A Accession and Acceding country = . y (accession country) ( , Copenhagen criteria) . y(accedingcountry) . . Accountability=. . , . . Accountingposting= . AccountingRegulatorsCommittee(ARC)=. . . Accountingprinciples=. . : Accruals principle = . , . Cash flow accounting and Realization principles: 1)cashflowaccounting . 2),realizationrule . Consistencyandcomparabilityprinciples= . . , . , . .Dualaspectprinciple=.K (double entry book keeping). , . , ( ) () (). Economic reality and transparency principles = . , o, . . Entity principle = . , . . Goingconcernbasis=. . HistoricCostAccounting,HCA=. . . Materialityprinciple=. ., , , . Moneymeasurementprinciple=. ., . . Objectivityprinciple=. .,, . . Recognition of postbalance sheet events principle = . . : 1) , 2) ,, . Periodicityprinciple=., . , . Prudenceorconservatismprinciple=. o ., ,(ifin doubt, overstate losses and understate profits). , (unrealisedgains) (unrealisedlosses) . . , . Relevanceprinciple=. . . Quantitative principle = . . () , : 1)Economicrealityandtransparency2)Prudence3)Recognitionofpostbalancesheet events 4) Materiality 5) Accruals 6) Going concern7) Consistency and comparability. AccountOfficer= .,, , . account officer marketing .customer'saccountofficer . , . , , . .accountofficer . Accounts Payable = . . (currentliabilities) . , . Accounts Receivable = . . (current assets) . , . Accrualbond= . Accruedinterest=. ., (plusaccruedinterests) .,, 40 , 10 (6 : 1,5 = 4 40 : 4 = 10 ). Acquis communautaire = . (.). ( Copenhagen Criteria) .. . ( ) ( , ). Acquisition=. . . Action taken by the E.U institutions = , (.) : )Regulations=., ' . )Directives=., , .)Decisions=.A .) Recommendations and Opinions = . ..O. (OJEC, JOCE). :1)o(European law). . 2) - (European framework law). , 3)(Europeanregulation). . 4) (Europeandecision).,. ,5) (European recommendations and opinions) . Activeandpassiveportfoliomanagement= .(ctiveportfoliomanagement) (benchmarkportfolio). benchmark . 25% . (passiveportfoliomanagement) ) ) (yield to maturity) . . Addendum=. , . . Add-on=(hardware)(software) /., (add-on),, ,(modems),, .AdjustableRateMortgage,ARM=. . prime rate (. LIBOR). (ceiling). , o AR . AdKalendasGraecas=. . , . . Administered,fixedandfloatinginterestrates=, .Administeredinterestrates=. . Fixed interest rates = . . Floatinginterestrates=. + 1% Euribor + 0,70% MRO (). Euribor . . Administeredprice= . DSL (Asymmetric Digital Subscriber Line) = DSL. AdValorem=., , , (%) . Affidavit= .Affidavitofloss . . AffinityCard=., ,, . , , . AfricanDevelopmentBankGroup=(AfDB). I1964AfDB . . 77 : 53 (Regional Member Countries, RMC): - - - ) 24,(Non-Regional Member Countries) A . : 1) African Development Bank, (AfDB).( ). 1964 1966. 53 24 , . : .33. . . , , , , , . ) ) 1812 6.904 .2) The African Development Fund, ADF ( ). 1972 1974 24. ., . 0,75% 0,50% . 3)TheNigeriaTrustFund,NTF(). 1976 432..4%, 25. . Agency pass-throughs = GovernmentNationalMortgageAssociation(GinnieMay), Federal Home Loan Mortgage Corporation (Freddie Mac) Federal National Mortgage Association (Fannie May) ( ). Agencies= . , ,10 .Agency bonds = . Fannie Mae, Freddie Mac, Sallie Mae Federal Home Loan Banks. Agent = , . AggregateDemand,AD=. : , ,., : (consumer spending, C), (investment, I), (government spending, G) (expenditure on export, X) (expenditureonimportsofgoods and services, M). , (AD) AD = C + I + G +XM.(aggregatedemandcurve) . Aggregates = .. , , . Algorithm=.. / .O ./ .X(converter) . alias=. ., ., "" . alias mail .alias/ .Allotment=. , (prorata) . Alpha= . . : [ ( y ) ( (b) ( ) ) ] / n, n = (36),=beta,=,y= .,25% 5%, 25-5=20%. ,9%.beta 2 ( Standard and Poors). 2 9% =18%.20%.2%200 . (weighted Alpha) , . . . . Alternativeassets=. (private equity), (venturecapital), (hedgefunds)(realestate). . AmericanExpressCards=AmericanExpress. (chargecard)1958.,AmericanExpress 1.000.00085.000 . 1986 .,AmericanExpress,, ,, : Charge Cards:American Express Rewards Green CardAmerican Express Preferred Rewards Green CardAmerican Express Rewards Gold Prepaid CardsThe TravelFunds CardThe Be My Guest dining CardAmerican Express Gift Card Credit Cards:Blue from American ExpressCardAmerican Express Preferred Rewards Gold CardAmerican Express Rewards Plus Gold CardAmerican Express CardAmerican Express Gold CardPlatinum CardAmerican Express Platinum Financial Services Card ONE Financial Account CardsAmerican Express Preferred Rewards Gold CardAmerican Express Gold CardPlatinum Card Fidelity CardsFidelity American Express Gold CardFidelity American Express Platinum Card Student and Senior CardsAmerican Express Card for StudentsAmericanExpress Senior Member CardAmerican Express Gold Senior Member Card AmericanExpressStudent CardsBlue for Students Optima CardOptima Platinum Card Cash Rewards CardsBlue Cash from American ExpressAmerican Express Cash Rebate CardAmerican Express Costco Cash Rebate Credit CardAmerican Express Platinum Cash Rebate Card Airline Rewards CardsDelta SkyMiles Options Credit CardDelta SkyMiles Credit CardGold Delta SkyMiles Credit CardPlatinum Delta SkyMiles Credit Card Hotel Rewards CardsHilton HHonors Platinum Credit Card from AmericanExpressStarwood Preferred Guest Credit Card from American Express Sports Cards American Express Golf Card Amortisation=1) . . , (103)(parvalue100), (premium).(negativeamortisation) 2) . . (straight-line amortisation) ( ) .Analog and digital lines = . (analogline) . .(digitalline) . : , 1 ) 0.Anchor/Peggingcurrency=- .- ..1998, .. ., . Annualize=., 2006 50.000 200.000(50.0004) 0,5%, 6% (0,5% 12 ). Annual Percentage Rate, APR = . ., ,, . Annuity=,. ,, . Anti-Virus = / . .APEC (Asia-Pacific Economic Cooperation) = - . 19891993. 20102020 . : ) ) ).2004,APEC21:, , , , , , , , , , ,,,,,,, (), , . API-ApplicationProgrammingInterface=. / . . APIs (libraries) .,APIs socket().BerkeleysocketsWindowsSockets(Winsock) APIs.,APIsJava servletsWebAPIsXML-RPC() .Appraisal= . Aprioriandaposteriori= .Apriori . posteriori . Arbitrage = . . .. / /. , , / . , (. ) 1012, . . , (triangular arbitrage). Arbitrage bond = . . Arithmeticmean=mean(). . Armslengthprinciple=. . , , . ., , ) ). . rtificialintelligence =. /. 1956 .,,, , , , , / . Asian Development Bank (ADB) = . 1966 2.000 50 . , , . ,,,,, .50% 50% .,49 .O:1) ,2) , .O .ADB32 . 2006 64 : ) 46 : ,,,,,,,, , , -,,,,,,. ,,,,,,,, (),,,,,, ,,,,,,), ,,,,,,,- .) 18 -:,,,,,,,,,, ,,,,,, .) , , , , , , , .),16,3 4 .- . , ,,,, , , , , , , , ,, . , D.C.ADB. , , -. Asset allocation = . (., , , , , , , ), , . . . Asset allocation optimisation = . .,,, .Asset-BackedSecurities,ABS= ,,, ,,,, .ABS (shortduration), . , (90%) . :, , . Assets = . , , , , , , . : )Fixedassets=. . :)tangiblefixedassets:,, ,,, )intangiblefixedassets:, , .)Currentassets=, , .)on-currentassets= . Assetliabilitymanagement= .:) ) ) . AssociationofSoutheastAsianNations,ASEAN= . 8.8.1967 :,,,,,,,, . , .24.2.1976 :),,, ) ) )) ) .1997ASEAN2020 . ASEAN 100 . ,, ,,,, . Asymmetricinformation=. , , . . ., . .(marketmakers) , . marketmakers . Asymmetric shocks = . . : , ., ( 1985, 1995, 2003 2007). 50% ,, . . . ' . , , . ,, , . AsynchronousTransferMode=, . . . . Atbestoratthebest=. . :) ) dealer . . Atthemoney=(option)atthemoney (exercisestrikeprice) .(break-even-point) . At the money Spot option (spot price) . At the money forward option (forwardprice) . Audit trail = . , , . AutomaticTellerMachine,ATM=.i- . , ,, ,(PIN), ,.,2006, 6.230 ATMs. Automaticanddiscretionarystabilisers=. : Automaticeconomicstabilisers=. . . , . Automatic fiscalstabilisers = . . . OMartinWeitzman (profitsharing). , . Discretionarystabilisers=. , , , . Autonomousliquidityfactors=. , ., , . Autoregressive=. . Averagecost=. . . Averagingprovision= (minimumreserves) (maintenanceperiod) ., . averagingprovision(inimumreserves(reserverequirements)ofthe Eurosystem). B Baby bond = 1.000 . Baby boom generation and Y generation = . Baby boom generation 1943 1960. , 1968 , , , --, . . FED baby boomers . 18.1.2007 FED 70.000.000 2008 .Ygeneration19771994 11, .2015, . Backbone=. . (servers) / .backbone .Backbone network = . . (servers),(routers),hubs() (bridges). backbonenetwork. , . Backlog = . Backtesting= , ., . . Back-to-back loan = . . . Backwardation= . (normalbackwardation) (futures) hedgers,futures,short . hedgers long . backwardation future future future . Badcredit=. (creditrating). , . Bailingout =1). . 2) . . 103 ,. . Balancedfund=. .. , , , . Balance of payments = . , (, , , ). ,,, . , , :1) ,, 2) / 3) ,4) 5)6) . , : BALANCE OF PAYMENTS OF GREECE ) / (1+2+3+4) )CURRENT ACCOUNT (1+2+3+4) 1) 1) GOODSOIL balance TRADE BALANCE excluding oil Ships' Balance TRADE BALANCE excluding oil and shipsExports Oil () Ships(receipts) Other goodsImports Oil () Ships (payments) Other goods2) 2)SERVICES Receipts Travel Transportation Other services Payments Travel Transportation Other services 3) 3) INCOME Receipts , Compensation of employees , , Investment income Payments , Compensation of employees , , Investment income 4) 4) CURRENT TRANSFERS Receipts ( ) General Government (mainly transfers from E.U) ( , ) Other sectors Payments ( ) General Government (mainly payments to E.U) Other sectors ) N )CAPITAL TRANSFERS Receipts ( )General Government (mainly transfers from E.U) Other sectors Payments ( ) General Government (mainly payments to E.U) Other sectors ( + ) CURRENT ACCOUNT AND CAPITAL TRANSFERS ( + ) ) A C) FINANCIAL ACCOUNT A

