Security (finance) - Knowledge (XXG)

49: 1847:& Co. brokers. In turn, Jones & Co. may hold 1000 shares of Coca-Cola on behalf of Mr. Smith and nine other customers. These 1000 shares are held by Jones & Co. in an account with Goldman Sachs, a DTC participant, or in an account at another DTC participant. Goldman Sachs in turn may hold millions of Coca-Cola shares on its books on behalf of hundreds of brokers similar to Jones & Co. Each day, the DTC participants settle their accounts with the other DTC participants and adjust the number of shares held on their books for the benefit of customers like Jones & Co. Ownership of securities in this fashion is called 469: 3653: 3551: 1779: 1747: 1264:

fractional part of the issuer. Unlike debt securities, which typically require regular payments (interest) to the holder, equity securities are not entitled to any payment. In bankruptcy, they share only in the residual interest of the issuer after all obligations have been paid out to creditors. However, equity generally entitles the holder to a pro rata portion of control of the company, meaning that a holder of a majority of the equity is usually entitled to control the issuer. Equity also enjoys the right to

3830: 3860: 3743: 3698: 3566: 3713: 3587: 3536: 3521: 1573:, or aftermarket that provides liquidity for the investment security—where holders of securities can sell them to other investors for cash. Otherwise, few people would purchase primary issues, and, thus, companies and governments would be restricted in raising equity capital (money) for their operations. Organized exchanges constitute the main secondary markets. Many smaller issues and most debt securities trade in the decentralized, dealer-based 3890: 3728: 3845: 3935: 3905: 3815: 3638: 3450: 3440: 3430: 3580: 3965: 3601: 3801: 3794: 3787: 3780: 3808: 3594: 3460: 2920: 2910: 3137: 3758: 3950: 3920: 3773: 3573: 3875: 3683: 3668: 3623: 3608: 991:, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any form of financial instrument, even though the underlying legal and regulatory regime may not have such a broad definition. In some jurisdictions the term specifically excludes financial instruments other than 1585:

Market Association. The Financial Information Services Division of the Software and Information Industry Association (FISD/SIIA) represents a round-table of market data industry firms, referring to them as Consumers, Exchanges, and Vendors. In India the equivalent organisation is the securities exchange board of India (SEBI).

1843:(DTCC), is a non-profit cooperative owned by approximately thirty of the largest Wall Street players that typically act as brokers or dealers in securities. These thirty banks are called the DTC participants. DTC, through a legal nominee, owns each of the global securities on behalf of all the DTC participants. 1584:

organization for securities dealers is the International Capital Market Association. In the U.S., the principal trade organization for securities dealers is the Securities Industry and Financial Markets Association, which is the result of the merger of the Securities Industry Association and the Bond

1552:

An initial public offering is when a company issues public stock newly to investors, called an "IPO" for short. A company can later issue more new shares, or issue shares that have been previously registered in a shelf registration. These later new issues are also sold in the primary market, but they

1854:

Among brokerages and mutual fund companies, a large amount of mutual fund share transactions take place among intermediaries as opposed to shares being sold and redeemed directly with the transfer agent of the fund. Most of these intermediaries such as brokerage firms clear the shares electronically

1754:

Bearer securities are completely negotiable and entitle the holder to the rights under the security (e.g., to payment if it is a debt security, and voting if it is an equity security). They are transferred by delivering the instrument from person to person. In some cases, transfer is by endorsement,

1488:

in securities to A, either at inception (transfer of title) or only in default (non-transfer-of-title institutional). For institutional loans, property rights are not transferred but nevertheless enable A to satisfy its claims in case B fails to make good on its obligations to A or otherwise becomes

1263:

An equity security is a share of equity interest in an entity such as the capital stock of a company, trust or partnership. The most common form of equity interest is common stock, although preferred equity is also a form of capital stock. The holder of an equity is a shareholder, owning a share, or

1186:

represent the debt of commercial or industrial entities. Debentures have a long maturity, typically at least ten years, whereas notes have a shorter maturity. Commercial paper is a simple form of debt security that essentially represents a post-dated cheque with a maturity of not more than 270 days.

1925:

and Sec. 3(a)(10) of the 34 act) the US Courts have developed a broad definition for securities that must then be registered with the SEC. When determining if there is an "investment contract" that must be registered the courts look for an investment of money, a common enterprise and expectation of

1786:

In the case of registered securities, certificates bearing the name of the holder are issued, but these merely represent the securities. A person does not automatically acquire legal ownership by having possession of the certificate. Instead, the issuer (or its appointed agent) maintains a register

1173:

depending on their maturity, collateral and other characteristics. The holder of a debt security is typically entitled to the payment of principal and interest, together with other contractual rights under the terms of the issue, such as the right to receive certain information. Debt securities are

1132:

Securities are the traditional method used by commercial enterprises to raise new capital. They may offer an attractive alternative to bank loans - depending on their pricing and market demand for particular characteristics. A disadvantage of bank loans as a source of financing is that the bank may

1846:

All securities traded through DTC are in fact held, in electronic form, on the books of various intermediaries between the ultimate owner, e.g., a retail investor, and the DTC participants. For example, Mr. Smith may hold 100 shares of Coca-Cola, Inc. in his brokerage account at local broker Jones

1291:

form an intermediate class of security between equities and debt. If the issuer is liquidated, preference shareholders have the right to receive interest or a return of capital prior to ordinary shareholders. However, from a legal perspective, preference shares are capital stocks and therefore may

1312:

are options issued by the company that allow the holder of the warrant to purchase a specific number of shares at a specified price within a specified time. They are often issued together with bonds or existing equities, and are, sometimes, detachable from them and separately tradeable. When the

1878:

With undivided securities, the entire issue makes up one single asset, with each of the securities being a fractional part of this undivided whole. Shares in the secondary markets are always undivided. The issuer owes only one set of obligations to shareholders under its memorandum, articles of

1834:

To facilitate the electronic transfer of interests in securities without dealing with inconsistent versions of Article 8, a system has developed whereby issuers deposit a single global certificate representing all the outstanding securities of a class or series with a universal depository. This

1627:

Growth in informal electronic trading systems has challenged the traditional business of stock exchanges. Large volumes of securities are also bought and sold "over the counter" (OTC). OTC dealing involves buyers and sellers dealing with each other by telephone or electronically on the basis of

1211:

are securities issued internationally outside their domestic market in a denomination different from that of the issuer's domicile. They include eurobonds and euronotes. Eurobonds are characteristically underwritten, and not secured, and interest is paid gross. A euronote may take the form of

1737:

Securities may also be held in the Direct Registration System (DRS), which is a method of recording shares of stock in book-entry form. Book-entry means the company's transfer agent maintains the shares on the owner's behalf without the need for physical share certificates. Shares held in

1133:

seek a measure of protection against default by the borrower via extensive financial covenants. Through securities, capital is provided by investors who purchase the securities upon their initial issuance. In a similar way, a government may issue securities when it chooses to increase

1066:, alternative debentures, government and public securities, warrants, certificates representing certain securities, units, stakeholder pension schemes, personal pension schemes, rights to or interests in investments, and anything that may be admitted to the Official List. 1769:

In Luxembourg, the law of 28 July 2014 concerning the compulsory deposit and immobilization of shares and units in bearer form adopts the compulsory deposit and immobilization of bearer shares and units with a depositary allowing identification of the holders thereof.

1557:

to assist them in administering the IPO, obtaining SEC (or other regulatory body) approval of the offering filing, and selling the new issue. When the investment bank buys the entire new issue from the issuer at a discount to resell it at a markup, it is called a

1624:, an organized and officially recognized market on which securities can be bought and sold. Issuers may seek listings for their securities to attract investors, by ensuring there is a liquid and regulated market that investors can buy and sell securities in. 2143:

commonly known as a 'security'; or any certificate of interest or participation in, temporary or interim certificate for, receipt for, or warrant or right to subscribe to or purchase, any of the foregoing; but shall not include currency or any note, draft,

1874:

Each divided security constitutes a separate asset, which is legally distinct from each other security in the same issue. Pre-electronic bearer securities were divided. Each instrument constitutes the separate covenant of the issuer and is a separate debt.

