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Payments and markets glossary
All glossary entries
Abbreviations
Banking supervision
ECB
Macroprudential policy and financial stability
Monetary policy
Payments and markets
Statistics
O
-
offline card transaction
-
A card transaction which is authorised without contacting the issuer at the time of the transaction. Antonym:
online card transaction -
online card transaction
-
A card transaction which is authorised following explicit approval by the issuer at the time of the transaction. Antonym:
offline card transaction -
operated direct link
-
A direct link between two central securities depositories (CSDs) where a third party, typically a custodian bank, operates the account in the issuer CSD on behalf of the investor CSD. See also
direct link -
optimisation routine
-
A procedure determining the order in which transfer orders are to be processed and settled in a transfer system in order to increase settlement efficiency. See also
chaining
queue management -
OTC
- over-the-counter
-
OTC (over-the-counter) trading
- A method of trading that does not involve a regulated market. In over-the-counter markets, participants trade directly with each other, typically through telephone or computer links.
-
over the bank counter withdrawal
- An in-person transaction at a bank in which cash is withdrawn from an account at that bank.
-
oversight of payment systems
- A typical central bank function whereby the objectives of safety and efficiency are promoted by monitoring existing and planned systems, assessing them against the applicable standards and principles whenever possible and, where necessary, fostering change. Oversight activities increasingly relate also to securities clearing and settlement systems.