DIRECT INVESTMENT Abroad Home PORTFOLIO INVESTMENT Assets Liabilities OTHER INVESTMENT Assets Liabilities ( ) (Loans of General Government) )

D) CHANGE IN RESERVE ASSETS ) )BALANCING ITEM ) ( ) F) RESERVE ASSETS (STOCK) , ,. . SUMMARY BALANCE OF PAYMENTS OF THE EURO AREA / (1+2+3+4) 1) 2) 3) 4) CURRENT ACCOUNT (1+2+3+4) 1)Goods 2)Services 3)Income 4)Current transfers CAPITAL ACCOUNT AA (++++) ) ( ) ) : ) ) FINANCIAL ACCOUNT (a+b+c+d+e) a) Direct investment Equity capital and reinvested earnings Other capital (mostly inter-company loans) b) Portfolio investment Equity Debts instruments Bonds and notes Money market instruments MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT c) Financial derivatives d) Other investments : ( ) : ) Eurosystem General government of which: currency and deposits MFIs (excluding the Eurosystem) long term short term Other sectors of which: currency and depositse) Reserve assets Monetary gold SDRs Reserve position in the IMF Foreign exchange Other claims Errors and omissions Balancesheet=.(assets) (liabilities). . ,, . ,(profitandlossaccount) , . . (BANK ANNUAL BALANCE SHEET PATTERN) ASSETS TAMEIO KAI ) ) ) CASH AND BALANCES WITH CENTRAL BANKS a) Cash b) Cheques receivable c) Deposits with central banks ) ) TREASURYBILLSANDOTHERSECURITIES ELIGIBLE FOR REFINANCING WITH THE CENTRAL BANK a) Issued by the State b) Other ) ) ) A LOANS AND ADVANCES TO CREDIT INSTITUTIONS a) Repayable on demand b) With agreed maturity c) Reverse repos - ) ) - LOANS AND ADVANCES TO CUSTOMERS - Loans a) Maturing within one year b) Maturing after one year - Other receivables Less allowances for credit losses - ) ) - SECURITIES - Debt securities including fixed-income securitiesa) Issued by the State b) Other - Shares and other variable-yield securities ) ) INVESTMENTS a) Investments in non-affiliates b) Investments in affiliates ) INTANGIBLES ASSETS a) Formation and preliminary expenses ) Less amortisation b) Other intangible assets Less amortisation ) ) ) ) ) ) TANGIBLES ASSETS a) Land b) Buildings - Buildings installation Less depreciation c) Furniture and fixtures Less depreciation d) EDP equipment Less depreciation e) Other tangible assets Less depreciation f) Fixed assets under construction and advances OTHER ASSETS ) ) - - - - PREPAYMENTS AND ACCRUED INCOME a) Prepaid expenses b) Accrued interest - State bonds - Other bonds - Loans and advances - Other TOTAL ASSETS LIABILITIES ) ) ) DUE TO CREDIT INSTITUTIONS a) Repayable on demand b) Time deposits c) Repos ) - - - ) - - DUE TO CUSTOMERS a) Deposits - Repayable on demand - Saving deposits - Time deposits b) Other liabilities - Cheques and orders payable - Repos DEBT SECURITIES ISSUED ) ) ) ) OTHER LIABILITIES a) Dividends payable b) Income tax and other taxes payable c) Withholdings in favour of social security funds and other third parties d) Other ) ) ) ACCRUED EXPENSES AND DEFERRED INCOME a) Deferred income b) Accrued interest on time deposits c) Other accrued expenses of the year ) ) PROVISIONS FOR LIABILITIES AND CHARGES a) Provision for staff retirement indemnities b) Other SUBORDINATED DEBT - ) ) ) ) - CAPITAL AND RESERVES Share capital - Paid-up capital Share premium account Reserves a) Legal reserve b) Extraordinary reserve c) Tax-free reserves under special laws d) Reserves from the revaluation of securities Land and building revaluation surplus Earnings transferable to the new year - Retained earnings Treasury shares Goodwill to be netted off TOTAL LIABILITIES - ) ) ) (, , ) ) OFF BALANCE SHET ACCOUNTS Contingent liabilities - From guarantees in favour of third parties Repos Other off Balance Sheet accounts a) Beneficiaries of asset items b) Bilateral agreements c) Sundry off balance sheet accounts (guarantees, securities etc)d) Mutual funds holders TOTAL OFF BALANCE SHEET ACCOUNTS Balloonloan=. (theballoonpayment).,, . , ., . Bancassurance=. . O , :) )1) (creditinsurance) 2) (overdraftinsurance)3) .,, (endowment mortgage or investment mortgage) ) . bancassurance , , . . 30%40% . :1) ,2) 3),4) , 5) .

Bandwidth = . , , . , ., . herz , bits . To bandwidth internet, (downloading) . Bank draft = . . Banker'sacceptance,BA=. ., (at par). ,, . ,, . .O . BankforInternationalSettlements,BIS=. 19301998 - . 3 . , BIS : 1) . 130 BIS. 31.3.1999 112 . , 7%31.3.2004 177,5 . . BIS . (MITBIS,MediumTermInstruments) (FIXBIS, Fixed-RateInvestmentInstruments).,BIS . , . 13,28 . 1998. 2).. 10(G10), O(1964-1993) ,, , (CPSS), (CommitteeontheGlobalFinancialSystem) G101998 (IAIS)1999 (FinancialStabilityInstitute,FSI,). G10 . . 3) .1974G10 (BaselCommitteeonBankingSupervision) BIS.:) ,) ,) 1988 2007 Basel II .4). .BIS1,5.(1 = 1,94 ) 600.000 86% 14%.8.1.2001BIS 16.000. . 7.977,565% 8.1.2001 19.3.2003, 1.075,34 . 10 2003 (SDR, Special Drawing Rights). 1.4.2003 5.000 SDRsBIS3,000SDRs 600.000 .2006,55 (, , , , , -, , ,,,,,,,,, ,,,,,,,,, ,,,,,,,,, , , , , , , , ,,,,,,,,, ,,,-SAR). BIS ,,, exofficio. 9 . .2005 ,Bundesbank . BIS 485 32 . Banking disintermediation = . ., , . , . . BankingSupervisionCommittee,BSC=. 1999 . . , .. ,, (CentralCredit Registers). Bank loans of the single list = Tier-one, tier-two assets and their substitution by the single list system as from 1.1.2007. Banknote security features = . , , . : A) : Banknotepaper=. (Banknote Paper Mills) (cotton fiber paper),. (polymer paper). , , , , , ,,,,,, ,,. (ReserveBankofAustralia,RBA) 1988. . Blindembossing=. . Clear window = . . . () . Diffractiveopticallyvariableimage,DOVID= .. (hologram,Kinegram,Gyrogram,). . . . Denominationnumeralinopticalvariableink(OVI)= . (. 100,200,500) . Hologram=. (3D)., (rainbowtransmission holograms). Intaglioprinting=., . , . . (suitable colors with intaglio printing) (intaglio printing relief with tactical properties). Microperf=. . Moirevariablecolor,MVC=. , . Optically variable devices, OVD = . . Opticallyvariableinks,OVI= . .Reflectingfoilstrips= . Reflecting foil strips with diffractive structure = . Security thread = . ., --(securitythreadcombinedwith miniandmicrolettering). .Seethroughregisters=. ., . Shadowimage=. .() . System of transparent reflection against photocoping, STRAP = . (). . Watermark=. . . , (electrotype wire watermark). B) : Copy-evidentpaper= .. ,, (void). Infrared light, IR = . InvisibleUV(UltraViolet)fluorescentfibers= . Microprint=. . :)microtext=. . ) micropattern = . ., . ) (machine readable features) ATMS (vending machines): Banknotenumberisrecognisedonlybyspecialmachines= . Barcodes=. . Codified magnetic security thread = . Digitalcharacterrecognition,DCR=. (scanners) (PCsalgorithms). OCR. Infraredlightcombinedinks= ., . (infraredlight,IRdark). ,, . Magneticinkcharacterrecognition,MICR= . (OCR) . . Modular features, MF = o(counting andsortingmachines) . . Novel numbering = . Novel. , ., . Optical character recognition, OCR = . (machine-editabletext) ,(scanners), . Smallcodefieldintaglioprintingpattern=x . Watermark consisted by several diagonal lines = . Basecurrency=. . , . , . . Base effect = . , . baseeffect(t)(t+1) . BaselCommitteeonBankingSupervision=E .1974 10(G10=,,,,, ,,,,).4. (BIS) . ,, . G10 . 30 . 1988, (Basel Capital Accord) . 8% . 1997, (CorePrinciplesforEffectiveBankingSupervision) 1999(CorePrinciples Methodology).1999, , 2(Basel II). 26 2004,, .262004 G10. Basel II. BaselII=. G1026 2004.:: :(BaselII: InternationalConvergenceofCapitalMeasurementandCapitalStandards:aRevised Framework). : : . CapitalAccord1998(I). . () I. ( 8% ). :) (operational risk) . ,, ):1) , 2), . (credit risk) , (standardisedapproach),I . I, , ,,., . (FoundationInternalRatingsBased,FIRB), . FIRB - . , BCBS(BaselCommitteeonBankingSupervision).FIRB (modern asset pricing theory). H , . . (default) . ( ) (probability ofdefault).FIRB, . FIRB (confidence level) 99,9%. , . , FIRB , . : 1)Probabilityofdefault,PD=. . . 2) Loss given default, LGD: . . 3)Exposureatdefault,EAD=. . 4) Maturity of the loan = . 5)Correlationtosystematicrisk=. . 6) Risk weight factor = . . (advanced internalratings-basedapproach)(input variables). (PD) (LGD),(EAD) IRB. (operational risk) , , : 1)H(thebasicindicatorapproach). 15% . 2)H(standardisedapproach). . BCBS . 