natgillin/translations-raw huggingface dataset:
System med øremærkning Her forudsættes det , at transaktionerne udføres gennem en national centralbank , der anvender et system , hvor de underliggende aktiver til sikkerhedsstillelse er øremærket til de enkelte transaktioner .
Earmarking system First , it is assumed that the transactions are carried out with a national central bank using a system where underlying assets are earmarked for each transaction .
I systemer med øremærkning værdiansættes aktiverne dagligt .
In earmarking systems , the valuation of underlying assets is carried out on a daily basis .
Risikostyringen i forbindelse med et system med øremærkning kan beskrives som følger ( se også tabel 2 nedenfor ) : 1 .
The risk control framework can then be described as follows ( see also Table 2 below ) : 1 .
For hver transaktion , som modparten deltager i , anvendes en initialmargin på 2 pct . , da operationernes løbetid er længere end en bankdag .
For each of the transactions entered into by the counterparty , an initial margin of 2 % is applied since the maturity of the operations exceeds one business day .
juni 2000 indgår modparten en genkøbsforretning med den nationale centralbank , der køber obligation A for 50 millioner euro . Obligation A er en obligation med fast rente , der forfalder den 26 .
On 28 June 2000 the counterparty enters into a repurchase transaction with the national central bank , which purchases EUR 50 million of Bond A. Bond A is a fixed coupon bond maturing on 26 August 2002 .
august 2002 . Den har således en restløbetid på 2 år , hvilket indebærer et haircut på 1,5 pct .
It thus has a residual maturity of two years , therefore requiring a valuation haircut of 1.5% .
Markedskursen på obligation A på referencemarkedet er den dag 102,63 , inkl . vedhængende renter .
The market price of Bond A on its reference market on that day is 102.63% , which includes the accrued interest on the coupon .
Modparten skal levere obligation A til en værdi , der efter fradrag af et haircut på 1,5 pct . overstiger 51 millioner euro ( svarende 1 Eksemplet forudsætter , at der i beregningen af behovet for et margin call tages højde for vedhængende renter på den tilførte likviditet og anvendes en tærskelværdi på 1 pct .
The counterparty is required to provide an amount of Bond A which , 1 The example is based on the assumption that , in the calculation of the need for a margin call , accrued interest on the liquidity provided is taken into account and a trigger point of 1 % of the liquidity provided is applied .
af den tilførte likviditet . ECB -* Den fælles pengepolitik i euroområdet -* April 2002
ECB -* The single monetary policy in the euro area -* April 2002 69
67 Eksempel 6 ( fortsat ) til det tildelte beløb på 50 millioner euro plus en initialmargin på 2 pct .
Example 6 ( continued ) after deduction of the 1.5% valuation haircut , exceeds EUR 51 million ( corresponding to the allotted amount of EUR 50 million plus the initial margin of 2 %) .
) . Modparten leverer derfor obligation A til en nominel værdi af 50,5 millioner euro , hvilket den dag har en justeret kursværdi på 51.050.728 euro .
The counterparty therefore delivers Bond A for a nominal amount of EUR 50.5 million , the adjusted market value of which is EUR 51,050,728 on that day .
juni 2000 indgår modparten en genkøbsforretning med den nationale centralbank , der køber obligation A for 21,5 millioner euro ( markedskurs 101,98 , haircut 1,5 pct . ) og aktiv B for 25 millioner euro ( markedskurs 98,35 ) .
On 29 June 2000 the counterparty enters into a repurchase transaction with the national central bank , which purchases EUR 21.5 million of Bond A ( market price 101.98% , valuation haircut 1.5% ) and EUR 25 million of Asset B ( market price 98.35% ) .
Aktiv B er en obligation med variabel rente ( floating rate note -- FRN ) , der fastsættes på forhånd , og med årlig rentetermin . Her anvendes en haircut på 0 pct .
Asset B is a floating rate note ( FRN ) with yearly pre-fixed coupon payments , to which a 0 % valuation haircut is applied .
Den justerede kursværdi af obligation A og FRN B er den dag 46.184.315 euro , hvilket overstiger den krævede værdi på 45.900.000 euro ( 45 millioner euro plus en initialmargin på 2 pct .
The adjusted market value of Bond A and FRN B on that day is EUR 46,184,315 , thus exceeding the required amount of EUR 45,900,000 ( EUR 45 million plus the initial margin of 2 %) .
Den 30 . juni 2000 genberegnes værdien af de underliggende aktiver : Markedskursen på obligation A er nu 100,57 , og markedskursen på FRN B er 97,95 .
On 30 June 2000 the underlying assets are revalued : the market price of Bond A is 100.57% and the market price of FRN B is 97.95% .
