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Term Description
Alternative Investment Fund Managers Directive. Directive 2011/61/EU ("AIFMD") is a European Union Directive that entered into force on 22 July 2013. The Directive regulates:
  • EU fund managers that manage alternative investment funds ("AIFs") (wherever they are based);
  • fund managers (wherever they are based) that manage AIFs established in the EU; and
  • fund managers (wherever they are based) that market the units or shares of an AIF in the EU
AML Anti-Money laundering
Consolidated Audit Trail. The SEC adopted Rule 613 to create a comprehensive consolidated audit trail that would allow regulators to efficiently and accurately track all activity throughout the U.S. markets in National Market System (NMS) securities.
CCP Central Counterparties effectively guarantee the obligations under a contract agreed between the two counterparties. For more information click here
CDS Credit Default Swap are a type of credit derivative used to manage or transfer credit risk exposure
CFTC The Commodity Futures Trading Commission was formed in 1974 with the enactment of the Commodity Futures Trading Commission Act, its mission is to "protect market participants and the public from fraud, manipulation, abusive practices and systemic risk related to derivatives – both futures and swaps – and to foster transparent, open, competitive and financially sound markets."
CICI The CFTC Interim Compliant Identifiers is a interim legal entity identifier issued by the CFTC
COU Central Operating Unit will be the operational wing of the Global Legal Entity Identifier System, it will coordinate and oversee the actions of Local Operating Units
CPSS Committee on Payment and Settlement Systems is a forum for central banks to monitor and analyse developments in domestic payment, clearing and settlement systems as well as in cross-border and multicurrency settlement schemes
Designated Contract Markets are exchanges that operate under the regulatory oversight of the CFTC, pursuant to Section 5 of the Commodity Exchange Act. Click here for more information.
DCO A Derivatives Clearing Organization is a clearinghouse, clearing association, clearing corporation, or similar entity that enables each party to an agreement, contract, or transaction to substitute, through novation or otherwise, the credit of the DCO for the credit of the parties; arranges or provides, on a multilateral basis, for the settlement or netting of obligations; or otherwise provides clearing services or arrangements that mutualize or transfer credit risk among participants
DFA Dodd-Frank Wall Street Reform and Consumer Protection Act. The Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111–203, H.R. 4173; commonly referred to as Dodd-Frank) was signed into federal law on 21 July 2010. The act is to promote the financial stability of the United States by improving:
  • accountability and transparency in the financial system;
  • to end "too big to fail";
  • to protect the American taxpayer by ending bailouts;
  • protect consumers from abusive financial services practices.
European Banking Authority. The EBA is an independent EU Authority which works to ensure effective and consistent regulation and supervision across the European banking sector. The EBA was established on 1 January 2011 as part of the European System of Financial Supervision (ESFS) and took over all existing responsibilities and tasks of the Committee of European Banking Supervisors.
EMIR European Market Infrastructure Regulation. The Regulation (EU) no 648/2012 imposes requirements on firms entering into any form of derivatives contract
ERISA Employee Retirement Income Security Act is a US federal law that establishes minimum standards for pension plans in the private sector
ESMA European Securities and Markets Authority. Formed on 1 January 2011 ESMA is an independent EU Authority that contributes to safeguarding the stability of the European Union's financial system.
Foreign Account Tax Compliance Act. FATCA was enacted in March 2010 by the US Congress to target non-compliance by US taxpayers using foreign accounts.
FCP Fond Commun de placement is a type of open-ended collective investment fund
FpML Financial products Markup Language is the open source XML standard for electronic dealing and processing of OTC derivatives. It establishes a protocol for sharing information electronically on, and dealing in swaps, derivatives and structured products
FSB The Financial Stability Board was established in April 2009 as the successor to the Financial Stability Forum with an expanded mandate to promote financial stability.
FX Foreign Exchange
Group of Twenty Finance Ministers and Central Bank Governors
GFMA Global Financial Markets Association. The is a conglomeration of 3 trade associations: the Association for Financial Markets in Europe (AFME), the Asia Securities Industry & Financial Markets Association (ASIFMA) and the Securities Industry and Financial Markets Association (SIFMA)
GLEIF Global Legal Entity Identifier Foundation. The GLEIF has been charged with developing and operating the COU
GLEIS Global Legal Entity Identifier System. As states in the ROC's charter "The Global LEI System is composed of the ROC together with an operational component, consisting of the LEI foundation (or equivalent legal form) operating the Central Operating Unit (COU), and the federated Local Operating Units (LOUs) providing registration and other services."
