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Entirely interchangeable. In the context of [[securities]], being of the same issue, and having the same securities identification number. | |||
*'''Not fungible''': Securities from different series, even if issued by the same issuer, are ''not'' fungible with each other. | |||
*'''Fungible''': Individual securities comprising part of a single series (and having a the same [[ISIN]] ''are'' fungible with each other. | |||
===Definition=== | |||
Assets are fungible where their nature allows them to be replaced in whole or in part with other assets of a like nature. However, it applies only to the equivalence of each unit of a commodity with other units of the same commodity. Fungibility does not describe or relate to any exchange of one commodity for some other, different commodity. | Assets are fungible where their nature allows them to be replaced in whole or in part with other assets of a like nature. However, it applies only to the equivalence of each unit of a commodity with other units of the same commodity. Fungibility does not describe or relate to any exchange of one commodity for some other, different commodity. | ||