| APAs |
Approved Publication Arrangements |
ESMA |
| ARMs |
Approved Reporting Mechanisms |
ESMA |
| CA |
Contract Agent |
ESMA |
| CCP |
Central Counterparty |
ESMA |
| CEAOB |
Committee of the European Audit Oversight Bodies |
ESMA |
| CMU |
Capital Markets Union |
ESMA |
| COSO |
Committee of Sponsoring Organisations of the Treadway Commission |
ESMA |
| CRA |
Credit Rating Agency |
ESMA |
| CSD |
Central Securities Depository |
ESMA |
| DG |
Directorate General |
ESMA |
| DQAP |
Data Quality Action Plan |
ESMA |
| DRSP |
Data Reporting Service Providers |
ESMA |
| DVC |
Double Volume Cap |
ESMA |
| EBA |
European Banking Authority |
ESMA |
| ECAI |
External Credit Assessment Institution |
ESMA |
| ECB |
European Central Bank |
ESMA |
| ECON |
Committee on Economic and Monetary Affairs |
ECON |
| EEA |
European Economic Area |
ESMA |
| EFRAG |
European Financial Reporting Advisory Group |
ESMA |
| EFTA |
European Free Trade Association |
ESMA |
| EIOPA |
European Insurance and Occupational Pensions Authority |
ESMA |
| ELTIF |
European Long-term Investment Funds |
ESMA |
| EPSO |
European Personnel Selection Office |
ESMA |
| ESA |
European Supervisory Authority |
ESMA |
| ESFS |
European System of Financial Supervision |
ESMA |
| ESG |
Environmental, Social and Governance |
ESMA |
| ESMA |
European Securities and Markets Authority |
ESMA |
| ESRB |
European Systemic Risk Board |
ESMA |
| EU |
European Union |
ESMA |
| EURIBOR |
Euro Interbank Offered Rate |
ESMA |
| EuSEF |
European Social Entrepreneurship Funds |
ESMA |
| EuVECA |
European Venture Capital Funds |
ESMA |
| FIRDS |
Financial Instruments Reference Data System |
ESMA |
| FSB |
Financial Stability Board |
ESMA |
| FTE |
Full Time Equivalent |
ESMA |
| IASB |
International Accounting Standards Board |
ESMA |
| IFRS |
International Financial Reporting Standards |
ESMA |
| IIO |
Independent Investigation Officer |
ESMA |
| IOSCO |
International Organization of Securities Commissions |
ESMA |
| ISA |
International Standards on Auditing |
ESMA |
| IT |
Information Technology |
ESMA |
| ITS |
Implementing Technical Standards |
ESMA |
| JC |
Joint Committee |
ESMA |
| LEI |
Legal Entity Identifier |
ESMA |
| MB |
Management Board |
ESMA |
| MiCA |
Markets in Crypto Assets |
ESMA |
| MMF |
Money Market Funds |
ESMA |
| MoU |
Memorandum of Understanding |
ESMA |
| NCA |
National Competent Authority |
ESMA |
| OLAF |
European Anti-Fraud Office |
ESMA |
| OTC |
Over-The-Counter |
ESMA |
| OTFs |
Organised Trading Facilities |
ESMA |
| PRIIPs |
Regulations on Packaged Retail and Insurance-based Investment Products |
ESMA |
| RTS |
Regulatory Technical Standard |
ESMA |
| SMSG |
Securities and Markets Stakeholder Group |
ESMA |
| SNE |
Seconded National Expert |
ESMA |
| SR |
Securitisation Regulation |
ESMA |
| STS |
Simple, Transparent and Standardised |
ESMA |
| TA |
Temporary Agent |
ESMA |
| TC-CCP |
Third-Country (non-European) Central Counterparty |
ESMA |
| TR |
Trade Repository |
ESMA |
| TRACE |
ESMA's Trade Repository Data Reporting Tool |
ESMA |
| TRVs |
Trends, Risks and Vulnerabilities |
ESMA |
| TS |
Technical Standard |
ESMA |
| UCITS |
Undertakings for Collective Investment in Transferrable Securities |
ESMA |
| WG |
Working Group |
ESMA |
| AIFMD |
Alternative Investment Fund Managers Directives |
ESMA |
| BMR |
Benchmarks Regulation |
ESMA |
| CRAR |
Credit Rating Agencies Regulation |
ESMA |
| CSDR |
Central Securities Depositories Regulation |
ESMA |
| CSRD |
Corporate Sustainability Reporting Directive |
ESMA |
| DORA |
