From: owner-ammf-digest@smoe.org (alt.music.moxy-fruvous digest) To: ammf-digest@smoe.org Subject: alt.music.moxy-fruvous digest V14 #4797 Reply-To: ammf@fruvous.com Sender: owner-ammf-digest@smoe.org Errors-To: owner-ammf-digest@smoe.org Precedence: bulk alt.music.moxy-fruvous digest Monday, August 17 2020 Volume 14 : Number 4797 Today's Subjects: ----------------- Strange Doctor Discovers Key To Better Vision TODAY ["Early Life Blindnes] ---------------------------------------------------------------------- Date: Mon, 17 Aug 2020 07:01:31 -0400 From: "Early Life Blindness" Subject: Strange Doctor Discovers Key To Better Vision TODAY Strange Doctor Discovers Key To Better Vision TODAY http://austrict.cyou/feJvmTuX93-GSyj5rMPDa18oScicAQFjcVdvgK6UA0LlLE3u http://austrict.cyou/S6CnqhgPj609bTHGzI_sgpr8uwO0jDkxgwZ6j8TKhLuAsVTG The traditional economic function of the purchase of securities is investment, with the view to receiving income or achieving capital gain. Debt securities generally offer a higher rate of interest than bank deposits, and equities may offer the prospect of capital growth. Equity investment may also offer control of the business of the issuer. Debt holdings may also offer some measure of control to the investor if the company is a fledgling start-up or an old giant undergoing 'restructuring'. In these cases, if interest payments are missed, the creditors may take control of the company and liquidate it to recover some of their investment. Collateral The last decade has seen an enormous growth in the use of securities as collateral. Purchasing securities with borrowed money secured by other securities or cash itself is called "buying on margin". Where A is owed a debt or other obligation by B, A may require B to deliver property rights in securities to A, either at inception (transfer of title) or only in default (non-transfer-of-title institutional). For institutional loans, property rights are not transferred but nevertheless enable A to satisfy its claims in the event that B fails to make good on its obligations to A or otherwise becomes insolvent. Collateral arrangements are divided into two broad categories, namely security interests and outright collateral transfers. Commonly, commercial banks, investment banks, government agencies and other institutional investors such as mutual funds are significant collateral takers as well as providers. In addition, private parties may utilize stocks or other securities as collateral for portfolio loans in securities lending scenarios. On the consumer level, loans against securities have grown into three distinct groups over the last decade: 1) Standard Institutional Loans, generally offering low loan-to-value with very strict call and coverage regimens, akin to standard margin loans; 2) Transfer-of-Title (ToT) Loans, typically provided by private parties where borrower ownership is completely extinguished save for the rights provided in the loan contract; and 3) Non-Transfer-of-Title Credit Line facilities where shares are not sold and they serve as assets in a standard lien-type line of cash credit. Of the three, transfer-of-title loans have fallen into the very high-risk category as the number of providers has dwindled as regulators have launched an industry-wide crackdown on transfer-of-title structures where the private lender may sell or sell short the securities to fund the loan. Institutionally managed consumer securities-based loans on the other hand, draw loan funds from the financial resources of the lending institution, not from the sale of the securities. Collateral and sources of collateral are changing, in 2012 gold became a more acceptable form of collateral. However more recently Exchange-traded funds (ETFs) seen by many as the ugly ducklings of the collateral world have started to become more readily available and acceptable. But in a world where collateral is becoming scarce and efficiency is everything, many of these mallards are proving themselves to be not so ugly after allbmany more are veritable swans. The problem, until now, for collateral managers has been deciphering the bad eggs from the good, which proves to be a time-consuming and inefficient task. ------------------------------ End of alt.music.moxy-fruvous digest V14 #4797 **********************************************