3)(advancemeasurementapproach). . . ,(marketrisk) Capital Accord 1998. : , , . . , .,, . . . . : . . . , . Basispoint,bp=1%,0,01%.50bp0,5%25bp 0,25%.basispoints ., 10 bp . Batchprocessing=.off-line . , ., /. enchmarkrisk=. benchmark . Bearmarket=.E . . , 15% 20% bear market. Benchmark = ,. (benchmarkportfolio), 10 1030. ,3EURIBOREuro-LIBOR. (commodities)CRBindex 20,FIXING ,Brent(NorthSee Brentblendcrudeoil)Crude(USlightsweetcrudeoil,WTI) . . : )strategicbenchmark=. -.,, )tacticalbenchmark=. - .1,2,3, . . (. ). . (outperformance).,, benchmark (underperformance). benchmark portfolios , .Benchmarking=, . , . Beta = . , ., . .(regression analysis). 1 . . .., . . ,1,2 20% . BIC(BankIdentifierCode)=SWIFT. (SWIFT). , (InternationalOrganisationforStandardisation,ISO), SWIFT . SWIFT. : (Bank Code). 4 . BANK (Country Code). 2 . CC GR (LocationCode). . LL (SWIFT BIC) BANKCCLL . (BranchCode)3.MAR. BANKCCLLMAR. ,BIC (IBAN, International Bank Account Number, ).1.1.2006,IBANBIC () .,13/15.11.2005:) 1.1.2006 IBAN BIC ) 2006 IBAN BIC ) , , 1.1.2007.Bid and offer price = bid price ,.Offerprice , . Big bang = . . 27.10.1986 ( ) (LSE): ) ) )(dualcapacitysystem) , (agents)-(brokers-dealers) ) ., ., (building societies) . . . ,, 31.12.2001,1.1.2002 . BigFour=4.,, : v4,HSBC(HongKongand ShanghaiBankingCorporation),RBS(RoyalBankofScotland),LloydsTSB(Trustee Savings Bank) Barclays v 4 , Goldman Sachs, Morgan Stanley, Merrill Lynch Leehman Brothers. v4, PriceWaterhouseCoopers,KPMG(Klynveld,Peat,MarwickandGoerdeler),Ernst& Young Deloitte Haskins & Sells. BilateralproceduresoftheEurosystem=.O () . . . : direct contact with counterparties = . O (). . , , operationsexecutedthrough stockexchangesandmarketagents= . O . ..., , .Billofexchange=. .(issuerordrawer), (payer or drawee acceptor)(payeeor bearer). . , . . .(orderbill) (endorsement). ,,. . , ,, , , . Billoflading=. . . . , :Negotiablebilloflading=. .Straightbilloflading=. . , , .Cleanbilloflading= . Bearer billoflading =. . . . : Truck bill of lading = . Railway bill of lading = Ocean bill of lading = Post Office receipt = Airway bill of lading = Throughbilloflading=. , .Billpayabletoorder=. . (issuerordrawer) (payee). . : ) ) )., ) ) ). (billofexchange).,, (endorsement). : 1) , ) , . . ) ) ., . Bit,binarydigit=. . 1 . (bit) binary digit. bits . bit : 1 kilobit (kb) = 1.024 bits 1 megabit (mb) = 1.024 kilobits 1.048.576 bits 1 gigabit (gb) = 1.024 megabits 1.073.741.824 bits 1 terabit (tb) = 1.024 gigabits 1.099.511.627.776 bits 1 petabit (pb) = 1.024 terabits 1.125.899.906.842.624 bits 1 exabit (eb) =1.024 petabits 1.152.921.504.606.846.976 bits 1 zettabit (zb) = 1.024 exabits 1.180.591.620.717.411.303.424 bits 1 yottabit (yb) = 1.024 zettabits 1.208.925.819.614.629.174.706.176bits Bitmap=.(bit) .bits1s0s. / 1s 0s .BMP Paint Windows. BlackFriday=.24 1869 , , .20.9 24.9 140 163 . . 4.000.000 . 11.000.000 .191873 . BlackMonday=M.M28 1929. 9,25. . (29.10.1929) (BlackTuesday).M191987 508 . 271997 554 . , 1987. Black Scholes model = (European calloption).1973 options (futures). ,, , . BlackSeaTradeandDevelopmentBank(BSTDB)= .O1998 OO. O , O 16,5% . , O 13,5%. , , , , , 2% 1 SDRs. BSTDB : ) ,) ,) (). . , : 1) . , 2) .O , 3) . . , ,, . O . 11 11. .77 1999O.BSTDB 12EBRD40 23. 10. 15.4.2000 AVIN INT. O. 2002,4 (IBA). BSTDB. 3 .13.10.2003ALUMILS.A, ,, , ..., , . 20 . . 6.16.10.2003 KMB-BANK. 2001 9..27.11.2003 .5. DeltaLeasing . 2.12.2003 21. OPETPetrolculukA.S . 2005,,BSTDB :)5.000.000 CB Unionbank ) 5.000.000 PostcreditBank) 20.000.00JSCCONCERNKALINA )oIzmirlian FoundationJointFinanceFacility(JFF),425.000OVAL Ltd, ,500.000VallettaLtd, )18.000.000 Esenboga. (SPV)TAVEsenbogaYatirimYapimveIsletmeAS) 5.000.000 )15.000.000ShelmanSA, , . 2006, , BSTDB : ) ,12.1.2006 (SyndicatedLoanFacility)50.000.000 3)30.1.20066.000.000 ProCreditBankGeorgia ) 1.3.2006 UnitedGeorgianBank3.000.000 )3.5.2006 AgriculturalCooperativeBankofofArmenia 3.000.000)11.5.2006 12.500.000 3ProcreditUkraine)23.5.2006 23.000.000 7 RUSAL ARMENAL )12.6.2006 2.000.000 AZERDEMIRYOLBANK . Black Thursday = 24 1929. , (whatgoesup,mustcomedown).T 12,9.4 .., , .12.30 . J.P. Morgan and Company .,, XbrokerJ.P. MorganandCompanyo U.S. Steel. 195.O10.000205. 13.30. . BlackTuesday=291929. 16,4 . . 12%. . (theGreatDepression) . 100 . (theGreatStockMarketCrash).To 1932 DowJones41,22381,17,89,2%. 22. 112001 ,UnitedAirlines . . , . BlackWednesday=161992. (ERMI) , 1.000.000.000 . 10% 15% 3.300.000.000. 800.000.000., , ERM I . Blocktrading= . 10.000 . Blue-chips and Athens Stock Exchange categories = Blue-chips (top-classcreditratings),, , . . .(blue-chipstocks) .,blue-chips, .28.11.2005 ,, ., blue-chip stocks. 80 100 . 11.30 .16.3016.45 .,16.4517.00 .223 14.00, 16.30. 16.45 17.00 . 18, . " ", . 14.00, 15.30 16.30. Bluetooth= ,, .Bluetooth ,,FAX/ . chip 2.45 GHz. 1 2 . , 10.,, . (carbluetooth headset) . . Bond=. . . : Accrualbond= . Accumulationdiscountedbonds=. ,, , . Authority bond = . . Bearer bond = . . Blanketbond=. (brokers) .Bradybonds= NicholasBrady. 10 30 . . (warrants) . . Brady 1980 . (collateral) .Bulletbond=(noncallablebondorputtablebond), . .Bunds = . Callable bond = . O . Commodity-backedbond=. (hedge) .CompoundinterestbondorC-bond= () .Convertiblebond= . Corporate bond = . Coupon bond = (). . . , discount notes zero coupon notes . Cushionbond= . De-leveragedbond=. . Double currency bond = . Double-datedbond=. . Fidelitybond=. . , . Gilts = . Guaranteed income bond = . / .Housingbond=. .,, . Income bond = . . Indexed bond = . ( Inflation Linked Bonds). Insurancebond= . Irredeemables,perpetualsorconsols= . Junkbond=(S&P)(Moodys) . . Longbond=,30 (benchmark index). Mortgage bond = . . , . Mortgage Backed Securities, MBS. Municipal bond = . Pickup bond = (callable bond) . (redemption premium). Premium bond = . Privilegebond=. (warrants). Puttable bond = . Reorganization bonds = . Samurai bond = . . Savingsbond=. 5010.000. . Securitisedbonds= (asset-backed securities (ABS), mortgage backed securities (MBS) . Seriesbond= . : SeriesEEbonds=50% . , 6. ., . . 5010.000. .EE30 ., ( ) . SeriesHHbonds=. 500 10.000 . 6 20. 10 . 10 . Series I bonds = : ) ). 6. 6.30 3 5 . Short bond = . Sour bond = . Sovereign or government bonds = . Step Up bond = . , . Straightorplainvanillaorfixedrateorbulletbond= . . . Tax deferred bonds = . Variablerateorfloatingratebonds=. (index-linkedbonds). (inflation indexed bonds) TIPS ( ). Zero-couponbonds=. , . . O . (corporatebonds). : ) fixed-charged debentures = ., )floating-chargedebentures=' )debentures=. (domestic bonds) (foreign bonds). . . : 1) (fixed-rate bonds) 3, 5, 7, 10, 15 20 . 23.2.98 2 2)(savingscertificates) 44.000. : 3)(floating-ratebonds)3,57. (spread) . O 1997 4) (zero-coupon bonds), 1997 5)(privatisationbonds). O 1998 3 5 . O 1.1.99 6) (Consumer Price Index - linked bonds). 4% . 19.5.97 7)(foreigncurrency-linkedbonds). 1987. 19951997 .. . 1.1.2001 8)(structuralbonds).2005. . (liquidity risk) (market risk). Bondyield=. . , internal rate of return, . Book entry system = (.. ) .Bookvalue=. . . .Hbookvalue, .Hbookvalue()market value ( ) . Bottom up = . Bourse'sBlue-ChipIndexes= . Topix Core30index,FTSE-100,XetraDax-30, CAC-40 , Milan Mib-30 , Amsterdam Exchanges-25, o Austrian TradedAtx-20,BEL-20,Hex-20,Ibex-35 ,Omx-31,SMIO-21,OBXStock-25 HongSengStock-23. blue-chipindex"Dow-Jones30" ().FTSE/ASE-20(Financial TimesStockExchange/AthensStockExchange).20 .1997 FTSEInternational.6 . 15%100%.FTSE/ASE-20 oFTSE/XAA40,oFTSE/XAASMALLCAP80,O FTSE/Med 100 (general index) 60 , . Break-EvenPoint, BEP = option BEP . Breakout = ( ) ( ). . Bretton Woods agreement = . 1944, ,, : (IMF) , (World Bank). . , 35 / .O 1%., .1969-1970. .O 1971 SmithsonianAgreement. 2,25% 4,5% 9%. Broadband = . (bandwidth) . . Broadband networks = . ,, . , , . , . 55.000.000 .,2006 215%2005150.000564.000. (ADSL) 2007 37.650. ( 100 ) 1.1.2007 4,39% 16,5% .. Broadcast = 1) . (Email messages).multicasting .2), .Broker = . .O (brokeragefee). broker : execution service only = . broker . , (the best price). , advisory service = . O broker discretionarybroking=.broker .broker . . Brokerage= (brokers). Broker dealer = - . (broker) ,brokerdealer . . Browser=,Internet. HTMLInternet. (interface) .browsersoMicrosoft InternetExplorerNetscapeNavigator . Mosaic FireFox Lynx. Buba=Deutsche Bundesbank. Bubble= . Budget of the European Union = o E . T 1970 3,6 . ECU (19 ECU ) 2000 93 . (250).O:1)41 . (44%) 2) 33 . (35%). To 2005,25, 109,5 . . 2000-2006 1 AE 75% 2 3. T T 8%3)6,5%.E, , , 4) 5,1%. E5) , , 32.000 4,7 . 5%. O :)(traditionalownresources)=,14%.E )theharmonisedVAT(ValueAddedTax)= (A)35%2000 1% 0,75% 2002 0,50% 2004 ) the application of a rate to the sum of all the Member States' GNPs, GNP resource = 200050%)otherrevenue=.E.E, . 2000-2006(ownresources) 1,27% AE E.E. H:1) EE2)E 3) E K . . E E K . H E E . , .OEE K . 2005.,,,25. 2006,: (Competitiveness and Cohesion) = 39% (Natural resources): (Agriculture) = 36% (Rural development and Environment) = 11% , (Freedom, Security and Justice) = 1% (The EU as a global partner) = 7% (Otherexpenditure including administrative expenditure) = 6%.