Digital Operational Resilience Act |
ESMA |
| ECSPR |
European Crowdfunding Service Providers Regulation |
ESMA |
| EMIR |
European Market Infrastructure Regulation |
ESMA |
| ESAP |
European Single Access Point |
ESMA |
| ESEF |
European Single Electronic Format |
ESMA |
| MAR |
Market Abuse Regulation |
ESMA |
| MiFID |
Markets in Financial Instruments Directive |
ESMA |
| MiFIR |
Markets in Financial Instruments Regulation |
ESMA |
| MMFR |
Money Market Funds Regulation |
ESMA |
| SFDR |
Sustainable Finance Disclosure Regulation |
ESMA |
| SFTR |
Securities Financing Transactions Regulation |
ESMA |
| SSR |
Short Selling Regulation |
ESMA |
| Actuary |
It means a fellow of an actuarial body or (in connection with general insurance business) a fellow of the casualty actuarial society who is a member of an actuarial body. |
PRA |
| Actuarial Valuation Date |
It means the date as which the mathematical reserves are calculated.
Mathematical reserves, here, means the provision made by an insurer to cover liabilities (excluding liabilities which have fallen due and liabilities arising from deposit back arrangements) arising under or in connection with contracts of long-term insurance. |
PRA |
| ACH |
Automated Clearing House |
Bank of England |
| ACR |
Annual Competition Report |
BOE |
| ACS |
Annual Cyclical Scenario |
BOE |
| AFS |
Available for Sale Securities |
BOE |
| Agents (as per BOE) |
The national network of twelve agencies, spread across the whole of the UK. The agents meet with around 700 businesses across the UK to discuss business conditions in their region and publish a regular summary of business conditions. |
BOE |
| Agents' summary of business conditions as per BOE |
The regular summary of reports compiled by twelve regional agents of BOE following discussions with at least 700 businesses across the UK every reporting period. |
BOE |
| AIPPF |
Artificial Intelligence Public-Private Forum |
BOE |
| ALCo (as per BOE) |
Assets and Liabilities Advisory Committee |
BOE |
| AP |
Authorised Participant |
BOE |
| APF (as per BOE) |
Asset Purchase Facility |
BOE |
| APR (as per BOE) |
An annual percentage rate (APR) is the yearly rate charged for a loan or earned by an investment. |
BOE |
| APRC |
Annual Percentage Rate of Charge |
BOE |
| AREF (as per BOE) |
Association of Real Estate Funds |
BOE |
| ARF (as per BOE) |
Authorities' Response Framework |
BOE |
| ARRC |
Alternative Reference Rate Committee |
BOE |
| Asset Purchases (as per BOE) |
When a central bank like the Bank of England creates new money electronically to make large purchases of assets - also known as quantitative easing. |
BOE |
| ARCo (as per BOE) |
Audit Risk Committee - one of the court of directors sub-committees |
BOE |
| AT1 |
Additional Tier 1 capital under Basel. |
BOE |
| AUM |
Assets Under Management |
BOE |
| AVA |
Additional Valuation Adjustment |
BOE |
| AWE |
Average Weekly Earnings |
BOE |
| Bank Rate (as per BOE) |
The rate of interest we pay to commercial banks for the reserves they hold in their Bank of England accounts. Bank Rate generally influences the interest rate commercial banks offer and charge their customers. |
BOE |
| Banknote Character Advisory Committee (as per BOE) |
This committee selects the field from which we want to represent a character on a new banknote and we then ask the public to nominate people from that chosen field. |
BOE |
| Basel III |
An internationally agreed set of measures developed by the Basel Committee on Banking Supervision in response to the financial crisis of 2007-09. The measures aim to strengthen the regulation, supervision and risk management of banks. In the UK, Basel II is implemented through the Capital Requirements Directive. |