1696:

London is the centre of the eurosecurities markets. There was a huge rise in the eurosecurities market in London in the early 1980s. Settlement of trades in eurosecurities is currently effected through two European computerized clearing/depositories called

1531:

Collateral and sources of collateral are changing, in 2012 gold became a more acceptable form of collateral. By 2015, recently Exchange-traded funds (ETFs) previously seen by many as unpromising had started to become more readily available and acceptable.

1306:, and the issuer calls the bond. The bondholder has about one month to convert it, or the company will call the bond by giving the holder the call price, which may be less than the value of the converted stock. This is referred to as a forced conversion. 1218:

are medium or long term debt securities issued by sovereign governments or their agencies. Typically they carry a lower rate of interest than corporate bonds, and serve as a source of finance for governments. U.S. federal government bonds are called

1522:

Of the three, transfer-of-title loans have fallen into the very high-risk category as the number of providers has dwindled as regulators have launched an industry-wide crackdown on transfer-of-title structures where the private lender may sell or

1316:

Warrants, like other convertible securities, increases the number of shares outstanding, and are always accounted for in financial reports as fully diluted earnings per share, which assumes that all warrants and convertibles will be exercised.

1276:

regardless of how well the issuer performs financially. Furthermore, debt securities do not have voting rights outside of bankruptcy. In other words, equity holders are entitled to the "upside" of the business and to control the business.

1129:. A country's regulatory structure determines what qualifies as a security. For example, private investment pools may have some features of securities, but they may not be registered or regulated as such if they meet various restrictions. 1663:

Securities Services refers to the products and services that are offered to institutional clients that issue, trade, and hold securities. The bank engaged in securities services are usually called a custodian bank. Market players include

1906:(SEC) or are offered and sold pursuant to an exemption therefrom. Dealing in securities is regulated by both federal authorities (SEC) and state securities departments. In addition, the brokerage industry is supposedly self policed by 1605:. Privately placed securities are not publicly tradable and may only be bought and sold by sophisticated qualified investors. As a result, the secondary market is not nearly as liquid as it is for public (registered) securities. 1174:

generally issued for a fixed term and redeemable by the issuer at the end of that term. Debt securities may be protected by collateral or may be unsecured, and, if they are unsecured, may be contractually "senior" to other

1527:

the securities to fund the loan. Institutionally managed consumer securities-based loans on the other hand, draw loan funds from the financial resources of the lending institution, not from the sale of the securities.

2324: 1377:

Region or country (such as country of incorporation, country of principal sales/market of its products or services, or country in which the principal securities exchange where it trades is located)

1545:

Public securities markets are either primary or secondary markets. In the primary market, the money for the securities is received by the issuer of the securities from investors, typically in an

1795:

Modern practice has developed to eliminate both the need for certificates and maintenance of a complete security register by the issuer. There are two general ways this has been accomplished.

1894:

Sometimes securities are not fungible with other securities, for example different series of bonds issued by the same company at different times with different conditions attaching to them.

1302:

that can be converted, at the election of the holder of the convertibles, into the ordinary shares of the issuing company. The convertibility, however, may be forced if the convertible is a

1464:

may also offer control of the business of the issuer. Debt holdings may also offer some measure of control to the investor if the company is a fledgling start-up or an old giant undergoing

2317: 1851:. Each intermediary holds on behalf of someone beneath him in the chain. The ultimate owner is called the beneficial owner. This is also referred to as owning in "Street name". 3433: 1515:

Transfer-of-Title (ToT) Loans, typically provided by private parties where borrower ownership is completely extinguished save for the rights provided in the loan contract; and

2131:, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national 1549:(IPO). In the secondary market, the securities are simply assets held by one investor selling them to another investor, with the money going from one investor to the other. 1758:

Regulatory and fiscal authorities sometimes regard bearer securities negatively, as they may be used to facilitate the evasion of regulatory restrictions and tax. In the

2310: 3496: 1826:) have enacted some form of Article 8, many of them still appear to use older versions of Article 8, including some that did not permit non-certificated securities. 1022:, meaning they entitle the holder to rights only if they appear on a security register maintained by the issuer or an intermediary. They include shares of corporate 1647:

There are also eurosecurities, which are securities that are issued outside their domestic market into more than one jurisdiction. They are generally listed on the

1787:

in which details of the holder of the securities are entered and updated as appropriate. A transfer of registered securities is effected by amending the register.

1501:

are significant collateral takers as well as providers. In addition, private parties may utilize stocks or other securities as collateral for portfolio loans in

1961: 1921:

With respect to investment schemes that do not fall within the traditional categories of securities listed in the definition of a security (Sec. 2(a)(1) of the

1708:

The main market for Eurobonds is the EuroMTS, owned by Borsa Italiana and Euronext. There are ramp up market in Emergent countries, but it is growing slowly.

3410: 966: 3314: 1981: 1840: 1766:

1947 until 1953. Bearer securities are very rare in the United States because of the negative tax implications they may have to the issuer and holder.

1468:. In these cases, if interest payments are missed, the creditors may take control of the company and liquidate it to recover some of their investment. 1803:

In some jurisdictions, such as France, it is possible for issuers of that jurisdiction to maintain a legal record of their securities electronically.

48: 2152:

at the time of issuance of not exceeding nine months, exclusive of days of grace, or any renewal thereof the maturity of which is likewise limited."

1911: 1903: 1497:

and outright collateral transfers. Commonly, commercial banks, investment banks, government agencies and other institutional investors such as

1512:

Standard Institutional Loans, generally offering low loan-to-value with very strict call and coverage regimens, akin to standard margin loans;

3014: 2956: 1915: 833: 1518:

Non-Transfer-of-Title Credit Line facilities where shares are not sold and they serve as assets in a standard lien-type line of cash credit.

3489: 439: 331: 1902:

In the US, the public offer and sale of securities must be either registered pursuant to a registration statement that is filed with the

326: 1460:. Debt securities generally offer a higher rate of interest than bank deposits, and equities may offer the prospect of capital growth. 351: 2201: 2180: 3687: 2791: 1313:

holder of the warrant exercises it, he pays the money directly to the company, and the company issues new shares to the holder.

1237:, represent the debt of state, provincial, territorial, municipal or other governmental units other than sovereign governments. 3482: 2059: 959: 3864: 2704: 1252: 1198: 1007: 808: 346: 341: 3879: 2850: 1883:

represents an undivided fractional part of the issuing company. Registered debt securities also have this undivided nature.

2181:"CME Clearing Europe collateral types to include gold bullion | Securities Lending Times news | securitieslendingtimes.com" 1814:

permits non-certificated securities. However, the "official" UCC is a mere draft that must be enacted individually by each

3991: 1006:

Securities may be represented by a certificate or, more typically, they may be "non-certificated", that is in electronic (

935: 757: 3453: 3288: 2644: 1907: 1836: 1601:. Sometimes a combination of the two is used. The distinction between the two is important to securities regulation and 1559: 1685: 1655:. The reasons for listing eurobonds include regulatory and tax considerations, as well as the investment restrictions. 3276: 2761: 2132: 2101: 2040: 1248: 1178:

meaning their holders would have a priority in a bankruptcy of the issuer. Debt that is not senior is "subordinated".

