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Central bank money

in exercising monetary policy, a central bank issues its own liabilities which take the form of both cash, namely banknotes and metal coins, and overnight deposits held at the central bank by financial institutions, especially banks. A transaction is settled 'in central bank money' when the accounts of the counterparties involved are held with their respective central banks.

Central securities depository (CSD)

An entity that holds securities accounts in the name of and on behalf of its customers (mainly financial institutions); it offers settlement and custody services for financial instruments and it registers new issuances of securities in its own books. The central securities depository for the Italian market is Monte Titoli SpA (see Monte Titoli SpA ), established in 1978.

Centro applicativo Banca d'Italia (CABI)

The Centro Applicativo della Banca d'Italia is the infrastructure that makes it possible for Banca d'Italia to clear both its own payments and those pertaining to general government (made in SEPA Credit Transfer - SCT - format) independently, without needing to use external clearing systems. Payments are sent through CABI to national and foreign banks, provided that they participate in the retail payment systems that are interoperable with BI-Comp or in the STEP2 system (see STEP2).

Clearing system

A system characterized by formal and standardized mechanisms and by common rules which are designed to allow participants to exchange payment data.

CMB (Credit Memorandum Balance)

It represents a limit defined by a TIPS Participant owner of TIPS DCAs for a Reachable Party, in the usage of the liquidity of a given TIPS Account.


assets eligible to guarantee Eurosystem financing operations (monetary policy operations and intraday credit in TARGET2).

Commercial bank money

as well as being created by central banks, money can also be created by commercial banks through the issuance of their own liabilities which are used as money by their customers. This occurs every time a commercial bank issues a loan, and takes the form of bank deposits. A transaction is settled in 'commercial bank money' when the accounts of the counterparties involved are held with commercial banks.

CRDM (Common Reference Data Management)

Common component developed by the Eurosystem in order to maximize the synergies between TARGET2 and TARGET2-Securities and facilitate the consolidation of the technical, application and infrastructural components of TARGET services. The CRDM component provides features to setup, maintain and query all reference data used by the different Eurosystem Market Infrastructure (EMI) services.