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Payments and markets glossary

offline card transaction

A card transaction which is authorised without contacting the issuer at the time of the transaction. Antonym: online card transaction

online card transaction

A card transaction which is authorised following explicit approval by the issuer at the time of the transaction. Antonym: offline card transaction

operated direct link

A direct link between two central securities depositories (CSDs) where a third party, typically a custodian bank, operates the account in the issuer CSD on behalf of the investor CSD. See also direct link

optimisation routine

A procedure determining the order in which transfer orders are to be processed and settled in a transfer system in order to increase settlement efficiency. See also chaining, queue management

OTC

over-the-counter

OTC (over-the-counter) trading

A method of trading that does not involve a regulated market. In over-the-counter markets, participants trade directly with each other, typically through telephone or computer links.

oversight of payment systems

A typical central bank function whereby the objectives of safety and efficiency are promoted by monitoring existing and planned systems, assessing them against the applicable standards and principles whenever possible and, where necessary, fostering change. Oversight activities increasingly relate also to securities clearing and settlement systems.