1051: 483: 1205:. They are highly liquid and are sometimes referred to as "near cash". Commercial paper is also often highly liquid. 1038:

or other options, limited partnership units, and various other formal investment instruments that are negotiable and

3969: 2987: 2724: 1574: 999:

instruments. In some jurisdictions it includes some instruments that are close to equities and fixed income, e.g.,

952: 709: 125: 3415: 3359: 3078: 2949: 2895: 2880: 2870: 2709: 2524: 1996: 1648: 818: 2202:"Markit makes its ETF mark with big market players | Securities Lending Times news | securitieslendingtimes.com" 3909: 3642: 3252: 3122: 2913: 2890: 2828: 2654: 2579: 2539: 2519: 2086: 432: 321: 3262: 3657: 3555: 3525: 3505: 3257: 3221: 3082: 2624: 2614: 2584: 2554: 2494: 1811: 1562:. However, if the investment bank considers the risk too great for an underwriting, it may only assent to a 1546: 1508:

On the consumer level, loans against securities have grown into three distinct groups over the last decade:

1371: 1329: 638: 236: 115: 3702: 3364: 3161: 3034: 3010: 2865: 2766: 2629: 2467: 2437: 2112: 2011: 1966: 1922: 1778: 1452:

The traditional economic function of the purchase of securities is investment, with the view to receiving

1406: 1194: 783: 158: 30:

This article is about the negotiable instrument. For the legal right given to a creditor by a debtor, see

1738:

un-certificated book-entry form have the same rights and privileges as shares held in certificated form.

1721:

Securities that are represented in paper (physical) form are called certificated securities. They may be

1223:

Because of their liquidity and perceived low risk, treasuries are used to manage the money supply in the

3996: 3747: 3717: 3672: 3389: 3047: 3019: 3000: 2781: 1928: 1629: 1563: 1380: 1224: 915: 828: 316: 1863:

Besides DTC, two other large securities depositories exist, both in Europe: Euroclear and Clearstream.

1891:

In a fungible security, all holdings of the security are treated identically and are interchangeable.

3627: 3443: 3294: 3206: 3042: 3024: 2942: 2803: 2798: 2140: 2098: 1991: 1986: 1956: 1848: 1819: 1477: 1102: 988: 762: 665: 374: 271: 80: 2066: 1746: 1553:

are not considered to be an IPO but are often called a "secondary offering". Issuers usually retain

3924: 3579: 3474: 3463: 3349: 3176: 3151: 2753: 1823: 1405:, i.e., by financial institutions acting on their own account, or on behalf of clients. Important 1265: 1055: 940: 425: 1480:. Purchasing securities with borrowed money secured by other securities or cash itself is called " 1018:, meaning they entitle the holder to rights under the security merely by holding the security, or 3939: 3834: 3374: 3319: 3231: 2923: 2835: 2818: 2776: 2699: 2691: 2477: 2462: 2337: 2149: 1976: 1971: 1641: 1502: 930: 888: 873: 843: 767: 695: 612: 478: 356: 299: 153: 468: 2032: 3762: 3097: 3073: 3057: 2995: 2855: 2840: 2771: 2714: 2659: 2634: 2604: 2594: 2504: 2487: 2408: 2403: 2363: 2358: 2345: 2333: 1598: 1494: 1441: 1359: 1162: 1092: 1000: 863: 858: 848: 793: 619: 587: 406: 401: 31: 1597:. Alternatively, they may be offered privately to a limited number of qualified persons in a 1292:

entitle the holders to some degree of control depending on whether they carry voting rights.

3266: 3201: 2813: 2808: 2719: 2674: 2574: 2472: 2393: 2378: 2353: 2145: 2128: 1951: 1570: 1481: 1461: 1334: 1244: 1202: 1170: 1114: 1110: 1106: 992: 910: 905: 878: 748: 724: 719: 680: 660: 624: 572: 460: 391: 386: 381: 219: 173: 168: 120: 110: 98: 2302: 2163: 1193:

are short term debt instruments that may have characteristics of deposit accounts, such as

3954: 3405: 3309: 3299: 3280: 3247: 3171: 3166: 3102: 3087: 2875: 2786: 2739: 2729: 2664: 2589: 2559: 2509: 2457: 2429: 2373: 2167: 1880: 1594: 1581: 1554: 1524: 1410: 1299: 1285:

Hybrid securities combine some of the characteristics of both debt and equity securities.

1166: 1134: 1070: 984: 868: 853: 813: 629: 567: 528: 523: 411: 311: 286: 266: 254: 241: 231: 196: 148: 3849: 3732: 3712: 3304: 3284: 3052: 3005: 2823: 2734: 2078: 2074: 2006: 1941: 1759: 1621: 1609: 1485: 1437: 1234: 1182: 1175: 1158: 1118: 1082: 1031: 883: 788: 738: 700: 592: 539: 533: 513: 508: 396: 361: 306: 201: 191: 163: 70: 3985: 3819: 3535: 3520: 3379: 3354: 3344: 3270: 3118: 2442: 2070: 1807: 1637: 1465: 1426: 1353: 1325:

Securities may be classified according to many categories or classification systems:

1303: 1023: 823: 798: 650: 597: 1871:

The terms "divided" and "undivided" relate to the proprietary nature of a security.

1762:, for example, the issue of bearer securities was heavily restricted firstly by the 1398:, i.e., members of the public investing personally, other than by way of business. 3889: 3727: 3384: 3339: 3226: 3211: 3092: 2681: 2529: 2514: 2388: 1914:(FINRA), formerly the National Association of Securities Dealers (or NASD), or the 1457: 1418: 1269: 1096: 1035: 996: 925: 900: 670: 562: 557: 548: 518: 105: 2285: 3894: 3844: 3829: 3586: 3216: 3156: 3136: 2639: 2609: 2452: 2383: 2120: 1855:

through the National Securities Clearing Corp. or "NSCC", a subsidiary of DTCC.

1702: 1681: 1669: 1602: 1498: 1422: 1039: 1027: 920: 733: 690: 685: 675: 582: 499: 261: 130: 1484:". Where A is owed a debt or other obligation by B, A may require B to deliver 2965: 2885: 2845: 2649: 2599: 2569: 2447: 2368: 2116: 2105: 1815: 1665: 1490: 1011: 281: 276: 206: 3934: 3904: 3859: 3814: 3637: 3369: 2982: 2860: 2619: 2482: 2090: 2082: 1698: 1429:

who trades with other broker-dealers, rather than with the retail investor.

1414: 1402: 1272:, whereas holders of debt securities receive only interest and repayment of 1154: 1086: 1063: 75: 1566:, where the investment bank will simply do its best to sell the new issue. 1366:, whereas "industry" often refers to a lower level classification, such as 17: 3964: 3612: 3600: 2669: 2564: 2549: 2136: 2124: 2108: 1362:". ("Sector" often refers to a higher level or broader category, such as 1078: 645: 65: 1493:. Collateral arrangements are divided into two broad categories, namely 1476:

The last decade has seen an enormous growth in the use of securities as

1145:

Securities are traditionally divided into debt securities and equities.

3800: 3793: 3786: 3779: 3757: 3565: 2499: 1946: 1633: 1433: 1401:

In distinction, the greatest part of investment in terms of volume, is

895: 838: 336: 3949: 3919: 3807: 3772: 3742: 3697: 3593: 3572: 3540: 1652: 1593:

In the primary markets, securities may be offered to the public in a

1453: 1395: 1345: 1126: 2104:, preorganization certificate or subscription, transferable share, 3874: 3682: 3667: 3652: 3622: 3607: 3550: 2398: 2094: 1777: 1612:, is generally sold by auction to a specialized class of dealers. 577: 226: 85: 1677: 1673: 1273: 803: 3478: 2938: 2306: 1125:

The company or other entity issuing the security is called the

1058:

for the regulation of financial markets; the definition in its

2934: 2001: 1243:

represent the debt of international organizations such as the

2222: 1385:

State (typically for municipal or "tax-free" bonds in the US)

1212:

euro-commercial paper (ECP) or euro-certificates of deposit.

1421:

and other managed funds. The "wholesaler" is typically an

1926:

profits to come primarily from the efforts of others. See

1073:

of any kind. Securities can be broadly categorized into:

2243: 1830:

Global certificates, book entry interests, depositories

2264: 1810:, the current "official" version of Article 8 of the 1755:

or signing the back of the instrument, and delivery.

