ECB publishes glossary of payment, clearing and settlement terms

The European Central Bank (ECB) is today publishing a glossary of terms relating to technical aspects of payment, clearing and settlement systems in the European Union. The terms in the glossary are defined in a user-friendly manner using non-legalistic language in order to promote their acceptance by market participants and the public. The glossary is expected to ensure the consistent use of terms in publications produced within the European System of Central Banks (ESCB). It may also be used by other Union institutions for reference purposes.

The glossary was compiled by a committee of experts within the ESCB and was the subject of a public consultation from 30 September 2008 to 1 January 2009. Comments submitted to the ECB in the course of the public consultation have already been published on the ECB’s website.