Short (finance) - Knowledge (XXG)

2420:, being 'short' means having the legal obligation to deliver something at the expiration of the contract, although the holder of the short position may alternately buy back the contract prior to expiration instead of making delivery. Short futures transactions are often used by producers of a commodity to fix the future price of goods they have not yet produced. Shorting a futures contract is sometimes also used by those holding the underlying asset (i.e. those with a long position) as a temporary hedge against price declines. Shorting futures may also be used for speculative trades, in which case the investor is looking to profit from any decline in the price of the futures contract prior to expiration. 56: 2609:; others may be forced to cover, subject to the terms under which they borrowed the stock, if the person who lent the stock wishes to sell and take a profit. Since covering their positions involves buying shares, the short squeeze causes an ever further rise in the stock's price, which in turn may trigger additional covering. Because of this, most short sellers restrict their activities to heavily traded stocks, and they keep an eye on the "short interest" levels of their short investments. Short interest is defined as the total number of shares that have been 1898:, who is usually holding the securities for another investor who owns the securities; the broker himself seldom purchases the securities to lend to the short seller. The lender does not lose the right to sell the securities while they have been lent, as the broker usually holds a large pool of such securities for a number of investors which, as such securities are fungible, can instead be transferred to any buyer. In most market conditions there is a ready supply of securities to be borrowed, held by pension funds, mutual funds and other investors. 623: 1567:. An investor therefore "borrows" securities in the same sense as one borrows a $ 10 bill, where the legal ownership of the money is transferred to the borrower and it can be freely disposed of, and different bank notes or coins can be returned to the lender. This can be contrasted with the sense in which one borrows a bicycle, where the ownership of the bicycle does not change and the same bicycle must be returned, not merely one that is the same model. 513:) and quickly selling it. The short seller must later buy the same amount of the asset to return it to the lender. If the market value of the asset has fallen in the meantime, the short seller will have made a profit equal to the difference. Conversely, if the price has risen then the short seller will bear a loss. The short seller usually must pay a handling fee to borrow the asset (charged at a particular rate over time, similar to an 6257: 6247: 6237: 1924:, meaning they have borrowed from the account. SEC Rule 15c3-3 imposes such severe restrictions on the lending of shares from cash accounts or excess margin (fully paid for) shares from margin accounts that most brokerage firms do not bother except in rare circumstances. (These restrictions include that the broker must have the express permission of the customer and provide collateral or a letter of credit.) 33: 2873:

state pension bodies to refrain from lending stock for shorting purposes. An assessment of the effect of the temporary ban on short-selling in the United States and other countries in the wake of the financial crisis showed that it had only "little impact" on the movements of stocks, with stock prices moving in the same way as they would have moved anyhow, but the ban reduced volume and liquidity.

1495: 2672: 2469: 2347: 2223: 1842: 6267: 5944: 1483: 2897:, made clear in public statements and a letter to the FSA that he believed it ought to be extended. Between 19 and 21 September 2008, Australia temporarily banned short selling, and later placed an indefinite ban on naked short selling. Australia's ban on short selling was further extended for another 28 days on 21 October 2008. Also during September 2008, Germany, Ireland, 536:, by which the short seller assumes an obligation or right to sell an asset at a future date at a price stated in the contract. If the price of the asset falls below the contract price, the short seller can buy it at the lower market value and immediately sell it at the higher price specified in the contract. A short position can also be achieved through certain types of 2290:. If short shares continue to rise in price, and the holder does not have sufficient funds in the cash account to cover the position, the holder begins to borrow on margin for this purpose, thereby accruing margin interest charges. These are computed and charged just as for any other margin debit. Therefore, only margin accounts can be used to open a short position. 1916:

holds the securities for the institution. In an institutional stock loan, the borrower puts up cash collateral, typically 102% of the value of the stock. The cash collateral is then invested by the lender, who often rebates part of the interest to the borrower. The interest that is kept by the lender is the compensation to the lender for the stock loan.

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U.S. investors considering entering into a "short against the box" transaction should be aware of the tax consequences of this transaction. Unless certain conditions are met, the IRS deems a "short against the box" position to be a "constructive sale" of the long position, which is a taxable event.

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Another risk is that a given stock may become "hard to borrow". As defined by the SEC and based on lack of availability, a broker may charge a hard to borrow fee daily, without notice, for any day that the SEC declares a share is hard to borrow. Additionally, a broker may be required to cover a short

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The vast majority of stocks borrowed by U.S. brokers come from loans made by the leading custody banks and fund management companies (see list below). Institutions often lend out their shares to earn extra money on their investments. These institutional loans are usually arranged by the custodian who

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currencies. Assume that the current market rate is US$ 1 to Rs. 50 and the trader borrows Rs. 100. With this, he buys US$ 2. If the next day, the conversion rate becomes US$ 1 to Rs. 51, then the trader sells his US$ 2 and gets Rs. 102. He returns Rs. 100 and keeps the Rs. 2 profit (minus fees).

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relates the number of shares in a given equity that have been legally shorted divided by the total shares outstanding for the company, usually expressed as a percent. For example, if there are ten million shares of XYZ Inc. that are currently legally short-sold, and the total number of shares issued

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sold short as a multiple of the average daily volume. These can be useful tools to spot trends in stock price movements but for them to be reliable, investors must also ascertain the number of shares brought into existence by naked shorters. Speculators are cautioned to remember that for every share

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Brokerage firms can also borrow stocks from the accounts of their own customers. Typical margin account agreements give brokerage firms the right to borrow customer shares without notifying the customer. In general, brokerage accounts are only allowed to lend shares from accounts for which customers

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is the practice of short-selling a tradable asset without first borrowing the security or ensuring that the security can be borrowed – it was this practice that was commonly restricted. Investors argued that it was the weakness of financial institutions, not short-selling, that drove stocks to fall.

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Short sellers tend to temper overvaluation by selling into exuberance. Likewise, short sellers are said to provide price support by buying when negative sentiment is exacerbated after a significant price decline. Short selling can have negative implications if it causes a premature or unjustified

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In September 2008, the Securities Exchange Commission in the United States abruptly banned short sales, primarily in financial stocks, to protect companies under siege in the stock market. That ban expired several weeks later as regulators determined the ban was not stabilizing the price of stocks.

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or VOC in Dutch). Short selling can exert downward pressure on the underlying stock, driving down the price of shares of that security. This, combined with the seemingly complex and hard-to-follow tactics of the practice, has made short selling a historical target for criticism. At various times in

1650:. These contracts are typically cash-settled, meaning that no buying or selling of the asset in question is actually involved in the contract, although typically one side of the contract will be a broker that will effect a back-to-back sale of the asset in question in order to hedge their position. 1547:

and sell it, expecting that it will be cheaper to repurchase in the future. When the seller decides that the time is right (or when the lender recalls the securities), the seller buys the same number of equivalent securities and returns them to the lender. The act of buying back the securities that

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The Securities and Exchange Commission initiated a temporary ban on short selling of 799 financial stocks from 19 September 2008 until 2 October 2008. Greater penalties for naked shorting, by mandating delivery of stocks at clearing time, were also introduced. Some state governors have been urging

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stock reached an annualized 55%, indicating that a short seller would need to pay the lender more than half the price of the stock over the course of the year, essentially as interest for borrowing a stock in limited supply. This has important implications for derivatives pricing and strategy, for

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banned naked short selling of leading financial stocks. By contrast with the approach taken by other countries, Chinese regulators responded by allowing short selling, along with a package of other market reforms. Short selling was completely allowed on 31 March 2010, limited to " for large blue

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was used to store (long) shares. The purpose of this technique is to lock in paper profits on the long position without having to sell that position (and possibly incur taxes if said position has appreciated). Once the short position has been entered, it serves to balance the long position taken

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is constantly trading bonds when clients want to buy or sell. This can create substantial bond positions. The largest risk is that interest rates overall move. The trader can hedge this risk by selling government bonds short against his long positions in corporate bonds. In this way, the risk

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with their stockbroker after selling a stock short—an order to the brokerage to cover the position if the price of the stock should rise to a certain level. This is to limit the loss and avoid the problem of unlimited liability described above. In some cases, if the stock's price skyrockets, the

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A similar issue comes up with the voting rights attached to the shorted shares. Unlike a dividend, voting rights cannot legally be synthesized and so the buyer of the shorted share, as the holder of record, controls the voting rights. The owner of a margin account from which the shares were lent

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is the fee paid to a securities lender for borrowing the stock or other security. The cost of borrowing the stock is usually negligible compared to fees paid and interest accrued on the margin account – in 2002, 91% of stocks could be shorted for less than a 1% fee per annum, generally lower than

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short-sold and the number of days of typical trading that it would require to 'cover' all legal short positions outstanding. For example, if there are ten million shares of XYZ Inc. that are currently legally short-sold and the average daily volume of XYZ shares traded each day is one million, it

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are not, as there is no limit, in theory, on how high the price can go. On the other hand, the short seller's possible gains are limited to the original price of the stock, which can only go down to zero, whereas the loss potential, again in theory, has no limit. For this reason, short selling

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A naked short sale occurs when a security is sold short without borrowing the security within a set time (for example, three days in the US.) This means that the buyer of such a short is buying the short-seller's promise to deliver a share, rather than buying the share itself. The short-seller's

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sold short, but not covered. A short squeeze can be deliberately induced. This can happen when large investors (such as companies or wealthy individuals) notice significant short positions, and buy many shares, with the intent of selling the position at a profit to the short sellers, who may be

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Transactions in financial derivatives such as options and futures have the same name but have different overlaps, one notable overlap is having an equal "negative" amount in the position. However, the practice of a short position in derivatives is completely different. Derivatives are contracts

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and is unlikely to be aware that these particular shares are being lent out for shorting, also expects to receive a dividend. The short seller therefore pays the lender an amount equal to the dividend to compensate—though technically, as this payment does not come from the company, it is not a

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An investor can also purchase a put option, giving that investor the right (but not the obligation) to sell the underlying asset (such as shares of stock) at a fixed price. In the event of a market decline, the option holder may exercise these put options, obliging the counterparty to buy the

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For some brokers, the short seller may not earn interest on the proceeds of the short sale or use it to reduce outstanding margin debt. These brokers may not pass this benefit on to the retail client unless the client is very large. The interest is often split with the lender of the security.

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and other European countries in 2008 to minimal effect. Australia moved to ban naked short selling entirely in September 2008. Germany placed a ban on naked short selling of certain euro zone securities in 2010. Spain, Portugal and Italy introduced short selling bans in 2011 and again in 2012.

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that froze the values of shorted stocks at artificially high values. Reportedly in some instances, brokers charged short sellers excessively large amounts of interest based on these high values as the shorts were forced to continue their borrowings at least until the halts were lifted.

1560:. A short position can be covered at any time before the securities are due to be returned. Once the position is covered, the short seller is not affected by subsequent rises or falls in the price of the securities, for it already holds the securities that it will return to the lender. 2809:

These conditions include a requirement that the short position be closed out within 30 days of the end of the year and that the investor must hold their long position, without entering into any hedging strategies, for a minimum of 60 days after the short position has been closed.

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earlier. Thus, from that point in time, the profit is locked in (less brokerage fees and short financing costs), regardless of further fluctuations in the underlying share price. For example, one can ensure a profit in this way, while delaying sale until the subsequent tax year.