1628:

prices that are displayed electronically, usually by

3398: 3332: 3240: 3194: 3185: 3144: 3111: 3066: 3033: 2981: 2972: 2752: 2690: 2538: 2428: 2417: 2344: 1791:

Non-certificated securities and global certificates

2085:, certificate of interest or participation in any 1569:For the primary market to thrive, there must be a 1374:for a discussion of some classification systems.) 1069:In the United States, a "security" is a tradable 1062:of the term "security" applies only to equities, 1034:issued by corporations or governmental agencies, 3506:Largest stock exchanges by market capitalization 3490: 2950: 2318: 1962:History of private equity and venture capital 960: 433: 8: 3434:Alternative investment management companies 3411:Standards Board for Alternative Investments 1841:Depository Trust & Clearing Corporation 3497: 3483: 3475: 3459: 3315:Taxation of private equity and hedge funds 3191: 2978: 2957: 2943: 2935: 2919: 2909: 2425: 2325: 2311: 2303: 1982:Securities regulation in the United States 987:. The term commonly refers to any form of 967: 953: 451: 440: 426: 36: 1745: 2024: 1912:Financial Industry Regulatory Authority 1904:U.S. Securities and Exchange Commission 1818:. Though all 50 states (as well as the 775: 747: 708: 605: 547: 498: 459: 39: 3015:fixed-income relative-value investing 2148:, or banker's acceptance which has a 2089:or in any oil, gas, or other mineral 1916:Municipal Securities Rulemaking Board 1782:1981 $ 10,000 15.875% Registered Note 7: 1887:Fungible and non-fungible securities 1705:(formerly Cedelbank) in Luxembourg. 1616:Listing and over-the-counter dealing 332:Residential mortgage-backed security 327:Commercial mortgage-backed security 1589:Public offer and private placement 352:Collateralized mortgage obligation 25: 2166:, Hypertextual Finance Glossary ( 1620:Securities are often listed in a 1432:This distinction carries over to 3963: 3948: 3933: 3918: 3903: 3888: 3873: 3858: 3843: 3828: 3813: 3806: 3799: 3792: 3785: 3778: 3771: 3756: 3741: 3726: 3711: 3696: 3688:National Stock Exchange of India 3681: 3666: 3651: 3636: 3621: 3606: 3599: 3592: 3585: 3578: 3571: 3564: 3549: 3534: 3519: 3458: 3449: 3448: 3439: 3438: 3429: 3428: 3135: 2918: 2908: 2204:. www.securitieslendingtimes.com 2183:. www.securitieslendingtimes.com 1046:United Kingdom and United States 1014:only" form. Certificates may be 467: 47: 2060:Securities Exchange Act of 1934 1879:association and company law. A 1394:Investors in securities may be 710:Over-the-counter (off-exchange) 3865:Australian Securities Exchange 2705:Debtor-in-possession financing 1867:Divided and undivided security 1253:multilateral development banks 1231:Sub-sovereign government bonds 1199:Accelerated Return Notes (ARN) 1153:Debt securities may be called 347:Collateralized fund obligation 342:Collateralized debt obligation 1: 2288:. Law.cornell.edu. 2004-03-15 1908:self-regulatory organizations 936:Sustainable development goals 237:Initial public offering (IPO) 126:Over-the-counter market (OTC) 3289:security characteristic line 2645:Staggered board of directors 2111:, voting-trust certificate, 1837:The Depository Trust Company 1750:1969 $ 100,000 Treasury Bill 1560:firm commitment underwriting 1541:Primary and secondary market 3277:Capital asset pricing model 2996:Capital structure arbitrage 2762:Accretion/dilution analysis 2041:Financial Conduct Authority 1799:Non-certificated securities 1249:International Monetary Fund 1052:Financial Conduct Authority 1050:In the United Kingdom, the 4013: 3970:Stock Exchange of Thailand 3079:Commodity trading advisors 2725:Leveraged recapitalization 1651:or admitted to listing in 1632:such as SuperDerivatives, 1054:functions as the national 272:Exchange-traded fund (ETF) 29: 3512: 3424: 3416:Managed Funds Association 3360:High-net-worth individual 3133: 2904: 2896:Valuation using multiples 2881:Sum-of-the-parts analysis 2851:Modigliani–Miller theorem 2710:Dividend recapitalization 2525:Secondary market offering 1997:Stock market data systems 1649:Luxembourg Stock Exchange 1227:of non-US central banks. 819:Diversification (finance) 3910:Indonesia Stock Exchange 3643:Hong Kong Stock Exchange 3253:Arbitrage pricing theory 2914:List of investment banks 2829:Free cash flow to equity 2655:Super-majority amendment 2580:Management due diligence 2520:Seasoned equity offering 2087:profit-sharing agreement 1839:, or DTC. DTC's parent, 1330:Currency of denomination 1191:Money market instruments 322:Mortgage-backed security 27:Tradable financial asset 3658:Shenzhen Stock Exchange 3556:Shanghai Stock Exchange 3526:New York Stock Exchange 3365:Institutional investors 3258:Assets under management 3083:managed futures account 2625:Shareholder rights plan 2615:Post-merger integration 2585:Managerial entrenchment 2555:Contingent value rights 2495:Initial public offering 2246:. sifma.org. 2012-05-10 2062:defines a security as: 1812:Uniform Commercial Code 1717:Certificated securities 1547:initial public offering 1407:institutional investors 1233:, known in the U.S. as 1195:certificates of deposit 1077:Debt securities (e.g., 116:Foreign exchange market 3703:Toronto Stock Exchange 3390:Sovereign wealth funds 3162:High-frequency trading 3011:Fixed income arbitrage 2767:Adjusted present value 2630:Special-purpose entity 2468:Direct public offering 2438:At-the-market offering 2154: 2115:, for a security, any 2113:certificate of deposit 2012:Trading account assets 1967:List of finance topics 1923:Securities Act of 1933 1783: 1751: 1630:financial data vendors 1364:Consumer Discretionary 1358:Industrial sector or " 1225:open market operations 784:Alternative investment 159:Inflation-indexed bond 3880:BME Spanish Exchanges 3748:Taiwan Stock Exchange 3718:London Stock Exchange 3673:Bombay Stock Exchange 3232:Structured securities 3048:Distressed securities 3020:Statistical arbitrage 