Clearing, Settlement and Custody

Stump period A calculation period, usually at the beginning or

end of a swap, other than the standard ones normally quoted.

Swap Arrangement where two borrowers, one of whom has fixed

interest and one of whom has floating rate borrowings, swap their

commitments with each other. A bank would arrange the swap and

charge a fee.

SwapClear A clearing house and central counterparty for swaps.

SwapsWire An electronic dealing system for swaps.

SWIFT Society for Worldwide Interbank Financial Telecommuni-

cations – secure electronic communications network between

banks.

TARGET Trans European Automated Real time Gross settlement

Express Transfer – system linking the ...