The plot of Die Hard is simple: a group of German terrorists take over the Nakatomi Building in Los Angeles and a lone NYPD cop visiting his estranged wife is the only one who can stop them. However, it's revealed that they're actually trying to raid the vault for cash and a fortune in bearer bonds. What’s so special about bearer bonds? They are untraceable. Anyone can own them and cash them in, because they are physical, definitive securities. As a result, one can use them to avoid taxes.
Although relatively rare nowadays, definitive securities, or paper certificate versions of stocks and bonds, are still used, albeit infrequently. Electronic trading has rendered stock certificates to a bygone era, but original stock certificates can still be valid if the company still exists.
Physical bonds also still exist. Examples include: the aforementioned bearer bonds (discontinued in the early 1980s, although a few long maturity issues still are in circulation), registered bonds (which can also be electronic but are registered with the owner’s name), and Eurobonds, which are issued outside the U.S.
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Finance: What is Electronic Communicatio...12 Views
Finance a la shmoop what is the electronic communication network or ECN?
all right it's the computerized and wired version of this for a small fee [Large computer network]
traders can plug in to a network to trade stocks you know think about it
like Facebook for stock traders only with less political ranting and fewer
photographs of babies and freshly cooked meat generally well generally speaking [A pan of meat and potato's appear]
ECNs are "off-market" that is they aren't really directly part of
an established trading system like the New York Stock Exchange or Nasdaq or one
of the other blessed exchanges they connect market makers directly to third
parties allowing them to trade to their heart's content there aren't a lot of
actual physical hands at work here most of the limit orders are matched
electronically the network charges its fee the transaction is processed and [Company share price appears]
life moves on so think about it like it's 2:00 a.m. on a Saturday and Joe who
likes to trade in his underwear don't ask us why it's just dying to sell a [Joe sits down at PC]
hundred shares of coke to Betty who likes to trade while head-banging to Led
Zep and you know likes to trade with Achmed who's saving money for an air
conditioner yeah well no sweat so this is perfect for anyone who wants to
become active in the trading of stocks but hates any kind of physical human [Man waving to woman and woman walks by]
interaction yeah don't worry the robot rebellion will soon be upon us and ECNs
will rule the roost