3006:Equity market neutral 3001:Convertible arbitrage 2782:Conglomerate discount 2139:, or in general, any 2063: 1929:SEC v. W.J. Howey Co. 1835:depository is called 1781: 1774:Registered securities 1749: 1564:best effort agreement 1381:Market capitalization 916:Investment management 829:Environmental finance 317:Asset-backed security 3992:Securities (finance) 3628:Tokyo Stock Exchange 3350:Financial endowments 3295:Fundamental analysis 3043:Shareholder activism 3025:Volatility arbitrage 2804:Economic value added 2799:Discounted cash flow 2286:"LII: UCC – Locator" 1992:Single-stock futures 1987:Settlement (finance) 1957:Financial regulation 1910:(SROs), such as the 1849:beneficial ownership 1820:District of Columbia 1764:Exchange Control Act 1209:Euro debt securities 989:financial instrument 3464:List of hedge funds 3454:Hedge fund managers 3370:Insurance companies 3355:Fund of hedge funds 3263:Black–Scholes model 3177:Proprietary trading 3152:Algorithmic trading 3119:Fund of hedge funds 2389:Senior secured debt 2133:securities exchange 1824:U.S. Virgin Islands 1659:Securities services 1368:Consumer Appliances 1342:Degree of liquidity 1241:Supranational bonds 1056:competent authority 941:Sustainable finance 455:Part of a series on 3940:Singapore Exchange 3835:SIX Swiss Exchange 3320:Technical analysis 2924:Outline of finance 2836:Market value added 2819:Financial modeling 2777:Business valuation 2700:Debt restructuring 2478:Follow-on offering 2463:Corporate spin-off 2421:(terms/conditions) 2338:investment banking 2058:The United States 1977:Securities lending 1972:Securities analyst 1859:Other depositories 1784: 1752: 1608:Another category, 1503:securities lending 1495:security interests 931:Speculative attack 696:Structured product 357:Credit-linked note 300:Structured finance 154:Floating rate note 3979: 3978: 3472: 3471: 3328: 3327: 3131: 3130: 3098:Long/short equity 3074:Convergence trade 3058:Special situation 2932: 2931: 2856:Net present value 2841:Minority interest 2772:Associate company 2748: 2747: 2715:Financial sponsor 2635:Special situation 2605:Pre-emption right 2595:Minority discount 2505:Private placement 2404:Subordinated debt 2359:Exchangeable debt 2346:Capital structure 2334:Corporate finance 2102:trust certificate 1742:Bearer securities 1701:(in Belgium) and 1599:private placement 1462:Equity investment 1442:Wholesale banking 1339:Terms to maturity 1289:Preference shares 1203:bills of exchange 1093:Equity securities 977: 976: 804:Banks and banking 794:Asset (economics) 620:Credit derivative 588:Stock certificate 461:Financial markets 450: 449: 407:Credit derivative 220:Equities (stocks) 32:Security interest 16:(Redirected from 4004: 3972: 3968: 3967: 3957: 3953: 3952: 3942: 3938: 3937: 3927: 3923: 3922: 3912: 3908: 3907: 3897: 3893: 3892: 3882: 3878: 3877: 3867: 3863: 3862: 3852: 3848: 3847: 3837: 3833: 3832: 3822: 3818: 3817: 3811: 3810: 3804: 3803: 3797: 3796: 3790: 3789: 3783: 3782: 3776: 3775: 3765: 3761: 3760: 3750: 3746: 3745: 3735: 3731: 3730: 3720: 3716: 3715: 3705: 3701: 3700: 3690: 3686: 3685: 3675: 3671: 3670: 3660: 3656: 3655: 3645: 3641: 3640: 3630: 3626: 3625: 3615: 3611: 3610: 3604: 3603: 3597: 3596: 3590: 3589: 3583: 3582: 3576: 3575: 3569: 3568: 3558: 3554: 3553: 3543: 3539: 3538: 3528: 3524: 3523: 3499: 3492: 3485: 3476: 3462: 3461: 3452: 3451: 3442: 3441: 3432: 3431: 3375:Investment banks 3222:Foreign exchange 3192: 3139: 2979: 2959: 2952: 2945: 2936: 2922: 2921: 2912: 2911: 2814:Fairness opinion 2809:Enterprise value 2792:Weighted average 2720:Leveraged buyout 2575:Drag-along right 2473:Equity carve-out 2430:Equity offerings 2426: 2422: 2394:Shareholder loan 2379:Second lien debt 2374:Preferred equity 2354:Convertible debt 2327: 2320: 2313: 2304: 2297: 2296: 2294: 2293: 2282: 2276: 2275: 2273: 2272: 2261: 2255: 2254: 2252: 2251: 2240: 2234: 2233: 2231: 2230: 2225:. icma-group.org 2223:"icma-group.org" 2219: 2213: 2212: 2210: 2209: 2198: 2192: 2191: 2189: 2188: 2177: 2171: 2161: 2155: 2146:bill of exchange 2137:foreign currency 2056: 2050: 2049: 2048: 2047: 2029: 1952:Financial market 1686:Société Générale 1575:over-the-counter 1571:secondary market 1555:investment banks 1482:buying on margin 1411:investment banks 1335:Ownership rights 1300:preferred stocks 1216:Government bonds 1171:commercial paper 969: 962: 955: 911:Impact investing 906:Growth investing 639:Foreign exchange 625:Futures exchange 573:Registered share 471: 452: 442: 435: 428: 255:Investment funds 174:Commercial paper 169:Zero-coupon bond 121:Futures exchange 111:Commodity market 51: 37: 21: 4012: 4011: 4007: 4006: 4005: 4003: 4002: 4001: 3982: 3981: 3980: 3975: 3962: 3960: 3955:Moscow Exchange 3947: 3945: 3932: 3930: 3917: 3915: 3902: 3900: 3887: 3885: 3872: 3870: 3857: 3855: 3842: 3840: 3827: 3825: 3812: 3805: 3798: 3791: 3784: 3777: 3770: 3768: 3755: 3753: 3740: 3738: 3725: 3723: 3710: 3708: 3695: 3693: 3680: 3678: 3665: 3663: 3650: 3648: 3635: 3633: 3620: 3618: 3605: 3598: 3591: 3584: 3577: 3570: 3563: 3561: 3548: 3546: 3533: 3531: 3518: 3516: 3508: 3503: 3473: 3468: 3420: 3406:Fund governance 3394: 3324: 3248:Absolute return 3236: 3187: 3181: 3172:Program trading 3167:Prime brokerage 3140: 3127: 3107: 3103:Trend following 3088:Dedicated short 3062: 3029: 2986: 2974: 2968: 2963: 2933: 2928: 2900: 2876:Stock valuation 2871:Residual income 2787:Cost of capital 2744: 2740:Project finance 2730:High-yield debt 2686: 2665:Tag-along right 2590:Mandatory offer 2560:Control premium 2541: 2534: 2510:Public offering 2458:Bought out deal 2420: 2419: 2413: 2340: 2331: 2301: 2300: 2291: 2289: 2284: 2283: 2279: 2270: 2268: 2263: 2262: 2258: 2249: 2247: 2242: 2241: 2237: 2228: 2226: 2221: 2220: 2216: 2207: 2205: 2200: 2199: 2195: 2186: 2184: 2179: 2178: 2174: 2168:Campbell Harvey 2162: 2158: 2057: 2053: 2045: 2043: 2031: 2030: 2026: 2021: 2016: 1937: 1900: 1889: 1869: 1861: 