45:
2409:, 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.
2598:; 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
1887:, 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.
612:
6246:
6236:
6226:
1556:. 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.
22:
1484:
502:) 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
2661:
2458:
2336:
2212:
1831:
6256:
5933:
1472:
1913:, 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.)
2862:
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.
2886:, 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,
525:, 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
2279:. 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.
1905:
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.
2797:
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.
2606:
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
1904:
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
2436:
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).
2046:
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
1947:
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
1908:
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
1780:
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.
2635:
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
1781:
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.
1659:
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
1639:. 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.
1536:
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
2861:
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
2058:
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
2898:
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
2793:
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
2736:
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
2586:
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
2318:
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
2053:
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
2039:
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
2160:
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
2602:
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
2594:. When the price of a stock rises significantly, some people who are shorting the stock cover their positions to limit their losses (this may occur in an automated way if the short sellers had stop-loss orders in place with their brokers); others may be forced to close their position to meet a
2396:
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
2310:
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
2412:
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
2289:
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.
1800:
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.
2943:. Chanos responds to critics of short-selling by pointing to the critical role they played in identifying problems at Enron, Boston Market and other "financial disasters" over the years. In 2011, research oriented short sellers were widely acknowledged for exposing the China stock frauds.
2631:
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.
1549:. 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.
2798:
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.
2794:
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.
2823:) 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
2931:
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.
2023:
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.
2054:
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)
1752:, 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.
2559:
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
1627:"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
2421:
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.
1948:
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.
2198:, 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.
1667:
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
2047:
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.
4820:
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
1962:
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
2784:
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
1714:. 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
2919:
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.
544:
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
2007:
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
2610:
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
2626:
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
1591:
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
2428:
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.
4806:
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
1617:
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
582:
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.
1808:, 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".
1987:. 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
533:. 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.
4830:
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,
3646:
3707:
4701:
2834:
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,
1776:
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.
2275:
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
3395:
1811:
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.
2272:
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.
3828:
3734:
2838:(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
4299:
2298:
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
575:
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
1695:
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
1588:
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.
4923:
4359:
3294:
3121:
2425:
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.
4390:
4326:
2725:
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.
2587:
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.
4277:
3917:
4618:
29:
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.
3677:
2607:
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.
4961:
3185:
1895:
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
4480:
3699:
3085:
1920:. Brokers go through the "locate" process outside their own firm to obtain borrowed shares from other brokers only for their large institutional customers.
6229:
4705:
3638:
3210:
1745:
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.
3385:
2322:
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.
4671:
3605:
4728:
4502:
3957:
3821:
2615:
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
1402:
3808:
3730:
4303:
2987:
Several studies of the effectiveness of short selling bans indicate that short selling bans do not contribute to more moderate market dynamics.
3890:
2827:
to target abusive naked short selling. Regulation SHO was the SEC's first update to short selling restrictions since the uptick rule in 1938.
4644:
3103:
2904:
1431:
4367:
2819:
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
2763:
A short seller may be trying to benefit from market inefficiencies arising from the mispricing of certain products. Examples of this are
6206:
3860:
3417:
1718:
and was in effect until 3 July 2007, when it was removed by the Securities and Exchange Commission (SEC Release No. 34-55970). President
1392:
1357:
4449:
6110:
4954:
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3169:
2176:
475:, where the investor will profit if the market value of the asset rises. An investor that sells an asset short is, as to that asset, a
4593:
3579:
4018:
2413:
underlying asset at the agreed upon (or "strike") price, which would then be higher than the current quoted spot price of the asset.
1514:
3483:
3318:"The Panic Effect: Possible Unintended Consequences of the Temporary Bans on Short Selling Enacted During the 2008 Financial Crisis"
1916:
Most brokers allow retail customers to borrow shares to short a stock only if one of their own customers has purchased the stock on
3286:
1170:
536:
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
3118:
1559:
Because the price of a share is theoretically unlimited, the potential losses of a short-seller are also theoretically unlimited.
4777:
2191:
4263:
4382:
2883:
2444:
or options; the preceding method is used to bet on the spot price, which is more directly analogous to selling a stock short.
2397:
between two parties, a buyer and seller. Each trade results in a "long" (buyer's position) and a "short" (seller's position).
5810:
5752:
4947:
4910:
4895:
4880:
4808:
4336:
4241:
2879:
4285:
2903:." However, in 2015, short selling was effectively banned due to legislative restrictions on borrowing stocks following the
2522:
1901:. Brokers have a variety of means to borrow stocks to facilitate locates and make good on delivery of the shorted security.
5192:
3978:
The Theory and Practice of Short Selling, Chapter 9, Conclusions and Implications for Investors by Frank J. Fabozzi, editor
435:
327:
4134:
3449:
2494:
3363:
2302:
and holds the shares outright, receives the dividend from the company. However, the lender, who may hold its shares in a
2164:
When the holder of the underlying stock receives a dividend, the holder of the hypothecated share would receive an equal
1183:
322:
2568:
profile from selling short. Furthermore, a "long's" losses are limited because the price can only go down to zero, but
2286:
passes, the dividend is deducted from the shortholder's account and paid to the person from whom the stock is borrowed.
44:
4211:
4194:
4167:
4113:
4086:
3551:
3521:
3270:
3243:
3137:
2816:
2721:
Hedging often represents a means of minimizing the risk from a more complex set of transactions. Examples of this are:
1342:
347:
3913:
3669:
2830:
The regulation contains two key components: the "locate" and the "close-out". The locate component attempts to reduce
1672:
stock on a massive scale, and apparently using customer deposits to cover losses. In another well-referenced example,
6295:
4631:
4047:
3986:
2708:
2541:
2501:
2383:
2259:
2040:
would require ten days of average trading for all legal short positions to be covered (10 million / 1 million).
1870:
1734:
founded a fund (that was unregulated) that bought stocks while selling other stocks short, hence hedging some of the
1656:
2690:
2365:
2241:
5217:
3182:
2682:
2475:
2357:
2233:
2183:" or simply "fail." While many fails are settled in a short time, some have been allowed to linger in the system.
1848:
1064:
4888:
Don't Blame the Shorts: Why Short Sellers Are Always Blamed for Market Crashes and Why History Is Repeating Itself
4540:
4472:
3337:
3082:
3058:
2812:
1761:
3202:
2564:, which are taxed as ordinary income. For this reason, buying shares (called "going long") has a very different
1579:
A short seller borrows from a lender 100 shares of ACME Inc., and immediately sells them for a total of $ 1,000.
4750:
3053:
2686:
2508:
2479:
2361:
2237:
2076:
1852:
1614:
Short seller returns the shares to the lender, who accepts the return of the same number of shares as was lent.
824:
734:
342:
337:
6290:
5211:
4844:
3756:
3043:
2966:
suggest Cramer exaggerated the costs of short selling and underestimated the benefits, which may include the
1664:
1507:
1476:
720:
3614:
2984:, for example, engaged in a lengthy legal battle with the pharmaceutical manufacturer Hemispherx Biopharma.
6249:
6084:
5694:
5634:
5430:
5336:
4679:
3008:
2871:
1611:
Short seller is required to return the shares, and is compelled to buy 100 shares of ACME Inc. for $ 2,500.
2490:
2016:
member firms to report data on the 15th of each month, and then publishes a compilation eight days later.
2012:
type strategies, short or bear ETFs). The data is typically delayed; for example, the NASDAQ requires its
6072:
5420:
5388:
5292:
5246:
5229:
5182:
6285:
5783:
5205:
5199:
3939:
2950:
has expressed concern about short selling and started a petition calling for the reintroduction of the
2847:
2603:
panicked by the initial uptick or who are forced to cover their short positions to avoid margin calls.
1286:
1000:
690:
121:
6211:
6155:
5874:
5801:
5745:
4300:"Australian Securities and Investments Commission – 08-210 ASIC extends ban on covered short selling"
3795:
1711:
1347:
1232:
1010:
784:
549:. Any failure to post margin promptly would prompt the broker or counterparty to close the position.
4572:
2748:
so that they are not exposed to risk from price movements in the stocks that underlie their options.
6048:
5918:
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2222:
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428:
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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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530:
232:
111:
4078:
The Hedge Fund Handbook: A Definitive Guide for Analyzing and Evaluating Alternative Investments
3513:
The Hedge Fund Handbook: A Definitive Guide for Analyzing and Evaluating Alternative Investments
2432:
An example of this is as follows: Let us say a trader wants to trade with the US dollar and the
1764:, critics argued that investors taking large short positions in struggling financial firms like
6280:
6160:
5957:
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5806:
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3119:
http://scholarlycommons.law.northwestern.edu/cgi/viewcontent.cgi?article=1704&context=njilb
838:
749:
154:
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The process relies on the fact that the securities (or the other assets being sold short) are
6185:
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5383:
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agreed in advance to relinquish voting rights to shares during the period of any short sale.
1980:
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789:
312:
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571:
may sell short hoping to realize a profit on an instrument that appears overvalued, just as
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3038:
2900:
2515:
1968:
1940:
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1374:
1291:
995:
920:
854:
806:
649:
370:
267:
76:
4014:
3809:
SunGard Launches Borrow Indices; First Proxy for Measuring Short Interest on a Daily Basis
16:
Practice of selling securities or other financial instruments that are not currently owned
8:
6259:
6165:
6145:
5972:
5947:
5639:
5584:
5508:
5368:
5298:
5127:
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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.
2171:
Naked shorting has been made illegal except where allowed under limited circumstances by
2155:
2068:
1777:
1451:
1441:
1161:
1118:
1070:
1015:
829:
421:
4159:
The Complete Guide to Selling Stocks Short: Everything You Need to Know Explained Simply
3475:
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6027:
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5654:
5614:
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5518:
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5415:
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2831:
2180:
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1984:
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930:
664:
491:
472:
352:
295:
149:
54:
36:
26:
4842:"Regulatory Medicine Against Financial Market Instability: What Helps And What Hurts?"
2874:
had a moratorium on short selling of 29 leading financial stocks, effective from 2300
2619:
account, and charges interest of between 2% and 8% depending on the amounts involved.
