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Trade (Financial Instrument)

In finance, a trade is an exchange of a security for "cash", typically a short-dated promise to pay in the currency of the country where the 'exchange' is located. basics: a financial instrument must be defined by the state (that regulates it); and it must registered with the state regulator by the owner of the instrument (that issues it). the owner in this case is called: issuer of the financial instrument. the person requesting the instrument is called: applicant.