1832: 1801: 1793: 1776: 1744: 1735: 1719: 1714: 1712:Physical nature 1694: 1661: 1618: 1610:sovereign bonds 1595:public offering 1591: 1582:principal trade 1580:In Europe, the 1543: 1538: 1486:property rights 1474: 1450: 1392: 1346:Income payments 1323: 1310:Equity warrants 1283: 1261: 1235:municipal bonds 1183:Corporate bonds 1151: 1143: 1141:Debt and equity 1135:government debt 1071:financial asset 1048: 1001:equity warrants 985:financial asset 973: 814:Climate finance 743: 729: 657: 656: 636: 635: 630:Hybrid security 568:Preferred stock 538: 529:High-yield debt 524:Government bond 446: 417: 416: 412:Hybrid security 377: 367: 366: 312:Agency security 302: 292: 291: 287:Segregated fund 267:Closed-end fund 257: 247: 246: 222: 212: 211: 197:Government bond 187: 186:Bonds by issuer 179: 178: 149:Fixed rate bond 144: 143:Bonds by coupon 136: 135: 101: 91: 90: 61: 35: 28: 23: 22: 15: 12: 11: 5: 4010: 4008: 4000: 3999: 3994: 3984: 3983: 3977: 3976: 3974: 3973: 3958: 3943: 3928: 3913: 3898: 3883: 3868: 3853: 3850:Korea Exchange 3838: 3823: 3766: 3763:Deutsche Börse 3751: 3736: 3733:Saudi Exchange 3721: 3706: 3691: 3676: 3661: 3646: 3631: 3616: 3559: 3544: 3529: 3513: 3510: 3509: 3504: 3502: 3501: 3494: 3487: 3479: 3470: 3469: 3467: 3466: 3456: 3446: 3436: 3425: 3422: 3421: 3419: 3418: 3413: 3408: 3402: 3400: 3396: 3395: 3393: 3392: 3387: 3382: 3380:Merchant banks 3377: 3372: 3367: 3362: 3357: 3352: 3347: 3345:Family offices 3342: 3336: 3334: 3330: 3329: 3326: 3325: 3323: 3322: 3317: 3312: 3307: 3305:Securitization 3302: 3297: 3292: 3274: 3260: 3255: 3250: 3244: 3242: 3238: 3237: 3235: 3234: 3229: 3224: 3219: 3214: 3209: 3204: 3198: 3196: 3189: 3183: 3182: 3180: 3179: 3174: 3169: 3164: 3159: 3154: 3148: 3146: 3142: 3141: 3134: 3132: 3129: 3128: 3126: 3125: 3115: 3113: 3109: 3108: 3106: 3105: 3100: 3095: 3090: 3085: 3076: 3070: 3068: 3064: 3063: 3061: 3060: 3055: 3053:Risk arbitrage 3050: 3045: 3039: 3037: 3031: 3030: 3028: 3027: 3022: 3017: 3008: 3003: 2998: 2992: 2990: 2988:relative value 2976: 2970: 2969: 2964: 2962: 2961: 2954: 2947: 2939: 2930: 2929: 2927: 2926: 2916: 2905: 2902: 2901: 2899: 2898: 2893: 2891:Terminal value 2888: 2883: 2878: 2873: 2868: 2863: 2858: 2853: 2848: 2843: 2838: 2833: 2832: 2831: 2824:Free cash flow 2821: 2816: 2811: 2806: 2801: 2796: 2795: 2794: 2784: 2779: 2774: 2769: 2764: 2758: 2756: 2750: 2749: 2746: 2745: 2743: 2742: 2737: 2735:Private equity 2732: 2727: 2722: 2717: 2712: 2707: 2702: 2696: 2694: 2688: 2687: 2685: 2684: 2679: 2678: 2677: 2667: 2662: 2657: 2652: 2647: 2642: 2637: 2632: 2627: 2622: 2617: 2612: 2607: 2602: 2597: 2592: 2587: 2582: 2577: 2572: 2567: 2562: 2557: 2552: 2546: 2544: 2536: 2535: 2533: 2532: 2527: 2522: 2517: 2512: 2507: 2502: 2497: 2492: 2491: 2490: 2480: 2475: 2470: 2465: 2460: 2455: 2450: 2445: 2440: 2434: 2432: 2423: 2415: 2414: 2412: 2411: 2406: 2401: 2396: 2391: 2386: 2381: 2376: 2371: 2366: 2364:Mezzanine debt 2361: 2356: 2350: 2348: 2342: 2341: 2332: 2330: 2329: 2322: 2315: 2307: 2299: 2298: 2277: 2256: 2235: 2214: 2193: 2172: 2156: 2075:treasury stock 2051: 2023: 2022: 2020: 2017: 2015: 2014: 2009: 2007:Toxic security 2004: 1999: 1994: 1989: 1984: 1979: 1974: 1969: 1964: 1959: 1954: 1949: 1944: 1942:Commercial law 1938: 1936: 1933: 1899: 1896: 1888: 1885: 1868: 1865: 1860: 1857: 1831: 1828: 1800: 1797: 1792: 1789: 1775: 1772: 1760:United Kingdom 1743: 1740: 1734: 1733:DRS securities 1731: 1718: 1715: 1713: 1710: 1693: 1690: 1660: 1657: 1622:stock exchange 1617: 1614: 1590: 1587: 1542: 1539: 1537: 1534: 1520: 1519: 1516: 1513: 1473: 1470: 1449: 1446: 1438:Retail banking 1391: 1390:Type of holder 1388: 1387: 1386: 1383: 1378: 1375: 1356: 1351: 1348: 1343: 1340: 1337: 1332: 1322: 1321:Classification 1319: 1282: 1279: 1260: 1257: 1201:, and certain 1176:unsecured debt 1150: 1147: 1142: 1139: 1123: 1122: 1100: 1090: 1047: 1044: 1008:dematerialized 983:is a tradable 975: 974: 972: 971: 964: 957: 949: 946: 945: 944: 943: 938: 933: 928: 923: 918: 913: 908: 903: 898: 893: 892: 891: 886: 881: 876: 871: 866: 861: 856: 851: 846: 836: 831: 826: 821: 816: 811: 806: 801: 796: 791: 789:Angel investor 786: 778: 777: 773: 772: 771: 770: 765: 760: 752: 751: 745: 744: 742: 741: 736: 730: 728: 727: 722: 716: 713: 712: 706: 705: 704: 703: 701:Swap (finance) 698: 693: 688: 683: 678: 673: 668: 663: 655: 654: 648: 641: 637: 634: 633: 627: 622: 615: 611: 608: 607: 603: 602: 601: 600: 595: 593:Stock exchange 590: 585: 580: 575: 570: 565: 560: 552: 551: 545: 544: 543: 542: 540:Securitization 536: 534:Municipal bond 531: 526: 521: 516: 514:Corporate bond 511: 509:Bond valuation 503: 502: 496: 495: 494: 493: 481: 473: 472: 464: 463: 457: 456: 448: 447: 445: 444: 437: 430: 422: 419: 418: 415: 414: 409: 404: 399: 394: 389: 384: 378: 373: 372: 369: 368: 365: 364: 362:Unsecured debt 359: 354: 349: 344: 339: 334: 329: 324: 319: 314: 309: 307:Securitization 303: 298: 297: 294: 293: 290: 289: 284: 279: 274: 269: 264: 258: 253: 252: 249: 248: 245: 244: 239: 234: 229: 223: 218: 217: 214: 213: 210: 209: 204: 202:Municipal bond 199: 194: 192:Corporate bond 188: 185: 184: 181: 180: 177: 176: 171: 166: 164:Perpetual bond 161: 156: 151: 145: 142: 141: 138: 137: 134: 133: 128: 123: 118: 113: 108: 102: 97: 96: 93: 92: 89: 88: 83: 78: 73: 68: 62: 57: 56: 53: 52: 44: 43: 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 4009: 3998: 3995: 3993: 3990: 3989: 3987: 3971: 3966: 3959: 3956: 3951: 3944: 3941: 3936: 3929: 3926: 3921: 3914: 3911: 3906: 3899: 3896: 3891: 3884: 3881: 3876: 3869: 3866: 3861: 3854: 3851: 3846: 3839: 3836: 3831: 3824: 3821: 3820:Nasdaq Nordic 3816: 3809: 3802: 3795: 3788: 3781: 3774: 3767: 3764: 3759: 3752: 3749: 3744: 3737: 3734: 3729: 3722: 3719: 3714: 3707: 3704: 3699: 3692: 3689: 3684: 3677: 3674: 3669: 3662: 3659: 3654: 3647: 3644: 3639: 3632: 3629: 3624: 3617: 3614: 3609: 3602: 3595: 3588: 3581: 3574: 3567: 3560: 3557: 