 12.529,88 .
2008 2009 6.547,05
(9.3.2009) .
2007: 3.1.2007 12.580,35 (intraday
high - all time high). 20.2.2007 12.786,84 21.2.2007
12.795,93 .
( 5.3 12.188,84 )
.
18.4 12.838,46 19.4
(spot) 12.803,84 . :
20.4 12.808,63
12.966,29 . 23.4 12.961,98
12.983,92 . 24.4
12.919,40 12.989,86 .
} 25.4.2007 12.953,94
13.000 13.107,45
.
26.4 13.089,89
13.132,80 . 27.4 13.105,50
13.148 . 30.4.
13.226,99 (intraday high).
} 2.5 : 13.136,14
13.256,33 3.5
13.211,88 .
: 4.5 13.241,38
13.284,53 . 7.5
13.264,62 13.317,60 . 8.5
spot 13.312,97 9.5
13.359,13 . 10.5.2007 :
13.362,87 13.369,29 . 14.5
13.383,76 15.5
13.481,60 16.5 13.489,57 . 17.5 :

www.24grammata.com

13.487,53 13.516,71
. 18.5 13.558,48
. 21.5 : 13.556,53
13.586,03 .
(intraday high): 22.5 13.586,68 ,
23.5 13.609,76 , 24.5 13.624,55 30.5 13.636,09
. 31.5.2007 :
13.633,08 13.673,07 .
} 1.6 13.692
4.6 13.668,11
5.6 13.672,32 .
} 12.7 (intraday high) 13.869,94
13.7 : 13.861,73
(intraday high) 13.932,29 . 16.7
13.907,09 . 17.7.2007
14.000 14.021,95
13.950,98
. 18.7 (spot) 13.971,55
23.7 14.039 .
} 1 2007 14.115,51
(2.10)
(spot) 14.087,55 . (intraday high)
5.10 14.125,54 9.10 14.166,97 . 10.10
(spot) 14.164,53 .
11.10.2007 (all time high) (intraday
high) 14.198,10 .
}
(2007-2009). 31.12.2007 13.264,82 ,
29.8.2008 11.715,18 , 31.12.2008 8.669,39 23.1.2009
8.077,56 . T 26.6.2009 8.472,40 .
Dow theory: o

(blue chip cyclical shares).
,
. , ,

. 1999
DJIA , 500
, .

. 1932
250 .
: )
, )
.


)
, ) :
4 ,
. O DJIA
30 ,
.
DJIA

: ) Dow Jones Stoxx 50 (narrow, ) Dow Jones
Stoxx 620 (broad) 50 620
, ) Dow Jones Euro Stoxx 50 (narrow) Dow Jones Euro Stoxx 320 (broad)
50 320 , ) Dow Jones Stoxx ex

www.24grammata.com

UK 470
Dow Jones Stoxx ex euro 330
. Dow
Jones Stoxx (Deutsche Brse),
(SWX SWISS Exchange) Dow Jones
Stoxx Ltd.
Downloading = , .
Internet .
Downstream =
.
Downturn =
, .
, ,
.
Draft = . ( )
( )

(sight draft) (time draft).
, (bank draft).
, ,

.
Drawdown = 1)

(currency swap) 2) ,

3)
(project financing) ,

Drawdown menu = .
.

.
click .
Drill-down = . ,

. ,

, .
(folders)
. Drill-down (database)


. , drill-down
.
, ,
. Drill-down reports
.
.
DRIP (Divident Reinvestment Program) = .

.

www.24grammata.com

Driver = /. (interface)
/.
.
DSL (Digital Subscriber Line) =

.
() (leased line) DSL
ISDN ( ).
Internet
.
:
DSL (Asymmetric Digital Subscriber Line)
DSL :
)

)
. ,
(downloads) 1.544 megabits
(uploads) 128 kilobits . 2006,
DSL DSL2+ ,
Internet triple play ( ) 550.000
45.000 2004. 4 8 Mbps. 2008
DSL 1.200.000.
Forthnet, Hellas On Line, On Telecoms, NetOne,
Tellas, Vivodi, Lannet Altec Telecoms.
SDSL (Symmetric Digital Subscriber Line)
DSL
.
(web servers).
72 2.320 kbit .
Dual listing = .
) (bid-offer) )
3)
. , ,

.
Due diligence =
. : )
)
,
, ,
(collateral),

.
Dummy account = .
.
(tests)
. ,

.
Dump = 1) (backup)

2) backup
(CD)
(batch process) 3)

www.24grammata.com

4)
.
Duplicative portfolio =
. (derivative products).

. S & P 500.
Durable goods orders = .
(Census Bureau of
the Department of Commerce) 26
08.30 ..
.
.
.
,

.

Duration = . (market risk)



. ,

(. ). duration

.. 0,80, 0,90, 1 , 1,1, 1,2, 1,6, 2 . duration,
.
, duration
duration.
Macaulay duration modified duration,
, :
bMacaulay duration duration 1938
(Frederic Macauley).
,
(present value)
. duration
. duration ,
, ,
. Duration duration
.
( )
. Macaulay duration :
PVCF (present value of cash flows)
, PVTCF (present total value of
cash flows)

. .
duration .
duration. duration
(zero coupon bond) .
bodified duration (MD) = .
-
(. 1%) ,
.

.

www.24grammata.com

.
modified duration :

n YTM (yield to maturity)



b Effective duration. ,
.
( Embedded option)
.

embedded option .
b empirical duration. duration

.
,
.
b key rate duration (KRD).
1%
. ,
duration

. :
1% - 1%
2* ( )*1%

11 spot
duration . KRDs
(effective
duration) .
Dwarf = (mortgage backed securities, MBS)
15 Fannie May (Federal National Mortgage Association).
DZ BANK (Deutsche Zentral-Genossenschaftsbank) =
. 1.290
1.9.2001
GZ-Bank DG BANK. ,
(,
, , , , , , ,
) .

, ,
,
.
UNICO Banking Group ( )

, , , .

www.24grammata.com

E
EBRD = European Bank for Reconstruction and Development.
ECB capital = ().
28
5
. . 1)
() 100% 2)
,
, 5% 1.5.2004 7%

.
.
(capital key).
29, ) 50%
. ) 50%
.
.
11 ,
1.6.1998 100% 3.946.895.000
5%
52.655.250 .
1.6.1998 3.999.550.250 .
1.1.2001
95% 5.141.000 102.820.000 .
, ,
4.097.229.250 4.049.715.000
47.514.250 (,
).
1.1.2004,

.
4.032.824.000
. 3.981.920.000
50.904.000
.
1.5.2004 .
. 49.3
. ,
.
, ,
. 1.1.2007
.
. 1.1.2007 1.1.2008
.
1 2008 ,
.
1 2008
)


1.1.2008 (100%)
%
1. Deutsche Bundesbank
20,5211
1.182.149.240,19

www.24grammata.com

2. Banque de France

14,3875

828.813.864,42

3. Banca d'Italia

12,5297

721.792.464,09

4. Banco de Espaa

7,5498

434.917.735,09

5. De Nederlandsche Bank

3,8937

224.302.522,60

6. Banque Nationale de Belgique

2,4708

142.334.199,56

7. Oesterreichische Nationalbank

2,0159

116.128.991,78

8.

1,8168

104.659.532,85

9. Banco de Portugal

1,7137

98.720.300,22

10. Suomen Pankki - Finlands Bank

1,2488

71.708.601,11

11. Central Bank and Financial Services


Authority of Ireland
12. Banque centrale du Luxembourg

0,8885

51.183.396,60

0,1575

9.073.027,53

13. Banka Slovenije

0,3194

18.399.523,77

14.

0,1249

15. Central Bank of Malta

0,0622

69,6963%

7.195.054,85
3.583.125,79
4.014.961.580,45

1.1.2008 (7%)
%
16. Bank of England
13,9337
56.187.041,67
17. Narodowy Bank Polski

4,8748

19.657.419,83

18. Banca Naional a Romniei

2,5188

10.156.951,89

19. Sveriges Riksbank

2,3313

9.400.866,26

20. Danmarks Nationalbank

1,5138

6.104.332,92

21. esk nrodn banka

1,3880

5.597.049,87

22. Magyar Nemzeti Bank

1,3141

5.299.051,33

23. (Bulgarian
National Bank)
24. Nrodn banka Slovenska

0,8833

3.561.868,99

0,6765

2.727.956,95

25. Lietuvos bankas

0,4178

1.684.760,40

26. Latvijas Banka

0,2813

1.134.330,06

27. Eesti Pank

0,1703

686.727,37

30,3037

122.198.357,54

www.24grammata.com

= 4.137.159.937,99

= 5.760.652.402,58 .
27 .
100%

7% .
ECB debt certificates = .


.
ECB Executive Board =
(). ( 4 )
. ,
. O

.
. ,


.

.
ECB General Council = ().
A EKT
E.E. T E E (
) .


II .
ECB Governing Council =
().
.
.
,
2/3 .
. .
... .
,
,
.
.,
.
ECB legal acts = ().
()
,
:
} Regulations (). , '

.
.
.
.
. . ' . 2818/98 1.12.98

www.24grammata.com

(ECB 1998/15), ' .


2819/98 1.12.98
(ECB 1998/16), ' . 2157/1999
23.9.99 (ECB/1999/4).
} Decisions (). '
.
.
..
.
.
. 22.4.99
(ECB/1999/NP10).
} Recommendations and Opinions ( ).
. .
. O
. .. :
1)
,
:
(ECB/1998/8),
(ECB/1998/9),
(ECB/1998/10),
(ECB/1998/11)
(ECB/1999/1). O
, 2)

, 1.12.98
(ECB/1998/21)
- ,
.
,
,
.
} Guidelines ( ).
.
().


.

.
1.12.98 (ECB/1998/17)
1.7.98 (ECB/1999/3).
: 1).
: 2)
:
.
} Internal Decisions ( ).

3.11.98
2004 (2004/2/19.2.2004)
} Instructions (). .


.
ECB Payment Mechanism, EPM =
().
TARGET1. : ) n )

www.24grammata.com

TARGET n
.
ECBs Survey of Professional Forecasters, SPF =
(EKT)
.
y (, , )
EKT 1999 (expectations)
(Harmonised Index of Consumer Prices, HICP), (real GDP
growth rate) (unemployment rate)
.
y
: )
)
. ,
( )
.

.
, ,
( ) . ,
5 .
y ,
.

. ,
. 0% 0% 0.4%, 0.5% - 0.9%, 1% - 1.4%, 1,5% - 1,9%, 2% - 2.4%, 2,5% - 2.9%, 3% - 3.4%
3,5%.
y

.

(ECB Monthly Bulletin).
90
.
45 75.
ECB working groups with market participants =
. :
1) Foreign Exchange Contact Group, FXCG = .
.
2) Money Market Contact Group, MMCG =
3) Operations Managers Group, OMG = Back Office.


(Disaster Recovery Systems).
Echeck = (electronic check).
. /

.
(smart card)
( IT security).
.
ECHELON =
,
, (faxes) (mails).

www.24grammata.com

. 3
.
UKUSA SIGINT (Signals Intelligence) Community
(National Security Agency) ,
(Government Communications Headquarters)
, (Defense Signals Directorate) ,
(Communications Security Establishment)
(Government
Communications Security Bureau) . ,
, , ,
.
1960, ,

. ,

,
.
.
2001, ECHELON

.
UKUSA SIGINT Community
.
/, (dictionaries),
,
, . ,
.
Economic and Financial Committee = O ..
109c 1.1.1999
.
O : ) ,
Ecofin,
, )
. Ecofin
, ,
) Ecofin,

.
12-13.12.1997
O
Ecofin
. 21.12.1998
(98/743/EC) : )
.., , .
, )

, )
.
.
31.12.1998
(1999/8/EC). : ) O ,
)
.2, ) Ecofin
, )

, ,

ECOFIN , ) ,
. .

www.24grammata.com

Ecofin,

, )
- .
, )
, )
. O
. O
Ecofin.
Economic and Social Committee = European Economic and Social
Committee.
conomic crisis (2008-2009) = Subprime mortgage loans, credit crunch and
economic crisis.
Economic risk = . : 1)
(project financing)
,
2)

. ,
.
Economies of scale and economies of scope =
.
O (economies of scale)
.

. O


.
O (economies of scope)
. O

, ,
,
. ,
,
.
. O

.

( : O
, , 1954).
Economic Sentiment Indicator = .

. .

.
. 2000 (=100). 5
: ) 0,4 ) 0,3
) 0,2 ) 0,05 )
0,005.
ECU (European Currency Unit) = .
12 15 ..

www.24grammata.com

ECU
. ECU,

. ECU
(swap operations) 20%
15 .. ECU
ECU (.. )
, , ECU).
ECU ECU
ECU .
1.1.1999 .
EFAMA, European Fund and Asset Management Association =
.
.
y EFAMA ,
,


, ,
,
,
.
y , EFAMA


,
,
, ,

.
y EFAMA

.
:
) EFAMA
:
1) : Vereinigung sterreichischer Investmentgesellschaften, VIG 2) :
Association Belge des Asset Managers, BEAMA ry 3) : Bulgarian Association of
Asset Management Companies (observer) 4) : Association Franaise de la Gestion
Financire, AFG 5) : Bundesverband Investment und Asset Management e.V., BVI
6) : InvesteringsForeningsRdet, IFR 7) : Swiss Funds Association, SFA
8) : (Association of Greek Institutional
Investors, A.G.I.I) 9) : Investment Management Association, IMA
10) : Irish Funds Industry Association, IFIA 11) : Asociacin de Instituciones
de Inversin Colectiva y Fondos de Pensiones, INVERCO 12) : Associazione Italiana
del Risparmio Gestito, ASSOGESTIONI 13) : Dutch Fund Association, DUFAS
14) : Liechtensteinischer Anlagefondsverband, LAFV 15) :
Association Luxembourgeoise des Fonds d'Investissement, ALFI 16) :
Verdipapirfondenes Forening (Norwegian Mutual Fund Association) 17) :
Association of Hungarian Investment Fund and Asset Management Companies in Hungary,
BAMOSZ 18) : Izba Zarzadzajacych Funduszami i Aktywami, IZFiA (Chamber of
Fund and Asset Managers) 19) : Associaco Portuguesa de Fundos de
Investimento, Penses e Patrimnios, APFIPP 20) : National Union of Organisations
for Collective Investment, UNOPC (observer) 21) : Slovensk asocicia
sprvcovskch spolocnost, SASS (Slovak Association of Fund Management Companies)
22) : Slovenian Investment Fund Association (ZDU) 23) : Fondbolagens
Frening (The Swedish Investment Fund Association) 24) : Kurumsal Yatirimci Yonet
c er derne, TKYD 25) : Association of Funds and Asset Management of
the Czech Republic, AFAM CR 26) : Suomen Sijoitusrahastoyhdistys.

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) EFAMA
:
1) Allianz Global Investors AG 2) ANIMA SGRpA 3) Axa Investment Managers 4) Barclays
Global Investors Ltd. 5) BBVA Gestion S.A. S.G.I.I.C. 6) BlackRock Investment Management
(UK) Limited 7) BNP Paribas Asset Management 8) CAAM SGR S.p 9) Capital International
S.A. 10) Capitalia Asset Management SGR 11) Carmignac Gestion 12) COMINVEST Asset
Management GmbH 13) Crdit Agricole Asset Management 14) Credit Suisse Asset
Management 15) DEKABank Deutsche Girozentrale 16) DWS Investment GmbH 17) Ecureuil
Gestion (Groupe Caisse dEpargne) 18) Eurizon Capital SGR S.p.A. 19) Franklin Templeton
Investments 20) Goldman Sachs Asset Management International 21) HSBC Investments
22) ING Investment Management Europe 23) Inverseguros Gestion, S.A. S.G.I.I.C.
24) Invesco Continental Europe SA 25) IS Asset Management 26) JP Morgan Asset
Management 27) Julius Br Asset Management 28) KBC Asset Management N.V.
29) Lombard Odier Darier Hentsch & Cie 30) Lyxor Asset Management (Socit Gnrale
Group) 31) M&G International Investments Ltd. 32) Mellon Global Investments Ltd.
33) Monte Paschi Asset Management SGR SpA 34) Nordea Investment Funds 35) Pictet &
Cie 36) Pioneer Global Asset Management S.p.A. 37) Raiffeisen Capital Management
38) Robeco 39) Santander Asset Management 40) Schroders 41) SKAGEN Funds
42) Socit Gnrale Asset Management 43) The Bank of New York 44) Threadneedle
Asset Management 45) Union Asset Management Holding AG.
e-finance = (electronic finance).

,
.

.
. ,

.
: )
, )
)
) )
.
(categories of on line interfaces) ,
(directories and information portals),
(vertical integrators) websites ,
(point-of-sale sites),
,

/
WAP.
Effective exchange rates, R = . :
} (nominal effective exchange rates)
.


} (real effective exchange rates)

. , ,
.
(Consumer Price Index, CPI), (Producer Price Index),
(GDP deflator) (unit
labour costs in manufacturing, ULCM)
(unit labour costs in the total economy, ULCT)
.
} 2 :

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1) EER-21 group -
11 (.)
, , , ,
, , , , ,
2) 10 . .
2) EER-41 group -
21 20 .
Effective interest rate = .
.
, ,
, .
Efficient frontier = . ,
1952 (Portfolio Theory),

.


.
(standard deviation).
,
. , ,
,
.
(efficient)

.
efficient frontier .
.
.
. ( ,
, , (stock split),
) .
(expected returns)
(volatilities). , ,
(correlation) .
.
(optimal portfolio) : 1)
(volatility),
. , ,
2) ,
. ,
.
. 1
. 2
. , .
1 2.

(efficient frontier) :

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- .
,
.

.


.
EFTPOS (Electronic Funds transfer at the Point of Sale) =
.


.
/ .

.
Electronic banking = . -
(real-time),
24 24 365 ,
. , ,
(PC banking), (television banking), (Internet
banking), (phone banking) (GSM banking).
,
:
)
, ,
, ,
, , ,
, on line real time
,
)
, ,
,
, ,
, , , ,
, .
, 13%
7%
.
,
500.000 . ,
, 2001
150.000. 2008, 12%
44% ..
2009 2008,
5% 10

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27% . .
.
14% 19% . 17%
20% ..
Electronic commerce = .
Internet.
server internet server provider.
(virtual store) : )
)
) on line off line.

.
. ,


,
. ,
Internet
. , ,

.
2006 ,
Internet (69%),
(16%) .
(12%). ,
26% .
12 (67%),
(56%) (7%).
() 2007,
13%
( 4% 2002) 30% .
12% 44% ..
, 29,7% ,
, 21,2% , , (software)
, 18,1%
( video games) , 16,9%
(hardware), 16,7% ,
, , DVDs, 15,9%
(DVDs, CDs), 14,5% ,
, 11,8% ,
, 3,4% . 61,2%
16 34 64,2%
. ,
2007 0,8%
11% ..
,
2007 The Nielsen Company,
, :
85%

(99%)
, 97%
96%. 94%
25%
,
41%, , 36%,
DVDs 24%, 24%
23%

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41%
21% 43%

(supermarkets)
22%
14% 9%

60% PayPal ( ) 25%.

2009 2008, 3%
8%
24% .
0,36% 11%
10 .
Electronic Communications Network, ECN = .

.

broker-dealers. , ,
(spread)
. ECNs ,
Securities and Exchange Commission
. ECN Instinet
(Institutional Networks Corporation)
brokers
broker-dealers.
Electronic Data Interchange (EDI) = .

.
, .
, , , .
.
Electronic Government = .

, ,
, , .
,
,
,
, ,
, ,

.

. ,
, 2007,
53%
(Email), 17%

,
Email 20
. , ,
18% , 14 51
. , 8%

.

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, ,

2008 51%
26,67% 37,8%
. ,

47% 58% ..

2009 2008,
19% 11%
2007 15%
9% 2007.
Electronic payment counterparties = .
, , chip card,
(payer) (payee). K
:
1) (Person, P)
2) (Government, G)
3) (Business, B)
4) (Consumer, C).
:
P2P (Person-To-Person)
.
P2G (Person-To-Government)
, ,
, .
G2P (Government-To-Person)
.
.
G2B (Government-To- Business)
.
B2C (Business-To-Consumer)
E
.
C2B (Consumer-To-Business)
. .
,


.
2 (Business-To-Business)
,
.
2G (Business-To-Government)
E

.
Electronic Secondary Securities Market =
() . ,
,

( )
.
O,
(Primary Dealers)
(Dealers). .

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(
). 2000
(repos)
(futures and options)


(counterparty risk).
, . E,


,
1.1.2001
. 10 ..
5 ..
:
27.06.2005
() (
, ).
( Real Time Gross Settlement (RTGS),
(Delivery versus Payment (DvP)- Model 1,
),


.
()

, .
(settlement risk)
(gross settlement)
(liquidity risks).
2005, ,
2004, (2005: 2,9 ,
2004: 3,8 ). 59%
. 2005, (yield) 5
7
20 32 .
2006, 2.500.000.000
13,79% .
10 73% 59%
2005. 12 15% 25%
2005. (yields)
.
T 2007,
(sub-prime mrtgage market),

(flight to quality).
(), ,
30 ,
.
28,43
55,74 42,98
2006. 1,29
2,53 .
10 8
, 10
20.07.2016 2,7 . 5.287
2007, 49,5% 50,5%
.
2007,
,

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, 21,36 40,35
45,01 2006.
1,12 1,83
2007.
7 10 44%
, 9,5 .
10 6,6
, 5
20.08.2012 2,6 . 3.904
2007, 47,6% 52,4%
.
2007 2,3
.
2008, 25,08 .
29,17 . 28,43 . 2007.
1,25 . 1,27 .
.
7 10 77%
, 19,2 . .
10 17,2 . ,
10 20/7/2017 1,6 . . ,
4.875 , 50,6%
49,4% .
2009, ,
()
,
. , ,

. , 3
39 (bps) 3,09% 3,48%
5 31 bps 4,23% 4,54% .
, 30
22 bps 5,87% 29 5,65% 30
10 12 bps 5,47%
5,35% . ,
, 30 3
278 bps 217 bps .
, 10
179 bps
232 bps .
, 3 103,20 102,20
5 105,72 104,33 . ,
30 82,01
84,69 10 103,97 104,96
. 2009 20,22
12,31 30,21
2008. 1,01
616 2009.
10 15
55% , 11,16 .
10 5
10,5 2,8 .
. , 3.939 55,5%
45,5% .
lectronic trading platforms (ETP) = ().
n-line
.
(phone dealing). :
 FX E.T platforms ( )

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(market makers)
(single-bank platform)
.
- (bid-offer). (,
, ) PC (. ), (. spot, forward, swap),
O.K.
(confirmation) .
market makers,
(multi-bank platforms).
:
Fxall: -
18 . ,
(broker-dealers), , hedge
funds.
FX Connect: -
.
Hotspot FX:
, FX hedging 75% .
Currenex: 1999
hedging, futures
.
EBS Trader on Bloomberg: ) EBS Trader
1993
ABN AMRO, Bank of America, Barclays, Citibank, Commerzbank, CSFB, Lehman Brothers,
HSBC, JPMorgan Chase, RBS, SEB, UBS AG Minex Corporation of Japan )
Bloomberg LP.
Bloomberg.
EBS Trader on Bloomberg 2003 24
54 FX dealers, ,
(hedge funds) FX options.
Lava FX: Citibank.
FX hedging. Citibank,
Chief Dealer FX Link system.
85 spot, forward
swap.
TowerGroup:
. Reuters Group Plc.
Reuters Dealing 3000

spot forward 22
MatchbookFX:
. (collateralized)
(margin)
.
Centradia: 2003
.
Tabb Group, 2010
80%
.
 Securities E.T platforms ( )

. O instrument
(, , , ), (.
) ,
, O.K
. :
TradeWeb: - Thompson Financial.
31 market makers 1.500
. , ,

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. 55
1998-2004.
gilts,
,
.
Bloomberg Electronic Trading:
. , ,
gilts, ,
, (structured notes and floating rate
notes), , (asset-backed
securities, ABS), (junk
bonds or high-yielding bonds), (US Treasuries)
(Treasury
inflation protected securities, TIPS).
MarketAxess:
(corporate bonds) .
17 ,
. MarketAxess , , ,
, , ABS, junk bonds structured
bonds
Bondvision: Euro MTS ( )
.
25 .

.

. ,
: ) ,
- ,
) ) ) .
Embeded derivative = o
. IS (International Accounting Standards) 39

(non-derivative host contract)
(cash flows)
. o

,
, ,
, ,
. , (convertible bond)
equity conversion option

(Mortgage Backed Security, MBS)


(prepayment risk).
,

embeded derivative
.
Emerging markets = . O


.
2006 , , , ,
, , , , , ,
, , , , ,

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, , , , ,
, , , , ,
, , , , , ,
, O, ,
. 1.1.2007 .
Empire State Manufacturing Survey =
(Federal Reserve Bank of New York)
Federal Reserve System.
.
200

.
(general business conditions)
.
Employee stock option = stock option.
EMS, Enhanced Messaging Service = .
SMS ( )
, , ,
internet. To EMS
(Third Generation Partnership Project, 3GPP)
.
SMS Multimedia Messaging Service
( MMS). EMS Alcatel, Ericsson, Motorola
Siemens. Nokia "Smart
Messaging."
EMTN, European Medium Term Notes = .

(the issuers) (programme arranger)
(the dealers). EMTN
) (. )
dealers ) (tailored made)
. ,
, , ,
.
EMV chip = EMVCo, LLC
1999 Europay International, MasterCard International Visa
International
(magnetic stripe cards) (smart cards)
chip . EMV chip :
) (fraud prevention) skimming
(ATMs)

(PIN)
) (interoperability) (software)
(hardware)
,
(ATMs)
(POS)

) (multiple applications).
(chip) ,
,
, ,
, . , ,

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microchip,
.
y 1
(EPC), SEPA 2010
EMV chip. 2008-2010
magstripe fallback
chip
.
Endorsement = .

.
Enhancement = .
. ,

(versions).
O (Euro Overnight Index Average) =
(overnight rate).
(benchmark rate)
EURIBOR ( ).
Equities = ,

ADR ( American Depositary Receipt)

.

shareholderss equity. equity

.
Equity financing = .
, ,

.

.
Equity Linked Note (ELN) =

. equity index-linked note.
Equity price risk = .
.
Equity repo = (repos)
. .
Equity securities = .
. ,
.
.
Equity swap =
(cash flows) .


.

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Erasmus =
, SOCRATES ( )
SOCRATES II. ,
(1465-1536 .)
.

.
,

. 2007
Erasmus. 2004,
, Erasmus Mundus, 40
Master .

.
.

,

2004-2005, 2.491

,
1.658 .
(22.427), (21.561),
(20.819) (16.440).
(25.511) (20.511), (17.273)
(16.266).
2006 20
. 1 .
( 27 ., ,
). 2006
. 2010
, , (LMD, License, Master,
Doctorat) .
ERM and ERM-II = ( . 2).

(Exchange Rate Mechanism)


13.3.1979.
ECU
2,25%,
6% 2.8.1993 15%. 16.3.1998
1 ECU = 357 15%.


E.E ONE. T
.

2 (Exchange Rate Mechanism - )


(1.1.1999)
. O MI N 2 (. convergence criteria),


. O

.
MI
,
.
, (intramarginal
interventions) (interventions at the margin). ,

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(Very Short-Term Financing, VSTF)
FX swaps.
,
-.
,
(payment after payment)
-

.

- 2 .
1.1.1999 ) 1 = 7,46038 ,
2,25%,
7,62824 7,29252 ) 1
= 353,109 15%,
406,075 300,143 . 17.1.2000
340,75 .
391,863 289,628 .
1.1.2001 ( )
.
2.
27.6.2004
(Eurogroup),

, 2
.
15%
28.6.2004
. :
) , 1 = 15,6466 ,
17,9936 13,2996
) 1 = 3,45280 ,
3,97072 2,93488
) 1 = 239,640 ,
275,586 203,694 .
1.1.2007 .

29.4.2005
(Eurogroup),

, 2 15%
2.5.2005
. :
) , 1 = 0,585274 ,
0,673065 0,497483
.
1.1.2008
) 1 = 0,702804 ,
0,808225 0,597383
) 1 = 0,429300 ,
0,493695 0,364905 .
1.1.2008 .

25.11.2005
(Eurogroup),

2 15%
28.11.2005
. : 1 =

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38.4550 , 44,2233
32,6868 . 16.3.2007 .,
19.3.2007
.
: 1 = 35,4424 ,
40,7588 30,1260 .
Escrow agreement =

. , , ,
(the escrow agent)
. ,
.

,
.

.
Ethernet = . . ,
(Local Area Networks, LANs).
1970.
10 megabits .
100 megabits 1.000 megabits.
(Internet Protocol, IP),
.
(frames).
100
.
Ethics =
,
.
Eurepo index = (benchmark index)

(Repurchase agreement (repo) and reverse repurchase agreement
(reverse repo)


. Eurepo
prime market (collateral).
Eurepo 4.3.2002 6.3.2002.
34750 Telerate, Bloomberg (EBF <GO>) Reuters
(<EUREPO>) .
/N (Tomorrow/Next), 1, 2 3
1, 2, 3, 6, 9 12 .
(Panel Banks)
. ,

. (Panel
Banks) EURIBOR FBE,
.
EUREX = (futures)
(options)
1998 DTB (Deutsche Terminbrse)
SOFFEX (Swiss Options and Financial Futures Exchange). To EUREX
50% .

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urex Clearing AG.
, . 1.2.2004
Eurex US
.
(Derivatives)
(Interest Rate Derivatives), (Equity Derivatives),
(Equity Index Derivatives),
(Volatility Index Derivatives),
(Exchange Traded Funds Derivatives),
(Credit Derivatives) (Inflation Linked
Derivatives).
E urex : ) 120
Eurex bonds )
(repos and reverse repos)
Eurex Repo.
repos , 2004, 155
31% )
,
HEX Group HEX plc
Helsinki Exchanges, Finnish Central Securities Depository,
Talin Stock Exchange Group Riga Stock Exchange Group )
EEX (European Energy Exchange) )
20.12.2007 Eurex
(International Securities Exchange, Inc. ISE) Eurex
100%. Eurex
(electronic trading platforms)

(options exchange) (stock
exchange). Eurex
.
, Eurex 700
1,5 .
EURIBOR = European Interbank Offered Rate,
. (benchmark rate)
( 12 )
.
30.12.1998 (valeur) 4.1.1999.
(Pibor, Fibor, Athibor .) .

(MATIF) EURIBOR,
,

:
,
O
. , ) O
(European Banking Federation), 4.500
. , )
(Financial Markets Association).
EURIBOR
. o EURIBOR 26.6.2009:
1
2
3
1
2
3
4

0,537%
0,622%
0,691%
0,783%
0,935%
1,120%
1,203%

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5
6
7
8
9
10
11
12

1,279%
1,334%
1,373%
1,410%
1,444%
1,469%
1,494%
1,515%

EURIBOR
, ..
..
.
2009 EURIBOR

Erste Bank der sterreichischen Sparkassen


RZB - Raiffeisen Zentralbank sterreich AG

Dexia Bank
Fortis Bank
KBC

BNP - Paribas
Natixis Banques Populaires
Crdit Agricole S.A.
HSBC France
Socit Gnrale
Crdit Industriel et Commercial CIC

Landesbank Berlin
Bayerische Landesbank Girozentrale
Commerzbank
Deutsche Bank
DZ Bank Deutsche Genossenschaftsbank
Dresdner Bank
Landesbank Baden-Wrttemberg Girozentrale
Landesbank Hessen - Thringen Girozentrale
Norddeutsche Landesbank Girozentrale
Westdeutsche Landesbank AG

Bank of Ireland
AIB Group

Banco Bilbao Vizcaya Argentaria


Banco Santander Central Hispano
Confederacion Espaola de Cajas de Ahorros

Banca IntesaBci
Monte dei Paschi di Siena
UCI Milan

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ABN Amro Bank
ING Bank
Rabobank

Banque et Caisse d'pargne de l'tat

Caixa Geral De Depsitos (CGD)

Nordea

Barclays Capital
Den Danske Bank
Svenska Handelsbanken

Bank of Tokyo Mitsubishi
J.P. Morgan Chase & Co.
Citibank
UBS (Luxembourg) S.A
Reuters, Moneyline Telerate,
. EURIBOR
: " ,
11:00
.. ( ")
( ).
,
TARGET. O (+2),
360 (Actual/360).
10:45 ..
10:45 .. 11:00 ..
, Reuters ""
. 11:00 Reuters
EURIBOR , 15%
15% EURIBOR
.
Euro Banking Association, EBA = .
1985 ECU : )
ECU , )
ECU )
ECU.
y , 85% SWIFT :
) )
) ,

.
y Euro 1 Clearing Company
, STEP1
S.T.E.P.S (Straight Through Euro Payment System).
S.T.E.P.S STEP2
(pan-European automated clearing house, PE-ACH)
.
(
Single Euro Payments Area, SEPA).
y EBA (Legal Advisory Group
LAG), STEP1 . 25.9.2007
(ready to
launch Priority Payment Scheme) 6.2.2008
(report on e-invoicing).
y To 1985
EBA (European Commission)

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(Bank for International Settlements).


(members) .
(EU Accession country)
, (user members)
STEP1 (associated members)
.
: (1) User Member
1) ABN Amro Bank NV 2) Aktia Bank PLC (1) 3) Allgemeine Sparkasse Obersterreich (1)
4) Allied Irish Banks 5) Alpha Bank AE 6) Amagerbanken AS (1) 7) Arbejdernes Landsbank
AS (1) 8) Banca Agricola Popolare di Ragusa (1) 9) Banca del Fucino (1) 10) Banca del
Piemonte (1) 11) Banca delle Marche S.p.A. (1) 12) Banca di Imola S.p.A. (1) 13) Banca di
Romagna S.p.A. (1) 14) Banca d'Italia (1) 15) Banca Monte dei Paschi di Siena S.p.A. 16)
Banca Monte Parma S.p.A. (1) 17) Banca Nazionale del Lavoro S.p.A. 18) Banca Popolare del
Lazio (1) 19) Banca Popolare dell' Alto Adige (1) 20) Banca Popolare dell'Emilia Romagna (1)
21) Banca Popolare di Intra (1) 22) Banca Popolare di Milano 23) Banca Popolare di Sondrio
(1)
24) Banca Popolare di Spoleto (1) 25) Banca Popolare di Vicenza (1) 26) Banca Sella S.p.A.
(1)
27) Bancaperta S.p.A. (1) 28) Banco Bilbao Vizcaya Argentaria SA 29) Banco BPI SA (1) 30)
Banco Comercial Portugues 31) Banco Cooperativo Espaol SA (1) 32) Banco de Sabadell
SA 33) Banco Espaol de Credito 34) Banco Espirito Santo SA 35) Banco Guipuzcoano SA
(1)
36) Banco Pastor SA 37) Banco Popolare Societ Cooperativa 38) Banco Popular Espaol
SA 39) Banco Santander, SA 40) Bank BPH SA (1) 41) Bank fr Tirol und Vorarlberg AG (1)
42) Bank of land PLC (1) 43) Bank of America, N.A. 44) Bank of China 45) Bank of Cyprus
Public Company Limited (1) 46) Bank of Ireland 47) Bank of Scotland 48) Bank of TokyoMitsubishi UFJ Ltd. 49) Banka Slovenije (1) 50) Bankinter SA 51) Banque et Caisse
d'Epargne de l'Etat, Luxembourg 52) Banque Fdrative du Crdit Mutuel 53) Banque Michel
Inchausp - BAMI (1) 54) Banque Palatine (1) 55) Banque Raiffeisen (1) 56) Barclays Bank PLC
57) Berenberg Bank (1) 58) BHF-Bank Aktiengesellschaft (1) 59) Bilbao Bizkaia Kutxa (1) 60)
BKS Bank AG (1) 61) BNP Paribas SA 62) BRED Banque Populaire 63) Bremer Landesbank
(1)
64) Caisse Nationale des Caisses d'Epargne et de Prvoyance 65) Caixa Central de
Credito Agricola Mutuo (1) 66) Caixa d'Estalvis de Catalunya (1) 67) Caixa d'Estalvis i Pensions
de Barcelona (La Caixa) 68) Caixa Geral de Depositos 69) Caja de Ahorros de Galicia 70)
Caja de Ahorros del Mediterraneo (1) 71) Caja Gipuzkoa San Sebastian (1) 72) Caja Laboral
Popular Coop. de Credito (1) 73) Caja Madrid 74) Cassa di Risparmio della Provincia di Chieti
S.p.A. (1) 75) Cassa di Risparmio della Provincia di Teramo S.p.A. (1) 76) Cassa di Risparmio
di Asti S.p.A. (1) 77) Cassa di Risparmio di Cesena S.p.A. (1) 78) Cassa di Risparmio di
Fabriano e Cupramontana (1) 79) Cassa di Risparmio di Fermo S.p.A. (1) 80) Cassa di
Risparmio di Ferrara S.p.A. (1) 81) Cassa di Risparmio di Firenze S.p.A. (1) 82) Cassa di
Risparmio di Loreto S.p.A. (1) 83) Cassa di Risparmio di Ravenna S.p.A. (1) 84) Citibank NA
85) Commerzbank AG 86) Compagnie Financire du Crdit Mutuel (1) 87) Confederacion
Espaola de Cajas de Ahorros 88) Crdit Agricole SA 89) Crdit Coopratif (1) 90) Crdit du
Nord 91) Credito Emiliano S.p.A. (1) 92) Danske Andelskassers Bank AS (1) 93) Danske Bank
AS 94) De Nederlandsche Bank (1) 95) Deutsche Bank AG 96) Deutsche Bundesbank (1) 97)
Deutsche Postbank AG 98) Dexia Bank SA 99) Dexia Banque Internationale Luxembourg
SA 100) DiBa Bank AS (1) 101) Djurslands Bank AS (1) 102) DnB NOR Bank 103) Dresdner
Bank AG 104) DZ Bank AG 105) EFG Eurobank Ergasias SA 106) Erste Group Bank AG
107) Europe Arab Bank Frankfurt (1) 108) Fionia Bank AS (1) 109) Fortis Bank (Nederland)
N.V. (1) 110) Fortis Bank SA/NV 111) Hamburger Sparkasse AG (1) 112) Hellenic Bank Ltd. (1)
113) HSBC Bank PLC 114) HSBC France 115) Ibercaja (1) 116) ICCREA Banca (1) 117) ICICI
Bank UK Limited (1) 118) ING Bank NV 119) Intesa Sanpaolo S.p.A. 120) Ipar Kutxa Rural (1)
121) Istituto Centrale delle Banche Popolari Italiane (1) 122) J.P.Morgan Chase Bank N.A.
123) Jyske Bank AS (1) 124) KBC Bank NV 125) Kredietbank SA Luxembourgeoise 126) La
Banque Postale (1) 127) La Poste SA de droit public (1) 128) Landesbank Baden-Wrttemberg
129) Landesbank Berlin AG (1) 130) Landesbank Hessen-Thringen (1) 131) Lloyds TSB Bank
PLC 132) Lokalbanken I Nordsjaelland AS (1) 133) Magyar Nemzeti Bank (1) 134) Marfin
Popular Bank Ltd. (1) 135) MashreqBank psc (1) 136) Narodowy Bank Polski (1) 137) National
Australia Bank Limited 138) National Bank of Greece SA 139( National Westminster Bank
PLC 140) Natixis 141) Nordea Bank Finland PLC 142) Nordjyske Bank AS (1) 143)
Nrresundby Bank (1) 144) Oberbank AG (1) 145) Oesterreichische Nationalbank (1) 146)
Oldenburgische Landesbank (1) 147)Ostjydsk Bank AS (1) 148) Philippine National Bank
(Europe) PLC (1) 149) Piraeus Bank SA (1) 150) Pohjola Bank PLC 151) Rabobank Nederland

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152) Raiffeisen Landesbank Sdtirol AG (1) 153) Raiffeisen Zentralbank sterreich AG 154)
Raiffeisenlandesbank Obersterreich AG (1) 155) Raiffeisen-Landesbank Tirol
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Roskilde Bank AS (1) 159) Royal Bank of Scotland PLC 160) Sampo Bank Plc 161) S-Bank
LTD. (1) 162) SECB Swiss EURO CLEARING Bank GmbH (1) 163) Skandinaviska Enskilda
Banken 164) Skjern Bank (1) 165) Socit Gnrale 166) Socit Gnrale Bank & Trust (1)
167) Socit Marseillaise de Crdit (Group Banque Populaire) (1) 168) Spar Nord Bank (1)
169) Sparekassen Sjaelland (1) 170) Standard Chartered (Germany) GmbH 171) Standard
Chartered Bank 172) Steiermrkische Bank und Sparkassen AG (1) 173) Svenska
Handelsbanken 174) Swedbank AB 175) Sydbank AS (1) 176) Tapiola Bank LTD (1) 177) UBS
AG 178) UniCredit S.p.A. 179) Unione di Banche Italiane S.C.P.A. (1) 180) UNIPOL Banca
S.p.A. (1) 181) Vestfyns Bank AS (1) 182) Vestjysk Bank (1) 183) VTB Bank (Deutschland) AG
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184) Wachovia Bank NA 185) WestLB AG.
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Euroclear, Euroclear France. O


16,67% Euroclear Crearance System plc. H T
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Euroclear Bank 20% Clearnet. H Euroclear Bank
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Euroclear UK & Ireland, CSD
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Euroclear UK & Ireland = CrestCo Euroclear UK & Ireland.

Euro counterfeit deterrence centres = .


:
Counterfeit Analysis Centre,CAC
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.
2002.
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.
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Euro LIBOR (Euro London Interbank Offered Rate) =
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Royal Bank of Canada

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Lloyds Banking Group

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H Reuters, Moneyline Telerate, ,

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4 11:30 .. O euro
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MTS Italia SPA (Mercato Telematico dei Titoli di Stato).
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Euro MTS, , ,
(, ).
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, . 1999
,
1999 .
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. Euro MTS 150
on line
over-the counter (OTC) .

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Euronext .V = NYSE Euronext.
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(overnight rate).
(benchmark rate) 1999
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5 7
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European Agency for the Management of Operational Cooperation at the External


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European Association for Banking and Financial History (EABFH) =
.
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European Aviation Safety Agency (EASA) =
(E). 2002
. .

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European Bank for Reconstruction and Development (EBRD) =
. 1991,
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(CIS)
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(1998-2000) 3.7.2000
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Council of Europe).

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1990
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European Foundation for the Improvement of Living and Working Conditions,
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,
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European Food Safety Authority (EFSA) =
(E). H
2002. .

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(1973: , , , 1986: , 1994: , ,
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1.1.1994
(European Economic Area).
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GNSS (Global Navigation Satellite System).
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European Network and Information Security Agency, ENISA =
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.
13.12.2007,
2009, . 95% ( 70%
) . .

:
(First reading):
.
,
.
,
.
.
.
(Second reading): , ,
: )
,
)
, )
, ,
,
, .
,
, , : )
, )
, ,
, .

.
(Conciliation): (Conciliation Committee)

,

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,

, ,
.


. , ,
,
.
(Third reading): , , E
,

,
. ,
.
, ,
.
European Parliament political groups = .
,
. ,
, -
-. ,
2004, :
Political group =
Abbreviation =
Number of seats =


EPP-ED
268
European Peoples Party (Christian
Democrats) and European Democrats =

()
.
Socialist group = .
PES
201
ALDE
88
Alliance of Liberals and Democrats for
Europe =
v .
Greens/European Free Alliance =
Greens/EFA
42
/ .
European United Left/Nordic Green Left =
GUE/NGL
41
/

Independence/Democracy group =
IND/DEM
36

Union for Europe of the Nations = UEN
27

Non-attached =
NI
29
Total =
732
European Payments Council, EPC = .
2002 12
. 64
(European Credit Sector Associations, ECSAs)
, .
(Single Euro Payments Area)



, , .

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. ,
,
,
. ( SEPA,
Single Euro Payments Area) EPC ,

.
European Police College, CEPOL (Collge europen de police) =
. (1516.10.1999)
(820/JHA/22.12.2000)
(567/JHA/28.7.2004). CEPOL
.
. (Governing Board)


.,
Europol.

..
CEPOL .
, ,
. , ,
Europol,
,
.
CEPOL :








.

.


.
European Railway Agency (ERA) = .
2004. -
.
,
.
European System of Accounts ESA 1995 =
1995.

(.). 1995 .
1993 (SNA 93).
European System of Central Banks, ESCB = .

(.).

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.
2007
:


1) European Central Bank
2) Deutsche Bundesbank

3) Banque de France

4) Banca d Italia

5) Banco de Espaa

6)

7) Oestereichische Nationabank

8) Banco de Portugal

9) Suomen Pankki

10) Banque Nationale de Belgique

11) De Nederlandsche Bank

12) Central Bank and Financial Services Authority of Ireland

13) Banque centrale du Luxembourg

14) Bank of England

15) Danmarks Nationalbank

16) Sveriges Riskbank

17) Narodowy Bank Polski

18) Magyar Nemzeti Bank

19) Cesk Nrodni Banca

20)

21) Banca Slovenije

22) Eesti Pank

23) Lietuvos Bankas

24) Latvijas Banca

25) Nrodn Banca Slovenska

26) Central Bank of Malta

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27) (Bulgarian National Bank)

28) Banca National a Romniei

European Training Foundation = (E).


1990 .
CEDEFOP
Tempus. T
, ..
, , , ,
.
,

.
European Union Institute for Security Studies, ISS =
(). 2001
.
.
.
: )
. , ,
., )
)
,
.
European Union Satellite Center, (EUSC) =
(). 2002
.


().

.
Europol (European Police) = .
1992 , ,
.
(,
, ).

,
. ,

o
:



,

.
. Europol
,
Counterfeit Monitoring System

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Europol .

, ,

.
,
. ,
.,

.
, .
..
.
Eurostat = .
.
.
()

. Eurostat
.
Euro symbol () = . ()
.
.
EUR,
(International Organization for
Standardization (ISO) ,
.
Eurosystem = . ()
(.)
.

. ,
()
. 15 .
. , ,
29
245 13.12.2007 2009
:

.
Eurosystem and ECB Staff Projections = ()
(Eurosystem Staff Projections)
(ECB Staff Projections).
4

.
.

.

,


2008 2010 ( on
conventional monetary policy measures.

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Eurosystems foreign exchange reserves =


. ,
,
()
SDR , ,
, .
: ) )
, , (SDRs)
) )
. 30
,
(
) 50 .
) (further call) ) .
, (currency distribution, strategic and tactical
benchmark, risk management, )
)
,
, . 1.5.2004,

1.1.2007
13 (Bank
Slovenije) 191,6
1.1.2008 14 15
.
Eurozone Industrial Sentiment = .

.
. 23.000
: 1)
2) 3)
. ,
.
, ,
.


, .
vent driven =
,
.
Event risk = .


, ,
, ,
.
Exchange for physicals, EFP = .

(futures) ,
futures.
Exchange rate differential =
. (spot)
(forward) (currency swap).

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Exchange rate target zones =



. , ,
. ,
'70, O
1998 O
,
O .
, ,
()
.
,
, Federal Reserve
System Bank of Japan. ,


. ,
.

.
.
) Plaza Agreement 1985
, )
Louvre Accord 1987
.

.
Exchange Traded Funds, ETFs =
.
. ,
. FTSE Standard & Poors 500 ,

. , , ETFs
. , ETFs
95%


.
ETFs
:
ETFs
,
(intraday trading).
short on
margin
.





.
ETFs :
) (primary market). /
(trackers) ETF

(market participants)
( ) .

www.24grammata.com

/ , ,
(creation or redemption units) . ,
creation unit 50.000
) (secondary market).
, ,
. ,
.
.


(iNAV,
Indicative Net Asset Value) (NAV, Net Asset
Value). NAV
iNAV 15 .
ETFs : 1) Diamonds Trust Series (DIAMONDs)
Dow Jones Industrial Average 2) Fixed income exchange traded securities (FITRs)
1, 2, 5
10 3) Holding company depository receipts (HOLDRs)
Merrill Lynch. 20
4) iShares - possibly "index shares" (iShares).
ETFs Barclays Global Investors 5) Nasdaq-100
tracking stock (QQQ, QUBEs) Nasdaq-100 index 6) Standard & Poors'
Depository Receipts (SPDRs, (Spiders) Standard & Poors'
7) StreetTracks - State Street Global Advisor ETFs (Street Tracks)
Dow Jones Industrial Average Wilshire 8) Vanguard
Index Participation Receipts (VIPERs)
Vanguard.
ETFs 1990
2000. 2006
696 ETFs 487,1
36 . , 268 , 165
. 2007,
ETFs 604
, 2008 890
Financial Research Corporation 2011
1,4 .
x dividend = .
. ,

, ,
,
. ,

.
Ex-dividend date = , ,
.
(ex-coupon)
.
.


. ,
(trade date) (settlement date).
Exercise price or Strike price = o
(option).
(call option) (put option) (underline instrument)
. , , .. ( option). European option

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. American option

. American option,
100 5 .
20 25 2004
(expiration date). .
5
, 5

. ,
5
(issuer or writer).
ex gratia = .

.
Existing home sales = .
(National Association of Realtors)
25 10.00 ..
,

,
.
Exotic options = . options
plain vanilla options. , exotic ptions
plain vanilla options
. :
1) Barrier option. ()
.
(underlying instrument)
(barrier price). plain vanilla option
.
, (strike price)
, option
( knock-in-option)
option (
knock-out-option). : ) single barrier option

) double barrier option

. barrier options options

2) Binary or digital option.


.
, : ) European cash-or-nothing binary
option in the money
.
) American cash-or-nothing binary
option in the money.
.
in the
money.
3) Compound option.
(option-on-an-option). a
call-on-a-call .
option 6 option. , ,
a put-on-a-call
option 6 option.

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.
4) Asian option (or average price option, APO or average rate option, ARO)

option,

.
option option .
5) Lookback option. lookback call
.
lookback put
.
6) Contingent premium option.
premium
option in-the-money , call

put
.
7) Deferred strike option.
spot
.
, spot
. option
.
Expected rate of return = .
,
. ,
(probability distribution).
Extendable or retractable bond = .
,
,
.
.
Extended Custodial Inventory, ECI = .
(euro cash depo)
.
()

(the ECI banks) , . To
ECI , ,


Deutsche Bundesbank
ECI.
Extendible swap = swap.
swap
.
xtension risk = .
.
.

.
, (mortgage-

www.24grammata.com

backed securities) .
, ,
.
Extension swap = swap. swap
(forward start date swap)
swap o . extension swap
swap.
Extranet = . intranet

. internet
.
firewall, (user code),
(digital certificate), (encryption)
(virtual private networks, VPN).

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F
Face-to-face payment =
.
Face value = .
.
Factoring = . 1 .
1905/90
()
(factor), ,
, ,

.
:
) ,
)
(.... 2168/93)
,
(factor) , . O factor

:

( factoring
, )



.
( factoring
).
factoring :
(Domestic factoring),
.
(Export factoring),

(Import factoring),
.
(Reverse factoring).
, (factor),
,

.
(Back to back factoring).

,
factor
.
: )
. factor
90 180
.

)

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, )
factor. ,


,
.
Forfaiting
Forfeiting.
Fair Value Accounting, FVA = .
, ,
,
.
.
,
.
Family Office = .
.

.
,
, ,

.
1.000.000 ,
300.000.000 500.000.00 .
:
~ Single Family Office (SFO) .
.
,
, ,
, , .
~ Multi-Family Office (MFO)
.

. ,

. MFO )


.
)

)
.
Fannie Mae (Federal National Mortgage Association) =
. 1938
1968 . - Freddie Mac
. (mortgages)
,
(mortgage back securities, MBS)
.
(, (credit unions),
) ...
.

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FAQ, Frequently Asked Questions = .



.
Fast market = .

,
(options).
FATF, Financial Action Task Force (on Money Laundering) =
,
, , GAFI (Groupe d'action financire sur le blanchiment de
capitaux).