Vedhængende renter udgør 11.806 euro i den primære markedsoperation , der startede den 28 . juni 2000 , og 5.625 euro i den langfristede operation , der startede den 29 .
Accrued interest amounts to EUR 11,806 on the main refinancing operation initiated on 28 June 2000 and EUR 5,625 on the longer-term refinancing operation initiated on 29 June 2000 .
1 million euro under transaktionsværdien inkl . margin ( den tilførte likviditet plus vedhængende renter plus initialmargin ) .
As a result , the adjusted market value of Bond A in the first transaction falls below the transaction 's margined amount ( liquidity provided plus accrued interest plus initial margin ) by approximately EUR 1 million .
Modparten leverer obligation A til en nominel værdi af 1 million euro , hvilket efter fradrag af et haircut på 1,5 pct . i markedsværdien baseret på en kurs på 100,57 bevirker , at der igen er tilstrækkelig sikkerhedsstillelse .
The counterparty delivers EUR 1 million of Bond A in nominal value terms , which , after deducting a 1.5% haircut from the market value based on a price of 100.57% , restores sufficient collateral coverage .
2 Der er ikke behov for margin calls i forbindelse med den anden transaktion , da den justerede markedsværdi af de underliggende aktiver i denne transaktion ( 45.785.712 euro ) ganske vist ligger lidt under værdien inkl . margin ( 45.905.738 euro ) , men ikke falder under tærskelværdien på 45.455.681 euro ( værdien inkl .
2 No margin call is needed on the second transaction because the adjusted market value of the underlying assets used in this transaction ( EUR 45,785,712 ) , although slightly below the margined amount ( EUR 45,905,738 ) , does not fall below the trigger level ( the margined amount minus 1 %) of EUR 45,455,681.3 4 .
juli 2000 genberegnes værdien af de underliggende aktiver , uden at det medfører margin calls for de transaktioner , der blev indgået den 28 . og 29 .
During 3 and 4 July 2000 the underlying assets are revalued , without resulting in any margin call for the transactions entered into on 28 and 29 June 2000 .
Den 4 . juli 2000 udgør de vedhængende renter henholdsvis 35.417 euro og 28.125 euro .
On 4 July 2000 accrued interest amounts to EUR 35,417 and EUR 28,125 .
juli 2000 indgår modparten en genkøbsforretning med den nationale centralbank , der køber obligation C for 10 millioner euro . Obligation C er en nulkuponobligation med en markedskurs på 55,125 den dag .
On 5 July 2000 the counterparty enters into a repurchase transaction with the national central bank , which purchases EUR 10 million of Bond C. Bond C is a zero coupon bond with a market value of 55.125% on that day .
Modparten leverer obligation C til en nominel værdi af 19,5 millioner euro .
The counterparty delivers EUR 19.5 million of Bond C in nominal value terms .
Nulkuponobligationen har en restløbetid på ca . 10 år , hvilket betyder , at der kræves et haircut på 5 pct .
The zero coupon bond has a residual maturity of around ten years and therefore requires a valuation haircut of 5 %.
System med pooling Her forudsættes det , at transaktionerne udføres gennem en national centralbank , der anvender et system med pooling .
Pooling system Second , it is assumed that the transactions are carried out with a national central bank using a pooling system .
Aktiverne i den aktivpulje , som modparten anvender , er ikke øremærket til bestemte transaktioner .
Assets included in the pool of assets used by the counterparty are not earmarked for specific transactions .
I dette eksempel benyttes samme transaktionssekvens som i ovenstående eksempel på et system med øremærkning .
The same sequence of transactions is used in this example as in the above example illustrating an earmarking system .
Forskellen er , at den justerede markedsværdi af alle aktiverne i puljen på genberegningsdatoerne skal dække værdien inkl . margin af alle modpartens udestående transaktioner med den nationale centralbank .
The main difference is that , at revaluation dates , the adjusted market value of all the assets in the pool has to cover the margined amount of all of the counterparty 's outstanding operations with the national central bank .
Som følge deraf er margin call den 30 . juni 2000 lidt højere ( 1.106.035 euro ) end i systemet med øremærkning .
As a result , the margin call occurring on 30 June 2000 is slightly higher ( EUR 1,106,035 ) than was required in the earmarking system , owing to the trigger effect on the transaction entered into on 29 June 2000 .
Modparten leverer obligation A til en nominel værdi af 1,15 millioner euro , hvilket efter fradrag af et haircut på 1,5 pct . i markedsværdien baseret på kurs 100,57 igen udgør tilstrækkelig sikkerhed .
