Practical Issues Arising From The Euro
Glossary of Abbreviations
Updated November 2002
* = link to their website on euro internet addresses page
| ABBL | Association of Banks and Bankers in Luxembourg |
| ABI | Association of British Insurers* |
| AER | Annual Equivalent Rate (of interest) |
| AEX | Amsterdam Exchanges (now part of Euronext) |
| AIM | Alternative Investment Market* |
| APACS | Association for Payment Clearing Services* |
| APK/OM | Suomen Arvopaperikeskus Oy (Finnish securities settlement system - equities) |
| APK/RM | Suomen Arvopaperikeskus Oy (Finnish securities settlement system - fixed interest) |
| APR | Annual Percentage Rate (of interest) |
| ATS | Automated Trading System |
| AUTIF (now merged with FMA to form IMA) |
Association of Unit Trusts and Investment Funds* |
| BACS | Bulk Automated Clearing System |
| BBA | British Bankers' Association* |
| BIC | Bank Identifier Code |
| BI-REL | Italian RTGS system |
| BIS | Band for International Settlements |
| Bobl | Bundesobligationen |
| BOGS | Bank of Greece Securities Settlement System |
| BOT | Buoni Ordinari del Tesoro |
| BTAN | Bons du Trésor à Taux Fixe et Intérêts Annuels |
| BTF | Bons du Trésor à Taux Fixe et Intérêts Précomptés |
| BTP | Buoni del Tesoro Poliennali |
| BVLP | Lisbon and Porto Exchange* |
| CAC | Compagnie des Agents de Change |
| CADE | Central de Anotaciones de Deuda Española (Spanish securities settlement system, to be part of Iberclear*) |
| CADES | Caisse d'Amortissement de la Dette Sociale |
| CAT | Conti Accentrati in Titoli (Italian securities settlement system, now merged with Monte Titoli) |
| CBISSO | Central Bank of Ireland Securities Settlement Office (relevant securities now held in Euroclear) |
| CBOT | Chicago Board of Trade |
| CCBM | Correspondent Central Banking Model |
| CCP | Central Counpterparty |
| CCT | Certificati di Credito del Tesoro |
| CD | Certificate of Deposit |
| CESR | Committee of European Securities Regulators |
| CET | Central European Time |
| CFCs | Controlled Foreign Companies |
| CGO | Central Gilts Office - now part of CREST* |
| CHAPS | Clearing House Automated Payment System |
| CHIPS | Clearing House Interbank Payments System (New York) |
| CIK | Caisse Interprofessionelle de Dépôts et de Virements de Titres (Belgian securities settlement system, to merge into Euroclear) |
| CLS | Continuous Linked Settlement* |
| CMA | Cash Memorandum Account |
| CME | Chicago Mercantile Exchange |
| CMO | Central Moneymarkets Office - now part of CREST |
| CONSOB | Commissione Nazionale per le Società e la Borsa |
| CPS | Central Processing System |
| CSD | Central Securities Depository |
| CTZ | Certificati del Tesoro (zero-coupon Italian bonds) |
| DAX | Deutsche Aktien (Frankfurt index) |
| DBC | Deutsche Börse Clearing AG (German securities settlement system), now Clearstream Frankfurt |
| DbV | Delivery by Value |
| DMO | Debt Management Office (UK) |
| DOL | Daily Official List |
| DTB | Deutsche Terminbörse, merged into Eurex* |
| DTCC | Depository Trust & Clearing Corporation (holding company for DTC and NSCC) US central clearing house |
| DTC | Depository Trust Co. |
| DTI | Department of Trade and Industry* |
| DvP | Delivery versus Payment |
| EACH | European Association of Central Counterparty Clearing Houses* |
| EAF | Electronische Abrechnung Frankfurt (German net settlement system)* |
| EASDAQ | European subsidiary of NASDAQ |
| EBA | Euro Banking Association* |
| EBF | European Banking Federation* |
| ECB | European Central Bank* |
| ECN | Electronic Crossing Network |
