stocks are both securities, but the
major difference between the two is that (capital) stockholders have an equity
stake in a company (owners), whereas bondholders have a creditor stake in the
Bondholders have priority over
stockholders in the
event of bankruptcy.
Secured creditors have priority over bondholders in
the event of bankruptcy.
futures contract is a legal
contract to buy or sell an asset at a predetermined price at a specified time
in the future.
A futures option is an option contract to purchase a
put option is a contract
to sell a specified amount of a fungible security at a pre-determined price
within a specified time frame.
A call option is a contract to buy a
specified amount of a fungible security at a a specified price within a
specific time period.
A derivative contracts value is based
on a fungible asset or asset index.
forward contracts, options, swaps, and warrants
are commonly used derivatives.
Credit default swaps are used by
lenders as a hedge against borrower default.
Interest rate derivatives are contracts to
exchange a notional amount of money on an agreed upon interest rate - typically
a Cost of Funds Index.
A stock option is a
derivative as value is "derived" from stock.
Derivatives can be used to
hedge or as
Three top securities brokers
had offices in the World Trade
Center, Cantor Fitzgerald, Euro Brokers and Garbon Inter
Flight 11 struck just under the floors where Cantor Fitzgerald
An explosion in the vacant 23rd
floor of the North
Tower, right under the offices of the FBI and Garbon Inter Capital on the
25th floor caused a huge fire from the 22nd through the 25th
Hundreds of billions of dollars of securities stored in a vault
where destroyed in an explosion in the basement of the North
Flight 175 slammed into the 78th floor of the South Tower just
below the 84th floor where Euro Brokers were located.
Brian Clark, the
manager at Euro Brokers, heard numerous explosions, apparently unrelated to
what he referred to as the oxygen-starved fire caused by the plane
Richard Wagner, a data retrieval expert, estimated that more than
$100 million in illegal transactions appeared to have rushed through the WTC
computers before and during the disaster on September 11, 2001.
Deutsche Bank employee verified that approximately five minutes before the
first plane hit the tower that the Deutsche Bank computer system in their WTC
office was seized by an outside, unknown entity.
On September 26,
CBS reported that the
amount was more than $100 million and that seven countries were investigating
the irregular trades.
newspapers, Reuters and the
New York Times, and other
mainstream media reported that the CIA regularly monitors extraordinary trades
and economic irregularities to ascertain possible criminal activities or
In fact, the CIA uses specialized software,
PROMIS, to scrutinize
The Federal Reserve, untouched by the crisis
at its downtown offices (as they had everything backed up to a remote
location), assumed emergency powers that afternoon.
$240 billion in securities
are electronically cleared.
"Additional details emerged Friday about
the effect of the collapse of 7 World Trade Center on investigations being
conducted by the New York offices of the Securities and Exchange Commission
housed in the building.
The SEC has not quantified the number of active
cases in which substantial files were destroyed. Reuters news service and the
Los Angeles Times published reports estimating them at 3,000 to 4,000.
They include the agency's major inquiry into the manner in which
investment banks divvied up hot shares of initial public offerings during the
Margaret Cronin Fisk, National Law Journal, September
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