- In the wides sense, documents giving title to property or calims on income which may lodged, e.g. as security for a bank loan.
- Income-yielding paper traded on the stock-exchange or in secondary markets. Usually a synonym for stocks and shares. An essential characteristic of a security is that it is saleable. The main types of secruities are:
- Fixed interest: Debentures, preference shares, stocks and bonds (including all governement securities and local suthority securitites);
- Variable interest: Ordinary shares;
- Other: Bills of exchange, assurance policies.
Securities may be redeemable or irredeemable, quoted or unquoted.
|Reference: The Penguin Dictionary of Economics, 3rd edt.