caa a22 4500 465802583 CHVBK 20180323112056.0 cr unu---uuuuu 170327e19901001xx s 000 0 eng 10.1007/BF00365421 doi (NATIONALLICENCE)springer-10.1007/BF00365421 Kupiec Paul Division of Research and Statistics, Capital Markets Section, Board of Governors of the Federal Reserve System, 20551, Washington, D.C., USA aut A survey of exchange-traded basket instruments [Elektronische Daten] [Paul Kupiec] This survey discusses "basket” financial instruments generically known as Index Participation shares (IPs). An IP is a hybrid instrument that has characteristics similar to those of existing index-futures contracts, options contracts, and stock-index mutual funds. An IP is a contract and does not represent direct ownership over any individual security. Similar to other derivatives, an IP has a clearing house guaranteeing its performance and a zero net supply. The equilibrium market price of an IP will differ from its underlying index's cash price by an amount defined as the IP basis. The IP basis will be determined by the dividend stream of the underlying index and expected short-term interest rates. IP contracts opened trading on the AMEX and PHILX exchanges on May 12, 1989, after the SEC lifted a temporary stay of trading. Kluwer Academic Publishers, 1990 Journal of Financial Services Research Kluwer Academic Publishers 4/3(1990-10-01), 175-190 0920-8550 4:3<175 1990 4 10693 https://doi.org/10.1007/BF00365421 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/BF00365421 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Kupiec Paul Division of Research and Statistics, Capital Markets Section, Board of Governors of the Federal Reserve System, 20551, Washington, D.C., USA aut NATIONALLICENCE 773 0- Journal of Financial Services Research Kluwer Academic Publishers 4/3(1990-10-01), 175-190 0920-8550 4:3<175 1990 4 10693 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer