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All glossary entries


options and discretions


other systemically important institution

O-SII buffer

See other systemically important institutions (O-SII) buffer


See Organisation for Economic Co-operation and Development (OECD)

offline card transaction

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


See other financial intermediary (OFI)


other financial institution

OFI sector

A sub-sector defined in the ESA 2010 as consisting of other financial intermediaries (excluding insurance corporations and pension funds), financial auxiliaries and captive financial institutions and money lenders.


overnight index swap


Official Journal of the European Union

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

open market operation

An operation executed on the initiative of the central bank in the financial market. With regard to their aims, regularity and procedures, Eurosystem open market operations can be divided into four categories: main refinancing operations; longer-term refinancing operations; fine-tuning operations; and structural operations. As for the instruments used, reverse transactions are the main open market instrument of the Eurosystem and can be employed in all four categories of operations. In addition, the issuance of debt certificates and outright transactions are available for structural operations, while outright transactions, foreign exchange swaps and the collection of fixed-term deposits are available for the conduct of fine-tuning operations.

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

operational risk

The risk of negative financial, business and/or reputational impacts resulting from inadequate or failed internal governance and business processes, people, systems, or from external events.

opportunity cost

A measure of the costs of holding an asset, typically measured as the spread between its own return and the return on an alternative asset.

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


A financial instrument that gives the owner the right, but not the obligation, to buy or sell specific assets (e.g. a bond or a stock) at a predetermined price (the strike or exercise price) at or up to a certain future date (the exercise or maturity date). A call option gives the holder the right to purchase the underlying assets at an agreed exercise price, whereas a put option gives the holder the right to sell them at an agreed price.


overall recovery capacity

Organisation for Economic Co-operation and Development (OECD)

The OECD (based in Paris) was founded in 1961 as the successor to the Organisation for European Economic Co-operation (OEEC). It brings together 37 member countries (2021) in an organisation that, most importantly, provides governments with a setting in which to discuss, develop and perfect economic and social policy.

original maturity

See maturity at issue (original maturity)


on-site inspection



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.

other financial intermediary (OFI)

A corporation or quasi-corporation other than an insurance corporation and pension fund that is engaged mainly in financial intermediation by incurring liabilities in forms other than currency, deposits and/or close substitutes for deposits from institutional entities other than MFIs, in particular those engaged primarily in long-term financing, such as corporations engaged in financial leasing, financial vehicle corporations created to be holders of securitised assets, financial holding corporations, dealers in securities and derivatives (when dealing for their own account), venture capital corporations and development capital companies.

other investment (in a b.o.p. context)

A residual category that includes positions and transactions other than those included in direct investment, portfolio investment, financial derivatives and employee stock options, and reserve assets.

other lending

Credit other than consumer credit and loans for house purchase that is extended to households for special purposes such as business needs, the procurement of office equipment, debt consolidation, education, the purchase of securities, etc.

other revaluations

An aggregate in monetary statistics that comprises changes in the MFI balance sheet that are due to a change in the market price of negotiable securities held, sold or issued and/or to the (partial) removal from the balance sheet of loans that are subject to write-offs or write-downs. A change in the market value of securities held, sold or issued by MFIs affects the outstanding stock of securities, in addition to actual transactions in these securities. A write-off or write-down of loans has an impact on the reported value of the outstanding amount of loans, but is not related to a change in the amount of MFI lending to the economy.

other systemically important institutions (O-SII) buffer

A capital buffer that aims to reduce the moral hazard created by implicit support and guarantee of bailout using taxpayers’ money that such institutions enjoy due to their size, cross-border activities and interconnectedness. It has been implemented in Europe via Article 131 CRD IV, amounts to 0-2% of total risk exposure amount to be met with CET1 capital, and can be applied to domestically important institutions and to institutions important at EU level.

output gap

The difference between the actual and potential levels of output of an economy, expressed as a percentage of potential output. Potential output is the level of output that can be achieved when the factors of production are utilised at non-inflationary levels.

outright transaction

A transaction whereby assets are bought or sold outright in the market (spot or forward).

overnight deposits

Deposits with next-day maturity. This instrument category comprises mainly those sight/demand deposits that are fully transferable (by cheque or similar instrument). It also includes non-transferable deposits that are convertible on demand or by close of business the following day. Overnight deposits are included in M1 (and hence in M2 and M3).

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.