The counterparty delivers EUR 1.15 million of Bond A in nominal value terms , which , after deducting a 1.5% haircut from the market value based on a price of 100.57% , restores
2 De nationale centralbanker kan anvende kontanter frem for værdipapirer i margin calls .
2 National central banks may perform margin calls in cash rather than securities .
3 Hvis den nationale centralbank skal betale en margin til modparten i forbindelse med den anden transaktion , kan en sådan margin i visse tilfælde modregnes i den margin , som modparten betaler til den nationale centralbank i forbindelse med den første transaktion .
3 If a margin had to be paid to the counterparty by the national central bank in relation to the second transaction , such a margin may , in certain cases , be netted out with the margin paid to the national central bank by the counterparty in relation to the first transaction .
Dermed finder kun én marginbetaling sted . 68
As a result , there would only be one margin settlement .
ECB -* Den fælles pengepolitik i euroområdet -* April 2002 69
ECB -* The single monetary policy in the euro area -* April 2002
Eksempel 6 ( fortsat )
Example 6 ( continued )
Tabel 2 Dato
Table 2 Date
Langfristet markedsop . Startdato Slutdato Rentesats Beløb Vedhængende renter 0
Earmarking system Outstanding transactions Main refinancing Main refinancing Longer-term refinancing Start date End date Interest rate Amount Accrued interest 0
4,25 pct .
4.25%
29/06/2000
29/06/2000
28/09/2000
28/09/2000
4,50 pct .
4.50%
30/06/2000
30/06/2000
Primær markedsop . Langfristet markedsop .
Main refinancing Longer-term refinancing
03/07/2000
03/07/2000
04/07/2000
04/07/2000
05/07/2000
05/07/2000
Primær markedsop . Langfristet markedsop .
Main refinancing Longer-term refinancing Main refinancing
19/07/2000
19/07/2000
Initial margin
Initial margin
Værdi inkl . margin 51.000.000
Margined amount 51,000,000
Nedre tærskelværdi 50.500.000
Lower trigger amount 50,500,000
Øvre tærskelværdi 51.500.000 Justeret kursværdi 51.050.728
Upper trigger Adjusted amount market value 51,500,000 51,050,728
2 pct .
2 %
- 986.009 30/06/2000
- 986,009 30/06/2000
ECB -* Den fælles pengepolitik i euroområdet -* April 2002 71
ECB -* The single monetary policy in the euro area -* April 2002
Tabel 3 Dato
Table 3 Date
System med pooling Udestående transaktioner Primær markedsop . Primær markedsop .
Pooling system Outstanding transactions Main refinancing Main refinancing Longer-term refinancing Start date End date Interest rate Amount Accrued interest 0
ECB -* Den fælles pengepolitik i euroområdet -* April 2002 Initial margin
ECB -* The single monetary policy in the euro area -* April 2002
Værdi Nedre inkl . margin tærskelværdi 51.000.000 50.500.000
Initial margin Margined amount 2 % 51,000,000 Lower trigger amount 50,500,000
- 1.106.035 30/06/2000
- 1,106,035 30/06/2000
Bilag 2 Ordliste Afviklingsagent ( settlement agent ) : En institution , der administrerer afviklingsprocessen ( dvs .
Annex 2 Glossary Actual / 360 : the day-count convention applied for the calculation of interest on a credit , implying that the interest is calculated over the actual number of calendar days over which the credit is extended , on the basis of a 360-day year .
fastlæggelse af betalingspositioner , overvågning af udvekslingen af betalinger osv .
This day-count convention is applied in Eurosystem monetary policy operations .
) for betalingssystemer , værdipapirafviklingssystemer eller andre arrangementer , der kræver afvikling . Afviklingsdag ( settlement date ) : Den dag , hvor en transaktion afvikles .
American auction : see multiple rate auction . Averaging provision : a provision allowing counterparties to fulfil their reserve requirements on the basis of their average reserve holdings over the maintenance period .
Afvikling kan ske på handelsdagen ( afvikling samme dag ) eller en eller flere dage efter handelsdagen ( afviklingsdagen angives som handelsdag ( H ) + afviklingsforskydning ) .
The averaging provision contributes to the stabilisation of money market interest rates by giving institutions an incentive to smooth the effects of temporary liquidity fluctuations .
Afviklingskonto ( settlement account ) : En konto , som en direkte deltager i et nationalt RTGS-system har hos centralbanken med henblik på afvikling af betalinger . Aktiekursrisiko ( equity price risk ) : Risikoen for tab som følge af bevægelser i aktiekurserne .
The Eurosystem 's minimum reserve system allows for averaging . Bilateral procedure : a procedure whereby the central bank deals directly with only one or a few counterparties , without making use of tender procedures .
