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BAOKWARDATION

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Originally appearing in Volume V03, Page 135 of the 1911 Encyclopedia Britannica.

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BAOKWARDATION , or, as it is more often called for brevity, BACK, a technical See also:

TERM

term employed on the See also:

LONDON

London Stock See also:

EXCHANGE

Exchange to See also:

EXPRESS (through the French from the past participle of the Lat. exprimere, to press out, by transference used of representing objects in painting or sculpture, or of thoughts, &c. in words)

express the amount charged for the See also:

LOAN (adapted from the Scandinavian form of a word common to Teutonic languages, cf. Swed. Mn, Icel. lan, Dut. leen; the O.E. laen appears in " lend," the ultimate source is seen in the root of Gr. Xeiaecv and Lat. linquere, to leave)

loan of stock from one See also:

account to the other, and paid to the purchaser by the seller on a See also:

bear account (see ACCOUNT) in See also:

order to allow the seller to defer the delivery of the stock. The seller, having sold for delivery on a certain date, See also:

STOCKS

stocks or shares which probably he does not possess, in the See also:

hope that he may be able, before the See also:

day fixed for delivery, to buy them at a cheaper See also:

price and so See also:

EARN

earn a profit, finds on settling-day that the prices have not gone down according to his expectation, and therefore pays the purchaser an agreed amount of See also:

INTEREST

interest (backwardation) for the See also:

PRIVILEGE

privilege of deferring the delivery, either in order to procure the stock, or else in the hope that there will be a shrinkage in the price which will enable him to gain a profit. (See also STOCK EXCHANGE).

End of Article: BAOKWARDATION

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