Buffer=H/Y , .. H/Y .,buffer/ (hardware) (software) . . . .Bug = /. (software error) (hardwareerror). . / (crash) .. 1945 /MarkIIAikenRelay Calculator . Buildingsociety= . Building Societies Act 1986 , ,., building societies . Bullion = ( 99,5%) . Bull market = (bull market) . . . Buoyant market = . . Businesscycle=. .4,510. .O.. () 20 30, 1990-19921998-2003 1991-2000., (.. ) . - , .Business risk = . , . Butterflyspread= (options)options(expirationdate) .)calloption ( ) ) put option( ) ) call put option .(underlying instrument) . Buy-back = . : ) ) (creditrating)) ) , ) . short long.Buy-in= . Buy-inmanagementbuy-out,BIMBO= . , . , -, (management). (venture capital). Buyout= .Buy/Sell Back - Sell/Buy Back (BSB SBB) = () (). Dollar Rolls. repos. , , spot (substitutionofcollateral)., (variation margins). , . Buy/Sell - Sell/Buy repos reverse repos : ) )(spotforward) ) ) . )(MasterRepurchaseAgreements) ) . Byte = . byte 8 bits. T byte : 1 kilobyte (KB) = 1.024 bytes 1 megabyte (MB) =1.024 kilobytes 1.048.576 bytes 1 gigabyte (GB) = 1.024 megabytes 1.073.741.824 bytes 1 terabyte (TB) = 1.024 gigabytes 1.099.511.627.776 bytes 1 petabyte (PB) = 1.024 terabytes 1.125.899.906.842.624 bytes 1 exabyte (EB) = 1.024 petabytes 1.152.921.504.606.846.976 bytes 1 zettabyte (ZB) = 1.024 exabytes 1.180.591.620.717.411.303.424 bytes 1 yottabyte (YB) = 1.024 zettabytes 1.208.925.819.614.629.174.706.176 bytes. C Cablemodem= . CAC 40 index = 40 (Compagnienationaledes AgentsdeChange.(real-time) . CAC. SBF120 SBF 250. Cache =./ ./ (CPU,CentralProcessingUnit) CPU . . . CPU 128 KB . 512., ,, . Internet Explorer , cache . Calendarspread=. (options)options , .Callablebond,callabledepositandcallableinterest-rateswap=, . ,, . .LIBOR. ,, .(callable interest-rate swap) , , . Call money = . . .Callpremium= . CAM,Computer-AidedManufacture=/. . Candlestick chart = . 1.600 .., . . (Japanesecandlesticks), .(open)(close) (realbody). (black body) . (white body) . Y (shadows). (high) (low).Tohigh low . , . . . ., , . , , . Cap=. ., (FRN,FloatingRateNote) (ARM, Adjustable Rate Mortgage)., Libor + 1% 5%8%, 5%. Capital Asset Pricing Model, CAPM = .,1964 1965. . CAPM risk premium ( ) . CAPM : ra = rf + ba(rmrf)rf(Riskfreerate),ba (Beta, ) rm . Capital gain and capital loss = . Capital gain ., . 10 14 4 . . 99102 . .,. 20.000300.000 280.000.Capitalloss . (, ). Capitalmarket=. ,,, . -, :, . . . ,, ,,, ,, ,,(brokers) . Carry = . Carry trade = . .,100.000 3,75%. 5,25%.carrytrade:) . ) .carry trade 2006 ( 0,25%) (1,25% 2,25%) :(5,25%), (5%),(6,25%),(4,25%) (7,25%), (3,50%) (3%). Cartel = . cartel . cartel (OPEC,OrganizationofPetroleum Exporting Countries, ). Cashandcarry=. long,short (underlyinginstrument)futurelong., (future). future . Cash and economic approach = . Cashorvaluedateorsettlementapproach ,.spot . Economicortradedateapproach , . 1.1.2007, . Cash Card = . . (ATMs,AutomaticTellerMachines) (,,, ,). , , ., (). Cashequivalents=. ., , 180 . Cashflow=. . , .,, . , ., . Cash-inmachines,CIM=. . . Depositing/cash-in machines. Cash management = . , . . Cashmarket=.:) ) (futures))spot .Cash-recyclingmachines,CRM=. ., , , ., CRM . CD-ROMandDVD-ROM=1)CD-ROM(CompactDiskReadOnlyMemory) (). 650,4502)DVD-ROM (DigitalVideoDisk-ReadOnlyMemoryDigitalVersatileDisk- ReadOnlyMemory) 17 , 38 CD-ROM. CEDEFOP=(Centre EuropenpourleDvelopmentdelaFormationProfessionnelleEuropean Centre for the Development ofVocational Training). 19751995. . ., ,. ., (UNICE), (ETYC)( ).CEDEFOP: 1) 2) 3) 4)CEDEFOP,, 5) CEDEFOP (www.trainingvillage) (European Training Village).CEFTA(CentralEuropeanFreeTradeAgreement)= . 21.12.1992 2004.,, .1996 , 1997 1999 . 20042007 . , CEFTA 2002,FYROM2006 2007,,, ,oUNMIK (UnitedNationsMissioninKosovo).2005, , (associationagreement) CEFTA.CEFTA , ,, ,,,, , . Ceiling = . : interestrateceiling= (adjustable rate mortgage, ARM) exchange rate ceiling = loan legal maximum interest rate = . Cellulartelephone=. . (celltransmitter) .CentralBankCounterfeitDeterrenceGroup,CBCDG= . 2000 10 (G10) .27 . ,, () . CBCDG .(Counterfeit DeterrenceSystem) . CentralBankGoldAgreement =.X 1999 2004: , Washington Agreement on Gold,WAG, 26199926.9.2004. 1) :2)Oesterreichische Nationalbank3)Banca d'Italia4) Banquede France5)BancodoPortugal6)SchweizerischeNationalbank7)BanqueNationalede Belgique8)BanquecentraleduLuxembourg9)DeutscheBundesbank10)Bancode Espaa 11) Bank of England 12) Suomen Pankki 13) De Nederlandsche Bank 14) Central BankofIreland(12003CentralBankandFinancial ServicesAuthorityofIreland)15)SverigesRiksbank., WAG . 85% (veto). : ,, . 400 2.000 , (goldleasings) (gold futures) (gold options) , . Y20042009:,82004,14 27 2004., . 22.2.2006 8.3.2004. 1999 : 400 500 2.000 2.500 . 1999.27.9.2004, 31.3.2006 (27.9.2004 26.9.2005 57 . Central bank independence = . (.) 1998 . : institutionalindependence(): . ()() (,, , , , ), personal independence ( ): , (. ). (serious misconduct), functional independence ( ): O , financialindependence(): . CentralCreditRegister(CCR)=. , . CentralSecurities Depository(CSD)= . , ., (collateral) . CertificateofDeposit(CD)=. . ., . ,., ,,112. . : Brokerage or brokered CD = .(broker), , ., 1% JumboCD=100.000 .,,, . NegotiableCD=.CD ,, . . LockupCD= ., . TermCD=. . variable - rate CD = . CD . YankeeCD= . CDs .Ceterisparibus=. . . ,,ceterisparibus, , . , , . Changeover weekend = . O.O ,311998 , 3 1999. , . 31.12.98. . O, . 3.1.99 6... 4.1.99. 30.12.2000 1.1.2001. H T () 2.1.2001 2 I2001 . . T . M T, . EEPMHEPMH EPMH,2 I2001.M EPMH T,E, . O T, . T T EKT. M, T M 2.1.2001HAT(HAT), . ChargeCard=. ., /. . Chartist=(charts) ,, . Cheapesttodeliverbond(CTD)=. (future) ., , . Checktruncation=. . (,, ) ., . Cheque=. . (issuerordrawer), (payeeorbearer) (payerordrawee)., , , , ,, . . . , . : accountcheque=. . . bank cheque = . blankcheque=. . . certifiedcheque=. cheque without cover = . N.S.FCheque(NotSufficientFunds). , commoncheque= crossedcheque= . 1) 2) , personalizedcheque=. / postalcheque=. postdatedcheque=. , . .285960/1933 , .,, , . 1957/1991: . ,, ()1.4.2006 1.10.2006. ,. , .privatecheque=.() publicTreasurycheque=. , , staledatedcheque=,. . , thirdguarantorcheque=. travellers cheque = . . ,, . Cheque Guarantee Cards = . . (eurocheque). . Chicago Mercantile Exchange Inc., CME = . . , . , CME) (futures)) (optionsonfutures). , OTC 250 industrial stock price index S & P 100 and 500index,.2004,CME 3,29 . ChicagoPMI(PurchasingManagersIndex)= 10.00. ChicagoPurchasingManagersAssociation200 . 50. 50 50 . , , , , , . Chief Executive Officer, CEO = . . ChiefFinancialOfficer,CFO= . ChiefOperatingOfficer,COO=. .. . Chinesewall=. , . , . (traders,dealers) (investmentbankers) (insideinformation). , (CorporateFinance)(Fund Management).. , . Chip=. . . Chip card = (integrated circuit card, IC card)(smartcard). , (). ClassicandElectronCard=. ,, (shopping protection), . Clean credit = . . Cleanprice=. . ClearingHouseAutomatedPaymentsSystem,CHAPS= (RTGS) . 1984 20 - 400 .) (CHAPS Sterling) ) (CHAPS Euro) TARGET. (APACS, Association for Payment Clearing Services). Clearstream= .1990 CEDEL.1999Clearstream DeutscheBrseClearingAGDeutscheBrse Group.Clearstream2.500 : ) ( ) (, ) ) ,) ) (collateral management). Client = . / / /.(PCworkstation) (server). .OH/host(hostPC,host server, host Internet). Client/Serverarchitecture=. (,server) H/Y(clients).O, .O . Closeaposition=. long position short position. CLS = Continuous Linked Settlement. Clustering=/. H/Y(server) / servers , .cluster (sub-servers). (databasesub-server)(applicationsub-server).sub-server, sub-server . servers . Co-brandedcard=) ). . . :) ) . Collar=1) (Floating-RateNote,FRN) (Adjustable-RateMortgage,ARM). , 2) cap floor3) call option long put option longstock.(options) . 4) (Collateralised Mortgage Obligation, CMO) collar ,yield , . Collateral=.,(cashcollateral), (bondcollateral),,. .