1605:
A short seller borrows 100 shares of ACME Inc., and sells them for a total of $ 1,000.
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1805:
1352:
1228:
1123:
990:
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915:
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639:
482:
There are a number of ways of achieving a short position. The most basic is physical
402:
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215:
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94:
4233:
25:
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
1936:
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1323:
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192:
144:
3183:
https://www.newyorkfed.org/medialibrary/media/research/current_issues/ci18-5.pdf
2858:. Canada and other countries do allow selling IPOs (including U.S. IPOs) short.
611:
6100:
6080:
5848:
5674:
5669:
5569:
5554:
5315:
5310:
5275:
5074:
5041:
4987:
4979:
3731:"Short-selling bans sweep Europe in the hope of stemming stock market bleeding"
2928:
2915:
Advocates of short selling argue that the practice is an essential part of the
2839:
2824:
2733:
2303:
2276:
2195:
2106:
2020:
1983:
firm, often lend out these securities to gain extra income, a process known as
1976:
1884:
1785:
1773:
1749:
1719:
1696:
1648:
1647:
The practice of short selling was likely invented in 1609 by Dutch businessman
1636:
1314:
1152:
844:
814:
729:
696:
572:
526:
499:
469:
392:
357:
302:
197:
187:
159:
66:
3359:
3083:
https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr518.pdf
6274:
6175:
6140:
6066:
5538:
5523:
5498:
5452:
5404:
5107:
5064:
5051:
5002:
4437:
3048:
3018:
3002:
2980:
Individual short sellers have been subject to criticism and even litigation.
2890:
and Canada banned short selling of leading financial stocks, and France, the
2851:
2745:
2591:
2094:
2013:
1992:
1381:
1337:
1113:
1075:
1055:
940:
901:
654:
4729:"B. Alpert "Even Short Sellers Burned by Chinese Shares" (Barrons 20110618)"
4587:"Do Short Sellers Convey Information About Changes in Fundamentals or Risk?"
3144:
6180:
6135:
6022:
6007:
5888:
5699:
5619:
5589:
5579:
5399:
5373:
5122:
5112:
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4997:
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3013:
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2055:
1972:
1700:
1673:
1488:
1306:
1276:
1136:
834:
711:
684:
546:
465:
101:
3639:"Germany to Temporarily Ban Naked Short Selling, Some Swaps of Euro Bonds"
2186:
In the US, arranging to borrow a security before a short sale is called a
2075:
feature of American call options on non-dividend paying stocks can become
6012:
5952:
5704:
5684:
5664:
5659:
5604:
5493:
5425:
2951:
2891:
2887:
2843:
2820:
2738:
2612:
1735:
1726:
said he would investigate short sellers for their role in prolonging the
1715:
1553:
1532:
To profit from a decrease in the price of a security, a short seller can
896:
761:
706:
701:
644:
557:
537:
257:
126:
4528:
5761:
5689:
5609:
5286:
5149:
4518:"Short Sale Constraints And Stock Returns by C.M Jones and O.A. Lamont"
4517:
4429:
3317:
2947:
2582:
1855: in this section. Unsourced material may be challenged and removed.
1739:
1131:
970:
906:
568:
277:
272:
202:
3572:"A Debate as a Ban on Short-Selling Ends: Did It Make Any Difference?"
3333:
2878:
on 19 September 2008 until 16 January 2009. After the ban was lifted,
5778:
5325:
5320:
5235:
5154:
2758:
2190:. In 2005, to prevent widespread failure to deliver securities, the
1436:
1397:
1080:
869:
864:
461:
71:
5932:
4939:
4903:
Fubarnomics: A Lighthearted, Serious Look at America's Economic Ills
4868:
4754:
4645:"2006 Berkshire Hathaway Annual Meeting Q&A with Warren Buffett"
2660:
2457:
2335:
2211:
1830:
5503:
5139:
4237:
3063:
2165:
2142:
2124:
2118:
2064:
884:
744:
507:
503:
61:
4841:
4015:"United States IRS Publication 550 Investment Income and Expenses"
3760:
21:
5347:
3390:
3360:"Scripophily – PSTA – Professional Scripophily Trade Association"
2967:
2895:
1789:
1684:
of 1992, when he sold short more than $ 10 billion worth of
603:
449:
332:
4131:"Division of Market Regulation: Key Points about Regulation SHO"
5090:
4414:"Short selling, margin buying and stock return in China market"
3418:"What Kinds of Restrictions Does the SEC Put on Short Selling?"
3101:
http://people.stern.nyu.edu/mbrenner/research/short_selling.pdf
2136:
2009:
1928:
1793:
1471:
756:
5730:
4327:"Australian short selling ban goes further than other bourses"
1660:
history, governments have restricted or banned short selling.
1608:
Subsequently, the price of the shares rises to $ 25 per share.
5013:
3235:
Trading and Exchange: Market Microstructure for Practitioners
2971:
2940:
1797:
1596:
1582:
Subsequently, the price of the shares falls to $ 8 per share.
1527:
975:
925:
457:
222:
81:
3667:
2899:
chip stocks with good earnings performance and little price
1562:
579:
certain risks that exist in a long position or a portfolio.
468:
of the asset falls. This is the opposite of the more common
4383:"UPDATE 2-China to launch stocks margin trade, short sales"
2850:) have used the lack of short selling during this month to
2565:
1924:
1769:
1301:
1268:
879:
819:
4473:"China stock exchanges step up crackdown on short-selling"
4186:
Security Analysis with Investment and Portfolio Management
3258:
506:) and reimburse the lender for any cash return (such as a
2875:
1784:
Temporary short-selling bans were also introduced in the
1212:
4516:
Jones, Charles M.; Lamont, Owen A. (20 September 2001).
1991:
of the security, so it cannot be used as collateral for
1585:
Short seller now buys 100 shares of ACME Inc. for $ 800.
4929:"Short-Selling Bans Dampen 130/30 Strategies Worldwide"
4212:"Short Sellers under Fire in U.S., U.K. After AIG Fall"
3670:"Spain, Portugal and Italy reinstate short-selling ban"
3315:
2440:
One may also take a short position in a currency using
1601:
Shares in ACME Inc. currently trade at $ 10 per share.
4672:"Balance Sheet : The silly season isn't over yet"
4471:
Chatterjee, Nathaniel Taplin, Saikat (4 August 2015).
2555:
Note: this section does not apply to currency markets.
1707:, began shorting stocks in the United States in 1822.
1622:
490:, by which the short seller borrows an asset (often a
3700:"The AMF announces a short selling ban for one month"
1939:. Alternatively, these can also be expressed as the
4412:
Li, Rui; Li, Nan; Li, Jiahui; Wu, Chongfeng (2018).
3476:"New York Magazine – The Creation of the Hedge Fund"
2767:
An arbitrageur who buys long futures contracts on a
1971:, and the seller may be subject to a claim from its
4162:. Atlantic Publishing Group Inc. pp. 178–179.
3386:"Short sellers have been the villain for 400 years"
2590:Short sellers must be aware of the potential for a
2482:. Unsourced material may be challenged and removed.
2311:dividend. The short seller is therefore said to be
1755:
464:in such a way that the investor will profit if the
4702:"Contrarian Investor Sees Economic Crash in China"
3814:
3613:
3262:An Introduction to Derivatives and Risk Management
2577:strategy to manage the risks of long investments.
3546:. South-Western College Publishing. p. 308.
1998:
1975:. Certain large holders of securities, such as a
6272:
4108:. Discovery Publishing House. pp. 122–123.
3378:
2400:
2059:the borrow cost itself can become a significant
554:public securities, futures, and currency markets
4861:
4324:
3668:Tracy Rucinski; Stephen Jewkes (23 July 2012).
3259:Don M. Chance; Robert Brooks (11 August 2009).
567:A short sale may have a variety of objectives.
540:, a short seller is typically required to post
513:A short position can also be created through a
4931:, Global Investment Technology, Sept. 29, 2008
4769:
4360:"Europe Spooked By Revenge of the Commodities"
3287:"'Naakt short gaan', een oud-Hollands kunstje"
2865:
2293:
5746:
4955:
4182:
3958:"Even Short-Sellers Burned by Chinese Shares"
2882:, chairman of the Treasury Select Committee,
2744:An options trader may short shares to remain
2063:for holding the stock (similar to additional
1890:
1508:
510:) that was paid on the asset while borrowed.
429:
4890:(New York: McGraw-Hill Professional, 2009).
4663:
4501:: CS1 maint: multiple names: authors list (
4046:. Securities and Exchange Commission. 1934.
3846:
3231:
6230:Alternative investment management companies
6207:Standards Board for Alternative Investments
4873:The Oxford Handbook of Financial Regulation
4515:
4070:
4068:
2689:. Unsourced material may be challenged and
2364:. Unsourced material may be challenged and
2240:. Unsourced material may be challenged and
2177:Depository Trust & Clearing Corporation
2079:, which otherwise would not be economical.
1883:A short seller typically borrows through a
1393:International Financial Reporting Standards
1358:Separation of investment and retail banking
6255:
6111:Taxation of private equity and hedge funds
5753:
5739:
4962:
4948:
4642:
4470:
4101:
3505:
3503:
3501:
2161:promise is known as a hypothecated share.
1597:Worked example of a loss-making short sale
1528:Physical shorting with borrowed securities
1515:
1501:
436:
422:
4875:(Oxford: Oxford University Press, 2015).
4834:
4318:
3884:
3749:
3599:
3597:
3535:
3533:
2910:
2709:Learn how and when to remove this message
2542:Learn how and when to remove this message
2384:Learn how and when to remove this message
2260:Learn how and when to remove this message
2121:(Amsterdam, Netherlands, formerly Fortis)
1871:Learn how and when to remove this message
1563:Worked example of a profitable short sale
4669:
4411:
4278:"ASX ban on short selling is indefinite"
4128:
4065:
3914:"Knowing the Rules of the Shorting Game"
3757:"Understanding Short Selling – A Primer"
3661:
3636:
3565:
3563:
3473:
3203:"Short Sale Constraints and Overpricing"
20:
4074:
3974:
3854:"Lecture 13: Hard to Borrow Securities"
3509:
3498:
3238:. Oxford University Press. p. 41.