. ,
, 1989 G7.
FATF ,


.
1990, FATF 40
(Forty Recommendations on money laundering) 1996
2003. 2001, 18

11 2001 , 2004 9
(Special Recommendations on Terrorist Financing)
2005.
2000 (list of
"Non-Cooperative Countries or Territories", "NCCTs")
M (FATF Blacklist).
15 FATF


.
FATF 31 , 2
:
: 1) 2) A 3) 4) 5) B 6) 7)
8) 9) 10) 11) 12) 13) 14)
15) 16) 17) 18) 19)
( , ) 20) 21) 22)
23) 24) 25) 26) 27) 28)
29) 30) 31) , .
: 1) 1) 2)

: 1) Asia/Pacific Group on Money Laundering (APG) 2) Council of Europe
Select Committee of Experts on the Evaluation of Anti-Money Landering Measures
(MONEYVAL) 3) Financial Action Task Force on Money Laundering in South America
(GAFISUD)
- : 1) 2)
: 1) Caribbean Financial Action Task Force
(CFATF) 2) Eurasian Group (EAG) 3) Eastern and Southern Africa Anti-Money Laundering
Group (ESAAMLG) 4) Intergovernmental Action Group against Money-Laundering in Africa
(GIABA) 5) Middle East and North Africa Financial Action Task Force (MENAFATF).
: 1) African Development Bank 2) Asian
Development Bank 3) Commonwealth Secretariat 4) Egmont Group of Financial Intelligence
Units 5) European Bank for Reconstruction and Development (EBRD) 6) European Central
Bank (ECB) 7) Europol 8) Inter-American Development Bank (IDB) 9) International
Association of Insurance Supervisors (IAIS) 10) International Monetary Fund (IMF) 11)
International Organisation of Securities Commissions (IOSCO) 12) Interpol 13)
Interpol/Money Laundering 14) Organization of American States / Inter-American Committee
Against Terrorism (OAS/CICTE) 15) Organization of American States / Inter-American Drug
16) Abuse Control Commission (OAS/CICAD) 17) Organisation for Economic Co-operation

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and Development (OECD) 18) Offshore Group of Banking Supervisors (OGBS) 19) United
Nations - Office on Drugs and Crime (UNODC) 20) Counter-Terrorism Committee of the
Security Council 21) World Bank 22) World Customs Organization (WCO).
Fax Server = .

. server
clients Telefax
/ fax fax.
Federal funds or Fed funds = . :
)
(Federal Reserve System) )
(excess reserves)
(reserves requirement) (overnight)
. Fed funds
Fed funds rate. O

. , . ,

.
Federal Housing Finance Agency, FHFA =
.
2008 (Housing and Economic Recovery Act of
2008)
(sub-prime mortgage market)
,

.
) (Federal Housing Finance
Board, FHFB) )
(Office of Federal Housing Enterprise Oversight, OFHEO). 8.9.2008
FHFA Fannie Mae Freddie Mac
12 .
Federal Home Loan Mortgage Corporation, FHLMC =

.
.

.
Federal Open Market Committee, FOMC = .
12 : 7 Federal Reserve
System (FED), Federal Reserve Bank of New York 4
11 FED
. ,
4 : 1) , , 2) , 3) ,
, 4) , , . 7
. FOMC 8
,
,

FED .
Federal Reserve System, FED = .
. I 1913 12

(district) 25 :

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1)
2) , :
3)
4) , : ,
5) , : ,
6) , : , , , ,
7) , :
8) , : , ,
9) , :
10) , : , ,
11) , : , ,
12) , : , , , .
FED (Board of Governors)
D.C.
4 . ,

. FED
: ) )
, ,

)
)
, ,
.
Fedwire = -
() (Federal Reserve System,
Fed).
.
FESE, Federation of European Securities Exchanges =
. 1974

(European Association of Clearing Houses,
EACH).
FESE
, ,
, .
.
(members)
.,
. (Associate
Member)
.
(Corresponding Exchange)
.. , FESE , :
(FESE)
1)
2) Bolsas y Mercados Espaoles (BME), Bolsas y Mercados
Espaoles (Barcelona), Bolsas y Mercados Espaoles (Bilbao), Bolsas y Mercados
Espaoles (Madrid), Bolsas y Mercados Espaoles (MEFF) Bolsas y Mercados
Espaoles (Valencia)
3) Deutsche Brse AG, ,
4)LCH.Clearnet Group Ltd, ,
5) London Stock Exchange, LME, ,
6) London Metal Exchange,
7) Luxembourg Stock Exchange,
8) Euronext Euronext Amsterdam, Euronext Brussels, Euronext
Lisbon, Euronext Paris Euronext.liffe London

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9) OMX Exchanges Stockholm Stock Exchange, Helsinki Stock


Exchange, Copenhagen Stock Exchange, Riga Stock Exchange, Tallinn Stock
Exchange Vilnius Stock Exchange
10) Irish Stock Exchange, ,
11) Italian Exchange (Borsa Italiana), ,
12) Wiener Brse AG, ,
13) Virt-X
14)ICE Futures, ( International Petroleum Exchange (IPE), ,
15) Bratislava Stock Exchange, ,
16) Budapest Stock Exchange, ,
17) ,
18) Ljubljana Stock Exchange, ,
19) Malta Stock Exchange,
20) Prague Stock Exchange, ,
21) Warsaw Stock Exchange, ,
22) Iceland Stock Exchange, ,
23) Oslo Stock Exchange, ,
24) Norwegian Futures and Options Clearing House, ,
25) SWX Swiss Exchange, , .
FESE
.
.
. ,
,
.
(Working Committee) .
) (Legal and Regulatory Matters Standing
Sub-Committee) (Economics and Statistics Standing
Sub-Committee) .
FHLBank System, FHLB = (Federal Home
Loan Banks, FHLB) 1932

. 12 : , , ,
, , , , , , ,
. 8.000
.
(advances)
.
.

Affordable Housing Program
(AHP)
.

Fiber To The X, FTTx = .



-
.
:
FTTc (Fiber To The curb) = .


.
FTTh (Fiber To The Home) = .
.
FTTh, 100% ,
.

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FTTp (Fiber To The Premises) = .


,
,

.
FTTd (Fiber To The Desk) = .
(individual work
stations) , .

FICO score = FICO Fair


Isaak Credit Organization ( Fair Isaak and Co.). Credit score ,

1950
.
.
.
. Fair Isaak and
Co.) credit bureaus ( )
: 1)
2) 3)
4) 5)
6) ,
.
Fidelity card =
.


.
Fiduciary money = .

. O (monnaie
fiduciaire).
FIFO (First in, First out) =
,
.

.
FIFO by-passing = ,

FIFO , ,
.
File = .
(floppy or hard disk)
/. /,
.
Financial engineering = . Finnerty (1988)
,

. O

.
: ) , )
, ) )
. ,

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,
(hedging) .
(multistage stochastic optimisation)
,
(immunisation models)

. ,

, ,
.
Financial leverage = .
. (ratios)
. .

.
.
.
Financial perspectives 2007- 2013 =
2007- 2013.
15/16.12.2005 : 1) (expenditure) 862,363
1,045% , (Gross
National Income, GNI) 2) (revenue). (own
resources) 1,31%
() .
1,24%
1913 10,5
1984 3)
(review). 2008-2009
2007-2013
,
2013.
2007- 2013.
2007- 2013
( 2004)

2007

2008

2009

2010

2011

2012

2013

20072013

1.

51,090

52,148

53,330

54,001

54,945

56,348

57,841

379,739

1.

8,250

8,860

9,510

10,200

10,950

11,750

12,600

72,120

1.

42,840

43,288

43,820

43,801

43,995

44,634

45,241

307,619

2.

54,972

54,308

53,652

53,021

52,386

51,761

51,145

371,244

43,120

42,697

42,279

41,864

41,543

41,047

40,645

293,105

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3. ,
,

1,120

1,210

1,310

1,430

1,570

1,720

1,910

10,270

3. ,

0,600

0,690

0,790

0,910

1,050

1,200

1,390

6,630

3.

0,520

0,520

0,520

0,520

0,520

0,520

0,520

3,640

4. .

6,280

6,550

6,830

7,120

7,420

7,740

8,070

50,010

5.

6,720

6,900

7,050

7,180

7,320

7,450

7,680

50,300

0,419

0,191

0,190

120,601

121,307

122,362

122,752

123,641

125,055

1,10%

1,08%

1,06%

1,04%

1,03%

1,02%

116,650

119,535

111,830

118,080

115,595

119,070

118,620

819,380

1,06%

1,06%

0,97%

1%

0,96%

0,97%

0,94%

0,99%

0,18%

0,18%

0,27%

0,24%

0,28%

0,27%

0.30%

0,25%

1,24%

1,24%

1,24%

1,24%

1,24%

1,24%

1,24%

1,24%

0,800

126,646
1%

862,363
1,045%

Financial risks = . ,
, ,
( credit risk, market risks, legal risk, settlement or Herstatt risk, operational risk).
Financial Stability = .
, (
, , , ,
)
(shocks).
,

, ,
,
, , .

. ,

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,



.
Financial Stability Institute, FSI = .
1999 (BIS) E

: )
)
,

)

)

.
(BIS).
Financial supermarket = . E
4 5
PC Banking.

, leasing, factoring forfaiting,
, ,
.
Financial Times stock indices = Financial Times
(London Stock Exchange, LSE).
D :
FT 30: 30
(market capitalisation)

.
FTSE 100: (Financial Times Stock
Exchange 100). 100
.
FTSE 250: 100 150
.
FTSE All-Share Index = . 900
95% 99%
.
D FTSEurofirst Index Series.
Financing currency =

.
Financial Vehicle Corporations, FVCs = .

.
.
(originator)
FVC
(true
sale). ,

FVC. ,
,

www.24grammata.com

,
(financial derivative)
FVC .
Financing gap of non-financial corporations =
.
,
(retained earnings and
depreciation allowances) . , ,


.
(statistical discrepancies)
.

Firewall = .
}

( , Chinese wall).
} (network firewall)
. .

/ (intranet extranet)
.
To firewall /
. firewall ,
/ .

. network firewalls
(hardware devices), (software programs)
.
FireWire = .
. IEEE 1394
FireWire 1995.
FireWire
. FireWire
(networks) /
/.
Firmware = (router, )
(home computer
network). . Firmware
.
,
(hardware device).
(hardware). ,
Firmware . ,
, .
First 100 days = 100 . 32
(Franklin Delano Roosevelt, FDR,
30.1.1882 -12.4.1945). FDR, ,
4 . 4.3.1933 12.4.1945
.
. ,
1929 16.000.000
25% , 32 48

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33%.
100 : ) 9 17
1933 .
15 : (The Emergency Banking Bill)

(Federal Deposit Insurance Corporation
(FDIC), United States Securities and Exchange Commission (SEC),
(Social Security system and the National Labor Relations Board (NLRB),

(Federal Emergency Relief Administration, Works Project
Administration (WPA), the Civilian Conservation Corps, the Reconstruction Finance
Corporation, and the Tennessee Valley Authority).
New Deal ( ) )

("The only thing we have to fear is fear
itself." = ).
, ,
1940. 100



.
Fiscal year = . ,
(calendar year), 365 (366 )
1 31 . , ,
. 1
31
1 30 .
Fisher effect and Fisher equation = Fisher effect

.

. ,
. Fisher
equation
. ,
(Yield to Maturity, YTM)
(Internal Rate of Return, IRR)
. ,
. : 1 + rn = (1 + rr) (1 + i)
rn , rr i
. (ex-ante)
(ex-post).
Fixed income = .

. E . ,
,
,
, (CDs)
(CPs).
.

.
Fixed rate tender = .

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.
Flexicurity =
.
Flexibility and Security.

( , , )

,
,
.
Flight to quality = .

(.
,
)

.
Flipper =
(day trader)
(IPO)
.
Floater, Floating Rate Note (FRN), Floating Rate CMO and Inverse Floater =
.
Floater .
(reference
rate). duration
.
.
Floating Rate Note (FRN) .
floater
. +1% Libor.
, . , FRN
, . ,
Libor,
85%
prime rate FED Euribor (HICP, CPI).
(margin)
. (frequency of reset)

. , ,
.
Floating Rate CMO (Collateralised Mortgage
Obligation, CMO, ) . CMO floater
.
Inverse Floater .
, . ,
. , . Libor
Libor
. ,
=
. Inverse Floaters

. ,
10%
Libor .

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Floor =

. , ,

(prime rate) (.
Euribor).
floor
.
Focus Portfolio = .

.
,

, .

. , , ,

.
,

.
.
Folder = , . ,
. , (subdirectory)
.
.
Food price crisis = .

.
2007-2008 : )
)
,

)
)

(biofuels).
.
Force majeure = .
.
.
, , ,
.
, ,
.
. ,


.
Foreclose = . ,

,
.
,
. , .

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Foreign Direct Investments, FDI = .


.
,
.
Foreign exchange risk = .

. : )
.

.

) .

) .

,
.
Foreign exchange swaps =
( ) (spot) (forward)
( )
. ( )
( )
( ).
Forex = foreign exchange market. .
(over the counter).
, . O
.
2004,
2003
1,88 1,2 2001.
TowerGroup 2007 3,6
.
Forfiting () = ( 6
6 ) .
factoring .
- -

. , ,
,

.

.
Forfeiting () = .
.
,
, . forfeiting, (forfeiter),
, ,

(funder). O ,
forfeiter
.
forfeiting 50 60

. ,

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,
3 6
5 10 .
.

.
(the forfeiting
house) )
(
, , ) )
() .

.
, ,


(European Bank for Reconstruction and Development, EBRD, )
(Black Sea Trade and Development
Bank, BSTDB, ).
forfeiting :
(forfeiter): ,

,

(funder):

- : -

.
Forward contract =
, ,
.
(spot rate) premium
discount
. ,

. Currency forward

,
.
(over-the-counter,
OTC).
Forward / Forward = 1)
2)

.
(value date)
(spot value date).
Forward Rate Agreement, FRA = .
. , ,


. , FRA

(notional amount)
. ,

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. FRA
, premiums, margins .


(compensation or differential payment) FRA (. +1%
LIBOR ).
(fixed interest rate)
(floating interest rate) .
payer, borrower buyer
receiver, lender seller.
Libor Euribor 3, 6, 9 12
. FRA (OTC, Over the Counter).
, , FRAs
.
Forward transactions in securities = .
ver-the-counter ( )
( )
, ,
.
Fourth Markets = . (over the counter
markets, OTC) ,
, (broker)
. , ,
, .
,
(large block)

.
Franchising = .
(franchisor) (franchisee)
/ . O
(..
Goody's, McDonalds, Benetton, , Omnishop),

. ,
, ,
. O
(initial franchise fee), (advertising fees)
(royalties),
, .




.
O : 1) (master
franchise agreement) (.. )
franchising 2)
3)
4) (area development agreement)
5) (joint venture)
.
ICAP , 2005
franchisees 12% 13,4%. 2005,
(franchisors) 400 230 2001 187 1998,
2001-2005 74%.

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, 24% --,
17% --, 11% , 11% , 11% , 7%
, 5% , 4% , 3% , 3% Fitness-, 2% , 1% 1% .
29,6% , 4,6%
16% , 12,4% , 8,7%
.
To 2008 950 franchisors
.
franchise , .
Franchise ,
franchisors
.
. Franchise Success
The Franchise Co, o 2008
, , 8%.
, , .
1999 2008 )
33% 5,9% ) 24,4%
21,5% ) 15,9% 21,1% ) 15,7%
10,9% ) 10,7% 7% ) 9,3% 8,8% )
9,1% 12,9% ) 8%
4,2% .
2009
Franchise Business
.
Freddie Mac (Federal Home Loan Mortgage Corporation) =
. 1970


. Freddie Mac
.

.
(mortgages) ,
(mortgage back securities) .

...
. Freddie
Mac ( jumbo loan)
17%
(adjustable-rate mortgages, ARMs).
Free rider =


.
.
Freeware = . ,
. ,
.
French government securities = . :
) (BTFs,
Bons du Trsor taux fixe et intrts prcompts) .
.
.
13 4 7

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)
(BTANs, Bons du Trsor taux fixe et intrts annuels). O
2 5 .
12
) (OATs, Obligations assimilables du Trsor).
7 30 .
.
. ,
10 (OAT TEC
(OATi)
(HICP) (OAT I).
Friendly takeover = .
- ,
(hostile takeover, ).
Front, Back and Middle office = Front Office
(dealing trading room)
, , , . Back Office
.
,
. Middle Office

Front Office ..
.
Frozen assets = .
,
.

. , , ,

.
FTP (File Transfer Protocol) = . FTP

,
.

. (login)
. FTP
(World Wide Web) (interface)
. ,
Internet. , FTP IP (Internet
Protocol),
. FTP
(client/server architecture).
(FTP client program) /
(FTP server software).
, (client)
. FTP server,
(username)
(password) (administrator)
(server). FTP : plain text
(ASCII) binary. ,
.

FTSEurofirst Index Series =


2003 FTSE (Financial Times Stock Exchange)
Euronext .V
NYSE Euronext.

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,
. :
 FTSEurofirst 80 Index.
.
(benchmark index)
. 60
FTSE Eurozone Index
20
.
 FTSEurofirst 100 Index.

. 60

FTSE Developed Europe Index 40
.
 FTSEurofirst 300 Index. FTSE Eurotop 300 29.9.2004
FTSEurofirst.

. 300
93.3% FTSE
Developed Europe Index. FTSE
Global Classification System.
 FTSEurofirst Supersector Indices. 18
(real-time indices)
FTSE Developed Europe Index.
(Industry Classification System
(ICB)
.
FTSEurofirst Euro Supersectors.
Full Duplex =
(bidirectional transmission) (modem).
(bandwith).
/,
.
, , full duplex
. (video or
teleconferences)
.
Fundamental analysis = .
( Technical analysis).
:
y Microeconomic analysis or security analysis =
. (,
, )
, , , , ,
, ,
, , ,
.
,

.

,
.
y Macroeconomic analysis: . ,

, , , ,
, , , .

www.24grammata.com

,
.
Funded, unfunded pensions and Notional Defined Contribution, NDC =

.
} (funded pension system)

.
,
.
} (unfunded pension system)


. "pay-as-you-go"
(PAYG).

} (Notional Defined Contribution, NDC)



(pay-as-you-go" (PAYG), , ,
. ,

(NDC)
(common accrual
rate).
Funds of funds (FoFs) = (mutual fund)
hedge funds.
, FoFs
.

, FoF
. FoFs

.
.
FoF :

.
100 , FoF
15 , 1.500
,

, , .



.
FoFs hedge funds
2005 3,5 9,4
2004 63%.
37% hedge funds
1 .
2007 2009.
, 3283/2004
FoF
. FoF
,
.
. FoF
20% .

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2006, 20 FoFs 9
2006. , .
3 12,6%.
3.000 .

(dealers).
Fund supermarket = . one stop shopping
. fund supermarkets
.

.
(brokers-dealers)
(, , ,
, , , ). fund supermarkets

. ,

. fund
supermarkets
14% 1990 40% 2006.
Charles
Schwabs OneSource platform 2006 20
. Scandia, Cofunds, Fidelity FundsNetwork,
Selestia Egg.
Fungibility = .
(bearer instruments) .
, (options)
(futures) ,
.
(options)
(the same strike prices and expiration dates)
(futures)
(the same commodity and delivery month). ,
(forwards) (swaps)
,
(customised products).

.
Future Revenue Backed Securities =
.
,

.
,
. , ,

. , ,
.
1987 ,
Telmex
. , , ,

,
, , ,
.
, : ) (originator) )
(Special Purpose Vehicle, SVP)

www.24grammata.com

)

)
(trustee)
(obligors) ) (collection agent)
.

Futures = ().

(underlying instrument)
. ,
, ,
(Libor, Euribor ).
.
(delivery date)
(final settlement date). H (future price).
(settlement price).
, future
long
short, future
.
(derivative)
(hedging),
(profit taken) future

(speculation)
. futures, ,
,
cash future market.
futures , , ,
.
. O
6.300
. 5.500
6.300 - 5.500 = 800
5,87 800 5,87 = 4.696 .
6.500 200
1.174 .
:
Bond future future .
Commodity future

.
Currency future

.
.
,

.
Interest rate future
.
Money market future future
.
, futures
.
.
future
.

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:
Initial margin: . futures
(collateral) .

.
.
Variation margins: . ,

.
. variation margins

.
Exchange: (brokers)
futures .
,
.
Chicago Board of Trade (CBT), Chicago Mercantile
Exchange (CME), Eurex, London International Financial Futures Exchange (LIFFE),
Singapore Exchange (SIMEX), Tokyo International Futures Exchange (TIFFE) Tokyo
Stock Exchange (TSE).
Clearing House: ,
, , futures
.
Clearer: .
clearer .
future, (initial margins)
.
(variation
margins).
clearer -
.
Broker:

. brokers: )
.
.


.
FX interbank market = .
(dealers) spot
. ,
,
.
,
.

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G
Gamma and gamma neutral = (delta,
) . ,
, .
(gamma neutral)
.
Gap Analysis = .
(benchmarking)
.
, .


. .
.

. , gap analysis


. ,
gap nalysis
(gap)



.
Gateway = .
/ /.
(network gateway)

. (software)
(hardware) .

( OSI, Open Systems Interconnection)
(low-level signalling).
GATT (General Agreement on Tariffs and Trade) = World Trade Organisation.
Gearing = .
. , : )

)
.
General collateral = . (not in demand)
. stock collateral.

.
.
General government = . (ESA 95)
,
.

www.24grammata.com

Geographic risk = .


. , , ,
, .

German federal securities = .



(Deutsche Finanzagentur GmbH)
(Deutsche Bundesbank)
. ,
.
20%
.
Bietergruppe Bundesemissionnen ( 40 primary dealers)
.

1.000.000 . .
:
1) Bubill (Unverzinsliche Schtzanweisungen ):
, 6 (discount papers).
2) Schtze (Bundesschtzanweisungen):
(, , )
.
3) BOBL (Bundesobligationen):
. 2003 (
, ).
4) Bunds (Bundesanleichen):
8 30 . Bund,
,
4 4

.
5) Bundesschatzbriefe: 50
.
: 1) T . 2)
.

. , , callable .

.
6) Finanzierungsschtze:
12 24 . (discount
papers). .
500 250.000 .
GfK (Growth from Knowledge) Group =
, 120 , 7.500
60 .
, ,

marketing . ,
(economic outlook),

:
( ;)
(consumer climate)
2.000 .

www.24grammata.com

,
. ,
20
.
Gift card = .

,
.
,
, , ,
. , (Prepaid Cards)
, 10 5.000
, .
ATMs.

(credit points). , gift cards
marketing .
Gilts edged market =
(gilts, ).

Gilts = . Debt
Management Office (DMO, ) :
shorts or conventional = 5
mediums = 5 15
longs = 15
undated gilts =
rump gilts =
Index-linked gilts = .
Gilts .
Ginnie Mae (Government National Mortgage Association) = 1968
100%


. Ginnie Mae (mortgage back
securities, MBS)
(Federal Housing Administration,
FHA), (Rural Housing Service, RHS)
(Department of Veterans Affairs, VA).
.
.
, MBS.
Global bonds = . ,

. , , .
1989 ,
1992 1996. 2001,
100
.
~ :
(fungible)


www.24grammata.com

(tranches)
.
70% . ,
,
.
~ : 1)
DTC (Depository Trust
Company) 2) Clearstream Euroclear.
DTS
.

.
,
,
( 23 ).
~ :
Classical Global Note, CGN = .
(non-bearer
security) (registered or dematerialised). (Common
Depositary) (International
Central Securities Depository, ICSD).
(notional
outstanding amount) . ,

.
New Global Note, NGN = .
: 1)
2)
3)
.
(Common Safekeeper, CSK)
Euroclear Clearstream 4)
NGN (Common Service
Provider, CSP), (CSK) Euroclear
Clearstream 5)
NGN, ,

(ICSD) NGN
(ICSD).
~ 1 2007


(New Global Notes - NGN)
, ,
.
,
(Classical Global Notes - CGN) 1 2007
(fungible) ISIN

.
Globalisation = .


. : )

.. 19,7% 1960 1996 30%
5,2% 11,6% )
600

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1989 1,88 2003.


,
O
.
O
,

.
O

.
1999 O :
) 225 1
47%
, )
, , )
, 50 '
50 , ) 1965
20
1997 39 . ,

,
, ,

J. Tobin


.

2008
(sub-prime mortgage maket)

.
Gold Agreement = Central Bank Gold Agreement.
Gold bars = 99,5%
. : ) cast bars =
.
) minted bars = .

) ChipGold bars = .



.
Cast bars

Minted bars

ChipGold bars

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Gold bond = .
.
.

.
Gold Card = .
.
. .
.
gold clause = .
.
.
Golden Parachute = .

.
Golden Share = .
( 10 )

(veto)


.
. 1980,
.
(Zolotaya Aktsiya " " )
16.11.1992
.
2003,
(BAA plc, British Airports Authority).

.
, ,
, ,
1998
.

Distrigaz.
Gold fixing in London =
. 12.9.1919 ,
, 10:30 . 3 .. N M
Rothschild & Sons Ltd 5 . ,
N M Rothschild & Sons Ltd, 4
dealing rooms {1) Deutsche Bank Sharps
Pixley, 2) Midland Bank, 3) Republic Mase Bank 4) Standard Chartered Bank-Mocatta
Group}.
.
.
Gold price all time high = .
21.1.1980 850
873 .
28 . 2.1.2008
859,30
8.1.2008 883,80 .
,

www.24grammata.com

(sub-prime mortgage market), ,



1.2.2008 (spot)
936,50 940,30
. 21.2: (spot)
952,10
957,10 . 27.2.2008 :
(spot) 964,70
963,30 . 28.2.2008
: 966,70
969,50 .
29.2.2008 : 975,90
978,50
.
3.3.2008 :
989,30
992 . 5.3 :
993,70
995,20 . 13.3.2008
: (spot) 999,90
1.001,50
1.000 . 14.3 :
(spot) 1.007,10
1.009 .
17.3.2008 : (spot)
1.030,80
1.033,90 .
Gold standard = .

.

. ,
. O 1879,
' .

. , ,
.
, 1944,
1971.
Goodwill = .
.
, , ,

. : ) (inherent goodwill)
.
) (purchased goodwill)

. , goodwill

.
GPS, Global Positioning System = .

. 24
6
. ,
.
(LCD)

www.24grammata.com

.
.
Grace period = .

.
.
Great Depression = Black Tuesday and the Great Depression.
Greeks =

(options) . Greeks
. : Alpha, Beta, Delta, Gamma, Kappa, Lambda, Theta
Vega.
Greenback = .

(Bureau of Engraving and Printing).
Grey market = .
.
,
(best practices)
. : )

)
.
Grid = , .
. Internet
. (Grid
computing) 2001 CERN (Centre
europen de recherche nucleaire, European Organisation for Nuclear Research)
2008.
300 . 10.000
Internet,
,

. 55.000 (servers)
2010 200.000.


56.000.000 .
Gridlock = . O

,
, .
Gross Domestic Product (GDP) = ().
,
,
.
.
Gross National Product (GNP) = .
.
()

www.24grammata.com


.
Groups of 2, 3, 6, 7, 8, 10 and 20 countries = 2,3, 6, 7, 8, 10 20 .
G7 7 (, , ,
, , , ).
.
G8 G7 .
, ,
.
G10 10 G7
, , .
.
G20 20 1999
G7 , ,
, , , , , , , ,
, .


. 20 80% 65%
.
,
.

:
) G2 = (.)
) G3 = .,
) G6 = , , , ,
) G6 Europe = , , , , .
Growth Funds = .
.
Growth Funds
(premium)

. , ,
,


.
GSM, Global System for Mobile communication =
.
(2G) Wideband TDMA. 900
(roaming) ,

.
(Conference of European Posts and Telecommunications)
, .
Vodafone Wind.
GUI, Graphical User Interface = (pronounced "GOOEY").

.

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H
Hang Seng Index = .
33 : )
) ) ) .
Hard currency = .
,
.
Hard landing = . ,
, .
,
4%. Hard landing 1% 2%.

.
( Soft landing).
Hardware = ,
(Central Processing Unit, CPU),
(arithmetic and logical unit, ALU) (accumulator),
(motherboard), (hard disk), zip jaz,
(floppy disk drive), (monitor), (keyboard),
(mouse), (ports) /
/ (modem), (printer), (scanner),
(tape streamer), (network card), (sound card),
(loudspeakers), (graphics card).
Harmonised Index of Consumer Prices (HICP) =
.

.
(Eurostat)

.
HICP HICP
. ,
1.700.000 180.000 1.000
. 700
. HICP
(.)
..
Hawkish or dovish = .
Hawkish , , .

. Hawkish central bankers

.
Dovish, , , , .

. Dovish central bankers


.

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Head and shoulders =


,

. (head)
(shoulders) .
Headline risk =
.
,
.
.
Hedge funds =
2008 .
,
, , .

futures options.
.
(direct investors) 100.000 10.000.000
125.000 .
1% 2% 15% 30%
.
hedge fund. , ,

.
10 100 .

.
futures.


. ,
( , ,
, (brokers), ,
). ,
, , (indirect
investors). (
Funds of funds
).
20% 30% hedge funds.
30% .
hedge funds 80
90 .
Soros Fund 1973
4.000%. 1979
Quantum Fund 1980 . ,
35%. 1992 1

.
14.2.94 Quantum Fund 600.000.000
.
Long-Term Capital Management (LTCM) 1998.
LTCM 1994 treasurer Salomon
Brothers hedging. ..
FED
. LTCM
spread
. 120

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repos.
2,3 .

. 4 ,
FED 14 .
6 Merrill Lynch,
Goldman Sachs J.P. Morgan.
(JCIF) hedge funds 1998
32,4 ( LTCM crisis).
2000 hedge fund , Tiger
Management
NASDAQ. hedge
funds Tiger 75% - 6 . O Tiger
1980-1999 26%
. O
.
30.9.2006, hedge fund Amaranth Advisors LLC

30.9 31.10.2006. Amaranth, 1,26
2005 2,17 2006
, ,

. .
5 .
2007, hedge funds Bear Stearns,
High Grade Structured Credit Strategies Enhanced Leverage Fund
2007 600.000.000

CDOs. 23%
.
hedge fund , High Grade Structured Credit Strategies Fund,
Bear Stearns 3,2
. , Bear
Stearns hedge funds.
Merrill Lynch Deutsche Bank 1 .
Merrill Lynch
850.000.000 .
hedge funds Ritchie Capital
Management L.L.C. ( )
700.000.000 .
O hedge funds 2000 490
450 . 2008
8.000 hedge funds 1,5
. , 1 , 255,5
, 16,8 115
. , hedge funds,
7 .
2.6.2006, hedge funds

. LTCM
1998
.
hedge funds
.
Fitch Ratings 2007
: 1)
60% Credit Default Swaps, CDSs (

www.24grammata.com

Swap). 15 18

hedge funds .
5 6
2) hedge funds


. ,


. ,

3) hedge funds

4)
( )
.
-
6.6.2007, G8
hedge funds,
: 1)
,
hedge funds,
2)

(stress tests) hedge funds,
,
3)
(transparency) hedge funds
4) hedge funds (benchmarks)

5) benchmarks
6)
, ,
,
.
hedge funds

, prime
brokers hedge funds ,


prime brokers hedge funds
. , ,
: )
)

.

2008 2009
(subprime mortgage market) ,
hedge funds, ,
.

.
Hedging = .
(market risk), (interest rate risk)
(currency risk). . ,
option future

www.24grammata.com

. ,
interest rate option interest rate
future. Hedging

.
.

,


. hedging
. Dynamic hedging
option
(underlying instrument)
option. Neutral hedging


.
Held to maturity = Investment portfolios classification.
Hellenic Bank Association = (). o
.
, 1928.
22.4.2005


. 2005 34 - 23 11 :

1) . 2) Alpha Bank 3) EFG Eurobank Ergasias A.E
4) . 5) A.E 6)
A.E 7) .. 8)
9) Citibank International plc 10) . 11)
. 12) . 13) () . 14) Aspis
Bank 15) HSBC Bank plc 16) Novabank . 17) Bayerische
Hypo und Vereinsbank A.G 18) PROBANK A.E 19)
20) Bank . 21) FBB -
. 22) 23) BNP Paribas Securities Services.

1) T 2) A.B.N. Amro Bank 3) Socit Gnrale 4) BNP
Paribas (Hellas) 5) Marfin Bank A.T.E 6) Bank of America N.A 7) Proton
. 8) American Bank of Albania Greek Branch 9) Leasing .
10) EFG Eurobank Ergasias 11)
Alpha Leasing .
-
,
. ,
,
, . ,


, .

, , .
,
.
,

www.24grammata.com


:
,
,


)
,
)

,
, .
,
, ,
,



) )
)
) ,



.

, ,
(,
, ),
,
,
.
:
1) 2)
3) 4) 5)
..., - 6) 7)
8) 9)
10) 11)
12) 13)
14) 15) 16)
17) 18) 19)
20) 21)
22) 23)
() 24) ' 25)
26) Treasurers.
Hellenic Deposit and Investment Guarantee Fund =
().

, ,
.
94/19/30.5.94/EC
.
, (Hellenic Deposit Guarantee
Fund). 2324/1995 ( 146 )
2823/2000 ( 141 ). , 3746/2009 (
27/16.2.2009) .
: )
)

www.24grammata.com

)
20.000
100.000 6 3714/7.11.2008
31.12.2011 ) 30.000
.
X
.
. ,
(), ,
, ()
.
.. ..
.
7
.


.
Y 8.804.109
6/10 4/10 .
Z )
() 1 2
3601/2007 ( 178 ) .

. , ,


.
, ,

.
2009, 42 22
, 16 4
:
.
1.
2. AEGEAN BALTIC BANK
3. ALPHA BANK
4. ASPIS BANK
5.
6.
7.
8.
9. CREDICOM
10.
11. EFG EUROBANK ERGASIAS
12. MARFIN BANK
13. NOVABANK
14.
15.
16. PROTON
17. PROBANK
18. FBB
19.
.
20. ...
21. ...
22. ...
23. . ...
24. . ...

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25. ...
26. . ...
27. ...
28. ...
29. ...
30. - ...
31. ...
32. ...
33. . ...
34. ..
35. ...

36. AMERICAN EXPRESS BANK Ltd.
37. AMERICAN BANK OF ALBANIA-GREEK BRANCH
38. BANK OF AMERICA N.A.
39. BANK SADERAT IRAN
40. KEDR BANK ATHENS
)
() 1 2 3601/2007 (
178 )
,
4 3606/2007 ( 195 )
1 -, , 2
, : 1) ,
,
2) ,

3) ,

4)
, , ,
, ,
5)
6)
7)
,

.
3746/2009
2533/1997

.
,
.

,
.
[ .
)
1.

.
()
.
2. :
)
.

, : i)

www.24grammata.com

, ii) iii)
,

iv) .
,
(fixing). (fixing),
.

.
) , ,
.

,

.
) .
) ,
.
3.
,
, ,

/ .
4. ) ,
, :
. ( , )
0 600 = 6,25
600,01 2.990 = 6
2.990,01 8.843 = 5,875
8.843,01 20.940 = 1,025
20.940,01 = 0,125
)
, .
,
.
, 1.1.2009
, 0,90 1,10
, .
)
,
,
.
, ,
,
,
. )
(1/2)

. (1/2)

.
. )

, :
i) 20%
.
, ,
,
,
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.
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.

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4)
, .
, ,
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2006, 75% . 75%
, 19%
6% . (telephon calls),
44,5% 40% .
(written complaints), 51%
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. mega hertz (z)
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.
60
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.
, ,
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implied volatility ( )

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.
Holding company = .

. (financial holding company)
,

.

.

www.24grammata.com

Home bias effect =


.
.

:


. ,


,


(brokers)


.


.
.
Home Equity technique =
.

.
( Reverse
mortgage). home equity
.
home equity :
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150.000 ,

50.000 .


,

.

.

.


. , ,


.

. , ,

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www.24grammata.com

home equity 1945


.

. ,
.
Home Equity Line of Credit, HELOC =
.
.

.
Home Equity Loan, HEL = .
residential mortgage

. HEL
,
5, 10 15 .
Homepage = .

. , , .

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Hostile take over = . .


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, .
Hotfix = bug (software error -
) .

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.
. hotfix

www.24grammata.com


. , hotfix
.
.
,

.
Hot issues =
.
(above par).
Hot money = .
.

.
Hourly labour cost = .
, ,
, ,
,
.
.
Housing starts = .
(Census Bureau of the Department of
Commerce) 16 08.30 ..
.
HTML (Hypertext Markup Language) = .
World Wide
Web. HTML
.
. yper Hypertext HTML
Internet.
, extensible
XML XHTML ( ).
HTTP (Hypertext Transfer Protocol) = -.
HTML
. (browser)
, , , .
URL ( ) http://.
HTTP GET, POST HEAD. HTTP
TCP port 80 8080.
HTTP version 1.1
HTTP 1.0.
HTTPS (Hypertext Transfer Protocol Secure) =
. .
.
Hub = , ,
.

.
(Local Area Network, LAN)
/. hub .
, LAN
. hub (servers)

www.24grammata.com

(clients). (routers),
(switches), (network cards)
(Wireless Access Points, WAPs, ).
(intelligent hub)
(administrator)
hub. switching hub

.
Hybrid financial instruments = .


, ,
(options).
,
,
, .
,


(callable bond), (dual currency
bonds) ,

(withholding tax),
(money market preferred stock or called auction rate preferred)

,
.
(adjustable rate notes),
(oil-linked bonds)

. 50 .

19.10.2004 .
(perpetuals)
. 350.000.000
150 .000.000 .
Libor Euribor
Constant-Maturity-Swap, CMS ( ). ,
6,25% 6,75%
. , swap rate CMS
0,125% 8%.
.
, , Barclays Bank
24.11.2004. 1
(perpetuals)
10 . 105 basis points
swap rate.
(floating rate notes) 105 basis points
Euribor.
Hybrid fund = .
.
.
blue-chips ,
. , ,
. .
40% .

www.24grammata.com

(balanced funds) 60%


40% .
Hybrid security = .
. ,
.

.

.
Hyperinflation = . .
, 50%
12 .
Hyperlink = (. ).
,
. ,
.
.

.
.
Hypertext = -. shortcuts

. /
1965.

www.24grammata.com

I
IBAN (International Bank Account Number) = .
(European
Committee for Banking Standards, ECBS)
(International Organisation for Standardisation, ISO).



(Straight -Through Processing, STP).
34 27.
IBAN .
(Bank Code) (Sort Code)
(Account Number) IBAN
(Country Code)
(check digits) .
IBAN. IBAN .
Royal Bank of Scotland
(RBOS) :
Country Code
check digits
Bank Code
Sort Code
Account Number
GB
99
RBOS
123456
12345678
.
IBAN
. .
: GB99RBOS12345612345678.
, :
GR
77
(Hellenic Bank
Identification Code, HEBIC) 01720110005011000009849.
: GR7701720110005011000009849. HEBIC )
(3 ) ) (4 ) )
(16 ).
16 .
IBAN .

IBAN . IBAN
IBAN
.

(STP),
SWIFT (BIC, Bank Identifier Code, ).
1.1.2006, IBAN BIC
() .
, 13/15.11.2005 )
1.1.2006 IBAN BIC

) 2006 IBAN
BIC ) , ,
1.1.2007.
ICS, Internet Connection Sharing = .
Windows
.
ICS,

www.24grammata.com

(server). / (interfaces),
.
Idiosyncratic Risk = .

.


.
.
IFO (Institut fur Wirtschaftsforschung) = .


. 1949 : )
,
)
)
.
y
,
. (ifo
Business Climate Index) 10.000
: )
) . IFO
4 (ifo World
Economic Survey)
700 80 2
(ifo Economic Forecast)
.
y

.

(business cycle analyses and surveys), (public sector),
(social policy and labour markets),

(human resources and innovation),
(industry branch research),
(environment and transportation),
international trade and foreign direct investment)
(nternational Institutional Comparisons).
Immunisation strategy = .

duration ( ).

.
Imperfect market = .
,

.
Implied volatility = .
.
(option).

options
, ,
option.
.

www.24grammata.com


.
Incentive option = . option

.

option.


. ,
,
.
Income per capita = .
.
.
)
)
.
,
.
.
( ).
Eurostat 2003:

( )

39.200

24.400

. 25

21.400

6.800

3.900

25
( )

28.300

26.200

26.200

26.100

25.800

25.300

25.200

24.600

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24.300

23.700

23.100

22.800

20.900

17.400

17.300

16.400

16.000

15.800

14.700

12.900

11.000

10.400

9.800

9.800

8.800

Income risk = .
.

.
ndependence of central bank = Central bank independence.
Index of negotiated wages = .

( ) .
.
Indexed bond = .
LIBOR .
Index of negotiated wages = .

.
.
Indirect effects = Direct, indirect and second-round effects.

www.24grammata.com

Individual Retirement Account, IRA = .


, IRA
,
.
Industrial producer prices = .
( )

.

Inflation = .
(CPI),

(HICP). , . :
) cost-push inflation = . : )

,
)

) demand-pull inflation = .


) structural inflation = .
( ..
) .


) growth or healthy inflation = .
,

) monetary inflation = .


) :
) headline inflation = .

.
(Harmonised Index of
Consumer Prices, HICP) ,
(Consumer Price Index,
CPI)
) core inflation or underlying inflation = .



(, , , , )

.


. ,
.
.
. , ,
, , ,
.
, .

www.24grammata.com

) :
) creeping inflation = .
2%.

.

2% (below but closed to 2%)
) mild inflation = .
5% .
.

,
) strato-inflation = . 10%
.
.


) hyper-inflation = -.
.

1929 1923
322% 29.000%.
Inflation Linked Bonds = . :
Capital Inflation linked Bonds, CIB
(principal)
(HICP)
(CPI).
.

. .

.
. ,

(principal cannot decrease below par value).
Inflation Indexed Treasury Bonds Obligation Assimilable au Trsor indexe,
OATi .

. , OATi : )
CPI
(INSEE) )

)
:
.
Inflation Indexed Government Bonds
.
(coupon payments)
(principal) .
Inflation risk = .

.
.
Informatics = .
.

www.24grammata.com

1962
information () automatic ().
Information System, IS = .


. ,


. , ,
, ,
,
.
Information Technology, IT = . (hardware)
(software) . ,

, , .
Information technology risk = .

.

(SWIFT).
In-house = , . Inhouse application


.
Inherent Risk = .
.
Initial Jobless claims = .
.

. 400.000

300.000

.
Initial margin = .
(repos and reverse repos,
sell/buy/sell securities lending transactions).
.


.
Futures.
Initial Public Offering (IPO) = .
.


.

.

www.24grammata.com

. , ,
, .
Insider trading =
.

..
.
Institute of International Finance, IIF = .
1983 .
350 65 . , ,
.
,
, ,
, , .
D.C
, Deutsche Bank
, , -, , 26
.. IIF

: )
)
)

, ,
)
)
,
) )
50 , Capital Flows to
Emerging Market Economies .
Institutional investors = .
(pension funds),
(investment banks), o (investment companies),
(mutual funds), (brokers),
(insurance companies), (Sovereign-Wealth
Funds, SWFs), (hedge funds).

(banking disintermediation).


. ,
30 . ,
(),
(AEAK),
, .
Insurofinance = .

, , , .

,
. O
(cross selling)
.
Integrated Mediterranean Programmes, IMP =
().

www.24grammata.com

1982
1985
1.1.1986
. 1986
1989 2,5 ECU.
, ,

1 (
Community Support Framework, CSF).
Inter alia = .
Inter-American Development Bank (IDB) = - .
1959

.
19
.
. 1974

IDB.
IDB :
) Inter-American Investment Corporation, IIC ( -
O)

) Multilateral Investment Fund, MIF ( )


.
47 . IDB
Inter-American Investment Corporation
( * ), Multilateral Investment Fund
( ^) IDB
( * ^).
1) * 2) * ^ 3) * ^ 4) 5) * ^ 6) * ^ 7)
* ^ 8) * 9) * 10) * ^ 11) * ^ 12) * 13)
* ^ 14) * ^ 15) * 16) * ^ 17)
18) * ^ 19) * ^ 20) * ^ 21) * 22) ^ 23)
^ 24) * ^ 25) * ^ 26) * ^ 27)
* ^ 28) 29) * ^ 30) * ^ 31) * ^ 32)
* ^ 33) * ^ 34) 35) * ^ 36) * ^ 37) *
^ 38) * ^ 39) * ^ 40) ^ 41) * ^ 42)
* ^ 43) 44) * 45) * 46) * 47) * ^.
,
26 ,

. 291 . . O

, ,
, , ,
, ,
. ,
,
.
IDB D.C 26

.
O,

.

www.24grammata.com

Integration test = .


(patch). test server
,
.
.
Interest = .
. :
simple or regular interest = .
. ,

compound interest = .

. , ,
,

. .
,
accrued interest =
.
.

. accrued interest
gross interest = .
.
Interest parity = .

. , 1%
2%, premium ( ) 1%
.

(. UK gilt US Treasury bill),
premium discount
.
Interest rate = .
.
.
:
) (deposit interest rates):
,
,

) (loan interest rates): , ,
(, )
. ,

, Euribor, Euro Libor, .
. . 178/3/19.7.2004
,
)
)

.
,
.

www.24grammata.com


:
(exogenous factors): 1)
.
2) .

3)
. , ,
,
.
(endogenous factors): 1)
2)
3) . , ,
, . ,


4) .
,

.
(nominal interest rate)
. ,
0,6% ( 128/75).
(interest on deferred payment)
. 2,5%.
Interest rate cap = .
,
.
.
(cap) . ,
(option)
.
Interest rate floor = .

.
o futures.

Euribor + 1%
5%, 7%,
5% 7%. Interest rate
floor
(European put option)
, LIBOR

.
Interest Rate Swap, IRS = Swap.
Interface = .
,
..

(SWIFT
Interface),


(TARGET2 Interface),
, , (Price Import Interface),
benchmark (Transaction Import Interface)

www.24grammata.com

benchmark (Index Composition Interface). ,


.
Intergovernmental Conference = .
(.)

(.).

1996
. . 17.6.1997 (
).
3 4 1999
2000 .. 7, 8 9

E.E ( ).
20.6.2003 .

( European Convention).
. 12/13-12-2003
.

.

.
17/18-6-2004
( European Constitution)
.
21-22.6.2007

( Treaty of Lisbon (Reform Treaty).
: ) )
(
2007) .
.
18/19.10.2007
13.12.2007 ( ).
Intermarket Trading System, ITS =
.

.
Internal Auditors Committee, IAC =
().
. ,
, ().

.
.
.
Internal market = .
(common market).
, ,
.
(custom union)


.

www.24grammata.com

Internal Rate of Return, IRR = .



. ,

. IRR
(discount note)
.
International Bank for Reconstruction and Development, IBRD =
. World Bank.
International Energy Agency (IEA) = .
. 1974,
1973-74,
,
. ,

,
,


. , ,


.
} 190 26

. ,
,
,
,
.
} :
y (Standing Group on Emergency
Questions (SEQ).

y (Standing Group on the Oil Market
(SOM).


y (Standing Group on LongTerm Co-operation (SLT).
,


y (Standing Group on
Global Energy Dialogue (SGD).
, . projects

. IEA 40 projects
,
Implementing Agreements.
y (Committee on Energy Research
and Technology (CERT).
.
4 : ) (Working Party
on Fossil Fuels) ) (Working
Party on Renewable Energy Technologies )
(Working Party Energy End-Use Technologies) )

www.24grammata.com

(Fusion Power Coordinating Committee).


} IEA : , , , , , ,
, , , , .
: , , , , ,
, , , , , , , , .
IEA.
.
International Finance Corporation, IFC = O .
IBRD, IDA
(International Development Association) MIGA (Multilateral Guarantee Agency). O IFC
1956, ,
174 .

(IBRD).
2,45 .
80%
20%
IBRD. O Moody's
Standard and Poor's. :

, ,
, .
, ,
, ,
,
, ,
,
,
.
1 100
25% 35%
. 1956 1999 26,7
17,9
2.264 132
.

.
2007, IFC 8
4 .
1,4 .
1 .

DA.
International Finance Facility for Immunisation company, IFFIm =
.

.
,
. 4
5.000.000 5.000.000 2006
2015.
IFFIm
(Millennium Development Goals) ,

, ,
,

www.24grammata.com

, HIV/AIDS,
.
IFFIm GAVI Alliance
(UNICEF, WHO, the World Bank),
(International Pediatric Association),
The Johns Hopkins Bloomberg School of Public Health,
Bill and Melinda Gates Foundation
,
. GAVI
.
International Financial Services Centre, IFSC =
.
1987 .
,
, , ,

. 11.700
700.000.000 . 430
IFSC 700 IFSC.
.
Merrill Lynch, Sumitomo Bank, ABN Amro, Citibank, AIG, JP Morgan Chase,
Commerzbank BNP Paribas. IFSC,


.
. IFSC
.
(brokers), , ,
. ,

, IFSC.
IFSC
12,5% .
international investment position, i.i.p = .

.
International Monetary Fund, IMF = ().
27.12.1945 29
. To 2006
184 2.693 141 .

18,25%,
5,67% , 5,10% 5,10%.
(Special Drawing Right,
SDR). 75% 25%
. O ,
31.3.2006, 308 . .

,
,

.

. O
.
. , O D.C,
24 ,

www.24grammata.com

. O
. .

, ,
1%
4,5%. 1962 24
(General Arrangement to Borrow)
.


.
.
.

World Economic Outlook (WEO).


.

, ,
, ,

. 2005 381
124 .



. 2005 75
34 .
:
1.
stand-by arrangements, SBA:

.

3,5 5 .
extended fund facility, EFF:

.
4,5 10 .
O
:
Reserve Tranche Policies = .

.
.
.

.
Credit Tranche Policies = .
25% .
,
. 25%
.
Policy on Emergency Assistance = .

. 25%
.
25% .
2.

www.24grammata.com

Poverty Reduction and Growth Facility, PRGF =


. 1987 ESAF, 1994
1999.
.
O , , .

. 0,5%, .
Heavily Indebted Poor Countries, (HIPC) Initiative =
. 1996
.
Paris Club . , 36
.
3.
Compensatory Financing Facility, CFF = .

.
Supplementary Reserve Facility, SRF = .

.
1,5 2,5 .
Contingent Credit Lines, CCL = .
. ,

.
:
1995 18 6,2

.
23 1998 35
, .
.. .
20,4 .
1998
.
International Securities Market Association (ISMA) = .

3 . .
,
, ,
,
S&P Moodys.
Internet = . ARPAnet (Advanced Research
Projects Agency) o '60
1969.
,
.
,
.

, ' .
modem.
(Internet Service
Providers, ISP)
.
. , ISP : ) Forthnet,
Hellasnet, 26% , ) Onet

www.24grammata.com

36% , ) Hellas On Line, Hellanet Intracom


Compulink , ) Global Network, Acropolis Net
0.2% 1,2% .

TCP/IP Protocol Suite (Transmission Control Protocol/Internet Protocol).
1983
,
(Internet Activities Board, IAB).
) Internet Enginering Task Force

Open Systems Interconnection protocols ) Internet Research
Task Force
.
O 1999 320.000, 2000
650.000, 2001 1.400.000 2006 2.500.000. To
10%
.
2006,
:
) 54% 31-44 ) 60%
25-34 ) 48%
40-49 ) 42%
20-29 ) 35,30%
)
19%
.
2006
AGB Nilsen Media Research Phaistos Networks
: 1) 2.971.285
2.559.168
2) 50
8% 3)
24% 4)
41,4% ,
,
5) 69,5%
, 6)
89,3%
TaxisNet,
.
2007, 81%
38% .
10% .
10
(94%). 2008
, 84,9%
12 15 2008
88,1% . 29,3%
(MSN Web Messenger)
20,1% online (chat)
5,1% blog 5,2%
. 58,8%
, 48,7%
(downloading) , 31,9% , 27,8%
22,4% . 28,3%
Internet Caf, 53,9%
51,8% .

2009 2008,

www.24grammata.com

:
44%, 18%,
Internet 17%, 25%, 9% blog. ,
39,4%
38,8% 30,2% 2007.
15 34 ..
50.000
. 72%
92% . ,
80% Internet.
O 1996 147.000.000,
1999 320.000.000 2007 1.200.000.000.
Internet
7.6.2000. 1999 650.000
524 , 62%
1998 15 . O
( Internet, .) 850
2000.
2004 2006
100.000.000 Netcraft
1995. ,
, 48.000.000. Netcraft,
, 2005,
18.000 . ,
2004, 50.000.000
. 2006, 27.400.000
, 17 2005. ,
(/) Gartner Group
2000 403 2004
7,3 . /
. ,
(Internet Payment
Service Providers, IPSP).
. web site
IPSP .
2008
( i2010), 62%
2007
40.000.000 250.000.000. 96%
75%
. ,
57% 17% 2002 77%
. .