BOE |
| BCBS |
Basel Committee on Banking Supervision |
BOE |
| BCC |
British Chambers of Commerce |
BOE |
| BCR |
Basic Capital Requirements |
BOE |
| BCR |
Binding Corporate Rules |
BOE |
| BEAPFF (as per BOE) |
Bank of England Asset Purchase Facility Fund Limited - a subsidiary company of the Bank of England, which purchases financial assets such as gilts and corporate bonds to boost economic activity. |
BOE |
| BES (as per BOE) |
Biennial Exploratory Scenario |
BOE |
| BHC |
Bank Holding Company |
BOE |
| BHPS (as per BOE) |
British Household Panel Survey |
BOE |
| BIS |
Bank for International Settlements |
BOE |
| BLS (as per BOE) |
Bank Liabilities Survey - a quarterly survey of banks and building societies, which helps us understand how their lending liabilities and capital drives credit and monetary conditions. |
BOE |
| BoAML (as per BOE) |
Bank of America Merrill Lynch |
BOE |
| BoJ |
Bank of Japan |
BOE |
| BRC (as per BOE) |
British Retail Consortium |
BOE |
| BRC (as per BOE) |
Business Risk Committee |
BOE |
| BRRD (as per BOE) |
Bank Recovery and Resolution Directive |
BOE |
| BTFP (as per BOE) |
Bank Term Funding Program |
BOE |
| BTL (as per BOE) |
Buy to Let |
BOE |
| BTS (as per BOE) |
Binding Technical Standards |
BOE |
| CAPE |
Cyclically Adjusted Price/Earning Ratio |
BOE |
| CBDC |
Central Bank Digital Currency |
BOE |
| CBES (as per BOE) |
Climate Biennial Exploratory Scenario |
BOE |
| CBEST (UK specific) |
UK Government National Cyber Security Program - provides direction on how to conduct a safe yet realistic simulated attack on the people, processes and technology that comprise a firm's cyber security controls. |
BOE |
| CBI |
Central Bank of Ireland |
BOE |
| CBI (British specific) |
Confederation of British Industry |
BOE |
| CBILS (UK specific) |
Coronavirus Business Interruption Loan Scheme |
BOE |
| CBPS (UK specific) |
Corporate Bond Purchase Scheme |
BOE |
| CCAR |
Comprehensive Capital Analysis Review |
BOE |
| CCBS (UK specific) |
Center for Central Banking Studies - runs an extensive program of events for central bankers and financial regulators from around the world. |
BOE |
| CCFF (UK specific) |
Covid Corporate Financing Facility |
BOE |
| CCLB |
Countercyclical Leverage Buffer |
BOE |
| CCPs |
Central Counterparties |
BOE |
| CCR (UK specific) |
Credit Conditions Review - a bi-annual assessment of the latest developments in bank funding and household and corporate credit conditions. |
BOE |
| CCS (UK specific) |
Credit Conditions Survey - A quarterly survey of banks and building societies aimed at improving the understanding of trends and developments in credit conditions. |
BOE |
| CCSAM (UK specific) |
CREST Certified Simulated Attack Manager |
BOE |
| CCSAS (UK specific) |
CREST Certified Simulated Attack Specialist |
BOE |
| CCTIM (UK specific) |
CREST Certified Threat Intelligence Manager |
BOE |
| CCyB |
Countercyclical Capital Buffer |
BOE |
| CDE |
Critical Data Elements |
BOE |
| CDS |
Credit Default Swap |
BOE |
| CEIC |
CEIC Data Company Limited |
BOE |
| CETA |
Comprehensive Economic and Trade Agreement |
BOE |
| CET1 |
Common Equity Tier 1 |
BOE |
| CfE |
Call for Evidence |
BOE |
| CFRF |
Climate Financial Risk Forum |
BOE |
| CFTC |
Commodity Futures Trading Commission |
BOE |
| CG |
Control Group |
BOE |
| CGC |
Control Group Coordinator |
BOE |
| CGFS |
Committee on the Global Financial System |
BOE |