2192:U.S. Securities and Exchange Commission
6273:
4775:
4726:
3975:Fabozzi, Frank J. (17 November 2004).
3911:
3606:"Short-selling ban has minimal effect"
3603:
3594:
3569:
3539:
3530:
3200:
3168:: CS1 maint: archived copy as title (
2149:
2027:
2003:Time delayed short interest data (for
552:Short selling is a common practice in
5811:fixed-income relative-value investing
5734:
4969:
4943:
4935:SEC Discussion of Naked Short Selling
4809:London Investment Banking Association
4599:from the original on 22 February 2012
4325:McDonald, Sarah (22 September 2008).
4209:
4155:
4149:
4095:
3728:
3560:
3252:
3225:
2622:In 2011, the eruption of the massive
2133:Corporation (New York, United States)
2115:(Amsterdam, Netherlands, now defunct)
1951:
1935:sold short as a percent of the total
4380:
4244:from the original on 22 January 2009
4210:Tsang, Michael (19 September 2008).
4137:from the original on 3 February 2023
4053:from the original on 14 January 2012
4021:from the original on 26 October 2018
3995:from the original on 3 February 2023
3920:from the original on 3 February 2023
3710:from the original on 3 February 2023
3680:from the original on 3 February 2023
3649:from the original on 3 February 2023
3582:from the original on 3 February 2023
3486:from the original on 3 February 2023
3398:from the original on 3 February 2023
3366:from the original on 3 February 2023
3340:from the original on 3 February 2023
3322:Entrepreneurial Business Law Journal
3297:from the original on 3 February 2023
3265:. South-Western College. p. 6.
3213:from the original on 28 January 2021
2687:adding citations to reliable sources
2654:
2480:adding citations to reliable sources
2451:
2362:adding citations to reliable sources
2329:
2238:adding citations to reliable sources
2205:
1853:adding citations to reliable sources
1824:
328:Residential mortgage-backed security
4905:(Buffalo, N.Y.: Prometheus, 2010).
4357:
1676:became notorious for "breaking the
1623:Synthetic shorting with derivatives
323:Commercial mortgage-backed security
13:
4776:Nelson, Brett (26 November 2001).
4234:"FSA clamps down on short-selling"
3737:from the original on 31 March 2020
3604:Oakley, David (18 December 2008).
3543:Financial Markets and Institutions
2817:Securities and Exchange Commission
2779:
1710:Short sellers were blamed for the
1432:Private equity and venture capital
1343:Bank for International Settlements
348:Collateralized mortgage obligation
14:
6307:
4917:
4041:"Securities Exchange Act of 1934"
3912:Arnold, Roger (14 January 2000).
3516:. McGraw-Hill. pp. 442–443.
3455:from the original on 15 July 2012
2771:, and sells short the underlying
2573:probably is most often used as a
2071:relationships are broken and the
2019:Some market data providers (like
1722:condemned short sellers and even
1657:Vereenigde Oostindische Compagnie
1571:Inc. currently trade at $ 10 per
1477:Business and Economics portal
6254:
6245:
6244:
6235:
6234:
6225:
6224:
5931:
5218:Electronic communication network
4643:Casterline, Rick (1 June 2006).
4546:from the original on 2 June 2018
4483:from the original on 27 May 2021
4452:from the original on 5 June 2021
4393:from the original on 5 June 2021
4358:Ram, Vidya (22 September 2008).
4284:. 3 October 2008. Archived from
3893:from the original on 10 May 2018
3866:from the original on 18 May 2013
3834:from the original on 3 June 2013
3822:"The market for borrowing stock"
3570:Harris, Larry (7 October 2008).
3316:Stanley, Christopher A. (2009).
2905:stock market crash the same year
2806:
2659:
2456:
2334:
2210:
2082:
1943:, which is the number of shares
1829:
1756:Naked short selling restrictions
1651:, a sizeable shareholder of the
1482:
1470:
1065:Base erosion and profit shifting
610:
43:
5760:
4924:Porsche VW Shortselling Scandal
4824:
4814:
4800:
4743:
4720:
4694:
4636:
4611:
4579:
4509:
4464:
4405:
4381:Shen, Samuel (5 October 2008).
4374:
4351:
4292:
4270:
4256:
4226:
4203:
4176:
4122:
4081:. McGraw-Hill. pp. 85–95.
4033:
4007:
3968:
3950:
3940:"margin account rates schedule"
3932:
3905:
3878:
3801:
3788:
3775:
3759:. Langasset.com. Archived from
3729:Smith, Elliot (17 March 2020).
3722:
3692:
3630:
3474:Lindgren, Hugo (9 April 2007).
3467:
3435:
3410:
3352:
3309:
3059:Special settlement (securities)
2813:Securities Exchange Act of 1934
2467:needs additional citations for
1840:needs additional citations for
3887:"Over-voting at Taser in 2005"
3637:Crawford, Alan (18 May 2010).
3279:
3194:
3176:
3130:
3112:
3094:
3076:
3054:Socially responsible investing
2801:
1999:Sources of short interest data
1730:. A few years later, in 1949,
825:Collateralised debt obligation
735:Bull (stock market speculator)
343:Collateralized fund obligation
338:Collateralized debt obligation
1:
5212:Multilateral trading facility
4727:Alpert, Bill (18 June 2011).
4670:Peterson, Jim (6 July 2002).
4302:. Asic.gov.au. Archived from
3783:About the Short Interest Page
3201:Lamont, Owen (1 March 2005).
3044:Sharia and securities trading
2846:(referred to colloquially as
2639:
2401:Futures and options contracts
1705:The Great Bear of Wall Street
1665:Neal, James, Fordyce and Down
1171:Final consumption expenditure
233:Initial public offering (IPO)
122:Over-the-counter market (OTC)
6085:security characteristic line
5635:Returns-based style analysis
5431:Post-modern portfolio theory
5337:Security characteristic line
4869:Regulating Trading Practices
4862:General and cited references
3069:
3009:Inverse exchange-traded fund
2872:Financial Services Authority
2752:
1923:Stock exchanges such as the
1814:
1663:The London banking house of
7:
6073:Capital asset pricing model
5792:Capital structure arbitrage
5389:Efficient-market hypothesis
5293:Capital asset pricing model
5230:Straight-through processing
4753:. TheStreet. Archived from
4189:. Gyan Books. p. 233.
2990:
2866:Europe, Australia and China
2789:alludes to the days when a
2580:Many short sellers place a
2416:
2294:Dividends and voting rights
2097:(New Jersey, United States)
10:
6312:
5875:Commodity trading advisors
5206:Alternative Trading System
4647:. Fool.com. Archived from
4156:Young, Matthew G. (2010).
4129:U.S. SEC (11 April 2005).
3443:"SEC Release No. 34-55970"
2756:
2648:
2644:
2325:
2153:
2077:rational to exercise early
1955:
1891:Shorting stock in the U.S.
1818:
1642:
1537:were sold short is called
1403:Professional certification
1001:Enterprise risk management
785:Offshore financial centres
586:
268:Exchange-traded fund (ETF)
6220:
6212:Managed Funds Association
6194:
6156:High-net-worth individual
6128:
6036:
5990:
5981:
5940:
5929:
5907:
5862:
5829:
5777:
5768:
5481:
5356:
5255:
5175:
5083:
5050:
5011:
4977:
4282:The Sydney Morning Herald
4075:Lavinio, Stefano (1999).
3981:. John Wiley & Sons.
3885:Greg Land (15 May 2009).
3510:Lavinio, Stefano (1999).
2175:. It is detected by the
2127:(New York, United States)
2103:(New York, United States)
1967:the transaction does not
1712:Wall Street Crash of 1929
1348:Financial Stability Board
6296:Stock market terminology
6049:Arbitrage pricing theory
5270:Arbitrage pricing theory
4418:Accounting & Finance
4332:National Business Review
3106:14 February 2017 at the
3088:24 December 2016 at the
2923:Such noted investors as
2447:
2145:(London, United Kingdom)
2109:(Chicago, United States)
2089:State Street Corporation
1653:Dutch East India Company
1037:Mergers and acquisitions
318:Mortgage-backed security
6161:Institutional investors
6054:Assets under management
5879:managed futures account
5549:Initial public offering
5410:Modern portfolio theory
5305:Dividend discount model
5188:List of stock exchanges
2741:of the corporate bonds.
2201:
2168:from the short seller.
2131:Bank of New York Mellon
2091:(Boston, United States)
531:contract for difference
112:Foreign exchange market
6186:Sovereign wealth funds
5958:High-frequency trading
5807:Fixed income arbitrage
5437:Random walk hypothesis
4867:Fleckner, Andreas M. "
4847:3 January 2018 at the
4567:Cite journal requires
4183:Mahipal Singh (2011).
3798:discusses the product.
3188:18 August 2016 at the
3124:18 August 2016 at the
2956:Don't Blame the Shorts
2911:Views of short selling
839:certificate of deposit
155:Inflation-indexed bond
30:
6028:Structured securities
5844:Distressed securities
5816:Statistical arbitrage
5802:Equity market neutral
5797:Convertible arbitrage
5575:Market capitalization
5384:Dollar cost averaging
4370:on 22 September 2008.
4240:. 18 September 2008.
3540:Madura, Jeff (2009).
3394:. 26 September 2008.
3232:Larry Harris (2002).
2836:initial public offers
2757:Further information:
2649:Further information:
2139:(Zurich, Switzerland)
1981:investment management
1762:2008 financial crisis
1543:covering the position
790:Conduit and sink OFCs
313:Asset-backed security
24:
6291:Financial regulation
6146:Financial endowments
6091:Fundamental analysis
5839:Shareholder activism
5821:Volatility arbitrage
5395:Fundamental analysis
5379:Contrarian investing
5342:Security market line
5247:Liquidity aggregator
5224:Direct market access
5135:Quantitative analyst
4731:. Online.barrons.com
4339:on 27 September 2011
3362:. Encyberpedia.com.
