the type of operation ( provision or absorption of liquidity and the type of monetary policy instrument to be used ) the maturity of the operation

the type of auction ( fixed rate or variable rate tender )

The public tender result message normally contains the following information the reference number of the tender operation , the date of the tender operation , the type of operation , the maturity of the operation , the total amount bid by Eurosystem counterparties , the number of bidders , the currencies involved ( in the case of foreign exchange swaps ) , the total amount allotted , the percentage of allotment ( in the case of fixed rate tenders ) ,

Haircut see valuation haircut . In house credit assessment system ( ICAS ) a credit quality assessment source provided for in the Eurosystem credit assessment framework ( ECAF ) that currently comprises the four credit assessment systems operated by the Deutsche Bundesbank , the Banco de España , the Banque de France and the Oesterreichische Nationalbank .

the currencies involved and the currency , the amount of which is kept fixed ( in the case of foreign exchange swaps )

the maturity of the operation the type of auction ( fixed rate or variable rate tender )

the type of auction ( fixed rate or variable rate tender )

the type of auction ( fixed rate or variable rate tender )

the type of auction ( fixed rate or variable rate tender )

the type of auction ( fixed rate or variable rate tender )

Longer term refinancing operations are executed through monthly standard tenders and have a maturity of three months .

Foreign exchange swap simultaneous spot and forward transactions of one currency against another .

the reference spot exchange rate to be used for the calculation of bids ( in the case of foreign exchange swaps )

The public tender announcement message normally contains the following information the reference number of the tender operation

The public tender announcement message normally contains the following information the reference number of the tender operation

The public tender announcement message normally contains the following information the reference number of the tender operation

The public tender announcement message normally contains the following information the reference number of the tender operation

The ECB shall close an electronic auction after expiry of the time limit indicated in the invitation to participate in the auction .

After closing an electronic auction the ECB shall award the contract on the basis of the results of the electronic auction .

These systems are subject to a formal recognition and validation process by the national supervisors .

Longer term refinancing operation a regular open market operation executed by the Eurosystem in the form of a reverse transaction .

These systems are subject to a formal recog nition and validation process by the national supervisors .

The public tender announcement message normally contains the following information the reference number of the tender operation

the reference number of the tender operation

the number of bidders

The public tender result message normally contains the following information the reference number of the tender operation

The public tender result message normally contains the following information

The public tender result message normally contains the following information the reference operation number of the tender

Haircut see valuation haircut .

or ( ii ) a lending operation against a pledge or in a repurchase agreement .

Main refinancing operation a regular open market operation executed by the Eurosystem in the form of a reverse transaction .

Main refinancing operations are conducted through weekly standard tenders and normally have a maturity of one week .

Main refinancing operation a regular open market operation executed by the Eurosystem in the form of a reverse transaction . Main refinancing operations are conducted through weekly standard tenders and normally have a maturity of one week .

Intraday credit the credit extended and reimbursed within a period of less than one business day . The ESCB will extend intraday credit ( based on underlying assets ) to eligible counterparties for payment systems purposes .

The public tender result message normally contains the following information reference number of the tender operation

Internal rating based ( IRB ) system a credit quality assessment source provided for in the Eurosystem credit assessment framework ( ECAF ) that comprises the internal systems of those counterparties whose credit assessments may be used by credit institutions for the determination of risk weight exposures according to the Capital Requirements Directive .

Intraday credit credit extended for a period of less than one business day . It may be extended by central banks to even out mismatches in payment settlements and can take the form of ( i ) a collateralised overdraft , or ( ii ) a lending operation against a pledge or in a repurchase agreement .

Tender procedures

the date of the tender operation

Tender announcement

Issuer the entity which is obligated on a security or other financial instrument . Link between securities settlement systems a link consists of all the procedures and arrangements which exist between two securities settlement systems ( SSSs ) for the transfer of securities between the two SSSs concerned through a book entry process .

What did you hope to gain?

Tom isn't going to win.

We want to see Tom win.

Tom really wanted to win.