All payment card transactions realized on electronic and mechanical devices that include local authorization within a payment terminal. Some types of off-line transactions make a blocking of the amount on the Account. Otherwise, if the amount is not blocked on the account, the transaction is cleared only after it is sent by the processing bank of the business place, where the payment was made.

On-line payments are transactions realized through a payment gateway at an e-shop without the physical presence of the card. All cards issued by KB can be used for this type of payments, provided that SSL is enabled on the client's card. On-line payments are secured using the 3D Secure service.

All transactions during which the balance changes in the authorization system take effect immediately. At the time the on-line transaction is realized, the appropriate amount is blocked and deduced from the available account balance.

A condition of the aliquot effectiveness of primary markets is the operational effectiveness of secondary markets. A market is said to be operationally effective if only a small difference exists between the return on the sale of securities and the costs of buying the security, i.e. if transaction costs are low.

This difference, which is called the spread in the case of market makers, is the profit earned by financial intermediaries.

At any given moment a market maker quotes the price at which he is willing to buy a financial instrument (bid price) and the price at which he is willing to sell the same financial instrument (asked price). The spread represents the difference between these two prices.

An optimal portfolio gives the greatest ratio of additional return (= expected return – interest) to risk. We can combine this portfolio in an arbitrary ratio with a risk-free investment and we will always attain the same ratio of additional return to risk.

Options, unlike forwards, futures and swaps, give their owner the right, rather than the obligation, to buy or sell a certain asset by a certain date or over a certain period of time in the future at an agreed price (exercise price, strike price).

In the same way the obligation of the seller to sell or buy the given asset under the same conditions is imposed.

The conditions of the contract are specified in detail within an agreement. Options are traded on OTC (over-the-counter) market as well as on stock exchanges. An option may be divided into options for:

  • spot assets (the owner of the option has the right to buy or sell the given asset) according to the type of underlying asset
  • futures options (the owner of the option has the right to buy or sell the given asset via futures)