.
: ) Internet 2 170 50
Microsoft . Abilene
1000 Internet 1,
) Backbone Network Service (vBNT)
, NASA
) E
GENI (Global Environment for Network Innovations).
Grid.
CERN (Centre europen de recherche nucleaire) .
300 .
1O.000 Internet1.

. 2008 (
Grid).

www.24grammata.com

Internet banking and on-line trading =



.
(Internet banking) )


. O ATMs (
, , ,
, .) www server.
,
, , ,
, ) .
Internet 0,1 , 0,25
ATMs 0,52 . (on line trading)
Internet
.
(, futures, options .). O
, ,
,
Internet
. ,

. , Internet
.
,
. O Internet
, , ,

.
Interoperability = .
(software) (hardware)
.
Interpol (International Criminal Police Organisation) = A.
1923 2006 184
. ,
.
,
, ,
,

Interpol : 1) (General Assembly).
,
. ,
, , , 2)
(Executive Committee). 13
,
4 3) , ,
, 24 80
4 , ,
. ,
-24/7, 4)
(National Central Bureaus)
5)
(Advisers).
. .
Interpol
.
. ,

www.24grammata.com

Interpol .
,
.
)
) (, ) )
) DNA )
) ) )
.
3.5.2004 Interpol .
-

. ,
,
,
(scanners).
Interpolation and extrapolation = 1) interpolation ()
(.
)
2) extrapolation ()

.
extrapolation

.
INTERREG =
,

. INTERREG 19891993 INTERREG 1994-1999. 2000-2006,
INTERREG 4.875
()

,
.
INTERREG
.
.
75%
1 50% . ,
INTERREG
.
, .
: ) :
,
) :
)
:
.
In-the-money =
(call option) in-the-money
(underlying
instrument).
(put option) in-the-money
.
.

www.24grammata.com

Intraday credit =
.
Intraday or daily high = .

, .
,
.
Intranet = .

/ . ,

, P, M, ..
. .

firewalls.
.
Intrinsic value =
.


.
Inventory = ,
.

FIFO LIFO ( ).
Investment = . vestis

.
.
, ,
, ,
.
.

.

.
Investment appetite =
.


.
(short term trading)
(day trading)
.
to yield to maturity ( ).
Investment banks and companies and investment banking =
.

, ,
, ,
, ,
,

www.24grammata.com


.
.

.
Merrill Lynch Goldman Sachs, Berenberg Bank Deutsche
Bank Bankers Trust Co., Warburg Dillon Read
UBS, Banque Nationale de Paris Crdit Agricole Indosuez, San
Paolo - IMI HSBC Schroders 19.1.2000
Salomon Smith Barney.
Bear Stearns, Morgan Stanley/DeanWitter/Discover and Co., J.P. Morgan Salomon
Smith Barney - Citigroup, ING Baring , Dresdner
Kleinvort Benson, Crdit Suisse / First Boston, Mercury Asset
Management - Merrill Lynch Nomura Securities. ,
, 2008 2009
14.9.2008 , Lehman Brothers.
Investment currency =
, .

, , , ,
.
Investment portfolios classification = .
, ,
:
Held to Maturity (HTM) = .

. ,
(unrealised losses)
o
(realized gains)
.
Held for Trading (HFT) = .
.
90 .
.
) )
(unrealized gains)
(unrealised losses).
Available-for-Sale (AFS) = .
. , ,
. AFS
.
IOSCO (International Organisation of Securities Commissions) =
. 1983,

. 190 -
. : )
(ordinary members) ) (affiliate
members) .
y IOSCO
, . ,

, ,

.

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y IOSCO : 1) (Presidents
Committee) IOSCO.
2) (Executive
Committee) 19
3) (Technical Committee) 15
4)
(Emerging Markets Committee) 75
, , ,
.
.
y IOSCO
(auditor independence and oversight of
the audit professions), (financial disclosure
and transparency)
(principles regarding
conflicts of interest for financial analysts and rating agencies).
1998

: ) )
) ) )
) .
IP, Internet Protocol = .
(network adapter). IP address
/ .
(LAN)
(WAN). /
(administrator) .
4 bytes (32 bits). byte IP octet
1 255.
iPod =
Apple Computer. Hewlett-Packard
iPod + HP. ,
(pocket-size),
flash memory.
.
IPTV, Internet Protocol Television = .
video

(IP, Internet Protocol, )
.
Irredeemable bond = .
.
. .
, .
perpetual.
ISDN (Integrated Services Digital Network) = .
(. )

128.000 bits . , ,
56.000 64.000 bits .
DSL ( ), ISDN

ISDN.

www.24grammata.com

ISIN and CUSIP =


.
ISIN (International Securities Identification Number):
.
, . DE001237982. O
(National Numbering Agency, NNA).
(Association of National
Numbering Agencies scrl, ANNA) .

.
CUSIP (Committee on Uniform Securities Identification Procedures):
. H

, .
45678KSDS o .

. CUSIP
(American Bankers Association)
Standard & Poors
.
Islamic banking = .
(Sharia)
.

.
. .
, .


.
Islamic Development Bank, IDB = .
1975
, ,
,
, - , , , , , ,
.
y IDB : , , ,
, , , , , , -,
, , , , , , , , ,
, , , , , , , , ,
, , , , , , , ,
, , , , , ,
, , , , , , , , ,
.
y IDB

.

,
.
,
.
y IDB :
1)
(Islamic Corporation for Insurance of Investments and Export Credits, ICIEC)
2) (Islamic Research and Training
Institute, IRTI)

www.24grammata.com

3) (slamic Corporation for the


Development of the Private Sector, ICD)
4) (International
Islamic Trade Finance Corporation, ITFC)
5) (World WAQF Foundation, WWF)
, ,
, ,
,

.
6) (International Center for Biosaline
Agriculture, ICBA)
7) OIC (OICNetworks Sdn Bhd)
, ,

8) (Saudi Arabian Project


for the Utilisation of Hajj Meat)
y IDB (Board of Governors)
.
500 .

.
(Board of Executive Directors)
. , ,
, ,
,
.
14 7
7 3 .
ISM (Institute of Supply Management) =
Tempe .
,

. NAPM (National
Association of Purchasing Management). :
Manufacturing ISM Report on Business.
300 20
. PMI- Manufacturing
(30%), (25%),
(20%), (15%) (10%).
50
50 .
Non-Manufacturing ISM Report on Business or ISM Services Index.
PMI-Non Manufacturing
370
, ,
, , .
,
, , , , ,
, ,
, .
10.00 ..
ISO code = (International
Standardisation Organisation (ISO).

www.24grammata.com

, ,
(SWIFT, CLS, TARGET, FED Wire, Euroclear, Clearstream
). (. US )
(D = dollar, ISO
USD).
ssuer risk = .
.

Italian government securities = . :


) BOTs, Buoni Ordinari del Tesoro = 3, 6
12 . 15 1.000 ,
.


) CTZs, Certificati del Tesoro Zero coupon =
18 24 .

. .

) BTPs, Buoni del Tesoro Polienali =


1.000 3, 5, 10 30 .
30 15 .
,

) CCTs, Certificati di Credito del Tesoro =
5 7 , 1.000
Ts (
)
) CTS, Certificati del Tesoro Sconto =
.
( )
( 50% BOT
12 ).
12,5%
.
1.000.000 . 7 1994.
IT architecture = .

.
(software) (hardware)

. , Information Technology (IT) architecture
.
: ) ,
,
)
.
Items for collection = .
, .

.
-
,
.
: 1) (bill of exchange) (bill payable to
order) 2) (cheque) (promissory note) 3)

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(draft) 4) (bill of lading) (post receipt)


5) (insurance receipt) { (damage,
average)} 6) (commercial paper)
(direct debit) 8)
(foreign exchange banknotes)


.
, , (certificate of origin),
(forwarding receipt), (invoice), (warehouse
receipt), (pawning warrant) (insurance policy).

.
ITER (International Thermonuclear Experimental Reactor) =
.

. ITER
.
ITER ,
1985,
. ITER
.

6 . 2001
, ,
. 2002
(interim transitional arrangements, ITA)
ITER .
2005 ITER
.
21.11.2006 , ,
( , , , , ,
) ITER. , ,
.
2008
. 2018.

.
,
ITER.
. ITER
) ,
)
, ,
) .
1.000
.
,
.
.
100.000.000
.
,

.
ITER
.

www.24grammata.com

IT security = .
/
(hackers). ,
:
Authentification: . (user
name) (password).
Encryption: .

.
.
Public Key Scheme: .
.

. :
1) digital certificate: . O
.
, ) )
) )
)
2) public key: . E
directory.

3) private key: .
. .
Internet .
. ,
directory .
.
.
Digital Signature: (electronic
signature). : )
) )

(data unit) .
.

.
.
,



. ,

, .
.
Fire Wall: .
.
extranet .

intranet , Fire Wall
.

www.24grammata.com

K
Kappa =
(option) 1%
(underlying instrument).
(regression analysis).
Keiretsu = (conglomeration)

.
.

. ,
.
.
.
Key ECB interest rates = -

. : )
(the minimum bid rate on the
main refinancing operations) ) (the
interest rate on the margin lending facility) )
(the interest rate on the deposit facility).
Keynesian Economics =
(1883-1946).


.
Key rate duration =
1%
.
KFW (Kreditanstalt fur Wiederaufbau) Bankengruppe =
1948 .
80% 20% .
, ,
, , ,
, ,
.
,
.

, , ,
.
10% -
.
: ) KFW Mittelstandsbank
,
) KFW Frderbank
,
) KFW IPEX-Bank
) KFW

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Entwicklungsbank , ,

) DEG (Deutsche Investitions und
Entvicklungsgesellschaft)

.
KFW .
1.7.2005. ,
, KFW Bankengruppe

1.1.2008 . KFW
IPEX-Bank . 2008

.
Kicker =

. (warrants)
.
Kiosk banking = (self
banking).

.
(ATMs)
(multi-purpose s)
, ,
. o
on-line (touch screen
kiosk banking). ,

.
Knock-in and knock-out option = (options).
Knock-in option option
.
knock-out option option
.

www.24grammata.com

L
Labour force = , .
. ,
15 64 .
Labour productivity = .
.


.
Lambda =
(option) .
option .
option
option.
LAN, Local Area Network = . (hardware)
(software) /,

.
, .
LANs ,
hubs.
LAN. , Microsoft
Windows
(Internet Connection Sharing, ICS)
. Ethernet L.
L /. L /.
LANs (subnets).
(IP Class A LAN)
16 .
Large-value funds transfer system =

. ,
. , .
Layer = .
.
LCD, Liquid Crystal Display = .
video ,
. - -
.

. ,
.
. , ,

.
(flat screen display color
TV). ,
. passive matrix thin film transistor
(TFT) active matrix .

www.24grammata.com

( plasma display)

( CRT, Cathode Ray Tube).
Leading indicators = .

. .
, ,
, ,
, ,
..

Leasing = .
leasing, ,
-
(
, ). H leasing
,
-,

. , .
leasing . ,
,
. ,
: ) (lessor) (leasing
company) ) (lessee) )
. leasing
.
O :
(operating leasing)

.

, .

.
(financial leasing).


. . ,
. , ,
.
(operating leasing)

.
(sale and lease-back, ).

(vendor leasing).
(cross-border leasing).
(syndicated leasing).
Leasing (real estate leasing, ).
Leasing (vehicle leasing).
:
100% .
,
,
.
O
.

www.24grammata.com

.

,
,
.
,
.
.
,
.
, , .
,
.
..
- ,

.

.

.
leasing 2006, ,

.
Lebanese Loop = .
ATMs.
(card reader) .


.
.
Leeway = .
.





.

.
Legal risk = .




. ,
.


.
Legal risk refers to the risk of loss as a result of the unexpected application of a law or
regulation or because a contract cannot be enforced. Legal risk arises if the rights and
obligations of parties involved in the CPS are subject to legal uncertainty.

www.24grammata.com

Legislative risk = .
.
Letter of comfort = .

.

Letter of credit, L/C = .


,
.
.
, :
Advised letter of credit = . H

.
.
Clean letter of credit = .

.
Commercial letter of credit = .
.
.
Confirmed letter of credit = .
()
.

.
Cumulative letter of credit = .
(revolving credit)

.
Deferred Payment letter of credit = .



.

.
McLean letter of credit = McLean.

.
. ,
.
Negotiable letter of credit = .
.

.
Non-Cumulative letter of credit = .
(revolving credit)

.
Red clause letter of credit = .


.
.

www.24grammata.com

Restricted letter of credit = .


,
.
Revocable letter of credit = .
.

.

.
Revolving letter of credit = .

,
.

.
Standby letter of credit = .
, standby
L/C
.
, .
Straight letter of credit = .
.
.
Transferable letter of credit = .

.
Traveler's letter of credit = .

.
. ,

.
.
,
,
.
Usance Letter of Credit = .
.
Letter of guarantee = .
(guarantor) (principal)
(beneficiary).

. , ,
(payment guarantees)
/ .

: ) (on time delivery guarantee) )
(performance guarantee) 10%
. ,
(tender guarantee)
2% 5%
.
.
10%
.
,

www.24grammata.com

. ( )

.
.

.


. ,


.
Letter of intent = . .


. .
.
,
.
Level playing field =
.
Leverage = . HA
gearing.
. ,
.
10 100,
10 90 . 10% ,
. 20% ,
10%. , ,
, ,
,
, ,
(collateral) (margin
call). margin call
collateral
.


. .

.

. , (
)
. .
,


. :
perating leverage = .
.


.

.

www.24grammata.com

Financial leverage = .
.

.


.
.

, .
Total leverage = .
.
,
. ,


.
Leveraged buyout, LBO = . highlyleveraged transaction (HLT) bootstrap transaction.
. ,


(private equity funds). , ,
,
(highyielding bonds junk bonds). LBO
,
.
,

.
,
- .

, LBO

. :
, ,
, , , ,

. , ,

,

.
LBO project : 1)
(general partners), LBO, ,
(private equity
fund)
. , 3% 5%
2) (limited partners),
95% 97%.
, ,
(hedge funds), ,
.
- ,

.

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,
, (private equity
funds) .
2006,
Bloomberg, LBOs
699 , 2005,

. 2007

2008 50
2009.
LIBOR and LIBID = 1) LIBOR (London Interbank Offered Rate)

. 2) LIBID (London Interbank Bid Rate)

.
To LIBOR , ,
, , ,
( Euro LIBOR).
LIBOR LIBID 11
Dow Jones Markets (British
Bankers Association, BBA). Dow Jones Markets 16 ,
BBA 13
12 1 12 . , 4 4
.
5 .
License fee = . ,


.
Lien = .

.
.
LIFFE = London International Financial Futures and Options Exchange.
LIFO (Last in, First out) =
,
.

.
Light Emission Diode, LED = .
, , ,
-, , ,
, TV controls
.

. ,
,
. ,
.
.

.

www.24grammata.com


.
Limit order = .
,
. 10 15 .

.
Line of credit, LOC = .
.
.
.
LIMEAN = LIBOR LIBID.
Limit = risk limits.
Limited Liability Company, LLC = .

. corporation
partnership
.
Line of credit = .

.
Linkage = .
, ,
.
Liquid assets = . ,
,

(. OTC).
Liquid Crystal Display = LCD.
Liquidity = .

. , ,


.
Liquidity trap = .
.

1929,
1991
2007
2008
. 1929,


.
.
.

www.24grammata.com


.






.
Liquidity risk = .
. ,

.

. ,
,

.

.
2007-2009

. ,


.
Liquid market = ,


.

Lisbon strategy = .
, ,
24 25 2000.
,
. ,


2010. . :
.
,
:
1
.

, ,
.
(eEurope Action Plan)
. O

.
.
.
.
. :
,

www.24grammata.com


,
()



, ,
, ,


,
,
,
,
2001
2005




,
, ,


2002. 2003
on line

2005

. /
,
, ,

.
2003

.
2
. O
.

.
, . .
:
18-24 ,
, 2010


, ,
, .

,

www.24grammata.com


.


,
, .

70% 2010
51% 60%. O
.

. :
)
, )
,
,
) ,
, .
3 : .
.


. : 1)
. 2)
3)
4) ,
.

, , ,
.
, , .
2000

, ,
.


2004 .
22 23 2005
:
.
:
,

.
( & ) 3%



.


.
& .

,
. i2010

www.24grammata.com

,
.
, .

.
, .
& ,
, .

.
. ,

.

.

(Europass)
.
Listed company =

.

Loan = . 806


. ,
.
, , :
 Adjustable rate loan or floating rate loan =
.
, LIBOR EURIBOR.
,
LIBOR 0,50%.
 Agricultural and fishing loans = .
: )
) , ,
, , ,
)
)
)

) )
) ,
.
 Aircraft loan =
.
 Amortisation loan = . ()

.
 Annuity loan or payment for interest and part of capital loan = .

.
.
.

www.24grammata.com

 Bridge or bridging loan =


. ,
75%
25% .
. , ,
,
(the bridge loan). (bridges the gap)

.
. ,
. bridge loan .

. ,
.
,
.
 Broker loan =
(broker) (underwriting)
,
.
 Business loan = . :
acquisition and mergers loans =

assets loans =
business mortgage loans =
,

construction loans = ,


equipment loans =
investment loans =

franchise loan =

(franchisor)
letter of credit = ( )
lines of credit and short term loans =
12

professional transport car loans =


projects development loans =
share capital increase loans =

start-up businesses =
Working capital loans = ( ).
 Buy-down loan =
.
 Call or Demand loan = .
. ,
)

www.24grammata.com

)
24 . Call loan


(on demand).

 Car or automobile loan = . ,


.
,
.
 Cash Flow Financing =

.
 Cash loan =
.
 Cinema and TV loan =
.
 Closed-end-credit =

.
.
(pen end credit, ).
 Collateral loan = .
 Commercial loan = . ) )
) )
.

.
 Commercial real estate loan = ,
.
 Commodity loan = .
 Computer loan = (mainframes, servers,
personal computers ).
 Consolidation loan = .
.
, , , .


.
 Consumer loan = .
.
: )
)
) ) ) )

.
 Convertible loan = .


.
 Corporate loan = .
, ,
, ,
, .

www.24grammata.com

 Credit card loan = .



.
,
.
 Deposit loan = .
.
 Durable goods loan =
.
 Educational loan = .
,
,
,
. ,

. , ,
.
 Emergency fund loan =

, .
 Export credit =

. forfeiting, forfeiting documentary
credit ( ).
 External loan = .
.
 Feast loan = .

.
 Fiduciary loan or credit = 1) ,
2)
, , .
 Fixed rate loan = .
.
 Forced loan = .
, .

(overdraft).
.
. ,
,
.
 Foreign currency loan = .

,
,
.
 Forward loan =
.
 Gold loans = .
.
.

www.24grammata.com

 Governmental loan = .
,
.
 Guaranteed loan = .
(securities
collateral) (cash collateral).
 ang out loan = .
 Housing loan = .
 Import credit = .
 Internal loan = .
.
 Investment loan = .

,
/ .
 Liar Loan = .


. .
,

.

.


.
 Loan against pledge =
, .
 Loan against shares and securities = ,
.
 Loan to printing companies and mass media entreprises =
, ,
.
,
.
 Long term loan = . .
 Margin loan = .
(broker)
(margin account). T
.
 Maritime or shipping financing =
(merchant marine). ,
.
 Medium term loan = .
.
 obile home loan =
.
.
 Mortgage loan = .
prime rate (mortgage sub-prime
loans) Sub-Prime Loan.

www.24grammata.com

 Multi-Currency Loan = .
. ,


.
50% , 25%
25% .
 NINJA loan = o ncome, o Job, and no Assets
,
.
(sub-prime mortgage loan). NINJA
.
,

.
 Nonproductive loan = .
.

.
 Open end credit =

.
Operating loan = .

.
 Overdraft and Combination Account loan = overdraft

.
(. 7% 17%).
Combination Account

.
(overdraft).
 Overnight loan = .


.
( marginal lending facility).
 Participation loan = .
.
.
 Personal loan = .
: ) ,
.

8%
) - .

) )
(home or housing loans)
(home improvement loans) ) (marriage
ceremony loans), (holiday loans), (medical
and hospital expenses loans).
 Professionals loan = .
.

www.24grammata.com

 Production loan = .
.
 Productivity loan = .

.
 Real estate loan = ,
, .

.
 Rediscount loan = .
( , , ) ,

. ,
.
 Revolving line of credit = .


.
 Seasonal loan = .
.

.
 Secured loan = .
, .
 Self - Employed loan =
, , , , .
 Short term loan = . .
 Small and Medium size Enterprises (SME) loans =
( , ,
, ).
 Spot loan = . 2
.
 Student loan = .
.
.
 Subprime loan =

prime rate ( Subprime loan).
 Syndicate loan = .

. ,

,
.
 Term loan = .
 Tied loan = . ,

.
 Tourism loan = .
, ,
campings. ,
.

www.24grammata.com

 Transport operators loan =


.
.
 Trust receipt inventory loan = .

.


.
 Unsecured loan = .
 Unsecured credit card loan = ,
.
 Vacation loan = .
.
 Warehousing loan =
.
75% 90% .
 Working capital loan = .
.

.
,
.
 Workout loan =

.
Loan-To-Value, LTV =
(collateral).

(collateral)
. , 10.000
15.000 LTV 66%,
66%
. LTV

.
Local Area Network = LAN.
Lock-in =
. .
. ( )

.
Lock-out period =
.
Loft = , , . (real estate management)
:
. ,
. Attic


.
(loft apartments) (condominiums). Loft-style

www.24grammata.com


.
(art galleries) .
Commercial loft 5
. Manhattan loft

.
Log file = (server).

server.
.
. ,
, ,
(transaction log), (payments log), (prices log),
(cash flows log), (limits log)
(history log). (website) log file ,
. ,

, .
Login =
(credentials)
) (user name) . cnikolaou )
(password) .

,
.
Logistics management = .
,
.

,
, , ,

, , . logistics

.
,
, , , ,
, ,
, ,
.
logistics , ,
, ,
,
.
:
contract logistics providers /
,
/ , ,

real estate logistics providers
public warehousing providers
.
Logistics
, , .
,

www.24grammata.com

, , , , , ,
.
(courier).
ICAP, 1991-2007 24,3%
2008,
, 7,5%.
Hellastat . logistics,
274 2006 8,8%.
,
2011
.
Third Party Logistics, 3PL. , ,

(outsourcing).

(3PL),
)
) )
) logistics
) logistics

)
.
1998-2007
19,6%. ICAP,
3PL
48,4% 11,5% , ,
, 6,6%,
1,2% 2%. 2007 2006,
3PL 52,72%
83,18%.
Lombard loan = (collateral),
, .


. Lombard
.
14 17
. Lombard street
.
Lombard rate =
. Lombard,
.
London Bullion Market = .
. ,
, .
Over the Counter (OTC)
.
.
troy, troy ounce.
(Loco London) (gold
bar) 995 350 430
0,025
. 400 12,5 .
(Loco London) (silver bar)
999 750 1.100
, 500 1.250 . ,

www.24grammata.com

1.000 .
: ) (allocated accounts).

.
,
)
(unallocated accounts).
.
.
London Bullion Market Association, LBMA =
.
(London Bullion Market). :
) (markets-makings members)
) (members) )
(associates) .
LBMA

(Markets Good Delivery lists). LBMA

(forward), (options)
(gold interest rate derivatives) (OTC).
London International Financial Futures and Options Exchange, LIFFE () =
NYSE Euronext.
London Metal Exchange, LME = .
1877 ,
, , , , , )
(Linear Low, LL)
.
.
(futures) LME
(hedging). 95%
2 . .
(open outcry)
.
LME Select.
24 .
(London Clearing House Ltd, LCH). ,
(LME Arbitration)
.
London Stock Exchange plc (LSE) = .
1698 Jonathans Coffee House John Castaing
. 1773
dealing room Stock Exchange 3.3.1801
. 1973, London Stock Exchange 11
. 1986,
(The Bing Bang)
brokers dealers ( ),
. 2000
(public limited company, plc, ). .
2006,
Nasdaq 14,99%
1,175 ( 781,5 ) 25%
. LSE
:
350 50

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EDX London
on line real time 300
(brokers) . 2006
Technology Roadmap
,
.
Longevity risk = .
:
)
- .


) (reverse mortgage,
)

(
) .
Long position =
, , .
(close position)
. long position,

. , short position ( )
.
Loop =
. , , ,
. , "endless loop",

.
Loss-sharing agreement = .


.
O
.
Lower of cost or market, LOCOM =
. K ,
.
.
LTCM crisis = 1998
(hedge fund)
(Long-Term Capital Management, LTCM).
1997
,

. 17 1998,
,
.
(sell-off)
(flight to quality)
. hedge funds

(spread) . 2008,

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, LTCM. LTCM
1994 treasurer Salomon Brothers
hedging. ..
FED
. LTCM spread
.
120

repos. 2,3
.
. 4
,
FED 14 . ,
. ,
, 2007-2008

( Sub-prime mortgage market).
LYON (Liquid Yield Option Note) = (zero coupon bond)
(callable) , (putable)
. LYONS
. LYON .

.

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M
MAC (Media Access Control and address) =
.
(access control) / IP (Internet Protocol). ,
MAC .
Layer 2 OSI ( ). MAC
IP MAC address.
48
12 . : 48-3F-0A-91-00-BC.

. (Internet Service Providers)
MAC (router) .

MAC .
Macro = 1) (hedge funds)
, , , ,

. Macro hedge funds
.
.
(high leverage) ,
, ,
(financial futures).
.
2) (script)
.
.
Macroeconomics = .

(), (),
, , ,
, , ,
, , , , , ,
, , .

.
Mail banking = .

.
, (virtual banks)
.
Mainframe =

.
Management buy-out, MBO =
. (management)
. 27% , MBO
23%
. , (venture capital
private equity fund)

www.24grammata.com

managers
.
Management Information System, MIS = .
/
, ,
.

. ,
/:
Experts Systems, ES =
.
.
Executive Information Systems, EIS = ,
.
Decision Support Systems, DSS =
. ,

.
MAN (Metro (or Metropolitan) Area Network) =
(backbone optical network)
o
(Local Area Network, LAN)
(Wide Area Network, WAN). MAN
(metropolitan area).
MAN (Greater
London), . , MAN
(servers) / (PCs)
/
. MAN (businesses to
businesses) (WANs) .
MAN
.
Marginal cost = .
. ,
.
Marginal interest rate = .
.
Margin call = .
, , ,
.

.
Market capitalization = .

.
,
.
arket forces = .

, .
Market makers = .
: ) , , ,

www.24grammata.com

)

.
(brokers) .
market makers
. ,
, .
Market manipulation = .

. ,

.
.
,
,
.
Market neutral = .
long short positions
.
(outperform)
, .
, long short .
,
.
Market participants = .
,
,


.
arket place = . , ,
.

. ,
.
internet
.
Market price = . (.
) over-the-counter market
( ) , , ,

short selling.
Market risks = . O marking-to-market

. ,
:
) interest rate risk = . O

) foreign exchange risk = . O


) investment risk = . O
.

www.24grammata.com

Market value = . ,


.
Marking to model = .
( Marking to market)
,

.
(benchmarking)
(extrapolation) .
Mark-to-market (MTM) and Net Interest Income (NII) = MTM
,

(margins) .
, (futures)
(underlying instrument)
(options)
. accrual-accounting method


.

. , .
MasterCard International = .
1966 Interbank Card Association Master Charge.
1969 California Bank Association 1979
MasterCard. : 1) - 2) 3)
4) 5) 6) ,
. .
MasterCard, Maestro Cirrus ,
210 .
23.000.000
25.000. 1,5 .
MasterCard
. Maestro
PIN
ATMs. H Cirrus 1.000.000 ATMs
MasterCard/Cirrus.
MATIF ET MONEP = MATIF (March Terme International de France)
(futures) . O
(March des Options ngociables de Paris)
(options) . O MATIF O
MATIF SA et SCMC (Socit de
Compensation des marchs conditionnels) .
Maturity = , ,

. :
average effective maturity : )

)

(callable bonds).
average weighted maturity

www.24grammata.com

.
.
.
average nominal maturity ,
, ,
.
Maturity spread = .
. 2,5% 4,5%, maturity spread
4,5% - 2,5% = 2% 200 basis points.
(time buckets or maturity brackets) 1 , 1 , 2 5 ,
5 10 10 30 .
Mayday = 1)
.
Venez m'aider ( ) 2) May 1, 1975.


(discount broker industry).
Mean-variance criterion =
.


.
Measures with a temporary effect = .

)
( , ) (oneoff effects = ) )
( )
(self-reversing effects =
). O (
)
.

/ /. , .
O ( 1998),

.
Medium Term Note, MTN =
.
9 5 .
Memory = . :
y
/.
,
(CPU, Central Processing Unit), .
y . /

( Cache).
y (volatile memory)
/.
y (non- volatile memory)
.
y H RAM /
(SDRAM, Synchronous Dynamic

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RAM) /
( RAM). ROM ( ), (hard disks), ,
zip CD-ROM .
Merchant bank =

,
(underwriting)
, .
Metadata = .
, , , ,
,
.

. , :
) , ,
) ) )
) ) (
) ) )
.
Mezzanine Financing = (leveraged buy-outs)

(IPO).
. ,
,
(subordinated debt).
, (warrants)
(options).
, .
Michigan Consumer Sentiment Index (MCSI) =
.


.
60%
. .
Microbank = .
. ATMs PC
banking. , ,
, , ,
.
Microcomputer = /
.
.
Microeconomics = .
: )
, )
,
.
Microelectronics = .
, , .

www.24grammata.com

Microfinance = .
,

,
. ,

. ,
, , , ,
.
y
, ,
.

. , ,

.
y Grameen Bank,
, 1976
(Mohammad Yunus),
,
. Grameen Bank (GB)
(,
) ,
, . Grameen Bank
,
,

. ,

, , , , ,
, .
y 2007, Grameen America


. , ,
Mumbai.
Microprocessor = . (chip)
(CPU)
.
. , ,
.
: ) (instruction set).
)
(bandwidth). (bits)
) (clock speed) (MHz).
.
Mid cap = (mid capitalisation).


(large cap) (small cap).
Mid market price = . ,

. , ,
.
MiFID, Markets in Financial Instruments Directive = = ..
2004/39/EC/ 21.4.2004

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2006/73/ EC/10.8.2006 2004/39/EC


.

(Financial Services Action Plan, FSAP)
2006
(Prospectus Directive),
(Market Abuse Directive) (Transparency Directive).
~ 2004/39EC (MiFID Level 1):
1) .
,
,
.
,
- ,

2)
. ,
:
) (Multilateral Trading Facilitiy, MTF)
,


) (systematic internaliser)
,


3)
4)

5)
:
) (retail client)
) (professional client)
) (eligible counterparty, ECP)
6)
(home country control) ,


,
.
7) (concentration rule)


.
~ 200673/ EC (MiFID Level 2):
2004/39EC
, , MTF,
, (outsourcing), ,

.
~ MiFID 27 . ,
, . 1.11.2007
(Investment Services Directive, ISD).

MiFID 31.1.2007.
~ MiFID

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.


:
Turquoise Project: (Citigroup, Merrill Lynch, Goldman Sachs,
Deutsche Bank, Credit Suisse, Morgan Stanley UBS) 50%
, Turquoise
2008
(Multilateral Trading Facilitiy, MTF)
MiFID
SmartPool Project: NUSE Euronext
, , ,
HSBC BNP
SmartPool.

. Project SmartPool

. MiFID

(post-trade compliance with MiFIDs requirements).
~ MiFID (
)
.

,
, ,

. .
~ ,
3606/2007 .
.
(/ 2597/31.10.2007
/ 2577/2006, , '
.3606/2007 (MiFID)

. , 1.11.2007 1287/2006
2004/39/ EC/ 21.4.2004

, ,
,
.
MiFID
.
, , (Memorandum of Understanding,
MoU)

,
.
MIGA (Multilateral Investment Guarantee Agency) =
. (World Bank).
1988
)
) . MIGA
, ,
,
. MIGA
(International
Development Association) (International

www.24grammata.com

Finance Corporation, IFC)



(foreign direct investments)
.
Migration =
(version) .
,
. O

Sybase
Oracle .

. (parallel
production) . ,
,
. ,

(live production).
Miles and More Card =
.
.


ATMs .
Millennium Development Goals = International Finance Facility for
Immunisation Company, IFFIm
Minicomputer =
.
Minimum bid rate =

.

.
Minimum reserves (reserve requirements) of the Eurosystem =
.
:
)
(overnight interest rate)
)
. K
1745/2003/9 12.9.2003 () ,
.
:
:
1) (.)
2) .
().


.
,
. ,
,

www.24grammata.com



.
. .

.
: ) . ) .
. ) .
/ .
.
:
1)
2) .
.

,
.
: )
. .
)
. , .

.
, .

.

.

:
1) 0%: ) )
) )
.
.
2) 2% ,
., .

:
(overnight deposits)
(deposits with agreed maturity up to
two years)
(deposits redeemable at notice up to two
years)
(debt securities with agreed maturity up to
two years). 30%,
.

.
.
. 100.000 ,
.

. . .
3
.

.
. ,
..

www.24grammata.com

.
.
. .
,
,
.
.
,
(averaging
provision).

.


.
.
( )
.
.
.
, .
. . .
,
,
..
Minimum standards of the Lamfalussy report (Lamfalussy standards) =

(Netting Systems, NS):
1) N.S. .
2) O N.S.
.
3) N.S.
.
4) N.S.

.
5) N.S.
.
6) N.S.

.
Mirroring = .
()
.
, ,
/ ,
back up .

. , : ) (backup)
(backup server) )
.
Mismatch = ,
, .

www.24grammata.com

Misstatement risk =
.
(financial error).
MMS, Multimedia Message Service = .
(3G).

( SMS,
) , , .
(e-mail messages)
MMS e-mail.
, ,
.
, MMS (attachments)
e-mail.
0, 1, 2, 3, 3, 4, 4 = .
, O
, . O 1
O . 2 1
'80
. 3 ,
, repos . 3 3

. 4 3
. 4
3
.
.

3 ,
, 1 , 2.
1 ,



(MFIs) .
.
2 1
3 2
(MFIs) .
3 2
(marketable instruments)
(repurchase agreements, repos), (money market fund
shares and units)
(debt securities with a
maturity of up to and including two years issued by MFIs).
Model risk =
,

,
.
,
.
.

. ,
.

www.24grammata.com

model risk
.
Modem = (modulator) (demodulator).
,
.

(/)
.
.
56.000 bits , ,
33,6 bits
.
Modified duration = Duration.
Monetary Financial Institution (MFI) = ().


.
Monetary gold = .
.
Monetary income of the Eurosystem = .
()
.


().
()

( ECB capital). O
.
)
2007, 16/2001 ,
(semi-direct) .
:
) :

. .

, ,
,
,
.

.

( TARGET2).

.
8% ,
(Capital Share Mechanism, CSM)


2007.
) :

www.24grammata.com

.

, ,
,
.
.

TARGET2.

,
.
)
:
) .
. ,

.

,
.

,
85% .

TARGET2
, .
)
(the gap)

.
(the gap)

.
,

.

TARGET2
,
2007.

Monetary policy strategy = .


:
monetary targeting = .

.
3
4,5%.


direct inflation targeting = .
2%
.

,

exchange rate targeting = .

www.24grammata.com


.
()
:
1) the primary objective is to maintain the price stability =

(over the medium term) 2%.

2) a broadly base assessment of economic and monetary developments =

(pillars):
2) an in depth analysis of economic and financial developments =
, ,
, ,
,
, ,
,
. , .

2) an analysis of monetary developments and a prominent role for a reference rate of the
broad monetary aggregate M3 =
3 1999
4,5%. 2000, 2001, 2002 2003
. , ,
. ,
3
. 2003 .
.
.
Monetisation = .
.

.

Money laundering = .
,

. ,
,
,
,
.



( FATF (Financial Action Task Force). FATF 40


9
.
O 91/308/10-6-1991

40 FATF
.
:
,
,

www.24grammata.com



, ,


,

,
, , , ,


. .

. .
..

.
15.000 . .


.

O 91/308/10-6-91 2001/97/
40
FATF 1991.
,
,
, , ,
, , , ,
. ,
2000/12/

.
2001/500/

.
O 2331/1995
5 6 2145/1993
. O 2331/24-81995
.
:
, , ,
, , ,
,
,
.
, . 2331/1995,
:



,




www.24grammata.com




(N. 1608/1950).

, ,

.

, ...

, , ,
, ,
.

7 . 2331/1995.
:
, ,


.
:

, ,
, , , ,

.
.

.

.
:

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)
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.
,
15.000
.

.
, ,
51% .
) ,
,
.
)

.
)
.

www.24grammata.com

) .
)

.
.
)
.
:
, ,
- 1.467 146.735 .

.

()

.
,
,
(.
566/23-10-97 132/14-4-99) 2483/20-12-2001
:
:
1) 60.000
2) 15.000

3)
30.000
4) 15.000
89/67
(offshore financial centres).
:
1) ,
60.000 , ,
/
2) 30.000 , ,
,
F.A.T.F. ,
.
:
1)
2) F.A.T.F.


.

16/2-8-2004


. :
)
30.000
, ,

www.24grammata.com

) FATF
: 1)
.
, ,

DIASTRANSFER. , .
2)
,
,
.
, 12.500
.

:
1990 1991 1988

2655 1998 1990

3034 1998 1999
.

3424/13.12.2005 ,
2331/1995
13 2005 ( 305)
3424/2005 ,
2331/1995 2001/97/


. ,
2001/97/, FATF
,


.
:

money laundering


7 2331/1995




,

.

2005/60/ / 25.11.2005


25 2005
2005/60/ ,
15.12.2005. 91/308/10-61991
15 2007.
:

www.24grammata.com





(trust companies)




(Contingency Due Diligence, CDD)



,







.

15.11.2006
1781/2006
(Regulation on Information on the Payer Accompanying
Transfers of Funds).
, ,
(payment
service provider) ..

, .
,
.
,
(unique identifier)
.


.
:
1) (payee)




2)
150
3)





4)

www.24grammata.com

5) ,

5)

6)


1.000
.
4 2577/9.3.2006 231/4/13.10.2006


16/2.8.2004 .
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1)
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2)
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.
,

( ).
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,
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.
3) (joint accounts)


.



.
4)
(risk-based approach).
: ) ) )
.

www.24grammata.com

.
,
, ,
,
, ,
,


(FATF, Financial Action Task Force).


(profile) , ,
,

.
5) 31.5.2007

,
.
5)





7 . 2331/1995,


.
N 3691 5 2008

.



2005/60/


(Directive 2005/60/EC of the European Parliament and of
the Council of 26 October 2005 on the prevention of the use of the financial system for the
purpose of money laundering and terrorist financing).
:
( )
:
)
,

,

) ,
, , ,
,


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,

)
,

www.24grammata.com

)

.


,
.
(Basic crimes).

:
) ( 187 () )
( 187 ) ) ( 235
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)
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)
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)
, : ) 2, 3 4

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29 30 .
3340/2005

)
,
.

: 1) (credit institutions) 2)
(financial institutions) 3)
4) 5)
-, -,
(auditors and external
accountants) 6)
(tax advisors) 7)
(real estate agents) 8) (casinos)
, ,

9) 10)
,
15.000 ,
, (only to the extent that
payments are made in cash in an amount of EUR 15.000 or more, whether the transaction is
executed in a single operation or in several operations which appear to be linked).


11) 12) 13)
, ,

(notaries

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and other independent legal professionals, when they participate, whether by acting on behalf
of and for their client in any financial or real estate transaction, or by assisting in the planning
or execution of transactions for their client) : i)
ii) ,
iii) ,
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www.24grammata.com

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2. 1,
1
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3. 1 2,
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/
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4.
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www.24grammata.com

.


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1.


. : )
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2.
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3.
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4.

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(Simplified customer due
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51%
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,
, /
(offshore financial centers, )















,
(custody),
back-to-back loan ( )





.
Money market = .
. H
,
. :
(cash market)
(deposits) (repos)

(Treasury Bills), (Certificates of Deposit, CDs),
(Commercial Papers, CPs) (banker's acceptance)
(FX
Swaps), (Interest Rate Swaps, IRS)
(Overnight Indexed Swaps, OIS)
(Forward Rate Agreements, FRAs).
Money market funds = .
.
. ,
. ,

.

,
.
(bank certificates of deposit).
.
,

www.24grammata.com


.
Money market papers = .


,
,
, (bankers acceptances),
,
(repurchase agreements or repos), (certificates of deposit),
(commercial papers)
(floating rate notes, FRNs) .
Moral hazard = .
.



.
Moral suasion = ,
(, )
.



. .
.
Mortgage = .
: 1)
2)
. ,
.
Mortgage Backed Securities, MBS = .
.

.
.
MBS.
MBS,
. MBS

.
. :
Commercial MBS, CMBS

Residential MBS, RMBS
/ .
Mortgage loan = .
Mortgage note =
.
Motherboard = . /,
- .

www.24grammata.com

/ , ,
slot .
Moving average = .

.
,


.
MP3 = CD
12. Moving Picture Expert Group (MPEG) Audio
Layer 3. Layer 3 (layer 1, layer 2 layer 3)
(compression) (audio
files).
.
MTS, Mercato dei Titoli de Stato = ( Euro
MTS Limited). MTS S.p.A 1988
1997. , 60,37%
(Borsa Italiana)
. S S.p.A (MTS Group of
companies)
90
.
.
: ) (dealers) )
(primary dealers) (market makers)

. S : (spot trades,
MTS Cash) (repos, MTS/PCT).
2002
Cassa di Compensazione e Garanzia
LCH Clearnet (central counterparty service).

Express II settlement system
Monte Titoli. MTS S.p.A , , BondVision,
primary dealers


nternet.
Multilateral netting = .
.
, .
.

.
Multilateral Trading Facilitiy, MTF = .
,

.
Multimedia = . , , ,
, .
,
. ,

www.24grammata.com

.
.
Multi-purpose prepaid cards =
" " (electronic purses). ,

. ,

, ,
, , ..
35
370 . .

. :
(),
(rechargeable), .
, ATMs, ,
(EFTPOS) .
.
- .
/
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. O
(MONDEX),
, (Europay Austria),
(PROTON), ( DANMONT), (Avant
Ltd.), (Progetto Cassamat), (Porta Moedas
Multibanko). , . 2006,

VISA 280%. ,
321.000.000.
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,

.
. , ,
. ,
. ,
: ) (GO, General Obligation bonds).

. 10
) (Revenue
bonds) .
,
...
.
utatis mutandis =
. , ,

. ,

, )
) .
Mutual funds = (/).
, , ,
, -
. /

www.24grammata.com


. ,
. O
/,
, , /
.
, / :
1) balanced funds ().
. /
2) bond funds (). ,


3) growth funds ().

4) money-markets funds ( ).

5) income funds ().

6) index funds ().

7) sector funds (). (,
..)
8) international bond funds ( ). ,
,

9) international growth funds ( ).

. , ,

10) funds of funds ( ). A
(hedge
funds). Funds of funds, (FoFs)
11) money market funds ( ).
. oney
market funds.
, /
(), /
( ).
/ , /
.
(custodian)
, ,
,

,
, ,
,

.
H 3283/13.11.2004
. / :
) :
1) / . ( 65%
) - . .
2) / . 10% .
3) / . 10%
10% .
65% .

www.24grammata.com

4) / . .

(. , FTSE/ASE 20), 95%
.
) /
(, , , )
/

.

65% / 31.3,
30.6, 31.9 31.12 .
:
1)
. : )
) . repos outright )
(futures) )
(Forward Rate Agreements, FRAs) ) (swaps)

) (options)

2)

3) , ,


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, )
10%

5) () 12

6)
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)


7)
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: )
10.000.000
) , ,

8) / 10%


.

:
) 10%
) 40% (
) 5%.

) 35%
.

www.24grammata.com

) 25% .
2.11.2005 :
) 10% /
) 20%
) 20% , ,

) 10%
5%
) 20% ,
.
:
1) 10% /
2) 40%
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( 100% ) /


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5) 25%
/ .
. / 5%
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, 10% , 10%
, 10% ,
25% .
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1.200.000 .
250.000.000 ,
0,02% 250.000.000
10.000.000 . ,
50% .
.
51%
, , ,

3.000.000 .
2778/99

(Real Estate Mutual Funds) 70%
30% ) ,
) ( 10%)
.

()
.

,
.
Mutual Savings Bank = .
.

. ( credit
union),
. ,

www.24grammata.com

500 17
.

www.24grammata.com

N
NAIRU (Non Accelerating Inflation Rate of Unemployment) =
(
). Phillips
. NAIRU
.


. :
,

.
NAIRU
,
, ,
. , NAIRU
. O 1998
1999 0,8% 1,8%
4,2% 4,7% . NAIRU

6%, . CBO (Congressional
Budget Office), 2004 NAIRU 5,2% ( CBO,
1975,

).
Naked position = .

.
. , long short (not
hedged) .
Narrow market = , .
,
.
.
NASDAQ (National Association of Security Dealers Automated Quotation) system =

.
. , , over-the-counter market .
/ 500.000 .
NASDAQ
(National Association of Securities Dealers (NASD) 8.2.1971.
1982, Nasdaq Nasdaq National Market
(Small Order Execution
System, SOES). 1990 Nasdaq Stock Market 1994
. 1992,
(the London Stock Exchange)
. 1998 American
Stock Exchange () Nasdaq-Amex Market Group.
5.126 2,6
. 440 . 2000 NASDAQ
Stock Market, Inc. 21

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. 8.11.2007
652.000.000 (Philadelphia Stock
Exchange, PHLX) 1790.
NASDAQ Borse Dubai
OMX Nordic Exchange. 27.2 2008
NASDAQ OMX Nordic Exchange NASDAQ OMX Group,
Inc. New York,
3.900 . NASDAQ OMX Group
33,33%
(DIFX, Dubai's nternational Financial Exchange) Borse Dubai
19,90% NASDAQ OMX Group. OMX Nordic Exchange

Nasdaq OMX (),
(), (), , (),
() ().
O : ) The Nasdaq 100 Index ) The Nasdaq Composite Index 3.500
Nasdaq
. Nasdaq
.
O /
. O :
) (market makers)


) (Electronic Communications Networks, ECNs trading systems) .
NASDAQ OMX 60
,
50 .
,
OMX
Nordic Exchange, First North 144A PORTAL Market.

, ,
,
,
(ETFs).
19.3.2008 Nasdaq Group 2008
300
(blue chip shares). NASDAQ OMX
Europe
.

, , , , , ,
, , , , , ,
. INET
6
250.000 .
NASDAQ indices = NASDAQ
( NASDAQ - 100 Index
).
. (market value)

. NASDAQ :
NASDAQ - 100 Index = 100
NASDAQ

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National Market tier (NASDAQ Stock Market Inc.)


.
NASDAQ Financial - 100 Index = 100
.
NASDAQ Composite Index =
NASDAQ Stock Market Inc.
NASDAQ National Market Composite Index = NASDAQ
Composite Index
NASDAQ National Market tier
(NASDAQ Stock Market Inc.)
NASDAQ Bank Index =
(holding companies),

.
NASDAQ Industrial Index =

.
NASDAQ Biotechnology Index =
.
NASDAQ Computer Index = .
NASDAQ OMX Group, Inc = NASDAQ.
NCREIF (National Council of Real Estate Investment Fiduciaries) =
,
, ,
.

) ,
) NCREIF Property Index (NPI)

.
Near money = .

.
Nellie May =
, Sallie May ( ).
Net Asset Value, NAV = .

. ,
(mutual funds),
(Exchange Traded Funds, ETFs),
(Common Contractual Funds), (Hedge Funds)
.

.
(current market capitalisation)
NAV. , NAV

NAV.
: NAV/
= + /
.
NAV, (Indicative NAV,
iNAV). NAV NAV ,
iNAV 15 .

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Net (clean) price = .


(accruals).
Net position = . : )

)
. , 100
(options) 100
900 , 90.000
- 10.000 = 80.000 , 90.000 (100 900
) 10.000 (100 100
).
Net Present Value, NPV = .

.
.
NPV
(project) .

,
.
. ,
.

. ,

.
,


. ()

.
.
.
Net settlement system = .

.
, TARGET,

.
Netting =
. netting
.

. ,
:
Close-out netting = .
,
.
netting by novation = .



settlement or payment netting = .
,
.

www.24grammata.com

Network adapter = . / .
PCI, PCMCIA (Personal Computer
Memory Card International Association) credit card PC card
adapters USB. Windows

device driver
(adapter hardware).
Neutral interest rate = . , (natural interest rate)
(equilibrium interest rate).
. ,

.
New deal = (1933 1937)
(Franklin D. Roosevelt)
() 1929 1930.
, 'Three Rs' ( R):
1) Relief = .
.
1935
.
2) Recovery = . .
1937 .
3) Reform = .


, , .
,
.
new deal . , ,
-
trusts.
. new deal

, , .
New Global Note, NGN = global bonds.
New home sales = .
(Census Bureau of the Department of
Commerce) 10.00 ..
10.000 15.000
.
.
, .

, .
ews server and Usenet (User Network) = ews server .

() .
Internet .
Internet . Usenet
(User Network)

() .
New York City borough =
, , , .

www.24grammata.com

Niche =

.Niche marketing
. Niche market
. Niche business niche bank

, ..

.
,

.
Night safe deposit = .

. , ,
. ,

.

.
Non-Bank Financial Intermediary, NBFI =
. , ,

.
No compulsion - no prohibition = - .
1.1.99 .

, .

.
Node = . /.
, (Personal
Digital Assistants), .
IP (Internet Protocol), IP.
Nominee = , (broker)
.
on conventional monetary policy measures = .
emporary monetary policy measures or quantitative easing r non
conventional monetary policy measures or non-standard measures.
Non-cyclical factors = .

(output gap)

. , ,
()
.
Non-Governmental Organisation, NGO = .
.

,
, , ,
.

www.24grammata.com

,
. ,

,
, .
Non-liquid assets = ,
.
. ,
o (. )

.
Non-Monetary Financial Institution (Non-MFI) =
(Mn-NXI). :
) (Government) :
General Government = .
)
) /

Central Government = .

.
State Government = .

.
Local Government = .
.
Social security funds = .

.
) (Other residents) =
. :
Other financial intermediaries = .
(
)
, ,
, .
Insurance corporations and pension funds =
.

.
.
Non-financial corporations = .


.
Households = . ,


.


.

www.24grammata.com

Non-performing loan = .
/
(insolvent).
on-standard measures = .
emporary monetary policy measures or quantitative easing r non conventional monetary
policy measures or non-standard measures.
Non-systematic risk = .

. ,

( Systematic risk.
,
(diversification)
.
(, , )



.
Non-wage cost of labour = .
"" .
'
. ,
, , : )
)
8% )
. 2112/20
)
)
(, .) )
2 .
Nordic Investment Bank, NIB =
. 1976 5
2005 .
: 36,7%,
21,3%, 19,1%, 18,5%, 1,6%, 1,1%,
0,9% 0,7%. NIB

.
,
. ,
27 .
(/). NIB
150
, , ,
.
: ) (Board of Governors)
, , ,
, .
) (Board of Directors)
.
5 )
. 10

.

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NOREX Alliance =
. :
1) OMX Group
(Stockholmbrsen, Stockholm Stock Exchange)
(Central
Securities Depositories, CSDs) 7 . 2003, OMX Group HEX
Integrated Markets Plc

() (). OMX Group 2004
(), 2005
(Copenhagen Stock Exchange) OMX 2006
Icelandic EV
. 27.2.2007 OMX Group NASDAQ
NASDAQ OMX Group, Inc. ( NASDAQ).
2) Oslo Brs (Oslo Stock Exchange) .
NOREX Alliance
.
,

.
,
SAXESS
.
Nostro account =

.
(correspondent). nostro
.
Notes =

.
Note Issuance Facility, NIF = .
(credit limit)
3 10 (medium term notes, MTN)

. ,
,
.
. NIF underwriter.
. NIFs
(syndicated loans) NIFs

.
Notional = , , ,
.
Notional amount = .

. ,
,
.
Notional value = . (underlying instrument)
(spot price).
(option) (future)

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spot
.
Numismatics = ,
, ,
.