2834:) that a short sale could only be made when the price of a particular stock was higher than the previous trade price. The uptick rule aimed to prevent short sales from causing or exacerbating market price declines. In January 2005, The Securities and Exchange Commission enacted 2942:

have said that short sellers help the market. Klarman argued that short sellers are a useful counterweight to the widespread bullishness on Wall Street, while Buffett believes that short sellers are useful in uncovering fraudulent accounting and other problems at companies.

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and SunGard Financial Systems) believe that stock lending data provides a good proxy for short interest levels (excluding any naked short interest). SunGard provides daily data on short interest by tracking the proxy variables based on borrowing and lending data it collects.

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interest rates earned on the margin account. However, certain stocks become "hard to borrow" as stockholders willing to lend their stock become more difficult to locate. The cost of borrowing these stocks can become significant – in February 2001, the cost to borrow (short)

1763:, shorting a start-up company could backfire since it could be taken over at a price higher than the price at which speculators shorted; short-sellers were forced to cover their positions at acquisition prices, while in many cases the firm often overpaid for the start-up. 2570:

Short selling is sometimes referred to as a "negative income investment strategy" because there is no potential for dividend income or interest income. Stock is held only long enough to be sold pursuant to the contract, and one's return is therefore limited to short term

1638:"Shorting" or "going short" (and sometimes also "short selling") also refer more broadly to any transaction used by an investor to profit from the decline in price of a borrowed asset or financial instrument. Derivatives contracts that can be used in this way include 2432:

Selling short on the currency markets is different from selling short on the stock markets. Currencies are traded in pairs, each currency being priced in terms of another. In this way, selling short on the currency markets is identical to going long on stocks.

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that has been shorted (owned by a new owner), a 'shadow owner' exists (i.e., the original owner) who also is part of the universe of owners of that stock, i.e., despite having no voting rights, he has not relinquished his interest and some rights in that stock.

2209:, intended to prevent speculators from selling some stocks short before doing a locate. More stringent rules were put in place in September 2008, ostensibly to prevent the practice from exacerbating market declines. These rules were made permanent in 2009. 1678:

collapsed in June 1772, precipitating a major crisis that included the collapse of almost every private bank in Scotland, and a liquidity crisis in the two major banking centres of the world, London and Amsterdam. The bank had been speculating by shorting

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by the company is one hundred million, the Short Interest is 10% (10 million / 100 million). If, however, shares are being created through naked short selling, "fails" data must be accessed to assess accurately the true level of short interest.

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Lobanova O, Hamid S. S. and Prakash A. J. (2010) "The impact of short-sale restrictions on volatility, liquidity, and market efficiency: the evidence from the short-sale ban in the u.s." Technical report, Florida International University – Department of

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When a security is sold, the seller is contractually obliged to deliver it to the buyer. If a seller sells a security short without owning it first, the seller must borrow the security from a third party to fulfill its obligation. Otherwise, the seller

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One variant of selling short involves a long position. "Selling short against the box" consists of holding a long position on which the shares have already risen, whereupon one then enters a short sell order for an equal number of shares. The term

1725:. Regulations governing short selling were implemented in the United States in 1929 and in 1940. Political fallout from the 1929 crash led Congress to enact a law banning short sellers from selling shares during a downtick; this was known as the 2930:

mechanism. Financial researchers at Duke University said in a study that short interest is an indicator of poor future stock performance (the self-fulfilling aspect) and that short sellers exploit market mistakes about firms' fundamentals.

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to its broker as collateral to ensure that any such liabilities can be met, and to post additional margin if losses begin to accrue. For analogous reasons, short positions in derivatives also usually involve the posting of margin with the

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shorted shares) is available in a number of countries, including the US, the UK, Hong Kong, and Spain. The number of stocks being shorted on a global basis has increased in recent years for various structural reasons (e.g., the growth of

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Because short sellers must eventually deliver the shorted securities to their broker, and need money to buy them, there is a credit risk for the broker. The penalties for failure to deliver on a short selling contract inspired financier

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on North American equity markets brought a related risk to light for the short seller. The efforts of research-oriented short sellers to expose these frauds eventually prompted NASDAQ, NYSE and other exchanges to impose sudden, lengthy

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Short seller keeps as its profit the $ 200 difference between the price at which the short seller sold the borrowed shares and the lower price at which the short seller purchased the equivalent shares (minus borrowing fees paid to the

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When the exchange rate has changed, the trader buys the first currency again; this time he gets more of it, and pays back the loan. Since he got more money than he had borrowed initially, he makes money. The reverse can also occur.

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Marsh I and Niemer N (2008) "The impact of short sales restrictions". Technical report, commissioned and funded by the International Securities Lending Association (ISLA) the Alternative Investment Management Association (AIMA) and

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Short seller incurs as a loss the $ 1,500 difference between the price at which they sold the borrowed shares and the higher price at which the short seller had to purchase the equivalent shares (plus any borrowing

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Research indicates that banning short selling is ineffective and has negative effects on markets. Nevertheless, short selling is subject to criticism and periodically faces hostility from society and policymakers.

1819:, shorting was severely restricted or temporarily banned, with European market watchdogs tightening the rules on short selling "in an effort to stem the historic losses arising from the coronavirus pandemic". 1998:. The lender receives a fee for this service. Similarly, retail investors can sometimes make an extra fee when their broker wants to borrow their securities. This is only possible when the investor has full 544:. This is an agreements between two parties to pay each other the difference if the price of an asset rises or falls, under which the party that will benefit if the price falls will have a short position. 4841:

Beber A. and Pagano M. (2009) "Short-selling bans around the world: Evidence from the 2007–09 crisis". CSEF Working Papers 241, Centre for Studies in Economics and Finance (CSEF), University of Naples,

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securities by requiring a broker possess or have arranged to possess borrowed shares. The close out component requires that a broker be able to deliver the shares that are to be shorted. In the US,

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created instability in the stock market and placed additional downward pressure on prices. In response, a number of countries introduced restrictive regulations on short-selling in 2008 and 2009.

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If the short position begins to move against the holder of the short position (i.e., the price of the security begins to rise), money is removed from the holder's cash balance and moved to their

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Worldwide, economic regulators seem inclined to restrict short selling to decrease potential downward price cascades. Investors continue to argue this only contributes to market inefficiency.

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When a broker facilitates the delivery of a client's short sale, the client is charged a fee for this service, usually a standard commission similar to that of purchasing a similar security.

3839: 3745: 2849:(IPOs) cannot be sold short for a month after they start trading. This mechanism is in place to ensure a degree of price stability during a company's initial trading period. However, some 4310: 2309:

Where shares have been shorted and the company that issues the shares distributes a dividend, the question arises as to who receives the dividend. The new buyer of the shares, who is the

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investors or speculators hope to profit from a rise in the price of an instrument that appears undervalued. Alternatively, traders or fund managers may use offsetting short positions to

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was in use from at least the mid-nineteenth century. It is commonly understood that the word "short" (i.e. 'lacking') is used because the short seller is in a deficit position with his

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Short seller returns the shares to the lender, who must accept the return of the same number of shares as was lent despite the fact that the market value of the shares has decreased.

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Novice traders or stock traders can be confused by the failure to recognize and understand this point: a contract is always long in terms of one medium and short another.

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A farmer who has just planted their wheat wants to lock in the price at which they can sell after the harvest. The farmer would take a short position in wheat futures.

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stockbroker may decide to cover the short seller's position immediately and without his consent to guarantee that the short seller can make good on his debt of shares.

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and immediately sells them. The short seller then expects the price to decrease, after which the seller can profit by purchasing the shares to return to the lender.

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seller's position at any time ("buy in"). The short seller receives a warning from the broker that he is "failing to deliver" stock, which leads to the buy-in.

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To sell stocks short in the U.S., the seller must arrange for a broker-dealer to confirm that it can deliver the shorted securities. This is referred to as a

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Negative news, such as litigation against a company, may also entice professional traders to sell the stock short in hope of the stock price going down.

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As noted earlier, victims of naked shorting sometimes report that the number of votes cast is greater than the number of shares issued by the company.

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to warn: "He who sells what isn't his'n, Must buy it back or go to pris'n." To manage its own risk, the broker requires the short seller to keep a

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Several studies of the effectiveness of short selling bans indicate that short selling bans do not contribute to more moderate market dynamics.

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to target abusive naked short selling. Regulation SHO was the SEC's first update to short selling restrictions since the uptick rule in 1938.

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the power to regulate short sales. The first official restriction on short selling came in 1938, when the SEC adopted a rule (known as the

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A short seller may be trying to benefit from market inefficiencies arising from the mispricing of certain products. Examples of this are

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and was in effect until 3 July 2007, when it was removed by the Securities and Exchange Commission (SEC Release No. 34-55970). President

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underlying asset at the agreed upon (or "strike") price, which would then be higher than the current quoted spot price of the asset.

6306: 4642: 3997: 3494: 3329:"The Panic Effect: Possible Unintended Consequences of the Temporary Bans on Short Selling Enacted During the 2008 Financial Crisis" 2719: 2552: 2394: 2270: 1927:

Most brokers allow retail customers to borrow shares to short a stock only if one of their own customers has purchased the stock on

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Because a short seller can incur a liability to the lender if the price rises, and because a short sale is normally done through a

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Because the price of a share is theoretically unlimited, the potential losses of a short-seller are also theoretically unlimited.

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or options; the preceding method is used to bet on the spot price, which is more directly analogous to selling a stock short.

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between two parties, a buyer and seller. Each trade results in a "long" (buyer's position) and a "short" (seller's position).

4347: 4252: 3064: 2697: 2490: 2372: 2248: 1863: 835: 745: 353: 348: 4296: 2914:." However, in 2015, short selling was effectively banned due to legislative restrictions on borrowing stocks following the 2533: 1912:. Brokers have a variety of means to borrow stocks to facilitate locates and make good on delivery of the shorted security. 3989:

The Theory and Practice of Short Selling, Chapter 9, Conclusions and Implications for Investors by Frank J. Fabozzi, editor

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and holds the shares outright, receives the dividend from the company. However, the lender, who may hold its shares in a

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When the holder of the underlying stock receives a dividend, the holder of the hypothecated share would receive an equal

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profile from selling short. Furthermore, a "long's" losses are limited because the price can only go down to zero, but

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passes, the dividend is deducted from the shortholder's account and paid to the person from whom the stock is borrowed.

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Hedging often represents a means of minimizing the risk from a more complex set of transactions. Examples of this are:

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The regulation contains two key components: the "locate" and the "close-out". The locate component attempts to reduce

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stock on a massive scale, and apparently using customer deposits to cover losses. In another well-referenced example,

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would require ten days of average trading for all legal short positions to be covered (10 million / 1 million).

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founded a fund (that was unregulated) that bought stocks while selling other stocks short, hence hedging some of the

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Don't Blame the Shorts: Why Short Sellers Are Always Blamed for Market Crashes and Why History Is Repeating Itself

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A short seller borrows from a lender 100 shares of ACME Inc., and immediately sells them for a total of $ 1,000.

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Short seller returns the shares to the lender, who accepts the return of the same number of shares as was lent.

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suggest Cramer exaggerated the costs of short selling and underestimated the benefits, which may include the

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Short seller is required to return the shares, and is compelled to buy 100 shares of ACME Inc. for $ 2,500.