| The Chancellor (UK specific) |
Leads the Treasury which is the government department for economic and financial matters. Their work includes generating income (through tax and borrowing) and controlling government spending. |
BOE |
| CHAPS |
A payment system, the UK operates, which allows payments made between UK accounts to arrive the same day they are made. |
BOE |
| Chief Cashier (UK specific) |
Responsible for making sure that UK banknotes have the latest anti-counterfeiting technology and that there are enough banknotes in circulation. The Chief Cashier's signature can be found on every one of UK's banknotes. |
BOE |
| COO (BOE specific) |
Chief Operating Officer. The COO has responsibility for the day-to-day operations of the institution, including Human Resources, Finance, Property, IT and Security. |
BOE |
| CI |
Capacity Indicator |
BOE |
| CIPD (UK specific) |
Chartered Institute of Personnel and Development |
BOE |
| CIPS (UK specific) |
Chartered Institute of Purchasing and Supply |
BOE |
| CIS (UK specific) |
Collective Insurance Schemes |
BOE |
| CJEU (EU specific) |
Court of Justice of the European Union |
BOE |
| CJRS (UK specific) |
Coronavirus Job Retention Scheme |
BOE |
| CLBILS (UK specific) |
Coronavirus Large Business Interruption Loan Scheme |
BOE |
| CLO |
Collateralized Loan Obligation |
BOE |
| CLS |
Continued Linked Settlement |
BOE |
| CM |
Collateral Management |
BOE |
| CMA (UK specific) |
Competition and Markets Authority |
BOE |
| CMA |
Chicago Mercantile Exchange |
BOE |
| CMBS |
Commercial Mortgage-Backed Security |
BOE |
| CMG (UK specific) |
Crisis Management Group |
BOE |
| CML |
Council of Mortgage Lenders |
BOE |
| CoCo |
Contingent Convertible Capital Instrument |
BOE |
| CoL (BOE specific) |
Cost of Living |
BOE |
| COLA-DSRs |
Cost of living-adjusted mortgage debt-servicing ratios |
BOE |
| Collateral |
An asset that a borrower offers a lender to secure a loan. If a borrower fails to repay a loan, the lender can keep or sell the collateral. |
BOE |
| ComFrame (UK specific) |
Common Framework of the Supervision of Internationally Active Insurance Groups |
BOE |
| COREP |
Common Reporting |
BOE |
| CPMI |
Committee on Payments and Market Infrastructures |
BOE |
| CP |
Consultation Paper - A publication which outlines and invites comments on details of a new policy that regulators are looking to implement. |
BOE |
| CPI |
Consumer Price Index |
BOE |
| CPI Inflation |
Inflation measured by the consumer price index |
BOE |
| CPIH (UK specific) |
An index of consumer prices that includes a measure of owner-occupiers' housing costs. |
BOE |
| CPMI |
Committee on Payments and Market Infrastructures |
BOE |
| CRD IV |
Capital Requirements Directive IV - An EU legislation that sets prudential rules for banks, building societies and investment firms. |
BOE |
| CRD V |
Capital Requirements Directive V |
BOE |
| CRE |
Commercial Real Estate |
BOE |
| CREST (UK specific) |
Council for Registered Ethical Security Testers |
BOE |
| CRM |
Comprehensive Risk Measure |
BOE |
| CRO (BOE specific) |
Chief Risk Officer |
BOE |
| CRR |
Capital Requirements Regulation |
BOE |
| CRR 2 |
Capital Requirements Regulation 2 |
BOE |
| CSD |
Central Securities Depositories |
BOE |
| CSDR |
Central Securities Depositories Regulation |
BOE |
| CSP |
Cloud Service Provider |
BOE |
| CSPP (UK specific) |
Corporate sector purchase program |
BOE |
| C-SREP |
Capital Supervisory Review and Evaluation Process |
BOE |
| CST |
Concurrent stress test |
BOE |
| CTP |
Critical Third Party |
BOE |
| CTRF |