NYSE - Euronext = (holding company) 2006


(NYSE Group
Inc) Euronext .V. 22.5.2005 NYSE Group Inc
10
Euronext N.V. 5.12.2006
Euronext
. 2008
.
,
:
1) NYSE Group Inc = .
(New York Stock Exchange, NYSE)
1792 24
Buttonwood Agreement. 20 2005 NYSE
Archipelago Exchange (ArcaEx)
NYSE Group Inc :
New York Stock Exchange LLC (the NYSE)
. 31.12.2006
26,5

NYSE Arca, Inc


,
(Exchange Traded Funds, ETFs)
(trading equity options).
NYSE Arca, Inc

NYSE
Regulation

.
10.1.2007 NYSE Group Inc 5%
National Stock Exchange of India Limited (NSE)
115.000.000 . 31.1.2007 NYSE Group Inc
(Tokyo Stock Exchange, TSE)
,
, ,
.
2) Euronext .V = Euronext .V
,
21.3.2000. .
. ,
, , .
uronext :
London International Financial Futures and Options Exchange, LIFFE ()

(futures) (options). LIFFE
1992 London Traded Options London International
Financial Futures Exchange. LIFFE , -
, (brokers) ,
.
.
. 1998 LIFFE

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LIFFE Connect.

(electronic order book)
. O
(application programming interface, API)
n line-real time. 2000 LIFFE Internet business-tobusiness market
BVLP (Bolsa de Valores de Lisboa e Porto)
.
uronext : ) ,
next tracks
)
) . 1)
NSC system
AtosEuronext uronext Atos-Origin 2)
futures options Euronext.liffe ) Clearing 21.
Euronext

. 1.437 .
y 24.6.2008 NYSE - Euronext 25%
(Doha Securities Market, DSM)
250.000.000 .

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O
Objective 1, 2 and 3 of the E.U regional policy = 1, 2 3
..
.
35% (213
2000-2006) . ,
,
,

.

.
2000-2006
:
1:
. 1

Eurostat.
, 1
() 75% .
, 1 : , ,
, , , , , ,
, , , , , . ,
, ,
1. 1 , ,
.
1 : 85%
, , 50%
.
2:
. 2
2000-2006
. 1
2 ""
- .

.
: A)
18%
B) .
. ,
2 :
50% 25%
. ,

.
(..: ,
),
. 2, ,
, : )
,
25% .
, ,
10%
) ,

www.24grammata.com

15% )
(),

, 10%
.
3:
,
1. 3 2000-2006
,

.

.
3 .

. 1
3. 1,

. ,
3
: 50% 25%
.
3,
2 .
Object-oriented language, OOL =
(object). ,

. Object
button objects, scrolling list objects, window objects, URL
objects, definition objects, .
Object-oriented programming, OOP =
.
(process) (data)
(object) (message).

.
.

.
-
-.
OCR, Optical Character Reader = .
,
.

.

.
Odd coupon =
(short coupon) (long coupon).

. , .
Odd lot = 100
. O 100 ,
, , .

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Off Balance Sheet financing = .


( On-balance sheet financing),

,
.
.
(
Special Purpose Vehicle, SPV)
.

. SPV
, , (securitisations),
(project finance) (leasing).
SPV
SPV.
: )
. SPV
SPV )
. SPV
.
)
SPV ( Credit enhancements)
SPV (credit rating)
.

(asset and liability management). ,

,
. SPV SPV
.
SPV

.
Off Balance Sheet (OBS) items = .


.
. ,
, , ,
, ,
(contractual guarantees),
(loans to separate legal entities that are guaranteed by the
parent company),
(derivative instruments that are classified as equity),

(standby letter of credit), (irrevocable
letters of credit) ,
(documentary
letters of credit collateralised by the underlying shipments),
(risk participations in bankers' acceptances),
(repos reverse repos), (interest rate
swaps), (forward rate agreements, FRAs),
(interest rate options),
(currency options)
(interest rate futures).
Office automation = .
.
, , ,

www.24grammata.com

, , ,
, , (scanners), ,
(fax), ,
.
Office for Harmonisation in the Internal Market (OHIM), Trade Marks and Designs =
(), .
1994 .
. T
.


. ,
,
.
Office of Federal Housing Enterprise Oversight, OFHEO =
.

.

Freddie Mac Fannie May ( ). stress tests
,
.
Office of the Comptroller of the Currency, OCC =
. 1863
(the Comptroller)
. To OCC
2.200
56 .
D.C
. , OCC:
) , ,

)
)


) ,
.
Offshore (OS) = , .

.
Offshore financial centres and offshore companies =
. 60
,

, .
,

. O
o


.

www.24grammata.com


. 2008
11.000 , ,
.
1.000 , 800 , 500 , 350
, 300 , 250
, .

Oil price shocks = .


. (19731974, 1978-1979 2004 ) (1990 1999-2000).
1973 - 1974: 17.10.1973
OPEC, Yom Kippur,
.
Yom Kippur (6.10.1973 24.10.1973)

1967.
4,6 1973 15,5
1974.
1978 - 1979:
.
14,4 1978 42
1979.
1990:
1990. spot
18 , 6 28,30
36,1
1991
.
1999 - 2000: 9,8
( 1998) .
1999 2000
.
2004 - 2008:
, ,

30 2004 56,17
25.10. 2004.
2005: 2005 39 54
70 2005

(hedge funds)
(futures) .
2006: 2006. ,
70 12.4.2006
21.4.2006 75,35 .
65 72 14.7.2006
80,64
80 ) )
()
.
2007:
. 4.1.2007 18.1.2007
49,90
31.1 57,13 . 28.2.2007
62,16 , 30.3.2007 69,14 24.5.2007
71,83 . 72,48 ,
78,40 78,77 .

www.24grammata.com

 2007 (all time


high) : (spot) (North
See Brent blend crude oil) 80,11 (27.9.2007) (US
light sweet crude oil, West Texas Intermediate, WTI) 83,87 .
,
81,05 (28.9) 84,10
(20.9.2007).
 2007,
,
,
(futures),
,

.
(spot)
11.10 80,60 , 12.10 81,01 . 15.10
: 83,55
82,90 .
86,21
86,29 .
16.10 :
80,60
84,49
. 87,60
88,20 .
17.10
89


PKK. 18.10
,

13%:
(spot) 85,46
84,80 .
(spot) 89,50
89,78 .
19.10.2007 :
84,85
90,07
90 . 24.10

87,40 . 25.10 :
86,99
87,59
. 92,19
90,60 .
26.10 :
(spot) 88,37
89,30 .
(US light sweet crude oil, WTI)
(intraday high) 92,22 . 29.10.2007
:
89,88 90,49
. (spot) 93,47
93,80
. 31.10.2007:
(North See Brent blend crude oil)
(spot) 91,27
(intraday high) 91,18 .

www.24grammata.com

(US light sweet crude oil, West Texas Intermediate, WTI)


(spot) 94,18
(intraday high) 95,28 .

2030 159
5,4
.
 2007,
1.11 500.000
40%
.
. (International Energy Agency,
IEA), 360.000
2007
300.000 .

,
. 2.11 :
92,44

92,21 . (spot)
95,83
96,10 . 5.11

96,12 . 6.11 :
93,97
93,56 .
96,67
97,10 .
7.11
:
95,19 98,62 .
20.11.2007 :
95,76
96,05 .
(spot) 99,29 (all time
high). (intraday high)
98,62 7.11.2007.
20.11
. 26.11

96,65 .
2008:  2008, .
2.1.2008 (all time high):
97,77

98 . 99,66

100 . 3.1.2008
: (North See Brent blend crude
oil) (spot) 97,82
(intraday high)
98,50 . (US light sweet crude oil, West Texas
Intermediate, WTI)
(intraday high) 100,09 100
.
, ,

27.12.2007

www.24grammata.com

.
,
1980,
38
103 .
 2008, 87,18
7.2 19.2
: (North See
Brent blend crude oil) (spot) 98,49
(intraday high)
98,70 . (US light sweet crude oil, West Texas
Intermediate, WTI) 100,01
100,10 . 20.2
. , 19.2
98,85
99,22 .
100,88
100,32 . 26.2
:
99,76
100,03 .
101,40
. 27.2
:
100,53 102,80 .
28.2 :
101,22
101,64 .
102,88
102,97 . 29.2

101,27
103,05 .
5.3.2008
, ,
,
.
3.200.000
2.500.000 .
 2008,
:
,

futures
. 3.3

102,29 103,95
. 5.3 :
102,50
104,47
104,95 . 6.3.2008
:
103,58
102,95 .
105,53
105,97 . 7.3
:
104,01
102,95 . H

www.24grammata.com

106,54 . 10.3.2008 :
105,92

104,45 . 107,92

108,21 . 11.3 :
107,07

105,82 .
108,75
109,72 . 12.3.2008
:
107,87
106,41 .
109,88

110,20 110 . 13.3
:
109,15
107,88 .
110,23

111 . 14.3

108,02 . 17.3.2008

111,80 .
 2008 9.4.2008
:
109,50
. 110,91

112,21 . : )
(- 3.200.000 ) )
1,5864. 10.4

109,98 . 14.4

5.000
Beniboye :
109,15
, 13.3.2008,
110,01
.
11,.73 .
15.4.2008 :
111,10

112,08 . 113,79

114,08 . 16.4.2008 :
112,29

112,79 .
114,82
115,07 . 17.4
:
113,38
115,54 . 18.4
:

www.24grammata.com

114,22 .
116,58
117
. 21.4 :
112,83

114,86 . 117,50

117,83 . 22.4 :
115

116,75
119,19 . 23.4 :
115,79
. 119,53

118,69 . 24.4
117,56 .
25.4 :
116,10
117,56 .
119,74

119,55 . 28.4.2008

119,93 .
: 1)
2)
(hedging) 3)
11.4
2.300.000 313.700.000
5.500.000 4)

5) 18.4

Royal Dutch Shell 169.000
200.000
6) , ,
,
7)
, 4.070.000
.
 2008 5.5.2008
:
116,17
119,96
120,36
120 . 6.5
:
119,72
120,99 .
121,84 .
122,73 . 7.5,
:
121,09
122,58 .
123,58 .

123,90 . 8.5 :
122,10

www.24grammata.com


123,93 .
123,79 .
124,61 . 12.5

124,60 . 13.5

126,98 . 16.5 :

126,34 .
126,52
127,82 . 19.5

127,17 . 20.5
:
124,80
128,07 .
128,95
129,60 .
2002 T.
2008 150 .
21.5.2008
130 :
129,92
133,47 .
133,09

134,10 . 22.5.2008

(North See Brent blend crude oil) 135,14
(US light sweet crude oil, West Texas Intermediate, WTI)
135,09 . 26.5
130,74 .
2008 : 1)
2)
Royal Dutch Shell
.
559.000 2006

3)

4)
PKK 5)
6)
. , ,
,


2008.
3,7%. ,
8.312 7) 7.5
(Energy information Administration)

13% 8)
, 8.5
-


,
9)

www.24grammata.com


10)
. ,
11)
12)
12 17.5
5.400.000 320.400.000 13)
22.5 1,58 14)
. 23.5
2008 49.560.000
. ,

200 . , ,
profit taking .

.
 2008. 120,84
129,35 . 6 2008

.
136,69,
138,12 .
138,53
139,12 .
: )
.
5.6.2008 3.7
0,25% ) Morgan Stanley


150 4.7.2008 )
,
, )

)
2009 250
) (International Energy Agency,
IEA)
) 11.6
Energy Information Administration
6
4.600.000
1.100.000 )
(futures).


. 16.6
:
139,32
139,89
40% . 26.6.2008
140 :
138,94

140,56 .
138,95
140,39 . 27.6
: o
139,04
142,97 .

www.24grammata.com

139,73

142,99 . 30.6.2007
: o
143,91 .
139,98

143,67 .
: )
)

)

150
170
.
.

150 )


)

320.000

40% .
 2008. 1.7.2008
(spot). H
139,56
141,08 . 3.7
.
(International Energy Agency)
2.700.000 95.330.000
2012. 2.7 . o
143,09

144,95 .
143,76
144,32 .
(1,5888 ),

2.000.000 299.800.000
.
3.7.2008 , , .
145,41

146,69 .
145,33
145,85 .


.
100
.
2002
,
. 11.7.2008
.
147,50
147,27 .

www.24grammata.com



.

20 2008 44,18 23
2008 30,03 . 2009
65,44 .
Old Lady = ,
Threadneedle Street
Old Lady of Threadneedle Street. (old lady)
1694.
OLED, Organic Light-Emitting Diode = .
, ,
,
.
(LED, Light-Emitting Diode)
.



.
pixels . ,
(LCD).
Ombudsman = . : 1) European Ombudsman 2) Hellenic
Ombudsman for Banking - Investment Services (H.O.B.I.S).
Omnibus account = - .
(broker)
(futures) futures


.
On-balance sheet financing = .
(equity funding)
. (liability).

.
.
One-stop shopping = .

. ..
, , ,
, ,
, ,
.
Oneworld Alliance =

. British Airways , merican Airlines
, Cathay Pacific Airways Limited
, Finnair , Iberia , Lan
, Malv Hungarian Airlines
, Quantas (Queensland and Northern Territory Aerial Services)
Royal Jordanian . H Oneworld
8.600 570 136 .

www.24grammata.com

On line banking = .


. on
line ,
, ,
. , ,
(on line banks). :

. on line

. s
. ,


. O
. O
on line Net Bank, Telebank, Compubank US
Access Bank Online
on line
ATMs
.

,
,
( Internet .).
on line Advance
Bank, Comdirect Deutsche Bank 24, Banque Directe ,
Banco di Roma Banco Ambrosiano Veneto, Banco Bilbao
Vizcaya Argentaria, SEB ,
Solo, Merita Nordbanken.
OPEC,
Organisation
of
Petroleum
Exporting
Countries
=

.
50%
.
10-14 1960
: 1) 2) 3) 4) 5) .
: 6) (1961) 7) (1962) 8) (1962) 9)
(1967) 10) (1969) 11) (1971) 12)
(1973) 13) (1975).
1992 1994 2008
1.000.000 .
80% ,
20%.
OPEC,
)
) ,
- )
.
OPEC , 1.9.1965 .
.
,
,


. ,

.

www.24grammata.com

OPEC,
,
,
, ,
,
.
Open basis repos = (repo/repurchase agreement)
.
.
24
.
Open-end fund = .
.


.
( Closed-end fund).

Open market operation = .



:
(outright)
(spot or forward)
(repurchage agreement)


.

,
.

. (repurchase agreement or repo)
().
:
.

.
.
(reverse repo) .

.
. , ,
(outright transactions), (debt
certificates), (foreign exchange swaps)
(fixed - term deposits). O
, ,
.
. ,
:
EUROSYSTEM OPEN MARKET OPERATIONS
ain refinancing operations, MROs = .

(collateral),
.

www.24grammata.com

.
.
Longer - term refinancing operations, LTROs =
.
.
.

.

. LTROs
2007
(sub-prime mortgage market) .
Fine - tuning operations =
. ad hoc

.

.
. , ,
.


,

.
Structural operations = .
, .

.


.
Open order = .
. ,



.
.
, .
Open-outcry =
(futures) (commodities
exchanges) (through shouting and hand signals).
o
.
Open position = .
.
Open Revolving Credit = .

.


. ,
. ,

www.24grammata.com

(. 50 ). .

.
Open Systems Interconnection = OSI.
Operating expenses = . , ,
, ,
, ,
.
Operating System, OS = /.
, ,
. .
MS-DOS, Linux (LynxOS), Microsoft Windows (3.x, 9x, NT, 2000, Me, XP, Vista,
Windows Server 2008), Macintosh (Mac-OS X) Apple, VMS (Virtual
Memory System) Digital Equipment Corporation,
IBM OS/400, AIX, IBM System/38 z/OS CP/M
-80, Micrium (MicroC/OS-II), Novel (NetWare
network operating system) QANTEL (BEST - Business Executive System for
Timesharing).
Operational risk = .
(financial and business loss) (reputational
damage)

,
(errors), (misconduct),

(fraud),
(insider trading)

/
.
Operational risk management = .
, , ,
.
11.9.2001
,


.
) )

(horizontal risks)

,
, ,



(Business Continuity Plan).
: ) (preventive)
) (detective)
)
(protective)
) (corrective)
.
(very

www.24grammata.com

high), (high), (medium)


(low)
(negligible)

.
Opere citato (op.cit) =
. .
.
.
Opportunity cost = . ,


. ,

.
.

. ,
,
. ,
() :
Kx =
= /


.
,

.
Opportunity portfolio = .
. ,
, .
Optical Character Reader = OCR.
Optical fiber, OF = . ,
, ,
, . .
,
.
: )
) )
)
)
.
Optical networks = . ,
, (routers)
,
.
.

.
Opting out =

www.24grammata.com

O . , opt out
.
Option = o . (derivative)
- -
(call option) (put option) (underlying
instrument)
. , ,
, , .
/ . futures
(option) .
O , , .
, ,
.
. , ,
. 14,67 .
0,59 .
.. 15,99 ,
14,67
15,99 . 15,99 - 14,67 - 0,59 = 0,73 .
14,67 .. 13,21

0,59 . options:
American option = o .

.
Basket option = o .

(underlying basket).
Bermuda option = o . option

.
. o

o
, Bermuda option
.
Call option = .
Commodity option = option . o
(
)
,
.
() (barrier option),

.
Currency option = o .
, ,
,
. , ,
.
Double option = o .
.
(expiration)
.
Dual currency option = o .

.

www.24grammata.com

Embeded option = .

. ,
,
, .
embeded option call option (
)
.
callable bond

putable bond

.
Equity basket option = o
. option
.
,
.
, ,

.
.
uropean option = o .
.
Future-style option = (option)
(future).
(underlying instrument)
(interest
rate future) (bond future). (variation margin)

option. , futures

(profit and loss account) .
(premium)
.
Gold option = o
,
.
Index option = option.
. ,


. index option

.
Interest rate floor = .

. (premium) interest rate
floor,

.
Naked option = . option
.
Uncovered ption.
Netted option = .
(primary broker)
(dealer) options: ) primary broker dealer

) dealer primary broker.

www.24grammata.com

options : 1)
(put currency) (call
currency) 2) 3) .
4) 5)
6)

. netted option
.
ption on futures = o (option)
(future).
Put option = .
Exotic options.
Order book system = . O 1998
. O
SETS (Stock Exchange Electronic Trading Service).

.
.
Order flow = .
(brokers)
.
brokers
(market maker).
Organisation for Economic Cooperation and Development (OECD) = O
O (OO) .
O OO O O
(OEEC)
. 1961
OO OEEC
, ,
,
. , OO


. ,

OO
.
O OO
1) 2) , 3) ,
4) , 5) , 6) ,
, 7) , , 8)
, , , 9) ,
, 10) , 11)
12) .

.


. "" "
". 500
.
OO , , O.
OO
: 1) , 2) , 3)
, 4) , 5) , 6)
, 7) , 8)

www.24grammata.com

, 9) , 10)
, 11) , 12)
13) . O OO
.
Economic Outlook
.
Originator = o
. ,
,
(underwriter) .
,
(collateral), ,
.
OSI, Open System Interconnection = .
Internet.
(layers).
.
(hardware) (routing),
. , OSI
. OSI
: 1) 2)
3) 4) 5) 6) 7)
.
Other Financial Intermediaries, OFIs = .
, , ,
,

, /
(,
Monetary Financial Institution, MFI). ,
. (financial leasing),
(factoring),
(securitised asset holdings),
(other financial holdings),
(securities and derivatives dealing)

(venture capital and development capital).
Ounce = .
. :
avoirdupois, (unce, oz)
(pound) 437,5 (grains). ,
avoirdupois 28,349523125 .
troy, (troy unce, ozt)
480 (grains). , troy
31,1034807 .
troy ounce
(gold), (silver)
(platinum).
utage = . :
) (forced outage).
,
(emergency reasons)
(unanticipated
failure)

www.24grammata.com

) (planned outage). ,


.
, , outage
. , 15
.
Out-of-the-money =
(call option) out-of-the-money
(underlying instrument).
(put option) out-of-themoney
.
utperform = .
(benchmark index)
benchmark Standard & Poors 500
5%
5,8%. , .

.
Output device = /.
.. , ,
.
Output gap = .
.

.
. (positive utput
gap)

. (negative utput gap)

.
Outright transactions = , ,
,

.
( ) ( ),
,
.
Outsourcing = outside, resources and using

. ,


, call centres
,

.

.
Overall management risk = .
(project management)

www.24grammata.com

.


.



.
Overbought = .

. ,
(overbought market) (overbought
asset). , .
.

. , .
(, , )
.
. ,
, Stochastic Oscillator
and Relative Strength Index (RSI),

.
verdraft = .
.

. ,
.
Overheating economy = .
, . 10% , , , .


. ,
,
.
.

.
,
,
.
Overnight Index Swaps, OIS = .
(swap), ,

, /
, .
, overnight index swap
(OIS), /
,
, ( 1, 2, 3,
, 6 12 ). ,
100.000.000 /.
100.000.000
4%. ,
, ,
/. ,

www.24grammata.com

, .
,
overnight index swap (OIS). swap,

, .. 1 , 3 ,
,
(3,75%-4%), , 0,25%
100.000.000 1 3 .
vernight market = .

.



.
Overshooting =



.
Oversight of payment systems = .




. , ,
,
(DRS), ,

. , (
Systematically important payment systems)

, ,



(central bank money).


.
Oversold = .

. ,
(oversold market)
(oversold asset). , .
.

. ,
. , , .
.
, ,
Stochastic Oscillator and Relative Strength Index (RSI),

.

www.24grammata.com

Over-The-Counter-market, OTC =
,
/ . O

.
(dealers)
.
.

www.24grammata.com

P
p.a = per annum, . . ,
, ... .
Package deal = - .
,

.
Parallel run = .


.

(version) : )
) ,

) (
, (showstoppers)
, ,
(regression test, )
.
Parallel shift = .

basis points. ,
100 basis points (1%), , , ,
100 basis points.
Pari passu = , , .
. ,
,
.

, pari passu
6% 100 .
Par price = , . O

31.3.2002. O
.
.
Partnership =
. :
) (general partners)
) (limited
partners)
.
Pass Through Securities = ABS (Asset-Backed Securities).

.

www.24grammata.com


.
, , (passes through) (on
a pro rata basis)
servicing fee
0,25% .
(mortgagebacked certificate),

.
Patch = /
. ,
.
, forwards,
swaps futures
. ,
.
,
.
patch
. ,
.

. ,

.
Path = (location of a file)
(server). (directory)
(folder names)
.
path (drive) C:\, (folder) C:\Temp
(file) C:\Windows\ftp.exe. , path

slash (/)
UNIX, backslash (\) Windows (;) OS/2.
Payable through account = .
()
((correspondent
banking)
( )
.
Payment default = .

.
Payment lag = .
/ .
Payment order = .
. ,
.
: ) (customer payment order)
, )
(Interbank payment order)
.

www.24grammata.com

Payment system = .
, ,
, , , ,
,
,
, .
Continuous Linked Settlement (CLS), TARGET,
EURO 1, Fedwire, Europay International, MasterCard International Visa International.
, , (DIAS, Interbanking Systems
S.A, )
,
.
Payment / Vehicle currency = -

.
Payment versus payment, PVP = .


.
PayPal = (internet).


, .

. on line
(Email account). H ,
PayPal 1998
2002 eBay. eBay

,
, , , ,
, , , .
PayPal 1.000.000
, 190 17 .
Pay-Through Security = o o
.
. (cash flow bond).

, .

.
.
(Collateralised Mortgage Obligation,
CMO).
PC banking = on line (personal
computer banking). home banking on line PC banking
.
/
) (modem) )


. ,

. :
, , ,

www.24grammata.com


.
,
, ,
. , 10

.
PCTV, Personal Computer Television =
. PC (cable TV)
(satellite TV) (TV Tuner cards).
PDA (Personal Digital Assistant) = .
palmtops, .
, RAM ROM
, calculator .
(e-mail, web browser)
hardware .
PDF (Portable Document Format) = .

/ , , .,
(Windows,
Linux, Macintosh - operating system). ,
/. PDF
Postscript. PDF
Postscript Adobe Corporation.
Peg =
. Crawling peg.
Penetration test = .

(hacker).

.
.
hardware software
hackers
.
Penny stocks =
. ,
.
, over-the-counter market.
Pension Funds = .
.


.
. 25% .

(subprime mortgage market) A
2007-2009.
Per Diem = (by
day). ,
.

www.24grammata.com

Perfect hedge = .
(underlying asset) (hedge position)
.
Performance measurement and attribution = (Performance
Measurement)
.

. (Performance Attribution) .

. (,
, duration, spread,
)
. , Performance Attribution

. : )
)
) , ,
)
.
Pericles Programme = .
(Council Decisions) 923/2001 924/2001
17 2001 ,
.

.
OLAF (European Anti-Fraud Office). 2005
1 . (Council
Decision) 75/2006 30 2006 2006.
(Council Decision) 849/2006
2007-2013.

,
,
(training the trainers)
.
:
) . (workshops),

) ,
.,

.
PERLS (Principal Exchange-Rated-Linked Securities) =

.
Perpetual =
.
. irredeemable bond.
Personal banking =
. O

.
, , , personal banking

www.24grammata.com

, ,
.
Personal income = .
(Bureau of Economic Analysis of
the Department of Commerce),
08.30 . - .

, , .

.
Petrodollars = .
.
.
Pfandbriefe = .

.
b pfandbriefe ( 25 )
)
)
.
. pfandbrief

. ,
.
b pfandbriefe 230 . 31.12.2003
259 1,1

. pfandbriefe, 75%
25% . jumbo-pfandbriefe

500 . .
b

pfandbriefe 1.7.2005. ,
pfandbriefe BaFin
: ) BaFin
pfandbriefe ) (collateral)
2% ) ,
,
)

.
PHARE =
1989
1.5.2004 .
1.1.2007. 2003

2005 2006.
PHARE ,

, .
.
Philadelphia Fed Index =
10.00 .. Federal Reserve Bank of Philadelphia ( FED).
,

www.24grammata.com

50. 50
50 .

. ,
:
) )
. ,
, (diffusion index)
.
Phishing = (PIN)
.
(Email message) .

. , ,
.
PIN, Personal Identification Number = .
,

(ATMS)
(EFTPOS). ,

.
Pip = (1/100
0,0001 ). Futures
,
tick.
Pixel = /
.
640 x 480
VGA. pixels
.
Plain text = .
.
Plain vanilla =
options swaps .
Plasma display = .
. 1964


. neon .
.
.
.
,
. ,
(LCD)
.
60 .
Plc, Public limited company = .

.

www.24grammata.com

.
Plc
.
Pledge and collateral = . O
,
. (pledge) ,
... collateral. (mortgage)
. collateral
TARGET
(, CCBM).

.
PMI = Purchasing Managers Index, PMI, Eurozone.
Point-to-Point Protocol, PPP =
, (router)
(modem), TCP/IP. E
(Internet
Protocol, IP) .
, , .
Political risk = .
,

,

,
.
Port = . (address) / /
(interface)
,
.

.
(Input/Output devices). , port

.
Portal = (Web site).

(Email messages), , .

(intranet)
corporate
portal. , portal
,
.
Portfolio management = .
.


.
, repos, ,
, , ,
, , , options, futures, swaps,
, (warrants) .

www.24grammata.com

Port number = .
.

.
Position risk = .
. ,

, ,
: )
,

, , )
,
(

)
(
).
Post-fixed coupon = .
,

.
Power of attorney = .


.
Precious metals = .
(gold), (silver), (platinum)
(palladium), (iridium), (rhodium), (osmium)
(ruthnium).
. , , ,
.
(futures),
(options), ,
.
Preemptive =
. , ,

.
,
.
Preemptive rights =
.
Preferred stock or shares = .

.
, ,
. , : )
.
,
. ,

)

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) .
6%
.
40% .
Pre-fixed coupon = .
,
(.
LIBOR)
.
Premium =
. (forward premium)
(forward)
(spot).
(face value)
(market price)
(par price). (convertible bonds)
.
45 , 50
105. (options)
, , .
War premium
.
premium , .
.
Prepayment risk = .

(yield) /

( Pass Through
Securities). ,




. ,
()
. ,

.
.
.
Pre-spot rate = spot,
.
Priced in = .


,
.
Price/Earnings Ratio, PER =
.
. :
) ) )
.

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,
- . ,
,
,
.

, ,

.
Price stability = .
()
2% (below, but close to 2%).
(over the medium term)
18 (a period of 18 months to two years).
Pricing / Quotation currency =
.

.

Primary dealers = .

.
, 2515/97 .
: )
.
35% O
. ' 5%
, ) /,
,
2.934.702,86 .
50
)
() 5% )
)

.
: 1)
.
5%

2) ,

, ,
, 3)

4)
.
1998 9 ,
1999 13 8 (, ,
, , , , , Eurobank) (Bank of
America, Citibank, Banque Nationale de Paris, ABN-Amro Bank San Paolo - IMI).
6 (Alpha Bank Eurobank-Ergasias
- Eurobank-
).
Y O T
E 1.1.2001
A. ,
ATE, Bank of America, Citibank

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ABN-Amro Bank. O : 1) Alpha Bank, 2)


, 3) , 4) EFG Eurobank-Ergasias, 5) , 6) BNPParibas, 7) Credit Suisse First Boston (Europe) LTD, 8) Deutsche Bank AG, 9) Goldman
Sachs International, 10) JP Morgan Securities LTD, 11) Merrill Lynch International, 12)
Morgan Stanley & Co. International LTD, 13) San Paolo-IMI Bank, 14) Salomon Smith
Barney, 15) UBS Warburg. H
E. H
A T (HAT). 2001
5.1.2001 900 . .
2003
(Primary Dealers) .
(Primary Dealers),
2003,
:
1) 2) Alpha Bank 3) EFG Eurobank-Ergasias 4) Goldman
Sachs International Ltd 5) HSBC Bank plc 6) CSFB (Europe) Ltd 7)
8) ING Bank NV 9) 10) Morgan Stanley & Co. International Ltd
11) BNP Paribas 12) Citigroup Global Markets Ltd 13) JP Morgan Securities Ltd 14) Merrill
Lynch International 15) Lehman Brothers International (Europe) 16) San Paolo-IMI Bank
17) Deutsche Bank AG 18) UBS Ltd.
2004
(Primary Dealers) .
(Primary Dealers),
2004,
:
1) 2) Alpha Bank 3) 4) Deutsche Bank AG
5) Lehman Brothers International (Europe) 6) Goldman Sachs International Ltd 7) HSBC
Bank plc 8) 9) EFG Eurobank-Ergasias 10) Morgan Stanley & Co.
International Ltd 11) Citigroup Global Markets Ltd 12) ING Bank NV 13) UniCredit Banca
Mobiliare S.p.A. 14) Nomura International Plc 15) BNP Paribas 16) Merrill Lynch
International 17) San Paolo-IMI Bank 18) JP Morgan Securities Ltd 19) CSFB (Europe) Ltd.
2005,
(.
2/72451/0023/29.12.2004), 21
(Primary Dealers)
.
2005:
1) 2) Alpha Bank AE 3) Lehman Brothers International
(Europe) 4) Deutsche Bank AG
5) HSBC Bank plc 6) EFG Eurobank Ergasias AE
7) 8) Crdit Suisse First Boston, CSFB (Europe) Ltd
9) Morgan Stanley & Co. International Ltd 10) 11) JP Morgan
Securities Ltd 12) Goldman Sachs International 13) Citigroup Global Markets Ltd 14) ING
Bank NV (Milan branch) 15) BNP Paribas 16) San Paolo-IMI S.p.A 17) Merrill Lynch
International 18) Socit Gnrale 19) ABN AMRO Bank NV 20) UniCredit Banca Mobiliare
S.p.A 21) Nomura International Plc.
2006,

2/70619/0023/27.12.2005, 22
(Primary Dealers)
.
2006:
1) 2) Alpha Bank AE 3) Lehman Brothers International
(Europe) 4) HSBC Bank Plc 5) EFG Eurobank Ergasias AE 6)
7) Socit Gnrale 8) Morgan Stanley & Co. International Ltd 9) Crdit
Suisse Securities (Europe) Ltd 10) 11) San Paolo-IMI S.p.A AE
12) BNP Paribas 13) JP Morgan Securities Ltd 14) Deutsche Bank AG 15) Goldman Sachs
International 16) ING Bank NV 17) Merrill Lynch International 18) Citigroup Global Markets

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Ltd 19) ABN Amro Bank NV 20) Unicredit Banca Mobiliare S.p.A 21) Barclays Bank Plc.
22) Nomura International Plc
2007,

2/75201/0023/ /28.12.2006, 22
(Primary Dealers)
.
2007:
1) 2) Lehman Brothers International (Europe) 3)
AE 4) HSBC Bank Plc 5) Alpha Bank AE 6) EFG Eurobank Ergasias AE
7) Morgan Stanley & Co. International Ltd 8) Goldman Sachs International 9) Socit
Gnrale 10) Banca IMI S.p.A 11) ING Bank NV 12) BNP Paribas S.A. 13) Barclays Bank
Plc 14) 15) Merrill Lynch International 16) Deutsche
Bank AG 17) JP Morgan Securities Ltd 18) Citigroup Global Markets Ltd 19) Crdit Suisse
Securities (Europe) Ltd 20) Bayerische Hypo-und Vereinsbank AG 21) ABN Amro Bank NV
22) Nomura International Plc.
2008,
.
2/85248/0023/27.12.2007, 22
(Primary Dealers)
(
2008):
1) 2) AE 3) HSBC Bank Plc 4) Morgan
Stanley & Co. International Ltd 5) Alpha Bank AE 6) EFG Eurobank Ergasias AE 7)
Barclays Bank Plc 8) BNP Paribas S.A NV 9) Goldman Sachs International 10) Socit
Gnrale 11) ING Bank 12) Banca IMI S.p.A 13) 14) Deutsche Bank AG
15) Citigroup Global Markets Ltd 16) Crdit Suisse Securities (Europe) Ltd 17) Bayerische
Hypo-und Vereinsbank AG 18) Merrill Lynch International 19) JP Morgan
Securities Ltd 20) Nomura International Plc 21) ABN Amro Bank NV.
22 Lehman Brothers International (Europe)
14.9.2008.
2009,
.
2/96722/0023A/30.12.2008, 21
(Primary Dealers)
:
1) 2) AE 3) EFG Eurobank Ergasias AE
4) Morgan Stanley & Co. International Ltd 5) Royal Bank of Scotland Plc 6) HSBC Bank Plc 7)
Alpha Bank AE 8) Barclays Bank Plc 9) BNP Paribas S.A 10) ING Bank NV 11) Goldman
Sachs International 12) Deutsche Bank AG 13) Bayerische Hypo-und Vereinsbank AG 14)
15) Socit Gnrale 16) Crdit Suisse Securities
(Europe) Ltd 17) Banca IMI S.p.A 18) Merrill Lynch International 19) Citigroup Global Markets
Ltd 20) JP Morgan Securities Ltd 21) Nomura International Plc.
Primary market = .
.
Prime broker = . broker ,
,
, back office,
, ,
short. prime broker
(hedge funds).
prime broker
. prime broker
brokers.

www.24grammata.com

Prime rate =
.
Principal =
. , ,
premium
.
Principal risk = . (credit risks)

. . O
, ,
. O
.
( Payment versus payment, PVP).
cross currency
settlement risk Herstatt risk ( Settlement or Herstatt risk).
Printer =
.
:
Dot-Matrix Printer = .
.
Ink-Jet Printer = .
.
Laser Printer = .
,
.
Daisy-Wheel Printer = .

.
Private banking = . O
: )
) , .
,
.

.
private banking : 1)
2) 3) 4)
, 5)
6) 7) options
synthetic swaps 8) 9) ,
( hedging) 10)
11) 11)
12) 13)
,
.
private banking
250.000 ,
3.000
.
50%
.
Private equity fund = .

www.24grammata.com

.
,
,
, private
equity fund (IPO)
.
private
equity funds
,
(credit derivatives) (syndicated loans)
. ,


.
2006, private equity funds
210
701,1 .
(high leverage)

7 .
2006 2007
1,4 . , , 2006
90 25%
2005.
2007, private equity funds 1
800
. ,
8,3 .
: ) Blackstone Group
32 ) KKR
(Kohlberg Kravis Roberts) 25
) Carlyle Group
25 ) Permira Funds
20 ) Texas Pacific Group
20 .

(sub-prime mortgage loans)
- 2007.
Private label card = .

.
Private placement = .
. ,
,
.
Probability distribution = .

.
Process Agent = ,
(point of contact and legal address).


. , process agent

. process agent

www.24grammata.com

,
. Process Agent ,
, ,


.
Pro-cyclical = -.
.

,

.
Producer Price Index (PPI) = .

.
,
. ,
.. PPI
.
(Consumer Price Index, CPI)
o .
Profit and loss account = .
( balance sheet)


.
.
,
.
.

(BANK ANNUAL PROFIT AND LOSS ACCOUNT PATTERN)
Interest and similar income:
:
- Interest on fixed income securities
-
- Other interest and similar income
-
Less: Interest expense and similar charges
:
:
)

)




)
-
-

-
)
-

Plus dividend income:


a) Dividend income from trading portfolio
b) Dividend income from investments in
affiliates
Plus commission income
Less commission expense
Plus net trading income
Plus other operating income
Gross operating results
Less general administrative expenses
a) Staff costs
- Salaries
- Contributions to social security funds
- Other staff costs
b) Other administrative expenses
- General expenses

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-
:



-
-

-










-
-
-
-


- Non-income taxes
Less:
Depreciation and amortization expenses
Revaluation differences of receivables and
provisions for contingent liabilities
- General provisions for credit risk
- Provision for staff retirement indemnities
- Other provisions
Total operating results
Extraordinary income
Extraordinary charges
Extraordinary results
Net profits for the year before taxes
APPROPRIATION ACCOUNT
Net profit for the year
Retained earnings
Treasury share reserves
Less income tax and other taxes
Profit for appropriation
- Legal reserve
- Dividend for the year
- Extraordinary reserve
- Tax-free reserves under special laws
Board member fees
Bonus to staff
Retained earnings

Profit taken = .




.
Profit warning =
. , ,


.
Pro forma statement =
,
.
Projections = . Eurosystem and ECB Staff Projections.
Promissory note = .

.

.
Proof = , .


.
.

www.24grammata.com

Protocol = . - TCP/IP
, NETBEUI Microsoft

.
Proxy = , .

.
Proxy server = . server
(real server) (client)
(Web browser).
.
, .
: )

. proxy server

)
. ,
proxy server
.
PSTN, Public Switched Telephone Network = .

/. / PSTN
modem. / . ,
,
( ISDN).
Public domain = .
, .
Purchasing Managers Index, PMI, Eurozone = Reuters

. , Reuters,
NTC Research Limited
.


.
.
, . ,
4.500 .
. 3
:
} Eurozone Manufacturing PMI. PMI
24% . 2.500
(, , , , ,
, , ) : 1) 2) 3)
4) 5) 6)
7) 8) .
} Eurozone Services PMI. PMI
62% .
2.000 (, , , ,
) : 1) 2)
3) 4)
5) 6)
7)
12 .

www.24grammata.com

} Eurozone PMI Composite Index.


.
Purchasing Power Parities, PPP = .

.
.


.
.

www.24grammata.com

Q
Qualifying holding = .
10%
.
Qualitative analysis = .

,
,
.
Quantitative analysis = .


, , , , ,
, ,


(options).
Quantitative easing = .
emporary monetary policy measures or quantitative easing r non conventional monetary
policy measures or non-standard measures.
Quic tenders = .

.
.

.

www.24grammata.com

R
RAC, Real Application Cluster = cluster .

. (shared
disk architecture)
.
Rally = ,
.
RAM (Random - Access - Memory) = .
,
.
(volatile memory), H/Y.
RAM
/. )
(SRAM, Static RM)
(CPU) / )
(SDRAM, Synchronous Dynamic RAM)
/ .
Rate = , .
: 1) interest rate = 2) exchange rate = 3) rate of growth =
4) credit rating = 5) freight rate =
, 6) insurance rate = 7) postage rate = 8)
increase rate = 9) decrease rate = 10) tax rate =
.
Rate of return and total return = (rate of return)
.
(annualized) .
(total return)
,
.
Rate tenders = .
(fixed rate (volume) tender)
()

().
(variable rate tender)

.
: ) (single rate or Dutch
auction),
,
) (multiple - rate or American auction),
.
,
.
,
(pro rata).
. ,

www.24grammata.com

. ,
.

.
(the marginal interest rate)
, .
Ratios = . ,
,
.


.

:
1)
2)

3)

4)

5)

.

:
1) A (liquidity ratios).
. : )
(current ratio) ) (acid test ratio) )
(cash ratio) )
(defensive internal ratio).
2) (activity ratios).
.
: ) (receivables turnover
ratio) ) (trade
creditors to purchases ratio) )
(inventories turnover ratio) )
(net working capital turnover ratio) )
(asset turnover ratio) ) (fixed
asset turnover ratio) ) ) (asset turnover
ratio) ) (owners equity asset turnover
ratio).
3) (profitability ratios).
. :
) (gross profit margin) )
(net profit margin) )
(return to total capital employed) )
(return to total assets) )
(the Dupont equation) )
(return to net worth) ) (financial leverage
ratio).
4) (operating expense ratios).
.
5) (financial structure and viability
ratios).
.
6) (investment ratios).
, .

www.24grammata.com

Read-Only Memory = ROM.


Reaganomics =
. ,
.

.
Real GDP = (). GDP (Gross Domestic
Product) .
.
Real Estate Investment Trust (REIT) = .
(,
, , ).

.
Real estate leasing = .
, ,
. . leasing,
, -

.

. leasing
: 1)

2)
3)
4)

5)
6)

7)

.
Real GDP = ().
.
Realignment = .
. ,


(ERM II).
Real property = .
, ,
.
Rebalancing = . E
(benchmark portfolio)

(actual
portfolio). . (modified duration)
0,70 ,
0,80 0,85 ,

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0,70 (0,80 0,85 ).


0,80 0,85 .
,

trader
benchmark.
Rebate interest = .

(short seller).
short,
(custodian) .
. (short)
,

.
.
Recession = . .
, , ,
. , (technical
recession) .
Reconciliation = .
nostro vostro

buck up . ,

.

.
Recovery rate = .

.
Redemption date = .
, ) (maturity)
)
,
(stop loss).
Reform Treaty = Treaty of Lisbon of 13.12.2007.
Regression analysis = .

. Linear regression analysis
. ,

,
: value = price + depage*age +
depkilometres*kilometres value
, age kilometres
.
, (price), ,
(depage = depreciation age)

www.24grammata.com

(depkilometres = depreciation kilometres).


depage depkilometres
.Nonlinear regression analysis
,

.
.
Regression test = .
(unit test, )
.
(User
Acceptance Test)
. instrument
(.
, arbitrage, o swap,
forward options , repos, futures )

: )
)
(version) )
(interfaces) )
) )
) (reports) , (tables)
Front, Back Middle Office,
.

. , ,

.
, regression test

(software bugs). Bug ( )
(invalid input or crash).
. ,
,
.


.
.
(regression bugs)

Front, Back Middle Office .

.
, ,

, .
Regulated market = .

.


.
Regulatory risk = .
,
.

www.24grammata.com

Reinvestment risk = .

. ,
5%

3,5%.
Remittance = ,
. , .
, ,

.
Remote Desktop = .
, (Internet),
,
. : )
,
)
(tests)
.
.
)

. ,
,
(email messages) .
Remote Desktop Protocol (RDP) =
.

Microsoft Windows Linux,
FreeBSD Mac OS X. (server) (by default)
(TCP, Transmission Control Protocol) port 3389.


.
Remote support = . ,

.
(server, PC, ,
)
. ,
/, , .

. , (router, )
hardware software
router remote desktop.
, . ,
,
,
,

.
Replacement cost = ,
. ,

www.24grammata.com


.
Replacement cost risk = .
,
,
.
(unhedged)
.
.
Replicating Portfolio = .
(actual portfolio)
(benchmark portfolio). ) ((static replication)
)
(dynamic replication)
.
Repurchase agreement (repo) and reverse repurchase agreement (reverse repo) =


.
Repo
.
(special security)
.
Reverse repo
.

(repo seller) (repurchase agreement,
repo). (repo buyer)
(reverse repurchase agreement, reverse repo).
, repo reverse
repo
. , (repo seller)
(repo rate).
. (reverse repo)
(collateralised deposit) reverse repo -
(uncollateralised deposit)
. ,
4,7%, (.
5,7%) spread .

dealers (
primary dealers).

.
(counterparty risk) .
.
(market value)
. 300.000

,
, (margin call). , ,
(valuation haircut) .
2%
.
Tri-Party Repo, repo,
(custodian). ,

www.24grammata.com


, custodian
. custodian (.
JPMorgan, Euroclear, Clearstream), collateral,
,
. repo.
,
collateral
(margin calls).
repos reverse repos

. (OTC,
Over-The-Counter-market)

.

.
repos reverse repos
(market makers).

.
, .
Reputational risk = . ,

, ,
,
,
. ,
,

. ,
. ,
, .
Rescheduling Agreement = .


.
. ,
-.
Reserve currency = .

, ,
.
: )
)
)
. ,
, ,
.

.
Reserve requirements = minimum reserves.
Residual risk = .
,

.

www.24grammata.com


. residual risk
net risk
.
Retail banking = .
, , ,
, , , ,
(,
, , ),
, (standing orders),
, , , factoring synthetic
swaps.
24
ATMs,
.
Retailer card = .

.
Retail sales, Eurozone = .
Eurostat.

.
. : )
)
.
Retail sales, USA = .
(Census Bureau of the Department of Commerce)
12 08.30 ..
, .
,

.
Return On Assets, ROA = .

.
. ROA (net
income/sales) (sales/assets).
Return On Capital Employed, ROCE = .

.
: ) )
.

. ROCE :
EBIT (Earnings Before Interest and Taxes)
Total Assets Current Liabilities

.
ROCE (Return On Average Capital
Employed)
.
Return On Equity, ROE = .
.

www.24grammata.com

.

.
,
. To ROE
.

( , stock split).
. ROE
.
ROE : ROE = Total Income
Total Equity
ROE (ROA),
(total assets/total equity)
, DuPont Formula :
X Total Assets
ROE = Net Income X Sales
Sales
Total Assets
Average Stockholder Equity
Return on Investment, ROI = . ,
.
,


. ROI
.

.
Reuters Eurozone Manufacturing PMI (Purchasing Managers Index) =
. .
50
50. , 50
.

, , ,

NTC Research.
3.000 , , , , ,
, .
. (Reuters
Eurozone Services PMI).
Reuters Forex Poll =
Reuters .
Reuters (forecasters)
,

, . Reuters 20
forecasters .
( )
Reuters 2005 : 1)
HIFX Plc () 2) Mizuho Bank () 3) Bank of America ( ) 4)
() 5) 4CAST () 6) Lloyds () 7) CSFB () 8) BMO Financial
() 9) DrKW () 10) Socit Gnrale () 11) ING Financial Markets
() 12) Morgan Stanley () 13) IDEA Global (New York) 14) West LB
(Dusseldorf) 15) Deutsche Bank () 16) Banca Intesa (Milan) 17) Royal Bank of
Scotland Financial Markets () 18) Helaba (Frankfurt) 19) Royal Bank of Scotland
Capital Markets () 20) HSBC ().

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Reverse mortgage = .
.
.

, , ,

.

.


.
: 1)
(real estate price risk)
.
2) (longevity risk)

3) (interest rate risk) .
reverse mortgage
, (, )

. 30% .


.
Reverse split =

.
Revolving line of credit = .


.
Revolving Underwriting Facility, RUF = .
,
, .
Risk appetite =
.
Risk aversion = .
.

. , ,
.
.
,
.
,

. 2008
(subprime mortgage market)

. ,
,


.

www.24grammata.com

Risk avoidance = . .
(risk aversion)
,
. ,


.
.
Ris control measures for the Eurosystem monetary policy operations =
.
(collateral)
.

.
1) (tier one
assets). :
) 4 ,
.

.
, Jambo Pfandbriefe ( ),
-
. Pfandbriefe,
.


)
(valuation haircuts).
.

.
: ,
0,5%, 1%,
1,5% 2%.
, 1,5%,
2,5%, 3% 3,5%.
,
2,5% 3%
, 3,5%
4% ,
4,5% 5%
5,5%
6% .
,
3% 3,5%
, 4,5%
5% , 5,5%
6%
6,5% 7%
.
, 4%
4,5% ,
5,5% 6,5%
, 6,5%
8% 8%
10% .
,
5,5% 8,5%
, 7,5%

www.24grammata.com

12 % ,
9% 15%
12%
18% .
:
2%, 7%,
10%, 12%, 17%
25%
)
) (pooling systems)
()

.
, (earmarking systems)
)
(daily valuation).
,

.
(trigger point)
0,5% . ,
, ,

.
2) (tier two
assets).
.
.
:
) (equities) 22%
) (marketable debt instruments with
limited liquidity) 2%,
3,5%, 5,5%
6% , 6,5%
7% ,
8% 10%
12%
18% .
,

) (debt instruments
with restricted liquidity and special features) :
4%, 8%,
15% 16%
, 17% 18%
, 22%
23%
24% 25%

) (non-marketable debt instruments)


.
4%,
12% 22%
22%.
, .

.
3) .
: ) (initial margins)

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. ,

)
/ )

)
.
Risk free asset = .
.

. risk free assets
.

(inflation risk)
.
Risk limits = .
:
y allocation limit = . ,
, ,
(covered bonds).
y concentration limit = .
,
.

.
(financial conglomerates)

y counterparty limit = .
/

y country limit = .
.

y currency distribution limits = .
.
60%, 20%, 5%, 3%, 3% ,

trading, liquidity, investment
y duration limits = ( duration).
duration (benchmark portfolios)
(trading portfolios)
y eligibility limit = .

y interest rate limits = . ,
(basis point, bp) (benchmark index)
y issue investment holding limit against total issue limit =
.

(issuer limit)
y issuer limit = .

y limit in large exposures = .


y liquidity limit = .

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y market risk limit = .




y maturity limit = . (duration)
. ,
, repos, reverse repos, interest rate swaps, FRA, FX options,
bond futures, deposit futures, invest liquidity portfolio
y nostro account balance position limit = .
( )

y settlement limit = .
(counterparty limit). E
(DvD,
Deliver versus Payment) spot, forward, swap, gold
currency swap FX transactions settlement limit
y stop-loss limit =
. 20%
y structure limit for investment portfolio = .

( . , , )

y structure limit for reserve management portfolio =
.
.

y trader limit = . dealer/trader



.
Value-at-risk (VaR) limits = .
.

. VaR
1 , 99% USD VaR
.
-.
spread, (cross-hedging)
. , , :
.
. ,
/. , , ,
/.
Risk neutrality = .
,
.
Risk-return trade-off =
.

.
Risk reversal = . (hedging)

(call option)
(put
option).
( )

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call put option. options


(implied volatility), .
calls puts
(underlying currency). ,
puts calls
. risk reversal
. ,

.
,
(bullish or bearish market).
Risk tolerance = .
.
(risk appetite)
, .
(risk aversion)
.

.
Road Show (financial) = , .



. ,
.
Rollover = .
.
,
(swap) . tom/next swap,

. rollover
-
. ,
(benchmark index), . 1,5% Libor.
Rollover Risk, ROR = .
,
. O

. ,


. , ,


.

. ,

.
.
ROM, Read-Only Memory = . /
/
.
ROM /
/.

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Router = . /
.
Packet-Switched.

. router
.
,
router.
,
.
Routing network = . E

.
.
Royalty =
, ,
(franchise) .

.
R Squared =

(benchmark). R Squared 100%
100% benchmark . R Squared 95% ) 95%
benchmark
95% ) 5% .

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S
SAARC, SAPTA and SAFTA = .

SAARC = (South
Asian Association for Regional Cooperation). 8.12.1985 ,
, , , , .
13 12-13.11.2005
.
: 1) 2)
3)
, , , ,
, , ,
4)

.

: ) (Summit) ,
)
(Council of Ministers)

,
,
. ,
) (Standing Committee)
.
,

.
) (Committee on Economic
Cooperation)

) (Committee of the
Central Banks Governors) .
.

.
.

SAPTA = SAARC (SAARC Preferential


Trading Arrangement). 1991 6 SAARC,
,
(Inter-Governmental Group, IGG) SAPTA. ,
SAPTA 11.4.1993 7.12.1995.
SAARC
.
: )

)
)
)
, ,
. 5.000
4
. , ,
SAFTA.

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SAFTA = (South Asian Free Trade


Agreement) 6.1.2004 12
SAARC 1.12006
.
:

.
20%
0% 5% (2008 2012).
(, , )
30%
0% 5% (2008 2015).

,
,

,


,

SAFTA (SAFTA Ministerial Council, SMC)
.

(Committee of Experts, COE)
.
(Dispute Settlement Body)
SAARC SMC COE.
Safe custody account = .