(callaterisation) . . ,collateral . (financialcollateral) , . Collateral systems = (). : )poolingsystem:, )earmarkingsystem: . . CollateralisedDebtObligation(CDO)=. (collateralised) , . CollateralisedLoanObligation(CLO)=. (collateralised) . collateral (Special Purpose Vehicle, SPV, ) . (tranches). . CLOs . CollateralisedMortgageObligation(CMO)= (mortgage-backedsecurity). (MBS) pass through securities().CMO1530. /(prepaymentrisk) . MBS.. , ., .Collateralthreshold=. . . , (Interest Rate Swap, IRS) (Curreny Swap, CS) (collateral) 20.000 (creditrating)10.000creditrating + . Comfortletter= . Comitology=, , .Commercial Paper (CP) = . o , 270 . , . (creditrating)CPs. .CPs, , . . 1986. 50.,CPs ., .,, . . Commingling=,, (broker) . brokers . Commission= . CommitteeofEuropeanBankingSupervisors,CEBS= . , :). ). o / (financialstability) ) . . ( , ) .CEBS:1) 2) .3) .CEBS , (stresstesting) (standards on outsourcing). Committeeoftheregions=. , ( ).T.O :,,, . .6, : 1) (COTER)2) (ECOS)3)(DEVE)4) (EDUC)5)(CONST) 6) (RELEX). 25 . 344 (27) : 24 :, , 21 :, 15 : 12 : B, , , , , , , , 9 :, , , 7 :E, 6 : 5 : , ,) 350), , , . CommitteeonPaymentandSettlementSystems,CPSS= .(BIS) . G10 , , . Commodities=.,, (futures). , , , ,,,. .commodities (,),(,, , , , ) , , . (commodityfuture) , . . ChicagoBoardofTrade1848ChicagoButterandEgg Board(1898)ChicagoMercantileExchange . : :Coffee,Sugar&CocoaExchangeInc.(CSCE),NewYorkKansasCityBoardof Trade (KCBT) Mid America Commodity Exchange (MIDAM), Chicago Minneapolis Grain Exchange (MGE) New York Cotton Exchange (NYCE).:WinnipegCommodityExchange(WCE),Winnipeg,Manitoba(onlyagricultural futures and options. Contracts traded on WCE include futures contracts for canola, flaxseed, domestic feed wheat, and domestic feed barley. Options on canola, flaxseed, feed wheat and feed barley are also traded). : Brazilian Futures Exchange (BBB) : International Petroleum Exchange (IPE) Futures and Options Exchange (London FOX) London Metal Exchange. : March Terme Internationale de France (MATIF), Paris : Russian Commodity and Raw Materials Exchange, Moscow : Budapest Commodity Exchange : Commodity Exchange of Ljubljana : Tokyo Commodity Exchange (TOKOM) Tokyo Grain Exchange (TGE) : Sydney Futures Exchange (SFE) : Hong Kong Futures Exchange (HKFE) : Manila International Futures Exchange (MIFE), Macati : Singapore International Monetary Exchange (SIMEX) : South African Futures Exchange, SAFEX (agricultural futures including). Commoditycurrencies= . ,, . CommonAgriculturalPolicy,CAP=,. 38. , , . FEOGA) ) , .1992 GATT O(WTO).1993/94 . .O . FEOGA ..58,4%49,3%. 2000 1999 ...26.6.2003 :1) 1-1-2005 (decoupling) 1-1-2007. ,-,. 5.000 3% 2005,5%20067%2007.2) 2014-20152008. .,.3) 50%100%. . 4) 25%.5)10% ..6) 132,4 39,4 ..1% ,1%. 7) . , , , , 4.8)92% 5.000, 52% . ,. (modulation) ,25.000.000 . 1,,60% 50% . 9) 1, , 55%60%.10) -60%85% -.11) , , . 1.500 . 12) , 2002. . , 647.000.000, 528.000.000 352.000.000 . 2007-2013. 40% 2% . ..,. 15/16.12.2005 2008-2009. 2013. (13-18/12/2005) 1913. 1913 . CommunityPlantVarietyOffice(CPVO)=(). 1994 27 1995. . ( ).T : .2530. (Courtof First Instance) (Court of Justice). CommunitySupportFramework,CSF=(). . () .. . O . ,(IntegratedMediterraneanProgrammes,IMP) :11989-1993:117,2ECU. , , 14,3 ECU. 2 . .21994-1999:2213,9ECU. , ,22,5ECU.14,333 ,400.000 3 . 32000-2006: 3 22,7 ( ) 17 . 13,4.2008, , 9, 3 (22,5 13,4) . 2,27.50% 4 3 4 . . ,2006 3 58%. () 57,7%, 58,5%. , ( ) 90% .88,6% 93,3% . 42007-2013: 4 20,101 . Compliance risk = . ,, . ComputerBasedTraining,CBT=. DVD. . Internet. .CBT / .,distancelearning, . Concentration risk = . . (financialconglomerates). (BIS) :1)2)3) 4) 5)6) (back-officeservices)7) .(,,, ) .,11 2001, . Concentrator=., . /,(servers)(peripherals). .,concentrator (path) path.,, . Condorspread= (options).put( )calloptions( ) . , . .Conglomerate=. . (financialconglomerates) ( ,,, , ). (internationalfinancialconglomerates) . Consignee=. . Consolbond=, 1749., .1002,5 . . (yield to maturity). ConsumerConfidence,Eurozone= . . , 20.000 1) 2) 3) 124)12 5) . . Consumer Confidence Index, USA = Conference Board Inc., . 5.000 . :1)2) 3) 4) 5). .10.00.. . Contagious effect = Domino effect or contagious effect. Contango = (futures) . Contingentdebt=(). . Contingentliabilities= . . Continuityofcontracts=.. . .. . ContinuousLinkedSettlement,CLS=. 1974BankhausHerstatt (settlementrisk) , . 2,5 , . 2002 (CLS) 2003 117.000 1152004 107.592 3,684 . 21 2005, CLS .344.016 4.203 . To 2005, CLS 64% , 2006, 81% 200783%.CLS90% .:CLS:) (cross borderforeignexchangetransactions) , CLS ) (same day)) , ) . : CLS : , ,,,, .8.9.2003,, .6.12.2004 ,, . : CLS Group : 1) CLS Group Holdings AG . CLSUKIntermediateHoldingsLtd,CLSBankInternationalCLSServices Ltd. 2)CLSBankInternational. .Federal Reserve Bank of New York3) CLS Services Ltd . (back office,helpdesk)CLSBank .4)CLSUKIntermediateHoldingsLtd. CLSBank , , 5) CLS Bank ( ), . FederalReserve .Federal Reserve . 50% 44% . CLSBankCLS Bank. , CLS Bank : )(SettlementMembers):CLS Bank.CLSBank CLS Bank. )(UserMembers): CLS Bank CLS Bank. CLSBank. CLS Bank.)(ThirdParties):CLSBank CLSBank. :)) (custodians) ) .)(NostroAgents): CLS Bank. , CLSBank,, CLS Bank. )(centralbanksandapproved payment systems): CLS Bank ., .,CLSBank (RTGS systems).)(liquidityproviders): , . )(Vendors):CLS CLSBank .2004,CLS SoftwareServiceSolutionProvidersSystems Integrators and Consultancy Services. CLSBank,, (paymentversuspayment) ., CLS Bank. , . ,. (RTGS) .SWIFTCLSBank 1.CLS Bank . 08.0013.00., (loss sharing agreement). Conundrum=,,., ., conundrum . (FederalReserveSystem) .Convergence criteria = . : 1. (inflation). , , ,. , ., . 2. . :2) (public deficit) 3% , , 2) (public debt) 60% / .,, ,, . ,, . (,one-off measures) (,self-reversingmeasures). .. . ,, .3.(interests convergence). , (), . . 4.2(ExchangeRate Mechanism II (ERM II): , , . , .5. : , . , . , , . (sustainableconvergence). .Convertiblebonds=, . Convexity=duration( ) . : (positiveconvexity) (negative convexity) (zeroconvexity) . duration, .convexity . Cookies = , data text files, . ( Artifial intelligence). shortcuts. , . , cookies, 2000 . Copenhagen criteria = . (21221993). :)(politicalcriterion): , , )(economiccriterion): ) (acquis communautaire): , ..CORBA(CommonObjectRequestBrokerArchitecture)= (objects) .IDL(InterfaceDefinition Language)ORB(ObjectRequestBroker) . CORBA) ) (servers),(clients), (libraries))APIs(ApplicationProgramInterfaces), (object/service information models). CORBA (servers) (clients), . /CORBA,,. servers., (restart) . Coreprinciplesforsystematicallyimportantpaymentsystems= (Systematicallyimportant payment systems). : 1) 2) 3) 4) 5) , 6) 7) 8) 9) 10) , . Corporatebankingandcorporatefinance=(corporate banking) ,,,, ,, .(corporatefinance) , , , ,(underwriting), . Corporation= . , Inc. (Incorporation), Ltd (Limited) S.A (Society Anonymous). Corporatebond=., ,, . , . . , . Corporate culture = . . . , , , , , . , ) ) (team work) ) ) ) ) (bonusesandfringebenefits). , . , , , . ((mission), (goals) (organisation). Corporate governance = . ) , )) ) . . Correlationcoefficient=. . . -1+1. . . , . Correspondingbanking= .O ,nostroloro, . O . Corresponding Central Banking Model (CCBM) = . . (collateral). . . CCBM2.: 1)(Single Eurosystem Interface) 2) (common Router) 3) TARGET2 (Collateral Management) 4) (Securities module: instructions management and custody) 5) (Creditclaims,optional). . 2010 2012. Costofcarry=. . , long ( margin accounts) short , . . : Cost of carry = + . (negativecostofcarry)., (positive cost of carry). Cost of funds index, COFI = . , . , .(benchmark index). Council of Europe = . . 1949 Palais de lEurope . (theEuropeanConventiononHumanRights). , ,, , . (theEuropeanCourtofHumanRights) .46, .CounciloftheEuropeanUnion=. .. (EuropeanCouncil). "". , ., : (General Affairs and External Relations, Affaires gnrales et relations extrieures). (EconomicandFinancialAffairs-ECOFIN, Affaires conomiques et financiers). (JusticeandHomeAffairs,Justiceetaffaires intrieures). ,,(Employment,SocialPolicy, Health and Consumers Affairs, Emploi, Politique sociale, Sant et Consommmateurs). -, (InternalMarket,IndustryandResearchincludingtourism,Comptitivit,March intrieur, Industrie et Recherche, y inclus tourisme). ,(Transport,TelecommunicationsandEnergy,Transports, Tlcommunications et Energie). (griculture and Fisheries, Agriculture et Pche). (Environment,Environnement). ,, (Education,Youth and Culture, ducation, Jeunesse et Culture). , , . : (TheGeneralAffairsand Legislature Council). , ., -. (Foreign Affairs Council). .:1) ., 2)3) 4) 5) () 6) .Counterparty=. , , , , , . Counterpartyrisk=. (..,, ) . Countryrisk=.O . ,/ , . . Coupon=,.H . . ., . Couponbond=. (zero - coupon bond) . CourtofJusticeoftheEuropeanCommunities= (). : The Court of Justice = . 