Glossary
60
4-hour rule
Pursuant to MNB Decree 15/2010. (X. 12.), starting from 1 July 2012, the payment service provider of the payer must ensure 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.
Acquirer (payment card)
The payment service provider that the merchant accepting payment for purchases by payment card enters into an agreement to execute transactions. In the course of the clearing and settlement of transactions the acquirer collects and forwards to the merchant the value of card transactions.
Additional financial collateral
Surplus collateral required by KELER CCP from clearing members and power market non-clearing members for guaranteed capital market, gas market and power market transactions.
ATM
Automated Teller Machine, through which cash withdrawals as well as other transactions (e.g. credit transfers) can be executed using payment cards.
Batch processing
Simultaneous collective processing of items received at different points in time which are put in the same group if specific features are identical.
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.
Blue chips
The most liquid and most traded stocks in a market.
BSE
Budapest Stock Exchange Ltd.
Capital position limit
Quantity of the open derivative positions which a clearing member or client may have as a percentage of equity. At KELER CCP the position limits are calculated by dividing the initial margin requirement calculated by KELER CCP by the equity.
CEEGEX
Central Eastern European Gas Exchange.
Central counterparty
The central actor that interposes itself between the counterparties and guarantees the settlement of the transaction even if either party fails to fulfil its obligations.
Payment Systems report • June 2015
