Mais um termo para o léxico financeiro: HYPER-HYPOTHECATION

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o sistema está todo minado... a ganância tem sido mesmo transversal e sem limites.

com o recente colapso na MF Global muita coisa podre tem vindo a lume e começou a haver mais atenção para a actividade de hyper-hypotecation.


By way of background, hypothecation is when a borrower pledges collateral to secure a debt. The borrower retains ownership of the collateral but is "hypothetically" controlled by the creditor, who has a right to seize possession if the borrower defaults.

Re-hypothecation occurs when a bank or broker re-uses collateral posted by clients, such as hedge funds, to back the broker's own trades and borrowings. The practice of re-hypothecation runs into the trillions of dollars and is perfectly legal. It is justified by brokers on the basis that it is a capital efficient way of financing their operations much to the chagrin of hedge funds.

in http://newsandinsight.thomsonreuters.com/Securities/Insight/2011/12_-_December/MF_Global_and_the_great_Wall_St_re-hypothecation_scandal/

até agora tinha em bastante conta a IB e considerava-a uma corretora bastante segura. acontece porém que é um dos grandes players nesta actividade e até tem no seu contrato o seguinte:

"Interactive or its Affiliates may deposit collateral, securities and/or other Customer property with third parties and may pledge, re-pledge, hypothecate or re-hypothecate Customer collateral, securities and/or other Customer property, either separately or together with other securities and/or other property of other Customers of Interactive for any amount due to Interactive in any Interactive Fully-Disclosed Account in which Customer has an interest."


cumprimentos,
bluexip

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http://www.elitetrader.com/vb/showthread.php?s=25139674d2f5224667d2b86714eb7081&threadid=232268&perpage=6&pagenumber=10

http://www.elitetrader.com/vb/showthread.php?s=558268d54fe619599a5559d9cbe470ff&threadid=232268&perpage=6&pagenumber=28


cumprimentos,
bluexip