Eurosystemet er udsat for kursrisici i forbindelse med sine pengepolitiske operationer , i det omfang aktier er brugbare som liste 2-papirer .
Bilateral procedures include operations executed through stock exchanges or market agents .
Amerikansk auktion ( American auction ) : Se auktion med flere rentesatser .
Book-entry system : an accounting system that permits the transfer of securities and other financial assets without the physical movement of paper documents or certificates ( e.g. the electronic transfer of securities ) .
Auktion ( tender procedure ) : En procedure , hvor centralbanken tilfører markedet likviditet eller opsuger likviditet fra markedet på grundlag af konkurrerende bud afgivet af modparter . De for Eurosystemet mest fordelagtige bud accepteres først og så fremdeles , indtil hele det beløb , der skal tilføres eller opsuges , er nået .
See also dematerialisation . Central securities depository ( CSD ) : an entity which holds and administers securities or other financial assets , holds the issuance accounts and enables transactions to be processed by book entry .
Auktion med en enkelt rentesats ( hollandsk auktion ) ( single rate auction ( Dutch auction )) : En auktion , hvor tildelingsrenten ( eller tildelingskursen eller antal swappoint ved tildelingen ) , der anvendes på alle accepterede bud , er lig med den marginale rente ( eller den marginale kurs eller det marginale antal swappoint ) . Auktion med flere rentesatser ( amerikansk auktion ) ( multiple rate auction ( American auction )) : En auktion , hvor tildelingsrenten ( eller tildelingskursen eller antal swappoint ved tildelingen ) er lig med renten ( eller kursen eller antal swappoint ) i de enkelte bud .
Assets may exist either physically ( but immobilised within the CSD ) or in a dematerialised form ( i.e. only as electronic records ) . Close links : Article 1 ( 26 ) of Directive 2000/12 / EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions states that « Close links shall mean a situation in which two or more natural or legal persons are linked by : ( a ) participation , which shall mean the ownership , direct or by way of control , of 20 % or more of the voting rights or capital of an undertaking , or ( b ) control , which shall mean the relationship between a parent undertaking and a subsidiary , in all the cases referred to in Article 1 ( 1 ) and ( 2 ) of Directive 83/349 / EEC , or a similar relationship between any natural or legal person and an undertaking ;
Auktion til fast rente ( fixed rate tender ) : En auktion , hvor renten er fastsat af centralbanken på forhånd , og de deltagende modparter afgiver bud på det ønskede beløb til den faste rente .
any subsidiary undertaking of a subsidiary undertaking shall also be considered a subsidiary of the parent undertaking which is at the head of those undertakings .
Auktion til variabel rente ( variable rate tender ) : En auktionsprocedure , hvor modparterne afgiver bud både på det beløb , de ønsker at handle med centralbanken , og den rentesats , til hvilken de ønsker at indgå transaktionen .
A situation in which two or more natural or legal persons are permanently linked to one and the same person by a control relationship shall also be regarded as constituting a close link between such persons ."
Betalingssystem , ECBs ( ECB payment mechanism ( EPM )) : ECBs eget betalingssystem , der er tilsluttet TARGET med henblik på i ) betalinger mellem konti hos ECB og ii ) betalinger via TARGET mellem konti hos ECB og de nationale centralbanker . Bilateral procedure ( bilateral procedure ) : En procedure , hvor centralbanken handler direkte med en eller kun få modparter uden brug af auktionsprocedurer .
Collateral pooling system : a central bank system for managing collateral , in which counterparties open a pool account to deposit assets collateralising their transactions with the central bank . In a pooling system , by contrast with an earmarking system , the underlying assets are not earmarked for individual transactions .
Bilaterale procedurer omfatter også operationer udført via børser eller mæglere . Bruttoafviklingssystem ( gross settlement system ) : Et afviklingssystem , hvor afvikling eller overførsel af værdipapirer sker pr. ordre .
Collection of fixed-term deposits : a monetary policy instrument that may be used by the Eurosystem for fine-tuning purposes where the Eurosystem offers remuneration on counterparties » fixed-term deposits on accounts with the national central banks in order to absorb liquidity from the market .
Dematerialisering ( dematerialisation ) : Eliminering af fysiske beviser eller adkomstdokumenter , der giver ejendomsret til finansielle aktiver , så de finansielle aktiver kun eksisterer i elektronisk form .
Correspondent banking : an arrangement under which one credit institution provides payment and other services to another credit institution . Payments through correspondents are often executed through reciprocal accounts ( nostro and loro accounts ) , to which standing credit lines may be attached .