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member firms to report data on the 15th of each month, and then publishes a compilation eight days later.

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type strategies, short or bear ETFs). The data is typically delayed; for example, the NASDAQ requires its

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has expressed concern about short selling and started a petition calling for the reintroduction of the

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panicked by the initial uptick or who are forced to cover their short positions to avoid margin calls.

6250: 6101: 6013: 5849: 5831: 5749: 5720: 5640: 5405: 5389: 5352: 5234: 5177: 5145: 4311:"Australian Securities and Investments Commission – 08-210 ASIC extends ban on covered short selling" 3806: 3049: 2911: 1979: 1951: 1742: 1385: 1302: 1006: 931: 865: 817: 660: 560:. Any failure to post margin promptly would prompt the broker or counterparty to close the position. 381: 278: 87: 2759:

so that they are not exposed to risk from price movements in the stocks that underlie their options.

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typically report the "short interest" of a stock, which gives the number of shares that have been

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The Hedge Fund Handbook: A Definitive Guide for Analyzing and Evaluating Alternative Investments

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The Hedge Fund Handbook: A Definitive Guide for Analyzing and Evaluating Alternative Investments

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An example of this is as follows: Let us say a trader wants to trade with the US dollar and the

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http://scholarlycommons.law.northwestern.edu/cgi/viewcontent.cgi?article=1704&context=njilb

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The process relies on the fact that the securities (or the other assets being sold short) are

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agreed in advance to relinquish voting rights to shares during the period of any short sale.

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may sell short hoping to realize a profit on an instrument that appears overvalued, just as

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SunGard Launches Borrow Indices; First Proxy for Measuring Short Interest on a Daily Basis

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Practice of selling securities or other financial instruments that are not currently owned

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received widespread publicity when he was an early critic of the accounting practices of

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share price collapse when the fear of cancellation due to bankruptcy becomes contagious.

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Naked shorting has been made illegal except where allowed under limited circumstances by

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The Complete Guide to Selling Stocks Short: Everything You Need to Know Explained Simply

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had a moratorium on short selling of 29 leading financial stocks, effective from 2300

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account, and charges interest of between 2% and 8% depending on the amounts involved.

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A short seller borrows 100 shares of ACME Inc., and sells them for a total of $ 1,000.

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There are a number of ways of achieving a short position. The most basic is physical

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Schematic representation of physical short selling in two steps. The short seller

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is the relationship between the number of shares in a given equity that has been

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https://www.newyorkfed.org/medialibrary/media/research/current_issues/ci18-5.pdf

2962: 2902: 2898: 2869:. Canada and other countries do allow selling IPOs (including U.S. IPOs) short. 2854: 2831: 2749: 2671: 2623: 2468: 2346: 2222: 1841: 1746: 1726: 1564: 907: 772: 717: 712: 655: 568: 548: 268: 137: 3742:"Short-selling bans sweep Europe in the hope of stemming stock market bleeding" 2926:

Advocates of short selling argue that the practice is an essential part of the

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firm, often lend out these securities to gain extra income, a process known as

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The practice of short selling was likely invented in 1609 by Dutch businessman

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https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr518.pdf

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Individual short sellers have been subject to criticism and even litigation.

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and Canada banned short selling of leading financial stocks, and France, the

6176: 5789: 5336: 5331: 5246: 5165: 4740:"B. Alpert "Even Short Sellers Burned by Chinese Shares" (Barrons 20110618)" 4598:"Do Short Sellers Convey Information About Changes in Fundamentals or Risk?" 3155: 2769: 1447: 1408: 1091: 880: 875: 472: 82: 4051: 3650:"Germany to Temporarily Ban Naked Short Selling, Some Swaps of Euro Bonds" 2197:

In the US, arranging to borrow a security before a short sale is called a

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feature of American call options on non-dividend paying stocks can become

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said he would investigate short sellers for their role in prolonging the

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To profit from a decrease in the price of a security, a short seller can

895: 755: 518: 514: 72: 4539: 5358: 4529:"Short Sale Constraints And Stock Returns by C.M Jones and O.A. Lamont" 4528: 4440: 3401: 3328: 2978: 2906: 1866: in this section. Unsourced material may be challenged and removed. 1800: 614: 460: 343: 3583:"A Debate as a Ban on Short-Selling Ends: Did It Make Any Difference?" 3344: 2889:

on 19 September 2008 until 16 January 2009. After the ban was lifted,

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Fubarnomics: A Lighthearted, Serious Look at America's Economic Ills

4879: 4765: 4656:"2006 Berkshire Hathaway Annual Meeting Q&A with Warren Buffett" 5024: 4852: 4026:"United States IRS Publication 550 Investment Income and Expenses" 3771: 2982: 2951: 1808: 986: 936: 468: 233: 92: 31: 3371:"Scripophily – PSTA – Professional Scripophily Trade Association" 1695:

of 1992, when he sold short more than $ 10 billion worth of

4142:"Division of Market Regulation: Key Points about Regulation SHO" 2576: 1935: 1780: 1312: 1279: 890: 830: 5745: 4954: 4425:"Short selling, margin buying and stock return in China market" 3429:"What Kinds of Restrictions Does the SEC Put on Short Selling?" 3112:

http://people.stern.nyu.edu/mbrenner/research/short_selling.pdf

5741: 4338:"Australian short selling ban goes further than other bourses" 2886: 2665: 2462: 2340: 2216: 1835: 1671:

history, governments have restricted or banned short selling.

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Subsequently, the price of the shares rises to $ 25 per share.

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Trading and Exchange: Market Microstructure for Practitioners

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Subsequently, the price of the shares falls to $ 8 per share.

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chip stocks with good earnings performance and little price

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certain risks that exist in a long position or a portfolio.

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of the asset falls. This is the opposite of the more common

4394:"UPDATE 2-China to launch stocks margin trade, short sales" 2861:) have used the lack of short selling during this month to 4484:"China stock exchanges step up crackdown on short-selling" 4197:

Security Analysis with Investment and Portfolio Management

517:) and reimburse the lender for any cash return (such as a 1795:

Temporary short-selling bans were also introduced in the

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Jones, Charles M.; Lamont, Owen A. (20 September 2001).

2002:

of the security, so it cannot be used as collateral for

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Short seller now buys 100 shares of ACME Inc. for $ 800.

4940:"Short-Selling Bans Dampen 130/30 Strategies Worldwide" 4223:"Short Sellers under Fire in U.S., U.K. After AIG Fall" 3681:"Spain, Portugal and Italy reinstate short-selling ban" 2451:

One may also take a short position in a currency using

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Shares in ACME Inc. currently trade at $ 10 per share.

4683:"Balance Sheet : The silly season isn't over yet" 4482:

Chatterjee, Nathaniel Taplin, Saikat (4 August 2015).

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Note: this section does not apply to currency markets.

1718:, began shorting stocks in the United States in 1822. 501:, by which the short seller borrows an asset (often a 3711:"The AMF announces a short selling ban for one month" 1950:. Alternatively, these can also be expressed as the 4423:

Li, Rui; Li, Nan; Li, Jiahui; Wu, Chongfeng (2018).

3487:"New York Magazine – The Creation of the Hedge Fund" 2778:

An arbitrageur who buys long futures contracts on a

1982:, and the seller may be subject to a claim from its 6205: 6139: 6047: 6001: 5992: 5951: 5918: 5873: 5840: 5788: 5779: 5492: 5367: 5266: 5186: 5094: 5061: 5022: 4988: 4173:. Atlantic Publishing Group Inc. pp. 178–179. 3397:"Short sellers have been the villain for 400 years" 2601:Short sellers must be aware of the potential for a 2493:. Unsourced material may be challenged and removed. 2322:dividend. The short seller is therefore said to be 475:in such a way that the investor will profit if the 4713:"Contrarian Investor Sees Economic Crash in China" 3624: 3273:An Introduction to Derivatives and Risk Management 2588:strategy to manage the risks of long investments. 3557:. South-Western College Publishing. p. 308. 1986:. Certain large holders of securities, such as a 4119:. Discovery Publishing House. pp. 122–123. 2070:the borrow cost itself can become a significant 565:public securities, futures, and currency markets 3679:Tracy Rucinski; Stephen Jewkes (23 July 2012). 3270:Don M. Chance; Robert Brooks (11 August 2009). 578:A short sale may have a variety of objectives. 551:, a short seller is typically required to post 524:A short position can also be created through a 4942:, Global Investment Technology, Sept. 29, 2008 4371:"Europe Spooked By Revenge of the Commodities" 3298:"'Naakt short gaan', een oud-Hollands kunstje" 5757: 4966: 3969:"Even Short-Sellers Burned by Chinese Shares" 2893:, chairman of the Treasury Select Committee, 2755:An options trader may short shares to remain 2074:for holding the stock (similar to additional 1519: 521:) that was paid on the asset while borrowed. 440: 8: 4901:(New York: McGraw-Hill Professional, 2009). 4512:: CS1 maint: multiple names: authors list ( 4057:. Securities and Exchange Commission. 1934. 6241:Alternative investment management companies 6218:Standards Board for Alternative Investments 4884:The Oxford Handbook of Financial Regulation 4081: 4079: 2700:. Unsourced material may be challenged and 2375:. Unsourced material may be challenged and 2251:. Unsourced material may be challenged and 2188:Depository Trust & Clearing Corporation 2090:, which otherwise would not be economical. 1894:A short seller typically borrows through a 1404:International Financial Reporting Standards 1369:Separation of investment and retail banking 6266: 6122:Taxation of private equity and hedge funds 5998: 5785: 5764: 5750: 5742: 4973: 4959: 4951: 3516: 3514: 3512: 2172:promise is known as a hypothecated share. 1608:Worked example of a loss-making short sale 1539:Physical shorting with borrowed securities 1526: 1512: 1397: 1330: 1168: 970: 637: 601: 447: 433: 43: 4886:(Oxford: Oxford University Press, 2015). 3610: 3608: 3546: 3544: 2720:Learn how and when to remove this message 2553:Learn how and when to remove this message 2395:Learn how and when to remove this message 2271:Learn how and when to remove this message 2132:(Amsterdam, Netherlands, formerly Fortis) 1882:Learn how and when to remove this message 1574:Worked example of a profitable short sale 4289:"ASX ban on short selling is indefinite" 3925:"Knowing the Rules of the Shorting Game" 3768:"Understanding Short Selling – A Primer" 3576: 3574: 3214:"Short Sale Constraints and Overpricing" 3865:"Lecture 13: Hard to Borrow Securities" 3249:. Oxford University Press. p. 41. 3086: 2203:U.S. Securities and Exchange Commission 1333: 1210: 1171: 1065: 1034: 973: 780: 730: 640: 613: 46: 4579: 4568: 4505: 3986:Fabozzi, Frank J. (17 November 2004). 3617:"Short-selling ban has minimal effect" 3179:: CS1 maint: archived copy as title ( 3172: 2014:Time delayed short interest data (for 563:Short selling is a common practice in 5822:fixed-income relative-value investing 4946:SEC Discussion of Naked Short Selling 4820:London Investment Banking Association 4610:from the original on 22 February 2012 4336:McDonald, Sarah (22 September 2008). 2633:In 2011, the eruption of the massive 2144:Corporation (New York, United States) 2126:(Amsterdam, Netherlands, now defunct) 1946:sold short as a percent of the total 7: 4255:from the original on 22 January 2009 4221:Tsang, Michael (19 September 2008). 4148:from the original on 3 February 2023 4064:from the original on 14 January 2012 4032:from the original on 26 October 2018 4006:from the original on 3 February 2023 3931:from the original on 3 February 2023 3721:from the original on 3 February 2023 3691:from the original on 3 February 2023 3660:from the original on 3 February 2023 3593:from the original on 3 February 2023 3497:from the original on 3 February 2023 3409:from the original on 3 February 2023 3377:from the original on 3 February 2023 3351:from the original on 3 February 2023 3333:Entrepreneurial Business Law Journal 3308:from the original on 3 February 2023 3276:. South-Western College. p. 6. 3224:from the original on 28 January 2021 2698:adding citations to reliable sources 2491:adding citations to reliable sources 2373:adding citations to reliable sources 2249:adding citations to reliable sources 1864:adding citations to reliable sources 339:Residential mortgage-backed security 4916:(Buffalo, N.Y.: Prometheus, 2010). 1687:became notorious for "breaking the 1634:Synthetic shorting with derivatives 334:Commercial mortgage-backed security 4787:Nelson, Brett (26 November 2001). 4245:"FSA clamps down on short-selling" 3748:from the original on 31 March 2020 3615:Oakley, David (18 December 2008). 3554:Financial Markets and Institutions 2828:Securities and Exchange Commission 1721:Short sellers were blamed for the 1443:Private equity and venture capital 1354:Bank for International Settlements 359:Collateralized mortgage obligation 25: 4052:"Securities Exchange Act of 1934" 3923:Arnold, Roger (14 January 2000). 3527:. McGraw-Hill. pp. 442–443. 3466:from the original on 15 July 2012 2782:, and sells short the underlying 2584:probably is most often used as a 2082:relationships are broken and the 2030:Some market data providers (like 1733:condemned short sellers and even 1668:Vereenigde Oostindische Compagnie 1582:Inc. currently trade at $ 10 per 1488:Business and Economics portal 6265: 6256: 6255: 6246: 6245: 6236: 6235: 5942: 5229:Electronic communication network 4654:Casterline, Rick (1 June 2006). 4557:from the original on 2 June 2018 4494:from the original on 27 May 2021 4463:from the original on 5 June 2021 4404:from the original on 5 June 2021 4369:Ram, Vidya (22 September 2008). 4295:. 3 October 2008. Archived from 3904:from the original on 10 May 2018 3877:from the original on 18 May 2013 3845:from the original on 3 June 2013 3833:"The market for borrowing stock" 3581:Harris, Larry (7 October 2008). 3327:Stanley, Christopher A. (2009). 2916:stock market crash the same year 2670: 2467: 2345: 2221: 1954:, which is the number of shares 1840: 1767:Naked short selling restrictions 1662:, a sizeable shareholder of the 1493: 1481: 1076:Base erosion and profit shifting 621: 54: 4935:Porsche VW Shortselling Scandal 4392:Shen, Samuel (5 October 2008). 4092:. McGraw-Hill. pp. 85–95. 3951:"margin account rates schedule" 3770:. Langasset.com. Archived from 3740:Smith, Elliot (17 March 2020). 3485:Lindgren, Hugo (9 April 2007). 3070:Special settlement (securities) 2824:Securities Exchange Act of 1934 2478:needs additional citations for 1851:needs additional citations for 3898:"Over-voting at Taser in 2005" 3648:Crawford, Alan (18 May 2010). 3065:Socially responsible investing 2010:Sources of short interest data 1741:. A few years later, in 1949, 836:Collateralised debt obligation 746:Bull (stock market speculator) 354:Collateralized fund obligation 349:Collateralized debt obligation 1: 5223:Multilateral trading facility 4738:Alpert, Bill (18 June 2011). 4681:Peterson, Jim (6 July 2002). 4313:. Asic.gov.au. Archived from 3794:About the Short Interest Page 3212:Lamont, Owen (1 March 2005). 3055:Sharia and securities trading 2857:(referred to colloquially as 2412:Futures and options contracts 1716:The Great Bear of Wall Street 1676:Neal, James, Fordyce and Down 1182:Final consumption expenditure 244:Initial public offering (IPO) 133:Over-the-counter market (OTC) 6096:security characteristic line 5646:Returns-based style analysis 5442:Post-modern portfolio theory 5348:Security characteristic line 4880:Regulating Trading Practices 4873:General and cited references 3020:Inverse exchange-traded fund 2883:Financial Services Authority 1934:Stock exchanges such as the 1674:The London banking house of 6084:Capital asset pricing model 5803:Capital structure arbitrage 5400:Efficient-market hypothesis 5304:Capital asset pricing model 5241:Straight-through processing 4764:. TheStreet. Archived from 4200:. Gyan Books. p. 233. 2877:Europe, Australia and China 2800:alludes to the days when a 2591:Many short sellers place a 2305:Dividends and voting rights 2108:(New Jersey, United States) 6323: 5886:Commodity trading advisors 5217:Alternative Trading System 4658:. Fool.com. Archived from 4167:Young, Matthew G. (2010). 