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Failure To Deliver
In finance, a failure to deliver (also FTD, plural: fails-to-deliver or FTDs) is the inability of a party to deliver a tradable asset, or meet a contractual obligation. A typical example is the failure to deliver is when a purchaser of an security does not have the cash, or shares as part of a short transaction. The Securities and Exchange Commission publishes "fails-to-deliver" data regarding transactions in the United States. As a remedy for this in the United States, Regulation SHO was designed. Stocks bought and sold in transaction must be settled within 2 days. The buyer must deliver the cash and the seller the stock. If either party fails, a failure-to-deliver takes place. Sometimes deliberate fails-to-deliver are used to profit from falling stocks (see Bear market), so that the stock can later be purchased at a lower price, then delivered, e.g. in the week of March 10, 2008, just before the failure of Bear Stearns, the fails-to-deliver increased by 10,800 percent. According ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finance
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitability asse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Instrument
Financial instruments are monetary contracts between parties. They can be created, traded, modified and settled. They can be cash (currency), evidence of an ownership interest in an entity or a contractual right to receive or deliver in the form of currency (forex); debt ( bonds, loans); equity ( shares); or derivatives ( options, futures, forwards). International Accounting Standards IAS 32 and 39 define a financial instrument as "any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity". Financial instruments may be categorized by "asset class" depending on whether they are equity-based (reflecting ownership of the issuing entity) or debt-based (reflecting a loan the investor has made to the issuing entity). If the instrument is debt it can be further categorized into short-term (less than one year) or long-term. Foreign exchange instruments and transactions are neither debt- nor equity-based and bel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Short Transaction
In finance, being short in an asset means investing in such a way that the investor will profit if the value of the asset falls. This is the opposite of a more conventional "long" position, where the investor will profit if the value of the asset rises. There are a number of ways of achieving a short position. The most fundamental method is "physical" selling short or short-selling, which involves borrowing assets (often securities such as shares or bonds) and selling them. The investor will later purchase the same number of the same type of securities in order to return them to the lender. If the price has fallen in the meantime, the investor will have made a profit equal to the difference. Conversely, if the price has risen then the investor will bear a loss. The short seller must usually pay a fee to borrow the securities (charged at a particular rate over time, similar to an interest payment), and reimburse the lender for any cash returns such as dividends that were du ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Securities And Exchange Commission
The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market manipulation. In addition to the Securities Exchange Act of 1934, which created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes–Oxley Act of 2002, and other statutes. The SEC was created by Section 4 of the Securities Exchange Act of 1934 (now codified as and commonly referred to as the Exchange Act or the 1934 Act). Overview The SEC has a three-part mission: to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. To achieve its mandate, the SEC enforces the statutory requirement that public companies and other regulated companies submit quarterly and annual re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regulation SHO
Naked short selling, or naked shorting, is the practice of short-selling a tradable asset of any kind without first borrowing the asset from someone else or ensuring that it can be borrowed. When the seller does not obtain the asset and deliver it to the buyer within the required time frame, the result is known as a "failure to deliver" (FTD). The transaction generally remains open until the asset is acquired and delivered by the seller, or the seller's broker settles the trade on their behalf. Short selling is used to take advantage of perceived arbitrage opportunities or to anticipate a price fall, but exposes the seller to the risk of a price rise. The oldest documented example of a naked short in securities trading appears to be a 1609 maneuver against the Dutch East India Company by the Dutch trader Isaac Le Maire. Critics have advocated for stricter regulations against naked short selling. In 2005 in the United States, "Regulation SHO" was enacted, requiring that brok ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Settlement (finance)
Settlement is the "final step in the transfer of ownership involving the physical exchange of securities or payment". After settlement, the obligations of all the parties have been discharged and the transaction is considered complete. In the context of securities, settlement involves their delivery to the beneficiary, usually against ( in simultaneous exchange for) payment of money, to fulfill contractual obligations, such as those arising under securities trades. Nowadays, settlement typically takes place in a central securities depository. In the United States, the settlement date for marketable stocks is usually 2 business days or T+2 after the trade is executed, and for listed options and government securities it is usually 1 day after the execution. In Europe, settlement date has also been adopted as 2 business days after the trade is executed. As part of performance on the delivery obligations entailed by the trade, settlement involves the delivery of securities and the cor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bear Market