Depotinstitution ( custodian ) : En institution , der opbevarer og varetager administrationen af værdipapirer og andre finansielle aktiver på andres vegne .
Correspondent banking services are primarily provided across international boundaries , but are also known as agency relationships in some domestic contexts . A loro account is the term used by a correspondent to describe an account held on behalf of a foreign credit institution ;
Depotkonto ( safe custody account ) : En værdipapirkonto administreret af centralbanken , hvor kreditinstitutter kan anbringe værdipapirer , som vurderes egnede til sikkerhedsstillelse i centralbankoperationer .
the foreign credit institution would in turn regard this account as its nostro account . Correspondent central banking model ( CCBM ) : a mechanism established by the European System of Central Banks with the aim of enabling counterparties to use underlying assets in a cross-border context .
ECB-tid ( ECB time ) : Tiden i det land , hvor ECB ligger .
This means that each national central bank has a securities account in its securities administration for each of the other national central banks ( and for the ECB ) .
Egentlig købs - eller salgsforretning ( outright transaction ) : En forretning , hvor centralbanken køber eller sælger aktiver i markedet ( spot eller termin ) .
Counterparty : the opposite party in a financial transaction ( e.g. any transaction with the central bank ) .
Ekstraordinær auktion ( quick tender ) : Den auktionsprocedure , som Eurosystemet benytter i forbindelse med finjusterende operationer , når der ønskes en hurtig påvirkning af likviditetsforholdene i markedet . Ekstraordinære auktioner udføres med en tidsramme på 1 time og retter sig mod en begrænset kreds af modparter .
Credit institution : refers in this document to an institution covered by the definition contained in Article 1 ( 1 ) of Directive 2000/12 / EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions , as amended by Directive 2000/28 / EC of the European Parliament and of the Council of 18 September 2000 .
Elektronisk bogføringssystem ( book-entry system ) : Et regnskabssystem , der giver mulighed for overførsel af værdipapirer og andre finansielle aktiver , uden at papirerne eller beviserne flyttes fysisk ( fx elektronisk overførsel af værdipapirer ) . Se også dematerialisering .
Thus , a credit institution is : ( i ) an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credit for its own account ; or ( ii ) an undertaking or any other legal person , other than those under ( i ) , which issues means of payment in the form of electronic money .
Endelig overførsel ( final transfer ) : En uigenkaldelig og betingelsesløs overførsel med frigørende virkning fra forpligtelsen til at foretage overførslen .
« Electronic money » shall mean monetary value as represented by a claim on the issuer which is : ( a ) stored on an electronic device ;
Euroområdet ( euro area ) : Den kollektive betegnelse for de EU-medlemsstater , der har indført euroen som fælles valuta i overensstemmelse med traktaten .
( b ) issued on receipt of funds of an amount not lower in value than the monetary value issued ;
Europæiske System af Centralbanker , Det ( European System of Central Banks ( ESCB )) : ESCB består af Den Europæiske Centralbank ( ECB ) og de nationale centralbanker i EUs medlemsstater .
and ( c ) accepted as a means of payment by undertakings other than the issuer .
Det bemærkes , at de nationale centralbanker i medlemsstater , der ikke har indført den fælles valuta i overensstemmelse med traktaten , bevarer deres pengepolitiske beføjelser i henhold til national lovgivning og således ikke deltager i gennemførelsen af Eurosystemets pengepolitik .
Cross-border settlement : a settlement which takes place in a country other than the country or countries in which one or both of the parties to the trade are located .
Eurosystemet ( Eurosystem ) : Omfatter Den Europæiske Centralbank ( ECB ) og de nationale centralbanker i medlemsstaterne i euroområdet .
Custodian : an entity which undertakes the safekeeping and administration of securities and other financial assets on behalf of others .
Eurosystemets besluttende organer er ECBs Styrelsesråd og Direktion .
Day-count convention : the convention regulating the number of days included in the calculation of interest on credits .
Eurosystemets bankdage ( Eurosystem business day ) : De dage , hvor ECB og mindst én national centralbank er åbne for udførelse af Eurosystemets pengepolitiske operationer . EØS-lande ( Det Europæiske Økonomiske Samarbejdsområde ) ( EEA ( European Economic Area )) : EU-medlemsstaterne og Island , Liechtenstein og Norge .
The Eurosystem applies the day-count convention actual / 360 in its monetary policy operations . Delivery versus payment ( DVP ) or delivery against payment system : a mechanism in an exchange-for-value settlement system which ensures that the final transfer of assets ( securities or other financial instruments ) occurs if , and only if , the final transfer of another asset ( or other assets ) occurs .