4140:U.S. SEC (11 April 2005). 3454:"SEC Release No. 34-55970" 2767: 2659: 2164: 2088:rational to exercise early 1966: 1902:Shorting stock in the U.S. 1829: 1548:were sold short is called 1414:Professional certification 1012:Enterprise risk management 796:Offshore financial centres 279:Exchange-traded fund (ETF) 6231: 6223:Managed Funds Association 6167:High-net-worth individual 5940: 4293:The Sydney Morning Herald 4086:Lavinio, Stefano (1999). 3992:. John Wiley & Sons. 3896:Greg Land (15 May 2009). 3521:Lavinio, Stefano (1999). 2186:. It is detected by the 2138:(New York, United States) 2114:(New York, United States) 1978:the transaction does not 1723:Wall Street Crash of 1929 1359:Financial Stability Board 6307:Stock market terminology 6060:Arbitrage pricing theory 5281:Arbitrage pricing theory 4429:Accounting & Finance 4343:National Business Review 3117:14 February 2017 at the 3099:24 December 2016 at the 2934:Such noted investors as 2156:(London, United Kingdom) 2120:(Chicago, United States) 2100:State Street Corporation 1664:Dutch East India Company 1048:Mergers and acquisitions 329:Mortgage-backed security 6172:Institutional investors 6065:Assets under management 5890:managed futures account 5560:Initial public offering 5421:Modern portfolio theory 5316:Dividend discount model 5199:List of stock exchanges 2752:of the corporate bonds. 2179:from the short seller. 2142:Bank of New York Mellon 2102:(Boston, United States) 542:contract for difference 123:Foreign exchange market 6197:Sovereign wealth funds 5969:High-frequency trading 5818:Fixed income arbitrage 5448:Random walk hypothesis 4878:Fleckner, Andreas M. " 4858:3 January 2018 at the 4578:Cite journal requires 4194:Mahipal Singh (2011). 3809:discusses the product. 3199:18 August 2016 at the 3135:18 August 2016 at the 2967:Don't Blame the Shorts 2922:Views of short selling 850:certificate of deposit 166:Inflation-indexed bond 41: 6039:Structured securities 5855:Distressed securities 5827:Statistical arbitrage 5813:Equity market neutral 5808:Convertible arbitrage 5586:Market capitalization 5395:Dollar cost averaging 4381:on 22 September 2008. 4251:. 18 September 2008. 3551:Madura, Jeff (2009). 3405:. 26 September 2008. 3243:Larry Harris (2002). 2847:initial public offers 2768:Further information: 2660:Further information: 2150:(Zurich, Switzerland) 1992:investment management 1773:2008 financial crisis 1554:covering the position 801:Conduit and sink OFCs 324:Asset-backed security 35: 6302:Financial regulation 6157:Financial endowments 6102:Fundamental analysis 5850:Shareholder activism 5832:Volatility arbitrage 5406:Fundamental analysis 5390:Contrarian investing 5353:Security market line 5258:Liquidity aggregator 5235:Direct market access 5146:Quantitative analyst 4742:. Online.barrons.com 4350:on 27 September 2011 3373:. Encyberpedia.com. 3050:Repurchase agreement 2969:by Robert Sloan and 2784:US Treasury security 2780:US Treasury security 2694:improve this section 2502:"Short" finance 2487:improve this article 2369:improve this section 2245:improve this section 1952:short interest ratio 1860:improve this article 1743:Alfred Winslow Jones 1027:Financial statements 1007:Credit rating agency 932:Repurchase agreement 6271:List of hedge funds 6261:Hedge fund managers 6177:Insurance companies 6162:Fund of hedge funds 6070:Black–Scholes model 5984:Proprietary trading 5959:Algorithmic trading 5926:Fund of hedge funds 5651:Reverse stock split 5596:Market manipulation 5520:Dual-listed company 5380:Algorithmic trading 5310:Capital market line 5112:Inter-dealer broker 4540:10.2139/ssrn.281514 4113:S.K. Singh (2009). 3629:on 10 December 2022 2853:that specialize in 2205:(SEC) put in place 2167:Naked short selling 2161:Naked short selling 2044:Days to Cover (DTC) 2039:Short selling terms 1789:Naked short selling 1545:borrow the security 1463:Accounting scandals 1453:Stock market bubble 1173:Government spending 1130:Employment contract 1082:Corporate tax haven 841:Credit default swap 6127:Technical analysis 5691:Stock market index 5530:Efficient frontier 5469:Technical analysis 5427:Momentum investing 5249:(private exchange) 5139:Proprietary trader 5081:Shares outstanding 5071:Authorised capital 4912:Wright, Robert E. 4719:on 12 January 2010 4687:The New York Times 4441:10.1111/acfi.12229 4299:on 5 October 2008. 3587:The New York Times 2981:identification of 2843:failure to deliver 2635:China stock frauds 2324:short the dividend 2293:When a security's 2192:failure to deliver 2190:(in the US) as a " 2078:) – for instance, 1996:securities lending 1969:Securities lending 1963:Securities lending 1832:Securities lending 1681:East India Company 1550:covering the short 1458:Stock market crash 1308:Investment banking 1298:Fractional-reserve 1263:Warrant of payment 1212:Government revenue 1135:Financial planning 1053:Structured finance 364:Credit-linked note 307:Structured finance 161:Floating rate note 42: 6297:Financial markets 6279: 6278: 6135: 6134: 5938: 5937: 5905:Long/short equity 5881:Convergence trade 5865:Special situation 5739: 5738: 5540:Flight-to-quality 5292:Buffett indicator 4982:Financial markets 4922:978-1-61614-191-2 4907:978-0-07-163686-5 4892:978-0-19-968720-6 4799:on 10 August 2009 4277:. 2 October 2008. 3774:on 19 August 2011 3040:Manuel P. Asensio 2993:Manuel P. Asensio 2730: 2729: 2722: 2563: 2562: 2555: 2537: 2418:futures contracts 2405: 2404: 2397: 2281: 2280: 2273: 2072:convenience yield 1976:fails to deliver, 1892: 1891: 1884: 1817:COVID-19 pandemic 1536: 1535: 1426: 1425: 1376: 1375: 1364:Deposit insurance 1270: 1269: 1104: 1103: 1002:Corporate finance 997:Capital structure 992:Capital budgeting 927:Performance bonds 808: 807: 791:Financial centres 751:Financial planner 651:Asset (economics) 457: 456: 414:Credit derivative 227:Equities (stocks) 16:(Redirected from 6314: 6269: 6268: 6259: 6258: 6249: 6248: 6239: 6238: 6182:Investment banks 6029:Foreign exchange 5999: 5946: 5786: 5766: 5759: 5752: 5743: 5656:Share repurchase 5368:Trading theories 5253:Crossing network 5211:Over-the-counter 5048:Restricted stock 5004:Secondary market 4975: 4968: 4961: 4952: 4866: 4849: 4843: 4839: 4833: 4829: 4823: 4815: 4809: 4808: 4806: 4804: 4795:. Archived from 4784: 4778: 4777: 4775: 4773: 4768:on 15 March 2012 4758: 4752: 4751: 4749: 4747: 4735: 4729: 4728: 4726: 4724: 4715:. Archived from 4709: 4703: 4702: 4700: 4698: 4689:. Archived from 4678: 4672: 4671: 4669: 4667: 4651: 4645: 4630:Margin of safety 4626: 4620: 4619: 4617: 4615: 4609: 4602: 4594: 4588: 4587: 4581: 4576: 4574: 4566: 4564: 4562: 4556: 4533: 4524: 4518: 4517: 4511: 4503: 4501: 4499: 4479: 4473: 4472: 4470: 4468: 4420: 4414: 4413: 4411: 4409: 4389: 4383: 4382: 4377:. Archived from 4366: 4360: 4359: 4357: 4355: 4346:. Archived from 4333: 4327: 4326: 4324: 4322: 4317:on 20 March 2012 4307: 4301: 4300: 4285: 4279: 4278: 4275:"The Australian" 4271: 4265: 4264: 4262: 4260: 4241: 4235: 4234: 4232: 4230: 4218: 4212: 4211: 4191: 4185: 4184: 4164: 4158: 4157: 4155: 4153: 4137: 4131: 4130: 4116:Bank Regulations 4110: 4104: 4103: 4083: 4074: 4073: 4071: 4069: 4063: 4056: 4048: 4042: 4041: 4039: 4037: 4022: 4016: 4015: 4013: 4011: 3983: 3977: 3976: 3965: 3959: 3958: 3947: 3941: 3940: 3938: 3936: 3920: 3914: 3913: 3911: 3909: 3893: 3887: 3886: 3884: 3882: 3876: 3869: 3861: 3855: 3854: 3852: 3850: 3844: 3837: 3829: 3823: 3822:. Business Wire. 3816: 3810: 3803: 3797: 3790: 3784: 3783: 3781: 3779: 3764: 3758: 3757: 3755: 3753: 3737: 3731: 3730: 3728: 3726: 3707: 3701: 3700: 3698: 3696: 3676: 3670: 3669: 3667: 3665: 3645: 3639: 3638: 3636: 3634: 3628: 3623:. Archived from 3612: 3603: 3602: 3600: 3598: 3578: 3569: 3568: 3548: 3539: 3538: 3518: 3507: 3506: 3504: 3502: 3482: 3476: 3475: 3473: 3471: 3465: 3458: 3450: 3444: 3443: 3441: 3439: 3425: 3419: 3418: 3416: 3414: 3393: 3387: 3386: 3384: 3382: 3367: 3361: 3360: 3358: 3356: 3324: 3318: 3317: 3315: 3313: 3304:. 25 July 2008. 3294: 3288: 3287: 3267: 3261: 3260: 3240: 3234: 3233: 3231: 3229: 3209: 3203: 3191: 3185: 3184: 3178: 3170: 3168: 3166: 3160: 3154:. Archived from 3153: 3145: 3139: 3127: 3121: 3109: 3103: 3091: 3035:Magnetar Capital 2975:Robert E. Wright 2895:House of Commons 2802:safe deposit box 2748:that remains is 2725: 2718: 2714: 2711: 2705: 2674: 2666: 2558: 2551: 2547: 2544: 2538: 2536: 2495: 2471: 2463: 2400: 2393: 2389: 2386: 2380: 2349: 2341: 2311:holder of record 2295:ex-dividend date 2276: 2269: 2265: 2262: 2256: 2225: 2217: 1887: 1880: 1876: 1873: 1867: 1844: 1836: 1528: 1521: 1514: 1500:Money portal 1498: 1497: 1496: 1486: 1485: 1436:Economic history 1398: 1331: 1229:Deficit spending 1203:Transfer payment 1169: 1097:Transfer pricing 1043:Leveraged buyout 1017:Enterprise value 971: 886:Letter of credit 871:Futures contract 704: 702:Over-the-counter 691:Foreign exchange 638: 625: 602: 530:forward contract 526:futures contract 515:interest payment 449: 442: 435: 262:Investment funds 181:Commercial paper 176:Zero-coupon bond 128:Futures exchange 118:Commodity market 58: 44: 21: 6322: 6321: 6317: 6316: 6315: 6313: 6312: 6311: 6282: 6281: 6280: 6275: 6227: 6213:Fund governance 6201: 6131: 6055:Absolute return 6043: 5994: 5988: 5979:Program trading 5974:Prime brokerage 5947: 5934: 5914: 5910:Trend following 5895:Dedicated short 5869: 5836: 5793: 5781: 5775: 5770: 5740: 5735: 5726:Voting interest 5636:Public offering 5571:Mandatory offer 5545:Government bond 5525:DuPont analysis 5488: 5484:Value investing 5479:Value averaging 5474:Trend following 5459:Style investing 5454:Sector rotation 5369: 5363: 5342:Net asset value 5268:Stock valuation 5262: 5182: 5090: 5057: 5043:Preferred stock 5018: 4984: 4979: 4931: 4897:Sloan, Robert. 