, ,
.
Sale and lease-back = (sale)

(leasing).
.
.
, ( 15/28.01.2004)
,
,
. 2006,
() 1)

2)

3)
99 4)
, ,

5) ,
. 1 4
/ .
Sale and lease-back :
) ) )

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)



.
Sale bill = . ,
,

.
Sale, construct and lease-back = (sale)

(leasing)

, .
.
Sallie May (Student Loan Marketing Association) = 1973
(Government-Sponsored Enterprise, GSE)
1997 2006.
.
.
89 . 7.000.000

. SLM Corporation
:
) Sallie Mae Servicing L.P
(Federal Family Education Loan Program, FFELP)
,
, - ,
.
) Sallie May Inc. , ,
. .
) Nellie May Corp.
. Internet ,
.
.
) Student Loan Funding Resources LLC .

130 .
) Pioneer Credit Recovery Inc.

600
,
.
) General Revenue Corp. 7
800 730
.
, , , , .
Salomon Brothers Non-U.S Dollar World Government Bond Index =
(benchmark index) 13
.
.
.
Salomon Brothers World Equity Index, SBWEI =
(benchmark index)
6.000 22 .

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Same day value = .


(trade day) (value date)
. ,
25
, 25 .

cut of time.
SAP = 1972

(general ledger) . 21.500 50
30.000 .
. R/3 system , ,
, ,
, .
Sarbanes-Oxley Act = 30 2002
(accounting
scandals) .

, ,
.
,
.
.
Savings and Loans Associations = .


.
70%
.


.
SB WGBI (Salomon Brothers World Government Bond Index) =
.
.
To 2004, :
0,37%, 1,34%, 2,92%, 1,97%, 0,97%,
0,57%, 8,30%, 9,25%, 1,76%, 0,40%, 9,13%,
29,71%, 2,39%, ,20%, 0,38%, 0,74%,
3,43%, 0,91%, 0,72%, 4,74%
19,81%.
Scalability = .
.
.
Scanner = . ,
,
.
, , ,
.
Schengen = 19.6.90
, , , ,
, , .
1992 26.3.2000.

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1994 , 1996.

, ,
. 21.12.2007
, , , , , , ,
2009
2011.
O
.O

.
.
.
, ,
(Schengen Information System, SIS).
,
,
,
. SIS
. ,

. .
(Schengen Information System II, SIS II)
, , DNA,
, ,
.
SIS II (Europol)
, (Eurojust).
Scriptural money =
. scriptural money
, , ,

.
SDR, Special Drawing Right = .
1969 ()

.
1973
SDR
. SDRs
. SDR
.
SDR

. 2000

SDR ,
, .
2005 1.1.2006.
) )
.

SDR: 44%, 34%, 11%
11%. 23.6.2009 o 0,647649 SDR
0,905284 SDR.
SDSL (Symmetric Digital Subscriber Line) = DSL.

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Search Engine machines = . Internet


-
. web sites .
web site
. Google,
Yahoo, AltaVista, Fast, Metacrawler, Lycos, Askjeeves, Hotbot, Direct hit,
Excite, Dog pile, WebCrawler, Alltheweb, Info seek, Inktomi, Snap
in.gr FORTH net.
Seasonally adjusted, s.a = .

.


.
) )
)
.
Secondary buy-out = .
.

(venture capital)
(private equity fund) venture capital private equity
fund.
Secondary market = .

(primary market)
.
Secondary Public Offering, SPO = . ,
( Initial Public Offering, IPO).

.

. , 1.000.000
,
300.000
.
Second-round effects = Direct, indirect and second-round effects.
Secure Internet Protocol Network, SIPN = .
, SWIFT
(International Protocol, IP)

SWIFTNet.
Securities and Exchange Commission, SEC = .
:

,
. , ,

SEC EDGAR
SEC

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o (broker-dealers),
,

. 400 500

, ,
. 3.100 ,
D.C .
Securities lending = .

,

.
: ) short.
,
)
..
(collateral) .
,
.
.
, (future)
,
(cheapest-to-deliver bond,CTD)
.
~ (collateral),
. collateral
, .
(market risk)
.
, ,
. ,
.
~ T securities lending :
y : 1) 2)
3)
y -: 1)
2)
3) 4)

y :

.
~ (custodians)
(Automatic Securities Lending Programmes,
ASLP) . outsourcing.
.

.
-
(broker dealers).
custodian . ASLP

custodians Euroroclear
Clearstream. , ASLP,
custodian broker dealer
. simulation ( )

www.24grammata.com


.
Securities Settlement System, SSS = .
,
, ( delivery
versus payment) (
delivery versus delivery).
.

.
.
Securitisation = .
.

(Special Purpose Vehicle, SPV)
. , ,

.
,

Eurobank Cards 2005
2006 2,25


28.11.2007 2,5 .
1,25
17.7.2007 40
12 95%
. Estia Mortgage Finance II Plc
. 2008, Eurobank
1,04
.
Temeileion
Mortgage Finance Plc. T 24.4.2008,
, 800.000.000 .

"Estia Mortgage Finance II PLC" UBS
Limited. 14.5.2008 2008
400.000.000
. 7.7.2008 EFG Eurobank Ergasias S.A
(bond loans securitisation)
2.500.000.000 Anaptyxi SME I PLC
. Citigroup Global Markets Ltd, Deutsche Bank
AG Eurobank EFG Telesis Finance Investment Firm S.A . 2008,
1,75
.
AXIA Finance PLC Deutsche Bank
Moodys Investors Service. 29.1.2008
EFG Eurobank Ergasias Leasing, EFG Eurobank Ergasias,

(leasing) 840.000.000 . Andromeda Leasing Plc
. a2
Moodys Investors Service Deutche Bank AG.
23.2.2009 EFG Eurobank Ergasias A.E.
()
3.300.000.000 ,
. Anaptyxi SME II 2009-1 PLC
. 1

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Moodys Citigroup
Global Markets Limited Deutsche Bank AG London Branch". 9.5.2009

900.000.000 , . 3156/2003.

"AXIA Finance PLC".
Deutsche Bank AG (London Branch).
Moody's".

,
, .
,
,

.

. 2001 2004
2004 25
. 2006, ,
30 (22,3 . ).
:
) 14 2801/2000 ,

, .
:
1)
,

2)
.
3) 11 3156/2003
,
,

) 3156/2003
.
:
1)
2) .
.

3)
,
.

2005,
2.250.000.000 ( 750.000.000
) 750.000.000 2004.
2005
2.250.000.000
975.000.000 .
3.195.000.000 1,1%
.
2006,
4.850.000.000 116%
. , 2.250.000.000
. 2006,

4.643.000.000 (8,1% ),
997.000.000

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(3,8% )
2.864.000.000
(3% ).
(International
Financial Services London, IFSL) :
2007, , ,
8% 3,826
2008, 25% 2,850 ,
,
.
Security = o . , ,
(CPs).
() .
Securities Exchange Act 1934 () : security , ,
, , ,

, , , -
, , , ,
, (option)

option ,
.
security , , , ,
.
Security Assertion Markup Language, SAML =
. XML

. SAML
OASIS (Organisation for the Advancement of
Structured Information Standards). OASIS
,
.
Seignorage = . ,

. O seigneur,

.
. ,
'90 3%
10%.
. ,
, ,
.
. ,

.
,
()
, , ,
. ,
.
Self-Regulatory Authority = .
.
,
.
.

www.24grammata.com

(Self-regulatory organization (SROs)




(commodity futures) .
(National Association of Securities Dealers, NASD)
(New York Stock Exchange).
,
, , .
Sell off = . ,
.
, , . sell off
.


,

,
.
Senior and junior bonds = senior higher priority unsubordinated bonds

. , junior subordinated bonds
senior bonds
.
Seniority class =

.
Sensitivity analysis = .
(project)
. ,
.

. ,
. ,
, .


. , sensitivity analysis

.

.
SEPA, Single Euro Payments Area = .

,
,
,
.
,
,
.
,

.

www.24grammata.com


,
.
:
) ,
,


)
SEPA

) ( European Payments Council, EPC)


,

)
, ( , Visa, MasterCard),
.
SEPA : 1) 2006
2) 2007
3) 1.1.2008

SEPA 4) 2010
.
1.1.2008 : ) (credit transfer
scheme). 2012, ,
) x (Direct Debit Scheme).
, ,
2009
.
(SEPA Cards
Framework, SCF)

ATMs. SCF :
1.1.2008 ATMs
(EFTPOS)
EMV chip ( ) EMV PIN. EFTPOS
SEPA.
PIN
1.1.2008 EFTPOS SEPA

1.1.2008
SEPA

SEPA on-line off-line
1.1.2011
SEPA.
24.4.2007

1.1.2009.
, ,
, ,

.

www.24grammata.com

SEPA, ,
, 2008.
SEPA
,
2009.

, ,
.
()
SEPA ..
28.1.2008 (Single Euro
Payments Area - SEPA)
SEPA .


SEPA.

. SEPA


. SEPA,
. SEPA

.
SEPA
() ,
. ,
SEPA ,
1 2009. ,
SEPA 1 2008.
Serial bonds = .
.
Server = . mainframe
(PC working stations) o
, ,
. , ,

.
Settlement account = .

.


.
Settlement day = ,
.
(same day value), (pre-spot),
(spot) .
Settlement or Herstatt risk = .

Bankhaus Herstatt, 1974



. , Bankhaus Herstatt

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. Bankhaus Herstatt
arbitrage
.
Bankhaus Herstatt
. 26.6.1974
Bankhaus Herstatt .

Continuous Linked Settlement, CLS, ( )

CLS .
Seven and four Sisters = .


.
 : 1) Standard Oil of New Jersey (Esso)
2) - Royal Dutch Shell 3) - Anglo-Persian Oil Company
(APOC) 4) Standard Oil Co. of New York ("Socony") 5)
Standard Oil of California ("Socal") 6) Gulf Oil 7)
Texaco.

(1906-1962).

Agip
. , ,
(Ente Nazionale Idrocarburi). ,

, , .
 , (Four sisters)
:
y H Standard Oil of New Jersey (Esso) Mobil
ExxonMobil.
y Anglo-Persian Oil Company (APOC) Anglo-Iranian Oil Company (AIOC),
British Petroleum BP Amoco
American Oil Company Amoco Standard Oil of Indiana.
BP Amoco BP.
y Standard Oil Co. of New York ("Socony") Mobil
, , Exxon ExxonMobil.
y Standard Oil of California ("Socal") Chevron ChevronTexaco
Texaco.
y 1985 Gulf Oil Chevron
BP Cumberland Farms.
y Texaco Chevron 2001.
ChevronTexaco 2005 Chevron. ,
Texaco .
 2005 4 1) ExxonMobil 2) Chevron 3) Shell 4) BP
"supermajors".
 11 2007, Financial Times

(the "New Seven Sisters") : 1) Saudi Aramco (
) Aramco 2) JSC Gazprom ( ) 3) CNPC () 4) NIOC
() 5) PDVSA () 6) Petrobras () 7) Petronas ().
 , .
1960
(OPEC, Organization of Petroleum Exporting Countries)
1970. , OPEC 40%
. , ,

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.
Share = ( stock).
.
: )
, )
(dividend yield),
,
,
( Share Buybacks)
.
(par value)
. .
:
ordinary share or common stock = .
,

preferred or preference stock or shares = .
: )
)
.

.
. O

.

(convertible to common shares) .
.


.


cumulative preference share = .

,

deferred share = .


single share class = .


bearer share = .
.

registered share = .
.


no-par-value share = . (%)



registered share with restricted transferability =
.

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bonus share =

twin shares = .
.

.
Share Buybacks = .
, (. ,
,
) .

:

(share buyback
versus hostile take-over)

(signalling hypothesis)

.
(distribute cash flows which the firm perceives to
be temporary, while dividends represent an ongoing commitment)


(non finding investment
opportunities in the market with positive net present values).

.
:
(open market share buyback) .
.

(fixed price self-tender offer)

(Dutch auction).

.

.
Shareware = .
/. , shareware

.
Sharpe ratio = .
.

. (return)

(distribution)
,
. (total variability)

.
(cash).
: S(x) = ( r x - R f ) / StdDev (x) x
, rx , Rf
( )

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StdDev(x) (standard deviation, ) rx.



Capital Asset Pricing Model, CAPM ( ).
Short position =
, ,
. ,
.
. ,
. ,
.
SICAV (Socit d'investissement capital variable Variable Capital Investment
Company Unit-Trust investing in variable income securities pen-end investment fund) =
.
.

.

.

. 8.000.000 . SICAV

. 10%
. ,

.
Side effects = .

.
Silicon = .
. .
Silicon valley = . K,
,
.
SIM, Subsriber Identity Module = .
,

. SIM
GSM. (chip)


.
Sine qua non =
.

.
SIV = Structured Investment Vehicle, SIV and SIV-lites.
Skimming = .

(ATMs)
(PIN) .
ATM

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PIN (card reader)


.
, ,
- (fake keypad) .

( Smart Card).
Slot = .
,
video (disk drive control).
Smart Card = .
(chip) .
.
chip,

. ,
, PIN s ( Skimming).

( Multi-purpose prepaid cards).

.
Small Business Banking = .

. , ,

(tailor-made services).
. , ,
, , , ,
, , ,
,
,
,
(franchise), , ,
, ,
.


.
,
(internet and
telephone banking).
SMS, Short Message Service = .
,
(Telefax) /
internet (IP address).
160 .
(Short
Message Service Centre, SMSC)
. ,
(ome Location Register, HLR)
(roaming customer). HLR : 1)
(where subscriber is roaming) 2) (inactive)
(active)
SMSC . SMSC
(confirmation) (sent).

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Socit anonyme, SA = . ,
,
.
Socket = .

(/). , ,
/. sockets
. (bidirectional)
. WinSock (Windows Sockets)
socket API (Application Programming Interface)
Windows.
Microsoft Windows TCP/IP (Transfer Communication Protocol / Internet
Protocol).
Socrates and Leonardo da Vinci programmes =

.



.
.
.
. O
. .
, .

. ,
, .
.
,

. , , (distance learning).

(NARIC network),
ARION
Eurydice. , ,
.
6.12.94
. , .
: ) FORCE , ) PETRA
, ) COMETT , )
EUROTECHNET
) LINGUA
. , ,

.
.
, ,
(on the job training).
.
.
1995-1999.
Leonardo da Vinci II (2000-2006) 1,15
. . : )
, ,
, )
, )

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.
:
: 250.000

:

:
:
, ,
.
L.D.V. II 26.4.99
.
O
( 32 ).
)
Grundtvig
) Comenius
. 10.000
) Minerva .
Soft currency = .


.
. ,
/ .
Soft landing = . , ,
,
.
, ( 4%)
,
/ /

. ,
2% 3%. ( ard
landing).
Soft market = . ,

(wide bid-ask spreads).
Software = . /
, ,
, .
1)
MS-DOS, Windows (
Operating System, OS) ,
/, , , ,
.
Solow Paradox = .
- , ..
.
,
/
. /

www.24grammata.com


.
/.

. 7.12.2006
1995-96

.
Solvency risk = .

.
SONET, Synchronous Optical Network = .

.
10 20 .
SONIA, Sterling Overnight Index Average =
(overnight rate).
00.00 16.15
(Wholesale Markets Broker's
Association, WMB) brokers .
Sovereign bond =
(government bond).
,

(US treasury bonds), ,
, . ,
sovereign bonds
.
Sovereign risk = 1)
2)


. ,


,



.
Sovereign-Wealth Funds, SWFs = .

, , . SWFs

(hedge funds)
(private equity funds) .

. (pool of money)
,
.


2008 1,5 .
SWFs .

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20 SWFs 2008 2,1


SWFs 3 . To 70%
5 SWFs:
1) (Norways Government Pension Fund)
2) (GIK, Government of
Singapore Investment Corporation)
3) (KIA, Kuwait Investment Authority)
4) (ADIA, Abu
Dhabi Investment Authority)
5) (Saudi Arabian Monetary
Agency, SAMA SWF).
10 SWFs .
, SWFs 2012 8
2017 15 .
SWFs, ,
:
2006 (Dubai Ports World)
6 .

2007 (Qatar Investment Authority)
Borse Dubai LSE
2007 SWF CIC
(private
equity) Blackstone 10% .
SWFs ..,



. SWFs:
(Norways Government Pension Fund)
(APRF, Alaska Permanent Reserve Fund
cooperation)
(AHF, Alberta Heritage Fund)
(GIK, Government of Singapore
Investment Corporation)
(Azerbaijan State Oil Fund)

. ,

25%
.
SWFs


.
, , SWFs
2007-2008 (credit crunch)
(sub-prime mortgage loan market).
,
SWFs . ,
sub-prime mortgage
(Citigroup, UBS, Merrill Lynch, Morgan Stanley, Standard Chartered )
. , ,
, SWFs
(leverage)
.
, ,
, :

www.24grammata.com

1) Central Hujin Investment Corp


2) CNOOK Ltd (70% )
3) (China Investment Company Ltd)
4) (SFRF, Stability Fund of the
Russian Federation)
5) (SGSF, State General Stabilisation
Fund)
6) (ESSF, Economic and
Social Stabilisation Fund)
7) (FIEM,
Investment Fund for Macroeconomic Stabilisation)
8) (TNSF, Taiwan National Stabilisation Fund)
9) (Iran Foreign Exchange Reserve Fund)
10) (BIA, Brunei Investment Agency)
11) (AGFF,
Australian Government Future Fund)
12) (Temasek Holdings, the Singapore
state investment agency)
13)
() - SAR (The Hong Kong Monetary
Authority (HKMA) Investment Portfolio)
14) (Libya Reserve Fund)
15) (Algeria Reserve Fund)
16) (K.I.C, Korea Investment Corporation)
17) (KNF, Kazakhstan National Fund)
18) (KNB, Khazanah Nasional Berhad)
19) o (Nigeria Excess
Crude Account)
20) (New Zeeland Superannuation Fund) .
27.2.2008, (Deontological
Code) SWFs SWFs
. ,
, : 1)
SWFs 2) SWFs
3)
4)
6) SWFs

. 17.3.2008,
(ADIA, Abu Dhabi Investment Authority)

. 21.3.2008,

SWFs

.
SWFs ,
, , ,

. ,
,
,

. ,
(best practices) SWFs. T
25.3.2008
SWF
.

www.24grammata.com

S.p.a, Societ per azioni = . 2325


,


.

. 120.000
.
50%.
Spam or spamming =
(mail messages)

. , spamming

.
,


.
Special Drawing Right = SDR.
Special Lending Assistance, SLA = .
.
Special Purpose Vehicle, SPV = .

. ,


(Pass Through Securities)

(asset-backed commercial papers)
.
Speculation and investment = .
,
, ,
. , ,
.
.
(day trading). , ,

,
.
Spinning =
(Initial Public Offering, IPO),
,
. .
Spot date transaction =
.
Spot/Next (S/N) = (spot).
(swap) spot valeur 2
3
.

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Spread = . (bid)
(offer) ,
, . cart.

spread spread.
, spread
(risk premium).

.
. (futures),
spread .
(options),
options
, spread
. ,
.
Spreadsheet =
. ,

.
Spread trade = . ,
long short .
,
. , .
,
. (the spread) .
,
.

. ,
. , .
Square = , .
(market risk) .
(position)
short (
, ,
) long (
, ,
).
SQL (Structured Query Language) = .

(databases).
SSL (Secure Sockets Layer) = .
,
, .
. Netscape
Internet.
. (browsers)
Microsoft Internet Explorer Netscape Navigator SSL

. , , SSL,
- https: http:.
Stability and Growth Pact = .
17.6.1997.

www.24grammata.com


.
(preventive arm),
o
(close to balance or in surplus)

3%
- 60%.
, .

.

, .
0,5% .
2002-2004, ,
, , ,
3% .
. 2004
3% (, , )
(, ) .
24.6.2004
3% 2005.
, ECOFIN 5.11.2004
.
1% 2004
2005 .
.
5.7.2004 5.11.2004
3% .
, , , , .

2008 .

2004. 16.11.2004 ECOFIN
(2005 2006) 3%. ,
11 25 . .
2007

1,5% 2006 0,8%
2007 0,9% 2008.
,
68,6% 2006 65% 2007
2008.
, 2005,
.
.


3%
60% .
,

.
: ) (60%
)
)

,

) (one-off measures),

www.24grammata.com

,

)
(contingent liabilities)
)

(credit
rating agencies). , , 11 25 .
. ,
, 3% ,

. o . 2005 -
.
, 2005. , 20
2005
(Eurogroup)
. (ECOFIN)
(.). .
22-23 2005
:

3% - 60%.



.
, ,
0,5%

.

.



, ,
,
, ,
, ,



,

(corrective arm),
:
3 4 ,
4 6 ,

. ,
, .
,
.
20.4.2007, E
(Eurogroup)



.

www.24grammata.com

(edium-erm budgetary bjective, MTO),


,
MTO,
, 0,5% .
2008 2009 2010.
9.10.2007,
(ECOFIN)
:



(ageing populations).
MTO
.
2,
, , 0,5%
(benchmark).

,
, s.

s 2008.
s
( Stability programmes Convergence
programmes) 2009 s 4

,
, .



,

. ,

(s)
(fiscal trends).

2008 2009
. .


.
3% .

.
Stability programmes = .



( Stability and Growth Pact).

. , ,
O ..
.
ECOFIN.

www.24grammata.com

Stagflation = .
1970 : )
( ) ) .
Stakeholder =
,
, , , ,
,
.
Standard deviation = .

(probability distribution)
. 36 .

.
. ,
. ,
. ,
variance,
(the mean of the distribution)
.
Standard Settlement Instructions, SSI =


.


SSIs
.
Standard tenders = .
24

.
. O
,
( )
.
Standard & Poors (S&P)/Case-Shiller Home Price Indices =
Standard & Poors. 1980 ) Karl E.
Case ) Robert J. Shiller. Index
Committee Standard & Poor's, Fiserv MacroMarkets
LLC. 2 :
1) The S&P/Case-Shiller Home Price Indices:
2 .
(Metropolitan Statistical Areas, MSAs) .
:
1) 20 (20 major metropolitan
areas)
1) 10 .
2) The S&P/Case-Shiller U.S. National Home Price Index.
9 .
Standards and Poors (S&P) stock exchange indices =
( Credit Rating
Agencies, CRAs, Standards and Poors). :

www.24grammata.com

S&P 500 = 1923 233 . 1957


500
.
85% .
, 1
(benchmark portfolio)
. S&P Index Committee
.
S&P Global 1200 = 1200 29

S&P 500.
S&P/TSX 60 = 10
.
(futures) .
S&P/SX 50 = 50

.
S&P Europe 350 = 350 70%
17 .
benchmark
.
S&P TOPIX 150 = 150
.
(futures)

.
S&P Asia 50 = 50 70%
, ,
.
S&P Latin America 40 = 40
, , .
S&P 700 = .

, 700 S&P Global 1200


S&P 500 (1200-500=700).
S&P 100 = 100 .

100 S&P Global 1200.


Standing facilities = .
.
.
(overnight facilities).
EUROSYSTEM STANDING FACILITIES

Marginal lending facility = .



(), ,
(collateral). O E

(

)
(
).
:

www.24grammata.com

marginal lending facility on request =


.

automated marginal lending facility = .
,
E .

.
Deposit facility = . O
(overnight
deposits) .
.
E 7.30 .. .
.
Standing order = .

( O, , ,
, ).
Star Alliance =
. 14.5.1997.
SAS (Scandinavian Airlines System)
, , Lufthansa
, (All Nippon Airways Co., Ltd.) , Air
Canada , Air China Ltd , Air New Zealand,
Asiana Airlines , Austrian Airlines Group
Austrian Airlines, Lauda Air Tyrolean Airways,
bmi (British Midland Airways Ltd) Castle Donington Midlands,
EGYPTAIR , LOT Polish Airlines, TAP Portugal, Turkish
Airlines , Shangai Airlines, Singapore Airlines,
South African Airways, Spanair ,
Swiss International Air Lines, Thai Airways International , United
US Airways .
ADRIA, Blue 1 Croatia
Airlines.
StatArb funds =
. quant funds

. ,
. (statistical arbitrage)

.
statArb funds, 2007

(subprime mortgage loan market),
, ,

.
Static and semi static data = (static data)
.
(public or private keys, ).
,
, (instrument types)
, , repos , , ,
( , constant holidays calendar)
(accounting). (semi static data or semi dynamic data)
.

www.24grammata.com

(instruments),
(Standard Settlement Instructions, SSI), (clients),
(counterparties), (correspondents), (brokers),
(custodians), (interest rates, IR) (limits),
SWIFT ( , movable holidays calendar)
(user access rights).
STEP (Short Term European Paper) = .


. STEP
(Financial Market Association, ACI)
(Fdration bancaire europenne, FBE). A
STEP (STEP Market Convention)

, ,
. 14.9.2006, .
()
(STEP)

. 2.4.2007,

STEP
(non-regulated market)
(collateral) .
Step-up = .
Step-up bond

.
Step-up swap interest rate swap
(notional principal) .
Stepped-up securities
.
(callable bonds) ,
.

.
Stockbroker = .


.
.
Stock Exchange = .
, (
Commodities) ( Derivatives).
, ,
, . (stock brokers)
.

.

(listed company). ,

( over-the counter market, OTC) Nasdaq ( )
Nasdaq Europe ( Easdaq). ,
.

www.24grammata.com

(New York Stock Exchange, NYSE) 1792


, .
) Euronext, ,
, ) Integrated Markets
, .
:

Euronext
HEX Integrated Markets

Cairo and Alexandria Stock Exchange (CASE)



Eastern Caribbean Securities Exchange

Buenos Aires Stock Exchange (MERVAL)

Armenian Stock Exchange (Armex)

Australian Stock Exchange (ASX)

Wiener Brse

Afghan Stock Exchange

Belgium Stock Exchange ( Euronext)

Bolsa de Valores Caracas (Caracas Stock Exchange)

Bermuda Stock Exchange (BSX)

Bulgarian Stock Exchange

So Paulo Stock Exchange (BOVESPA)


Rio de Janeiro Stock Exchange (BVRJ)
Brazilian Mercantile and Futures Exchange (BM&F)
Maring Mercantile and Futures Exchange

Paris Stock Exchange ("La Bourse de Paris") ( Euronext) (CAC)

Frankfurt Stock Exchange ("Deutsche Brse DAX)

Georgian Stock Exchange (GSX)

www.24grammata.com


Ghana Stock Exchange

Copenhagen Stock Exchange (KFX)



Bourse Rgionale des Valeurs Mobilires

SWX SWISS Exchange

(Athens Stock Exchange)

Tallin Stock Exchange ( HEX Integrated Markets)

Zimbabwe Stock Exchange

Swaziland Stock Exchange (SSX)



LIFFE ( Euronext)
London Metal Exchange ( Euronext)
London Stock Exchange (FTSE)

Arizona Stock Exchange


American Stock Exchange (AMEX)
Boston Stock Exchange
Chicago Stock Exchange
NASDAQ
National Stock Exchange ( Cincinnati Stock Exchange)
New York Stock Exchange (NYSE)
Pacific Exchange
Philadelphia Stock Exchange

Fukuoka Stock Exchange


Hiroshima Stock Exchange
Kyoto Stock Exchange
JASDAQ
Nagoya Stock Exchange (NSE)
Niigat Stock Exchange
Nippon New Market of Hercules ( Nasdaq Japan Market)
Osaka Stock Exchange (OSE)
Sapporo Stock Exchange
Tokyo Commodity Futures
Tokyo Stock Exchange (TSE)

Ahmedabad Stock Exchange


Bangalore Stock Exchange
Bhubaneswar Stock Exchange Association
Bombay Stock Exchange (BSE)
Calcutta Stock Exchange
Cochin Stock Exchange

www.24grammata.com

Coimbatore Stock Exchange


Delhi Stock Exchange Association
Gauhati Stock Exchange
Inter-connected Stock Exchange of India
Jaipur Stock Exchange
Ludhiana Stock Exchange Association
Madhya Pradesh Stock Exchange
Madras Stock Exchange
Mangalore Stock Exchange
Mumbai Stock Exchange
National Stock Exchange of India (NSE)
OTC Exchange of India
Pune Stock Exchange
Saurashtra-Kutch Stock Exchange
Uttar Pradesh Stock Association
Vadodara Stock Exchange

Jakarta Stock Exchange (JSX)


Surabaya Stock Exchange (SSX)

Amman Financial Market


I
Iraq Stock Exchange (ISX)

Tehran Stock Exchange

Irish Stock Exchange

Iceland Stock Exchange (Kauphll slands)

Madrid Stock Exchange

Tel-Aviv Stock Exchange (TASE)

Italy Stock Exchange

Kazakhstan Stock Exchange (KASE)

Alberta Stock Exchange (ASE)


Bourse de Montral /Montreal Stock Exchange
Canadian Venture Exchange
Montreal Curb Market/Canadian Stock Exchange
Nasdaq Canada
Toronto Stock Exchange (TSE) ( TSX TSE)
TSX Venture Exchange
Vancouver Stock Exchange
Winnipeg Stock Exchange

www.24grammata.com


Amsterdam Stock Exchange ( Euronext)

Nairobi Stock Exchange

Shanghai Metal Exchange


Shangghai Stock Exchange
Shenzhen Stock Exchange

Zagreb Stock Exchange


Varadin Stock Exchange

Cyprus Stock Exchange, (CSE)


I
Kyrgyz Stock Exchange

Riga Stock Exchange ( HEX Integrated Markets)

Beirut Stock Exchange

National Stock Exchange of Lithuania (NSEL)

Luxembourg Stock Exchange

Bursa Malaysia (KLSE)


Kuala Lumpur Commodity Exchange
Kuala Lumpur Options and Financial Futures Exchange
Kuala Lumpur Stock Exchange
MESQAD

Lusaka Stock Exchange (LuSE)

Malta Stock Exchange

Casablanca Stock Exchange

The Stock Exchange of Mauritius

Bolsa Mexicana de Valores (BMV)

Mongolian Stock Exchange

Maputo Stock Exchange

www.24grammata.com


Chittagong Stock Exchange
Dhaka Stock Exchange

Barbados Stock Exchange (BSE)

Bahamas Securities Exchange

Bahrain Stock Exchange

Botswana Stock Exchange

Namibian Stock Exchange (NSX)



New Zealand Stock Exchange (NZX)

Nepal Stock Exchange



Cayman Islands Stock Exchange (CSX)

Channel Islands Stock Exchange

Faroese Securities Market ( Iceland Stock Exchange)

Nigerian Stock Exchange

Bolsa de Valores de Nicaragua

Oslo Stock Exchange



JSE Securities Exchange / Johannesburg Stock Exchange
The South African Futures Exchange (SAFEX)
A
Korea Stock Exchange

Muscat Securities Market

Budapest Stock Exchange (BSE)

Uganda Securities Exchange (USE)

www.24grammata.com


Ukraine Stock Exchange

Toshkent Stock Exchange

Hyderabad Stock Exchange


Islamabad Stock Exchange (ISE)
Karachi Stock Exchange (KSE)
Lahore Stock Exchange (LSE)

Palestine Securities Exchange

Bolsa de Valores de Lima

Warsaw Stock Exchange (WSE)

Euronext Lisbon

Bucharest Stock Exchange (BVB - Bursa de Valori Bucureti)


Rasdaq

Moscow Interbank Currency Exchange (MICEX)
RTS Stock Exchange

Saudi Arabia Electronic Securities Information System

Belgrade Stock Exchange (BELEX)

Singapore Commodity Exchange (SICOM)


Singapore Exchange Derivatives
Singapore International Monetary Exchange
Stock Exchange of Singapore (SES)

Bratislava Stock Exchange (BSSE)

Ljubljana Stock Exchange (LJSE)

Nordic Growth Market


Stockholm Stock Exchange

Colombo Stock Exchange

Taiwan Stock Exchange

www.24grammata.com

T
Stock Exchange of Thailand (SET)
Market for Alternative Investment (MAI)

Dar-es-Salaam Stock Exchange (DSE)

Jamaica Stock Exchange

Istanbul Stock Exchange (ISE)



Trinidad and Tobago Stock Exchange

Prague Stock Exchange (PSE)

Tunis Stock Exchange

Philippines Stock Exchange (PSE)

Helsinki Stock Exchange ( HEX Integrated Markets)

Scopja Stock Exchange

Santiago Stock Exchange



Stock Exchange of Hong Kong (SEHK)
Hong Kong Futures Exchange
Stock Exchanges indices = .
(market capitalisation),


.

, , . , ,

.
.
.
:

CMA General Index (CCSI)

MerVal BURCAP

ASX All Ordinaries

ATX (index) WBI

Bel 20 BGOLD

www.24grammata.com


General index

Ibovespa - Bovespa Index IBX - Brazil Index (100 companies) IBX50 - Brazil Index (50
companies) IBVX-2 - Valor Bovespa Index (with Valor Economico, newspaper) IEE
(index) - Electric Power Index IGC (index) - Special Corporate Governance Stock Index
ITEL - Telecommunication Sector Index

CAC 40 MidCAC SBF 250 SBF 120 Seconde March Nouvelle March

XETRA DAX TecDAX NEMAX 50 (Neuer Markt) MDAX SDAX HDAX Prime all
Share Classic All Share

KFX KAX KBX KFMX

Swiss Market (SS) SPI SNMI

FTSE/ASE20 FTSE/ASE MID40 FTSE/ASE SMALL 80 FTSE/ASE140 Morgan


Stanley Greece Index

Dow Jones Industrial Average Dow Jones Global Titans Dow Jones Transportation
Average Dow Jones Utility Average Dow Jones U.S. Large Cap Growth Dow Jones
U.S. Large Cap Value Dow Jones U.S. Small Cap Growth Dow Jones U.S. Small Cap
Value Dow Jones U.S. Total Market.
NASDAQ Composite NASDAQ 100 NASDAQ Financial -100 Index NASDAQ
National Market Composite Index NASDAQ Bank Index NASDAQ Industrial Index
Standards and Poors (S&P) 500 S&P 500/BARRA Growth S&P 500/BARRA Value
S&P Midcap 400 S&P Midcap 400/BARRA Growth S&P Midcap 400/BARRA Value S&P
SmallCap 600 S&P SmallCap/BARRA Growth 600 S&P SmallCap/BARRA Value 600
Wilshire 5000 Total Stock Market International S&P Asia 100 S&P Europe 350 S&P
Global 100 S&P Global 1200.
Russell 1000 Growth Russell 1000 Value Russell 2000 Russell 2000 Growth
Russell 2000 Value Russell 3000 Russell 3000 Value Russell MidCap Russell
MidCap Growth Russell MidCap Value.

FTSE 100 FTSE 250 FTSE All Share FTSE Fledgling FTSE AIM

Nikkei 225 Nikkei 300 Topix Core 30, Large 70, Mid 400, Small 500 and new Topix 1000.

BSE SENSEX 30, 100 200 CMIE COSPI NSE-50 ( ``Nifty'' )

Jakarta Composite IHSG LQ-45 JII

ISEQ ISEQ Overall Financial General Small Cap ITEQ

Madrid General Index (SMSI) Ibex 35

TA - 100

MIBTel MIB (index) MIBR MIB 30 MIB30R midex mibstar NUMTEL NUMEX
NUMEXR

S&P TSX indices: Composite, Composite GICS Sectors, 60, MidCap, SmallCap, 60 Capped,
Capped Sector Capped Composite TSX Legacy indices: 100, 100 Sectors, 200, 35,
300, 300 Group Subgroups.

AEX General AMX CBS All Share

Shanghai Composite

www.24grammata.com


KLCI KLSE Composite

IPC INMEX

NZSE 50, NZSE 40, 30, 10

OSE All Share (OSEAX)



DJ South Africa Stock Index.

Seoul Composite (KS11) KOSPI 200 COSPI Composite.

BUX

Karachi (KSE) 100

Lima General INX

WIG WIG 20 NIF WIRR

PSI 20

Moscow Times (S).

Straits Times (STI) All Singapore BT-SRI SG Foreign Mainboard.

SAX

Stockholm General (SXAXPI) OMX



CSE All Share.

Taiwan Capitalisation Weighted Stock Index (TAIEX).

SET Index SET 50.

ISE National100 (XU100).



PX 50

All shares PHS Composite.

HEX 20 HEX 25.

IPSA IGPA DJ Chile Stock Index.



Hang Seng HSI-Commerce and Properties HSI-Finance HSI-Utilities HSI-Properties
Hang Seng China Enter Index Hang Seng MidCap 50 Index Hang Seng China-Aff Corp
Index Hang Seng 100 Hang Seng IT Index Hang Seng IT Portfolio Index.
:

31.12.2008
26.6.2009
14.198,10
8.668,39
8.472,40
Dow Jones 30
(intr.high)
()
(11.10.2007)
5.464,43
2.451,48
2.389,91
Dow Jones EURO
STOXX 50
(6.3.2000)

www.24grammata.com

NASDAQ Composite
()
Standard &
Poor's 500
FTSE 100
( )
FTSEurofirst 300
Xetra DAX
()
IKKEI 225
()
()

5.132,52
(10.3.2000)
1.565,15
(9.10.2007)
6.950,60
(30.12.1999)
1.704,96
(9.4.2000)
8.316,16
(7.3.2000)
38.916
(28.4.2003)
6.355,04
(17.9.1999)

1.577,03

1.829,54

890,64

920,26

4.434,17

4.252,57

831,97

845,71

4.810,20

4.776,47

8,747,17

9.877,39

1.786,51

2.162,65

Stockholder = ,
(American Depositary Receipt, ADR) .

.
Stock market = .

.
.

2008 51 . ,
480
12
.

(notional values)
.
Stock-option = 1) .
, ,
(call option) (put option)

2) Employee stock option call option




.
, .

. ,

.
.
2002.

.

(subprime mortgage market)
2008
.

www.24grammata.com



.
Stock split =
.

. )
. ..
21
7 , )
. ..
105 (:3) 35 .
1990-95 2.500 ,
1996-98 2.200 1999 500. O
split

. , split
.
Stop loss =
. .

20% .
, 20%


.
.
STOXX Limited = (Deutsche Brse),
Dow Jones & Company SWX Swiss
Exchange Group ,
Dow Jones STOXX indices. 1998
.
.
Straddle = call option (
) put option ( )
.

. straddles
.
( ).
straddle
. :
straddle long:
(call option)
(put option).

straddle short:
(call option)
(put option).
.
.
Straight-Through Processing, STP =
,

www.24grammata.com

.
(STP)
, Front, Back Middle Office .
Strangle = (option)
put call option
out of the money,
.
.
Strap and strip = (option).
Strap call options put option.
Strip call option put options.
(underlying instrument),

.
Strategic Risk = .
,

. ,
.
,

, ,
, .

.

.
.

. ,
, , , ( . internet
banking) . ,
,

business plan
.
Stress test = . :
X .
.
.

.

, , ,
, ,
.

(value at
risk, VaR). : )
)

)
)
. stress test
Federal Reserve System
.

www.24grammata.com

7.5.2009 stress test


74,6
. Bank of America Inc 33,9
Wells Fargo 13,7 , GMAC
11,5 Citigroup 5,5 .
Y
. ,

.
:
) (servers) (database)
) (clients)
)
) .
,
,
(reports loading).
,
.

.
Strict second best = .
, ,
(the optimum and the first best choice)
.

, ,
. ,
2007, 3,1%,
2%, ()
.
, , ,
,

, : )
(MRO) 4% )
.
(the strict second best choice)

.
Stripped securities and STRIPS = stripped securities
(). ( zero coupon bond)
.
STRIPS (Separate Trading of Registered Interest and Principal Securities)

. , STRIPS

1.000 .
Structured bond = Structured financial products.

Structural funds = .
4 :
1) European Regional Development Fund, ERDF (
, ). 1975
. .

.

www.24grammata.com

50% 30%
. ' ()
55% ' 68%.
2) European Social Fund, ESF ( , ).
123-128
.


.
,
. ' 26%
' 18%.
3) Guidance Section of the European Agricultural Guidance and Guarantee Fund
GS/EAGGF (
, Section d' orientation de FEOGA).
30 .

, . '
19% ' 13%.
4) Cohesion Fund ( ).
O .


90% .
, , .
. O
80% 85%
.
(ERDF,
ESF, GS/EAGGF) 4% .
Structured financial products = .



. Structuring
, , .
,
, ,

.
(Interest Rate Related Notes,
Bond Linked Notes), (Equity Related Notes),
(Currency Related Notes), (Commodity Related Notes)
(Credit Related Notes).
(Futures, Options, Swaps) (Credit Linked
Notes, Credit Default Swaps, Total Return Swaps).
:
" (capital guarantee products).

. ,

. 3.000
" (securitisation)

" (Collateralised Loan Obligation, CLO),
" (Collateralised Mortgage Obligation, CMO),

www.24grammata.com

" (structural bond).



Euribor, Libor, Standard and Poors 500
-

(futures) (options)
(FRAs) . ,

.

.
: )
(liquidity risk)

(capital
loss) ) ,
(interest rate risk). ,

" (stripping)
.
(principal only, PO) ()
(interest only, IO)
"
(callability)
(prepayment option)

" swaps synthetic swap,
" (exotic options)

" (syndicated loans)
" .
. (. - )
"

" 100% 100%




.
Structured Investment Vehicle, SIV and SIV-lites = .
(credit arbitrage fund) CDOs
Conduits ( ). 1 30 .

. : ) SIV

) SIV
. ,

. , SIV
(commercial papers)
Libor. ,
(Asset-Backed Securities, ABS)
. ,
(mortgages) (credit card loans),

www.24grammata.com

(student loans) . ,
0,25%
.
SIV-lites .

(subprime mortgages). ,
SIVs .
Subnet = .
.


.
, (LAN).
Subordinated debt = .
,
.

Subprime mortgage loans, credit crunch and economic crisis =


, . Subprime
mortgage loan

prime rate. Credit crunch
2007 2008
.
2008


.
subprime loan ,
,

. ,
2 3
.
(subprime
mortgage loans). ,
500
1.200 .
subprime mortgage loans
69% .
2007, ,
13,46% subprime mortgage
loans . ,

.


(securitisation)
. 2007,
.
. ,

,
, . ,

.
,

www.24grammata.com


.
,
(over the counter),
(credit default swaps). ;
,
.


. , ,
,

(Asset-Backed Securities,
ABS), (ssetacked Commercial Paper, ABCP), (Collateralised Debt
Obligations, CDOs),
(Pass hrough Securities)
(Pay-Through
Securities) (foreclosures)
,
(hedge funds). T 2007
.
(liquidity crisis)
(crisis of confidence)
(credit crunch).

, .

.



.
2008,

(sub-prime mortgage market) : 1)
,
.
,
2) 1.000.000
3)
, ,
(hedge
funds) . 180
G7 2008
400 (IMF)


1990 1999
945 . 4)
7 5) 100.000


5.000.000
.
. 14 2008
Lehman Brothers
.

www.24grammata.com


(financial crisis)


.
.
T 17.9.2008 (Federal Reserve System, FED)
American
International Group (AIG) 18.9.2008
, FED, , ,

.
25.9.2008, Federal Office of Thrift Supervision
(FOTS) Federal Deposit Insurance Corp (FDIC)
Washington Mutual Inc (WaMu),
4
.
29.9.2008

, , , , , ,
, .
.
Bradford and Bingley, Glitrir Bank, Hypo Real Estate Group, Fortis Dexia group. ,
Wachovia .
3.10.2008 700 (Trouble
Assets Relief Program, RP) .
. 6.10.2008

15%.
8.10.2008 0,50%
Federal Reserve, European Central Bank (ECB), Bank of
Canada, Bank of England, Sveriges Riksbank Swiss National Bank.
,
.
Icelandic Financial Supervisory Authority
Glitnir (29.9) Landsbanki (7.10) 9.10
Kaupthing
.
.
8.10.2008
400
. : )
50 ) 250
) 100
. , Federal Reserve
37,8 AIG.
85
.
9.10.2008 ,
DEXIA.
60,5% , 36,5% 3%.
,
4 (29 )
. 10.10
Yamato Life Insurance Co 2,7
.
12.10.2008
,

www.24grammata.com

,

o .
13.10.2008 , FED, ,
,
.
, 7, 28 84 ,
. ,
(swap lines) FED . ,
Mitsubishi UFJ Financial Group Inc (MUFG)
9 21%
Morgan Stanley .
15.10.2008
UBS
6 (5,3 )
. ,

28

.

.
21.10.2008
(Foreign
Exchange Swaps) 10,5
6

. 21.10
11
. FED
540


.
22.10.2008
80 ,

.
24 2008 .

, 24.10.2008
hedge
funds
.
26.10 (IMF) 16,5
2


60%.
29.10 IMF 15,7
(12 ) 17 .
8,1
1,3 .

.
15.11.2008 G20
30 2009
.

www.24grammata.com

24.11 Citibank
306
.
26.11.2008
,
200
- ..
1.12.2008 )
Royal Bank of Scotland (RBS) 58% 15
(23 ) ) JPMorgan Chase & Co
Washington Mutual Inc 9.200
4.000 .
21% 2008
43.198 . JPMorgan Chase & Co
Washington Mutual
.
11.12.2008 Bank of America Corporation
30.000 35.000
Merrill Lynch & Co
.
14.12.2008
3,8 Bernard L. Madoff Investment
Securities LLC 70
Bernard L. Madoff 11.12
.
16.12.2008 FED
(FED Funds Rate) 0,75%
0% 0,25% (Discount Rate) 0,75%
2,25% 1,50%. (zero interest
rate policy).
22.12 71
.
150 .
30.12

. 5 GMAC
General Motors 1
General Motors
GMAC. 16.12
General Motors Chrysler LLC 17,4
. GMAC 7,9 5

.
31.12 Federal Reserve System (FED)

MBS (Mortgage-Backed Securities) 500
2009
.
13.1.2009

.

.
.
Financial Times
.
3.2.2009
26

www.24grammata.com

1
(8,62 ) .
11.2 2009
.
11.2
789
.
, 13.2
42 (27,4
).
17.2
.
Moody's
.

1,2 80% ,

.
(International Labour Office, ILO)
2007 325.000

2008 .
, (World Bank),
(European Bank for
Reconstruction and Development, EBRD) (European
Investment Bank, EIB) 26.2.2009 25

(eastern and central Europe)
.
5.3.2008 ) 0,50%
.
2% 1,50%. )
(Monetary Policy Committee, MPC)
50 0,50%
75
.
5.3.2009 Citigroup,
,
, 99 ,
85% .
: ,
, 58% 54%
1929 1931, 1929. .
, (
) 6 , 50%
2007.
6.3
Lloyds.
12.3

. reverse auction
75 .
Lloyds.
18.3 FED,
,

1,45 .

www.24grammata.com

19.3 ., ,

7, 28 84 .

: , ,
,
John Maynard Keynes
1929.




.
, ,
, .
(moral suasion)
.
(bonuses)

. ,
(golden boys) ,
. , ,
Niall Ferguson, o Willem Builters Maverecon, o Paul Romer, o Joseph Stiglitz, o Robert
Hall, Suzan Woodward George Soros
(the good bank)

.
golden boys


. , ,
. ,

.
.

,
.
,

(9 2009)

.
, ,
. . ,
, .
, ,
,
. ,

,
, .
,
,
. ,

.
.

,

www.24grammata.com

.
. , - .
,
FSA. -, , .
.
, ,
,
. ,
, . ,
, .
. , ,
,
, .. - ,
.
,
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.
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,
. , ,
. , ,
(.. ,
, ),
.
, , : ,
,
, ,
.
, ,
,
. , ,

.
..

(emergency liquidity assistance).

. , ,
, .


, ,
, .
,
, .

. , ,
,
.
, ,
.
Northern Rock . , ,
,
,
. ,

Bear Stearns,
. ,
FED, .

www.24grammata.com


.
.
,
,

.



. ,
, . ,

. , ,
. , ,

. , ,
.

.
- - .

.
. .
. , ,
.
.
,

(risk warnings). ,
. , ,
,
. , ,
(procyclicality). ,

.
/ ,

, .

: 1)
,
2) ,
,
3)

4)
,
.
fora,
. de
Larosire,
.
, : )
, (European
Systemic Risk Council),
.

,
- .

www.24grammata.com


. ,

,
, )
- ,
(European System of Financial Supervisors).

, ,
)
, .
,

(Credit Default Swaps).
. , .
, , . , , .
.
. ,
,
, ,
,
. ,

. .
,

.
:
.

(SCECBU) 1990
,
.

. , ,
SCECBU
.
.
.


.
.
2009


.
23.3.2009:
(Public Private Partnership
Investment Program)
75 100
TARP funds
private equity .

(Federal Deposit Insurance Corporation, FDIC),
TALF FED
.,
Dow Jones
.

www.24grammata.com

29.3.2009: : 29 2009

(bail out) Caja Castilla la Mancha.

.
9
.
.
2.4.2009:
(G20 Summit), 2 2009 ,
1,1
, (International Monetary Fund, IMF)

. ,
. , G20
500
(Special Drawing
Rights, SDRs) 250
. , 100

(European Bank for
Reconstruction and Development, EBRD) 250
.

(Financial Stability Board, FSB)

(Financial Stability Forum). FSB
G20, Forum,
. G20
2010,
(hedge funds),
- ,
(leverage)
(bonuses).
G20 5
2010.
6.4.2009 Federal Reserve , ,

(currency swap agreements) ( $107bn), ($100bn),
($44bn) ($35bn)
.
UBS,
, 2009 2
($1.74 billion) 15.4 CEO
8.700
.
27.4.2009, .
COFIN ,
, .
.
4.5.2009 .
11,50% 2010
.
2010. 4% 2009 0,1% 2010
.


,
27.

www.24grammata.com

7.5.2009, . )
25
1,25% 1%
50 2,25% 1,75%
0,25%. ,
( 2008)
325 )
(euro-denominated covered bonds issued in the
euro area) 4.6.2009
) (European Investment Bank)

8.7.2009 ) (full
allotment) 12
(longer-term refinancing operations with a maturity of 12 months).

23.6.2009
.
premium .
7.5.2009 stress test FED

. stress test
74,6 . Bank of America Inc
33,9 Wells Fargo
13,7 , GMAC 11,5 Citigroup 5,5
.
11.5.2009
2009 89 ,
(corporate bailouts).
T 20 21.5
.
.
22
(). Angel Gurria
" ",

.
,
. ,

.
27.5
,
: 1) :
,
2009. .

2) : ,
' .
: ,
. 3) :
,
.
2010. 4) :

. , 179
.
1.6.2009 General Motors (GM),
100
. GM

. 172,81

www.24grammata.com

82,29 .
: Lehman Brothers Holdings 15
2008,
, 691
Washington Mutual 26 2008 327,9
. ,
,
. :
60%, 12,5%, UAW 17,5%
10%.
. ,
GM 9,5 .
11
, 21.000 .
14.6 G8,
( ),
15.6

2010.


283 2009 2010 366
.
. (Eurostat) 15.6
2009 1,22
1,2%.
21.6


.
22.6
" "

2009 2,9%
1,7%.
Subsidiarity, Conferral, Decentralisation and Proportionality principles =
,
, . :
Principle of subsidiarity = .


,
,
, .
Principle of conferral = . H

.

.
.
Principle of decentralisation = .

. ,

.
.

,

www.24grammata.com

.

( TARGET)
19.11.2007 19.5.2008

( TARGET2).
.

.
Principle of proportionality = .To

.
Supermarket banks =
.
. O .
300

. ,
,
. O
: )
(), )
,
(, , , )
, )

( ).
supermarket
banks .
Supply chain = .
, .
. ,

, ,
.
Support and resistance level = .

.
Support level .
.
.
Resistance level
, .
Survey of Professional Forecasters, SPF = ECBs Survey of Professional
Forecasters.
Suspense account = .

, , .
. memo account.
.
,
suspense account.
, suspense account
. , ,

www.24grammata.com


.
Symmetric and asymmetric returns = .

. . (forwards)
(futures) . ,

. , (options)
. option .
in-the-money
(call option)

(put option)
. ,
option
.
Syndicated loan = .
.
, -
.

.
.



.

.
: ) (direct loan syndicate)
)
(participation syndicate)
. ,
.


.
Synergies = . O

.
.
,
.
Synthetic financial instrument = .
.

. , asset swap (
Swap)
.
Synthetic swap or deposit swap =
.

.
O spot
pre-spot .

www.24grammata.com


. 10%.
O

.
.


.
. O

.
: () 8
: ) valeur 9 2.970.506
392.106.792 , ) 12
1 = 132 ,
.
, , 1,18%. 12
392.106.792 1,18%, 20%
395.808.280 132 =
2.992.551 . AEAK : 2.992.551 2.970.506
= 22.045 .
.
Systematically important payment systems =
.
.