1952 8 . ,,, 1353. .:) Actions for failure to fulfil obligations = . . ) Actions for annulment = , .. . )Actionsforfailuretoact= ,. ,,.. . . . )Referencesforpreliminaryrulings=.E . )Appeals=. (CourtofFirstInstance). , . , . The Court of First Instance = . I1988 (Court of Justice) . . . (CourtofJustice) , . : 1) Actions for annulment = , .. 2) Actions for failure to act = .. 3)Actionsforreparationofdamage= .. 4) Actions based on a arbitration clause = . . 5)Actionsconcerningthecivilservice=. . (CourtofJustice) .TheEuropeanUnionCivilServiceTribunal= . 2004. .(CourtofFirst Instance) , (Court of Justice). ,, :) the Court of Justice = 8 . ) the General Court = ., , . ) the specialised courts = . . Covenant=,. (positivecovenants), , (negative covenants) . . Coveredbonds=., , . ,, . ,, . , .,, . (EuropeanCommission) () covered bonds ,, 0% 20%. . , 10% coveredbonds , hedging.pfandbriefe,coveredbonds ,,200 . . CPU (Central Processing Unit) = /. , . , .Crash of an IT system = /, / .Crashes . . Crawlingpeg= , . Credit at Risk, CaR = . . .Credit bureau = . . : Experian 13.000 19.(creditscore) ,, (CRM) . Equifax18991965.4.800 9.504. . (credit score), , . ,, 13 Trans Union 3.600 , , 250 , 24. (creditscore) . Credit Card = . (Visa,MasterCard,AmericanExpress, )., . ,, /. (). . , , . ,. , 1995 1.058.000, 2000 3.030.000 2004 5.641.932. Creditcardbackedsecurity= . (asset-backed security, ABS, ) 304 1987 1,5 2004. . - spreads. Excess spread, .(portfolioyield) 12. Creditderivative=. o(underlyinginstrument) . Creditlimit=. (overdraft), . CreditLinkedNote=. . 51%100% , , . CreditRatingAgencies,CRAs=. ,, . , .,CRA , , . , , . 130 . . - ,, . :h Standards and Poors. 1941 Standard Statistics Poor's Publishing Company. ,1200. S&P 500 S&P Global 1200 29 70% , S&P Managed Futures Index, o S&P/ HKEx Indices S&P Asia 50 , , ( Standards and Poors stock exchange indices). 15.000 1.800. , : ) )) ) )) . h Moodys Corporation. 2.300 18. : ) Moodys Investors Service. 1.800 1.000. .,,3.000 22.000 . 30150.000 ,,75.000 ,10.000100 )MoodysKMV. , ,.1.500 8070% . hFitchRatingsSovereignsGroup. 80 95%. , . Fimalac S.A FitchRatings ( Fimalac) FitchRisk,Fitch Training,FitchResearchFitchRatingsCommercial Paper, CreditDisk, Fitch Insurance Information, Fitch Ratings Delivery Service, BankscopeFitchRatingsBloombergService :) ) , ) ) (commercialpapers))CD-ROM , ) 6.000100) Fitch ) BureauvanDijk11.000 )Bloomberg (,) . O : Standards and Poors AAAAA+AAAA- A+A A-BBB+ BBBBBB- Moodys Investors Service Aaa Aa1Aa2Aa3A1 A2 A3Baa1Baa2 Baa3 FitchRatings AAA AA+ AAAA-A+A A-BBB+ BBBBBB- Creditrisk=. . ( Principal risk), ( Replacementcostrisk) , . ( Counterparty risk), ( Issuer risk), (Countryrisk)( Settlement or Herstatt risk). Creditscoring=,300800, . / (, , .).CreditUnion= . . . . CrestCo=(CentralSecuritiesDepository,CSD) CREST ., . (real-time) (same day settlement) (deliveryversuspayment,DVP) . , 18 . 52.00050.000 CrestCo. 2002 Euroclear . 400 . CRM(CustomerRelationshipManagement)=. . . callcenters, internet, , (onestopshopping) . ,, . . . , CRM ,, CRM . , , . CRM1996.2001 47200770 . , CRM . . , callcentre . . CRM . Crossrates=. ., (basis currency) . , ,, (.,). . .- - - . Cross-selling = . . , , , ,,(, , ) .. ., .CRT,CathodeRayTube=. .1897 (videoandvideo cameras),., ( LCD, Liquid Crystal Display Plasma display). Crude oil = . . . (gasoline), (home heating oil), (diesel fuel) (Kerosene). (naturalgas)65%.o (nergyInformationAdministration) 40% , 25%, 22%, 8% 4%. . bpd = barel per day ( ) OPEC . 161.,, (benchmarks) : )USlightsweetcrudeoil,WTI. . 39.6 (light crude oil) 0,24 -(sweetcrudeoil). (NewYorkMercantileExchange,NYMEX) (benchmark) . WTI (West Texas Intermediate). OWTI2 OPEC (OPEC Basket price) 1 2 . )NorthSeeBrentblendcrudeoil. BrentCrude,BrentSweetLightCrude, Oseberg Forties. To Brent Crude NorthSeecrudeil.E15 38,3 (light crude oil) 0,37 -(sweetcrudeoil) ( ). . (benchmark) ,., North See Brent blend crude oil, 0,50., North See Brent blend crude oil OPEC(OPECBasketprice)2 (WTI). OPEC Basket price OPEC. 7:1)AlgeriasSaharanBlend2)IndonesiasMinas3) NigeriasBonnyLight4)SaudiArabiasArabLight5)DubaisFateh6)VenezuelasTia Juana Light 7) Mexicos Isthmus. OPEC . . Imported Refiner Acquisition Cost, IRAC (crudeoil). ,IRAC . OPEC Basket price 2 WTI 1 2 NorthSeeBrentblendcrudeoil.OPECBasketprice . CumulativeAbnormalReturn,CAR=. . Currencyboard = . O (, .) . Currencydistribution=. , ,. ,50%,20%,10% ,5%,5%,3%,3% ,2%2%. -, , (. ). . , ( ). Currency Information System, CIS = . () , (). . Currencypair=., . , . . Currencyrisk=. . . Currencyspecialisation=. , dealing room ,. .() , . . Cushion bonds = . premium(callable) . . Custodyandcustodians=(custody) . (custodians) , Clearstream Euroclear. custodian ) ) ) , ) (securities lending programmes) .custodians (broker- dealers). (fraud risk). , custodian . , subcustodians. Custodyrisk=. .. . CustomerLifetimeValue,CLV= . . Customerorientedbanking=. :) ,) ,) , ) .Cybernetics =. . . Cyberspace = . Newromancer., Internet.on-line, . Cylinder=putoption( )calloption( )(differentstrikeoptions).H , (premium) put option call option , . D Daemon=. . UNIX. . , sendmail daemon . , , limit daemon ,marketinformationupdatedaemon ,marketinformationcalculationdeamon ,sourcesinklinkdeamon Reuters activity deamon . DataBaseManagementSystem,DBMS=. H/Y.:)(thehierarchical model). . ., .,,) (relationalmodel)., , . .DAXIndices=DAX(DeutscherActienindex), 1984, . : DAX = 30 . MDAX=5030 DAX . TecDAX = 30 . SDAX=30 MDAX. HDAX = DAX, MDAX TecDAX. VDAX = DAX . LDAX=DAX Xetra. LMDAX = DAX Xetra. LecDAX=ecDAX Xetra. LSDAX = SDAX Xetra. Daycountconventions=. . (360, 365,366) (30,31,2829). : Actual/360 = 360 . , , 360 . . Actual/actual= . 366 365. . (zero couponbonds) (settlement day) (redemption date). Actual/365 fixed = 365 . 30/360 = 30 360. . 30/360=30360. 31,30. 31, 30. 30+/360 = 30 360. 31,30. 31 , 1 . Daylightlimit=. ...NOSTRO . .. (. BIS) . Daytrading=,, .Dealing risk = (dealer): ) ) . Debenture = (collateral) . , 10 40 . DebitCard=.(Diners) . 45 ,, . . . (Ms). . , . , 1995 361.000, 2000 3.254.000 2004 5.339.420. 2004 88,2% 11,8% 7,35% 92,65% , , . Debtconsolidation=. . (consolidation loan). DebtManagementOffice(DMO)=. 1998 (PSBR) .1999 (Exchequercashmanagement). (gilts).DMO , ,( ). . (FinancialServicesAuthority,FSA). (LSE) (GiftsSettlementsOffice,GSO). , . Debt ratio (general government) = (). (, ). . ( convergence criteria). Debtsecurity=. . (coupons) . . Debug=,/(bug,). , (software) (hardware) ./(debugging) . Deed=,,. . . Default=1). ,,, / 2) , ., 1 , .Defensivesecurities=. . , . Deficit ratio (general government) = (). . (, ) . ( convergence criteria). Deflation=. 0,2% 0% . , . . ,, .:) , , . 1928, ) , , .1999 1993 1997 2002, ) . ,. 1876189619981999. 2003 7% . Deflator=. . , . Delinquency= , . Delisting= . DeliveryVersusPayment(DVP)=. . Delta= (underlying instrument). (hedgeratio). (option) (premiumofanoption), (future). 100putoptions( )+100calloptions( ).puts . put premiums . calls .,premium call (implied volatility) . ,premiumcalloption . ) atthemoneyoptions( (option) at the money ) ) Gamma ()) (implied volatility, ). Demanddeposit=. . Dematerialisation=. . () .Demutualization= . . o , , . . Deposit = . :+blocking or frozen deposit: . 1) (, )2)(., ) 3) ( , ) . . 3 +certificate of deposit: . . . , . Certificate of Deposit (CD) +currentaccountdeposit:. . . . (overdraft). , (join current account) +depositredeemableatnotice:. , . 3. ,3 . , .., , +derivativedeposit:. + dormant deposit account: . 