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Encyclopedia Britannica



BAOKWARDATION

This article appears in Volume V03, Page 135 of the Encyclopedia Britannica.

Encyclopedia Britannica - Main :: BAI-BAR
BAOKWARDATION , or, as it is more often called for brevity, BACK, a technical
term
  employed on the London Stock Exchange to express the amount charged for the
loan
  of stock from one account to the other, and paid to the purchaser by the seller on a
bear
  account (see ACCOUNT) in order to allow the seller to defer the delivery of the stock. The seller, having sold for delivery on a certain date, stocks or shares which probably he does not possess, in the
hope
  that he may be able, before the day fixed for delivery, to buy them at a cheaper price and so 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
interest
  (backwardation) for the
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).


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