Glossary

Guiding you through the major terms and acronyms impacting the global capital markets today & tomorrow.

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A

AIFMD - Alternative Investment Fund Managers Directive

The European Alternative Investment Fund Managers Directive AIFMD, intended to harmonise the framework for monitoring the risks posed by alternative investment funds and to strengthen the internal market in alternative funds, by regulating alternative investment fund managers. 
C

CEBS - Committee of European Banking Supervisors

The Committee of European Banking Supervisors, now replaced by the European Banking Authority, was responsible for certain aspects of pan-European banking supervision and rule-making.

CESR - Committee of European Securities Regulators

The Committee of European Securities Regulators, now replaced by the European Securities and Markets Authority, is responsible for certain aspects of pan-European oversight of securities markets and rule-making.

CRD IV - Capital Requirements Directive IV

CRD is an EU legislation covering prudential rules for banks, building societies and investment firms. The latest version of this legislation, CRD IV, came into force in January 2014, aiming to minimise the negative effects of firms failing by ensuring that they hold enough financial resources to cover the risk associated with their business.

CRR - Capital Requirements Regulation

The European Capital Requirements Regulation implements the Basel III (and its predecessor) global capital requirements for banks, aimed at strengthening and stabilising the banking system.
D

Delegated Acts

Rules made by the European Commission on behalf of the European Parliament and European Commission that implement minor elements of legislation.

Directive

A European legal requirement that allows national authorities some flexibility in how it is implemented into local law.
E

EBA - European Banking Authority

An independent regulatory agency of the European Union, charged with maintaining financial stability in the EU safeguarding the integrity, efficiency and orderly functioning of the banking sector. Key responsibilities include setting the technical standards that implement relevant EU legislation and conducing EU-wide stress testing of bank capital.

EC - European Commission

The European Commission proposes legislation, enforces European law, manages the European budget and represents the EU externally, for example, in trade negotiations.

ECB - European Central Bank

The Eurozone's central bank which administers the monetary policy of the Eurozone. Its primary objective is maintain long-term Eurozone inflation below 2%.

EMIR - European Market Infrastructures Regulation

The European Markets Infrastructure Regulation was designed to increase the stability of the OTC derivative markets and is the European counterpart of the Dodd-Frank act in the US.

EP - European Parliament

The parliamentary institution of the European Union, it is composed of 751 members elected from member states and has legislative powers.

ESMA - European Securities and Markets Authority

ESMA is an independent EU authority, located in Paris, that contributes to safeguarding the stability of the EU's financial system by ensuring the integrity, transparency, efficiency and orderly functioning of securities markets. ESMA replaced the Committee of European Securities Regulators (CESR) in January 2011.

EU - European Union

The European Union is a politico-economic union of 28 member states. It established a single market, common legal standards and free movement of people within the participating countries. 

EU Regulation

A European legal requirement that does not allow national authorities any flexibility in how it is implemented into local law.

European Council

The European Council represents the national governments of European member states and sets policy direction, although it does not have formal legislative powers.
F

FINRA - Financial Industry Regulatory Authority

A U.S. regulatory body that assists the SEC in regulating securities markets, with some responsibility for making and enforcing rules, and providing training and licensing services.

FRB - Federal Reserve Board

The Federal Reserve Board is the governing body of the U.S. central banking Federal Reserve System  and implements U.S. monetary policy.

FSB - Financial Stability Board

The Financial Stability Board is an international regulatory body that monitors and makes policy recommendations on the global financial system. Its Secretariat is hosted by the Bank for International Settlements in Basel, Switzerland.
I

IA - Investment Association

The Investment Association is a trade body that represents UK asset managers.

ICMA - International Capital Markets Association

A trade body which represents the institutional capital markets community. Membership consists of issuers, primary and secondary market intermediaries, asset managers, investors and capital market participants.

IOSCO - International Organisation of Securities Commissions

The International Organisation of Securities Commission is the global standard setting body for securities regulation.

ISO - International Organization for Standardization

European regulatory standards set by ESMA, the EBA or other relevant bodies, and set minor European regulations as delegated by the European Parliament and European Commission.

ITS - Implementing Technical Standards

European regulatory standards set by ESMA, the EBA or other relevant bodies, and set minor European regulations as delegated by the European Parliament and European Commission.
M

MAD - Market Abuse Directive

The European Market Abuse Directive, intended to harmonise core concepts and rules on market abuse and strengthen cooperation between regulators.

MAR - Market Abuse Regulation

European regulation intended to increase the integrity of the financial markets by providing greater investor protection and ensuring there is a single rulebook and level playing field across the EU. It updates and strengthens the  framework provided by the Market Abuse Directive.

MiFID I - Markets in Financial Instruments Directive

The European Markets in Financial Instruments Directive that provided a ‘passport’ for trading venues and investment firms to operate throughout Europe and aimed to improve the way markets function including measures to improve investor protection and transparency.
O

OCC - Office of the Comptroller of the Currency

The Office of the Comptroller of the Currency regulates U.S. banks and the U.S. agencies operated by non-U.S.  banks.
S

SEC - Securities and Exchange Commission

The Securities and Exchanges Commission regulates U.S. securities markets and aims to maintain fair, orderly and efficient markets and facilitate capital formation.

SMSG - Securities and Markets Stakeholder Group

ESMA's Securities and Markets Stakeholder Group gathers feedback from market stakeholders stakeholders in the development of technical standards and guidelines.
U

U.S. CFTC - Commodities Futures Trading Commission

The Commodity Futures Trading Commission regulates U.S. commodity futures and option markets. It aims to promote competitive and efficient futures markets, as well as protect investors against manipulation, trade abuse and fraud.
W

WMBA - Wholesale Markets Brokers Association

The Wholesale Market Broker Association is a trade body that represents inter-dealer brokers.