12ATM, ,,, . ,,. . +foreignexchangedeposit:, . +interbankdeposit:. ., ., (overnight deposit) . . +joinaccountdeposit:. . , . , , +jointownerundivideddeposit:. , . . , , (), ,15, +overdraftaccountdeposit:, (overdraft) . +overnightdeposit:. +savingsdeposit:. . . . ,,, +sightdeposit=. (Demanddeposit). . . ., (overdraft) +timedeposit=. (deposits with an agreed maturity) 1, 3, 6, 12 1, 2, 3,45. (earlywithdrawal), . , +conditionaldeposit:.,, , , ,, ,, ., , . Deposit Guarantee Fund = . ,, . 94/19/30.5.94/EC . T,(HellenicDepositGuaranteeFund) 2324/1995 2823/2000). )., (), , ,() ... . O8,8 6/104/10 . 31.12.2005 686,5 . O () 2 2076/1992 15.12.2000 ., , .,, . 2006, 4222,16 4 . 2006, : . 1. 2. AEGEAN BALTIC BANK 3. ALPHA BANK 4. ASPIS BANK 5. 6. 7. 8. 9. 10. CREDICOM 11. 12. EFG EUROBANK ERGASIAS 13. ()14. MARFIN BANK 15. NOVABANK16. 17. 18. PROTON 19. PROBANK20. FBB 21. . 22. ... 23. ... 24. ... 25. . ... 26. . ... 27. ... 28. . ... 29. ... 30. ... 31. ... 32. - ... 33. ... 34. ... 35. . ... 36. . ... 37. ... 38. AMERICAN EXPRESS BANK Ltd. 39. AMERICAN BANK OF ALBANIA-GREEK BRANCH 40. BANK OF AMERICA N.A. 41. BANK SADERAT IRAN O . O . . . 1994. O, , 20.000 . .O : ) ) ) ) , ) , ) , .., 5% , ,) (.), ) ) ) , ) (repos).t :) ) 20% 12 )80% ).., 68, . Depositing/cash-inmachines=. .,, . DepositoryTrustCompany,DTC= . , (FED) (SecuritiesandExchangeCommission,SEC). DepositoryTrustandClearingCorporation(DTCC) ,-WallStreet. 2.000.0002365 , 116 , . Deposit swap = swap ( synthetic swap). : 1) spot 2) 3) , . . Deregulation=. (banking deregulation). Derivatives=. . (underlying instruments) , ,,, . :1)ForwardBasedDerivatives(FRA's, InterestRateSwaps,ForeignExchangeForwards,EquityForwards,IndexForwards, Commodity Forwards, Futures) 2)OptionsBasedDerivatives (InterestRateCaps,InterestRateFloors,ForeignExchangeCalls,ForeignExchangePuts, Commodity Calls and Puts, Equity Calls and Puts). ) ) ) . , 2303/16-5-94.O . 2533/1997() () 27 1999 (-Futures) :FTSE/ASE20Mid40,,,. 14.1.2000 '2000 , (options) FTSE/ASE-20 Mid 40 . 300 8004,7113.. 5.000 7.000 . , 58.694. FTSE/ASE. ..20() FTSE/ASE-20 . . 5,87.. 2.820 . O 20%. 2.8205,8720=331.068. 2.850 2.850 - 2.820 = 30 30 5,8720=3.522. 58.694 . . . . Dialup= (LANsWANs). PCs. dialupV.34V.90. PPP(). dialup modem modem ( Internet Service Provider, ISP). modems modems . 1990, ,dialup . , . V.90dialup56KbpsISDN 128 Kbps. , dial up . DIAS,InterbankingSystemsS.A.=,. 28.6.1989 2, . , , , 90% .,, . : D DIASATM, Switching of ATM networks interbanking system ( s)s , . 600. DIASATM , 24 . D DIASCHEQUE, ElectronicCheque clearing interbanking system ( ) . , , . DIASCHEQUE check truncation, , .., ,(, ,)., 300.000. , , , . D DIASPAY, Corporate and State mass payments interbanking system ( ) , ,,,... (, , , ) (,, , ) .DIASPAY) ,,, ) ,, s 24. D DIASTRANSFER, Funds transfer interbanking system ( ) . .DIASTRANSFER ,, , , , . D DIASDEBIT, Corporate and State collection of mass receipts interbanking system ( ) /, . , , . ,,,,, ,...To,, : .., .., ...... DIASDEBIT : , - , ,-adhoc- .) ,,, , ), ,, . D Management of ATM networks service ( s ) ..s . .. : , , . , DIASATM.D Management of ATM cards service ( ) .. , (cash cards) s. .. , () . PINs. ,,. , . D DIASPOS, Direct Debit Management interbanking system ( (S) ,EFT/POS(ElectronicFunds TransferatthePointsofSale).. . , , 180 (..) . , . . D DIAS-DRS, Disaster Recovery System(DRS) or Backup EDP Centre ( ) . . Digitalbanking=. .internet,, . ,, .. . . Direct,indirectandsecond-roundeffects=, . 3050, : ) (directeffect)) , , (indirecteffects) ), . (second-roundeffects) . Directinvestments=. . 10% . . , . ( ) ( ). DirectPublicOffering,DPO=. , ,. (InitialPublicOffering,IPO), ,,. , , . DPO . Dirtyprice= . Disclosure= , . Discount basis = (, ). Discountnote= . . Discount rate = . Disintermediation = . . Diversification= , (, ,,). ., . DLP, Digital Light Processing = (projectors)(video projectors).,1897TexasInstruments 20.DLP, - (DigitalMicromirrorDevice,DMD).pixel (800/600,1024768,128072019201080). DMD , . Documentary credit = . , , . ,- . , . O : 1)applicant=() 2)issuingbank= () ( 17.7-13.8.1923) 3) beneficiary = () 4)confirmingoradvisingbank= (-confirmingbank) ( - advising bank). O (documents) (bill of lading) (fullsetofdocuments) (insurancedocuments),(invoices), (certificateoforigin),(packinglist) . . O () , . , , , . , . O, , (UniformCustomsandPracticeforCommercial Documentary Credits, UCP 500) 1 1994. O : (). (issuance or opening ofdocumentarycredit) (). (operativecreditinstrument)) (documentarycredit) ) (commercial letter of credit, Letter of credit, L/C) (confirmationofthedocumentarycredit) .(execution) () (acceptanceof documents) (final settlement) (clearance) .O E Revocable documentary credit = . , . .17.7-13.8.1923, . E Irrevocable documentary credit = . ., . ., . : (Documentary credits confirmed and executable by the intermediary bank) ., . , (Documentarycreditsnonconfirmedbutexecutablebythe intermediary bank) ., , . (Negotiable documentary credits) . , . (Documentarycreditsconfirmedbytheintermediarybankand negotiable) , . (Transferable documentary credit) . : ) ), ,) , ) ) ) ) . (Revolving documentary credit) . : ) . ) (15, , , , ) ) . (Red clause documentary credit) . . , . (Ancillary or Back to back documentary credit) . ., , . Documentarypaymentorder=. . 100% . , , , . DocumentImageProcessing(DIP)= (scanning)/, . DomainName=. (website)."www.mvcm.com"domainname metrovista internet. domains Internet .COM,.NET,.MIL,.ORG,Commercial,Network, MilitaryOrganisation.domains,InterNIC, (server) .Dominoeffectorcontagiouseffect=. . . O 19.1.1961 . ( ) .. . . 1998 , . , .. 1998 1999. , . dot-com= . .com (Domainname). , . (downloading). Double bottom / double top = , . ) (double bottom) , ) (doubletop),, . 10% 20%., . . Dow Jones Industrial Average (DJIA) and Dow theory = DJIA 30 (NYSE). Dow Jones and Co. 3.7.1884 11NUSE,, " ". 1885 " " .1896,"DJIA" 12, .1920,20 1928 30 . . 2007 : 13M Corporation6,3%16Honeywell International Inc. 2,6% 2 Alcoa Incorporated 2,3%17Intel Corporation 1,9% 3Altria Group Incorporated 3,5%18International Business Machines (IBM) 6,1% 4American Express Company 3,6%19Johnson & Johnson 4% 5American International Group Inc 5,1%20J.P. Morgan Chase & Company 2,7% 6Boeing Company 3,6%21McDonalds Corporation1,9% 7Caterpillar Incorporated 5,7%22Merck & Company Incorporated 3,3% 8Citigroup Incorporated 3,3%23Microsoft Corporation 2% 9Coca-Cola Company 3,7%24Pfizer Incorporated2,5% 10E.I Du Pont De Nemours and Co 3,1%25Procter & Gamble Company3,9% 11Exxon Mobil Corporation 3,2%26SBC Communications 1,7% 12General Electric Company 2,4%27United Technologies Corporation6,5% 13General Motors Corporation 3,2%28Verizon Communications Inc.2,6% 14ewlett-Packard Company 1,5%29Wal-Mart Stores Incorporated 3,8% 15Home Depot Incorporated 2,5%30Walt Disney Company 1,7% O 40,94 100 1941. 42(24.11.72)1.000.9.1.872.000 , 17.4.91 3.000, 24.2.94 4.000, 22.11.95 5.000, 15.10.96 6.000, 14.2.97 7.000, 17.7.97 8.000 7.4.98 9.000 . 29.3.1999 10.000 (10.006,78 ).(3.5.1999)11.000(11.014 ) 29.12.99 11.484,66 . 14.1.2000(alltimehigh) 11.722,98.11.000 7.6.2001(11.090,74) 11.9.2001. 11.0009.1.2006(11.001,26)11.043,44 .5.5.200611.577,74,, 2001 . 19.6.2006 11.014,55.21.9.200611.533,2327.9.2006 14.1.200011.720,77 . 2006: 28.9.2006 11.724,86 (all time high) 5.10. 11.870,06 , 12.10.2006 11.959,63 , 13.10 11.960,5116.1011.997,25.18.10.2006 12.000 12.049,51 , 23.10 12.125,16 , 24.10 12.133,80 , 26.10 12.134,68 12.167,0227.10.200612.163,66 (intraday high) 12.236,10 . 9.11.2006 spot12.176,54 (12.236,1027.10.2006).15.11spot 12.218,0112.291,73. 16.11.spot12.251,71 12.325,91.T17.11spot12.305,82 12.342,56 . 20.11.2006 spot 12.342,56 12.355,23 22.11.2006 (intraday high) 12.361 . 13.12.200612.368,6114.12.2006 12.341,26 . 15.12 12.416,76 12.486,30.18.1212.445,52 12.490,70.19.12 12.491,9120.12.2006(intradayhigh 12.498,47 . 27.12.2006 12.519 .28.12.200612.510,57(intraday high - all time high) 12.529,88 .2007:3.1.200712.580,35(intraday high-alltimehigh).20.2.200712.786,8421.2.2007 12.795,93. 5.312.188,84. 18.412.838,46 19.4(spot) 12.803,84. :20.4 (spot)12.808,6312.966,29. 23.4 (spot) 12.961,98 12.983,92.24.4(spot)12.919,40 12.989,86.25.4 (spot)12.953,9413.000 13.107,45.26.4 (spot) 13.089,89 13.132,80 . 