Glossary

A B C D E F G H I L M N O P R S T V

OPEN REPO: Repos which have no fixed term. They are automatically rolled over daily until one of the counterparts ends the agreement. At each rollover the repo rate is adjusted and the supplier of cash has the right to vary the amount. The supplier of collateral has the right to substitute it.
OPEN TERM TRANSACTION: Transactions without a fixed term.
OPEN TRANSACTIONS: Trades done with no fixed maturity date.
OVERCOLLATERALIZATION: Over-collateralization protects a counterpart form a reduction in the market value of the collateral because of a fall in its market value.
OVERNIGHT REPO: A Repo that matures on the day following its value date.
OVERSEAS SECURITIES LENDERS AGREMEMENT (OSLA): The standard legal agreement for the lending of non-UK counterparts. Introduced in December 1995 and under English law.