The Eurosystem may select , according to the criteria specified in Section 2.2 and Annex 3 , a limited number of counterparties to participate in foreign exchange swaps .

CURRENCY AND EXCHANGE RATE TERMS As a rule , the Eurosystem operates only in widely traded currencies and in accordance with standard market practice .

Currency and exchange rate terms As a rule , the Eurosystem operates only in widely traded currencies and in accordance with standard market practice .

CURRENCY AND EXCHANGE RATE TERMS As a rule , the Eurosystem operates only in widely traded currencies and in accordance with standard market practice .

( c ) C u r r e n c y a n d e x c h a n g e r a t e t e r m s As a rule , the Eurosystem operates only in widely traded currencies and in accordance with standard market practice .

c. Currency and exchange rate terms As a rule , the ESCB operates only in widely traded currencies and in accordance with standard market practice .

Open market operations Main refinancing operations Longer term refinancing operations Fine tuning operations

and participate in Eurosystem open market operations that are based on standard tenders .

and participate in Eurosystem open market operations that are based on standard tenders .

The time of settlement of the main and the longer term refinancing operations normally coincides with the time of reimbursement of a previous operation of corresponding maturity .

However, it has also resulted from long held prejudices and practices of discrimination that have conditioned societies to accept this type of violence as normal practices of popular justice.

The transactions conducted with the ECB 's counterparties are documented under standard market agreements .

The new Straw Market is also a very busy place on a regular day.

2,454 credit institutions could participate in open market operations based on standard tenders .

We're normal, we're normal, we're normal, we're normal, we're normal.

However , two fine tuning operations conducted by the Eurosystem helped to restore normal market conditions in the overnight market ( see Chapter II ) .

About 2,500 credit institutions could participate in open market operations based on standard tenders .

however , the implementation of these principles should take into account market practices in terms of standardisation .

In both roles, he was extraordinary, because his methods diverged from normal military practices, even in the unconventional Israeli army.

The oversight of SWIFT is currently based on widely accepted principles and common market practices .

Fostering best practices will enhance market confidence and attract capital .

The risk control measures to be applied in the use of these assets have also been specified , taking into account market practices .

Standard tenders Standard tenders

The aim is to help market practices to converge under the existing European and national legislative frameworks by means of market convention .

However , the implementation of these principles should take into account market practices in terms of standardisation .

The standing facilities are administered in a decentralised manner by the national central banks .

Please respect us, we're normal, we're normal, we're normal.

Market participants are expected to reorganise their market practices and start quoting prices for third currencies against the European currency .

That definition or those criteria should be adapted to developments in market practices .

Under normal circumstances , the interest rate on the facility provides a ceiling for the overnight market interest rate .

Access to the marginal lending facility is granted through the national central bank in the Member State in which the institution is established .

The collection of fixed term deposits is envisaged only for fine tuning purposes in order to absorb liquidity in the market .

2 TARGET closing days are announced on the ECB 's website ( www.ecb.int ) see also the Eurosystem websites ( Annex 5 ) .

Under normal circumstances , the interest rate on the facility provides a floor for the overnight market interest rate .

ACCESS CONDITIONS 8 Institutions fulfilling the general counterparty eligibility criteria specified in Section 2.1 may access the deposit facility .

Standard tenders Standard tenders Quick tenders Bilateral procedures Standard tenders Bilateral procedures

Under normal circumstances , the interest rate on the facility provides a ceiling for the overnight market interest rate .

Under normal market conditions , these largely represent investors inflation expectations and associated inflation risk premia .

It also enables the Eurosystem , under normal circumstances , to limit its open market operations to regular MROs and LTROs .

The case studies have confirmed that national differences of context mean that ideas and practices which are seen as quite normal in one country are quite unknown in another.

Currency and exchange rate terms As a rule , the Eurosystem operates only in widely traded currencies and in accordance with standard market practice .

Open market operations Main refinancing operations Longer term refinancing operations Fine tuning operations Reverse transactions Reverse transactions Two weeks Weekly Standard tenders

The term is used to designate the infrastructures and the procedures which link domestic RTGS systems in order to process cross border payments within TARGET . Large value payments payments , generally of very large amounts , which are mainly exchanged between banks or between participants in the financial markets and usually require urgent and timely settlement .

This measure aims at restoring normal liquidity conditions in the money market after the successful transition to the year 2000 .

The STEP initiative aims to foster the integration of the European markets for short term paper through the convergence of market standards and practices .