.
Systematic internaliser = .
,
(Regulated market)
(Multilateral trading facility).
Systematic risk = .
(correlated with general market moves).
.

.
(diversification)

,
. ,

,
.
Systemic risk = . O

o
. O

,

. :
)

)
.

www.24grammata.com


.

)

.

Swap = .
spot ( )
. swap :
) (short leg) ) (long leg)
. Swap rate
(spot rate) (forward rate) .
swap
. (plain vanilla swap) :
1) Asset swap =
. swap :
)
spread
Libor .


) .
asset swap
.
, swap
swaps.
2) Basis swap =
. , swap Libor
Libor.
.
3) asket Default Swap (BDS) =
.
.
4) Bond swap = .
.
,
.
5) Constant Maturity Swap, CMS = . swap
swap
.
6) Credit Default Swap, CDS =
.
.
,

,

.
.
, , ,

.

.
, .
Credit Default Swaps 2008
20 .

www.24grammata.com

7) Currency swap = . swap



. To spot
(forward). ,
: 1) ,
2) , 3) ,

. ,
.
(base currency), . , currency swap ,
, . , ,
. , .
cross currency
swap.
8) Deferred swap = . swap

.
9) Engineered swap = . (spot)

(forward)

.
10) Equity Swap =
,
. ,
. ,
(notional amount)

Libor . swap
100% ( )
(realised gain or loss) . To equity swap
(leverage),
(withholding tax)
.
11) Foreign exchange swap = .

.


(short term foreign exchange swaps)

(long term foreign
exchange swaps).
. ,



. ,
(unrealised losses)

31 .
12) Forward swap = . swap
swaps,
. swap
.
,
, swap
,
forward swap .
13) Interest Rate Swap (IRS) = .

www.24grammata.com

(pay fixed)
(receive floating)
(notional amount).
Libor. IRS

(outright positions).

.

(net result).
.
.
swap
.
.
IRS ) (over-the-counter, OTC
instruments)
) )
.
market
maker
.
. swap rate floating
rate Libor, Euro Libor o MRO
. IRS
12 Libor rates
12 swap rates.
Swap spread swap rate
.
.
swap spreads . ,
(steep) (flat).
interest rate swap:
) Amortising interest rate swap, AIRS .
() () .
) Basis swap.
. swap 1 USD Libor
6 USD Libor. , , swaps
.
CD rates, Cost of Funds Index (COFI), Commercial Paper (CP), uribor, Fed funds,
Libor, Prime Treasury Bill (T-bill).
) Cross currency interest rate swap (CCIRS) plain vanilla swap. interest rate
swap

. ,



.
) Differential swap Libor

) Overnight Indexed Swap, OIS =
. interest rate swap : )
.
interest rate swap
)
(overnight rate) EONIA (Euro Overnight Index Average)
SONIA (Sterling Overnight Index Average)
interest rate swap

www.24grammata.com

. OIS
.
) Putable swap. E (interest-rate swap)

.
) Quanto swap cross currency basis swap floating for floating swap. interest
rate swap
.
.
) Step-up swap (notional amount)
.
14) Liability swap = . swap

.
15) Substitution swap = .

,
.
16) Total return swap = .
,



/.
.
Swaption = option interest rate swap
, , interest rate swap
.
.
SWIFT = (Society for Worldwide Interbank Financial Telecommunication).
. 1973
.

,
(interface software). SWIFT
TARGET2 . 2006,
SWIFT 7.800 , (brokers)
200 . 1.737
, 406 406 .
2005, 2,3
10 .
(Board) 25
. o .
(Executive Steering Group, ESG)
,
.
SWIFTNet = SWIFT. 15.8.2002
FIN - SWIFT
TCP/IP (Transmission Control
Protocol on top of the Internet Protocol, ). FIN
SWIFT
. SWIFTNet
(single window). ,
. SWIFTNet
(Continuous Linked
Settlement, CLS) ,

www.24grammata.com

(SWIFT's FX confirmation matching service),


(Internet Clearing and
Settlement (iC&S) at the New York Clearing House) STEP2
. Swiftnet
Web site
.
, .
Switch = ,

,
.
: 1)
. switch ,
.
(bandwidth)
(clients), (servers)
2)
(LANs) 3)

.
,
.
(router),
.

.
Switching = 1)
.


2)
,
.
. , switching
.

www.24grammata.com

T
Tail = 1) -
2) repos,
(tail) reverse repo
repo
reverse repo 3)
.
Tail risk = .
,
.
American International Group (AIG)
FED
17.9.2008 85 2
11,4% .
Tailor-made banking services =
,
. private banking
(numerus clausus) ,

.
Takeover = .
. ,
(friendly takeover, ), (hostile takeover, )

.
.
10%, 20% 35%.
Tandem system = .
(CPUs),
.
TANKAN INDEX = Tankan TANKI
KEIZAI KANSOKU CHOUSA
.
(
, Bank of Japan) (, ,
).


. .
. , ,
.

.

.
: 1) ,
. 220.000
10.000

www.24grammata.com

30 , 16
14
, 2)
Tankan.
: ) )
.
Tankan

.

TARGET (or TARGET1) =


(Trans-European Automated Real-Time
Gross Settlement Express Transfer system).


.
RTGS ,
(ECB Payment Mechanism, EPM)
(interlinking system). TARGET (RTGS)
(.I), , . ,
.

,

, ()

. TARGET1 2007 2008
TARGET2 ( ). 2007
, 1072 TARGET1
,
, TARGET1 52.800
.
TARGET1, 1999,
10% . 2007 , ,
360.000 2,4 . TARGET1
89% 61%
.
TARGET1 2007 6,4 . 64%
50.000 .

TARGET2 = TARGET1.
T TARGET1 . H
EKT
(interlinking system). /
. ,
RTGS ,
.
2001
. 24.10.2002
:
) ARGET2
(multiple-platform system) (core service)
.

)

) .

( )

www.24grammata.com

.
(RTGS)

) ARGET2
.


)
.
,

.. ,
2007 (
)
) ARGET2
, ,
(single shared platform, SSP)
.
,


)
.
.

/ ,

) ARGET2
,
,
) ARGET2 : 1)

(ancillary systems)
. 2)
ARGET
3) (
) ARGET

ARGET2
) ,
(additional services)
) (interface) ARGET2,
, . SWIFT
.
ARGET.
(ancillary systems)
ARGET.
inhouse ARGET2 SWIFT
)

)

) ARGET2


)
.

www.24grammata.com

. . (1-5-2004 1.1.2007)
ARGET2,
RTGS,
.
, ARGET2 :
y
y


y (owners)
y

y

y
(business relations)
y ARGET2 (harmonised
interfaces) ( , )
y FIFO (First Input First Out) by
passing
(in the queue).
FIFO (highly urgent
payments)
(urgent payments) .
y ARGET2

(business continuity) ,
.
,
(two regions four sites) .
,
. (intra-regional recovery)
.
.
(inter- region recovery)
.
(SSP)
. . ,
. 16.2.2004 .
.

TARGET2

()
TARGET2. ,

. , TARGET2.
.
. .

TARGET2
:
)
(Payment Module, PM of the SSP), (Information and
Control Module, ICM), (Static Data, SD Management
Module) (Contingency Module, CM).
) (Liquidity Pooling),
(Limits) o (Liquidity
Reservations).

www.24grammata.com


:
) (Standing Facilities
Module, SF) (Reserve
Management Module, RM)
) (Home ccounting Module,
HAM).

, HAM
, HAM RTGS,

(Standing Facilities).
:
) (Monitoring), CROSS
, ,
(storage, archiving, files for billing calculation) (Static
Data, SD specific consultation/updates by the CBs)
) (CRISP), (CRAKS1)
(CRAKS3).
, ()
HAM RM.
() (Proprietary Home Account, PHA)

. , PHA
(SSP) .
(PM)
RTGS
PM.
. ,
(Standing Facilities Module, SF), (CRISP),
(CRAKS1) (CRAKS3).

. TARGET2
. ,


. TARGET2
SWIFT FIN Y-copy. TARGET2
,
.

TARGET2
TARGET2 :
1) (Direct participant)
TARGET2:
)
(), )

) .

) .
)
)
.. ,
.
,
TARGET2.

www.24grammata.com

ARGET1,
.
(Payments
Module, PM) (Single Shared Platform, SSP) TARGET2
: )
/ )
.

TARGET2 ,
.
2) (Multi-addressee access)
TARGET2,
,
,
, /
/ .
.
.
TARGET2.
3) (Indirect participant)

.
, ,
TARGET2
. ,

.
(PM of the SSP) .
TARGET2.
.
.
4) (Addressable BICs)
.
BIC
(directory) TARGET2, .
,
.
.

BIC TARGET2.
, BIC
. BIC
.

(PM of the SSP).
, ,
BIC ,
TARGET2 , ,
Settlement Finality Directive (SFD). , TARGET2
BICs.
BICs
TARGET2.

(Ancillary Systems Settlement)



,
TARGET,
(Continuous Linked Settlement, CLS), .
TARGET2
.: 1) ,

www.24grammata.com


() 2) ,


.
(Ancillary System Interface),
: 1)
2)
3)
.
: 1) SWIFT 2)
SWIFTNet services 3)
. :
)
) .

, ,
, ,
(settlement bank).

TARGET2 2008
TARGET2
500.000 296.306 TARGET1 2005
81,3
. , ,
2005 10.564

TARGET1 53.000.
2006, : 1)
( 2008 2009),
93,1 2)
6 650 .
: )
3% 2002-2004
TARGET
(Continuous Linked Settlement, CLS)
) 2005
8,27% 2006 10% )
EAF 2001 SPI
2004 60%
TARGET.
PNS CHAPS Euro.
2008:
2008 TARGET2 94.711.380 93.375.701 2007
1,03%. 2008
369.966 366.179 2007. 2008
682,780 616,731 2007
10,28%.
2008 2,667 2,419 2007.


, ,
(optional services)
(single shared platform, SSP).
(Payment and Settlement
Systems Committee, PSSC)
help desk TARGET2

.

www.24grammata.com


TARGET2,

.
: )
TARGET2 )
0,80 ) ()
0,25 .

TARGET2,
.

(core service) .
2005
: : : 100
: 0,80 : : 1.250
: 1 10.000 : 0,60 .
10.001 25.000 : 0,50 . 25.001 50.000 : 0,40
. 50.001 : 0,20 .
.



. , 2006,
:
(core service)

: 100

: 1.250

: 0,80

:
1 10.000 : 0,60
10.001 25.000 : 0,50
25.001 50.000 : 0,40
50.001 : 0,20
100.000 : 0,125



.
(Pricing of ancillary
systems)
2005, .
(Ancillary Systems, AS) TARGET2
(fixed fee) (transaction fee)
. PM (Payment
Module)
(interface)
. 2006,
(fixed fee) :
1)
(. )

www.24grammata.com

AS. 12.000
AS
2)
. AS.
5.000 50.000
.

(net systems)
3) . : 0,80
( )
( ). ,
( )
.
(100 1.250 )

.
, :


1 A)

1 B)

1,250

100

()
:
1
2
3
4
5

:
0
5,001
12,501
25,001
50,001

:
5,000
12,500
25,000
50,000

:
0.60
0.50
0.40
0.20
0.125

2) I: ( )
M

:

1,000

3) II: (
)
(
/):
0-1,000
1,001-2,500
2,501-5,000
5,001-10,000
10,001-50,000

:
5,000
10,000
20,000
30,000
40,000

:
417
833
1,667
2,500
3,333

, : )

.
(RTGS
) TARGET2 )
ACI (Ancillary
Systems Interface)

) TARGET2

www.24grammata.com

0,80


(home accounts)

. , TARGET2 ( 2007)

( 4 ) :



.


.
TARGET2:


(Direct participation)

BIC
100 1.250 (
).

80 BIC BIC

(Multi-addressee access).

PM (Payment Module)

(BIC)

30 (BIC)

(Unpublished account in the PM

of the SSP).
, 20
65
TARGET2 BIC
.
(Pricing of transactions on
home accounts)
2005

PM (Payment Module)
. , . ,
TARGET2,
4 ,

TARGET2.

TARGET2 (home accounts)
100 0,80 .
, ,
,
. , 0,125
0,80 ( )

.
(Pricing of liquidity transfers)

www.24grammata.com


SWIFT MT202 XML
PM (Payment Module)
. TARGET2
PM. ,
(home accounts),
.
( 2008).
(Liquidity pooling services)

(core service). TARGET2
.

.
TARGET2

:
n (Aggregated Liquidity, AL)
(virtual account, VA)


. ,
.
2.400 . 2
(CAI option).
o (Consolidated Account Information,
CAI).
(group
manager) .
1.200 .
,
RTGS .

.
PM (Payment Module)
CAI. , CAI
PM
.
- , ,
. , CAI
AL, AL
CAI. , : 1)
CAI AL 2)
CAI AL
AL.


ARGET2 :
Pre-project phase ( ): 2002- 2004.


.
Project phase ( ): 2004- 2005.



Testing and trial phase ( ): 2006- 2006.

www.24grammata.com

2.1.2007: .
(live production)
19.11.2007 15.11.2008.



2005.
SSP 2005 2006. 2006
(tests).
.
(migration) bing bang
. TARGET2
2007.
.
2005 :
2.9.2004 .
TARGET2 : ) Level 1:
. ,
) Level 2: (Payment
and Settlement Systems Committee, PSSC)

. ) Level 3: (, )
(SSP)
.

2 3.
RGET2 2005 2008
:
1
2
3

4
5

7
8

2005-2008

.
30 2005

(User
Detailed Functional Specifications UDFS).
2006
(SSP).


RGET2.
1.2.2007 2007

(SSP Acceptance testing) .
} :
(User testing)
2.5.2007. 6 .
(ational Central Banks)
} :
Connectivity and Interoperability tests.
1.7.2007
2007
} :
(User testing)
2007

} :
Country and Business day tests.
6.10.2007
} :
17.1.2008
29 30 2007


(Rehearsal of the first changeover weekend).
2007
(Acceptance tests) 6
2005

www.24grammata.com

(6 new technical releases)


(corrective
patches).
9
2007
(Acceptance tests)
(Enhancements)

(Information and Control Module, ICM):
Performance and failover tests (
)

(Tests on Customer Related Services
System, CRSS).
10 19 2007

:

Live Production group 1

11 18 2008

:

Live Production group 2

12 19 2008

:

Live Production group 3

TARGET1,
(home accounts) .
,

. TARGET2,


(single
shared platform, SSP). ,
. ,


.
(Proprietary Home Accounting Systems, PHAs).
(version)
TARGET2.
.
2009 . 2009
(interfaces)
(central securities
depositories, CSDs) .
.
2008,
, 378.000. ,
93,1
TARGET2 .
TARGET2, .
CHAPS-Euro Paris Net Settlement (PNS). H
60%
TARGET2. CHAPS-Euro
TARGET2
(remote
participation) TARGET2. PNS
TARGET2

www.24grammata.com

EURO1 (Euro
Banking Association, EBA).
2008, 784
. 1072
TARGET1 (1999).
: )

) TARGET2

.

TARGET1. 2007 16

TARGET1. ,
.

( 2009)
1.1.2009 .
66 TARGET2, 50
. , 2008,
(PHAs). ,

. PHAs
Euroclear Belgium , EUREX Clearing AG
, SICOI SITEME
. ,
TARGET2, STEP2 MasterCard Europe
EURO SIPS, CDCP First Data Slovakia
.
(SSP) 96%
(PHAs) 4%. 85% SSP
(flat fee option, option A) 15%
(degressive fee option, option B). H
90% SSP.
90% TARGET2
10% .

TARGET2-GR = TARGET2-GR (Greece)


TARGET2 ().
TARGET2, ,
(Single Shared Platform, SSP). ()
.,
,

(.). TARGET2-GR
:
. ,
.
TARGET2-GR : 1)
2)
3)

4)

5) TARGET2.
TARGET2-GR : )
( )
)

www.24grammata.com

)
(.) ) ().

.
, ,


. .

, .
,
.
: 1)
()
.

(minimum reserves or reserve requirements) 2)
,
3) , , : )
) )

CLS International Bank
)
, (Information and Control Module, ICM)

,

)
.
SWIFT.
FIFO (First Input First
Out) by-passing
FIFO
.
FIFO (First Input First Out)
.
.
TARGET2-GR : 1) (direct participants)
,
BIC 2) (indirect
participants)
.

3) (Addressable
BICs). .
BIC
(directory) TARGET2,
4) (Multi-addressee access).

, ,
.

, ,
. 1.000.000 .
5
.

.
.

www.24grammata.com

, E:
: ) . ,
TARGET2 ,
BIC ) .
,
M BIC. (group manager)

.
, : : ) .
, TARGET2 ,

BIC )
, TARGET2 ,
.
BIC )

BIC ) .
.
.

. .

.
,
( ) .
:
TARGET2-GR , ,
: ) 100 0,80
) 1.250
( TARGET2,
(core service).

. 80
BIC BIC .
30
BIC TARGET2.

TARGET2 20 .
BIC TARGET2,
, 5 .
,
100 . ,
200 .
( TARGET2,
(core service).
:
, ,
.
.
. , 50
, 25 4 12,50
.

.

.

.

www.24grammata.com



.
TARGET 2 SECURITIES (T2S) =
2013.

.

TARGET2
TARGET2. ,
(Central
Securities Depositories, CSDs)
(RTGS systems). TARGET2 Securities

TARGET2 (Securities Settlement
Systems, SSS). ,
(CSDs)
TARGET2 Securities. (integrated model)

. (,
) CSDs.
: )
)
)
) (collateral)
.
8.3.2007 . T2S
() , ,
. :
1) (Advisory Group, AG). .
,

2) (Technical Groups, TGs).

3) (National User Groups, NUGs)

.
,
.
26.4.2007 .
T2S
.
(User Requirements Phase). H 2
(Advisory Group, AG) 31.7 1.8.2007 50%

(User
Requirements Document). To 50%
. 20-21.9.2007
65 2 .
3 User
Requirements Document 2008
2008.
(interface) T2S ISO 20022.
. 8.3.2007
200.000.000
225.000.000 .
( , ,

www.24grammata.com

)
. .
26.4.2007 . T2S
(General Principles of TARGET2 Securities). H
31.7 1.8.2007 .
:
Principle 1.
.
.
Principle 2. T2S TARGET2
, , .
Principle 3. T2S
(Central Securities Depository, CSD)
CSDs.
Principle 4. CSDs
CSD ,
.
Principle 5. T2S CSDs

. CSDs

.
Principle 6. T2S.
Principle 7. T2S CSDs
(Settlement Finality Directive, SFD)
.
CSD T2S SFD

CSD
.
Principle 8. T2S

.
Principle 9. T2S
.
( 10).
Principle 10. T2S
. ,
.
,
(harmonised standardised interface).
Principle 11. T2S (direct
connectivity) . T CSDs
.
T2S
T2S
(settlement instructions)
.
Principle 12. CSDs T2S .
Principle 13. CSDs
T2S .
Principle 14. CSDs T2S
.
Principle 15. CSDs T2S
.
.

www.24grammata.com

Principle 16. CSDs T2S


(single calendar)
TARGET2. CSD

CSD.
.
(DvP), (automatic
lending operations), .
Principle 17. T2S
CSDs.
Principle 18. T2S (full
cost-recovery) (not-for-profit basis).
Principle 19. T2S
(European Code of Conduct for
Clearing and Settlement) ,
,
.
Principle 20. T2S CSDs
.
17.7.2008 . T2S
. 1)
2) 3) 4) (4CB)
200 .
2009 150 4
.
19.3.2009 .
TARGET2 Securities (T2S Programme Board)
1913.
T2S Programme Board .

. 23.4.2009, .
T2S Programme Board: 1) ,

, 2) , ,
3) , 4) ,
5) , 6) ,
7) , VPC AB (
) 8) ,
Crestco Ltd (
2002 Euroclear Bank. :
1) , 2) ,
3) , 4) ,
. 18

T2S.
Tax haven = .
.
.
TCP, Transmission Control Protocol = .
(IP, Internet Protocol).
TCP
.
. ,
, .
(web server) (Email server).
(world wide
web), (Email) (Secure Shell).

www.24grammata.com

TCP/IP, Transmission Control Protocol on top of the Internet Protocol = TCP (


)
TCP/IP. (Internet Protocol, IP)
, (Transmission Control Protocol,
TCP)
. TCP

. (TCP IP)
.
(Defense Advanced Research Projects Agency,
DARPA) ARPANET
.
Technical analysis = .
,
(charts)

.
(fundamental analysis, ),

.
.

(price charts).
.
, .
. ,
, , ,
.

.
= Hellenic Deposit and Investment Guarantee Fund (
).
Telebanking or phone banking = .
. O
,
,

, ...
, .
.
10% . /
, /
(modem), (PIN)
(transaction password). :
) .
(call center)


(Interactive Voice Response, IVR). , ,
/ ,
.
(Voice Recognition
System). 5 10
/.
/

. , /,

www.24grammata.com


. .
) . SMS

. /
.
Blue-Tooth
POS.

. IVR SMS.
Teleconference = .

/
.
,
(electronic teleconference learning).
(audio teleconference)
(video teleconference),
(streaming webcasting), (ipresent and data
presenter) (videoteleconference
room rental). , ,
.

.
Telematics = .
.

.
(teleprocessing), (electronic mail),
(telefax) (Global Positioning System)

. telematics tlmatique,
tlinformatique, 1978 . .
.
Television-based banking = .
Internet banking .
,
(on-line). O ,
,
.
, .
"Open"
HSBC, ,
BSKYB Matsushita.
Open.
Template = . /
, ,

.

, , .
emporary monetary policy measures or quantitative easing r non conventional
monetary policy measures or non-standard measures =

.

www.24grammata.com

,
,

.



2008 2009. ,
,
(collateral) ,

(repos and reverse repos),
,
(foreign exchange swaps)
,
.
O


.
Tender procedure = . ,

.


.
Term to maturiry = .
.
Test conditions =
.
: )
,
) (expected results).
, ,
1) ,
repos, (CDs), ,
, 2) ,
, (collateral) 3)
,
(duration, value at risk) (reports).
Test scenarios and test scripts and expected results =
.
Test scenarios

. test conditions
( ). (test cases)

(end to end) Front Office, Back
Office .
, Middle Office.
(test cases)
(expected results).
:

(expected
results). test scenarios test cases .

www.24grammata.com

est scripts and expected results



. , test scenarios
test scripts and expected results. test
scenarios test
scripts and expected results
.
TFT, Thin Film Transistor = .
(LCD), pixel ( )
.
, /
, .
, .
active matrix display.
Theta =
(option) .
.
premium option
. , premium option,
, . :
) out of the money options ( )
) at the money options (
) )
long option,
.
The 24-Hour market for U.S.A Treasury securities =

24. 23 :
08.30 . ( ) 06.30 . .
05.00 . (03.00 .
), (08.00 . G.M.T). 12.30 . ,
07.30 ..
05.30 . .
, .
dealers (interdealer brokers)
. 94% , 4%
2% .

.
29 primary dealers FED
.
interdealer brokers 90%.
Thin market = .
. , spreads
.

,
.
hird markets = . (over the counter markets,
OTC) ,
(brokers)
.
Tick = ,
,

www.24grammata.com

(. ) futures options
.
, (tick)
Universal Stock Future 0,5%. ,
1.000 , tick 1.000 0,5% = 5
.

Tier-one, tier-two assets and their substitution by the single list system as from
1.1.2007 =
1.1.2007 .

Tier-one asset
(EKT)
(collateral)
. .
()
1.1.99 .
:
)
.

.
) ,

)
) / ()

/
()

)
) O
)
.
,
: 1)

( - 20%
) 2)
3) (. )

.
.

.

,
.

Tier-two asset
()
()
(collateral) .

www.24grammata.com

.
:
) , ,
.

. .

.


()
)
)
)
) .
, : 1)


( - 20%
) 2)
3)
(. )
4)

. .
.

. ,
.

The single list. 2002 2003


(single
list) 1.1.2007 .
11.5.2003 .
10.5.2004, . .
:

X

. ,
. , 2004,
. :
)
(tier one)
)
10 (G10)
, ,
)
.

) ,
(tier two) , .
30.4.2005
)
(bank loans).

3156/2003

.

www.24grammata.com

) 14.9.2006, .
(STEP)
.
.
STEP
, ,
.
Y 1 2007
tier one and tier two system.
,
.

Z 1 2012,
(common minimum threshold)
500.000 .

,
,
. ,
: , .
,
. 30.5.2005,

. Over-the-Counter (OTC) ,

. ,
2007. 13.1.2006, .
(Fonds
communs de crance, FCCs) 1.5.2006
31.12.2008 1.5.2006
. 25.5.2007, . )
(marketable assets) 31.5.2007
(non-regulated market)

, 31.12.2009
) ,


() 4 G10.

.
31.12.2007
G10
31.12.2011.

2005,
1.1.2007 . ,
, .
.

. .
, ,
. , ,

.
,
.

,
.

www.24grammata.com


,
ad hoc .
ECAF
ECAF (Eurosystem Credit
Assessment Framework).
,
.
,
:
 , ECAIs (External Credit Assessment
Institutions)
 , IRB
(counterparties Internal Ratings-Based)
 , RTs (third-party providers
rating tools)

, ICASs (NCBs In-house Credit Assessment Systems).
Third Party Logistics, 3PL = Logistics management.
TIGER, Treasury Investors Growth Receipt =

.
Tight market = . ,
,
(narrow spreads).
Time decay = .
(option) .
theta ( ).
Time horizon = .
.
Time series models = .

. ,

.
(underlying
theory of the data points) , )
.
.
.
Time Weighted Return, TWR = .

.
TIPS, Treasury Inflation Protected Securities =
.
().


. 1997
.
. TIPS 5,
7, 10 20 .

www.24grammata.com

TIRESIAS, Bank Information Systems SA


, .

(Central Credit Register, CCR).


, ,
.
.
) ,
,
,
,
)

.
, :

Default Financial Obligation System (DFO) and Mortgages and Prenotation to


Mortgages System (MPS)
()
()
()
() ,
, ,
,
, , ,
, ,
. 1923, ,
.
- ()
.

, ,
, .

.
:
) (banks): () ,
, ,

) (Courts of first Instance): , ,

) (Magistrate Courts): ,
,
) (Land Registries of Deeds of the Country): ,
, , , .. 1923
) (Ministry of Economy and Finance):
.
A ,
( ),
(leasing),
(factoring),
.
:

www.24grammata.com

E: 3 : 3 ,

(overdraft) : 3 : 4
: 5 .. 1923: 5 : 5
: ,
, ,
, 12 () ,
5
.
,
, ,
(15) : 15
: .
,
,

(. )
.
.

10
.
.
:
, 1923 ,
,
.

, , 15
. ,
/
.
: , ,
, .
.

, ,
, , ,
, , 1923,
,
.

.
/
( ) 1.000


.
, .
,
.

Credit Consolidation System (CCS)


()

.

, ,
2.500.000 (

www.24grammata.com

) .
(
),
.

110.000
21.000 .

.
.

. , , ,
(Non-revolving loans, consumer, retail-factoring etc.)
. , , (Revolving credit)
(overdrafts) (Credit and corporate
cards) (Housing loans).


, ,
, /.

5
.
, 3
.
.
-

.
.
)

.
,
.

,
. )
,
.

Lost or stolen Identity Card and Passport System (IPS)


()


.
.

.

/ .
/
( 8 . 1599/1986)
.
.
/ / ,

.
/ .

Terminated Merchants System (TMS)

www.24grammata.com

()


.
, , .

, ,
. ,
: 1) ,
2)
3)
4) , 5)
(Common Point of Purchase) 6)
(money laundering) 7) ,

8) 9)
10) 11)
12)
13) 14)
.
(.. ,
, .) .
.
. ,
,
(
),
.
.
Tokyo Stock Exchange Inc. indices = .
:
Nikkei 225 = .
225 .

. Nihon Keizai
Shimbun.
Nikkei 300 Stock Average = Nihon Keizai Shimbun Inc.
1.10.1982. 300
.

, .
.
Topix = (First Section)
. ,

.
. :
) Topix Core 30 30
OTC market
.
) Topix 100 Topix Core 30
70
OTC market

www.24grammata.com

) Topix 500 Topix 100 400



OTC market
) Topix 1000 Topix 500 500

OTC
market . ( First Section,
, OTC market
)
) Topix Small 15, 15 Topix Core 30
15
) Topix Large 70, Topix 100
Topix Core 30 (100-30=70)
) Topix Mid 400, Topix 500
Topix 100 (500-100=400).
Tom/Next (/, tomorrow next) = , .
tom next
() (the next business day).

.
.

.
oo-big-too-fail = .



.
Total Quality Management, TQM = .

.
1950 Shewhart Deming

(Total Quality Leadership, TQL).
, TQM ,
,
.
, .. ,
.
,
. ,

.

. ,
,
. , TQM

.
Total Wealth Management =
.
.

, ,

www.24grammata.com

,
,
.
Touch screen = . (keyboard)
(mouse)
. : )
. ,
)

.
,
.
Tracking error = .
(actual portfolio)
(benchmark portfolio).

. ,
benchmark
. ,
TE = w'(a)*V*w(a)/sqrt[w'(a)*V*w(a)]
=racking Error, w(a)= active weights, V=variance-covariance matrix of asset classes,
sqrt=square root.
Trade date = .

.
(same day value), + 1
, + 2
...
Trade-in =
. ,

.
Trade-off = .
.

. ,

.
: , , .
,
. ,
,
, ,

. trade-off .
.
Trading book = ()
. 2 . 2396/30-4-96
: )
/

, )

, )

www.24grammata.com

, )
, ) )
.
Tranche =
.

/ .
Transferable securities = .
. )
)
)

, , ,
.
Transfer payments = .
(, , ) .
,
,

65 70 .
Translation Centre for the bodies of the European Union, CdT =
. 1994
. To , ,

. ,
,
.
Transmission Control Protocol = TCP.
Travel and entertainment card = . -
.

. O .
Treasury bill = .
discount, ,
. ..
10.000 13
( 91 182 52 )

. .. 3 6 ,
.
3, 6
12 . . O
.

. 90% 12 .
Treasury bond =
1.000 . , 10, 20 30
.
Treasury Inflation Protected Securities = TIPS.
Treasury Investors Growth Receipt = TIGER.

www.24grammata.com

Treasury note = -
1.000 .
2, 5 10 . (bon du Trsor),
3 3 . ,
3 2 3 .

Treaties = ..
:
1) The Treaty establishing the European Coal and Steel Community, ECSC =
(). 18
1951 23 1952.
2) The Treaty establishing the European Economic Community, EEC =
() . Y
25 M 1957 1 1958.
3) The Treaty establishing the European Atomic Energy Community, EAEC =
(). Y
.
E ,
, ,
. ,
, 1967
.
4) The Treaty on European Union, E.U = (E.).
7 1992 1
1993.

. :
The Single European Act = (). Y
1986 28 1986 1
1987.
.
1.1.1993
.
The Treaty of Amsterdam = .
2 O 1997 1 1999.
.
..
The Treaty of Nice = . 26 2001
1 2003. ,


2004.
The Treaty establishing a Constitution for Europe =
. Y 25 .
29 2004 .

.
The Treaty of Lisbon =
.
13.12.2007 ,
(Reform Treaty) 2009
.
12.6.2008
53,4% 46,6% .

Treaty of Lisbon = 13.12.2007



. 21-23.6.2007

www.24grammata.com


,

(Reform Treaty).
()
.
:
,
,
,
, () 2004

21-23 2007:
,
, (the Treaty on the European Union, TEU)
, (the Treaty establishing the
European Community, TEC).
, (the Treaty on the
Functioning of the Union, TFU). Community
Union.
(Euratom Treaty)
2004,
.
, ,
.
.


..

(High Representative of the Union for Foreign Affairs and Security Policy)
,
.

(regulation), (directive)
(decision).
.
, .
, , , , ,
, , , , , , , ,
, ,
,
, ,
9 ,
, ,
.
,
: ,
.,

.

7.12.2000 (Charter on fundamental rights of the European Union)
, ,
2004,
. .

www.24grammata.com

,

.
.

" (Qualified Majority Voting, QMV)
. .
55%
65% .
,
" " (blocking minority),
4 ,
.
1 2014.

:

,
72%
,
65%
, ,
,
55%
, 65%
.

35% , ,

,
.
, 1 2014 2017,

. 1 2017
, 55%
55%
.
,
(qualified majority) .
.

,
. (Unanimity)
, .

(enhanced cooperation) .


.

,
. .
,

.
,
.

www.24grammata.com

.
.

,

, .
. .

.
.


4 .



.

.
(ECHR, European Convention on Human Rights and Fundamental
Freedoms) .

.

,
.
, .
.

, .
.
y 2007
18/19.10.2007
13.12.2007 (
).
.
2009.
:

2007,
.


. , .
.
() .
.
(Eurosystem) .
(Executive Board)
.
(Eurogroup)
ECOFIN
. .
Eurogroup .
. .


. ,

www.24grammata.com


(excessive deficit procedure)
(broad economic policy guidelines)
.
(Recommendation)
.
ECOFIN.
T ECOFIN,

, ,

. ,
.

.
.

. (principle of conferral),

.
.
(principle of subsidiarity),
,

,
, ,

, .
(principle of proportionality),

.

: )
)
)
)
) )


,
.

: ) ) ,
) , )
,
) ) ) )
) ) , )
,
.
, , ,

, ,

.
.
, ,
. .

,

www.24grammata.com

.
.
,
. ,
: ) ) )
) ) , ,
) ) .

,
, , , ,
, .
(European Parliament) 751
. 6
96 ( ).
.
, (co-decision procedure)

,
.
(European Council)

,
.
.
(President of the European
Council),
.
, . ,
,

.
(Council)
,
.
, .
.
(General Affairs Council)
.
.
(Foreign Affairs Council)

. H
(Committee of Permanent Representatives)
.

. , ,

. H ,
,
.
H (European Commission)
.

.
.
. ,
. ,

www.24grammata.com

.
.
,
.
, .
. .

(2009) 31 2014,
,
,

.
1 2014, ,

,
,
.
.

.
.
, , .
.
,

.
(Court of Justice of the European Union)
:
1) (Court of Justice)
11 . : )
,
) , ,
)

2) (General Court)

3) (specialised courts).
, ,
,

.

.

.


.
.
.

,
. , ,

,

.
(European Central Bank)
, (European
System of Central Banks, ESCB).

www.24grammata.com

(Eurosystem)
.
.
. ,

.
. .
.

.
,
, .
.
To (Court of Auditors)
. ,
.

.

(ordinary legislative procedure)
,
, .
, ,
,
,
(special legislative procedure).

. ,

,
.

(Common Foreign
and Security Policy) ) )
: i) ii)
, iii)
i) ii) )
.
,

.
(Foreign Affairs Council)


.

.

.

. ,
(European External
Action Service)


.

www.24grammata.com

(common security and defense policy)


.

.
,
.

,
, .
.
,
, ,
.

.
.
(European Defence Agency) : )


)
)


, )
,

, ) , ,


.
. , ,
, .

. ,
.
.
(permanent structured cooperation):

,
.


. ,

.
.
, ,
.
,
.


.
(Common agriculture and fisheries policy)
.
,
,

. ,

www.24grammata.com

, , ,
,
.
(Solidarity Clause)
, ,

. ,
,
: ) ,

, ,
, )
, ,
.
,
.
, .

. .

.


2004.

6 8 .

"" .

,
.
,


. 55%

,
.
,

(). ,
.
:
(European Citizens Initiative),
,
.
.
(Social clause)

,
, .
. , , ,

.
,
,
,

www.24grammata.com


, .
Trigger point = .

(margin call). , trigger

,
, hardware
software, .
Triple bottom = .

.
Triple play =
( ADSL)
. ,
(Double play)
Internet. triple play :
1)
2) Internet
3) .
,
,

.
Trust = . (the settlor or grantor)
, (the
principle or corpus) (the beneficiary) (the
trustee). O

(settlor). (trust) , ,
, (the trust
protector)
. ( 822 ),

.
() .

. , .
Turnover = , .

.

.


. turnover ratio 20%
mutual fund.
Twin shares = . ,

.

www.24grammata.com

U
UCITS (Undertaking for Collective Investment in Transferable Securities) =
.

, , , index tracking funds

, ,
.
UCITS (
). 2 3283/13.11.2004
,
,
.
, , , ,
.
( ), ,
.
.
,
,

.
. 85/611/
)
) ,
,
.
Umbrella fund = .
(subfunds). .
, .
, .
, , .
,
,
.
UMTS (Universal Mobile Telecommunications Service) =
. (3G-third
generation) , ,
.
Internet
.
Underlying instrument =
(option), (warrant)
(future). , , ,

.
Underperform = .
(benchmark index)
benchmark Standard & Poors 500

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5%
3,2%. , .


.
Underwriter = . ,

,
, ,
. , underwriter


.
UNDIX =

.
UN-EDIFACT, United Nations/Electronic Data Interchange for Administration,
Commerce and Transport = ,
.


.

(UN/CEFACT, United Nations Centre for Trade Facilitation and Electronic Business)
, (UN Economic Commission
for Europe) UN CEFACT TBG5.
(International Organisation for
Standardization (ISO) ISO 9735.
, (I-EDI)
.

Unemployment = .
.
. :
1) frictional unemployment = .
.
,



. ,
.

2) structural unemployment = .
, ,
.



3) technological unemployment = .


.


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4) cyclical unemployment = .

.
(Keynesian unemployment)

.
5) seasonal unemployment = .

. ,


, .

.
30%-40%
..

.

.
Unique identifier = . ,
,


.
Unit Investment Trust, UIT = .


. ,
. ,
(brokers).
Unit Linked Products = (units) .


.
-.


. .

. ,
unit linked
(, )
.


. unit linked
, .
: )
)
)

.
unit linked ,
.

www.24grammata.com

.
.

Unit test = .
.

.
instrument .
,
,
SWIFT .
,
.
. ,
/ (regression test, )

.
Unit Trust =

.
. (mutual fund)
unit trust
. ,
. unit trust ,
. unit trust
. unit
trusts .
, unit trusts
- .
UNIX = 1969
AT&T .
/ . (hardware)
(application interfaces). (servers)
TCP/IP. ,
(Internet servers).
UNRA, United Nations Relief and Rehadiliation Administration =
. 1943 43 ,
,

. UNRA ,
, 1% . ,
73% . UNRA 1
1945 1945 - 1947
171,9 .
45 7.540.000
. 1952 (1884-1957),
,

,
UNRA
,
. UNRA . , ,
.
UNSCR, United Nations Security Council Resolution =
(). 15
9

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5 (, ,
,
).
Unsecured transactions = (collateral)
, .
,
. ,
(money market)
(overnight
liquidity). 37%
(repos)
46%.
Unsystematic risk = .
(diversifiable risk) (residual risk)
(idiosyncratic risk) (unique risk).
(uncorrelated with general market moves).

,
.
,
(diversification)
, .
Unwinding =
,
(on a net basis) ,
.

,
.

.
Upgrade = .

(version).
(software)
(hardware) .
UPS (Uninterruptible Power Supply) = .

. , UPS
.
UPS: ) standby power systems (SPSs)
.
) on-line UPS.

.
URL, Uniform Resource Locator = .
.
: ) (network protocol)
http://, ftp: mailto:// )
(host name and address)
.
(Internet-standard naming)
(IP address) . http://compnetworking.about.com
http://209.143.212.20 ) (file location)

www.24grammata.com

. (resources)
, , . (resource
names) .
, URL, http://compnetworking.about.com
(Web servers), Apache,
index.htm.
:
http://compnetworking.about.com/library/glossary/blglossary/htm.
USB, Universal Serial Bus = . (hardware
interface) /
(keyboard), (mouse), (router), (scanner),
(digital speaker), (digital joystick),
(digital camera) .
/ 127 .
/. USB, USB USB ports.
USB driver .
, 12 .
USB 2.0 480
FireWire ( ).
User-id, (User Identification) = . ,
,
(password) (server),
.
(Electronic Mail, Email) @.
User interface, UI = .
/ / .
(keyboard), (mouse), (video),
(printer) (data capture).

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V
Valeur = . (value date)
,
. ,
,
. ,
,
valeur 3 7

. valeur
(spot).
Valuation haircut = .
/
(collateral) (repurchase agreement (repo) and reverse
agreement (reverse repo).

().
Value-at-Risk (VaR) = .
(market risk).
,
. VaR
, . 95% 90%
.
:
. (volatility)
. (correlation)
. 1

. +1
0,2 20%
20%
. (normality)
.
VaR :
1) - (variance - covariance approach). Variance
( )
.
Covariance ( )
. Covariance
Covariance

2) (historical simulation).
.

3) (Monte Carlo simulation).
10.000
. ,
VaR .

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.
.
: VaR
100.000 ,
. stress
testing ( ).
: H VaR modified duration (
duration)
. ,
duration,
duration VaR.
modified duration , VaR
. VaR
(volatility). ,

modified duration.
VaR modified duration.
modified duration
.
Value date = .
, .
(spot transactions)
(forward transactions)
.
VAN (Value - Added Network) =
.
/
.
Variable interest rate = (fixed
rate). . ,
(. LIBOR)
.
. ,
. ,
.
Variance =
. .
variance ( standard
deviation). , variance
.

. variance .
Variation margin = .

(collateral) (repos and reverse repos).
, ,
,
. ,
.
Vega = (option)
1% .
, option
(underlying instrument).
(hedging) .

www.24grammata.com

(implied volatility).
, option
implied volatility. option
option
.
Venture capital, VC = .

.
} O VC ,
. , ,
.O
VC
5-10 . O

.
} 1775/88

. O
2367/95 :
()
,
, , , ,
. ,
, , ,
(, , .),
.
2.935.000
( )
30% . , '
65% . O
:

.
} ,

2000 2004 5,4%,
. 0,7%.
50.500 ,
500
. 5,5
1995 2004 36,9
5.000 1995 7.000
2004. 2005
(buy-outs).

. 2006,
2% 2007 2009
. 2009,
2,31
.
Vertical acquisition or merger = .
.

www.24grammata.com

,
.
Video on Demand, VOD = .



. VOD
(in real time)
(download) .
Videotex = . /
.

(router).

. videotex
.

, , .
Vintage analysis =
.
.
,
,
(time bucket) .

( ). , vintage analysis
.

,

.

. vintages.
.
Virtual or aggregated account = .

.
,
(overdraft)

. o , virtual account

. .
Virtual Bank = . .
(telephone
banking), ( mail
banking), (online or internet banking), (mobile
banking) (automated teller machines).
,
.
(single point of contact).
Shell Bank. ,

.

www.24grammata.com

Virtual memory = .
.

/ .
Virtual reality = .
(three
dimensional (3-D) environment).
virt-x =
(blue chips).
: AEX, CAC40, DAX30, DJ Eurostock 50, DJ
Stoxx 50, FTSE Eurotop 100, FTSE 100, MIB 30 Swiss Market Index (SMI). virt-x
) TP (Trading Point) Group LDC
ABN Amro Equities (UK) Ltd, American Century
Investment Management Inc., Archipelago LLC, Credit Swiss First Boston Equities Ltd,
Deutsche Morgan Grenfell, Dresdner Kleiwort Wasserstein, Instinet, JP Morgan Securities
Ltd, Merrill Lynch International, Morgan Stanley Dean Witter UBS Warburg )
SWX Swiss Exchange . 2003, SWX
virt-x plc virt-x Limited.

.
.. virt-x Limited
, 100%, virt-x Exchange Limited,
. o
SWX System.
,
, ) SIS -clear,
SIS Swiss Financial Services Group AG
, ) CRESTCo ) Euroclear.

Virus = (/).
.
, /
(Email), Internet,
. :
)

) , .
. ,
,
,
.
:
1) Malicious mobile code = .

,
. ,
browser Java Applets, Javascripts, Active-X controls
, Jokes
Hoaxes
.
2) Worms = .

.
3) Trojan horses = .

.

www.24grammata.com

.
. , ,


.
:
File virus = .
E .
, .
.
Boot sector virus = .
,
/. /
.
Macro virus = .

, . o Microsoft Word Microsoft Excel.

.

.
Multipartite virus = .
.

.
, mail server,
.
, / -.
/ (antivirus
systems).
42
.
VISA (Visa International Service Association) =
(1) 2) 3) ,
4) 5) 6) ).
1958 Bank of America ,
BankAmericard. Visa 1976. 21.000
-. ,
Visa 150
3 .
Visa 20.000.000. Visa
,

(business, classic, electron,
gold, platinum, premium, sport, student, technocard visa ...). Visa
(universal commerce, u-commerce)
. 2006,
Visa
1,2 .
VoIP, Voice over Internet Protocol = . ,
(IP, Internet Protocol, ).

internet.
IP telephony .

www.24grammata.com

VoIP (IP packets) Sector (ITUT) specification H.323 (International


Telecommunications Union-Telecommunication Standardization).
(Real
Time Protocol, RTP) .

.
Internet .
Internet
. ,

(Internet Telephony Service Provider, ITSP).
Volatility = , .

,
.
.
Volatility , ,
(standard deviation) .
(option)
(underlying
instrument) option. 1
9. .
, volatility
. ,
.
Volatility smile = (chart)
options
.
Volatility risk =
(options)
(underlying instrument).
VNC, Virtual Network Computing = .
RFB (Remote Frame
Buffer) . VNC
: VNC
(server)
Java. VNC. VNC
: )
) (client)
. (by default)
ports 5900 5906 .
,
.
Vortal (Vertical Portal) =
. ,
, , , ,
. ,
, , ,
.
portal,
. ,
.

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Vostro account =


. ,
(vostro account)
.
VPN, Virtual Private Network = .
.

.
VPNs
.
firewall, ,
. (clients)
(servers) VPN : )
(intranet) )
intranets )

(extranet)
. VPN servers
VPN servers.
VSTOXX = (volatility index)
Dow Jones EURO
STOXX 50 (realtime options prices).


(variance)
options . ,

Dow Jones EURO STOXX 50 30
.

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W
Wage Dynamics Network, WDN = .



. (WDN survey group)
,
17 .
,
(shocks).
, ,
.
Warrant = .
(
) . ,
,
, .
call option ( )
, .
:
y bond warrant .

.
. , premium


y harmless warrant
.


.

y window warrant or European warrant

y equity warrant .


.

.
.
y discount warrant
.
capped .

(cap price) .
Warranty = .
,

,
.

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Wealth Management = Total Wealth Management.


Weather derivative =
(hedging) .
.
, .

.

.
.

.
Webcasting = .


, .
Internet Broadcasting.
Weighted average cost of capital (WACC) = .

. .

.
.
When-issued =

, , when
issued .
(on a yield basis)
.
(yield to
maturity). .
, ,
(stock split)
(on a when-issued basis).
White Knight (Chevalier blanc) = .
.


.
Wholesale banking = .
,
repos, ,
, ,
, (cash management),
private banking.
Wide Area Network, WAN = . (hardware)
(software)

, , ,
.To WAN LANs
MANs ( ). WANs
. WANs
LANs.

www.24grammata.com

Window dressing = . ,



.

. ,


.
Wireless Access Points, WAPs = .

. , (router)
, (hub)
.
Wireless Application Protocol, WAP = . To WAP
. HTML,
XML WML
. WAP
Internet.
.
Microsoft Explorer Netscape
Communicator WAP
Internet (Wap Browser). To WAP
Motorola, Ericsson, Nokia Uniwired Planet. O 1997
2000.
Wireless electronic banking = .


.

.
, ,
,
. , ,
.
Wireless Mark-up Language, WML =
(WAP,
Wireless Application Protocol, ).
XML

.
Withholding tax = ,
,


.
Workshop = . ,
,
,

. ,

www.24grammata.com

.


.
World Bank = . "
" (International Bank for Reconstruction and Development,
IBRD). 1945
(). 184 , 100
10.000 . 2004 20,1
245 .
IBRD
. IBRD
. , ,
. O
,
, ,

. O
. O (, ,
, )
19 . O
24
,
. O
.
O DC, ,
.
3.500 , 5.000
1.000 .
IMF-IBRD
.
:
1. .
,


2. ,
, ,
, ,

3.

4.

5.
6. ,
, ,
, .
40
. 500 100
7. .
IBRD IDA (International Development Association)
50% .
, ,
. IDA 1960

IBRD. O 1%
35 40 . 40

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IDA .
IBRD IFC (International
Finance Corporation ( ) MIGA (Multilateral Guarantee Agency ( ).
.
5 24 .
.
IBRD .
, ,
.
15-20
. 5%
.
. IBRD
.
: 22%,
11%, 11%, 10%, , 7%,
7%, 7%,
6%, 5%, , 5%,
4%, 3% - 2%.
World Trade Organisation, WTO = O (O) 151
. , 1995,
(General Agreement on Tariffs and Trade, GATT).
, 1948,
. GATT
(rounds) :
1st Round: 1948, . 30.10.1948 48
GATT. 47 (1948-1994)
60 .
2nd Round: 1949, , ,
3rd Round:1951,, , ,

4th Round: 1956, , ,


5th Round Dillon Round: 1960-62, , GATT,

6th Round Kennedy Round: 1964-67, .

7th Round Tokyo Round: 1973-79,
8th Round Uruguay Round: 1986-94, . O
1994 ,
, O .

O O GATT .
, , ,
GATT.
O O )

) forum

)
)
,
)

,
)
, ,

www.24grammata.com

) , ,
, ,
,
,
, .
, O ,
. O

.
O 1999

.


142
14.11.2001: ) )

. ..


.
-. ,
700
, 2005. ,
147 1.8.2004
: 1) .
2)

3)
4)
.

, (10 14 2003)
.

(13-18/12/2005)
97 900 , 149
2013


. : )
2013
2006. ..
, . 2006
)

)

)
97% 2008.
3%, 400
.
,
,

.
Worldwide Interoperability for Microwave Access, WiMAX =
. WiMAX
Forum 2003
: ) HiperMAN

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(ETSI, European Telecommunications


Standards Institute), ) 802.16
(lEEE, Institute of Electrical and Electronics Engineers).
WiMAX

50 .
70 35
ADSL ( DSL).
WiMAX 1,5 5 Mbps


.
WiMAX
trple play : )
/ (Internet) ) ) ADSL.
World Wide Web (www) = .
Internet. ,
(browser) Internet Explorer
Netscape Navigator.
Internet, ,
.
(Web browsers) , ,
, , . Web (), WWW W3.
Write-back = .
Write-down =
.
,

(MFIs)
.
Write-off =



. ,

(MFIs)
.
Write Once, Read Many, WORM =


(readable but not rewritable).
Write-up =
.
Wrong-way risk = .

.
.
:
1. Specific Wrong-way risk = .

(collateralised) .

www.24grammata.com

2. General or Conjectural Wrong-way risk =


.

. ,

.
, ,
(country risk) (currency risk)
, , .
WXGA, Wide Extended Graphics Array = .
XGA ( )
16:9. WXGA 1.280
1.366 pixels 720 768 pixels
(projector).

www.24grammata.com


Xetra =
(Deutsche Brse) .

.
XGA, Extended Graphics Array = .
IBM. 640
480 1024 768 pixels ( ) 65.000 .
XHTML (eXtensible Hypertext Markup Language) =
HTML 4.0. XML.
HTML, ,
(extend) .
XML (eXtensible Markup Language) =

. (extend) .
XML
, , , .
XML-RPC (eXtensible Markup Language - Remote Procedure Call).

. XML-RPC
eXtensible Markup Language ( XML)
Hypertext Transfer Protocol (
HTTP) .

www.24grammata.com

Y
Yankee and samurai bonds = yankee bonds
.
Samurai bonds.
Y2K virus = 2000.

: )
/ '60 '70 , ) '80
/
. O
2000 1900
, ,

/
.
2000.
1997
680 .
290
50% . O
, , ,
. 3.1.2000


. 4.1.2000

2000.
,
.
,
ATMs
.
Year-To-Date, YTD = (1 )
.
Yield = .

.
) (nominal yield).

) (current yield).
,
) (yield to maturity), te .

Yield curve = . .

(.

1.7.2009). .
/ . ,

.

www.24grammata.com


(time buckets):
S ,
S ,
S , .

,

. , , .
, :
1) (normal yield curve or upward sloping)
o ,

.
.
2) A (steepening of the yield curve).