| ECOFIN | Council of Economic and Finance Ministers of the European Union |
| ECP | European Commercial Paper |
| ECSDA | European Central Securities Depositories Association* |
| ECU | European Currency Unit |
| EDSP | Exchange Delivery Settlement Price |
| EEA | European Economic Area |
| EFFAS | European Federation of Financial Analysts' Societies* |
| ELS | Euro Link System (German RTGS system) |
| EMA | European Market Agreement |
| EMI | European Monetary Institute - forerunner of ECB |
| e-MID | Electronic interbank deposit market* |
| EMU | Economic and Monetary Union |
| EONIA | Euro Overnight Index Average* |
| ERI | Euro-Related Information |
| ERM | Exchange Rate Mechanism |
| ESC | European Securities Committee |
| ESCB | European System of Central Banks |
| ESF | European Securities Forum* |
| ESF | European Securitisation Forum (linked to TBMA)* |
| ESPACLEAR | Sistema de Compensación de Activos Financieros S.A. (Spanish securities settlement system) |
| ETC | Electronic Trading Confirmation |
| EUR | Currency code for the euro |
| EURIBOR | Euro Interbank Offered Rate* |
| EuroCCP | European Central Counterparty Ltd, as subsidiary of DTCC, authorised in the UK as a Recognised Clearing House |
| EURO Libor | Euro London Interbank Offered Rate |
| EURONIA | Euro Overnight Index Average (London-based) |
| EUROSTAT | Statistical Office of the European Communities |
| FEOMA | Foreign Exchange and Options Master Agreement |
| FESCO | The Forum of European Securities Commissions* |
| FESE | Federation of European Securities Exchanges* |
| FIA | Futures Industry Association* |
| FIBV | International Federation of Stock Exchanges* |
| FISD | Financial Information Services Division (Information Industry Association - IIA)* |
| FMA (now merged with AUTIF to form IMA) |
Fund Managers' Association* |
| FMLG | Financial Markets Lawyers Group |
| FRAs | Forward Rate Agreements |
| FRNs | Floating Rate Notes |
| FSA | Financial Services Authority* |
| FSAP | Financial Services Action Plan |
| FSMA | Financial Services & Markets Act (2000) |
| FT/S&P-AWI | Financial Times/Standard and Poors' - Actuaries World Indices |
| FTSE | Financial Times Stock Exchange (indices)* |
| GAAP | Generally Accepted Accounting Principles |
| GC | general collateral (repo) |
| GDRs | Global Depository Receipts |
| GMRA | Global Master Repurchase Agreement |
| HICP | Harmonised Index of Consumer Prices |
| IBAN | International Bank Account Number |
| IBDE | Interbank Data Exchange |
| ICOM | International Currency Options Master Agreement |
| ICSDs | International Central Securities Depositories (Euroclear*and Clearstream* Luxembourg) |
| ICTA | Income and Corporation Taxes Act 1988 |
| IFEMA | International Foreign Exchange Master Agreement |
| IFSL | International Financial Services, London* |
| ILU | Institute of London Underwriters |
| IMA (merger of AUTIF and FMA) |
Investment Management Organisation |
| IMRO | Investment Management Regulatory Organisation* |
| INTERBOLSA | Associão pura a Prestacão de Servicios às Bolsas de Valores (Portuguese securities settlement system) |
| IPAA | International Paying Agents Association |
| IPI | International Payment Instruction |
| IPMA | International Primary Markets Association* |
| ISDA | International Swaps and Derivatives Association* |
| ISIN | International Securities Identification Number |
| ISLA | International Securities Lending Association |
| ISMA | International Securities Markets Association* |
| ISO | International Standards Organisation |
| KfW | Kreditanstalt für Wiederaufbau (German export credit agency) |
| LCH | London Clearing House* |
