Jargon buster

This is a straightforward, non-technical guide to the often-confusing jargon used in financial services regulation. It aims to give a set of basic definitions, in plain language, for a wide range of acronyms, products, and terms as used in RegZone reports. It is designed to be suitable for non-lawyers, and comprehensible without too much prior knowledge or cross-referencing.

*entries marked with an asterisk refer to the UK only

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Term

Explanation

  • Capital of last resort (CoLR)
    Term coined in 2009 to refer to the state recapitalisation of struggling banks (as distinct from the liquidity support provided by a lender of last resort)
  • Capital Requirements Directive (CRD)
    Legislation to bring the Basel I & II international bank capital requirements into EU law; implemented January 2007. (Directives 2006/48/EC and 2006/49/EC)
  • Capital Requirements Directive IV (CRD IV)
    Changes to the Capital Requirements Directive which (among other things) implement the new Basel III capital adequacy standards into EU law. (Directive 2013/36/EU and Regulation 575/2013)
  • Capital Requirements Regulation CRR
    Capital Requirements Regulation
  • CBEST
    Vulnerability Testing Framework
  • Central Bank of Cyprus (Kεντρική Τράπεζα της Κύπρου)
    Safeguards the stability of the financial system and promotes, regulates and oversees the smooth operation of payment and settlement systems.
  • Central Bank of Luxembourg (Banque Central du Luxembourg) (BCL)
    Set up at the same time as the European Central Bank, the BCL is responsible for monetary policy, the issue of banknotes, financial stability, payment systems and economic analysis.
  • Central Counterparties (CCPs)
    a party which sits in between two other parties to (e.g.) a stock market transaction, and which serves to reduce counterparty risk by bearing themselves the credit risk for each of the other two parties. The European Market Infrastructure Regulation requires the use of CCPs for the clearing of certain specified OTC derivatives contracts.
  • Central Depository AD (CD)
    The Central Depository AD maintains the Bulgarian national registration system for dematerialised financial instruments including securities and bonds. It is the sole body in Bulgaria that deals with clearing and settlement of transactions with dematerialized financial instruments as well as their administration (including maintenance of shareholders books, distribution of dividends, interest and other payments, etc). It is competent with respect to all types of dematerialised financial instruments except for Bulgarian Government Securities. The CD adopts operational rules which are approved by the FSC.