.
: 1) NORMAL YIELD CURVE 2) STEEPENING YIELD CURVE

7,00
6,00
5,00

Date 1

4,00

Date 2

3,00
2,00
1,00
3months

2yr

5yr

10yr

1
1,50

30yr

2
1,50

2,30

3,30

3,00

4,50

10

3,60

5,60

: (normal yield curve,


) 3
. , (steepening yield
curve, ) 3
.
3) , (inverted or
negative yield curve)
, -
. ,
.

.

www.24grammata.com

: INVERTED OR NEGATIVE YIELD CURVE

4) (flat yield curve even yield curve)



.
: YIELD CURVE FLATTENING

4,50
4,00
3,50
3,00

Date 1

2,50

Date 2

2,00
1,50
1,00
3months

2yr

5yr

10yr

30yr

2
1
3
2,00
2,00
2
2,50
2,20
5
3,00
2,50
10
3,50
2,70
30
4,00
3,00
: 3 30 100 bp.

:
S
S
S
S (par yield curve),
,
,
S (spot yield curve)


S (forward yield curve)

S (coupon yield curve)

www.24grammata.com

S (zero coupon yield curve)



(discount bonds).


, . ,
, , .
,
. , , .
,

.
Yield curve risk = .
(term structure risk).
.
(flattening) (steepening)

. ,
. ,
,
. , ,
, .
(flattening), (yield spread)

. , 3
3 , .
(steepening),
. ,
.

.
Yield to call =
(callable bond) .
,
(yield to maturity, YTM,
). . 6%
2%,
5%.
10%
10%.

2%. yield to call
.
Yield to maturity, YTM = .


. YTM , ,
(redemption value),
.
,
.

YTM.

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Z
Zero-base budgeting (ZBB) = .

. ,
.
Zero - coupon bond = ().
( ) .
.
.

. ,
coupon bond ( ()

.
Zero-coupon convertible security =

. , ,
(convertible zero-coupon bond) (interest
bearing bond) .
Zero coupon swap = (interest-rate swap)

.
Zero-hour clause = .


,
.
Zero-strike-price option = (option)
.

.
ZEW (Zentrum fr Europische Wirtschaftsforschung) =
. 1990
- ,
.
,
: )
350
) (ZEW Indicator of Economic
Sentiment)

)
.
Z score = .

.

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Zombies =
.
.

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A)
(CURRENCIES PANDECT)
,
, ,
.
3 . , 8
.
19 . , ,
20
.
,

.

. ,


.
.
1.1.1999
, 1.1.2002
12
. , 1.1.2007 1.1.2008
t . , :
(legal tender
status). .

:
) 15 : , , , ,
, , , , , , , ,
, .
) :
) CFA (Communaut financire d Afrique) BCEAO
(Banque centrale des tats de l Afrique de l Ouest).

(BCEAO) CFA BCEAO. ,
, , , ,
.
) CFA (Communaut financire d Afrique) BEAC (Banque
des tats de l Afrique centrale).

(BEAC) CFA BEAC. ,
, , , .
) .
) CFP (Communaut franaise du pacifique)
CFPF (Comptoirs Franais du Pacifique Francs).
, .
3 4

.

www.24grammata.com

)
(East Caribbean Currency Authority)
(East Caribbean Dollar). A
, , ,
, , , .

,
.

, , ,
M , , ,
, , , , o
.

.
de facto
.
.


.
:

A
Country

Currency

Subdivision

Symbol

ISO
code

Afghanistan

Afghani

100 puls

Af

AF

Albania

lek

100 qindarka

ALL

Algeria

Algerian dinar

100 centimes

DA

DZD

American Samoa

US dollar

100 cents

USD

Andorra

euro

100 cents

EUR

Angola

new kwanza

100 lwei

Kz

AOA

Anguilla

East Caribbean dollar


100 cents

EC$

XCD

Antigua and Barbuda


East Caribbean dollar


100 cents

EC$

XCD

Argentina

Argentina peso

100 centavos

ARS

Armenia

dram

100 luma

AM

AMD

www.24grammata.com

Aruba

florin or gulden

100 cents

Afl.

AWG

Australia

Australian dollar

100 cents

A$

AUD

Austria

euro

100 cents

EUR

Azerbaijan

manat

100 gopik

AZ

AZM

Azres (Portugal)
()

euro

100 cents

EUR

Bahamas

Bahamian dollar

100 cents

B$

BSD

Bahrain

Bahrain dinar

1.000 fils

BD

BHD

Balear Islands (Spain)



()

euro

100 cents

EUR

Bangladesh

taka

100 paisa

Tk

BDT

Barbados

Barbados dollar

100 cents

Bds$

BBD

Belarus

Belarus ruble

100 copecks

BR

BYR

Belgium

euro

100 cents

EUR

Belize

Belize dollar

100 cents

BZ$

BZD

Benin

franc CFA BCEAO


100 centimes

CFAF

XOF

Bermuda

Bermuda dollar

100 cents

Bd$

BMD

Bhutan

ngultrum

100 chetrum

Nu

BTN

Biafra

pound

100 pence

JPG

Bolivia

boliviano

100 centavos

Bs

BOB

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Bosnia-Herzegovina

maraka

Botswana

100 fennig

KM

BAM

pula

100 thebe

BWP

Bouvet Island

Norwegian krone

100 re

NKr

NOK

Brazil

real

100 centavos

R$

BRL

British Indian Ocean


Territory

British pound

100 pence

GBP

Brunei Darussalam

Bruneian dollar

100 cents

B$

BND

Bulgaria

new lev

100 stotinki

Lv

BGL

Burkina Faso

franc CFA BCEAO


100 centimes

CFAF

XOF

Burundi

Burundi franc

100 centimes

FBu

BIF

CR

KHR

100 centimes

CFAF

XAF

100 cents

Can$

CAD

C.V.Esc.

CVE

C
Cambodia

new riel

Cameroon

franc CFA BEAC


Canada

Canadian dollar

Cape Verde Island


Cape Verde escudo


Cayman Islands

Cayman Islands dollar


Central African
Republic


Chad

franc CFA BEAC

100 sen

100 centavos

100 cents

100 centimes

CI$

KYD

CFAF

XAF

100 centimes

www.24grammata.com

CFAF

XAF

Franc CFA BEAC


Chile

Chilean peso

100 centavos

Ch$

CLP

China

yuan (renminbi)
()

10 jiao=100 fen

CNY

Christmas Island

Australian dollar

100 cents

A$

AUD

Cocos Islands

Australian dollar

100 cents

A$

AUD

Colombia

Colombian peso

100 centavos

Col$

COP

Comoros

Comorian franc

100 centimes

CF

KMF

Congo

Franc CFA BEAC


100 centimes

CFAF

XAF

100 centimes

CD

CDF

Congo, Democratic
Republic

franc congolaise

Cook Islands

New Zealand dollar


100 cents

NZ$

NZD

Costa Rica

Costa Rica colon


100 cntimos

or C

CRC

Cte d'Ivoire

franc CFA BCEAO


100 centimes

CFAF

XOF

Croatia

kuna

100 lipas

HRK

HRK

Cuba

Cuban peso

100 centavos

Cu$

CUP

Cyprus

euro

100 cents

EUR

Czech Republic

Koruna

CZK

100 haleru

D
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Denmark

Danish krone

Djibouti

Djiboutian franc

Commonwealth of
Dominica

East Caribbean dollar


Dominican Republic

Dominican peso

Dronning Maud Land


100 re

Dkr

DKK

100 centimes

DF

DJF

100 cents

EC$

XCD

100 centavos

RD$

DOP

Norwegian krone

100 re

NKr

NOK

Ecuador

US dollar

100 cents

USD

Egypt

Egypt pound

100 piasters

EGP

El Salvador

US dollar

100 cents

USD

Equatorial Guinea

franc CFA BEAC


Eritrea

nakfa

Estonia

100 cntimos

CFAF

XAF

100 cents

Nfa

ERN

Estonian kroon

100 senti

KR

EEK

Ethiopia

birr

100 cents

Br

ETB

Euro area

euro

100 cents

EUR

Danish krone

100 re

Dkr

DKK

Falklands pound

100 pence

FKP

F
Faeroe Islands

Falkland Islands
(Malvinas)

()
Fiji


Fiji dollar

100 cents

www.24grammata.com

F$

FJD

Finland

France

euro

euro

100 cents

EUR

100 cents

EUR

100 cents

EUR

French Guiana

euro

French Polynesia

Franc CFP

100 centimes

CFPF

XPF

French southern
territories

euro

100 cents

EUR

FYROM

denar

100 deni

MKD

MKD

100 centimes

CFAF

XAF

G
Gabon

franc CFA BEAC


Gambia

dalasi

100 butut

GMD

Gaza strip

new Israel shekel


100 new agorot

NIS

ILS

Georgia

lari

100 tetri

GE

GEL

100 cents

EUR

Germany

euro

Ghana

new cedi

100 pesewas

GHC

Gibraltar

Gibraltar pound

100 pence

GIP

Greece

euro

100 cents

EUR

Greenland

Danish krone

100 re

Dkr

DKK

Grenada

East Caribbean dollar


100 cents

EC$

XCD

Guadeloupe

euro

100 cents

EUR

Guam

US dollar

100 cents

USD

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Guatemala

quetzal

Guernsey

British pound

Guinea-Bissau

franc CFA BCEAO


Guinea (Conacry)
()
Guyana

100 centavos

GTQ

100 pence

GBP

100 centimes

CFAF

XOF

Guinean franc

100 centimes

GN

GNF

Guyanese dollar

100 cents

G$

GYD

gourde

100 centimes

HTG

100 cents

A$

AUD

100 centavos

HNL

100 cents

HK$

HKD

-none-

Ft

HUF

100 aurar

IKr

ISK

H
Haiti

Heard and McDonald


Islands

Honduras

Hong Kong (Special
Administration RegionSAR- of China)
-
Hungary

Australian dollar

lempira

Hong Kong dollar


forint

I
Iceland

Icelandic krna

India

Indian rupee

100 paise

Rs

INR

Indonesia

Indonesian rupiah

100 sen (no


longer used)

Rp

IDR

International Monetary
Fund

Special Drawing Right


-none-

SDR

SDR

Iran

Iran rial

Rls

IRR

100 dinars
or 10 rials = 1
toman

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Iraq

new Iraqi dinar


Ireland

euro

Isle of Man

British pound

Israel

new shekel

Italy

1.000 fils

ID

IQD

EUR

GBP

100 new
agorot

NIS

ILS

euro

100 cents

EUR

Jamaica

Jamaican dollar

100 cents

J$

JMD

Japan

yen

100 sen (not


used)

JPY

100 pence

GBP

100 cents
100 pence

Jersey

British pound

Johnston Island

US dollar

100 cents

USD

Jordan

Jordanian dinar

1.000 fils

JD

JOD

K
Kazakhstan

Kenya

tenge

100 tiyn

Kenyan shilling

Te

KZT

100 cents

K Sh

KES

Kiribati

Australian dollar

100 cents

A$

AUD

Korea, North
()

North Korean won


100 chon

Wn

KPW

100 chon

KRW

1.000 fils

KD

KWD

KGS

Korea, South
()

South Korean won


Kuwait

Kuwaiti dinar

Kyrgyzstan

som

100 tyyn

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Laos

new kip

KN

LAK

Latvia

lat

Ls

LVL

Lebanon

Lebanese pound

100 piastres

L.L.

LBP

Lesotho

loti

100 lisente

LSL

Liberia

Liberian dollar

100 cents

LRD

Libya

Libyan dinar

1.000 dirhams

LD

LYD

Liechtenstein

Swiss franc

100centimes

SFr

CHF

100 centai

LT

LTL

euro

100 cents

EUR

Macao (Special
Administration RegionSAR- of China)
-

pataca

100 avos

MOP

Madagascar

ariayry = 5 francs
= 5

FMG

MGF

Malawi

kwacha

100 tambala

MK

MWK

Malaysia

ringgit

100 sen

RM

MYR

Maldives

rufiyaa

100 lari

Rf

MVR

Mali

franc CFA BCEAO


100 centimes

CFAF

XOF

Malta

euro

100 cents

EUR

Marshal Islands

US dollar

USD

Martinique

euro

100 cents

EUR

5 khoums

UM

MRO

Lithuania

Luxembourg

100 at

100 santims

litas

1 franc = 100
centimes

100 cents

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Mauritania

ouguiya

Mauritius

Mauritian rupee

100 cents

Mau Rs

MUR

Mexico

New Mexican peso


100 centavos

Mex$

MXN

Micronesia

US dollar

100 cents

USD

Midway Islands (USA)



()

US dollar

100 cents

USD

Moldova

Moldovan leu

100 bani

MD

MDL

100 cents

EUR

Monaco

euro

Mongolia

tugrik

100 mongos

Tug

MNT

Montenegro

euro

100 cents

EUR

Montserrat

East Caribbean dollar


100 cents

EC$

XCD

Morocco

Moroccan dirham

100 centimes

DH

MAD

Mozambique

metical

100 centavos

Mt

MZM

Myanmar

( )

kyat

100 pyas

MMK

100 cents

A$

AUD

N$

NAD

N
Nauru

Australian dollar

Namibia

Namibian dollar

Nepal

Nepalese rupee

100 paise

NRs

NPR

Netherlands Antilles

florin or gulden

100 cents

NAf.

ANG

euro

100 cents

EUR

franc CFP

100 centimes

CFPF

XPF

Netherlands

100 cents

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New Caledonia

New Zealand


New Zealand dollar
.
(it is also called kiwi =
)

100 cents

NZ$

NZD

100 centavos

C$

NIO

100 centimes

CFAF

XOF

100 kobo

NGN

100 cents

NZ$

NZD

Nicaragua

gold crdoba

Niger

franc CFA BCEAO


Nigeria

naira

Niue
N

New Zealand dollar


Norfolk Island

Australian dollar

100 cents

A$

AUD

Northern Mariana
Island

US dollar

100 cents

USD

Norway

Norwegian krone

100 re

NKr

NOK

RO

OMR

Rs

PKR

O
Oman

Omanian rial

1.000 baizas

P
100 paisa

Pakistan

Pakistan rupee

Palau

US dollar

100 cents

USD

Palestinian National
Authority

1) Jordanian dinar

2) Israel new shekel

1.000 fils

JD

JOD

100 new
agorot

NIS

ILS

Panama

balboa

100 centsimos

PAB

Panama Canal Zone


US dollar

100 cents

USD

Papua New Guinea

kina

100 toeas

PGK

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Paraguay

Guarani

Peru

new sol

Philippines

Philippine peso

Pitcairn Island

New Zealand dollar


Poland

New zloty

100 groszy

PLN

Portugal

euro

100 cents

EUR

Puerto Rico

US dollar

100 cents

USD

Qatari riyal

100 dirhams

QR

QAR

100 cntimos

100 cntimos

PYG

PEN

100 centavos

100 cents

PHP

NZ$

NZD

Q
Qatar

R
Runion (France)
()

euro

100 cents

EUR

Romania

Romanian leu

100 bani

ROL

Russian Federation
ruble

100 kopecks

RUB

Rwandese franc

100 centimes

RF

RWF

100 new pence

SHP

Russian Federation

Rwanda

S
Saint Helena

Saint Helena pound


Saint Kitts and Nevis



East Caribbean dollar


Saint Lucia

East Caribbean dollar


Saint Pierre et

euro

100 cents

EC$

100 cents

EC$

100 cents

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XCD

XCD
EUR

Miquelon (France ov.t)



(,
)

Saint Vincent and the


Grenadines

East Caribbean dollar

Samoa

tala

San Marino

XCD
100 cents

EC$

100 sene

WS$

euro

100 cents

So Tome & Principe


dobra

100 centavos

Db

Saudi Arabia

Saudi Arabia riyal


100 halalat

SR

franc CFA BCEAO


.

100 centimes

CFAF

XOF

Serbia

New Serbian dinar


100 paras

Din

CSD

Seychelles

Seychelles rupee

100 cents

SR

SCR

Sierra Leone

leone

100 cents

Le

SLL

Singapore

Singapore dollar

100 cents

S$

SGD

Slovakia

euro

100 cents

euro

100 cents

100 cents

SI$

Senegal

Slovenia

ST

EUR
STD

SAR

EUR
EUR

Solomon Island

Solomon Island dollar


Somalia

Somali shilling

100 centesimi

South Africa

South Africa rand


100 cents

ZAR

South Georgia and the


South Sandwich
Islands

British pound

100 pence

GBP

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So.Sh.

SBD

SOS

euro

100 cents

Sri Lanka

Sri Lankan rupee


100 cents

SLRs

Sudan

Sudanese dinar

100 piastres

SD

SDD

Suriname

Surinamese dollar

1000 guilders

$Sur

SRD

Svalbard and Jan


Mayen Islands

Norwegian krone

100 re

NKr

NOK

Swaziland

lilangeni

100 cents

Sweden

Swedish krona

100 ren

Sk

SEK

Switzerland

Swiss franc

100 centimes

SFr

CHF

Syria

Syrian pound

100 piastre

SYP

Tahiti

franc CFP

100 centimes

CFPF

XPF

Taiwan

new Taiwan dollar


100 cents

NT$

TWD

Tajikistan

somoni

100 dirams

TJ

TJS

Tanzania

Tanzanian shilling

100 cents

TSh

TZS

Thailand

baht

100 stang

Bht

THB

Timor-Leste

US dollar

100 cents

USD

Togo

franc CFA BCEAO


100 centimes

CFAF

XOF

100 cents

NZ$

NZD

Spain

EUR
LKR

SZL

Tokelau

New Zealand dollar


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100 seniti

PT

TOP

100 cents

TT$

TTD

1.000 millimes

TD

TND

New Turkish lira


100 yeni kurus

YTL

TRY

Turkmenistan

manat

100 tenga

TM

TMM

Turks and Caicos


Islands

US dollar

100 cents

USD

Tuvalu

Australian dollar

100 cents

A$

AUD

Uganda

Ugandan new shilling


100 cents

USh

UGX

Ukraine

hryvnia
()

100 kopiykas

UA

UAH

United Arab Emirates



,

United Arab Emirates


dirham

100 fils

Dh

AED

100 pence

GBP

100 cents

USD

100 cents

USD

100 centsimos

$U

UYU

Tonga

pa'anga

Trinidad and Tobago


Trinidad and Tobago


dollar

Tunisia

Tunisian dinar

Turkey (1.1.2005)

United Kingdom of
Great Britain and
Northern Ireland


United States of
America

,
United States of Minor
Outlying Islands

M

Uruguay

British pound

US dollar

US dollar

peso uruguayo

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Uzbekistan

som

100 tiyin

UZ

UZS

100 centimes

VT

VUV

100 cents

EUR

V
Vanuatu

vatu

Vatican

euro

Venezuela

Strong bolivar

Vietnam

new dong

Virgin Islands

US dollar

Wake Island

100 cntimos
100 cents
(not used)

Bs

VEB

VND

100 cents

USD

US dollar

100 cents

USD

Wallis and Futuna


Islands

franc CFP

100 centimes

CFPF

XPF

Western Sahara

Moroccan dirham

100 centimes

DH

MAD

Yemen rial

100 fils
(not used)

YRls

YER

Zambia

kwacha

100 ngwee

ZK

ZMK

Zimbabwe

Zimbabwe dollar

100 cents

Z$

ZWD

Y
Yemen

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) OO
(ABREVIATIONS DICTIONARY)

A
AAF = Asset Allocation Fund
A & L = Assets and Liabilities
AAGR = Average Annual Growth Rate
AAMS = Accredited Asset Management Specialist
ABC = Activity Based Cost
ABCP = sset-acked Commercial Paper
ABR = Average Borrowing Rate
ABS = Anti-lock braking System
ABS = Asset-Backed Securities
A.C. = Ante Christum ( )
a.c. = account
ACCBs = Acceding Countries Central Banks
ACF = Access Control Facility
ACH = Automated Clearing House
ACI = Financial Markets Association
ACIIA = Association of Chartered International Investment Analysts
ACM = Accounting Module
ACP = African, Caribbean and Pacific countries
A.D. = Anno Domini ( )
AD = Authorised Dealer
ADB = Asian Development Bank
ADC = Analog to Digital Converter
ADCCP = Advanced Data Communications Control Protocol
ADN = Advanced Digital Network

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ADP = Automatic Data Processing


ADR = American Depositary Receipt
AE = Adjusted Exposure
AEP = Accredited Estate Planner
AES = Advanced Encryption Standard
AFC = Accredited Financial Counselor
AfDB = African Development Bank
AFECEI = Association franaise des tablissements de crdit et des entreprises d'
investissement
AFS = Available for Sale
AFTA = ASEAN Free Trade Area
AG = Advisory Group
AGM = Annual General Meeting
agt = agent
AI = Artificial Intelligence
AIF = Accredited Investment Fiduciary
AIFA = Accredited Fiduciary Auditor
AIRS = mortising Interest Rate Swap
AITC = Association of Investment Trust Companies
a.k.a = also known as
AL = Aggregated Liquidity
ALAP = as late as possible
ALCO = Assets and Liabilities Committee of the ECB
ALM = Asset-Liability Management
ALMPs = Active Labour Market Policies
a.m. = ante meridiem ( )
AM = Asset Manager
AMEA = Africa, Middle East, Asia
AMICO = Accounting and Monetary Income Committee (of the ECB)
AMIS = African Union Mission in Sudan

www.24grammata.com

AML = Anti-Money Laundering


/ = lphanumeric
ANNA = Association of National Numbering Agencies
AP = Application Program
APEC = Asia - Pacific Economic Cooperation
APG = Automated Payment Generation
API = American Petroleum Institute
API = Application Programming Interface
A.P.L = as per list
App. = appendix
APR = Annual Percentage Rate
APS = Assured Payment System
APT = Arbitrage Pricing Theory
APY = Annual Percentage Yield
ARC = Accounting Regulators Committee
ARCH = Auto Regressive Conditional Heteroscedasticity
ARE = Assembly of the Regions of Europe (E.U)
ARM = Adjustable Rate Mortgage
AROR = Average Accounting Rate of Return
ARP = Address Resolution Protocol
AS = Ancillary Systems
a.s.a.p = as soon as possible
ASCII = American Standard Code for Information Interchange
ASEAN = Association of Southeast Asian Nations (members: Brunei, Cambodia, Indonesia,
Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Viet Nam)
ASEM = Asia-Europe Meeting (comprising 1) the finance ministers of ten Asian countries
(China, Japan, South Korea, Brunei, Indonesia, Malaysia, Philippines, Singapore, Thailand
and Viet Nam) 2) the finance ministers of the European Union states and 3) observers (IMF,
World Bank and the Asian Development Bank)
ASI = Ancillary Systems Interface
ASL = Automatic Securities Lending
ASLP = Automatic Securities Lending Programme

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ASP = Application Service Provider


ASR = Anti-Slip Regulation
Ass = Ancillary Systems
ASSEP = Association d' pargne pension
ASTD = American Society for Training and Development
ASX = Australian Stock Exchange
ATM = Asynchronous Transfer Mode
ATM = at-the-money (options)
ATM = Automated Teller Machine
ATS = Agency Treasury Services
ATS = Automated Trade System
AU = African Union
AVS = Additional Value Shares
AVS = Address Verification Service
AWG = Ageeing Working Group (of the EPC/E.U)

B
BA = Bankers Acceptance
BABEL = Broadcasting Across the Barriers of European Language (E.U)
BACA = Bank Austria Creditanstalt Aktiengesellschaft
BACH = Bank for the Accounts of Companies Harmonised
BAD = Bank Accounts Directive (86/635/EEC)
BANCO = Banknote Committee of the ECB
BAO = Back Office Division of the ECB
BASIC = Beginners All-purpose Symbolic Instruction Code
BBA = British Bankers Association
BBC = British Broadcasting Corporation
BBL = Bolero-Bill-of-Lading
B.C. = Before Christ ( )

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BC = Business Continuity
BCA = Board Certified in Annuities
BCAA = Board Certified in Asset Allocation
BCBS / CBCB = Basel Committee on Banking Supervision / Comit de Ble sur le contrle
bancaire
BCE = Board Certified in Estate Planning
BCM = Board Certified in Mutual Funds
BCM = Business Continuity Management
BCP = Business Continuity Plan
BCS = Board Certified in Securities
BEAC = Banque des tats de l'Afrique centrale
BEIR = Break-Even Inflation Rate
BEPGs = Broad Economic Policy Guidelines (E.U)
BEUC = European Bureau of Consumers Union
BFIs = Bank Financial Intermediaries
BGEU = Bank of Greece Employees Union,
BI = Bilateral Interventions
BIA = Business Impact Analysis
BIC = Bank Identifier Code
BIMBO = Buy-In Management Buy-Out
BIS / BRI = Bank for International Settlements / Banque des rglements internationaux
B/L = Bill of Landing
BNG = Bank Nederlandse Gemeenten
BOBL= Bundesesobligationen, Germany
BOD = Board of Directors
BOG = Board of Governors
Bolero = Bill of Lading Electronic Registry Organisation
b.o.p = balance of payments
BOTS = Buoni Ordinari del Tesoro, Italy
BOVESPA = Bolsa de Valores de Sao Paolo, Brazil
BP = Batch Processing

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bp = basis point
BPC = Banknote Printers Conference
BPM5 = Balance of Payments Manual, 5th edition, IMF
BPWG = Banknote Production Working Group (of the BANCO ECB)
BRF = Banknote Recycling Framework
BRIC = Brazil, Russia, India and China
BSB = Buy/Sell Back
BSC = Banking Supervision Committee (of the ESCB)
BSTDB = Black Sea Trade and Development Bank
BTANs = Bons du Trsor taux fixe et intrts annuels, France
BTFs = Bons du Trsor taux fixe et intrts prcompts, France
BTPs = Buoni del Tresoro Poliennali, Italy
BTRS = Bridge Trading Room System
U = Brilliant Uncirculated (coin)
Bubill = Unverzinsliche Schtzanweisungen, Germany
BUCOM = Budget Committee of the ECB
BUND = Bundesanleichen, Germany
BV = Book Value

C
C/A = Current Account
CAA = 1) Certified Annuity Advisor 2) Current Accounting Approach
CAC-40 = Compagnie des Agents de Change-40 (French stock index)
CAC = Counterfeit Analysis Centre (for euro banknotes)
CACM = Central America Common Market, comprising Costa Rica, El Salvador, Guatemala,
Honduras and Nicaragua
CACs = Collective Action Clauses
CAD =Capital Adequacy Directive (93/6/EEC)
CAEMC = Central African Economic and Monetary Community, comprising Cameroon,
Central Africa Republic, Chad, Equatorial Guinea, Gabon and Republic of Congo

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CAI = Consolidated Account Information


CAM = Chartered Asset Manager
CAMC = Central America Monetary Council, comprising the CACM countries (see above)
CAN = Comunidad Andina (Andean Community), comprising Bolivia, Colombia, Ecuador,
Peru and Venezuela
CAO = Chief Administrative Officer
CAO = Chief Analytics Officer
CARDS = Community Assistance for Reconstruction, Development and Stabilisation (a
European Commission programme)
CATS = Certificate of Accrual on Treasury Securities
C & F = Cost and Freight
C & I = Commercial and Industrial
C & I = Cost and Insurance
CAIA = Chartered Alternative Investment Analyst
CAO = Chief Accounting Officer
CAP / PAC = Common Agricultural Policy / Politique agricole commune
CAPM = Capital Asset Pricing Model
CaR = Credit at Risk
CAR = Cumulative Abnormal Return
CARICOM = Caribbean Community and Common Market, comprising Antigua and Barbuda,
Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint
Kitts and Nevis, Santa Lucia, Saint Vincent and Grenadines, Suriname, and Trinidad and
Tobago
CART = Community Action to promote Rural Tourism
CAS = Certified Anuity Specialist
CAT = Conti Accentrati in Titoli, Italy
CATS = Certificate of Accrual on Treasury Security
CBAM =Central Bank Accounting Model (to be replaced as from 2009 by Accounting Module,
AC)
CBCDG = Central Bank Counterfeit Deterrance Group
CBCP = Cross-Border Collateral Pool
CBD = Cash Before Delivery
CBD = Codified Banking Directive (2000/12/EC)

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CBGA = Central Bank Gold Agreement


CBO = Congressional Budget Office, USA
CBOE = Chicago Board Options Exchange
CBOT = Chicago Board of Trade
CBSS = Council of the Baltic Sea States
CBT = Computer Based Terminal
CBT = Computer Based Training
CC = Country Code
CCB = Correspondent Central Bank
CBFM = Corporate Banking and Financial Markets
CCBM = Correspondent Central Banking Model
CCI = Consumer Confidence Index (of the Conference Board, USA)
CCO =Chief Channel Officer
CCO = Chief Communications Officer
CCO = Chief Compliance Officer
CCP = Central Clearing Counterparty
CCR = Central Credit Register
CCS = Carbon Capture and Storage
CCT = Certificati di Credito del Tesoro, Italy
CCT = Common Customs Tariff
CCYS = Cross Currency Swaps
CDB = Caribbean Development Bank
CDD = Contingency Due Diligence
CDO = Chief Data Officer
CDO = Collateralised Debt Obligation
CDR = Constant Default Rate
CD-RW = Compact Disk Rewritable
CDS = Credit Default Swaps
CEAS = Common European Asylum System
CEB = Council of Europe Development Bank

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CEBS = Committee of European Banking Supervisors, London


CECA / ECSC = Communaut europenne du carbon et de l' acier / European Coal and
Steel Community
CECEI = Comit des tablissements de crdit et des entreprises d' investissement, France
CEDEFOP = Centre europen pour le dveloppement de formation professionelle (U.E)
CEECs = Central and Eastern European Countries (Bulgaria, the Czech Republic, Estonia,
Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia)
CEF = Closed-End-Fund
CEFA = Certified European Financial Analyst
CEFTA = Central European Free Trade Agreement
CEIOPS / CECARP = Committee of European Insurance and Occupational Pension
Supervisors, Frankfurt / Comit europen des contrleurs de l assurance et des pensions de
retraite, Frankfort
CELEX = Interinstitutional computerised documentation system for Community law
CEM = Current Exposure Method
CEMLA = Centro de Estudios Monetarios Latinoamericanos (Centre for Latin American
Monetary Studies)
CEN = Comit Europen de Normalisation (European Committee for Standardisation)
Cenelec = European Committee for Electrotechnical Standardisation
CEO = Chief Executive Officer
CEPOL = Collge europen de police (European Police College), Bramshill, UK
CEPP = Chartered Estate Planning Practitioner
CEPR = Centre for Economic Policy Research
CERN = European Organisation for Nuclear Research
CESAME = Clearing and Settlement Advisory Monitoring Expert Group (of the European
Commission)
CESD = Collge europenne de scurit et de dfense
CESR = Committee of European Securities Regulators, Paris
CET = Central European Time
CETREL = Centre des transferts lectroniques (Luxembourg)
CFA = Chartered Financial Analyst
CFaR = Cash Flows at Risk
CFAT = Cash flow after taxes

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CFDs = Contracts for differences


CFM = Committee on Financial Markets (based in OECD)
CFO = Chief Financial Officer
CFP = Certified Financial Planner
CFPB = Centre de formation de la profession bancaire
CFS = Center for Financial Studies (University of Frankfurt am Main)
CFSP = Common Foreign and Security Policy (E.U)
CFT = Certified Financial Technician
CFTC = Commodity Futures Trading Commission (the USA futures industry regulator)
CG = Coordination Group
CGES = Centre for Global Energy Studies, London
CGFS = Committee on the Global Financial System (based in the BIS)
CGN = Classical Global Note
CGO = Central Gilts Office, UK
CHAPS = Clearing House Automated Payment System (United Kingdom bankers clearing
house)
CHCO = Chief Human Capital Officers
CHIPS = Clearing House Interbank Payment System
CIA = Confidentiality, Integrity and Availability
CIC = Chartered Investment Counselor
CICS = Customer Information Control System
c.i.f = cost, insurance and freight at the importers border
CIIA = Certified International Investment Analyst
CIK = Caisse interprofessionnelle de dpts et de virements de titres SA, Belgium
CIM = Cash-in-Machines
CIMA = Certified Investment Management Analyst
CIMC = Certified Investment Management Consultant
CIO = Chief Information Officer
CIO = Chief Investment Officer
CIP = Competitiveness and Innovation Programme (E.U)

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CIP = Cost, Insurance and Freight


CIPS = Chartered Institute of Purchasing and Supply, United Kingdom
CIRWAMU = Committee for the Institutional Reform of the West African Monetary Union
CIS = Commonwealth of Independent States (comprising Russian Federation, Armenia,
Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyz Republic, Moldova, Tajikistan,
Turkmenistan, Ukraine and Uzbekistan)
CIS = Currency Information System (of the ECB)
CIT = cash-in-transit (companies)
CIUs = Collective Investment Undertakings
CIWM = Certified International Wealth Manager
CKO = Chief Knowledge Officer
C/L = Code Line
CLI = Composite Leading Indicator
CLN = Credit Linked Note
CLO = Chief Learning Officer
CLO = Chief Legal Officer
CLO = Chief Logistics Officer
CLO = Customer Liaison Officer
CLOs = Collateralised Loan Obligations
CLS = Continuous Linked Settlement
CM = Contingency Module
CMA = Common Monetary Area (comprising Lesotho, Namibia, South Africa and Swaziland)
CMBS = Commercial MBS (Mortgage Backed Securities)
CMC = Civilian and Military Cell
CME = Chicago Mercantile Exchange
CMEA = Council for Mutual Economic Assistance (Comecon)
CMFB = Committee on Monetary, Financial and Balance of Payments Statistics (OECD)
CMFC = Chartered Mutual Fund Counselor
CML = Capital arket Line
CML = Council of Mortgage Lenders, UK
cml = commercial

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CMO = Central Moneymarkets Office, UK


CMO = Chief Marketing Officer
CMOs = Collateralised Mortgage Obligations
CMS = Constant Maturity Swap
CMS = Counterfeit Monitoring System (for euro banknotes and coins)
CMV = current market value
CNAC = Coin National Analysis Centre (for euro coin)
CNO = Chief Networking Officer
C/O = Certificate of Origin
C.O.B = Cargo on board
COBS = Conduct of Business rules
CoC = Cost of Carry
COD = Cash on Delivery
COFI = Cost of Funds Index
COGESI = ECB contact groups dealing with euro securities infrastructure
COM = Commission (of the E.U)
COMCO = Committee on Cost Methodology (ECB)
Consob = Commissione nazionale per la societ e la borsa, Italy
COO = Chief Operating Officer
CoR = Committee of the Regions (E.U)
CORDIS = Community Research and Development Information Service (E.U)
COREPER = Comit des reprsentants permanents (E.U)
COTO = cash or title option
COW = Cluster of Workstations
CP = Commercial Paper
CPA = Certified Public Accountant
CPA = Comprehensive Peace Agreement
CPI = Consumer Price Index
CPLP = Community of Portuguese Language Countries
CPLTD = Current Portion of Long-Term Debt

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CPM = Chartered Portfolio Manager


CPO = Chief Procurement Officer
CPO = Commodity Pool Operators
CPP = Constant Percent Prepayment
CPR = Constant Prepayment Rate
CPSs = Card Payment Schemes
CPSS / CSPR = Committee on Payment and Settlement Systems / Comit sur les systmes
de paiement et de rglement
CPU = Central Processing Unit
CPVO = Community Plant Variety Office (E.U)
CRACS = Customer Relationchip and Knowledge of System
CRAs = Credit Rating Agencies
CRB = Commodity Research Bureau, Chicago
CRD = Capital Requirements Directive (30.6.2006)
CRD = Cash Ratio Deposit
CRM = Cash Recycling Machine
CRM = Credit Risk Mitigation
CRM = Customer Relationship Management
CrM = Crisis Management
CRR = Cash Reserve Ratio
CRSS = Customer Related Services System
CRT = Cathode Ray Tube
CSD = Customer Specific Development
CSDA = Contractual Settlement Data Accounting
CSDB = Centralised Securities Database (for the ESCB statistics)
CSDs = Central Securities Depositories
CSF / CCA = Community Support Framework / Cadre communautaire d' appui
CSFB = Crdit Suisse First Boston
CSFTs = Complex Structured Finance Transactions
CSI = Customer Specific Interface
CSK = Common Safekeeper

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CSO = Central Statistics Office


CSO = Chief Science Officer
CSO = Chief Strategy Officer
CSP = Common Service Provider
CSR = Corporate Social Responsibility
CSV = Cash Surrender Value
CSV = Comma Separated Value
CTAs = Commodity Trading Advisors
CTBOIS = Close To Balance Or In Surplus
ctd = cheapest to deliver
CTEA = Chartered Trust and Estate Advisor
CTEP = Chartered Trust and Estate Planner
CTF = Counter Terrorist Financing
CTO = Chief Technical Officer
CTZ = Certificati del Tesoro Zero Coupon, Italy
CUG = Closed User Group
CUSIP = Committee on Uniform Securities Identification Procedures
CVM = Customer Value Management
CVO = Chief Visionary Officer
CWG = Counterfeit Working Group (of the ECB BANCO)
CWM = Chartered Wealth Manager
CY = Calendar Year

D
DAF = Delivered at Frontier
DAP = Directory Access Protocol
DARPA = Defense Advanced Research Projects Agency, USA
DAT = Development Acceptance Test
DAX = Deutscher Actienindex (German stock index)

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DBLA = Dresdner Bank Lateinamerica


D-BN = Directorate Banknotes of the ECB
DCF = Discounted Cash Flow
DCI = Development Cooperation Instrument
DCM = Distributed Shared Memory
D-CO = Directorate Communications of the ECB
DCS = Digital Cellular System
DES = Delivered Ex Ship
DCTN = Delay Closing Time Notification
DCTR = Delay Closing Time Request
DD = Demand Deposit
DDA = Dutch Direct Auction
DEAG = Delivery Agent
D-ED = Directorate Economic Developments of the ECB
DEQ = Delivered Ex Quay
DES = Delivered Ex Ship
D-FSS = Directorate Financial Stability and Supervision of the ECB
DG = Directorate General
DG-A = Directorate General Administration of the ECB
DG-E = Directorate General Economics of the ECB
DG-HR = Directorate General Human Resources, Budget and Organisation
DG-I = Directorate General International and European Relations of the ECB
DG-IS = Directorate General Information Systems of the ECB
DG-L = Directorate General Legal Services of the ECB
DG-M = Directorate General Market Operations of the ECB
DG-P = Directorate General Payment Systems and Market Infrastructure of the ECB
DG-R = Directorate General Research of the ECB
DG-S = Directorate General Statistics of the ECB
DG-SL = Directorate General Secretariat and Language Services of the ECB
DHCP = Dynamic Host Configuration Protocol

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DHS = Dynamic Handling System


D-IA = Directorate Internal Audit of the ECB
D-IF = Directorate Internal Finance of the ECB
D-IT = Directorate IT Projects of the ECB
DLP = Digital Light Processing
DMA = Debt Management Office
DMA = Direct Market Access
D-MP = Directorate Monetry Policy of the ECB
DN = Distinguished Name
DNR = Did Not Report (the information requested)
DOS =Disk Operating System
DOT = Designated Order Turnaround system
DoE = U.S. Department of Energy
D/P = Documents Against Payment.
DPA = Darfur Peace Agreement
DPC = Data Processing Centre
DPO = Direct Public Offering
DRIVE = Dedicated Road Infrastructure for Vehicle safety in Europe
DSA = Direct Server Access
DSBB = Dissemination Standards Bulletin Board (IMF)
DSC = Dynamic Stability Control
DSCR = Debt-Service Coverage Ratio
DSR = delivery status report
DSGE = Dynamic Stochastic General Equilibrium
DTA = Deferred Tax Assets
DTB = Deutsche Terminbrse (derivatives exchange in Frankfurt)
DTC = Depository Trust Company
DVB-T = Digital Video Broadcasting - Terrestrial
DVD = Digital Versatile Disk
DVD = Digital Video Disk

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DvP = Delivery versus Payment

E
EAA = Euro Area Accounts
EABFH = European Association for Banking and Financial History
EACB = European Association of Co-operative Banks
EACHA = European Automated Clearing House Association
EACT = Euro Associations of Corporate Treasurers
EAD = Exposure At Default
EAEC = Eurasian Economic Community (comprising Belarus, Kazakhstan, Kyrgyz Republic,
Russian Federation and Tajikistan)
EAGGF = European Agricultural Guidance and Guarantee Fund
EAPB = European Association of Public Banks
EAR = Effective Annual Rate
EAR = European Agency for Reconstruction
EASA = European Aviation Safety Agency
EASDAQ = European Association of Securities Dealers Automated Quotations (it was
renamed to Nasdaq Europe)
EBA = Euro Banking Association
EBC = European Banking Committee
EBD = Electronic Brake-force Distribution
EBF / FBE = European Banking Federation / Fdration bancaire europenne
EBIC = European Banking Industry Committee
EBIT = Earnings Before Interest and Taxes
EBITA = Earnings Before Interest, Taxes and Amortisation)
EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortisation
EBRD = European Bank for Reconstruction and Development
EBS = Electronic Broking System
EBTN = European Bank Training Network
ECA = European Court of Auditors

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ECAF = Eurosystem Credit Assesment Framework


ECAI = External Credit Assessment Institution
ECCAS = Economic Community of Central African States (comprising Angola, Burundi,
Cameroon, Central African Republic, Chad, Democratic Republic of the Congo, Equatorial
Guinea, Gabon, Republic of Congo, So Tom and Principe and Rwanda)
ECCO = External Communications Committee of the ECB
ECCU = Eastern Caribbean Currency Union (comprising Anguilla, Antigua and Barbuda,
Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Santa Lucia, and Saint Vincent and
Grenadines)
ECDC = European Centre for Disease Prevention and Control (E.U)
ECHO = Exchange Clearing House
ECHR = European Convention on Human Rights and Fundamental Freedoms
ECI = Extended Custodial Inventory (of euro banknotes circulating outside the euro area
mainly in Asia)
ECJ = European Court of Justice
ECMN = End of day Check Message Notification
ECMS = Euro Collateral Management System
ECN = Electronic Communications Network
ECOFIN = E.U council of ministers of Economic affairs and Finance
ECOSOC or ESC = Economic and Social Committee (of the E.U)
ECOWAS = Economic Community of West African States (comprising Benin, Burkina Faso,
Cambia, Cape Verde, Cte d Ivoire, Ghana, Guinea, Guinea-Bissau, Mali, Niger, Nigeria,
Senegal, Sierra Leone and Togo)
ECP = ligible Counterparty
ECP = European Commercial Paper
ECR = Electronic Cash Register
ECSDA = European Central Securities Depositories Association
EDA = European Defense Agency (E.U)
EDC = Electronic Draft Capture
EDF = European Development Fund
EDF = Expected Default Frequency
EDL = Electronic Differential Lock
EDP = Electronic Data Processing

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EDRs = Euro Depository Receipts


EDT = Eastern Daylight Time
EDTC = Electronic Depository Transfer Check
EDTI = Earliest Debit Time Indicator
E.E. = Errors xcepted
EE = Expected Exposure
EEA = European Economic Area
EEAICP = European Economic Area Index of Consumer Prices
EEA = European Environment Agency (E.U)
EER = Effective Exchange Rate
EESC = European Economic and Social Committee
EESSI = European Electronic Signatures Standardisation Initiative (of the European
Committee for Standardisation and the European Commission)
EFA = European Financial Advisor
EFAMA = European Fund and Asset Management Association
EFCB = European Foundation Certificate in Banking
EFFAS = European Federation of Financial Analysts Societies
EFILWC = European Foundation for the Improvement of Living and Working Conditions
EFMLG = European Financial Markets Lawyers Group
EFP = European Financial Planner
EFP = Exchange of Futures for Physicals
EFPA = European Financial Planning Association
EFS = Exchange of Futures for Swaps
EFSA = European Food Safety Authority
EFT = Electronic Funds Transfer
EFTA = European Free Trade Association
EFTPOS = Electronic Funds Transfer at the Point of Sale
EGAF = European Globalisation Adjustment Fund (E.U)
EIB = European Investment Bank
EIF = European Investment Fund

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EIOPC / CEAPR = European Insurance and Occupational Pensions Committee / Comit


europen de l assurance et des pensions de retraite
EISC = Eurosystem IT Steering Committee
EIT = European Institute for Technology
EL = Expected Losses
ELC = European Language Council
ELN = Equity Linked Note
EM = Emerging Markets
EMA = European Master Agreement
EMAC = Economic and Monetary Affairs Committee (of the European Parliament)
EMCDDA = European Monitoring Centre for Drugs and Drug Addiction (E.U)
EMEA = Europe, Middle East, Africa
EMEA = European Medicines Agency
EMEAP = Executives Meeting of East Asia-Pacific Central Banks (comprising Australia,
China, Hong Kong S.A.R, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore,
South Korea and Thailand)
EMF = European Mortgage Federation
EMS = Enhanced Messaging Service
EMSA = European Maritime Safety Agency
EMV = Europay International, MasterCard International, Visa International
ENIAC = Electronic Numerical Integrator and Computer
ENISA = European Network and Information Security Agency
ENPI = European Neighbourhood and Partnership Instrument
ENSR = European Network SME (Small and Medium-sized Enterprise) Research
EoD = End of Day
E. & O.E. = Errors and missions xcepted
EOE = European Options Exchange
EoI = Expression of Interest
EoM = End of Month
EoP = End of Period
EOTC = European Organisation for Testing and Certification
EoY = End of Year

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EP = European Parliament
EPC = European Payments Council
EPC/EU = Economic Policy Committee of the European Union
EPE = Energy Policy for Europe
= Expected Positive Exposure
EPI = Eurozone input Price Index
EPO = European Patents Office
EPS = Earnings Per Share
EPSCO = Employment Social Policy Health And Consumer Affairs Council
EPSO = Electronic Payment Systems Observatory (of the Institute for Prospective
Technological Studies (IPTS)
EPY = European Pact for Youth
EQF = European Qualification Framework
ERA = European Railway Agency
ERA = Exchange Rate Agreement
ERC = European Research Council
ERDF = European Regional Development Fund
ERGEG = (European) Energy Regulators Group for Electricity and Gas
ERI = Economic Research Institute, Edinburgh
ERI = Exchange Rate Index
ERICA = European Research Institute for Consumer Affairs
ERP = Enterprise Resource Planning
ESA = European Space Agency
ESB = Enterprise Service Bus
ESBG = European Savings Bank Group
ESBI = Emerging market Sovereign Bond Index
ESCB = European System of Central Banks
ESCP = Eurosterling Commercial Paper
ESDC = European Security and Defense College
ESDIS = Employment and Social Dimension of the Information Society

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ESDP = European Security and Defense Policy


ESF / FSE = European Social Fund (of the E.U) / Fonds social europen (de l U.E)
ESI = Economic Sentiment Indicator (of the European Commission)
ESME = European Securities Market Expert group (of the European Commission)
ESP = Electronic Stabilisation Programme
ETC = Electronic Trade Confirmation
ETFs = Exchange Traded Funds
ETMA = European Telecom Market Authority
ETO = Exchange Traded Option
ETP = Electronic Trading Platform
ETS = Emission Trading Scheme
ETSC = European Technical and Scientific Centre (for euro coin)
ETSI = European Telecommunications Standards Institute
ETUC / CES = European Trade Union Confederation / Confdration europen des syndicats
E.U = European Union
EU-ETS = European Union Emission Trading Scheme
EU HR = European Union High Representative
EUMC = European Monitoring Centre on Racism and Xenophobia
EUMC = European Union Military Committee
EUMED = European Union Mediterranean countries
EU-OSHA = European Agency for Safety and Health at Work
EURATOM = European Atomic Energy Community
Eureka = European Research Coordination Agency
EURIBOR = European Interbank Offered Rate
Euro - CP = European Commercial Paper
EuroDAC = European Design Automation Conference
Euromed = Euro-Mediterranean Partnership (Barcelona Process). Member States: EU,
Algeria, Egypt, Israel, Jordan, Lebanon, Morocco, Palestinian Authority, Syria, Tunisia and
Turkey. Libya has observer status since 1999
EUROSTAT = European Commission's Directorate General responsible for EU statistics
EUSC = European Union Satellite Center

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EU-SILC = European Union Statistics on Income and Living Conditions


EUSPMME = European Union Strategic Partnership with the Mediterranean and the Middle
East
EVA = Economic Value Added
EVAR = Equity Value at Risk
EVCA = European Venture Capital Association
EWEC = European Wind Energy Conference
EWMA = Exponentially Weighted Moving Average
EXDI = ESCB XML Data Interchange
EXW = Ex Works

F
FAD = Financial Analyst Designate
FANS = Finland, Austria, Norway and Sweden
FAO = Food and Agriculture Organisation (of the United Nations), Rome
FAQ = Frequently Asked Questions
FAS = Financial Accounting Standard
FAS = Free Alongside Ship
FASB = Financial Accounting Standards Board
FAST = Financial Application Specification for SCF (SEPA Cards Framework) - Compliant
EMV Terminals
FAT = File AllocationTable
FATF = Financial Action Task Force (against money laundering)
FCCs = Fonds communs de crance
FCM = Futures Commission Merchants
FCP = Fonds commun de placement
FCPE = Fonds communs de placement dentreprise
FCY = Foreign Currency
FDI = Foreign Direct Investment
FDIC = Federal Deposit Insurance Corporation, USA

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FED = Federal Reserve System (the USA central bank)


FEE = Foreign Exchange Earnings
FEFSI = Fdration des fonds et socits d investissement
FEMIP = Facility for Euro-Mediterranean Investment Partnership (of the EIB)
FEOGA = Fonds europen d' orientation et de garanties agricoles
FESCO = Forum of European Securities Commissions
FFCB = Federal Farm Credit Bank, USA
FFELP = Federal Family Education Loan Program, USA
FFIEC = Federal Financial Institutions Examinations Council, USA
FHA = Federal Housing Administration, USA
FHFA = Federal Housing Finance Agency, USA
FHLB = Federal Home Loan Banks, USA
FHLMC = Federal Home Loan Mortgage Corporation, USA
FIBV / WFE = Fdration internationale des bourses de valeur / World Federation of
Exchanges
FICC = Fixed Income Currency and Commodity
FIFO = First Input First Out
FIPS = Foreign Interest Payment Securities
FIR = Flight Information Region (an airspace of defined dimensions within which flight
information and alerting services are provided)
FIRM = Fundamental Information Risk Management
FISIM = Financial Services Indirectly Measured
FISM = Fixed Income Securities Market
FIU = Financial Intelligence Unit
FIXBIS = short term Fixed Income instruments of the BIS
FLEX = Financial Legal Expert Group
Flexicurity = Flexibility and Security
FLR = Floating Interest Rate
FMA / AMF = Financial Markets Association / Association des marchs financiers
FMDB / BDMF = Financial Market Database (of the Eurozone) / Base de donnes sur les
marchs financiers (de la zone euro)
FNMA = Federal National Mortgage Association

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f.o.b = free on board at the exporters border


F.O.C. = 1) Flag of Convenience 2) Free of Charge 3) Free of Claims 4) Free of Commission
5) Free on Car
FOEX = Finnish Options Exchange Ltd.
FOF = Futures and Options Fund
FoFs = Funds of funds
FOMC = Federal Open Market Committee (of the Federal Reserve System, USA)
FoP = Free of Payment
F.O.R = Free On Railway
Forex = foreign exchange market
F.O.T. = Free On Truck
F.O.W. = Free On Wagon
FPI = Foreign Portfolio Investment
FRAs = Forward Rate Agreements
FRB = Federal Reserve Board
FRB = Floating Rate Bond
FRBNY = Federal Reserve Bank of New York
FRM = Financial Risk Management
FRM = Foreign Reserves Management
FRN = Floating Rate Note
FRS = Federal Reserve System
FRS = Financial Reporting Standard
FS = Financial Statement
FSA = Financial Services Authority
FSAP = Financial Services Action Plan (of the E.U)
FSB = Financial Stability Board
FSC = Financial Services Committee
FSCO = Financial Stability Committee (ECB)
FSD = Function Specification Document
FSF = Financial Stability Forum

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FSFM = Frankfurt School of Finance and Management


FSI = Fuel Stratified Injection
FSLIC = Federal Savings and Loan Insurance Corporation, USA
FTE = Full-Time Equivalent
FTOs = Fine-Tuning Operations
FTP = File Transfer Protocol
FTSE = Financial Times Stock Exchange (share indexes)
FTSE/ASE = FTSE/Athens Stock Exchange
FTTc = Fiber To The curb
FTTd = Fiber To The desk
FTTh = Fiber to the home
FTTp = Fiber To The premises
FY = Financial Year
FV = Fair Value
FVA = Fair Value Accounting
FVB = Fair Value Balance sheet
FVC = Financial Vehicle Corporation
FVO = For Valuation Only
FX = Foreign Exchange
FY = Financial / Fiscal Year

