Glossary

Updated 17 October 2016

The Committee on Payments and Market Infrastructures (CPMI) provides this glossary of payments and market infrastructure terminology as a reference to the standard terms and definitions used in connection with payment, clearing, settlement and related arrangements. Current definitions are now shown alongside the previous ones. You can generate a PDF version of the glossary here.

clearing fund

A prefunded default arrangement that is composed of assets contributed by a CCP's participants that may be used by the CCP in certain circumstances to cover losses or withstand liquidity pressures resulting from participant defaults.

Updated: 16 Apr 2012

Source documents

U
unwind

 Additional terms that are not included in the main glossary can be found in the previous version of the glossary.