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1 Markets I: The Ecosystem and Exchange-Traded Marketsالأسواق عبر الإنترنت 2 Markets II: Rates, FX and Creditالأسواق عبر الإنترنت 3 Markets III: Commodities, Energy and Cryptoالأسواق عبر الإنترنت 4 Quantitative Methodsالأساليب عبر الإنترنت 5 Derivatives and Volatilityالمشتقات عبر الإنترنت 6 Rates, Credit, XVA and Riskالفائدة والائتمان والمخاطر عبر الإنترنت 7 Research Craft: Predictors, Backtests, Measurement, Portfoliosالبحث عبر الإنترنت 8 Strategies I: Equities and Futuresالاستراتيجيات عبر الإنترنت 9 Strategies II: Volatility, Relative Value, Macro and the Bank Desksالاستراتيجيات عبر الإنترنت 10 Microstructure and Executionالتنفيذ عبر الإنترنت 11 Market Making and High-Frequency Tradingصناعة السوق عبر الإنترنت 12 Machine Learning for Marketsتعلم الآلة عبر الإنترنت 13 Low-Latency Softwareالتكنولوجيا عبر الإنترنت 14 Networks, Hardware and Trading Infrastructureالتكنولوجيا عبر الإنترنت 15 Research, Data and Risk Platformsالتكنولوجيا عبر الإنترنت 16 The Desk and the Firmالشركة عبر الإنترنت 17 The Industry: Firms, Roles and Careersالمسارات المهنية عبر الإنترنت 18 The Interview Bookالمسارات المهنية عبر الإنترنت
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Quantitative Finance · المسرد

ما معنى General collateral and special؟

يُعرف أيضًا باسم: general collateral · special

Definition 16.3 Markets I: The Ecosystem and Exchange-Traded Markets · الفصل 16 — Stock Loan and Short Selling in Practice

A security is general collateral when supply so exceeds demand that it lends at a minimal fee, a few tenths of a percent a year. It is special (or hard to borrow) when the fee is materially higher; a special’s rebate rate is often negative: the borrower receives no interest on its cash collateral and pays on top.

The chapter’s illustrative fee curve: flat while supply is ample, convex once three quarters of it is on loan. Real curves differ by stock and by day; the shape, a long flat region and a steep end, is the robust part.
Figure 16.2. The chapter’s illustrative fee curve: flat while supply is ample, convex once three quarters of it is on loan. Real curves differ by stock and by day; the shape, a long flat region and a steep end, is the robust part.
A short of 100 000 shares at $40 while the stock goes special. The borrow cost is negligible for half a year and then takes everything. Data: the tutorial’s simulation.
Figure 16.3. A short of 100 000 shares at $40 while the stock goes special. The borrow cost is negligible for half a year and then takes everything. Data: the tutorial’s simulation.
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