5 ms·
> if it is marketed, bought, sold, and held as a money-making thing, it's a security. At face value that definition would, of course, include commodities and f
by psychlops 3y ago
> if it is marketed, bought, sold, and held as a money-making thing, it's a security.
At face value that definition would, of course, include commodities and futures, which it doesn't. There must be more to the definition.
- ivalm 3y agoOP is missing “common enterprise” part of definition, which covers commodities. Security futures are securities (jointly managed by SEC and CFTC), commodity futures are not (as they are a derivative on a non-security). The main inconsistency is that bank loans are not securities.
- freeone3000 3y agoBank loan derivatives and packaged loan products are, however. It is simple debt sales that are not, which is reasonable.
- ivalm 3y agoIs a business loan syndicated to 50 institutional investors that different from a bond offering?