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Securities

Securities Bond Equities Investment Fund Derivatives Structured finance Agency securities

Markets Bond market Stock market Futures market Foreign exchange market Commodity market Spot market Over-the-counter Market (OTC)

Bonds Bonds by coupon Fixed rate bond Floating rate note Zero-coupon bond Inflation-indexed bond Commercial paper Perpetual bond

Bonds by issuer Corporate bond Government bond Municipal bond Pfandbrief Sovereign bonds

Equities (Stocks) Stock Share IPO Short Selling

Investment Funds Mutual fund Index Fund Exchange-traded fund (ETF) Closed-end fund Segregated fund Hedge fund

Structured finance Securitization Asset-backed security Mortgage-backed security Commercial mortgage-backed security Residential mortgage-backed security Tranching Collateralized debt obligation Collateralized fund obligation Collateralized mortgage obligation Credit-linked note Unsecured bond Agency Securities

Derivatives Options Warrants Futures Forwards Swaps Credit Derivatives Hybrid Securities

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Agency securities are specific securities that are issued by either Ginnie Mae, Fannie Mae, Freddie Mac or the Federal Home Loan Banks. These securities are backed by mortgage loans, and due to their creation from these particular corporations that are sponsored by the U.S. government, they enjoy credit protection based on an explicit guarantee from the U.S. Government in the case of Ginnie Mae securities, or an implicit guarantee from the U.S. Government in the case of Fannie Mae and Freddie Mac.

Due to the expectation of federal backing, these securities historically hold the highest credit rating possible.

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• Fannie Mae
• Freddie Mac
• Ginnie Mae