3039:Repurchase agreement
2958:by Robert Sloan and
2773:US Treasury security
2769:US Treasury security
2683:improve this section
2491:"Short" finance
2476:improve this article
2358:improve this section
2234:improve this section
1941:short interest ratio
1849:improve this article
1732:Alfred Winslow Jones
1016:Financial statements
996:Credit rating agency
921:Repurchase agreement
6260:List of hedge funds
6250:Hedge fund managers
6166:Insurance companies
6151:Fund of hedge funds
6059:Black–Scholes model
5973:Proprietary trading
5948:Algorithmic trading
5915:Fund of hedge funds
5640:Reverse stock split
5585:Market manipulation
5509:Dual-listed company
5369:Algorithmic trading
5299:Capital market line
5101:Inter-dealer broker
4529:10.2139/ssrn.281514
4102:S.K. Singh (2009).
3618:on 10 December 2022
2842:that specialize in
2194:(SEC) put in place
2156:Naked short selling
2150:Naked short selling
2033:Days to Cover (DTC)
2028:Short selling terms
1778:Naked short selling
1534:borrow the security
1452:Accounting scandals
1442:Stock market bubble
1162:Government spending
1119:Employment contract
1071:Corporate tax haven
830:Credit default swap
6116:Technical analysis
5680:Stock market index
5519:Efficient frontier
5458:Technical analysis
5416:Momentum investing
5238:(private exchange)
5128:Proprietary trader
5070:Shares outstanding
5060:Authorised capital
4901:Wright, Robert E.
4708:on 12 January 2010
4676:The New York Times
4430:10.1111/acfi.12229
4288:on 5 October 2008.
3576:The New York Times
2970:identification of
2832:failure to deliver
2624:China stock frauds
2313:short the dividend
2282:When a security's
2181:failure to deliver
2179:(in the US) as a "
2067:) – for instance,
1985:securities lending
1958:Securities lending
1952:Securities lending
1821:Securities lending
1670:East India Company
1539:covering the short
1447:Stock market crash
1297:Investment banking
1287:Fractional-reserve
1252:Warrant of payment
1201:Government revenue
1124:Financial planning
1042:Structured finance
353:Credit-linked note
296:Structured finance
150:Floating rate note
31:
6286:Financial markets
6268:
6267:
6124:
6123:
5927:
5926:
5894:Long/short equity
5870:Convergence trade
5854:Special situation
5728:
5727:
5529:Flight-to-quality
5281:Buffett indicator
4971:Financial markets
4911:978-1-61614-191-2
4896:978-0-07-163686-5
4881:978-0-19-968720-6
4788:on 10 August 2009
4266:. 2 October 2008.
3763:on 19 August 2011
3029:Manuel P. Asensio
2982:Manuel P. Asensio
2719:
2718:
2711:
2552:
2551:
2544:
2526:
2407:futures contracts
2394:
2393:
2386:
2270:
2269:
2262:
2061:convenience yield
1965:fails to deliver,
1881:
1880:
1873:
1806:COVID-19 pandemic
1525:
1524:
1415:
1414:
1365:
1364:
1353:Deposit insurance
1259:
1258:
1093:
1092:
991:Corporate finance
986:Capital structure
981:Capital budgeting
916:Performance bonds
797:
796:
780:Financial centres
740:Financial planner
640:Asset (economics)
446:
445:
403:Credit derivative
216:Equities (stocks)
6303:
6258:
6257:
6248:
6247:
6238:
6237:
6228:
6227:
6171:Investment banks
6018:Foreign exchange
5988:
5987:
5935:
5775:
5774:
5755:
5748:
5741:
5732:
5731:
5645:Share repurchase
5357:Trading theories
5242:Crossing network
5200:Over-the-counter
5037:Restricted stock
4993:Secondary market
4964:
4957:
4950:
4941:
4940:
4855:
4838:
4832:
4828:
4822:
4818:
4812:
4804:
4798:
4797:
4795:
4793:
4784:. Archived from
4773:
4767:
4766:
4764:
4762:
4757:on 15 March 2012
4747:
4741:
4740:
4738:
4736:
4724:
4718:
4717:
4715:
4713:
4704:. Archived from
4698:
4692:
4691:
4689:
4687:
4678:. Archived from
4667:
4661:
4660:
4658:
4656:
4640:
4634:
4619:Margin of safety
4615:
4609:
4608:
4606:
4604:
4598:
4591:
4583:
4577:
4576:
4570:
4565:
4563:
4555:
4553:
4551:
4545:
4522:
4513:
4507:
4506:
4500:
4492:
4490:
4488:
4468:
4462:
4461:
4459:
4457:
4409:
4403:
4402:
4400:
4398:
4378:
4372:
4371:
4366:. Archived from
4355:
4349:
4348:
4346:
4344:
4335:. Archived from
4322:
4316:
4315:
4313:
4311:
4306:on 20 March 2012
4296:
4290:
4289:
4274:
4268:
4267:
4264:"The Australian"
4260:
4254:
4253:
4251:
4249:
4230:
4224:
4223:
4221:
4219:
4207:
4201:
4200:
4180:
4174:
4173:
4153:
4147:
4146:
4144:
4142:
4126:
4120:
4119:
4105:Bank Regulations
4099:
4093:
4092:
4072:
4063:
4062:
4060:
4058:
4052:
4045:
4037:
4031:
4030:
4028:
4026:
4011:
4005:
4004:
4002:
4000:
3972:
3966:
3965:
3954:
3948:
3947:
3936:
3930:
3929:
3927:
3925:
3909:
3903:
3902:
3900:
3898:
3882:
3876:
3875:
3873:
3871:
3865:
3858:
3850:
3844:
3843:
3841:
3839:
3833:
3826:
3818:
3812:
3811:. Business Wire.
3805:
3799:
3792:
3786:
3779:
3773:
3772:
3770:
3768:
3753:
3747:
3746:
3744:
3742:
3726:
3720:
3719:
3717:
3715:
3696:
3690:
3689:
3687:
3685:
3665:
3659:
3658:
3656:
3654:
3634:
3628:
3627:
3625:
3623:
3617:
3612:. Archived from
3601:
3592:
3591:
3589:
3587:
3567:
3558:
3557:
3537:
3528:
3527:
3507:
3496:
3495:
3493:
3491:
3471:
3465:
3464:
3462:
3460:
3454:
3447:
3439:
3433:
3432:
3430:
3428:
3414:
3408:
3407:
3405:
3403:
3382:
3376:
3375:
3373:
3371:
3356:
3350:
3349:
3347:
3345:
3313:
3307:
3306:
3304:
3302:
3293:. 25 July 2008.
3283:
3277:
3276:
3256:
3250:
3249:
3229:
3223:
3222:
3220:
3218:
3198:
3192:
3180:
3174:
3173:
3167:
3159:
3157:
3155:
3149:
3143:. Archived from
3142:
3134:
3128:
3116:
3110:
3098:
3092:
3080:
3024:Magnetar Capital
2964:Robert E. Wright
2884:House of Commons
2791:safe deposit box
2737:that remains is
2714:
2707:
2703:
2700:
2694:
2663:
2655:
2547:
2540:
2536:
2533:
2527:
2525:
2484:
2460:
2452:
2389:
2382:
2378:
2375:
2369:
2338:
2330:
2300:holder of record
2284:ex-dividend date
2265:
2258:
2254:
2251:
2245:
2214:
2206:
1876:
1869:
1865:
1862:
1856:
1833:
1825:
1517:
1510:
1503:
1489:Money portal
1487:
1486:
1485:
1475:
1474:
1425:Economic history
1387:
1386:
1320:
1319:
1218:Deficit spending
1192:Transfer payment
1158:
1157:
1086:Transfer pricing
1032:Leveraged buyout
1006:Enterprise value
960:
959:
875:Letter of credit
860:Futures contract
693:
691:Over-the-counter
680:Foreign exchange
627:
626:
614:
591:
590:
519:forward contract
515:futures contract
504:interest payment
438:
431:
424:
251:Investment funds
170:Commercial paper
165:Zero-coupon bond
117:Futures exchange
107:Commodity market
47:
33:
32:
6311:
6310:
6306:
6305:
6304:
6302:
6301:
6300:
6271:
6270:
6269:
6264:
6216:
6202:Fund governance
6190:
6120:
6044:Absolute return
6032:
5983:
5977:
5968:Program trading
5963:Prime brokerage
5936:
5923:
5903:
5899:Trend following
5884:Dedicated short
5858:
5825:
5782:
5770:
5764:
5759:
5729:
5724:
5715:Voting interest
5625:Public offering
5560:Mandatory offer
5534:Government bond
5514:DuPont analysis
5477:
5473:Value investing
5468:Value averaging
5463:Trend following
5448:Style investing
5443:Sector rotation
5358:
5352:
5331:Net asset value
5257:Stock valuation
5251:
5171:
5079:
5046:
5032:Preferred stock
5007:
4973:
4968:
4920:
4886:Sloan, Robert.
4864:
4859:
4858:
4849:Wayback Machine
4840:Kerbl S (2010)
4839:
4835:
4829:
4825:
4819:
4815:
4805:
4801:
4791:
4789:
4774:
4770:
4760:
4758:
4749:
4748:
4744:
4734:
4732:
4725:
4721:
4711:
4709:
4700:
4699:
4695:
4685:
4683:
4668:
4664:
4654:
4652:
4651:on 13 June 2006
4641:
4637:
4616:
4612:
4602:
4600:
4596:
4589:
4585:
4584:
4580:
4568:
4566:
4557:
4556:
4549:
4547:
4543:
4520:
4514:
4510:
4494:
4493:
4486:
4484:
4469:
4465:
4455:
4453:
4410:
4406:
4396:
4394:
4379:
4375:
4356:
4352:
4342:
4340:
4323:
4319:
4309:
4307:
4298:
4297:
4293:
4276:
4275:
4271:
4262:
4261:
4257:
4247:
4245:
4232:
4231:
4227:
4217:
4215:
4214:. Bloomberg L.P
4208:
4204:
4197:
4181:
4177:
4170:
4154:
4150:
4140:
4138:
4127:
4123:
4116:
4100:
4096:
4089:
4073:
4066:
4056:
4054:
4050:
4043:
4039:
4038:
4034:
4024:
4022:
4013:
4012:
4008:
3998:
3996:
3989:
3973:
3969:
3964:. 18 June 2011.
