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A [[negotiable investment]]<ref>I say [[negotiable investment]] not [[negotiable | A [[negotiable investment]]<ref>I say [[negotiable investment|negotiable ''investment'']] not [[negotiable instrument|negotiable ''instrument'']] because a [[cheque]] is a [[negotiable instrument]], and I don't think you would commonly call that a [[transferable security]].</ref>: A [[share]], [[bond]], [[note]], [[warrant]], [[certificate of deposit]] — that kind of thing — evidencing [[indebtedness]] or an [[Equity securities|equity interest]] in an undertaking, in [[bearer]] or [[registered]] form and which the holder may freely [[Title transfer|transfer]] by delivery. These days transferable securities are cleared electronically through clearing systems like [[Euroclear]], [[Clearstream]] and [[DTC]]. The days of security-printed bearer bonds are over. | ||
To "[[securitise]]" an income stream or asset is to convert it into such a form. | To "[[securitise]]" an income stream or asset is to convert it into such a form. | ||
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{{c2|Securities|Collateral}} | {{c2|Securities|Collateral}} | ||
{{ref}} |