In some Member States , branches of the national central bank may be closed on NCB business days owing to local or regional bank holidays .

Post fixed coupon a coupon on floating rate instruments which is determined on the basis of the values taken by the reference index at a certain date ( or dates ) during the coupon accrual period .

Pooling system see collateral pooling system .

Minimum bid rate the lower limit to the interest rates at which counterparties may submit bids in variable rate tenders .

Post fixed coupon a coupon on floating rate instruments which is determined on the basis of the values taken by the reference index on a certain date ( or dates ) during the coupon accrual period .

Lump sum allowance a fixed amount which an institution may deduct in the calculation of its reserve requirement within the minimum reserve framework of the Eurosystem .

M1 , M2 , M3 see monetary aggregates .

Nikkei 225 index an index of the 225 top rated Japanese companies listed in the First Section of the Tokyo Stock Exchange . It is a market value weighted index ( i.e. each stock

General government as defined in the European System of Accounts 1995 ( ESA 95 ) , comprises central , state and local government and social security funds . Publicly owned units carrying out commercial operations , such as public enterprises , are in principle excluded from general government .

In such cases , the relevant national central bank is responsible for informing the counterparties in advance of the arrangements to be made for transactions involving those branches . Open market operation an operation executed on the initiative of the central bank in the financial market .

A call option gives the holder the right to purchase the underlying asset at an agreed exercise price , whereas a put option gives the holder the right to sell it at an agreed exercise price . ECB Annual Report 2001

Biscuits and Liberty were eventually replaced by Keith Clark and Zander Schloss (who also appeared in Repo Man ), respectively.

Specifically , the creation and enforcement of a pledge or repo under the Rules will be valid and enforceable under the laws of jurisdiction .'

Specifically , the creation and enforcement of a pledge or repo under the Rules will be valid and enforceable under the laws of jurisdiction .

In the context of the Eurosystem , this means buying or selling other currencies against the euro . General Council one of the decision making bodies of the ECB .

Market value

Statistics .

Foreign exchange operations the buying or selling of foreign exchange .

Remuneration Standing acilities ' Lending facilities at below or close to market rates ( rate )

( d ) market practice ( derived from reports by the International Securities Market Association ) .

Market abuse consists of insider dealing and market manipulation .

( below market ) ( below market )

Internal Audit ( Directorate )

Adjusted market value

Open market operations

market research

OPEN MARKET OPERATIONS

TYPE OF INSTRUMENT The Eurosystem may invite counterparties to place remunerated fixed term deposits with the national central bank in the Member State in which the counterparty is established .

The logic of the market

c ) A single Directive against market abuse There are two main categories of market abuse insider dealing and market manipulation .

EU Neighbouring Regions

International Policy Analysis

Market Operations Analysis

Market Operations Systems

Back Office Front Office Investment Market Operations Analysis Market Operations Systems

26 The other main cash segments of the money market are the repo market and the market for swaps against foreign currencies .

( close to market ) m ( close to market )

Other vendors were professional merchants who traveled from market to market seeking profits.

The Eurosystem can help market participants to overcome coordination difficulties in this regard .

Market conditions were fantastic.

a European market organisation.

3 Open market operations the asset is transferred to the creditor , while the parties agree to reverse the transaction through a re transfer of the asset to the debtor at a future point in time ) or as collateralised loans ( i.e. an enforceable security interest is provided over the assets but , assuming fulfilment of the debt obligation , the ownership of the asset is retained by the debtor ) .

International European Relations ( Directorate General )

Market Operations and Research .

( c ) a European market organisation .