27.4 (spot)13.105,50 13.148 . 30.4. 13.226,99 (intraday high). 2.5 . (spot) 13.136,14 (intradayhigh)13.256,333.5 (spot)13.211,88. :4.5(spot) 13.241,3813.284,53.7.5.2007 (spot)13.264,62(intradayhigh) 13.317,60 . 8.5 spot 13.312,97 . Dowtheory:o (bluechipcyclicalshares). , . , , . 1999 DJIA , 500 ,. .1932 250 . : ) , ) . ) ,): 4, . O DJIA 30, . DJIA : ) Dow Jones Stoxx 50 (narrow) Dow Jones Stoxx 620 (broad) 50 620 , ) Dow Jones Euro Stoxx 50 (narrow) Dow Jones Euro Stoxx 320 (broad) 50 320 ,)DowJonesStoxxexUK470DowJonesStoxxexeuro 330 . Downloading = , . Internet . Draft = . ( ) () (sightdraft)(timedraft). ,(bankdraft). ,, .Drill-down=., ., ,. (folders) .Drill-down(database) .,drill-down . , , . Drill-down reports . . DRIP(DividentReinvestmentProgram)=. .Driver = /. (interface) /. . DSL (Digital Subscriber Line) = . () (leased line) DSL ISDN ( ). Internet . : DSL(AsymmetricDigitalSubscriberLine) DSL : ) ) ., (downloads)1.544megabits (uploads)128kilobits . 2006, DSL , Internet triple play ( ) 500.000 45.000 2004. SDSL(SymmetricDigitalSubscriberLine) DSL . (webservers). SDSL384 kilobits . Dual listing = . ) (bid-offer) ) 3) . , , . Duediligence= ., , ,, (collateral), . Dummyaccount=. . (tests) . , . Dump = 1) (backup) 2)backup (CD) (batchprocess)3) 4) . Duplicativeportfolio= .(derivativeproducts). . S & P 500. Durablegoodsorders=. (Census Bureau of theDepartmentofCommerce)26 08.30.. . . . , . Duration=.(marketrisk) . , (.).duration, . ,duration duration. Macaulay duration modified duration, , : bMacaulay duration duration. , . duration,,, ().Duration duration . () . Macaulay duration : PVCF (present value of cash flows) ,PVTCF(presenttotalvalueofcashflows) bodifiedduration(MD). -(.1%) , . . . modified duration : n YTM (yield to maturity) bEffectiveduration., . (Embeddedoption) . embedded option . bempiricalduration.duration . , . bkeyrateduration(KRD). 1% ., duration . : 1% - 1% 2* ( )*1% 11spot duration.KRDs (effective duration) . Dwarf = (mortgage backed securities, MBS) 15 Fannie May (Federal National Mortgage Association). E EBRD = European Bank for Reconstruction and Development.ECB capital= (). 28 5.. .1)() 100% 2) , ,5%1.5.20047% . . (capital key). 29, ) 50% .)50% . . 11, 1.6.1998 100% 3.946.895.000 5% 52.655.250. 1.6.1998 3.999.550.250 .1.1.2001 95%5.141.000102.820.000. ,, 4.097.229.2504.049.715.000 47.514.250 (, ). 1.1.2004, . 4.032.824.000 .3.981.920.000 50.904.000 . 1.5.2004. .49.3 . , . , , . , 1.1.2007 . .1 2007, . 1 2007 ) % 1.1.2007 (100%) 1.20,5211 1.182.149.240,19 2. 14,3875 828.813.864,42 3. 12,5297 721.792.464,09 4. 7,5498439.917.735,09 5. 3,8937224.302.522,60 6.2,4708142.334.199,56 7.2,0159116.128.991,78 8.1,8168104.659.532,85 9.1,713798.720.300,22 10.1,248871.708.601,11 11.0,888551.183.396,60 12.0,15759.073.027,53 13. 0,319418.399.523,77 69,5092% 4.004.183.399,81 ) % 1.1.2007 (7%) 14. 13,933756.187.041,67 15. 4,874818.657.419,83 16. 2,33139.400.866,26 17. 1,51386.104.332,92 18. 1,3380 5.597.049,87 19. 1,3141 5.299.051,33 20. 0,6765 2.727.956,95 21. 0,4178 1.684.760,40 22. 0,28131.134.330,06 23. 0,1703686.727,37 24. 0,1249503.653,84 25. 0,0622250.818,81 26. 0,8833 3.561.868,99 27. 2,5188 10.156.951,89 30,4908% 122.952.830,10 100% = 4.127.136.229 =5.760.652.402,58. 27 .7% . ECBExecutiveBoard= (). ( 4 ) . , .O . ., . . ECBGeneralCouncil=().AEKT E.E. T E E ( ). II . ECBGoverningCouncil= (). . . , 2/3. . . .... , , . ., . ECBlegalacts=(). () , : }Regulations().,' . . . . . . ' . 2818/98 1.12.98 (ECB 1998/15), ' . 2819/981.12.98 (ECB1998/16),'.2157/1999 23.9.99 (ECB/1999/4). }Decisions().' . . .. . . .22.4.99(ECB/1999/NP10). }RecommendationsandOpinions(). .. . O . .. : 1) , : (ECB/1998/8), (ECB/1998/9), (ECB/1998/10), (ECB/1998/11) (ECB/1999/1).O ,2) , 1.12.98 (ECB/1998/21) -, . , , . } Guidelines ( ). . (). . . 1.12.98(ECB/1998/17) 1.7.98(ECB/1999/3). :1). : 2) : . }InternalDecisions(). 3.11.98 2004 (2004/2/19.2.2004) }Instructions().. .ECBPaymentMechanism,EPM= (). TARGET1.)) TARGET . ECBworkinggroupswithmarketparticipants= . : 1) Foreign Exchange Contact Group, FXCG = . . 2) Money Market Contact Group, MMCG = 3)OperationsManagersGroup,OMG=BackOffice. (Disaster Recovery Systems). Echeck = (electronic check). . / . (smartcard) (ITsecurity). . ECHELON= , ,(faxes)(mails). .3 . UKUSA SIGINT (Signals Intelligence) Community (NationalSecurityAgency), (GovernmentCommunicationsHeadquarters) , (Defense Signals Directorate) , (CommunicationsSecurityEstablishment) (Government Communications Security Bureau) . , ,,, . 1960,, ., , . . 2001,ECHELON . UKUSASIGINTCommunity . /,(dictionaries), , ,., . EconomicandFinancialCommittee=O.. 109c1.1.1999 . O : ) , Ecofin, ,) .Ecofin , , )Ecofin, . 12-13.12.1997 O Ecofin .21.12.1998 (98/743/EC):) .., , . ,) ,) . . 31.12.1998 (1999/8/EC).:)O, ) .2,)Ecofin ,) , , ECOFIN,), .. Ecofin, ,) - . , ) ,) .O .O Ecofin. Economic risk = 1) 2) . Economiesofscaleandeconomiesofscope= . O(economiesofscale) . .O . O(economiesofscope) .O ,, , . , , . . O . (:O , , 1954). EconomicSentimentIndicator=. .. . . 2000 (=100). 5 : ) 0,4 ) 0,3 )0,2)0,05) 0,005. ECU(EuropeanCurrencyUnit)=. 12 15 .. ECU .ECU, .ECU (swapoperations)20% 15..ECU ECU(..) ,,ECU). ECU ECU ECU. 1.1.1999 . e-finance=(electronicfinance). , . . ., . :) ,) ) )) . (categories of on line interfaces) , (directoriesandinformationportals), (verticalintegrators)websites, (point-of-salesites), , / WAP.Effective exchange rates, R = . :}(nominaleffectiveexchangerates) . }(realeffectiveexchangerates) . , , . (ConsumerPriceIndex,CPI),(ProducerPriceIndex), (GDP deflator) (unit labourcostsinmanufacturing,ULCM) (unitlabourcostsinthetotaleconomy,ULCT) . } 3 :1) o EER-12 group 12 - (,,,,,,, , , , )2)EER-23group- 1211(, ,,,,,,,, ) 3) EER-42 group - 2319 (,,,,,,,,, ,,,,,,,, ). Effective interest rate = . . ,, , . Efficientfrontier=., 1952(PortfolioTheory), . . (standarddeviation). , . , , , . (efficient) . efficient frontier . . . .(, ,,(stocksplit), ). (expectedreturns) (volatilities).,, (correlation). . (optimal portfolio) : 1) (volatility), .,, 2) , . , . . 1 .2 . , . 12. (efficientfrontier) :

- . , . . . EFTPOS(ElectronicFundstransferatthePointofSale)= . . /. . Electronic banking = . - (real-time), 2424365, .,, (PCbanking),(televisionbanking),(Internet banking), (phone banking) (GSM banking)., : ) ,, , , , , , ,onlinerealtime , ) ,, , ,, ,,,, , . , 13% 7% . , 500.000 . , ,2001 150.000. Electroniccommerce=. Internet. serverinternetserverprovider. (virtualstore):) ) )onlineoffline. . ., , ., Internet .,, . 2006 , Internet(69%), (16%). (12%). ,26%. 12 (67%), (56%) (7%). ElectronicCommunicationsNetwork,ECN=. . broker-dealers. , , (spread) . ECNs , SecuritiesandExchangeCommission . ECN Instinet (InstitutionalNetworksCorporation) brokers broker-dealers.Electronic Data Interchange (EDI) = . . ,. ,,,. . Electronicpaymentcounterparties=. , , chip card, (payer)(payee).K : 1) (Person, P) 2) (Government, G) 3) (Business, B)4) (Consumer, C). : P2P (Person-To-Person) .P2G (Person-To-Government) , , , . G2P (Government-To-Person) . . G2B (Government-To- Business) . B2C (Business-To-Consumer) E . C2B (Consumer-To-Business) .. , . 2 (Business-To-Business) , . 2G (Business-To-Government)E . ElectronicSecondarySecuritiesMarket= () . , , ( ) . O, (PrimaryDealers) (Dealers). . ( ).2000 (repos) (futuresandoptions) (counterpartyrisk). ,.E, , 1.1.2001 . 10 .. 5 .. : 27.06.2005 () ( ,). (RealTimeGrossSettlement(RTGS), (DeliveryversusPayment(DvP)-Model1, ), . () , . (settlementrisk) (gross settlement) (liquidity risks). 2005,, 2004,(2005:2,9, 2004:3,8).59% .2005,(yield)5 7 20 32 .2006,2.500.000.000 13,79% . 10 73% 59% 2005. 12 15% 25% 2005.(yields) . 2007, 62,51 . 45,29.64,40.2006. 2,84.2,38. . 7 10 , 36,42 . , 58% . 1023. 10 20.07.2016 8 . .

lectronictradingplatforms(ETP)= ().n-line . (phone dealing). : FX E.T platforms ( ) (marketmakers) (single-bankplatform) . -(bid-offer).(, ,)PC(.-), (. spot, forward, swap), O.K. (confirmation). market makers, (multi-bankplatforms). : Fxall:- 18., (broker-dealers),,hed