3956:
3955:
3951:
3946:. 18 June 2011.
3938:
3937:
3933:
3923:
3921:
3910:
3906:
3896:
3894:
3883:
3879:
3869:
3867:
3863:
3856:
3852:
3851:
3847:
3837:
3835:
3831:
3824:
3820:
3819:
3815:
3806:
3802:
3793:
3789:
3780:
3776:
3766:
3764:
3755:
3754:
3750:
3740:
3738:
3727:
3723:
3713:
3711:
3698:
3697:
3693:
3683:
3681:
3666:
3662:
3652:
3650:
3635:
3631:
3621:
3619:
3610:Financial Times
3602:
3595:
3585:
3583:
3568:
3561:
3554:
3538:
3531:
3524:
3508:
3499:
3489:
3487:
3472:
3468:
3458:
3456:
3452:
3445:
3441:
3440:
3436:
3426:
3424:
3416:
3415:
3411:
3401:
3399:
3384:
3383:
3379:
3369:
3367:
3358:
3357:
3353:
3343:
3341:
3314:
3310:
3300:
3298:
3291:NRC Handelsblad
3285:
3284:
3280:
3273:
3257:
3253:
3246:
3230:
3226:
3216:
3214:
3199:
3195:
3190:Wayback Machine
3181:
3177:
3161:
3160:
3153:
3151:
3150:on 22 July 2012
3147:
3140:
3138:"Archived copy"
3136:
3135:
3131:
3126:Wayback Machine
3117:
3113:
3108:Wayback Machine
3099:
3095:
3090:Wayback Machine
3081:
3077:
3072:
2997:Anthony Elgindy
2993:
2917:price discovery
2913:
2870:In the UK, the
2868:
2840:brokerage firms
2809:
2804:
2782:
2780:Against the box
2761:
2755:
2734:corporate bonds
2715:
2704:
2698:
2695:
2680:
2664:
2653:
2651:Hedge (finance)
2647:
2642:
2548:
2537:
2531:
2528:
2485:
2483:
2473:
2461:
2450:
2419:
2403:
2390:
2379:
2373:
2370:
2355:
2339:
2328:
2296:
2266:
2255:
2249:
2246:
2231:
2215:
2204:
2158:
2152:
2101:JP Morgan Chase
2085:
2069:put–call parity
2030:
2001:
1960:
1954:
1893:
1877:
1866:
1860:
1857:
1846:
1834:
1823:
1817:
1766:Lehman Brothers
1758:
1724:J. Edgar Hoover
1697:brokerage house
1686:pounds sterling
1682:Black Wednesday
1678:Bank of England
1645:
1625:
1599:
1565:
1530:
1521:
1483:
1481:
1469:
1457:
1456:
1427:
1417:
1416:
1408:Fund governance
1384:
1367:
1366:
1333:Banking license
1324:Bank regulation
1311:
1282:Deposit account
1271:
1261:
1260:
1247:Non-tax revenue
1243:
1222:
1188:
1155:
1145:
1144:
1141:
1105:
1095:
1094:
1047:Venture capital
1011:Risk management
957:
947:
946:
945:
936:Syndicated loan
912:
809:
799:
798:
689:
624:
589:
560:and reasonably
523:option contract
442:
413:
412:
408:Hybrid security
373:
363:
362:
308:Agency security
298:
288:
287:
283:Segregated fund
263:Closed-end fund
253:
243:
242:
218:
208:
207:
193:Government bond
183:
182:Bonds by issuer
175:
174:
145:Fixed rate bond
140:
139:Bonds by coupon
132:
131:
97:
87:
86:
57:
17:
12:
11:
5:
6309:
6299:
6298:
6293:
6288:
6283:
6266:
6265:
6263:
6262:
6252:
6242:
6232:
6221:
6218:
6217:
6215:
6214:
6209:
6204:
6198:
6196:
6192:
6191:
6189:
6188:
6183:
6178:
6176:Merchant banks
6173:
6168:
6163:
6158:
6153:
6148:
6143:
6141:Family offices
6138:
6132:
6130:
6126:
6125:
6122:
6121:
6119:
6118:
6113:
6108:
6103:
6101:Securitization
6098:
6093:
6088:
6070:
6056:
6051:
6046:
6040:
6038:
6034:
6033:
6031:
6030:
6025:
6020:
6015:
6010:
6005:
6000:
5994:
5992:
5985:
5979:
5978:
5976:
5975:
5970:
5965:
5960:
5955:
5950:
5944:
5942:
5938:
5937:
5930:
5928:
5925:
5924:
5922:
5921:
5911:
5909:
5905:
5904:
5902:
5901:
5896:
5891:
5886:
5881:
5872:
5866:
5864:
5860:
5859:
5857:
5856:
5851:
5849:Risk arbitrage
5846:
5841:
5835:
5833:
5827:
5826:
5824:
5823:
5818:
5813:
5804:
5799:
5794:
5788:
5786:
5784:relative value
5772:
5766:
5765:
5758:
5757:
5750:
5743:
5735:
5726:
5725:
5723:
5722:
5717:
5712:
5707:
5702:
5697:
5692:
5687:
5682:
5677:
5675:Stock exchange
5672:
5670:Stock dilution
5667:
5662:
5657:
5652:
5647:
5642:
5637:
5632:
5627:
5622:
5617:
5612:
5607:
5602:
5597:
5595:Mean reversion
5592:
5587:
5582:
5577:
5572:
5570:Market anomaly
5567:
5562:
5557:
5552:
5546:
5541:
5536:
5531:
5526:
5521:
5516:
5511:
5506:
5501:
5496:
5491:
5489:Bid–ask spread
5485:
5483:
5479:
5478:
5476:
5475:
5470:
5465:
5460:
5455:
5450:
5445:
5440:
5434:
5428:
5423:
5418:
5413:
5407:
5402:
5397:
5392:
5386:
5381:
5376:
5371:
5365:
5363:
5354:
5353:
5351:
5350:
5345:
5339:
5334:
5328:
5323:
5318:
5316:Earnings yield
5313:
5311:Dividend yield
5308:
5302:
5296:
5290:
5284:
5278:
5273:
5267:
5261:
5259:
5253:
5252:
5250:
5249:
5244:
5239:
5233:
5227:
5221:
5215:
5209:
5203:
5202:(off-exchange)
5197:
5196:
5195:
5190:
5179:
5177:
5176:Trading venues
5173:
5172:
5170:
5169:
5164:
5163:
5162:
5152:
5147:
5142:
5137:
5132:
5131:
5130:
5125:
5115:
5110:
5105:
5104:
5103:
5098:
5087:
5085:
5081:
5080:
5078:
5077:
5075:Treasury stock
5072:
5067:
5062:
5056:
5054:
5048:
5047:
5045:
5044:
5042:Tracking stock
5039:
5034:
5029:
5024:
5018:
5016:
5009:
5008:
5006:
5005:
5000:
4995:
4990:
4988:Primary market
4984:
4982:
4975:
4974:
4967:
4966:
4959:
4952:
4944:
4938:
4937:
4932:
4926:
4919:
4918:External links
4916:
4915:
4914:
4899:
4884:
4863:
4860:
4857:
4856:
4833:
4823:
4813:
4799:
4768:
4742:
4719:
4693:
4682:on 31 May 2013
4662:
4635:
4610:
4578:
4569:|journal=
4508:
4463:
4424:(2): 477–501.
