Capital note, black (black capital market)

Conducting business on the financial market without permission, although such permission is legally binding. – See capital market, gray. – Cf. 2013 BaFin Annual Report, p. 60 (definition).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
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