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.

collateral liquidation/collateral enforcement (in a collateral arrangement)

The act of realising collateral value in a predefined manner in the event of a default of the collateral provider (cash-taker) in order to cover its exposures.

Updated: 1 Sep 2016

Source documents


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