4404:
4373:
4350:
4317:
4291:
4269:
4255:
4225:
4202:
4196:978-8182055193
4195:
4175:
4169:978-1601383266
4168:
4148:
4121:
4115:978-8183564472
4114:
4094:
4088:978-0071350303
4087:
4064:
4032:
4006:
3987:
3967:
3949:
3931:
3904:
3877:
3845:
3813:
3800:
3787:
3774:
3748:
3721:
3691:
3660:
3629:
3593:
3559:
3553:978-1439038840
3552:
3529:
3523:978-0071350303
3522:
3497:
3466:
3434:
3409:
3377:
3351:
3308:
3278:
3272:978-0324601206
3271:
3251:
3245:978-0195144703
3244:
3224:
3193:
3175:
3129:
3111:
3093:
3074:
3073:
3071:
3068:
3067:
3066:
3061:
3056:
3051:
3046:
3041:
3036:
3031:
3026:
3021:
3016:
3011:
3006:
2999:
2992:
2989:
2929:Warren Buffett
2912:
2909:
2867:
2864:
2854:thinly traded
2825:Regulation SHO
2808:
2805:
2803:
2800:
2781:
2778:
2777:
2776:
2754:
2751:
2750:
2749:
2742:
2726:
2717:
2716:
2667:
2665:
2658:
2646:
2643:
2641:
2638:
2550:
2549:
2464:
2462:
2455:
2449:
2446:
2418:
2415:
2402:
2399:
2392:
2391:
2342:
2340:
2333:
2327:
2324:
2304:margin account
2295:
2292:
2277:margin balance
2268:
2267:
2218:
2216:
2209:
2203:
2200:
2196:Regulation SHO
2154:Main article:
2151:
2148:
2147:
2146:
2140:
2134:
2128:
2122:
2116:
2110:
2107:Northern Trust
2104:
2098:
2092:
2084:
2081:
2073:early exercise
2044:Short Interest
2029:
2026:
2021:Data Explorers
2000:
1997:
1956:Main article:
1953:
1950:
1911:debit balances
1892:
1889:
1879:
1878:
1837:
1835:
1828:
1816:
1813:
1786:United Kingdom
1774:Morgan Stanley
1757:
1754:
1750:dot-com bubble
1720:Herbert Hoover
1649:Isaac Le Maire
1644:
1641:
1624:
1621:
1620:
1619:
1615:
1612:
1609:
1606:
1598:
1595:
1594:
1593:
1589:
1586:
1583:
1580:
1564:
1561:
1529:
1526:
1523:
1522:
1520:
1519:
1512:
1505:
1497:
1494:
1493:
1492:
1491:
1479:
1467:
1459:
1458:
1455:
1454:
1449:
1444:
1439:
1434:
1428:
1423:
1422:
1419:
1418:
1413:
1412:
1411:
1410:
1405:
1400:
1395:
1385:
1373:
1372:
1369:
1368:
1363:
1362:
1361:
1360:
1355:
1350:
1345:
1340:
1335:
1327:
1326:
1318:
1317:
1315:Lists of banks
1310:
1309:
1304:
1299:
1294:
1289:
1284:
1279:
1273:
1272:
1267:
1266:
1263:
1262:
1257:
1256:
1255:
1254:
1249:
1244:
1242:
1241:
1236:
1225:
1223:
1221:
1220:
1215:
1209:
1204:
1203:
1197:
1196:
1195:
1194:
1189:
1187:
1186:
1184:Redistribution
1181:
1175:
1173:
1165:
1164:
1156:
1151:
1150:
1147:
1146:
1143:
1142:
1140:
1139:
1134:
1128:
1126:
1121:
1116:
1106:
1101:
1100:
1097:
1096:
1091:
1090:
1089:
1088:
1083:
1078:
1073:
1068:
1059:
1058:
1052:
1051:
1050:
1049:
1044:
1039:
1034:
1026:
1025:
1021:
1020:
1019:
1018:
1013:
1008:
1003:
998:
993:
988:
983:
978:
973:
965:
964:
958:
953:
952:
949:
948:
944:
943:
938:
933:
928:
923:
918:
911:
910:
904:
899:
889:
888:
887:
882:
877:
872:
867:
862:
857:
852:
847:
842:
832:
827:
822:
817:
811:
810:
805:
804:
801:
800:
795:
794:
793:
792:
787:
782:
774:
773:
767:
766:
765:
764:
759:
754:
753:
752:
742:
737:
732:
730:Angel investor
724:
723:
717:
716:
715:
714:
709:
704:
699:
697:Private equity
694:
687:
682:
677:
672:
667:
662:
657:
652:
647:
642:
634:
633:
625:
620:
619:
616:
615:
607:
606:
600:
599:
588:
585:
498:of stock or a
444:
443:
441:
440:
433:
426:
418:
415:
414:
411:
410:
405:
400:
395:
390:
385:
380:
374:
369:
368:
365:
364:
361:
360:
358:Unsecured debt
355:
350:
345:
340:
335:
330:
325:
320:
315:
310:
305:
303:Securitization
299:
294:
293:
290:
289:
286:
285:
280:
275:
270:
265:
260:
254:
249:
248:
245:
244:
241:
240:
235:
230:
225:
219:
214:
213:
210:
209:
206:
205:
200:
198:Municipal bond
195:
190:
188:Corporate bond
184:
181:
180:
177:
176:
173:
172:
167:
162:
160:Perpetual bond
157:
152:
147:
141:
138:
137:
134:
133:
130:
129:
124:
119:
114:
109:
104:
98:
93:
92:
89:
88:
85:
84:
79:
74:
69:
64:
58:
53:
52:
49:
48:
40:
39:
27:borrows shares
15:
9:
6:
4:
3:
2:
6308:
6297:
6294:
6292:
6289:
6287:
6284:
6282:
6281:Short selling
6279:
6278:
6276:
6261:
6253:
6251:
6243:
6241:
6233:
6231:
6223:
6222:
6219:
6213:
6210:
6208:
6205:
6203:
6200:
6199:
6197:
6193:
6187:
6184:
6182:
6181:Pension funds
6179:
6177:
6174:
6172:
6169:
6167:
6164:
6162:
6159:
6157:
6154:
6152:
6149:
6147:
6144:
6142:
6139:
6137:
6136:Vulture funds
6134:
6133:
6131:
6127:
6117:
6114:
6112:
6109:
6107:
6104:
6102:
6099:
6097:
6094:
6092:
6089:
6086:
6082:
6078:
6074:
6071:
6068:
6067:delta neutral
6064:
6060:
6057:
6055:
6052:
6050:
6047:
6045:
6042:
6041:
6039:
6035:
6029:
6026:
6024:
6023:Money markets
6021:
6019:
6016:
6014:
6011:
6009:
6006:
6004:
6001:
5999:
5996:
5995:
5993:
5989:
5986:
5980:
5974:
5971:
5969:
5966:
5964:
5961:
5959:
5956:
5954:
5951:
5949:
5946:
5945:
5943:
5939:
5934:
5920:
5919:Multi-manager
5916:
5913:
5912:
5910:
5906:
5900:
5897:
5895:
5892:
5890:
5887:
5885:
5882:
5880:
5876:
5873:
5871:
5868:
5867:
5865:
5861:
5855:
5852:
5850:
5847:
5845:
5842:
5840:
5837:
5836:
5834:
5832:
5828:
5822:
5819:
5817:
5814:
5812:
5808:
5805:
5803:
5800:
5798:
5795:
5793:
5790:
5789:
5787:
5785:
5780:
5776:
5773:
5767:
5763:
5756:
5751:
5749:
5744:
5742:
5737:
5736:
5733:
5721:
5718:
5716:
5713:
5711:
5708:
5706:
5703:
5701:
5698:
5696:
5693:
5691:
5688:
5686:
5683:
5681:
5678:
5676:
5673:
5671:
5668:
5666:
5663:
5661:
5658:
5656:
5653:
5651:
5650:Short selling
5648:
5646:
5643:
5641:
5638:
5636:
5633:
5631:
5628:
5626:
5623:
5621:
5618:
5616:
5613:
5611:
5608:
5606:
5603:
5601:
5598:
5596:
5593:
5591:
5588:
5586:
5583:
5581:
5578:
5576:
5573:
5571:
5568:
5566:
5563:
5561:
5558:
5556:
5553:
5550:
5547:
5545:
5542:
5540:
5539:Greenspan put
5537:
5535:
5532:
5530:
5527:
5525:
5524:Financial law
5522:
5520:
5517:
5515:
5512:
5510:
5507:
5505:
5502:
5500:
5499:Cross listing
5497:
5495:
5492:
5490:
5487:
5486:
5484:
5482:Related terms
5480:
5474:
5471:
5469:
5466:
5464:
5461:
5459:
5456:
5454:
5453:Swing trading
5451:
5449:
5446:
5444:
5441:
5438:
5435:
5432:
5429:
5427:
5424:
5422:
5421:Mosaic theory
5419:
5417:
5414:
5411:
5408:
5406:
5405:Market timing
5403:
5401:
5398:
5396:
5393:
5390:
5387:
5385:
5382:
5380:
5377:
5375:
5372:
5370:
5367:
5366:
5364:
5362:
5355:
5349:
5346:
5343:
5340:
5338:
5335:
5332:
5329:
5327:
5324:
5322:
5319:
5317:
5314:
5312:
5309:
5306:
5303:
5300:
5297:
5294:
5291:
5288:
5285:
5282:
5279:
5277:
5274:
5271:
5268:
5266:
5263:
5262:
5260:
5258:
5254:
5248:
5245:
5243:
5240:
5237:
5234:
5231:
5228:
5225:
5222:
5219:
5216:
5213:
5210:
5207:
5204:
5201:
5198:
5194:
5193:Trading hours
5191:
5189:
5186:
5185:
5184:
5181:
5180:
5178:
5174:
5168:
5165:
5161:
5158:
5157:
5156:
5153:
5151:
5148:
5146:
5143:
5141:
5138:
5136:
5133:
5129:
5126:
5124:
5121:
5120:
5119:
5116:
5114:
5111:
5109:
5108:Broker-dealer
5106:
5102:
5099:
5097:
5094:
5093:
5092:
5089:
5088:
5086:
5082:
5076:
5073:
5071:
5068:
5066:
5065:Issued shares
5063:
5061:
5058:
5057:
5055:
5053:
5052:Share capital
5049:
5043:
5040:
5038:
5035:
5033:
5030:
5028:
5025:
5023:
5020:
5019:
5017:
5015:
5010:
5004:
5003:Fourth market
5001:
4999:
4996:
4994:
4991:
4989:
4986:
4985:
4983:
4981:
4976:
4972:
4965:
4960:
4958:
4953:
4951:
4946:
4945:
4942:
4936:
4933:
4930:
4927:
4925:
4922:
4921:
4912:
4908:
4904:
4900:
4897:
4893:
4889:
4885:
4882:
4878:
4874:
4870:
4866:
4865:
4853:
4850:
4846:
4843:
4837:
4827:
4817:
4810:
4803:
4787:
4783:
4779:
4778:"Short Story"
4772:
4756:
4752:
4746:
4730:
4723:
4707:
4703:
4697:
4681:
4677:
4673:
4666:
4650:
4646:
4639:
4633:
4632:0-88730-510-5
4629:
4625:
4621:
4620:
4614:
4595:
4588:
4582:
4574:
4561:
4542:
4538:
4534:
4530:
4526:
4519:
4512:
4504:
4498:
4482:
4478:
4474:
4467:
4451:
4447:
4443:
4439:
4435:
4431:
4427:
4423:
4419:
4415:
4408:
4392:
4388:
4384:
4377:
4369:
4365:
4361:
4354:
4338:
4334:
4333:
4328:
4321:
4305:
4301:
4295:
4287:
4283:
4279:
4273:
4265:
4259:
4243:
4239:
4235:
4229:
4213:
4206:
4198:
4192:
4188:
4187:
4179:
4171:
4165:
4161:
4160:
4152:
4136:
4132:
4125:
4117:
4111:
4107:
4106:
4098:
4090:
4084:
4080:
4079:
4071:
4069:
4049:
4042:
4036:
4020:
4016:
4010:
3994:
3990:
3988:9780471704331
3984:
3980:
3979:
3971:
3963:
3959:
3953:
3945:
3941:
3935:
3919:
3916:. TheStreet.