| LdT | Liquidazione dei Titoli (part of Italian securities settlement infrastructure) |
| LIBA | London Investment Banking Association |
| LIBC | Lloyd's Insurance Brokers' Committee |
| LIBOR | London Interbank Offered Rate |
| LIFFE | London International Financial Futures and Options Exchange* |
| LINX | London Internet Exchange |
| LIRMA | London International Insurance and Reinsurance Market Association |
| LME | London Metal Exchange* |
| LPC | London Processing Centre |
| LSE | London Stock Exchange* |
| LTRO | Long-Term Refinancing Operation (of ECB) |
| M & A | Mergers and Acquisitions |
| MATIF | Marché à Terme International de France* |
| MEFF | Mercado Español de Futuros Financieros* |
| MFI | Monetary Financial Institution |
| MID | Mercato Interbancario dei Depositi |
| MONEP | Marché des Options Negociables de Paris |
| MOT | Italian screen-based fixed income market |
| MRO | Main Refinancing Operation (of ECB) |
| MSCI | Morgan Stanley Capital International |
| MT | Message Type (for SWIFT* messages) |
| MTN | Medium-Term Note |
| MTS | Mercato Telematico dei Titoli di Stato* |
| NCB | National Central Bank |
| NCU | National Currency Unit |
| NECIGEF | Nederlands Centraal Instituut voor Giraal Effectenverkeer (Dutch securities settlement system, to merge into Euroclear) |
| NPV | No Par Value |
| NTMA | National Treasury Management Agency (Ireland) |
| NSCC | National Securities Clearing Corporation |
| NYSE | New York Stock Exchange |
| OATs | Obligations Assimilables du Trésor |
| OEICs | Open-Ended Investment Companies |
| OeKB | Oesterreichische Kontrollbank AG (Austrian securities settlement system) |
| OLOS | Obligations Linéaires (Belgium) |
| OLUX | Obligations Linéaires (Luxembourg) |
| OMO | Open Market Operation (by a central bank) |
| ONS | Office for National Statistics* |
| OSLA | Overseas Securities Lending Agreement |
| OTC | Over-the-Counter |
| PHLX | Philadelphia Stock Exchange |
| PIA | Personal Investment Authority |
| PIBOR | Paris Interbank Offered Rate |
| PMG | Project Management Group |
| PNS | Paris Network Settlement (French payment system) |
| PSA | Public Securities Association (now The Bond Market Association*) |
| PvP | Payment versus Payment |
| RIC | Reuters* Identification Code |
| RTGS | Real-Time Gross Settlement |
| SAYE | Save As You Earn |
| SCLV | Servicio de Compensación y Liquidación de Valores (Spanish securities settlement system, to be part of Iberclear*) |
| SEAQ | Stock Exchange Automated Quotation |
| SEDOL | Stock Exchange Daily Official List |
| SFA | Securities and Futures Authority* |
| SIPS | Share Incentive Plans |
| SONIA | Sterling Overnight Index Average |
| SOS | Single Obligation Structure (refers to EBA's EURO1 payment system) |
| SSAP | Statements of Standard Accounting Practice |
| SSIs | Standard Settlement Instructions |
| SSS | Securities Settlement System |
| STIR | Short-Term Interest Rate |
| STP | Straight Through Processing |
| SWIFT | Society for Worldwide Interbank Financial Telecommunications* |
| TARGET | Trans-European Automated Real-time Gross settlement Express Transfer system* |
| TBF | Transferts Banque de France (French RTGS system) |
| TBMA | The Bond Market Association* |
| TCNs | Titres de Créances Négociables |
| TRAX | Real-time trade confirmation system run by ISMA* |
| UITF | Urgent Issues Task Force |
| VP | Vaerdipapircentralen (Danish securities settlement system) |
| VPC | Värdepapper Centralen (Swedish securities settlement system) |
| VSTF | Very Short-Term Financing |
| WMBA | Wholesale Markets Brokers' Association* |