Contingent Term Repo Facility |
BOE |
| CVA |
Credit Valuation Adjustment |
BOE |
| DAT (BOE specific) |
Derivatives Assessment Team |
BOE |
| DB |
Defined Benefit |
BOE |
| DC |
Defined Contribution |
BOE |
| DECL Taskforce (UK specific) |
The UK Taskforce on Disclosures about Expected Credit Losses |
BOE |
| DGI |
Domestically generated inflation |
BOE |
| DIF (UK specific) |
Designated investment firm |
BOE |
| DLT |
Distributed Ledger Technology |
BOE |
| DMP (BOE specific) |
Decision Maker Panel |
BOE |
| DMO |
Debt Management Office |
BOE |
| DP |
Discussion Paper - A paper which sets out regulator's views and analysis in relation to a particular topic |
BOE |
| D-SIB |
Domestically Systemically Important Bank |
BOE |
| DSR |
Debt Servicing Ratio |
BOE |
| DTA |
Deferred Tax Asset |
BOE |
| DTI |
Debt to Income |
BOE |
| DTCC |
Depository Trust and Clearing Corporation |
BOE |
| DTO |
Derivatives Trading Obligation |
BOE |
| DvP |
Delivery versus Payment |
BOE |
| DVA |
Debit Valuation Adjustment |
BOE |
| DWF |
Discount Window Facility |
BOE |
| AGR |
Annual growth rate |
General |
| ALMP |
Active labour market policies |
General |
| APK |
Average product of capital |
General |
| APL |
Average product of labour |
General |
| APR |
Annual percentage rate |
General |
| BP |
Balance of payments |
General |
| BR |
Best response |
General |
| CB |
Central bank |
General |
| CCA |
Common currency area |
General |
| CRS |
Constant returns to scale |
General |
| DRS |
Decreasing returns to scale |
General |
| DSGE |
Dynamic Stochastic General Equilibrium |
General |
| EAPC |
Expectations augmented Phillips curve |
General |
| EMU |
European Monetary Union |
General |
| ERM |
Exchange rate mechanism |
General |
| ERU |
Equilibrium rate of unemployment |
General |
| EU |
European Union |
General |
| GDP |
Gross domestic product |
General |
| GEMU |
German Economic and Monetary Union |
General |
| GNP |
Gross national product |
General |
| GSP |
Gross state product |
General |
| ICT |
Information and communications technology |
General |
| IMF |
International Monetary Fund |
General |
| IRS |
Increasing returns to scale |
General |
| LERU |
Long-run equilibrium rate of unemployment |
General |
| LOP |
Law of one price |
General |
| LTU |
Long term unemployment |
General |
| MIT |
Massachusetts Institute of Technology |
General |
| MPK |
Marginal product of capital |
General |
| MPL |
Marginal product of labour |
General |
| MR |
Monetary rule |
General |
| MV |
Market value |
General |
| NAIRU |
Non-accelerating inflation rate of unemployment |
General |
| NBFI |
Non-bank financial institution |
General |
| NCBM |
Neoclassical benchmark model |
General |
| NHW |
Non-human wealth |
General |
| NKPC |
New Keynesian Phillips curve |
General |
| NMM |
New macro model |
General |
| OCA |
Optimal currency area |
General |
| OECD |
Organization for Economic Cooperation and Development |
General |
| PBE |
Perfect Bayesian Equilibrium |
General |
| PC |
Phillips curve |
General |
| p.a. |
Per annum |
General |
| p.c. |
Per capita |
General |
| PFPR |
Prudent fiscal policy rule |
General |
| PIH |
Permanent income hypothesis |
General |
| PPP |
Purchasing power parity |
General |
| PS |
Price setting |
General |
| PSD |
Public sector deficit |
General |
| PWD |
Penn World Tables |
General |
| R&D |
Research and Development |
General |
| RBC |
Real business cycle |
General |
| RULC |
Relative unit labour cost |
General |
| RWR |
Real wage rigidity |
General |
| SAS |
Short-run aggregate supply |
General |
| SBTP |