3915:
3908:
3892:
3888:
3881:
3862:
3855:
3849:
3830:
3823:
3817:
3810:
3804:
3797:
3796:ShortSide.com
3791:
3784:
3778:
3762:
3758:
3752:
3736:
3732:
3725:
3709:
3705:
3701:
3695:
3679:
3675:
3671:
3664:
3648:
3644:
3640:
3633:
3616:
3611:
3607:
3600:
3598:
3581:
3577:
3573:
3566:
3564:
3555:
3549:
3545:
3544:
3536:
3534:
3525:
3519:
3515:
3514:
3506:
3504:
3502:
3485:
3481:
3477:
3470:
3451:
3444:
3438:
3423:
3419:
3413:
3397:
3393:
3392:
3387:
3381:
3365:
3361:
3355:
3339:
3335:
3331:
3327:
3323:
3319:
3312:
3296:
3292:
3288:
3282:
3274:
3268:
3264:
3263:
3255:
3247:
3241:
3237:
3236:
3228:
3212:
3208:
3204:
3197:
3191:
3187:
3184:
3179:
3171:
3165:
3146:
3139:
3133:
3127:
3123:
3120:
3115:
3109:
3105:
3102:
3097:
3091:
3087:
3084:
3079:
3075:
3065:
3062:
3060:
3057:
3055:
3052:
3050:
3049:Short squeeze
3047:
3045:
3042:
3040:
3037:
3035:
3032:
3030:
3027:
3025:
3022:
3020:
3019:Joseph Parnes
3017:
3015:
3012:
3010:
3007:
3005:
3004:
3003:The Big Short
3000:
2998:
2995:
2994:
2988:
2985:
2983:
2978:
2976:
2973:
2969:
2965:
2961:
2957:
2954:. Books like
2953:
2949:
2944:
2942:
2938:
2933:
2930:
2926:
2921:
2918:
2908:
2906:
2902:
2897:
2893:
2889:
2885:
2881:
2877:
2873:
2863:
2859:
2857:
2853:
2852:pump and dump
2849:
2845:
2841:
2837:
2833:
2828:
2826:
2822:
2818:
2814:
2807:United States
2799:
2795:
2792:
2788:
2774:
2770:
2766:
2765:
2764:
2760:
2747:
2746:delta neutral
2743:
2740:
2735:
2731:
2727:
2724:
2723:
2722:
2713:
2710:
2702:
2692:
2688:
2684:
2678:
2677:
2673:
2668:This section
2666:
2662:
2657:
2656:
2652:
2637:
2633:
2630:
2629:trading halts
2625:
2620:
2618:
2614:
2608:
2604:
2601:
2597:
2593:
2592:short squeeze
2588:
2585:
2584:
2578:
2576:
2571:
2567:
2563:
2562:capital gains
2557:
2556:
2546:
2543:
2535:
2524:
2521:
2517:
2514:
2510:
2507:
2503:
2500:
2496:
2493: –
2492:
2488:
2487:Find sources:
2481:
2477:
2471:
2470:
2465:This article
2463:
2459:
2454:
2453:
2445:
2443:
2438:
2435:
2430:
2426:
2423:
2414:
2410:
2408:
2405:When trading
2398:
2388:
2385:
2377:
2367:
2363:
2359:
2353:
2352:
2348:
2343:This section
2341:
2337:
2332:
2331:
2323:
2320:
2316:
2314:
2309:
2305:
2301:
2291:
2287:
2285:
2280:
2278:
2273:
2264:
2261:
2253:
2243:
2239:
2235:
2229:
2228:
2224:
2219:This section
2217:
2213:
2208:
2207:
2199:
2197:
2193:
2189:
2184:
2182:
2178:
2174:
2173:market makers
2169:
2167:
2162:
2157:
2144:
2141:
2138:
2135:
2132:
2129:
2126:
2123:
2120:
2117:
2114:
2111:
2108:
2105:
2102:
2099:
2096:
2095:Merrill Lynch
2093:
2090:
2087:
2086:
2083:Major lenders
2080:
2078:
2074:
2070:
2066:
2062:
2057:
2052:
2048:
2045:
2041:
2038:
2034:
2025:
2022:
2017:
2015:
2014:broker-dealer
2011:
2006:
1996:
1994:
1993:margin buying
1990:
1986:
1982:
1978:
1974:
1970:
1966:
1959:
1949:
1946:
1942:
1938:
1934:
1930:
1926:
1921:
1919:
1914:
1912:
1906:
1902:
1900:
1899:
1888:
1886:
1875:
1872:
1864:
1854:
1850:
1844:
1843:
1838:This section
1836:
1832:
1827:
1826:
1822:
1812:
1809:
1807:
1802:
1799:
1795:
1791:
1787:
1782:
1779:
1775:
1771:
1767:
1763:
1753:
1751:
1746:
1743:
1741:
1737:
1733:
1729:
1725:
1721:
1717:
1713:
1708:
1706:
1702:
1698:
1694:
1689:
1687:
1683:
1679:
1675:
1671:
1666:
1661:
1658:
1654:
1650:
1640:
1638:
1634:
1630:
1616:
1613:
1610:
1607:
1604:
1603:
1602:
1590:
1587:
1584:
1581:
1578:
1577:
1576:
1574:
1570:
1560:
1557:
1555:
1550:
1548:
1544:
1540:
1535:
1518:
1513:
1511:
1506:
1504:
1499:
1498:
1496:
1495:
1490:
1480:
1478:
1473:
1468:
1466:
1463:
1462:
1461:
1460:
1453:
1450:
1448:
1445:
1443:
1440:
1438:
1435:
1433:
1430:
1429:
1426:
1421:
1420:
1409:
1406:
1404:
1401:
1399:
1396:
1394:
1391:
1390:
1389:
1388:
1383:
1382:Financial law
1380:
1376:
1371:
1370:
1359:
1356:
1354:
1351:
1349:
1346:
1344:
1341:
1339:
1338:Basel Accords
1336:
1334:
1331:
1330:
1329:
1328:
1325:
1322:
1321:
1316:
1313:
1312:
1308:
1305:
1303:
1300:
1298:
1295:
1293:
1290:
1288:
1285:
1283:
1280:
1278:
1275:
1274:
1270:
1265:
1264:
1253:
1250:
1248:
1245:
1240:
1237:
1234:
1230:
1227:
1226:
1224:
1219:
1216:
1214:
1211:
1210:
1208:
1207:
1206:
1205:
1202:
1199:
1198:
1193:
1190:
1185:
1182:
1180:
1177:
1176:
1174:
1172:
1169:
1168:
1167:
1166:
1163:
1160:
1159:
1154:
1149:
1148:
1138:
1135:
1133:
1130:
1129:
1127:
1125:
1122:
1120:
1117:
1115:
1111:
1108:
1107:
1104:
1099:
1098:
1087:
1084:
1082:
1079:
1077:
1076:Tax inversion
1074:
1072:
1069:
1066:
1063:
1062:
1061:
1060:
1057:
1054:
1053:
1048:
1045:
1043:
1040:
1038:
1035:
1033:
1030:
1029:
1028:
1027:
1023:
1022:
1017:
1014:
1012:
1009:
1007:
1004:
1002:
999:
997:
994:
992:
989:
987:
984:
982:
979:
977:
974:
972:
969:
968:
967:
966:
962:
961:
956:
951:
950:
942:
941:Synthetic CDO
939:
937:
934:
932:
929:
927:
924:
922:
919:
917:
914:
913:
908:
905:
903:
900:
898:
894:
891:
890:
886:
883:
881:
878:
876:
873:
871:
868:
866:
863:
861:
858:
856:
853:
851:
848:
846:
843:
840:
836:
833:
831:
828:
826:
823:
821:
818:
816:
813:
812:
808:
803:
802:
791:
788:
786:
783:
781:
778:
777:
776:
775:
772:
769:
768:
763:
760:
758:
755:
751:
750:institutional
748:
747:
746:
743:
741:
738:
736:
733:
731:
728:
727:
726:
725:
722:
719:
718:
713:
710:
708:
705:
703:
700:
698:
695:
692:
688:
686:
683:
681:
678:
676:
673:
671:
668:
666:
663:
661:
658:
656:
655:Capital asset
653:
651:
648:
646:
643:
641:
638:
637:
636:
635:
632:
629:
628:
623:
618:
617:
613:
609:
608:
605:
602:
601:
597:
593:
592:
584:
580:
578:
574:
570:
565:
563:
559:
555:
550:
548:
543:
539:
534:
532:
528:
524:
520:
516:
511:
509:
505:
501:
497:
493:
489:
488:short-selling
485:
484:selling short
480:
478:
474:
471:
467:
463:
459:
455:
451:
439:
434:
432:
427:
425:
420:
419:
417:
416:
409:
406:
404:
401:
399:
396:
394:
391:
389:
386:
384:
381:
379:
376:
375:
372:
367:
366:
359:
356:
354:
351:
349:
346:
344:
341:
339:
336:
334:
331:
329:
326:
324:
321:
319:
316:
314:
311:
309:
306:
304:
301:
300:
297:
292:
291:
284:
281:
279:
276:
274:
271:
269:
266:
264:
261:
259:
256:
255:
252:
247:
246:
239:
238:Short selling
236:
234:
231:
229:
226:
224:
221:
220:
217:
212:
211:
204:
201:
199:
196:
194:
191:
189:
186:
185:
179:
178:
171:
168:
166:
163:
161:
158:
156:
153:
151:
148:
146:
143:
142:
136:
135:
128:
125:
123:
120:
118:
115:
113:
110:
108:
105:
103:
100:
99:
96:
91:
90:
83:
80:
78:
75:
73:
70:
68:
65:
63:
60:
59:
56:
51:
50:
46:
42:
41:
38:
35:
34:
28:
23:
19:
6105:
6013:Fixed income
5889:Global macro
5883:
5831:Event-driven
5700:Tender offer
5649:
5620:Public float
5590:Market trend
5580:Market depth
5400:Growth stock
5374:Buy and hold
5283:(Cap-to-GDP)
5123:Floor trader
5113:Market maker
5096:Floor broker
5084:Participants
5027:Golden share
5022:Common stock
4998:Third market
4902:
4887:
4872:
4851:
4836:
4826:
4816:
4802:
4790:. Retrieved
4786:the original
4781:
4771:
4759:. Retrieved
4755:the original
4745:
4733:. Retrieved
4722:
4710:. Retrieved
4706:the original
4696:
4684:. Retrieved
4680:the original
4675:
4665:
4653:. Retrieved
4649:the original
4638:
4624:Seth Klarman
4617:
4613:
4601:. Retrieved
4581:
4560:cite journal
4550:23 September
4548:. Retrieved
4511:
4485:. Retrieved
4476:
4466:
4454:. Retrieved
4421:
4417:
4407:
4395:. Retrieved
4386:
4376:
4368:the original
4363:
4353:
4341:. Retrieved
4337:the original
4330:
4320:
4308:. Retrieved
4304:the original
4294:
4286:the original
4281:
4272:
