Security (Debt or Equity) – A financial instrument that is a tradable asset of any kind, though securities can also be issued privately (“private placements”) where no trading is allowed. Securities are broadly categorized into: 1) debt securities (such as banknotesbonds and debentures), 2) equity securities, e.g., common stocks; and 3) derivative contracts, such as forwardsfuturesoptions and swaps.  The company or other entity issuing the security is called the issuer.

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