G
GAAP = Generally Accepted Accounting Principles
GAAS = Generally Accepted Auditing Standards
GAERC = General Affairs and External Relations Council (European Union)
GAF = Globalisation Adjustment Fund, USA
GAO = vernment Accountability Office
GARCH = Generalised Autoregressive Conditional Heteroscedasticity
GC = General Collateral

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GCC = Gulf Cooperation Council (comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia
and United Arab Emirates)
GDP = Gross Domestic Product
GEMM = Gilt-Edged Market Maker (UK)
GFBEU = Greek Federation of Bank Employee Unions, OTOE
GFS = General Functional Specifications
GIPS = Global Investment Performance Standards
GIS = Geographic Information System
GL = General Ledger
GMRA = Global Master Repurchase Agreement
GMT = Greenwich Mean Time
GNI = Gross National Income
GNMA = Government National Mortgage Association (USA)
GNP = Gross National Product
GNSS = Global Navigation Satellite System
GPRS = General Packet Radio Service
GPS = Global Positioning System
GRULAC = Group for Latin America and the Caribbean
GSCI = Goldman Sachs Commodities Index
GSE = Government-Sponsored Entreprises
GSM = Global System for Mobile communication
G-10 = Group of Ten
GTL = Gas to Liquids ( )
Gty = Guaranty
GUI = Graphical User Interface
GUUAM = Georgia, Ukraine, Uzbekistan, Azerbaijan and Moldova
GVA = Gross Value Added
GWEC = Global Wind Energy Council

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H
H1 = Half 1 (the first semester of the year)
H2 = Half 2 (the second semester of the year)
HAM = Home Accounting Module
HBA = Hellenic Bank Association
HC = Holding Company
HCA = Historical Cost Accounting
HCB = Home Central Bank
HCI = Historical Credit Index
HDMI = High Definition Multimedia Interface
HDTV = High Definition Television
HECM = Home Equity Conversion Mortgage
HEL = Home Equity Loan
HELOC = Home Equity Line of Credit
HFL = Heading for Leadership
HFT = Held for Trading
HICP = Harmonised Index of Consumer Prices (E.U)
HICPX = Harmonised Index of Consumer Prices excluding unprocessed food and energy
HLT = Highly Leveraged Transaction
HP = Horsepower
HPY = Holding Period Yield
HR = Human Resources
HRC = Human Resources Conference
HRM = Human Resources Management
HSBC = Hong Kong and Shanghai Banking Corporation
HSDPA = High-Speed Downlink Packet Access
HSI = Hang Seng Index (Hong Kong S.A.R)
HTM = Held to Maturity
HTML = Hypertext Markup Language

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HTTP = Hypertext Transfer Protocol


HTTPS = Hypertext Transfer Protocol Secure
HWWI = Hamburg Institute of International Economics

I
i.a. = inter alia
IAC = Internal Auditors Committee of the ESCB
IADB = Inter-American Development Bank
IAEA = International Atomic Energy Agency (United Nations)
IAIS = International Association of Insurance Supervisors
IAS = International Accounting Standards
IASB = International Accounting Standards Board
IATA = International Air Transport Association
Ib or ibid = ibidem ( )
IB = Introducing Brokers
IBM = International Business Machines
IBRD = International Bank for Reconstruction and Development
IBSS = International Banking Summer School
ICAO = International Civil Aviation Organisation
ICC = International Chamber of Commerce
ICDC = International Counterfeit Deterrence Centre (hosted by the ECB)
ICDM = Item Coding and Database Maintenance
ICM = Information and Control Module
ICO = Investment Committee of the ECB
ICPFs = Insurance Corporations and Pension Funds
ICS = Internet Connection Sharing
ICSDs = International Central Securities Depositories
ICT = Information and Communication Technologies

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ICTY = International Criminal Tribunal for the former Yugoslavia


IDA = Interchange of Data between Administrations
IDB = Inter-American Development Bank
IDB = Intermediary Dealer Broker
IDB = Islamic Development Bank
IDS = Intrusion Detection System
i.e. = id est ()
IEA = International Energy Agency
IEDOM = Institut d' mission des dpartements d' outre mer, France
lEEE = Institute of Electrical and Electronics Engineers
I/F = interface
IFAD = International Fund for Agricultural Development (an agency of the United Nations
seating in Rome having as primary target to eradicating rural poverty in developing countries)
IFBA = Interbalcan Forum of Banking Associations
IFC = International Finance Corporation
IFFIm = International Finance Facility for Immunisation
IFOX = Irish Futures and Options Exchange
IFRS = International Financial Reporting Standards
IFSL = International Financial Services London
IFTA = International Federation of Technical Analysts
IGAD = Intergovernmental Authority on Development (members: Djibouti, Eritrea, Ethiopia,
Kenya, Somalia, Sudan and Uganda)
IGC / CIG = Intergovernmental Conference / Confrence intergouvernementalle
IGO = Intergovernmental Organisation
IIF = Institute of International Finance
i.i.p = international investment position
IIR = Interlinking Internal Reference number
= Industriekreditbank (Deutsche Industriebank)
IL = Index Linked
ILO = International Labour Office, Geneva
ILOs = Immigration Liaison Officers (E.U)

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IM = Integrated Model or Interfaced Model


IMM = Internal Model Method
IMO = International Maritime Organisation
IMP = Integrated Mediterranean Programmes
INSEE = Institut national de la statistique et des tudes conomiques (France)
Interpol = International Police (ful name: International Criminal Police Organisation)
I / O = input / output
IO = Interest Only
IOCs = International Oil Companies
IOSCO = International Organisation of Securities Commissions (OICV = Organisation
internationale des commissions de valeurs)
IOU = I Owe You
IPE = International Petroleum Exchange, UK (Since 2005 also known as ICE Futures)
IPI = International Payment Instruction
IPN = Inflation Persistence Network (Eurosystem)
IPO = Initial Public Offering
IPR = Intellectual Property Rights
IPTV = Internet Protocol Television
IRA = Individual Retirement Account
IRB = Internal Ratings-Based system
IRD = Interest Rate Derivatives
IRG = Interest Rate Guarantee
IRR = Internal Rate of Return
IRS = Interest Rate Swap
ISD = Investment Services Directive. As from 1.11.2007, it was replaced by MiFID (Markets in
Financial Instruments Directive)
ISDA = International Swaps and Derivatives Association
ISDN = Integrated Services Digital Network
ISEQ = Irish Stock Exchange
ISIM = Interlinking Statistical Information Module
ISIN = International Security Identification Number

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ISLA = International Securities Lenders Association


ISM = Institute of Supply Management, USA
ISMA = International Securities Market Association
ISS = Information System Security
ISS = Institute for Security Studies (European Union)
ISSWG = Information System Security Working Group
IST = Information Society Technologies
ITAA = Information Technology Association of America
ITAWG = Information Technology Applications Working Group
ITC = Information Technology Committee
ITER = International Thermonuclear Experimental Reactor
ITM = In The Money (options)
ITS = Intelligent Transportation Systems
ITS = Intermarket Trading System
TT = Invitation-To-Tender
IVR = Interactive Voice Response
IWG = Issue Working Group (of the ECB BANCO)

J
JCIF = Japan Centre for International Finance
JGBs = Japanese Government Bonds
JHA = Justice and Home Affairs (E.U)
JMS = Java Message Service
JOCE / OJEC = Journal officiel des communauts europennes / Official Journal of the E.C

K
KCBT = Kansas City Board of Trade
KfW = Kreditanstalt fur Wiederaufbau

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KLEMS = Capital, Labour, Energy, Material and Services


KPI = Key Process Indicators
KPMG = Klynveld, Peat, Marwick and Goerdeler
KRD = Key Rate Duration
KYC = Know Your Customer

L
LAA = Latin America and Asian (countries)
LAC = Latin American Countries (plus Mexico and Caribbean)
LAFTA = Latin American Free Trade Association
Latam = Latin America
LBMA = London Bullion Market Association
LBO = Leveraged Buy-ut
L/C = Letter of credit
LCBGs = Large and complex banking groups
LCD = Liquid Crystal Display
LCE = London Commodity Exchange
LCV = Light Commercial Vehicle
LDAP = Lightweight Directory Access Protocol
LDCs = Less Developed Countries
LdG = Lettre de gage (Luxembourg)
LDTI = Latest Debit Time Indicator
LEAPS = Long-Term Anticipation Securities
LED = Light Emission Diode
LEDA = Local Employment Development Action programme (of the European Commission)
LEGCO = Legal Committee of the ESCB
LFS = Labour Force Surveys (of Eurostat)
LGD = Loss Given Default
LIBA = London Investment Banking Association

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LIBID = London Interbank Bid or deposit Rate (UK)


LIBOR = London Interbank Offered Rate (UK)
LICO = Liquidity Committee of the ECB
LIFFE () = London International Financial Futures and Options Exchange
LIFO = Last Input First Out
LIMID = London Interbank Mid Rate
LLDs = Least Developed Countries
LMA = Loan Market Association (including 80 banks active in European loan markets)
LMD = License, Master, Doctorat
LME = London Metal Exchange
LNG = Liquefied Natural Gas ( )
LOCOM = Lower of Cost or Market
LOI = Letter of Intent
LOC = letter or line of credit
Lom = Lom Convention. Multilateral trade and development agreements between the EU
and the ACP States (African, Caribbean and Pacific states)
LOTFA = Law and Order Trust Fund of Afghanistan
LP = Loan Performance
LPG = Liquefied petroleum gas
LPI = Limited Price Indexation
LSA = Loss Sharing Agreement
LSE = London School of Economics and political sciences
LSE = London Stock Exchange
LSM = Listed Securities Market
LTMC = Long Term Capital Management
LTROs = Longer-Term Refinancing Operations
LTV = Loan-to-Value

M
M & A = Mergers and Acquisitions

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MAC = 1) Media Access Control and address 2) Message Identification Code


MAE = Mean Absolute Error
MAGHREB = Arab Maghreb Union, AMU. Members: Algeria, Libya, Mauritania, Morocco and
Tunisia. In Arabic language Maghreb means "West" or "Western". Before the voyage of
Columbus in 1492, the Atlantic Ocean was the western end of the known world, for the Arabic
speaking countries as well as for Europe. So, the Arabians called the regions of Northern
Africa simply the "West" (al maghreb), or the "far West" (al maghreb al aqsa)
MAN = Metropolitan Area Network
Marfin = Maritime Finance
MATIF = March terme international de France
Mbd = millions of barrels per day
MBS = Mortgage Backed Securities
MD = Modified Duration
MDCs = More Developed Countries
MDGs = Millennium Development Goals (United Nations)
MDR = Monthly Default Rate
MDS = Multi Displacement System
Medsea = 1) Mediterranean Sea 2) Project of FRONTEX (control of external borders of the
EU)
MEF = Ministry of the Economy and Finance
MEND = Movement for the Emancipation of the Niger Delta
MEP = Member of the European Parliament
MERCOSUR = Mercado Comn del Sur (Common Market of the South, comprising
Argentina, Brazil, Paraguay and Uruguay)
MF = Mutual Fund
MFI = Monetary Financial Institution
MFO = Multi-Family Office
MFP = Master Financial Professional
MIB = Milano Indice Borsa
MICD = Market Information Calculation Deamon
MICs = Middle - Income Countries
MID = Mercato Interbancario dei Depositi (Italy)
MiFID = Markets in Financial Instruments Directive (2006/73/EC of 10 August 2006)

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MIGS = Main Industrial Groupings


MIP = Micro Information Products
MIS = Management Information System
MIT = Municipal Investment Trust
MITBIS = Medium Term Income instruments of the BIS
MIUD = Market Information Update Daemon
MLI = Multilateral Lending Institution
MLR = Minimum Lending Rate
MMD = Money Market Deposit
MMF = Money Market Fund
MMIFF = Money Market Investor Funding Facility (FED)
MMKT = Money Market
MMP = Money Market Paper
MMS = Multimedia Message Service
MNA = Master Netting Agreement
MNC = Multinational Corporation
MOC = Market Operations Committee of the ECB
mom = month on month
MONEP = March des options ngociables de Paris
MOP = Market Operations Platform
MOS = Market Operations Systems (Division) of the ECB
MoU = Memorandum of Understanding
MPC = Monetary Policy Committee
MPI = Monetary Policy Implementation
MPT = Modern Portfolio Theory
MP3 = Moving Picture Expert Group (MPEG) Audio Layer 3
MRA = Master Repurchase Agreement
R = Monetary Research Institute, Houston
MROs = Main Refinancing Operations
MS = manuscript

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MSAs = Metropolitan Statistical Areas


MSCI = Morgan Stanley Capital International (developed markets index)
MT = Message Type
= Moving Treasury Average
MTF = Multilateral Trading Facilitiy
MTM or MtoM = Mark-to-Market
MTN = Medium Term Notes
MTO = Maximum Torelable Outage
MTO = Medium Term Objective
MTS = Mercato dei Titoli de Stato, Italia
MUMS = Monetary Union Member States
MV = Market Value
MVA = Market Value Added
MVOA = Mean-Variance Optimisation Approach
MWC = Monitoring Working Group of the ECB MOC

N
n.a. = non available
NAC = National Analysis Centre (for euro banknotes)
NACE Rev. 1 = Statistical classification of economic activities in the European Community,
Revision 1
NAFTA = North American Free Trade Area (comprising the United States, Canada and
Mexico)
NAS = Network Attached Storage
NASD = National Association of Securities Dealers
NASDAQ = National Association of Securities Dealers Automated Quotations
NAT = Network Address Translation
NATO = North Atlantic Treaty Organisation
NAV = Net Asset Value

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NAWM = New Area-Wide Model (euro area model)


NBFI = Non-Bank Financial Intermediary
NC = Nomination Committee
NCIS = National Criminal Intelligence Service, UK
NCREIF = National Council of Real Estate Investment Fiduciaries
NCU = National Currency Unit
NCUA = National Credit Union Association (the USA federal credit unions regulator)
NDC = Notional Defined Contribution
NEC = not elsewhere classified
NEER = Nominal Effective Exchange Rate
Negicef = Nederlands Centraal Institut voor Giraal Effectenverkeer
NEO = non equity options
NES = not elsewhere specified
NFA = National Futures Association (USA)
NFA = Net Financial Assets
NFCC = National Foundation for Consumer Credit, USA
NFCs = Non-Financial Corporations
NGN = New Global Note
NGNs = Next Generation Networks
NGO = Non-Governmental Organisation
NIB = Nordic Investment Bank
NIC = Network Interface Card
NICs = Newly Industrialised Countries
NIF = Note Issuance Facility
NII = Net Interest Income
NIMS = Net Interest Margin Securities
NIMs = New Member States
NIS = New independent States (Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan,
Kyrgyzstan, Moldova, Russian Federation, Tajikistan, Turkmenistan, Ukraine, Uzbekistan)
NJA = Non Japan Asia. The most dynamic region in the world in terms of economic growth. It
includes China and Hong Kong SAR, India, Indonesia, Malaysia, Singapore, South Korea,
Taiwan and Thailand

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NLF = Non Legal Framework


NM = not meaningful
NMS = New Member States
N.O.C. = Notice of Cancellation
NOCs = National Oil Companies
Non-MFI = Non-Monetary Financial Institution
n.o.p. = not otherwise provided
NOS = Network Operating System
NOW = Network of Workstations
NPISHs = Non-Profit Institutions Serving Households
NPL = Non-Performing Loan
NPV = Net Present Value
NRE = Non Repudiation of Emission
NRI = Network Readiness Index (World Economic Forum index on telecommunication, IT
and innovation progress)
NRPs = National Reform Programmes
NRSROs = Nationally Recognised Securities Ratings Organisations
n.s.a = non-seasonably-adjusted
NSIs = National Statistical Institutes
NUG = National User Group
NUTS = Nomenclature of Territorial Units for Statistics (E.U)
NYBID = New York interbank bid rate (US)
NYBOR = New York interbank offered rate (US)
NYMEX = New York Mercantile Exchange
NYSE = New York Stock Exchange
NYT = New York Time

O
O&D = Officers and Directors

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OAS = Organisation of American States (Member States: Antigua and Barbuda, Argentina,
Bahamas, Barbados, Belize, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, Cuba
(excluded in 1962), Dominica, Dominican Republic, Ecuador, El Salvador, Grenada,
Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay,
Peru, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname,
Trinidad and Tobago, United States of America, Uruguay and Venezuela).
OASIS = Organisation for the Advancement of Structured Information Standards
OATs = Obligations assimilables du Trsor, France
OAU = Organisation of African Unity
OBS = Off Balance Sheet
OCA = Optimal Currency Area
OCAS = Organisation of Central American States
OCC = Office of the Comptroller of the Currency, USA
ODA = Official Development Assistance
ODL = Open and Distance Learning
OECD / OCDE = Organisation for Economic Cooperation and Development / Organisation
pour la coopration et le dveloppement conomique
OEF = Oxford Economic Forecasting
OFHEO = Office of Federal Housing Enterprise Oversight (of the Department of Housing and
Urban Development, USA)
OFI = Other Financial Intermediary
OGBS = Offshore Group of Banking Supervisors
OIS = Overnight Indexed Swap
OK = okay
OKB = Oesterreichische Kontrolbank
OLED = Organic Light-Emitting Diode
OLOs = Obligations Linaires (Belgium)
OLTV = Loan-to-Value ratio at Origination
OMB = Office of Management and Budget, USA
OMFIs = Monetary Financial Institutions other than central banks
OMO = Open Market Operation
OMS = Order Management Systems
O/N = Overnight
ONS = Office for National Statistics, UK

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OPA = ECB Operation Analysis Division


op.cit = opere citato
OPCVM = Organismes de placement collectif de valeurs mobilires, France
OPCW = Organisation on Proliferation of Chemical Weapons
OPEC = Organisation of Petroleum Exporting Countries
ORM = Operational Risk Management
OS = Offshore
OSCE = Organisation for Security and Co-operation in Europe
OSID = Online Services Information Directory
OTC = over-the-counter (market)
OTM = Out of The Money (options)
OTS = Office of Thrift Supervision, USA
OTS = Out of Service
oz = ounce

P
PA = Performance Attribution
p.a = per annum ( )
PAD = Project Approval Document
PAFTA = Pan-Arab Free Trade Area. A trade arrangement of the Arab League comprising
Algeria, Bahrain, Comoros, Djibouti, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Mauritania,
Morocco, Oman, the Palestinian Authority, Qatar, Saudi Arabia, Somalia, Sudan, Syria,
Tunisia, the United Arab Emirates and Yemen
P & I = principal and interest
PAL = Phase Alternate Line
PAP = Page avec publicit
PAPSS = Payment and Accounting Processing Services System
PAYE = Pay As You Earn
PAYG = Pay-as-you-go (pension and health care systems)
P. & L. = Profit and Loss

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P&S = Purchase and Sale


PC = Personal Computer
PCAOB = Public Company Accounting Oversight Board, USA
PCE = Personal Consumption Expenditure
PCI = Peripheral Component Interconnect
PCMCIA = Personal Computer Memory Card International Association
p.c.t = per cent
PCTV = Personal Computer Television
PD = Primary Dealer
PD = Probability of Default
PDA = Personal Digital Assistant
PDCF = Primary Dealer Credit Facility (FED)
PDP = Pilot Development Phase
PDV = Present Discounted Value
P/E = Price / Earnings ratio
PEACH = Pan European Automated Clearing House
PEDD = Pan-European Direct Debit scheme
PEEIs = Principal European Economic Indicators
PER = Price Earning Ratio
PERCO = Plan d pargne pour la retraite collectif (France)
PERL = Practical Extraction and Report Language
PERP = Plan d pargne retraite populaire
PER = Program Evaluation and Review Technique
PFE = Potential Future Exposure
PFS = Personal Financial Specialist
PID = Project Initiation Document
PIN = Personal Identification Number
PIP = Picture in Picture
PIPS = Prominently Important Payment Systems
PITI = Principal, Interest, Taxes and Insurance

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PKI = Public Key Infrastructure


P/L = Profit and Loss
Plc = Public limited company
p.m. = post meridiem ( )
PM = Purchasing Managers
PMI = Purchasing Managers Index
PMPT = Post Modern Portfolio Theory
P/N = Promissory Note
PO = Principal Only
POCP = Project Organisation and Control Procedures
P.O.D = Pay On Delivery
POS = Point of Sale
PPC = Public Power Corporation ()
PPI = Producer Price Index
PPP = Project Preparation Phase
PPP = Purchasing Power Parity
PPPs = Public-Private Partnerships
PPS = Protected Payments System
PPS = Purchasing Parity Standard
PPSA = Pre-Production Security Assessment
PR = Prime Rate
Pres = Presidency of the European Union
PRGF = Poverty Reduction and Growth Facility (IMF)
PRS = Price Reporting System
P.S = Post Scriptum ()
PSE = Public Sector Entity
PSBR = Public Sector Borrowing Requirement
PSC = Political and Security Committee, E.U
PSC = Project Steering Committee
PSD = Payment Services Directive

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PSEs = Public sector enterprises


PSG = Project Steering Group
PSNB = Public Sector Net Borrowing
PSSC = Payment and Settlement Systems Committee of the ECB
PSTN = Public Switched Telephone Network
PSU = Public Sector Undertaking
PV = Present Value

Q
QA = Quality Assurance
Q&A = Questions and answers
QC = Quality Control
QFP = Qualified Financial Planner
QIB = Qualified Institutional Buyer (institutions managing at least $100 million in securities)
QMV rule = Qualified Majority Voting rule
qoq = quarter on quarter
Quantas = Queensland and northern territory aerial services

R
RAC = Real Application Cluster
RADSL = Rate-Adaptive Asymmetric Digital Subscriber Line
RAPM = Risk Adjusted Performance Measures
RAS = Risk Assessment System
R & D = Research and Development
RBAC = Role Based Access Control
RBS = Royal Bank of Scotland
R D & D = Research, Development and Demonstration
RDP = Remote Desktop Protocol

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REACH = Registration, Evaluation and Authorisation of Chemicals


REER = Real Effective Exchange Rate
REIT = Real Estate Investment Trust
RELIT = Systmes de rglement et de livraison de titres (France)
REMIC = Real Estate Mortgage Investment Conduit
REVR = Reverse Repo
RE-WAS = permanent Representation in Washington D.C. of the ECB
RFC = Request for comments
RFI = Request For Information
RFP = Request For Proposal
RFQ = Request For Quote
RLSD = Released
RM = Reserve Money
RMA = Risk Management
RMBD = Retail Mortgage Backed Debt instrument
RMBS = Residential MBS (Mortgage Backed Securities)
RMU = Risk Measurement Unit
RNDs = Risk-Neutral Densities
ROA = Return On Assets
ROACE = Return On Average Capital Employed
ROCE = Return On Capital Employed
ROE = Return On Equity
ROI = Return On Investment
ROR = Rate of Return
ROR/PA = Rate of Return / Performance Attribution
ROR = Rollover Risk
ROW = Rest of the World
RPC = Remote Procedure Calls
RPI = Retail Price Index
RPIX = Retail Price Index excluding mortgage interest payments (UK)

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RPO =Recovery Point Objectives


RPPP = Relative Purchasing Power Parity
RPT = Risk position from transaction
RR = Risk Reversal
RTGS / RBTR = Real Time Gross Settlement (system) / (systme de) Rglement brut en
temps rel
RTO = Recovery Time Objective
RTs = third-party providers Rating Tools
RUFs = Revolving underwriting facilities

S
s.a = seasonably-adjusted
SA = Socit anonyme
SAA = Strategic Asset Allocation
SAARC = South Asia Association for Regional Co-operation (members: Afganistan,
Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka)
SADC = Southern African Development Community. (Members: Angola, Botswana, the
Democratic Republic of the Congo, Lesotho, Malawi, Mauritius, Mozambique, Namibia,
Seychelles, South Africa, Swaziland, Tanzania, Zambia and Zimbabwe)
SAFTA = South Asian Free Trade Agreement (of the SAARC member states)
SAI = Statement of Additional Information
SAML = Security Assertion Markup Language
SAN = Storage Area Network
S&P = Standard & Poor's
SAP = Statutory Accounting Principles
SAR = Special Autonomous Region
SAX = Stockholm Automated Exchange
SB = Strategic Benchmark
SBB = Sell/Buy Back
SB US GBI = Salomon Brothers United States Government Bond Index
SB WGBI = Salomon Brothers World Government Bond Index

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SCF = SEPA Cards Framework


SCF = Socit de crdit foncier
Schtze = Bundesschtzanweisungen, Germany
SCLV = Servicio de Compensacion y Liquidacion de Valores, Spain
SCM = Supply Chain Management
SCP = Sterling Commercial Paper
SCP action plan = Sustainable Consumption and Production action plan (E.U)
SD = Static Data
SDA = Standard Default Assumption
SDDS = Special Data Dissemination Standard
SDMX = Statistical Data and Metadata Exchange
SDRM = Sovereign Debt Restructuring Mechanism (IMF)
SDRs = Special Drawing Rights (IMF)
SDW = Statistical Data Warehouse (ECB)
SEA = Single European Act
SEAQ = Stock Exchange Automated Quotations
SEC = Securities and Exchange Commission, USA
SECA = Single Euro Cash Area
SEF = Sydney Futures Exchange
SEM = Single European Market
SEO = Secondary Equity Offering
SEPA = Single Euro Payments Area
SEPCAV = Socit d' pargne-pension capital variable, France
SETP = Single European Tender Procedure
SF = Standing Facilities
SFD = Settlement Finality Directive
SFO = Single Family Offices
SGP = Stability and Growth Pact
SIBS = Sociedade Interbancaria de Servicos, Portugal
SICAF = Socit d' investissement capital fixe, France

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SICAV = Socit d' investissement capital variable


SICOVAM = Socit interprofessionnelle pour la compensation des valeurs mobilires,
France (a subsidiary company of the Euroclear Bank that is in its turn a subsidiary company
of the Euroclear)
SIM = Subsriber Identity Module
SIMEX = Singapore International Monetary Exchange
SIPN = Secure Internet Protocol Network
SIPS = Systemically Important Payment Systems
SITC Rev. 3 = Standard International Trade Classification, revision 3
SIV = Structured Investment Vehicle
SL = Sub-ledger
SLA = Service Level Agreement
SLBTR = Sistemas de Liquidacao Bruto em Tempo Real, Portugal
SLF = Short-term Liquidity Facility
SLM = Sallie Mae
SLRC = Stock Lending and Repo Committee (a committee of the United Kingdom chaired by
the Bank of England, administered by the London Stock Exchange and consisted of
international repo and securities lending markets practitioners)
SM = Standardised Method
SME = Small and Medium-sized Enterprise
SMP = Standard Market Protocol
SMS = Short Message Service
SMSC = Short Message Service Centre
s/n = spot next
SOEs = State - Owned Enterprises
SONET = Synchronous Optical Network
SONIA = Sterling Overnight Index Average
SOX = Sarbanes Oxley Act (USA law of 2002 on corporate governance)
S.p.a = Societ per azioni (Italy)
SPEs = Special Purpose Entities
SPF = Survey of Professional Forecasters (ECB quarterly survey)
SPO = Secondary Public Offering

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S.P.Q.R = Senatus Populusque Romanus


SPR = Strategic Petroleum Reserve
Sprint = Strategic programme for innovation and technology transfer (E.U)
SPTF = Security of Payment Task Force (of the EPC)
SPV = Special Purpose Vehicle
SR = Service Request
SREP = Supervisory Review and Evaluation Process
SRO = Self-Regulatory Organisation
SRPA = Self-managed Reserve Pooling Arrangement
SSH = Secure Shell
SSI = Standard Settlement Instructions
SSL = Secure Sockets Layer
SSP = Single Shared Platform (of the TARGET2 system)
SSSs = Securities Settlement Systems
STAN = structural analysis
STC =Statistics Committee
STEP = Short Term European Paper
STIR = Short-Term Interest Rate
STP = Straight -Through Processing
S.tr.i.p. = Separate trading of interest and principal
SUV = Sport Utility Vehicle
SWF = Sovereign Wealth Funds
SWIFT = Society for Worldwide Interbank Financial Telecommunication

T
TAA = Tactical Asset Allocation
TACIS = Technical Assistance for the Commonwealth of Independent States (former Soviet
Union States)
TAF = Term Auction Facility
RP = Trouble Assets Relief Program

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TB = Tactical Benchmark
TBA = To Be Announced
TBD = To Be Determined
T-bills = Treasury bills
TBF = Transferts Banque de France
TBMA = The Bond Market Association
TCE = Turbo Control Efficiency
TCNs = Titres de crances ngociables, France
TCO = Total Cost of Ownership
TCP = Transmission Control Protocol
TCP/IP = Transmission Control Protocol / Internet Protocol
TCS = Traction Control System
TCs = Travelers Cheques
TD = Time Deposit
TDI = Turbocharged Direct Injection
TDS = Tax Deducted at Source
TEN = Trans-European Networks
TEU = Treaty on European Union
TF = Task Force
TFP = Total Factor Productivity
TFSI = Turbocharged Fuel Straight Injection
TFT = Thin Film Transistor
TFU = Treaty on the Functioning of the Union (it replaced the Treaty establishing the
European Community, TEC)
TGs = Technical Groups
TIBOR = Tokyo Interbank Offered Rate
TIIS = Treasury Inflation-Indexed Securities
TIPS = Treasury Inflation Protected Securities
TLEC = Transformational Leadership in a European Context
TMS = Treasury Management System (Front Office) or Transaction Management System
(Back Office)

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TMT = Technology, Media, Telecommunications


t/n = Tom/Next (tomorrow/next)
TOP = Tender Operations Programme
TQL = Total Quality Leadership
TQM = Total Quality Management
Trade Id = Trade (Transaction) Identification
TRM = Transaction and Risk Management
TRN = Transaction Reference Number
T2S = TARGET 2 Securities
TSB = Trustee Savings Bank
TSC =Treasury Support Centre
TSD = Technical Specification Document
TSE = Tokyo Stock Exchange
TSLF = Term Securities Lending Facility
TSY = Treasury
TTE = Transport, Telecommunications and Energy
T.U = Trade Union
TWAP = Trade Weighted Average Price
TWR = Time-Weighted Return

U
UAT = User Acceptance Test
UBSG = Used Banknote Sorting Group
UCITS = Undertakings for Collective Investments in Transferable Securities
UCP = Uniform Customs and Practices
UDFS = User Detailed Functional Specifications
UDP = User Datagram Protocol
UGD = Usage Given Default
UGM = User Group Meeting

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UL = Unexpected Losses
ULC = Unit Labour Cost
ULCM = Unit Labour Cost in Manufacturing
ULCT = Unit Labour Cost in Total economy
UNAMA = United Nations Mission in Afghanistan
UNCED = United Nations Conference on Environment and Development
UNCITRAL = United Nations Commission on International Trade Law, Vienna
UNCTAD = United Nations Conference on Trade and Development, Geneva
UNEP = United Nations Environment Programme
UNESCO = United Nations Educational, Scientific and Cultural Organisation
UNFCCC = United Nations Framework Convention on Climate Change
UNGA = United Nations General Assembly
UNHCR = United Nations High Commissioner for Refugees
UNICE = Union des industries de la communaut europenne, Bruxelles
UNICEF = United Nations Children's Fund, New York
UNIDO = United Nations Industrial Development Organisation, Vienna
UNIFI = Universal Financial Industry message standard
UNMIK = United Nations Mission in Kosovo
UNODC =United Nations - Office on Drugs and Crime
UNSCR = United Nations Security Council Resolution
UOB = United Overseas Bank
URD = User Requirements Document
URL = Uniform Resource Locator
USAID = United States Agency for International Development
USB = Universal Serial Bus (a networking standard)
USC = United States and Canada
User ID = User Identification
USIT = Unit Share Investment Trust
USM = Unlisted Securities Market
UTC = Universal Time Coordinated

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V
VA = Veterans Administration, USA
VAM = Weighted Average Maturity
VAN = Value - Added Network
VaR = Value-at-Risk
VAT = Value Added Tax
VB = Volatility Buffer
VC = Venture Capital
VDSL = Very-high-speed Digital Subscriber
VGA = Video Graphics Array
VIS = Visa Information System (E.U)
VLAs = Volume Licence Agreements
VNC = Virtual Network Computing
VOD = Video on Demand
VoIP = Voice over Internet Protocol
VP = Vaerdipapircentralen (Danish securities settlement system)
VPC = Vardepapper Centralen (Swedish securities settlement system)
VPN = Virtual Private Network
VRDB = Variable Rated Demand Bond
VRDO = Variable Rate Demand Obligation.
VSTF = Very Short-Term Financing (ERM)
VTG = Variable Turbine Geometry
VWAP = Volume Weighted Average Price
VWQS = Volume Weighted Quoted Spread

W
WAC = Weighted-Average Coupon

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WACC = Weighted Average Cost of Capital


WAEMU = West African Economic and Monetary Union, comprising Benin, Burkina Faso,
Cte d Ivoire, Guinea- Bissau, Mali, Niger, Senegal and Togo
WAL = Weighted Average Life
WAM = Weighted Average Maturity
WAP = Wireless Application Protocol
WAPs = Wireless Access Points
Washington DC = Washington, District of Columbia
WB = World Bank
WCO = World Customs Organisation
WDN = Wage Dynamics Network (of ESCB researchers)
WET = Western European Time
WEU = Western European Union
WGAR = Working Group on Accounting Issues and Financial Reporting of the ECB AMICO
WGFRA = Working Group on Operations Involving Foreign Reserves Assets (of the ECB
MOC)
WGME = Working Group on Monetary and Exchange Rate Policy Instruments and
Procedures (of the ECB MOC)
WHO = World Health Organisation, Geneva
WI = when issued (securities)
WiMAX = Worldwide Interoperability for Microwave Access
Windows NT = Windows New Technology
WIPO = World Intellectual Property Organisation, Geneva
WMBA = Wholesale Markets Broker's Association
WMS = Wealth Management Specialist
WOM = Write Once Medium
WORM = Write Once, Read Many
VRM = Variable-Rate Mortgage
WSBI = World Savings Banks Institute
WSJ = Wall Street Journal
WXGA = Wide Extended Graphics Array

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X
XBRL = Extensible Business Reporting Language
XC = ex coupon
XD = ex dividend
XGA = Extended Graphics Array
XHTML = eXtensible Hypertext Markup Language
XML = eXtensible Markup Language
XML-RPC = eXtensible Markup Language Remote Procedure Calls

Y
yoy = year on year
YTD = Year-to-Date
YTM = Yield to Maturity

Z
ZBA = Zero Balance Account
ZC = Zero Coupon
ZEBRAS = Zero Coupon Eurosterling Bearer or Registered Accruing Securities
ZEW = Zentrum fr Europische Wirtschaftsforschung
ZIRP = Zero Interest Rate Policy
ZPR = Zero Production Run

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)

(: )
(TERMINOLOGY OF THE EUROPEAN CENTRAL BANK IN SIX E.U LANGUAGES)

Asset
allocation

Portfoliostructurierung

Allocation
dactifs

Asignacin de
activos

Beitretende
Staaten
Beitrittlnder

Pays adhrents

Allocazione
degli
investimenti
Paesi aderenti

Gemeinschaftlicher
Besitzstand
Zahlungsbilanz

Acquis
communautaire
Balance des
paiements
Accord de Ble
sur les
fonds
propres
Portefeuille de
rfrence
March
obligataire

Acceding
countries
Accession
countries
Acquis
communautaire
Balance of
payments
Basel Capital
Accord
Benchmark
portfolio
Bond market
Broad
Economic
Policies
Guidelines

Committee of
European
Securities
Regulators

Consolidated
balance sheet

Central
counterparty
Central
securities
depository
Central
government
Collateral

Basler
Eigenkapitalvereinbarung
Benchmarkportfolio
Anleihemarkt

Pays candidats
l adhsion

Paesi in fase di
adesione all
UE
Acquis
communautaire
Bilancia dei
pagamenti
Accordo di
Basilea sul
capitale

Grundzge der
Wirtschaftspolitik

Grandes
orientations
des politiques
conomiques

Portafoglio
benchmark
Mercato
obbligazionario
Indirizzi di
massima per le
politiche
economiche

Zentral
Konntrahent

Contrepartie
centrale

Controparte
centrale

Zentrale
Wertpapierverwahrstelle
Zentralstaat

Dpositaire
central de
titres
Administration centrale
Garanties

Sistema di
deposito
accentrato
Amministrazione centrale
Garanzia

Comit
europen
des
rgulateurs
des marchs
des valeurs
mobilires
Bilan
consolid

Comitato sulla
regolamentazione dei
mercati
europei dei
valori
mobiliari
Bilancio
consolidato del

Sicherheiten
Ausschuss der
Europischen
Wertpapierregulierungsbehrden
Konsolidierte
Bilanz des

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Pases
adherentes
Pases en vas de
adhesin
Acervo
comunitario
Balanza de pagos
Acuerdo de
Capital de
Basilea
Cartera de
referencia
Mercado de
obligacines

Entidad de
contrapartida
central
Central
Depositaria de
Valores
Administracin
Central
Activos de
garanta
Comit de
Reguladores
Europeos de
Valores

Orientaciones
Generales de
Poltica
Econmica

Balance
consolidado del

of the MFI
sector
Corporate
governance


..

Counterparty

(
)

Credit
institution
Credit risk
Debt
(financial
accounts)

MFI-Sektors
Unternehmenssteurung
Geschftspartner
Creditinstitut
Kreditrisiko

du secteur
des IMF
Gouvernement
d entreprise

settore delle
IMF
Governo
societario

Contrepartie

Controparte

tablisement
de crdit
Risque de crdit

Istituzione
creditizia
Rischio di
credito
Debito
(conti
finanziari)

Verschuldung
(Gesamtwirtschaftliche
Finanzierungsrechnung)
Schuldenquote
(ffentliche
Haushalte)

Dette
(comptes
financiers)

Debt ratio
(general
government)


(
)

Debt
Securities

Schuldverschreibungen

Titres de
crances

Deficit ratio
(general
government)

(
)

Defizitquote
(ffentliche
Haushalte)

Ratio de dficit
(administrations publiques)

Deposit
facility

Einlagefazilitt

Facilit de
dpt

Direct-investitur

(ONE)

Wirtschaftliche
Analyse
Wirtschafts-und
Finanz-ausschuss

Investissements direct
Analyse
conomique
Comit
conomique
et financier
Union
conomique et
montaire
(UEM)
Comit de
politique
conomique
Taux de
change
effectifs
Monnaie
lectronique
EONIA
(taux moyen
pondr au
jour le jour
de l euro)

Direct
investment
Economic
analysis
Economic and
Financial
Committee
Economic
and
Monetary
Union (EMU)
Economic
Policy
Committee
Effective
exchange
rates
Electronic
money
EONIA
(euro
overnight
index
average)

Wirtschafts-und
Whrungsunion
(WWU)
Ausschuss fr
Wirtschaftspolitik
Effektiver
Wechselkurs
Electronisches
Geld
EONIA
(Messgrsse fr
den
InterbankTagesgeldsatz
des Euro auf
Transaktions-

Ratio de la
dette publique
(administrations publiques)

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Rapporto debito
pubblico/PIL
(riferito alle
Amministrazioni pubbliche)
Titoli di debito
Rapporto
disavanzo
pubblico/PIL
(riferito alle
Amministrazioni pubbliche)
Depositi
presso la
banca centrale
Investiment
dirett
Analisi
economica
Comitato
economico e
finanziario
Unione
economica
e monetaria
(UEM)
Comitato di
politica
economica
Tassi di
cambio
effettivi
Moneta
elettronica
EONIA
(tasso di
interesse nel
mercato
interbancario
overnight in
euro)

sector IFM
Gobierno
corporativo
Entidad de
contrapartida
Entidad de
crdito
Riesgo de crdito
Deuda
(cuentas
financieras)
Ratio de deuda
(Administraciones Pblicas
Valores
distintos de
acciones
Ratio de dficit
(Administraciones Pblicas)

Facilidad de
depsito
Inversin directa
Anlisis
econmico
Comit
Econmico y
Financiero
Unin
Econmica y
Monetaria
(UEM)
Comit de
Poltica
Econmica
Tipos de cambio
efectivos
Dinero
electrnico
EONIA
(indice medio de
tipo del euro a
un da)

basis)

Equity market

Aktienmarkt

Equity
securities
ERM II
Exchange Rate
Mechanism II

EURIBOR
(

Dividendenwerte
WKM II
WechselkursMechanismus II

Euro area

Eurogroup
European
Central
Bank,
ECB
European
Commission
European
Council
European
Monetary
Institute
European
Parliament
European
Payments
Council
European
System of
Accounts
1995
(ESA 95)

1995
( 95)

EuroWhrungsgebiet
Eurogruppe
Europische
Zentralbank,
EZB

European
System of
Central Banks,
ESCB

EU Council
of Ministers
EURIBOR
(Euro
Interbank
Offered Rate)

Eurosystem
Eurosystems
International
Reserves

EU-Ministerrat
EURIBOR
(Zinssatz fur
Interbankeinlagen mit
Laufzeiten von
bis zu zwolf
Monaten
berechnet)

Europische
Kommission
Europischer
Rat
Europisches
Wrungsinstitut
Europisches
Parlament
Europische
Bezahlungenrat
Europisches
System
Volkswirtschaft
-licher
Geesamtrechnungen
(ESVG 95)
Europisches
System der
Zentralbanken,
ESZB
Eurosystem
Wrungsreserven
des

March d
actions
Titres de
participation
MCE
Mcanisme de
change II
Conseil des
ministres
de l UE
EURIBOR
(Taux
interbancaire
pour les prts
offerts en
euros assortis d
chances
jusqu douze
mois)

Mercato
azionario
Titoli
azionari
AEC II
Nuovi accordi
europei di
cambio
Consiglio dei
ministri
della UE
EURIBOR
(Tasso per i
prestiti
interbacari
in euro
con scadenza
non superiori ai
dodici mesi)

Mercado de
acciones
Valores de
participacin
MTC II
Mecanismo de
tipos de cambio
II
Consejo de
Ministros
de la UE
EURIBOR
(tipo de inters
de oferta en el
mercado
interbancario del
euro con
distintos
vencimientos
hasta doce
meses)
Zona del euro

Zone euro

Area dell euro

Eurogroupe
Banque
centrale
europenne,
BCE
Commission
europenne
Conseil
europen
Institut
montaire
europen
Parlement
europen
Conseil
europen
des paiements
Systme
europen de
comptes 1995
(SEC 95)

Eurogruppo
Banca
centrale
europea,
BCE
Commissione
europea
Consiglio
europeo
Istituto
monetario
europeo
Parlamento
europeo
Consiglio
europeo per i
pagamenti
Sistema
europeo dei
conti 1995
(SEC 95)

Eurogrupo
Banco
Central
Europeo,
BCE
Comisin
Europea
Consejo
Europeo
Instituto
Monetario
Europeo
Parlamento
Europeo
Consejo Europeo
de Pagos

Systme
europen de
banques
centrales,
SEBC
Eurosystme
Avoirs de
rserve de l
Eurosystme

Sistema europeo
di banche
centrali,
SEBC

Sistema Europeo
de Bancos
Centrales,
SEBC

Eurosistema
Riserve ufficiali
dell
Eurosistema

Eurosistema
Reservas
internacionales
del Eurosistema

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Sistema
Europeo de
Cuentas 1995
(SEC 95)

Excessive
deficit
procedure

Executive
Board
of the ECB
External
trade in goods

Fair Value
Accounting,
FVA
Fine-tuning
operation

Eurosystems
Verfahren bei
einem
bermssigen
Defizit
EZBDirectorium

Procdure de
dficit excessif

Procedura per
i disavanzi
eccessivi

Directoire
de la BCE

Comitato
esecutivo della
BCE
Commercio
con l estero in
beni
Principio
contabile del
fair value
Operazione di
regolazione
puntuale

Procedimiento
applicable en
caso de dficit
excesivo
Comit
Ejecutivo
del
BCE
Comercio
exterior de
bienes
Contabilidad por
el valor
razonable
Operacin de
ajuste

Aussenhandel

changes de
biens

Zeitwertbilanzierung
Feinsteuerungsoperation

Comptabilisation en juste
valeur
Opration de
rglage fin

Foreign
exchange
swap
General
Council
of the ECB
General
government
Governing
Council
of the ECB
Harmonised
Index of
Consumer
Prices, HICP

Devisenswap

Swap de change

Operazione di
swap in valuta

Swap de divisas

EZBErweiterter
Rat
ffentliche
Haushalte (Staat)
EZB-Rat

Conseil
gnral
de la BCE
Administrations publiques
Conseil des
gouverneurs
de la BCE
Indice des prix
la
consommation
harmonis,
IPCH

Consiglio
generale
della BCE
Amministrazioni pubbliche
Consiglio
direttivo
della BCE
Indice
harmonizzato
dei prezzi al
consume,
IAPC

Consejo
General
del BCE
Administraciones Pblicas
Consejo de
Gobierno
del BCE
ndice
Armonizado de
Precios de
Consumo,
IAPC

Implied
volatility
Interest rate

Implizite
Volatilitt
Zinssatz

Volatilit
implicite
Taux d intrt

Volatilidad
implcita
Tipo de inters

Interlinking
mechanism

InterlinkingMechanismus

International
Accounting
Standards,
(IAS)
international
investment
position
Key ECB
interest rates

Internationale
Rechnugslegungsgrundstze
Auslandsvermgensstatus
Leitzinsen der
EZB

Mcanisme d
interconnexion
Normes
comptables
internatio-nales

Volatilit
implicita
Tasso di
interesse
Interlinking

Liquidity risk

Liquidittsrisiko
Lngerfristiges

Longer-term

Harmonisierter
Verbraucherpreisindex,
HVPI

Position
extrieure
Taux directeurs
de la BCE
Risque de
liquidit
Opration de

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Principi
contabili
internazionali
Posizione
patrimoniale
sull estero
Tassi di
interesse di
riferimento
della BCE
Rischio di
liquidit
Operazione di

Mecanismo de
interlinking
Normas
Internacionales
de Contabilidad,
NIC
Posicin de
inversin
internacional
Tipos de inters
oficiales del
BCE
Riesgo de
liquidacin
Operacin de

Refinanzierungsgeschft

refinancement
plus long terme

Main
refinancing
operation

Hauptrefinanzierungs
-geschft

Opration
principale de
refinancement

Maintenance
period

Marginal
lending
facility

(
)



MindestreserveErfllungsperiode
Spitzenrefinanzierungs
-fazilitt

Priode de
constitution des
rserves
Facilit de
prt
marginal

MFIs
(Monetre
Finanzinstitute)

IFM
(Institutions
financires
montaires)
Crances sur
les rsidents
de la
zone euro

refinancing
operation

MFIs
(Monetary
Financial
Institutions)
MFI credit to
euro area
residents
MFI interest
rates

MFI longerterm financial


liabilities

MFI net
external assets

MFI-Kredite an
Nicht-MFIs im
EuroWhrungsgebiet
MFI-Zinsstze

Taux d intrt
des IMF

rifinanziamento piu
lungo termine
Operazione di
rifinanziamento
principale
Periodo di
mantenimento
Operazioni di
rifinanziamento
marginale
IFM
(Istituzioni
finanziarie
monetary)
Credito delle
IFM ai
residenti nell
area dell euro

financiacin a
plazo ms largo
Operacin
principal de
financiacin
Perodo de
mantenimiento
Facilidad
marginal de
crdito
IFM
(Instituciones
financieras
monetarias)
Crdito de las
IFM a
residentes en la
zona del euro

Tassi di
interesse delle
IFM
Passivit
finanziarie a
pi lungo
termine delle
IFM

Tipos de inters
de las IFM

Lngerfristige
finanzielle
Verbindlichkeiten
der MFIs

Engagements
financiers
long terme du
secteur des
IFM

Nettoforderunge
n des MFISektors im Euro
Wrungsgebiet
gegenber
Ansssigen
ausserhalb des
Euro Whrungsgebiets
Mindestbietungssatz

Position
crditrice nette
du secteur des
IMF vis--vis
des nonrsidents

Attivit nette
sull estero delle
IMF

Activos
exteriores netos
de las IFM

Tasso minimo
di offerta

Tipo mnimo de
puja

Analisi
monetaria
Reddito
monetario
Mercato
monetario
Operazione di
mercato aperto

Pasivos
financieros a
ms largo plazo
de las IFM

Monetary
analysis
Monetary
income
Money market

Open market
operation

Offenmarktgeschft

Taux de
soumission
minimale
Analyse
montaire
Revenu
montaire
March
montaire
Opration d
open market

Option

Option

Option

Opzione

Portfolio
investment

Anlisis
monetario
Ingresos
monetarios
Mercado
monetario
Operacin de
mercado
abierto
Opcin

Wertpapieranlagen

Investimenti di
portafoglio

Inversiones de
cartera

Price stability

Preisstabilitt

Investissements de
portefeuille
Stabilit des

Stabilit dei

Estabilidad de

Minimum bid
rate

Monetre
Analyse
Monetre
Einkunfte
Geldmarkt

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prix
Solde primaire

prezzi
Saldo primario

precios
Saldo primario

Projektionen
RTGS- System
(EchtzeitBruttosystem)

Projections
Systme de
rglement brut
en temps rel
(RBTR)

Referenzwert
fr das
M3-Wachstum

Repurchase
agreement

Proyecciones
Sistema de
liquidacin
bruta en tiempo
real
(SLBTR)
Valor de
referencia para el
crecimiento de
M3
Cesin
temporal

Reserve base

Rckkaufsvereinbarung
(Repogeschft,
Pensionsgeschft)
Mindestreservebasis

Valeur de
rfrence pour
la croissance de
M3
Accord de
pension

Proiezioni
Sistema di
regolamento
lordo in tempo
reale
(RTGS)
Valore di
riferimento per
la crescita di
M3
Operazione di
vendita con
patto di
riacquisto

Assiette des
rserves

Passivit
soggette a
riserva

Base de reservas

Mindestreservesatz

Taux de
rserves

Coefficiente di
riserva

Coeficiente de
reservas

Mindestreserve
Soll

Rserves
obligatoires

Riserva
obbligatoria

Exigencias de
reservas

Zinsstze im
Kundengeschft
der banken

Taux d intrt
des banques de
dpts

Tassi di
interesse
bancari
al dettaglio

Opration de
cession
temporaire
Systme de
rglement de
titres

Operazione
temporanea

Tipos de inters
aplicados por
las entidades de
crdito a su
clientela
Operacin
temporal

Primary
balance
Projections
Real-time
gross
settlement
(RTGS)
system
Reference
value for M3
growth

Reserve ratio

Reserve
requirement
Retail bank
interest rates

Primrsaldo

Reverse
transaction

Befristete
Transaktion

Securities
Settlement
System
(SSS)


()

Wertpapierabwicklungssystem

Settlement risk

Erfllungsrisiko

Stability
programmes
Standing
facility

Straight-

Stability and
Growth Pact

Risque de
rglement

Sistema di
regolamento
delle
transazioni in
titoli (SRT)
Rischio de
regolamento

Riesgo de
liquidacin

Stabilitts-und
Wachstumspakt

Pacte de
stabilit et de
croissance

Patto di
stabilit
e crescita

Pacto de
Estabilidad y
Crecimiento

Stabilittsprogramme
Stndige
Fazilitt

Programmes de
stabilit
Facilit
permanente

Programas de
estabilidad
Facilidad
permanente

Vollauto-

Traitement

Programmi di
stabilit
Operazioni
attivabili su
iniziativa delle
controparti
Trattamento

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Sistema de
liquidacin de
valores
(SLV)

Tratamiento

Through
Processing,
(STP)
Systemic risk
TARGET
(TransEuropean
Automated
Real-time
Gross
settlement
Express
Transfer
system)
Treaty of the
EU

matisierte
Abwicklung

automatis de
bout en bout

interamente
automatizzato

automatizado de
principio a fin

TARGET
(

Systemrisiko

Rischio
sistemico
TARGET
(Sistema
transeuropeo
automatizzato di
transferimento
espresso con
regolamento
lordo in tempo
reale)

Riesgo sistmico

TARGET
(Transeuropishes
Automatisiertes
EchtzeitBrutto-Expressberweisungssystem)

Risque
systmique
TARGET
(Systme de
transfert
express
automatis
transeuropen
rglement brut
en temps rel)

EG-Vertrag

Trait de l UE

Trattato
dell UE

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TARGET
(Sistema
automatizado
transeuropeo de
transferencia
urgente para la
liquidacin bruta
en tiempo real)
Tratado
de la UE