4258:
4246:. Retrieved
4228:
4216:. Retrieved
4205:
4185:
4178:
4158:
4151:
4141:11 September
4139:. Retrieved
4124:
4104:
4097:
4077:
4057:11 September
4055:. Retrieved
4035:
4023:. Retrieved
4009:
3997:. Retrieved
3977:
3970:
3961:
3952:
3943:
3934:
3922:. Retrieved
3907:
3895:. Retrieved
3880:
3868:. Retrieved
3848:
3836:. Retrieved
3816:
3803:
3790:
3777:
3765:. Retrieved
3761:the original
3751:
3739:. Retrieved
3724:
3712:. Retrieved
3703:
3694:
3684:12 September
3682:. Retrieved
3673:
3663:
3653:13 September
3651:. Retrieved
3642:
3632:
3622:12 September
3620:. Retrieved
3615:the original
3609:
3586:12 September
3584:. Retrieved
3575:
3542:
3512:
3488:. Retrieved
3479:
3469:
3457:. Retrieved
3437:
3425:. Retrieved
3422:Investopedia
3421:
3412:
3402:28 September
3400:. Retrieved
3389:
3380:
3368:. Retrieved
3354:
3342:. Retrieved
3325:
3321:
3311:
3299:. Retrieved
3290:
3281:
3261:
3254:
3234:
3227:
3215:. Retrieved
3206:
3196:
3178:
3152:. Retrieved
3145:the original
3132:
3114:
3096:
3078:
3014:James Chanos
3001:
2986:
2979:
2959:
2955:
2946:Commentator
2945:
2937:James Chanos
2935:Shortseller
2934:
2925:Seth Klarman
2922:
2914:
2869:
2860:
2848:bucket shops
2844:penny stocks
2829:
2810:
2796:
2786:
2783:
2762:
2730:market maker
2720:
2705:
2696:
2681:Please help
2669:
2634:
2621:
2609:
2605:
2599:
2589:
2581:
2579:
2558:
2554:
2553:
2538:
2529:
2519:
2512:
2505:
2498:
2486:
2474:Please help
2469:verification
2466:
2439:
2434:Indian rupee
2431:
2427:
2424:
2420:
2411:
2404:
2395:
2380:
2371:
2356:Please help
2344:
2321:
2317:
2312:
2308:prime broker
2299:
2297:
2288:
2281:
2274:
2271:
2256:
2247:
2232:Please help
2220:
2187:
2185:
2170:
2163:
2159:
2056:Krispy Kreme
2050:
2049:
2043:
2042:
2036:
2032:
2031:
2018:
2004:
2002:
1973:counterparty
1964:
1961:
1944:
1932:
1922:
1915:
1910:
1907:
1903:
1896:
1894:
1882:
1867:
1861:January 2019
1858:
1847:Please help
1842:verification
1839:
1810:
1803:
1783:
1759:
1747:
1744:
1709:
1704:
1701:Jacob Little
1692:
1690:
1674:George Soros
1662:
1646:
1626:
1600:
1566:
1558:
1551:
1546:
1542:
1538:
1531:
1378:
1307:Money supply
1292:Full-reserve
1277:Central bank
1137:Student loan
1112: /
1024:Transactions
835:Time deposit
721:Participants
650:Asset growth
581:
566:
551:
547:counterparty
535:
529:, such as a
512:
487:
483:
481:
477:short seller
476:
466:market value
453:
447:
237:
102:Stock market
18:
6240:Hedge funds
6003:Derivatives
5998:Commodities
5953:Day trading
5863:Directional
5762:Hedge funds
5705:Uptick rule
5685:Stock split
5665:Squeeze-out
5660:Speculation
5605:Open outcry
5494:Block trade
5426:Pairs trade
4751:"TheStreet"
4622:(1991), by
4487:26 February
4456:26 February
4017:. Irs.gov.
3889:. Law.com.
3870:25 December
3838:25 December
2960:Fubarnomics
2952:uptick rule
2892:Netherlands
2888:Switzerland
2880:John McFall
2821:uptick rule
2802:Regulations
2739:credit risk
2613:Daniel Drew
2596:margin call
2051:Borrow cost
1804:During the
1760:During the
1748:During the
1736:market risk
1716:uptick rule
1703:, known as
845:Credit line
807:Instruments
702:Real estate
665:Derivatives
569:Speculators
538:stockbroker
371:Derivatives
258:Mutual fund
127:Spot market
6275:Categories
6195:Governance
5769:Investment
5710:Volatility
5690:Stock swap
5610:Order book
5361:strategies
5287:Book value
5155:Arbitrager
5150:Speculator
4712:28 January
4343:9 November
3794:SunGard's
3334:1811/78357
3301:22 January
3217:28 January
2948:Jim Cramer
2901:volatility
2699:April 2018
2640:Strategies
2583:stop order
2532:April 2009
2502:newspapers
2374:April 2018
2250:April 2018
1819:See also:
1742:was born.
1740:hedge fund
1738:, and the
1728:Depression
1567:Shares in
1545:or simply
1375:Regulation
1179:Operations
1132:Retirement
971:Accounting
855:Derivative
762:Speculator
594:Part of a
494:such as a
278:Index fund
273:Hedge fund
203:Pfandbrief
77:Derivative
55:Securities
37:Securities
6129:Investors
5779:Arbitrage
5326:Fed model
5321:EV/EBITDA
5236:Dark pool
5167:Regulator
5012:Types of
4978:Types of
4852:arXiv.org
4497:cite news
4446:157725706
4438:1467-629X
4248:4 January
3944:ScotTrade
3807:SunGard.
3643:Bloomberg
3070:Citations
2815:gave the
2759:Arbitrage
2753:Arbitrage
2670:does not
2345:does not
2221:does not
1977:custodian
1815:Mechanism
1691:The term
1437:Recession
1398:ISO 31000
1081:Tax haven
955:Corporate
870:Insurance
865:Indemnity
771:Locations
660:Commodity
556:that are
462:investing
72:Debenture
5771:strategy
5655:Slippage
5615:Position
5600:Momentum
5504:Dividend
5183:Exchange
5140:Investor
4845:Archived
4821:Finance.
4792:9 August
4686:9 August
4594:Archived
4541:Archived
4481:Archived
4450:Archived
4391:Archived
4242:Archived
4238:BBC News
4218:11 March
4135:Archived
4048:Archived
4019:Archived
3993:Archived
3918:Archived
3891:Archived
3861:Archived
3829:Archived
3781:NASDAQ.
3741:30 March
3735:Archived
3733:. CNBC.
3714:30 March
3708:Archived
3678:Archived
3647:Archived
3580:Archived
3484:Archived
3480:New York
3450:Archived
3396:Archived
3364:Archived
3338:Archived
3295:Archived
3211:Archived
3186:Archived
3164:cite web
3122:Archived
3104:Archived
3086:Archived
3064:Straddle
2991:See also
2417:Currency
2166:dividend
2143:Barclays
2125:Citibank
2119:ABN AMRO
2065:dividend
1592:lender).
1554:fungible
1547:covering
1213:Taxation
1103:Personal
1056:Taxation
931:Security
885:Mortgage
745:Investor
558:fungible
508:dividend
492:security
473:position
452:, being
62:Banknote
5991:Markets
5982:Related
5941:Trading
5544:Haircut
5348:T-model
5160:Scalper
4980:markets
4811:(LIBA).
4477:Reuters
4387:Reuters
3962:Barrons
3674:Reuters
3427:31 July
3391:Reuters
2975:bubbles
2968:ex ante
2896:Belgium
2691:removed
2676:sources
2645:Hedging
2600:legally
2516:scholar
2442:futures
2366:removed
2351:sources
2326:Markets
2306:with a
2242:removed
2227:sources
2037:legally
2005:legally
1945:legally
1933:legally
1927:or the
1790:Germany
1643:History
1633:options
1629:futures
1465:Outline
1269:Banking
1233:balance
1231: (
963:General
895: (
850:Deposit
670:Domains
622:Markets
604:Finance
587:Concept
450:finance
398:Warrant
383:Futures
378:Forward
333:Tranche
95:Markets
6063:Greeks
6008:Equity
5565:Margin
5433:(PMPT)
5295:(CAPM)
5145:Hedger
5118:Trader
5091:Broker
5014:stocks
4909:
4894:
4879:
4831:Italy.
4782:Forbes
4761:24 May
4735:24 May
4655:24 May
4630:
4603:24 May
4537:281514
4535:
4444:
4436:
4397:2 July
4364:Forbes
4310:24 May
4193:
4166:
4112:
4085:
4025:24 May
3999:24 May
3985:
3924:24 May
3897:10 May
3767:24 May
3550:
3520:
3490:24 May
3459:24 May
3370:24 May
3269:
3242:
3154:5 July
3034:Margin
2617:margin
2518:
2511:
2504:
2497:
2489:
2188:locate
2137:UBS AG
2113:Fortis
2010:130/30
1969:settle
1929:NASDAQ
1918:margin
1898:locate
1885:broker
1794:France
1635:, and
1618:fees).
1377:
1229:Budget
1153:Public
1110:Credit
1067:(BEPS)
902:exotic
893:Option
757:Retail
675:Equity
631:Assets
596:series
562:liquid
542:margin
460:means
456:in an
388:Option
6106:Short
6096:Hedge
6077:alpha
5984:terms
5908:Other
5720:Yield
5695:Trade
5630:Rally
5551:(IPO)
5439:(RMH)
5412:(MPT)
5391:(EMH)
5344:(SML)
5333:(NAV)
5307:(DDM)
5301:(CML)
5272:(APT)
5265:Alpha
5232:(STP)
5226:(DMA)
5220:(ECN)
5214:(MTF)
5208:(ATS)
4871:" in
4597:(PDF)
4590:(PDF)
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