4875: 4870: 4869: 4860:Wayback Machine 4851:Kerbl S (2010) 4850: 4846: 4840: 4836: 4830: 4826: 4816: 4812: 4802: 4800: 4786: 4785: 4781: 4771: 4769: 4760: 4759: 4755: 4745: 4743: 4737: 4736: 4732: 4722: 4720: 4711: 4710: 4706: 4696: 4694: 4680: 4679: 4675: 4665: 4663: 4662:on 13 June 2006 4653: 4652: 4648: 4627: 4623: 4613: 4611: 4607: 4600: 4596: 4595: 4591: 4577: 4567: 4560: 4558: 4554: 4531: 4526: 4525: 4521: 4504: 4497: 4495: 4481: 4480: 4476: 4466: 4464: 4422: 4421: 4417: 4407: 4405: 4391: 4390: 4386: 4368: 4367: 4363: 4353: 4351: 4335: 4334: 4330: 4320: 4318: 4309: 4308: 4304: 4287: 4286: 4282: 4273: 4272: 4268: 4258: 4256: 4243: 4242: 4238: 4228: 4226: 4225:. Bloomberg L.P 4220: 4219: 4215: 4208: 4193: 4192: 4188: 4181: 4166: 4165: 4161: 4151: 4149: 4139: 4138: 4134: 4127: 4112: 4111: 4107: 4100: 4085: 4084: 4077: 4067: 4065: 4061: 4054: 4050: 4049: 4045: 4035: 4033: 4024: 4023: 4019: 4009: 4007: 4000: 3985: 3984: 3980: 3975:. 18 June 2011. 3967: 3966: 3962: 3957:. 18 June 2011. 3949: 3948: 3944: 3934: 3932: 3922: 3921: 3917: 3907: 3905: 3895: 3894: 3890: 3880: 3878: 3874: 3867: 3863: 3862: 3858: 3848: 3846: 3842: 3835: 3831: 3830: 3826: 3817: 3813: 3804: 3800: 3791: 3787: 3777: 3775: 3766: 3765: 3761: 3751: 3749: 3739: 3738: 3734: 3724: 3722: 3709: 3708: 3704: 3694: 3692: 3678: 3677: 3673: 3663: 3661: 3647: 3646: 3642: 3632: 3630: 3621:Financial Times 3614: 3613: 3606: 3596: 3594: 3580: 3579: 3572: 3565: 3550: 3549: 3542: 3535: 3520: 3519: 3510: 3500: 3498: 3484: 3483: 3479: 3469: 3467: 3463: 3456: 3452: 3451: 3447: 3437: 3435: 3427: 3426: 3422: 3412: 3410: 3395: 3394: 3390: 3380: 3378: 3369: 3368: 3364: 3354: 3352: 3326: 3325: 3321: 3311: 3309: 3302:NRC Handelsblad 3296: 3295: 3291: 3284: 3269: 3268: 3264: 3257: 3242: 3241: 3237: 3227: 3225: 3211: 3210: 3206: 3201:Wayback Machine 3192: 3188: 3171: 3164: 3162: 3161:on 22 July 2012 3158: 3151: 3149:"Archived copy" 3147: 3146: 3142: 3137:Wayback Machine 3128: 3124: 3119:Wayback Machine 3110: 3106: 3101:Wayback Machine 3092: 3088: 3083: 3008:Anthony Elgindy 3004: 2928:price discovery 2924: 2881:In the UK, the 2879: 2851:brokerage firms 2820: 2815: 2793: 2791:Against the box 2772: 2766: 2745:corporate bonds 2726: 2715: 2709: 2706: 2691: 2675: 2664: 2662:Hedge (finance) 2658: 2653: 2559: 2548: 2542: 2539: 2496: 2494: 2484: 2472: 2461: 2430: 2414: 2401: 2390: 2384: 2381: 2366: 2350: 2339: 2307: 2277: 2266: 2260: 2257: 2242: 2226: 2215: 2169: 2163: 2112:JP Morgan Chase 2096: 2080:put–call parity 2041: 2012: 1971: 1965: 1904: 1888: 1877: 1871: 1868: 1857: 1845: 1834: 1828: 1777:Lehman Brothers 1769: 1735:J. Edgar Hoover 1708:brokerage house 1697:pounds sterling 1693:Black Wednesday 1689:Bank of England 1656: 1636: 1610: 1576: 1541: 1532: 1494: 1492: 1480: 1468: 1467: 1438: 1428: 1427: 1419:Fund governance 1395: 1378: 1377: 1344:Banking license 1335:Bank regulation 1322: 1293:Deposit account 1282: 1272: 1271: 1258:Non-tax revenue 1254: 1233: 1199: 1166: 1156: 1155: 1152: 1116: 1106: 1105: 1058:Venture capital 1022:Risk management 968: 958: 957: 956: 947:Syndicated loan 923: 820: 810: 809: 700: 635: 600: 571:and reasonably 534:option contract 453: 424: 423: 419:Hybrid security 384: 374: 373: 319:Agency security 309: 299: 298: 294:Segregated fund 274:Closed-end fund 264: 254: 253: 229: 219: 218: 204:Government bond 194: 193:Bonds by issuer 186: 185: 156:Fixed rate bond 151: 150:Bonds by coupon 143: 142: 108: 98: 97: 68: 28: 23: 22: 18:Cover (finance) 15: 12: 11: 5: 6320: 6318: 6310: 6309: 6304: 6299: 6294: 6284: 6283: 6277: 6276: 6274: 6273: 6263: 6253: 6243: 6232: 6229: 6228: 6226: 6225: 6220: 6215: 6209: 6207: 6203: 6202: 6200: 6199: 6194: 6189: 6187:Merchant banks 6184: 6179: 6174: 6169: 6164: 6159: 6154: 6152:Family offices 6149: 6143: 6141: 6137: 6136: 6133: 6132: 6130: 6129: 6124: 6119: 6114: 6112:Securitization 6109: 6104: 6099: 6081: 6067: 6062: 6057: 6051: 6049: 6045: 6044: 6042: 6041: 6036: 6031: 6026: 6021: 6016: 6011: 6005: 6003: 5996: 5990: 5989: 5987: 5986: 5981: 5976: 5971: 5966: 5961: 5955: 5953: 5949: 5948: 5941: 5939: 5936: 5935: 5933: 5932: 5922: 5920: 5916: 5915: 5913: 5912: 5907: 5902: 5897: 5892: 5883: 5877: 5875: 5871: 5870: 5868: 5867: 5862: 5860:Risk arbitrage 5857: 5852: 5846: 5844: 5838: 5837: 5835: 5834: 5829: 5824: 5815: 5810: 5805: 5799: 5797: 5795:relative value 5783: 5777: 5776: 5771: 5769: 5768: 5761: 5754: 5746: 5737: 5736: 5734: 5733: 5728: 5723: 5718: 5713: 5708: 5703: 5698: 5693: 5688: 5686:Stock exchange 5683: 5681:Stock dilution 5678: 5673: 5668: 5663: 5658: 5653: 5648: 5643: 5638: 5633: 5628: 5623: 5618: 5613: 5608: 5606:Mean reversion 5603: 5598: 5593: 5588: 5583: 5581:Market anomaly 5578: 5573: 5568: 5563: 5557: 5552: 5547: 5542: 5537: 5532: 5527: 5522: 5517: 5512: 5507: 5502: 5500:Bid–ask spread 5496: 5494: 5490: 5489: 5487: 5486: 5481: 5476: 5471: 5466: 5461: 5456: 5451: 5445: 5439: 5434: 5429: 5424: 5418: 5413: 5408: 5403: 5397: 5392: 5387: 5382: 5376: 5374: 5365: 5364: 5362: 5361: 5356: 5350: 5345: 5339: 5334: 5329: 5327:Earnings yield 5324: 5322:Dividend yield 5319: 5313: 5307: 5301: 5295: 5289: 5284: 5278: 5272: 5270: 5264: 5263: 5261: 5260: 5255: 5250: 5244: 5238: 5232: 5226: 5220: 5214: 5213:(off-exchange) 5208: 5207: 5206: 5201: 5190: 5188: 5187:Trading venues 5184: 5183: 5181: 5180: 5175: 5174: 5173: 5163: 5158: 5153: 5148: 5143: 5142: 5141: 5136: 5126: 5121: 5116: 5115: 5114: 5109: 5098: 5096: 5092: 5091: 5089: 5088: 5086:Treasury stock 5083: 5078: 5073: 5067: 5065: 5059: 5058: 5056: 5055: 5053:Tracking stock 5050: 5045: 5040: 5035: 5029: 5027: 5020: 5019: 5017: 5016: 5011: 5006: 5001: 4999:Primary market 4995: 4993: 4986: 4985: 4980: 4978: 4977: 4970: 4963: 4955: 4949: 4948: 4943: 4937: 4930: 4929:External links 4927: 4926: 4925: 4910: 4895: 4874: 4871: 4868: 4867: 4844: 4834: 4824: 4810: 4779: 4753: 4730: 4704: 4693:on 31 May 2013 4673: 4646: 4621: 4589: 4580:|journal= 4519: 4474: 4435:(2): 477–501. 4415: 4384: 4361: 4328: 4302: 4280: 4266: 4236: 4213: 4207:978-8182055193 4206: 4186: 4180:978-1601383266 4179: 4159: 4132: 4126:978-8183564472 4125: 4105: 4099:978-0071350303 4098: 4075: 4043: 4017: 3998: 3978: 3960: 3942: 3915: 3888: 3856: 3824: 3811: 3798: 3785: 3759: 3732: 3702: 3671: 3640: 3604: 3570: 3564:978-1439038840 3563: 3540: 3534:978-0071350303 3533: 3508: 3477: 3445: 3420: 3388: 3362: 3319: 3289: 3283:978-0324601206 3282: 3262: 3256:978-0195144703 3255: 3235: 3204: 3186: 3140: 3122: 3104: 3085: 3084: 3082: 3079: 3078: 3077: 3072: 3067: 3062: 3057: 3052: 3047: 3042: 3037: 3032: 3027: 3022: 3017: 3010: 3003: 3000: 2940:Warren Buffett 2923: 2920: 2878: 2875: 2865:thinly traded 2836:Regulation SHO 2819: 2816: 2814: 2811: 2792: 2789: 2788: 2787: 2765: 2762: 2761: 2760: 2753: 2737: 2728: 2727: 2678: 2676: 2669: 2657: 2654: 2652: 2649: 2561: 2560: 2475: 2473: 2466: 2460: 2457: 2429: 2426: 2413: 2410: 2403: 2402: 2353: 2351: 2344: 2338: 2335: 2315:margin account 2306: 2303: 2288:margin balance 2279: 2278: 2229: 2227: 2220: 2214: 2211: 2207:Regulation SHO 2165:Main article: 2162: 2159: 2158: 2157: 2151: 2145: 2139: 2133: 2127: 2121: 2118:Northern Trust 2115: 2109: 2103: 2095: 2092: 2084:early exercise 2055:Short Interest 2040: 2037: 2032:Data Explorers 2011: 2008: 1967:Main article: 1964: 1961: 1922:debit balances 1903: 1900: 1890: 1889: 1848: 1846: 1839: 1827: 1824: 1797:United Kingdom 1785:Morgan Stanley 1768: 1765: 1761:dot-com bubble 1731:Herbert Hoover 1660:Isaac Le Maire 1655: 1652: 1635: 1632: 1631: 1630: 1626: 1623: 1620: 1617: 1609: 1606: 1605: 1604: 1600: 1597: 1594: 1591: 1575: 1572: 1540: 1537: 1534: 1533: 1531: 1530: 1523: 1516: 1508: 1505: 1504: 1503: 1502: 1490: 1478: 1470: 1469: 1466: 1465: 1460: 1455: 1450: 1445: 1439: 1434: 1433: 1430: 1429: 1424: 1423: 1422: 1421: 1416: 1411: 1406: 1396: 1384: 1383: 1380: 1379: 1374: 1373: 1372: 1371: 1366: 1361: 1356: 1351: 1346: 1338: 1337: 1329: 1328: 1326:Lists of banks 1321: 1320: 1315: 1310: 1305: 1300: 1295: 1290: 1284: 1283: 1278: 1277: 1274: 1273: 1268: 1267: 1266: 1265: 1260: 1255: 1253: 1252: 1247: 1236: 1234: 1232: 1231: 1226: 1220: 1215: 1214: 1208: 1207: 1206: 1205: 1200: 1198: 1197: 1195:Redistribution 1192: 1186: 1184: 1176: 1175: 1167: 1162: 1161: 1158: 1157: 1154: 1153: 1151: 1150: 1145: 1139: 1137: 1132: 1127: 1117: 1112: 1111: 1108: 1107: 1102: 1101: 1100: 1099: 1094: 1089: 1084: 1079: 1070: 1069: 1063: 1062: 