3552: 3545: 3542: 3537: 3530: 3527: 3522: 3515: 3514: 3511: 3507: 3500: 3495: 3493: 3488: 3486: 3481: 3480: 3477: 3465: 3457: 3455: 3447: 3445: 3437: 3435: 3427: 3426: 3423: 3417: 3414: 3412: 3409: 3407: 3404: 3403: 3401: 3397: 3391: 3388: 3386: 3385:Pension funds 3383: 3381: 3378: 3376: 3373: 3371: 3368: 3366: 3363: 3361: 3358: 3356: 3353: 3351: 3348: 3346: 3343: 3341: 3340:Vulture funds 3338: 3337: 3335: 3331: 3321: 3318: 3316: 3313: 3311: 3308: 3306: 3303: 3301: 3298: 3296: 3293: 3290: 3286: 3282: 3278: 3275: 3272: 3271:delta neutral 3268: 3264: 3261: 3259: 3256: 3254: 3251: 3249: 3246: 3245: 3243: 3239: 3233: 3230: 3228: 3227:Money markets 3225: 3223: 3220: 3218: 3215: 3213: 3210: 3208: 3205: 3203: 3200: 3199: 3197: 3193: 3190: 3184: 3178: 3175: 3173: 3170: 3168: 3165: 3163: 3160: 3158: 3155: 3153: 3150: 3149: 3147: 3143: 3138: 3124: 3123:Multi-manager 3120: 3117: 3116: 3114: 3110: 3104: 3101: 3099: 3096: 3094: 3091: 3089: 3086: 3084: 3080: 3077: 3075: 3072: 3071: 3069: 3065: 3059: 3056: 3054: 3051: 3049: 3046: 3044: 3041: 3040: 3038: 3036: 3032: 3026: 3023: 3021: 3018: 3016: 3012: 3009: 3007: 3004: 3002: 2999: 2997: 2994: 2993: 2991: 2989: 2984: 2980: 2977: 2971: 2967: 2960: 2955: 2953: 2948: 2946: 2941: 2940: 2937: 2925: 2917: 2915: 2907: 2906: 2903: 2897: 2894: 2892: 2889: 2887: 2884: 2882: 2879: 2877: 2874: 2872: 2869: 2867: 2864: 2862: 2859: 2857: 2854: 2852: 2849: 2847: 2844: 2842: 2839: 2837: 2834: 2830: 2827: 2826: 2825: 2822: 2820: 2817: 2815: 2812: 2810: 2807: 2805: 2802: 2800: 2797: 2793: 2790: 2789: 2788: 2785: 2783: 2780: 2778: 2775: 2773: 2770: 2768: 2765: 2763: 2760: 2759: 2757: 2755: 2751: 2741: 2738: 2736: 2733: 2731: 2728: 2726: 2723: 2721: 2718: 2716: 2713: 2711: 2708: 2706: 2703: 2701: 2698: 2697: 2695: 2693: 2689: 2683: 2680: 2676: 2673: 2672: 2671: 2668: 2666: 2663: 2661: 2658: 2656: 2653: 2651: 2648: 2646: 2643: 2641: 2638: 2636: 2633: 2631: 2628: 2626: 2623: 2621: 2618: 2616: 2613: 2611: 2608: 2606: 2603: 2601: 2598: 2596: 2593: 2591: 2588: 2586: 2583: 2581: 2578: 2576: 2573: 2571: 2568: 2566: 2563: 2561: 2558: 2556: 2553: 2551: 2548: 2547: 2545: 2543: 2537: 2531: 2528: 2526: 2523: 2521: 2518: 2516: 2513: 2511: 2508: 2506: 2503: 2501: 2498: 2496: 2493: 2489: 2486: 2485: 2484: 2481: 2479: 2476: 2474: 2471: 2469: 2466: 2464: 2461: 2459: 2456: 2454: 2451: 2449: 2446: 2444: 2443:Book building 2441: 2439: 2436: 2435: 2433: 2431: 2427: 2424: 2416: 2410: 2407: 2405: 2402: 2400: 2397: 2395: 2392: 2390: 2387: 2385: 2382: 2380: 2377: 2375: 2372: 2370: 2367: 2365: 2362: 2360: 2357: 2355: 2352: 2351: 2349: 2347: 2343: 2339: 2335: 2328: 2323: 2321: 2316: 2314: 2309: 2308: 2305: 2287: 2281: 2278: 2266: 2260: 2257: 2245: 2239: 2236: 2224: 2218: 2215: 2203: 2197: 2194: 2182: 2176: 2173: 2169: 2165: 2160: 2157: 2153: 2151: 2147: 2142: 2138: 2134: 2130: 2126: 2122: 2118: 2114: 2110: 2107: 2103: 2100: 2096: 2092: 2088: 2084: 2080: 2076: 2072: 2071:capital stock 2068: 2061: 2055: 2052: 2042: 2038: 2034: 2028: 2025: 2018: 2013: 2010: 2008: 2005: 2003: 2000: 1998: 1995: 1993: 1990: 1988: 1985: 1983: 1980: 1978: 1975: 1973: 1970: 1968: 1965: 1963: 1960: 1958: 1955: 1953: 1950: 1948: 1945: 1943: 1940: 1939: 1934: 1932: 1931: 1930: 1924: 1919: 1917: 1913: 1909: 1905: 1897: 1895: 1892: 1886: 1884: 1882: 1876: 1872: 1866: 1864: 1858: 1856: 1852: 1850: 1844: 1842: 1838: 1829: 1827: 1825: 1821: 1817: 1813: 1809: 1808:United States 1804: 1798: 1796: 1790: 1788: 1780: 1773: 1771: 1767: 1765: 1761: 1756: 1748: 1741: 1739: 1732: 1730: 1728: 1724: 1716: 1711: 1709: 1706: 1704: 1700: 1691: 1689: 1687: 1683: 1679: 1675: 1671: 1667: 1658: 1656: 1654: 1650: 1645: 1643: 1639: 1638:Investing.com 1635: 1631: 1625: 1623: 1615: 1613: 1611: 1606: 1604: 1600: 1596: 1588: 1586: 1583: 1578: 1576: 1572: 1567: 1565: 1561: 1556: 1550: 1548: 1540: 1535: 1533: 1529: 1526: 1517: 1514: 1511: 1510: 1509: 1506: 1504: 1500: 1496: 1492: 1487: 1483: 1479: 1471: 1469: 1467: 1466:restructuring 1463: 1459: 1456:or achieving 1455: 1447: 1445: 1443: 1439: 1435: 1430: 1428: 1427:broker-dealer 1424: 1420: 1419:pension funds 1416: 1412: 1408: 1404: 1399: 1397: 1389: 1384: 1382: 1379: 1376: 1373: 1369: 1365: 1361: 1357: 1355: 1354:Credit rating 1352: 1350:Tax treatment 1349: 1347: 1344: 1341: 1338: 1336: 1333: 1331: 1328: 1327: 1326: 1320: 1318: 1314: 1311: 1307: 1305: 1304:callable bond 1301: 1298:are bonds or 1297: 1293: 1290: 1286: 1280: 1278: 1275: 1271: 1267: 1258: 1256: 1254: 1250: 1246: 1242: 1238: 1236: 1232: 1228: 1226: 1222: 1217: 1213: 1210: 1206: 1204: 1200: 1196: 1192: 1188: 1185: 1184: 1179: 1177: 1172: 1168: 1164: 1160: 1156: 1148: 1146: 1140: 1138: 1136: 1130: 1128: 1120: 1116: 1112: 1108: 1104: 1101: 1098: 1097:common stocks 1094: 1091: 1088: 1084: 1080: 1076: 1075: 1074: 1072: 1067: 1065: 1061: 1057: 1053: 1045: 1043: 1041: 1037: 1036:stock options 1033: 1029: 1025: 1024:capital stock 1021: 1017: 1013: 1009: 1004: 1002: 998: 994: 990: 986: 982: 970: 965: 963: 958: 956: 951: 950: 948: 947: 942: 939: 937: 934: 932: 929: 927: 924: 922: 919: 917: 914: 912: 909: 907: 904: 902: 899: 897: 894: 890: 887: 885: 882: 880: 877: 875: 872: 870: 867: 865: 862: 860: 857: 855: 852: 850: 847: 845: 842: 841: 840: 837: 835: 832: 830: 827: 825: 824:Eco-investing 822: 820: 817: 815: 812: 810: 807: 805: 802: 800: 799:Asset pricing 797: 795: 792: 790: 787: 785: 782: 781: 780: 779: 776:Related areas 774: 769: 766: 764: 761: 759: 756: 755: 754: 753: 750: 746: 740: 737: 735: 732: 731: 726: 723: 721: 718: 717: 715: 714: 711: 707: 702: 699: 697: 694: 692: 689: 687: 684: 682: 679: 677: 674: 672: 669: 667: 664: 662: 659: 658: 652: 651:Exchange rate 649: 647: 643: 642: 640: 631: 628: 626: 623: 621: 617: 616: 614: 610: 609: 606:Other markets 604: 599: 598:Watered stock 596: 594: 591: 589: 586: 584: 581: 579: 576: 574: 571: 569: 566: 564: 561: 559: 556: 555: 554: 553: 550: 546: 541: 537: 535: 532: 530: 527: 525: 522: 