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Omaha Public Power District, $550 million of power system debt securities bonds.
San Diego Gas and Electric, $105 million of debt securities bonds.
Corporations create two kinds of securities: bonds, representing debt, and stocks, representing ownership or equity interest in their operations.
More than one-quarter of American share trades now take place via the Internet, compared with fewer than 1% of trades in fixed-income securities (bonds).
In "convertible arbitrage," for example, a hedge fund goes long in convertible securities (bonds or shares that are exchangeable for another form of securities, usually common shares, at a pre-set price) and simultaneously shorts the shares.
Until now, such trades were highly restricted, but a recent S.E.C. decision, Rule 144A, allows for easier trading of private placement securities - bonds and stocks that are not registered with the S.E.C. and not offered to the public.
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"Village Hall has become a private club, a virtual monarchy of people voted in after uncontested elections," said Mr. Gray, a 56-year-old securities bond trader.
There would be a dedicated fractional tax on all securities, bond and derivative transfers to help offset Universal Healthcare, livable Social Security and public education through college.
Pensions and other fixed income — Social Security, bonds, annuities — create security, but they also open up options.
It is far more likely that the bond markets would treat a wave of Social Security bonds as fresh American government borrowing.
Mr Clegg, who chairs the Cabinet's Home Affairs Committee, has asked the Home Office to run a trial "security bonds" scheme by the end of this year.
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