A market trend is a perceived tendency of financial markets to move in a particular direction over time. Analysts classify these trends as ''secular'' for long time-frames, ''primary'' for medium time-frames, and ''secondary'' for short time-frames. Traders attempt to identify market trends using technical analysis, a framework which characterizes market trends as predictable price tendencies within the market when price reaches support and resistance levels, varying over time. A market trend can only be determined in hindsight, since at any time prices in the future are not known. Market terminology The terms "bull market" and "bear market" describe upward and downward market trends, respectively, and can be used to describe either the market as a whole or specific sectors and securities. The terms come from London's Exchange Alley in the early 18th century, where traders who engaged in naked short selling were called "bear-skin jobbers" because they sold a bear's skin (the s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bear Stearns
The Bear Stearns Companies, Inc. was a New York-based global investment bank, securities trading and brokerage firm that failed in 2008 as part of the global financial crisis and recession, and was subsequently sold to JPMorgan Chase. The company's main business areas before its failure were capital markets, investment banking, wealth management, and global clearing services, and it was heavily involved in the subprime mortgage crisis. In the years leading up to the failure, Bear Stearns was heavily involved in securitization and issued large amounts of asset-backed securities which were, in the case of mortgages, pioneered by Lewis Ranieri, "the father of mortgage securities". As investor losses mounted in those markets in 2006 and 2007, the company actually increased its exposure, especially to the mortgage-backed assets that were central to the subprime mortgage crisis. In March 2008, the Federal Reserve Bank of New York provided an emergency loan to try to avert a sudden co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HBO Max
HBO Max is an American subscription video on-demand over-the-top streaming service owned by Warner Bros. Discovery. Launched in the United States on May 27, 2020, the service is built around the libraries of HBO, Warner Bros., Cartoon Network, Adult Swim, and their related brands. The service also carries first-run programming from the HBO pay television service, original programming under the "Max Originals" banner, and content acquired via third-party library deals (such as those with film studios for pay television rights) and co-production agreements (such as those with BBC Studios and Sesame Workshop among others). The service succeeds both HBO Now—a previous HBO SVOD service, and HBO Go—the on-demand streaming platform for HBO pay television subscribers. In the U.S., HBO Now subscribers and HBO pay television subscribers were migrated to HBO Max at no additional charge, subject to availability and device support. HBO Max also supplanted the streaming componen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gaming Wall Street
''Gaming Wall St'' is a HBO Max Original documentary miniseries directed by Tobias Deml and narrated by Kieran Culkin. The 2-episode series explores the causes that lead to the 2021 GameStop short squeeze, and the dark underbelly of Wall Street that the phenomenon unearthed: payment for order flow, creative accounting, abuses of the short selling mechanism like naked short selling, corporate overvoting and failures to deliver (FTDs). Production The series was initiated by Prodigium Pictures, a production company owned by director Tobias Deml, in late 2020. In its earliest form, Deml and producer Tessa Byford conceived of a documentary that would follow the rowdy online community Wall Street Bets. Once the GameStop phenomenon—popularized by that community—became a #1 global headline however, the focus shifted more towards the tug-of-war around meme stocks, and the financial markets phenomena underpinning this highly unusual event. Filming began on February 1, 2021, in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prodigium Pictures
Max Deml (born 1957) is a German-Austrian writer for environmental and financial magazines, publisher and entrepreneur. Since October 1991 he has been editor-in-chief of ''Ökoinvest'', a bi-weekly German-language stock market newsletter concentrating on socially responsible, sustainable investments and renewable energies such as solar power. He developed green stock and fund indexes like in 2003. Career Deml studied psychology, philosophy and political science in Regensburg and later in Vienna en, Viennese , iso_code = AT-9 , registration_plate = W , postal_code_type = Postal code , postal_code = , timezone = CET , utc_offset = +1 , timezone_DST .... He founded Öko-Invest Publishing Ltd. in June 1991 after dropping out of university. He went on to co-found companies like BioArt AG (organic and fair trade food), Fair Finance Holding AG, Grassmugg AG, GreenTec Invest AG and Prodi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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