1061: 1060: 1055: 1050: 1045: 1037: 1036: 1032: 1031: 1030: 1029: 1024: 1019: 1014: 1009: 1004: 999: 994: 989: 984: 976: 975: 969: 964: 963: 960: 959: 955: 954: 949: 944: 939: 934: 929: 922: 921: 915: 910: 900: 899: 898: 893: 888: 883: 878: 873: 868: 863: 858: 853: 843: 838: 833: 828: 822: 821: 816: 815: 812: 811: 806: 805: 804: 803: 798: 793: 785: 784: 778: 777: 776: 775: 770: 765: 764: 763: 753: 748: 743: 741:Angel investor 735: 734: 728: 727: 726: 725: 720: 715: 710: 708:Private equity 705: 698: 693: 688: 683: 678: 673: 668: 663: 658: 653: 645: 644: 636: 631: 630: 627: 626: 618: 617: 611: 610: 599: 596: 509:of stock or a 455: 454: 452: 451: 444: 437: 429: 426: 425: 422: 421: 416: 411: 406: 401: 396: 391: 385: 380: 379: 376: 375: 372: 371: 369:Unsecured debt 366: 361: 356: 351: 346: 341: 336: 331: 326: 321: 316: 314:Securitization 310: 305: 304: 301: 300: 297: 296: 291: 286: 281: 276: 271: 265: 260: 259: 256: 255: 252: 251: 246: 241: 236: 230: 225: 224: 221: 220: 217: 216: 211: 209:Municipal bond 206: 201: 199:Corporate bond 195: 192: 191: 188: 187: 184: 183: 178: 173: 171:Perpetual bond 168: 163: 158: 152: 149: 148: 145: 144: 141: 140: 135: 130: 125: 120: 115: 109: 104: 103: 100: 99: 96: 95: 90: 85: 80: 75: 69: 64: 63: 60: 59: 51: 50: 38:borrows shares 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 6319: 6308: 6305: 6303: 6300: 6298: 6295: 6293: 6292:Short selling 6290: 6289: 6287: 6272: 6264: 6262: 6254: 6252: 6244: 6242: 6234: 6233: 6230: 6224: 6221: 6219: 6216: 6214: 6211: 6210: 6208: 6204: 6198: 6195: 6193: 6192:Pension funds 6190: 6188: 6185: 6183: 6180: 6178: 6175: 6173: 6170: 6168: 6165: 6163: 6160: 6158: 6155: 6153: 6150: 6148: 6147:Vulture funds 6145: 6144: 6142: 6138: 6128: 6125: 6123: 6120: 6118: 6115: 6113: 6110: 6108: 6105: 6103: 6100: 6097: 6093: 6089: 6085: 6082: 6079: 6078:delta neutral 6075: 6071: 6068: 6066: 6063: 6061: 6058: 6056: 6053: 6052: 6050: 6046: 6040: 6037: 6035: 6034:Money markets 6032: 6030: 6027: 6025: 6022: 6020: 6017: 6015: 6012: 6010: 6007: 6006: 6004: 6000: 5997: 5991: 5985: 5982: 5980: 5977: 5975: 5972: 5970: 5967: 5965: 5962: 5960: 5957: 5956: 5954: 5950: 5945: 5931: 5930:Multi-manager 5927: 5924: 5923: 5921: 5917: 5911: 5908: 5906: 5903: 5901: 5898: 5896: 5893: 5891: 5887: 5884: 5882: 5879: 5878: 5876: 5872: 5866: 5863: 5861: 5858: 5856: 5853: 5851: 5848: 5847: 5845: 5843: 5839: 5833: 5830: 5828: 5825: 5823: 5819: 5816: 5814: 5811: 5809: 5806: 5804: 5801: 5800: 5798: 5796: 5791: 5787: 5784: 5778: 5774: 5767: 5762: 5760: 5755: 5753: 5748: 5747: 5744: 5732: 5729: 5727: 5724: 5722: 5719: 5717: 5714: 5712: 5709: 5707: 5704: 5702: 5699: 5697: 5694: 5692: 5689: 5687: 5684: 5682: 5679: 5677: 5674: 5672: 5669: 5667: 5664: 5662: 5661:Short selling 5659: 5657: 5654: 5652: 5649: 5647: 5644: 5642: 5639: 5637: 5634: 5632: 5629: 5627: 5624: 5622: 5619: 5617: 5614: 5612: 5609: 5607: 5604: 5602: 5599: 5597: 5594: 5592: 5589: 5587: 5584: 5582: 5579: 5577: 5574: 5572: 5569: 5567: 5564: 5561: 5558: 5556: 5553: 5551: 5550:Greenspan put 5548: 5546: 5543: 5541: 5538: 5536: 5535:Financial law 5533: 5531: 5528: 5526: 5523: 5521: 5518: 5516: 5513: 5511: 5510:Cross listing 5508: 5506: 5503: 5501: 5498: 5497: 5495: 5493:Related terms 5491: 5485: 5482: 5480: 5477: 5475: 5472: 5470: 5467: 5465: 5464:Swing trading 5462: 5460: 5457: 5455: 5452: 5449: 5446: 5443: 5440: 5438: 5435: 5433: 5432:Mosaic theory 5430: 5428: 5425: 5422: 5419: 5417: 5416:Market timing 5414: 5412: 5409: 5407: 5404: 5401: 5398: 5396: 5393: 5391: 5388: 5386: 5383: 5381: 5378: 5377: 5375: 5373: 5366: 5360: 5357: 5354: 5351: 5349: 5346: 5343: 5340: 5338: 5335: 5333: 5330: 5328: 5325: 5323: 5320: 5317: 5314: 5311: 5308: 5305: 5302: 5299: 5296: 5293: 5290: 5288: 5285: 5282: 5279: 5277: 5274: 5273: 5271: 5269: 5265: 5259: 5256: 5254: 5251: 5248: 5245: 5242: 5239: 5236: 5233: 5230: 5227: 5224: 5221: 5218: 5215: 5212: 5209: 5205: 5204:Trading hours 5202: 5200: 5197: 5196: 5195: 5192: 5191: 5189: 5185: 5179: 5176: 5172: 5169: 5168: 5167: 5164: 5162: 5159: 5157: 5154: 5152: 5149: 5147: 5144: 5140: 5137: 5135: 5132: 5131: 5130: 5127: 5125: 5122: 5120: 5119:Broker-dealer 5117: 5113: 5110: 5108: 5105: 5104: 5103: 5100: 5099: 5097: 5093: 5087: 5084: 5082: 5079: 5077: 5076:Issued shares 5074: 5072: 5069: 5068: 5066: 5064: 5063:Share capital 5060: 5054: 5051: 5049: 5046: 5044: 5041: 5039: 5036: 5034: 5031: 5030: 5028: 5026: 5021: 5015: 5014:Fourth market 5012: 5010: 5007: 5005: 5002: 5000: 4997: 4996: 4994: 4992: 4987: 4983: 4976: 4971: 4969: 4964: 4962: 4957: 4956: 4953: 4947: 4944: 4941: 4938: 4936: 4933: 4932: 4928: 4923: 4919: 4915: 4911: 4908: 4904: 4900: 4896: 4893: 4889: 4885: 4881: 4877: 4876: 4872: 4864: 4861: 4857: 4854: 4848: 4845: 4838: 4835: 4828: 4825: 4821: 4814: 4811: 4798: 4794: 4790: 4789:"Short Story" 4783: 4780: 4767: 4763: 4757: 4754: 4741: 4734: 4731: 4718: 4714: 4708: 4705: 4692: 4688: 4684: 4677: 4674: 4661: 4657: 4650: 4647: 4644: 4643:0-88730-510-5 4640: 4636: 4632: 4631: 4625: 4622: 4606: 4599: 4593: 4590: 4585: 4572: 4553: 4549: 4545: 4541: 4537: 4530: 4523: 4520: 4515: 4509: 4493: 4489: 4485: 4478: 4475: 4462: 4458: 4454: 4450: 4446: 4442: 4438: 4434: 4430: 4426: 4419: 4416: 4403: 4399: 4395: 4388: 4385: 4380: 4376: 4372: 4365: 4362: 4349: 4345: 4344: 4339: 4332: 4329: 4316: 4312: 4306: 4303: 4298: 4294: 4290: 4284: 4281: 4276: 4270: 4267: 4254: 4250: 4246: 4240: 4237: 4224: 4217: 4214: 4209: 4203: 4199: 4198: 4190: 4187: 4182: 4176: 4172: 4171: 4163: 4160: 4147: 4143: 4136: 4133: 4128: 4122: 4118: 4117: 4109: 4106: 4101: 4095: 4091: 4090: 4082: 4080: 4076: 4060: 4053: 4047: 4044: 4031: 4027: 4021: 4018: 4005: 4001: 3999:9780471704331 3995: 3991: 3990: 3982: 3979: 3974: 3970: 3964: 3961: 3956: 3952: 3946: 3943: 3930: 3927:. TheStreet. 3926: 3919: 3916: 3903: 3899: 3892: 3889: 3873: 3866: 3860: 3857: 3841: 3834: 3828: 3825: 3821: 3815: 3812: 3808: 3807:ShortSide.com 3802: 3799: 3795: 3789: 3786: 3773: 3769: 3763: 3760: 3747: 3743: 3736: 3733: 3720: 3716: 3712: 3706: 3703: 3690: 3686: 3682: 3675: 3672: 3659: 3655: 3651: 3644: 3641: 3627: 3622: 3618: 3611: 3609: 3605: 3592: 3588: 3584: 3577: 3575: 3571: 3566: 3560: 3556: 3555: 3547: 3545: 3541: 3536: 3530: 3526: 3525: 3517: 3515: 3513: 3509: 3496: 3492: 3488: 3481: 3478: 3462: 3455: 3449: 3446: 3434: 3430: 3424: 3421: 3408: 3404: 3403: 3398: 3392: 3389: 3376: 3372: 3366: 3363: 3350: 3346: 3342: 3338: 3334: 3330: 3323: 3320: 3307: 3303: 3299: 3293: 3290: 3285: 3279: 3275: 3274: 3266: 3263: 3258: 3252: 3248: 3247: 3239: 3236: 3223: 3219: 3215: 3208: 3205: 3202: 3198: 3195: 3190: 3187: 3182: 3176: 3157: 3150: 3144: 3141: 3138: 3134: 3131: 3126: 3123: 3120: 3116: 3113: 3108: 3105: 3102: 3098: 3095: 3090: 3087: 3080: 3076: 3073: 3071: 3068: 3066: 3063: 3061: 3060:Short squeeze 3058: 3056: 3053: 3051: 3048: 3046: 3043: 3041: 3038: 3036: 3033: 3031: 3030:Joseph Parnes 3028: 3026: 3023: 3021: 3018: 3016: 3015: 3014:The Big Short 3011: 3009: 3006: 3005: 3001: 2999: 2996: 2994: 2989: 2987: 2984: 2980: 2976: 2972: 2968: 2965:. Books like 2964: 2960: 2955: 2953: 2949: 2944: 2941: 2937: 2932: 2929: 2921: 2919: 2917: 2913: 2908: 2904: 2900: 2896: 2892: 2888: 2884: 2876: 2874: 2870: 2868: 2864: 2863:pump and dump 2860: 2856: 2852: 2848: 2844: 2839: 2837: 2833: 2829: 2825: 2818:United States 2817: 2812: 2810: 2806: 2803: 2799: 2790: 2785: 2781: 2777: 2776: 2775: 2771: 2763: 2758: 2757:delta neutral 2754: 2751: 2746: 2742: 2738: 2735: 2734: 2733: 2724: 2721: 2713: 2703: 2699: 2695: 2689: 2688: 2684: 2679:This section 2677: 2673: 2668: 2667: 2663: 2655: 2650: 2648: 2644: 2641: 2640:trading halts 2636: 2631: 2629: 2625: 2619: 2615: 2612: 2608: 2604: 2603:short squeeze 2599: 2596: 2595: 2589: 2587: 2582: 2578: 2574: 2573:capital gains 2568: 2567: 2557: 2554: 2546: 2535: 2532: 2528: 2525: 2521: 2518: 2514: 2511: 2507: 2504: – 2503: 2499: 2498:Find sources: 2492: 2488: 2482: 2481: 2476:This article 2474: 2470: 2465: 2464: 2458: 2456: 2454: 2449: 2446: 2441: 2437: 2434: 2427: 2425: 2421: 2419: 2416:When trading 2411: 2409: 2399: 2396: 2388: 2378: 2374: 2370: 2364: 2363: 2359: 2354:This section 2352: 2348: 2343: 2342: 2336: 2334: 2331: 2327: 2325: 2320: 2316: 2312: 2304: 2302: 2298: 2296: 2291: 2289: 2284: 2275: 2272: 2264: 2254: 2250: 2246: 2240: 2239: 2235: 2230:This section 2228: 2224: 2219: 2218: 2212: 2210: 2208: 2204: 2200: 2195: 2193: 2189: 2185: 2184:market makers 2180: 2178: 2173: 2168: 2160: 2155: 2152: 2149: 2146: 2143: 2140: 2137: 2134: 2131: 2128: 2125: 2122: 2119: 2116: 2113: 2110: 2107: 2106:Merrill Lynch 2104: 2101: 2098: 2097: 2094:Major lenders 2093: 2091: 2089: 2085: 2081: 2077: 2073: 2068: 2063: 2059: 2056: 2052: 2049: 2045: 2038: 2036: 2033: 2028: 2026: 2025:broker-dealer 2022: 2017: 2009: 2007: 2005: 2004:margin buying 2001: 1997: 1993: 1989: 1985: 1981: 1977: 1970: 1962: 1960: 1957: 1953: 1949: 1945: 1941: 1937: 1932: 1930: 1925: 1923: 1917: 1913: 1911: 1910: 1901: 1899: 1897: 1886: 1883: 1875: 1865: 1861: 1855: 1854: 1849:This section 1847: 1843: 1838: 1837: 1833: 1825: 1823: 1820: 1818: 