520: 517: 515: 512: 510: 507: 506: 505: 504: 501: 497: 492: 489: 485: 482: 480: 479:Public market 477: 476: 475: 474: 470: 466: 465: 462: 458: 454: 453: 443: 438: 436: 431: 429: 424: 423: 421: 420: 413: 410: 408: 405: 403: 400: 398: 395: 393: 390: 388: 385: 383: 380: 379: 376: 371: 370: 363: 360: 358: 355: 353: 350: 348: 345: 343: 340: 338: 335: 333: 330: 328: 325: 323: 320: 318: 315: 313: 310: 308: 305: 304: 301: 296: 295: 288: 285: 283: 280: 278: 275: 273: 270: 268: 265: 263: 260: 259: 256: 251: 250: 243: 242:Short selling 240: 238: 235: 233: 230: 228: 225: 224: 221: 216: 215: 208: 205: 203: 200: 198: 195: 193: 190: 189: 183: 182: 175: 172: 170: 167: 165: 162: 160: 157: 155: 152: 150: 147: 146: 140: 139: 132: 129: 127: 124: 122: 119: 117: 114: 112: 109: 107: 104: 103: 100: 95: 94: 87: 84: 82: 79: 77: 74: 72: 69: 67: 64: 63: 60: 55: 54: 50: 46: 45: 42: 38: 33: 19: 3997:Stock market 3217:Fixed income 3093:Global macro 3035:Event-driven 2866:Real options 2682:Tender offer 2542:acquisitions 2530:Underwriting 2515:Rights issue 2418:Transactions 2290:. Retrieved 2280: 2269:. Retrieved 2259: 2248:. Retrieved 2238: 2227:. Retrieved 2217: 2206:. Retrieved 2196: 2185:. Retrieved 2175: 2164:"Wholesaler" 2159: 2135:relating to 2064: 2054: 2044:, retrieved 2037:FCA Handbook 2036: 2027: 1927: 1920: 1901: 1893: 1890: 1877: 1873: 1870: 1862: 1853: 1845: 1833: 1805: 1802: 1794: 1785: 1768: 1763: 1757: 1753: 1736: 1726: 1722: 1720: 1707: 1695: 1662: 1646: 1626: 1619: 1607: 1592: 1579: 1568: 1551: 1544: 1530: 1521: 1507: 1499:mutual funds 1475: 1458:capital gain 1451: 1431: 1400: 1393: 1367: 1363: 1324: 1315: 1309: 1308: 1296:Convertibles 1295: 1294: 1288: 1287: 1284: 1270:capital gain 1262: 1255:and others. 1240: 1239: 1230: 1229: 1220: 1215: 1214: 1208: 1207: 1190: 1189: 1181: 1180: 1152: 1144: 1131: 1124: 1068: 1059: 1049: 1028:mutual funds 1019: 1015: 1005: 997:fixed income 980: 978: 926:Market trend 901:Greenwashing 758:Participants 563:Growth stock 558:Common stock 549:Stock market 519:Fixed income 490: 487: 106:Stock market 58: 40: 3895:JSE Limited 3444:Hedge funds 3207:Derivatives 3202:Commodities 3157:Day trading 3067:Directional 2966:Hedge funds 2640:Squeeze-out 2610:Proxy fight 2540:Mergers and 2453:Bought deal 2384:Senior debt 2244:"sifma.org" 1703:Clearstream 1682:BNP Paribas 1670:J.P. Morgan 1603:company law 1505:scenarios. 1423:underwriter 1417:companies, 1251:, regional 1221:treasuries. 1103:Derivatives 921:Market risk 734:Spot market 691:Reinsurance 686:Real estate 676:Mutual fund 613:Derivatives 583:Stockbroker 500:Bond market 375:Derivatives 262:Mutual fund 131:Spot market 3986:Categories 3399:Governance 2973:Investment 2886:Tax shield 2846:Mismarking 2650:Stock swap 2600:Pitch book 2570:Divestment 2448:Bookrunner 2369:Pari passu 2292:2012-04-24 2271:2012-05-18 2267:. fisd.net 2265:"fisd.net" 2250:2012-05-18 2229:2012-05-18 2208:2015-12-17 2187:2015-12-17 2141:instrument 2106:investment 2099:collateral 2046:2016-11-11 2033:"security" 2019:References 1898:Regulation 1816:U.S. state 1727:registered 1666:BNY Mellon 1525:sell short 1478:collateral 1472:Collateral 1448:Investment 1436:; compare 1245:World Bank 1155:debentures 1087:debentures 1064:debentures 1020:registered 1012:book entry 763:Regulation 491:Securities 282:Index fund 277:Hedge fund 207:Pfandbrief 81:Derivative 59:Securities 41:Securities 18:Securities 3333:Investors 2983:Arbitrage 2861:Pure play 2754:Valuation 2620:Sell side 2483:Greenshoe 2083:debenture 1699:Euroclear 1642:Bloomberg 1577:markets. 1491:insolvent 1415:insurance 1403:wholesale 1274:principal 1079:banknotes 864:corporate 839:Financial 661:Commodity 76:Debenture 3613:Euronext 2975:strategy 2692:Leverage 2670:Takeover 2565:Demerger 2550:Buy side 2150:maturity 2125:straddle 2109:contract 1935:See also 1918:(MSRB). 1822:and the 1409:include 1372:Industry 1360:industry 1163:deposits 1107:forwards 1060:Handbook 1040:fungible 981:security 889:services 879:personal 874:forecast 844:analysis 768:Clearing 720:Forwards 646:Currency 484:Exchange 66:Banknote 3195:Markets 3186:Related 3145:Trading 2675:Reverse 2660:Synergy 2500:Pre-IPO 2488:Reverse 2409:Warrant 2091:royalty 1947:Finance 1806:In the 1634:Reuters 1536:Markets 1434:banking 1266:profits 1115:options 1111:futures 1105:(e.g., 1095:(e.g., 896:Fintech 859:betting 849:analyst 749:Trading 725:Options 402:Warrant 387:Futures 382:Forward 337:Tranche 99:Markets 3961: 3946: 3931: 3916: 3901: 3886: 3871: 3856: 3841: 3826: 3769: 3754: 3739: 3724: 3709: 3694: 3679: 3664: 3649: 3634: 3619: 3562: 3547: 3541:Nasdaq 3532: 3517: 3267:Greeks 3212:Equity 2129:option 2097:, any 1723:bearer 1692:Market 1653:London 1454:income 1396:retail 1370:. See 1281:Hybrid 1259:Equity 1247:, the 1127:issuer 1117:, and 1085:, and 1016:bearer 1010:) or " 993:equity 884:public 681:Option 486: 392:Option 3310:Short 3300:Hedge 3281:alpha 3188:terms 3112:Other 2399:Stock 2095:lease 2065:"Any 1881:share 1688:etc. 1425:or a 1167:notes 1159:bonds 1119:swaps 1083:bonds 1032:bonds 869:crime 854:asset 739:Swaps 671:Money 578:Stock 232:Share 227:Stock 86:Stock 3285:beta 3241:Misc 2336:and 2121:call 2079:bond 2067:note 1678:Citi 1674:HSBC 1640:and 1440:and 1268:and 1149:Debt 995:and 809:Bull 397:Swap 71:Bond 2117:put 2093:or 2002:T2S 1725:or 1169:or 1026:or 834:ESG 666:ETF 3988:: 3925:B3 3287:/ 3283:/ 3269:: 3121:/ 3081:/ 3013:/ 2127:, 2123:, 2119:, 2081:, 2077:, 2073:, 2069:, 2039:, 2035:, 1729:. 1684:, 1680:, 1676:, 1672:, 1668:, 1644:. 1636:, 1444:. 1413:, 1197:, 1165:, 1161:, 1157:, 1137:. 1121:). 1113:, 1109:, 1081:, 1042:. 1030:, 1003:. 979:A 3498:e 3491:t 3484:v 3291:) 3279:( 3273:) 3265:( 2985:/ 2958:e 2951:t 2944:v 2326:e 2319:t 2312:v 2295:. 2274:. 2253:. 2232:. 2211:. 2190:. 2170:) 1099:) 1089:) 968:e 961:t 954:v 653:) 644:( 632:) 618:( 488:· 441:e 434:t 427:v 34:. 20:)

Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.