Skill-biased technical progress |
General |
| SGP |
Stability and growth pact |
General |
| SGPE |
Subgame perfect equilibrium |
General |
| SIPC |
Sticky information Phillips curve |
General |
| TFP |
Total factor productivity |
General |
| UCL |
University College London |
General |
| UIP |
Uncovered interest parity |
General |
| VAT |
Value added tax |
General |
| WS |
Wage setting |
General |
| ZIRP |
Zero interest rate policy |
General |
| AMERIBOR |
American Interbank Offered Rate. It is the closing rate for overnight unsecured loans in U.S. dollars transacted on the American Financial Exchange, LLC. |
ISDA |
| AONIA |
Australia Overnight Index Average. It is the interbank overnight cash rate administered by the Reserve Bank of Australia. |
ISDA |
| CORRA |
Canadian Overnight Repo Rate Average. It is administered by Bank of Canada. |
ISDA |
| CZEONIA |
Czech Overnight Index Average. It is administered by the Czech National Bank. |
ISDA |
| DKK OIS |
Danish Kroner Overnight Index Swap Rate. It is the daily fixing for Danish Kroner tomorrow next deposits administered by the Danish Central Bank FX. |
ISDA |
| DESTR |
Denmark Short Term Rate. It is administered by the Danmarks Nationalbank. |
ISDA |
| EONIA |
Euro Overnight Index Average. It is administered by the European Money Markets Institute (EMMI). |
ISDA |
| EuroSTR |
Euro Short Term Rate. It is administered by the European Central Bank. |
ISDA |
| Fed Funds |
Fed Funds or EFFR means the U.S. Dollar effective federal funds rate administered by the Federal Reserve Bank of New York. |
ISDA |
| HONIA |
Hong Kong Dollar Overnight Index Average. It is administered by the Hong Kong Treasury Markets Association. |
ISDA |
| HUFONIA |
Hungarian Forint Overnight Index Average. It is administered by the Magyar Nemzeti Bank, Central Bank of Hungary. |
ISDA |
| MYOR |
Malaysia Overnight Rate. It is the rate based on wholesale unsecured overnight Malaysian Ringgit Interbank transactions and is administered by Bank Negara Malaysia. |
ISDA |
| NOWA |
Norwegian Overnight Weighted Average. It is administered by Norges Bank. |
ISDA |
| NZIONA |
New Zealand Overnight Index Average. It is the official cash rate administered by Reserve Bank of New Zealand. |
ISDA |
| POLONIA |
Polish Overnight Index Average. It is administered by the National Bank of Poland. |
ISDA |
| SARON |
Swiss Average Rate Overnight. It is administered by SIX Swiss Exchange AG. |
ISDA |
| SFXROD |
It is SAFEX Overnight Deposit Rate. It is administered by SAFEX JIBAR. |
ISDA |
| SOFR |
Secured Overnight Financing Rate. It is administered by Federal Reserve Bank of New York. |
ISDA |
| SONIA |
Sterling Overnight Index Average. It is administered by Bank of England. |
ISDA |
| SORA |
Singapore Overnight Rate Average. It is administered by the Monetary Authority of Singapore. |
ISDA |
| SWESTR |
Swedish Krona Short Term Rate. It is administered by Sveriges Riksbank. |
ISDA |
| TELBOR |
Tel Aviv Inter-Bank Offered Rate. It is administered by the Bank of Israel. |
ISDA |
| THOR |
Thai Overnight Repurchase Rate. It is administered by the Bank of Thailand. |
ISDA |
| TLREF |
Turkish Lira Overnight Reference Rate. It is administered by Borsa Istanbul. |
ISDA |
| TONA |
Tokyo Overnight Average Rate. It is administered by the Bank of Japan. |
ISDA |
| EAD |
Exposure at default |
BOE |
| EBIT |
Earnings before interest and tax. |
BOE |
| EBITDA |
Earnings before interest, taxes, depreciation and amortisation. |
BOE |
| EC |
European Commission |
BOE |
| ECAI (BOE specific) |
External credit assessment institution |
BOE |