Partial issue of a financial instrument (a specific part of a larger transaction; each purchase and resale of a separate block of bank instruments within the total transaction is known as a tranche). In addition to bonds in the traditional sense – which is still the only term associated with the term in older literature – other tradable financial instruments are increasingly being broken down into pieces with different levels of risk and consequently different interest rates and offered for sale to investors worldwide. – Pursuant to Section 2 of the Ordinance on the Accounting Presentation, Reporting and Valuation of Unit Classes of Investment Funds (Unit Class Ordinance [AntKlV]) of 2005, the accounting records must be such that each transaction relating to an individual unit class of the investment fund can be traced in terms of its origin and settlement in terms of type and time, and its attribution to the respective unit class is evident. – See share, assets, illiquid, credit default swaps, loan-versus-paper transaction, capital management company, originate-to-distribute strategy, partial bond, pool, reintermediation, retransfer clause, single master liquidity conduit, tranche thickness, true sale securitization, securitization, securitization structure, special purpose vehicle.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
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