1813: 1810: 1806: 1802: 1798: 1793: 1790: 1786: 1782: 1778: 1774: 1766: 1764: 1762: 1757: 1754: 1752: 1748: 1744: 1740: 1736: 1732: 1728: 1724: 1719: 1717: 1713: 1709: 1705: 1700: 1698: 1694: 1690: 1686: 1682: 1677: 1672: 1669: 1665: 1661: 1653: 1651: 1649: 1645: 1641: 1633: 1627: 1624: 1621: 1618: 1615: 1614: 1613: 1607: 1601: 1598: 1595: 1592: 1589: 1588: 1587: 1585: 1581: 1573: 1571: 1568: 1566: 1561: 1559: 1555: 1551: 1546: 1538: 1529: 1524: 1522: 1517: 1515: 1510: 1509: 1507: 1506: 1501: 1491: 1489: 1484: 1479: 1477: 1474: 1473: 1472: 1471: 1464: 1461: 1459: 1456: 1454: 1451: 1449: 1446: 1444: 1441: 1440: 1437: 1432: 1431: 1420: 1417: 1415: 1412: 1410: 1407: 1405: 1402: 1401: 1400: 1399: 1394: 1393:Financial law 1391: 1387: 1382: 1381: 1370: 1367: 1365: 1362: 1360: 1357: 1355: 1352: 1350: 1349:Basel Accords 1347: 1345: 1342: 1341: 1340: 1339: 1336: 1332: 1327: 1324: 1323: 1319: 1316: 1314: 1311: 1309: 1306: 1304: 1301: 1299: 1296: 1294: 1291: 1289: 1286: 1285: 1281: 1276: 1275: 1264: 1261: 1259: 1256: 1251: 1248: 1245: 1241: 1238: 1237: 1235: 1230: 1227: 1225: 1222: 1221: 1219: 1218: 1217: 1216: 1213: 1209: 1204: 1201: 1196: 1193: 1191: 1188: 1187: 1185: 1183: 1180: 1179: 1178: 1177: 1174: 1170: 1165: 1160: 1159: 1149: 1146: 1144: 1141: 1140: 1138: 1136: 1133: 1131: 1128: 1126: 1122: 1119: 1118: 1115: 1110: 1109: 1098: 1095: 1093: 1090: 1088: 1087:Tax inversion 1085: 1083: 1080: 1077: 1074: 1073: 1072: 1071: 1068: 1064: 1059: 1056: 1054: 1051: 1049: 1046: 1044: 1041: 1040: 1039: 1038: 1033: 1028: 1025: 1023: 1020: 1018: 1015: 1013: 1010: 1008: 1005: 1003: 1000: 998: 995: 993: 990: 988: 985: 983: 980: 979: 978: 977: 972: 967: 962: 961: 953: 952:Synthetic CDO 950: 948: 945: 943: 940: 938: 935: 933: 930: 928: 925: 924: 919: 916: 914: 911: 909: 905: 902: 901: 897: 894: 892: 889: 887: 884: 882: 879: 877: 874: 872: 869: 867: 864: 862: 859: 857: 854: 851: 847: 844: 842: 839: 837: 834: 832: 829: 827: 824: 823: 819: 814: 813: 802: 799: 797: 794: 792: 789: 788: 787: 786: 783: 779: 774: 771: 769: 766: 762: 761:institutional 759: 758: 757: 754: 752: 749: 747: 744: 742: 739: 738: 737: 736: 733: 729: 724: 721: 719: 716: 714: 711: 709: 706: 703: 699: 697: 694: 692: 689: 687: 684: 682: 679: 677: 674: 672: 669: 667: 666:Capital asset 664: 662: 659: 657: 654: 652: 649: 648: 647: 646: 643: 639: 634: 629: 628: 624: 620: 619: 616: 612: 608: 604: 603: 597: 595: 591: 589: 585: 581: 576: 574: 570: 566: 561: 559: 554: 550: 545: 543: 539: 535: 531: 527: 522: 520: 516: 512: 508: 504: 500: 499:short-selling 496: 495:selling short 491: 489: 485: 482: 478: 474: 470: 466: 462: 450: 445: 443: 438: 436: 431: 430: 428: 427: 420: 417: 415: 412: 410: 407: 405: 402: 400: 397: 395: 392: 390: 387: 386: 383: 378: 377: 370: 367: 365: 362: 360: 357: 355: 352: 350: 347: 345: 342: 340: 337: 335: 332: 330: 327: 325: 322: 320: 317: 315: 312: 311: 308: 303: 302: 295: 292: 290: 287: 285: 282: 280: 277: 275: 272: 270: 267: 266: 263: 258: 257: 250: 249:Short selling 247: 245: 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Retrieved 3156:the original 3143: 3125: 3107: 3089: 3025:James Chanos 3012: 2997: 2990: 2970: 2966: 2957:Commentator 2956: 2948:James Chanos 2946:Shortseller 2945: 2936:Seth Klarman 2933: 2925: 2880: 2871: 2859:bucket shops 2855:penny stocks 2840: 2821: 2807: 2797: 2794: 2773: 2741:market maker 2731: 2716: 2707: 2692:Please help 2680: 2645: 2632: 2620: 2616: 2610: 2600: 2592: 2590: 2569: 2565: 2564: 2549: 2540: 2530: 2523: 2516: 2509: 2497: 2485:Please help 2480:verification 2477: 2450: 2445:Indian rupee 2442: 2438: 2435: 2431: 2422: 2415: 2406: 2391: 2382: 2367:Please help 2355: 2332: 2328: 2323: 2319:prime broker 2310: 2308: 2299: 2292: 2285: 2282: 2267: 2258: 2243:Please help 2231: 2198: 2196: 2181: 2174: 2170: 2067:Krispy Kreme 2061: 2060: 2054: 2053: 2047: 2043: 2042: 2029: 2015: 2013: 1984:counterparty 1975: 1972: 1955: 1943: 1933: 1926: 1921: 1918: 1914: 1907: 1905: 1893: 1878: 1872:January 2019 1869: 1858:Please help 1853:verification 1850: 1821: 1814: 1794: 1770: 1758: 1755: 1720: 1715: 1712:Jacob Little 1703: 1701: 1685:George Soros 1673: 1657: 1637: 1611: 1577: 1569: 1562: 1557: 1553: 1549: 1542: 1389: 1318:Money supply 1303:Full-reserve 1288:Central bank 1148:Student loan 1123: / 1035:Transactions 846:Time deposit 732:Participants 661:Asset growth 592: 577: 562: 558:counterparty 546: 540:, such as a 523: 498: 494: 492: 488:short seller 487: 477:market value 464: 458: 248: 113:Stock market 29: 6251:Hedge funds 6014:Derivatives 6009:Commodities 5964:Day trading 5874:Directional 5773:Hedge funds 5716:Uptick rule 5696:Stock split 5676:Squeeze-out 5671:Speculation 5616:Open outcry 5505:Block trade 5437:Pairs trade 4762:"TheStreet" 4633:(1991), by 4498:26 February 4467:26 February 4028:. 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Law.com. 3881:25 December 3849:25 December 2971:Fubarnomics 2963:uptick rule 2903:Netherlands 2899:Switzerland 2891:John McFall 2832:uptick rule 2813:Regulations 2750:credit risk 2624:Daniel Drew 2607:margin call 2062:Borrow cost 1815:During the 1771:During the 1759:During the 1747:market risk 1727:uptick rule 1714:, known as 856:Credit line 818:Instruments 713:Real estate 676:Derivatives 580:Speculators 549:stockbroker 382:Derivatives 269:Mutual fund 138:Spot market 6286:Categories 6206:Governance 5780:Investment 5721:Volatility 5701:Stock swap 5621:Order book 5372:strategies 5298:Book value 5166:Arbitrager 5161:Speculator 4723:28 January 4354:9 November 3805:SunGard's 3345:1811/78357 3312:22 January 3228:28 January 2959:Jim Cramer 2912:volatility 2710:April 2018 2651:Strategies 2594:stop order 2543:April 2009 2513:newspapers 2385:April 2018 2261:April 2018 1830:See also: 1753:was born. 1751:hedge fund 1749:, and the 1739:Depression 1578:Shares in 1556:or simply 1386:Regulation 1190:Operations 1143:Retirement 982:Accounting 866:Derivative 773:Speculator 605:Part of a 505:such as a 289:Index fund 284:Hedge fund 214:Pfandbrief 88:Derivative 66:Securities 48:Securities 6140:Investors 5790:Arbitrage 5337:Fed model 5332:EV/EBITDA 5247:Dark pool 5178:Regulator 5023:Types of 4989:Types of 4863:arXiv.org 4508:cite news 4457:157725706 4449:1467-629X 4259:4 January 3955:ScotTrade 3818:SunGard. 3654:Bloomberg 3081:Citations 2826:gave the 2770:Arbitrage 2764:Arbitrage 2681:does not 2356:does not 2232:does not 1988:custodian 1826:Mechanism 1702:The term 1448:Recession 1409:ISO 31000 1092:Tax haven 966:Corporate 881:Insurance 876:Indemnity 782:Locations 671:Commodity 567:that are 473:investing 83:Debenture 5782:strategy 5666:Slippage 5626:Position 5611:Momentum 5515:Dividend 5194:Exchange 5151:Investor 4856:Archived 4832:Finance. 4803:9 August 4697:9 August 4605:Archived 4552:Archived 4492:Archived 4461:Archived 4402:Archived 4253:Archived 4249:BBC News 4229:11 March 4146:Archived 4059:Archived 4030:Archived 4004:Archived 3929:Archived 3902:Archived 3872:Archived 3840:Archived 3792:NASDAQ. 3752:30 March 3746:Archived 3744:. CNBC. 3725:30 March 3719:Archived 3689:Archived 3658:Archived 3591:Archived 3495:Archived 3491:New York 3461:Archived 3407:Archived 3375:Archived 3349:Archived 3306:Archived 3222:Archived 3197:Archived 3175:cite web 3133:Archived 3115:Archived 3097:Archived 3075:Straddle 3002:See also 2428:Currency 2177:dividend 2154:Barclays 2136:Citibank 2130:ABN AMRO 2076:dividend 1603:lender). 1565:fungible 1558:covering 1224:Taxation 1114:Personal 1067:Taxation 942:Security 896:Mortgage 756:Investor 569:fungible 519:dividend 503:security 484:position 463:, being 73:Banknote 6002:Markets 5993:Related 5952:Trading 5555:Haircut 5359:T-model 5171:Scalper 4991:markets 4822:(LIBA). 4488:Reuters 4398:Reuters 3973:Barrons 3685:Reuters 3438:31 July 3402:Reuters 2986:bubbles 2979:ex ante 2907:Belgium 2702:removed 2687:sources 2656:Hedging 2611:legally 2527:scholar 2453:futures 2377:removed 2362:sources 2337:Markets 2317:with a 2253:removed 2238:sources 2048:legally 2016:legally 1956:legally 1944:legally 1938:or the 1801:Germany 1654:History 1644:options 1640:futures 1476:Outline 1280:Banking 1244:balance 1242: ( 974:General 906: ( 861:Deposit 681:Domains 633:Markets 615:Finance 598:Concept 461:finance 409:Warrant 394:Futures 389:Forward 344:Tranche 106:Markets 6074:Greeks 6019:Equity 5576:Margin 5444:(PMPT) 5306:(CAPM) 5156:Hedger 5129:Trader 5102:Broker 5025:stocks 4920: 4905: 4890: 4842:Italy. 4793:Forbes 4772:24 May 4746:24 May 4666:24 May 4641: 4614:24 May 4548:281514 4546: 4455: 4447: 4408:2 July 4375:Forbes 4321:24 May 4204: 4177: 4123: 4096: 4036:24 May 4010:24 May 3996: 3935:24 May 3908:10 May 3778:24 May 3561: 3531: 3501:24 May 3470:24 May 3381:24 May 3280: 3253: 3165:5 July 3045:Margin 2628:margin 2529: 2522: 2515: 2508: 2500: 2199:locate 2148:UBS AG 2124:Fortis 2021:130/30 1980:settle 1940:NASDAQ 1929:margin 1909:locate 1896:broker 1805:France 1646:, and 1629:fees). 1388: 1240:Budget 1164:Public 1121:Credit 1078:(BEPS) 913:exotic 904:Option 768:Retail 686:Equity 642:Assets 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