Glossary
4-hour rule Pursuant to MNB Decree 15/2010. (X. 12.), starting from 1 July 2012, in accordance with the so-called ’4-hour rule’, the payment service provider of the payer must assure that Hungarian forint credit transfers generated by customers electronically within the time period specified for same-day execution (i.e. before the final submission time) are received by the payment service provider of the payee within 4 hours of acceptance. ATM (Automated Teller Machine) Automated Teller Machine through which cash withdrawals as well as other transactions (e.g. credit transfers) can be executed using payment cards. Interchange fee A fee calculated as proportion of the purchase price and paid by the acquiring payment service provider to the issuer in respect of purchases made with payment cards. BSE Budapest Stock Exchange Ltd. BÉTa Multilateral trading facility (MTF) operated by the BSE, as a platform for trading foreign stocks in Hungarian forints. The stocks purchased in the BÉTa market are identical with the stocks listed on foreign stock exchanges. ICS Interbank Clearing System, a deferred time gross clearing system operated by GIRO Zrt., offering two types of clearing: overnight clearing and, since 2 July 2012, intraday clearing. Blue-chip stocks The most liquid and most traded stocks in a market. CEEGEX Central Eastern European Gas Exchange CLS (Continuous Linked Settlement) A clearing and settlement model facilitating the elimination of FX settlement risk relying on a multi-currency PvP mechanism. The CLS is operated by the CLS Bank. CSDR Regulation on improving securities settlement in the European Union and on central securities depositories Chip migration The equipping of payment cards bearing only a magnetic stripe with chips, and simultaneously the enabling of devices handling payment cards to accept chip cards. DvP Delivery Versus Payment. The settlement method which links the cash and securities legs of orders for the settlement of securities transactions; it assures that the settlement of securities leg occurs only after the settlement of cash leg has been completed, or conversely, the settlement of cash leg occurs only if the securities are available and settlement is assured. EBPP Electronic Bill Presentment and Payment ECC European Commodity Clearing AG, a Leipzig-based clearing house acting as a central counterparty mainly for clearing in the energy market.
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Payment Systems report • June 2014
