GDP

See   gross domestic product (GDP)
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general clearing member

A member of a clearing house that clears on its own behalf, on behalf of its customers and on behalf of other market participants. See also   clearing member
  direct clearing member
  non-clearing member
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General Council of the ECB

One of the decision-making bodies of the ECB. It comprises the President and the Vice-President of the ECB and the governors of the national central banks of all EU Member States. See also   Executive Board
  Governing Council
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general government

A sector defined in the ESA 95 as comprising resident entities that are engaged primarily in the production of non-market goods and services intended for individual and collective consumption and/or in the redistribution of national income and wealth. Included are central, regional and local government authorities as well as social security funds. Excluded are government-owned entities that conduct commercial operations, such as public enterprises. See also   central government
  state government
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GESMES

A United Nations standard (EDIFACT message) designed by Expert Group 6 (Statistics) of the e-Business Board for European Standardisation that allows partner institutions to exchange multi-dimensional statistical arrays in a generic but standardised way.
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GESMES/TS

A message (a GESMES profile, previously called GESMES/CB) used to exchange statistical time series, related attributes and structural metadata in a standardised format.
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global certificate

A single physical certificate that covers all or part of an issue of securities. See also   global note
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global custodian

A custodian that provides its customers with custody services in respect of securities traded and settled in several countries around the world.
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global note

The term used when a global certificate relates to fixed income instruments (e.g. bonds). See also   global certificate
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governance

Procedures through which the objectives of a legal entity are set, the means of achieving them are identified and the performance of the entity is measured. This refers, in particular, to the set of relationships between the entity’s owners, board of directors, management, users and regulators, as well as other stakeholders that influence these outcomes.
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Governing Council

The supreme decision-making body of the ECB. It comprises the President and the Vice-President of the ECB plus the other members of the Executive Board and the governors of the national central banks of those EU Member States whose currency is the euro. See also   Executive Board
  General Council of the ECB
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government deficit/surplus

Net borrowing/lending by the general government sector.
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government expenditure

The set of non-financial transactions defined in the ESA 95 as decreasing general government net lending or increasing general government net borrowing, i.e. transactions that decrease the general government sector’s net worth.
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government revenue

The set of non-financial transactions defined in the ESA 95 as increasing general government net lending or decreasing general government net borrowing, i.e. transactions that increase the general government sector’s net worth.
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gridlock

A situation that can arise in a funds or securities transfer system in which a failure to execute one or more transfer orders prevents the execution of a substantial number of orders submitted by other participants. See also   queuing
  systemic risk
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gross domestic product (GDP)

A measure of economic activity, namely the value of an economy's total output of goods and services, less intermediate consumption, plus net taxes on products and imports, in a specified period. GDP can be broken down by output, expenditure or income components. The main expenditure aggregates that make up GDP are household final consumption, government final consumption, gross fixed capital formation, changes in inventories, and imports and exports of goods and services (including intra-euro area trade).
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gross margining

A mechanism whereby the margin that a participant posts in a central counterparty (CCP) for its customers’ positions is the sum of the requirements for individual customers.
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gross monthly earnings

The gross monthly wages and salaries of employees, including employees’ social security contributions.
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gross settlement

The settlement of transfer orders one by one. See also   net settlement
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gross settlement system

A transfer system in which transfer orders are settled one by one. See also   net settlement system
  real-time gross settlement (RTGS) system
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guarantee fund

A fund which compensates non-defaulting participants for losses which they suffer in the event that one or more participants default on their obligations. See also   clearing fund
  collateral pool
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