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{{def|Fungible|/fʌnʤəbl/|adj| | {{def|Fungible|/fʌnʤəbl/|adj|[[File:Same same.jpg|450px|frameless|center]]}}<br> | ||
[[File:Same same.jpg|450px|frameless|center]] | Of two things, in all respects but their basic [[ontology]], ''identical''. For the intents and purposes of all those ''who are not pedants'', interchangeable; undifferentiable, ''but not the same thing''. | ||
}} | |||
The same, but not, if you see, the ''same''. | |||
===Fungible securities=== | ===Fungible securities=== | ||
Until recently, the word “fungible” only really found purchase in the world of transferable [[securities]], where it denotes distinct securities of the same issue, and having the same securities identification number — thus satisfying all the world bar those concerned with what is on or off one’s [[balance sheet]] and how one’s [[financial reporting]] should reflect it, who like the comfort of knowing that the security which comes back to you, which is economically identical to the one you sent out, might not ''be'' the one you sent out, but that is still okay. Two fungible instruments are distinct but nevertheless indistinguishable in legal and economic terms. Two ordinary shares in a company, ''are'' fungible with each other. An “on-the-run” treasury and an “off-the-run” treasury are ''not'' fungible with each other. | Until recently, the word “fungible” only really found purchase in the world of transferable [[securities]], where it denotes distinct securities of the same issue, and having the same securities identification number — thus satisfying all the world bar those concerned with what is on or off one’s [[balance sheet]] and how one’s [[financial reporting]] should reflect it, who like the comfort of knowing that the security which comes back to you, which is economically identical to the one you sent out, might not ''be'' the one you sent out, but that is still okay. Two fungible instruments are distinct but nevertheless indistinguishable in legal and economic terms. Two ordinary shares in a company, ''are'' fungible with each other. An “on-the-run” treasury and an “off-the-run” treasury are ''not'' fungible with each other. | ||