GMEI Global Markets Entity Identifier. The GMEI, formally known as the CICI Utility, is DTCC/SWIFT's legal entity identifier (LEI) solution
International Business Entity Identifier. Developed by the ISO working group 8 as a means to identify legal entities. In November 2007 the IBEI was rejected by ISO due to concerns over its scope
ICVC Investment Company with Variable Capital is a type of open-ended collective investment fund
IEC International Electrotechnical Commission
IGI Issuer and Guarantor Identifier (ISO 16372). Designed for unambiguous identification of issuing entities. Based on 20 characters consisting of 2 digit country code (ISO 3166), 17 alphanumeric characters (digits and uppercase letters) and a single check digit
IOSCO International Organization of Securities Commissions
ISDA International Swaps and Derivatives Association is a Global trade association for OTC derivatives formed in 1985
ISO Organization for Standardization develop and publish international standards
Kapitalanlagegesellschaft is a capital management company
KYC Know Your Customer
Legal Entity Identifier. A 20 digit alpha-numeric code used to uniquely identify a legal entity.
LOU Local Operating Units are the local implementors of the GLEIS. LOUs will offer facilities such as local registration, validation, and maintenance of reference data.
Major Swap Participants. There are three parts to the Dodd-Frank Act (Section 721) definition of a MSP. A person that satisfies any one of them is an MSP:
  • A person that maintains a "substantial position" in any of the major swap categories, excluding positions held for hedging or mitigating commercial risk and positions maintained by certain employee benefit plans for hedging or mitigating risks in the operation of the plan;
  • A person whose outstanding swaps create "substantial counterparty exposure that could have serious adverse effects on the financial stability of the United States banking system or financial markets.";
  • Any "financial entity" that is "highly leveraged relative to the amount of capital such entity holds and that is not subject to capital requirements established by an appropriate Federal banking agency" and that maintains a "substantial position" in any of the major swap categories.
MAS Monetary Authority of Singapore is the Central Bank of Singapore
MiFID The Markets in Financial Instruments Directive (Directive 2004/39/EC)
MiFIR The Markets in Financial Instruments Regulation
National Association of Insurance Commission is a US standards setting and regulatory support organization through which state insurance regulators establish standards and best practices
Open-ended Investment Company is a type of open-ended collective investment
OFR Office of Financial Research. The Dodd-Frank Act established the Office of Financial Research (OFR), which sits within the US Treasury Department. The OFR's purpose is to improve the quality of financial data available to policymakers, and to facilitate more robust and sophisticated analysis
OMB Office of Management and Budget. The OMB measures the quality of agency programs, policies, and procedures and to see if they comply with the US Presidential policies.
OTC Over-the-Counter trading is trading executed without the supervision of an exchange
Private Sector Preparatory Group is a group of interested parties from the private sector formed to assist the Implementation Group in its work to establish the global LEI system
Regulatory Oversight Committee. The ROC consists of 62 Central Banks and Regulators whose mission is to "uphold the governance principles of and to oversee the Global LEI System"
Swap Dealers. The Dodd-Frank Act (Section 721) defines the term "swap dealer" as any person:
  • holds itself out as a dealer in swaps;
  • makes a market in swaps;
  • regularly enters into swaps with counterparties as an ordinary course of business for its own account, or
  • engages in activity causing itself to be commonly known in the trade as a dealer or market maker in swaps.
SDR Swap Data Repositories. The Dodd-Frank Act (Section 721) amends section 1a of the Commodity Exchange Act to add the definition of SDR: "swap data repository means any person that collects and maintains information or records with respect to transactions or positions in, or the terms and conditions of, swaps entered into by third parties for the purpose of providing a centralized recordkeeping facility for swaps".
SEC The US Securities and Exchange Commission aims to "protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation"
SEF Swap Execution Facilities. A trading platform that enables participants to execute or trade swaps. See the CFTC's 17 CFR Part 37 Core Principles and Other Requirements for Swap Execution Facilities
SICAV Société d'Investissement à Capital Variable is a type of open-ended investment fund
SIFMA Securities Industry and Financial Markets Association. Is a securities industry trade group representing securities firms, banks, and asset management companies. --  Formed in 2006 with the merger of the Securities Industry Association (SIA) and the Bond Markets Association (TBMA)
Trade Repository. Under Regulation (EU) No 648/2012 European Markets Infrastructure Regulation (EMIR) reporting requirements, from 12 February 2014 all counterparties are required to report details of any OTC or exchange traded derivative contracts to a trade repository (TR)

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