Industry WIKI

The Securities and Futures Commission (SFC) is the independent statutory body of Hong Kong charged with regulating securities and futures markets. The SFC is responsible for fostering an orderly securities and futures markets, to protect investors and to help promote Hong Kong as an international financial centre and a key financial market in Asia. Even though it is considered to be a br

A securities commission, securities regulator or capital market authority is a government department or agency responsible for financial regulation of securities products within a particular country. Its powers and responsibilities vary greatly from country to country, but generally cover the setting of rules as well as enforcing them for financial intermediaries and stock exchanges.

In finance, securities lending or stock lending refers to the lending of securities by one party to another.

Self-fulfilling crisis refers to a situation that a financial crisis is not directly caused by the unhealthy economic fundamental conditions or improper government policies, but a consequence of pessimistic expectations of investors. In other words, investors' fear of the crisis makes the crisis inevitable, which justified their initial expectations.

Seller financing is a loan provided by the seller of a property or business to the purchaser. When used in the context of residential real estate, it is also called "bond-for-title" or "owner financing." Usually, the purchaser will make some sort of down payment to the seller, and then make installment payments (usually on a monthly basis) over a specified time, at an agreed-upon intere

On September 17, 2019, interest rates on overnight repurchase agreements (or "repos"), which are short-term loans between financial institutions, experienced a sudden and unexpected spike. A measure of the interest rate on overnight repos in the United States, the Secured Overnight Financing Rate (SOFR), increased from 2.43 percent on September 16 to 5.25 percent on September 17. During

Serbia has been a member of the International Monetary Fund (IMF) since December 14, 2022 with a quota of Special Drawing Rights (SDR) 654.8 million ($615.21 million) and 8,000 votes (0.16% of the total vote share). Serbia is currently represented on the Executive Board by Piotr Trabinski in a constituency with Azerbaijan, Kazakhstan, the Kyrgyz Republic, Poland, Serbia, Switzerland, Taj

The shadow banking system is the collection of non-bank financial intermediaries (NBFIs), or nondepository financial institutions (NDFIs) that legally provide services similar to traditional commercial banks but outside normal banking regulations. S&P Global estimates that, at end-2022, shadow banking held about $63 trillion in financial assets in major jurisdictions around the world, re

The shadow rate is an interest rate in some financial models. It is used to measure the economy when nominal interest rates come close to the zero lower bound. It was created by Fischer Black in his final paper, "Interest Rates as Options".

Sharp Corporation (シャープ株式会社, Shāpu Kabushiki-gaisha) is a Japanese electronics company. It is headquartered in Sakai, Osaka, and was founded by Tokuji Hayakawa in 1912 in Honjō, Tokyō, and established as the Hayakawa Metal Works Institute in Abeno-ku, Osaka, in 1924. Since 2016, it is majority owned by the Taiwan-based manufacturer Hon Hai Precision Industry Co., Ltd., better known as Fo

The Sherman Silver Purchase Act was a United States federal law enacted on July 14, 1890, which increased the amount of silver the government was required to purchase on a recurrent monthly basis to 4.5 million ounces, roughly the entirety of the American output.

In economics, a shock is an unexpected or unpredictable event that affects an economy, either positively or negatively. Technically, it is an unpredictable change in exogenous factors—that is, factors unexplained by an economic model—which may influence endogenous economic variables.

In finance, being short in an asset means investing in such a way that the investor will profit if the market value of the asset falls. This is the opposite of the more common long position, where the investor will profit if the market value of the asset rises. An investor that sells an asset short is, as to that asset, a short seller.

Silver Thursday refers to the sharp collapse in the United States silver and silver futures markets on Thursday, March 27, 1980. The crisis followed a rapid rise in silver prices and the accumulation of a large long position by members of the Hunt family, principally Nelson Bunker Hunt and William Herbert Hunt, with Lamar Hunt involved to a lesser extent. The term is used both for the tr

Silvergate Bank was a California bank founded in 1988. The company began providing services for cryptocurrency users in 2016, and conducted an IPO in 2019.

The Silverites were members of a political movement in the United States in the late-19th century that advocated that silver should continue to be a monetary standard along with gold, as authorized under the Coinage Act of 1792. The Silverite coalition's famous slogan was "16 to 1" – that is, the ratio of sixteen ounces of silver equal in value to one ounce of gold, a ratio similar to t

Simple living refers to practices that promote simplicity in one's lifestyle. Common practices of simple living include reducing the number of possessions one owns, depending less on technology and services, ascetism, and spending less money. In addition to such external changes, simple living also reflects a person's mindset and values. Simple living practices can be seen in history, re

A single-tier banking system is a policy framework under which all credit institutions coexist without distinction about the quality of their liabilities, or in other words, there is no distinction between central bank money and broad money. This setting is generally associated with communist economic systems.

Smart beta investment portfolios are long-only rules-based investment strategies that aim to outperform a capitalization-weighted benchmark.

A smart contract is a computer program or a transaction protocol that is intended to automatically execute, control or document events and actions according to the terms of a contract or an agreement. The objectives of smart contracts are the reduction of need for trusted intermediators, arbitration costs, and fraud losses, as well as the reduction of malicious and accidental exceptions.

The snake in the tunnel was a system of European monetary cooperation in the 1970s which aimed at limiting fluctuations between different European currencies. It was the first attempt at European monetary cooperation. It attempted to create a single currency band for the European Economic Community (EEC), essentially pegging all the EEC currencies to one another.

Social finance is a category of financial services that aims to leverage private capital to address challenges in areas of social and environmental need. Having gained popularity after the 2008 financial crisis, it is notable for its public benefit focus. Mechanisms of creating shared social value are not new; however, social finance is conceptually unique as an approach to solving socia

SoFi Technologies, Inc. (abbreviated as SoFi, short for Social Finance) is an American financial technology company. Founded in 2011 by Stanford University graduates as a student loan refinancier, it operates a direct bank serving retail customers and businesses. SoFi is the largest U.S.-based online lender, and has nearly 16 million customers as of 2026.

Solana is a public blockchain platform that uses a proof-of-stake consensus mechanism and provides smart contract functionality. The platform's native cryptocurrency is SOL. Solana was founded in 2018 by Toly Yakovenko and Raj Gokal, and the network was launched in March 2020 by their San Francisco-based company, Solana Labs.

The South Sea Company was a British joint-stock company founded in January 1711, created as a public-private partnership to consolidate and reduce the cost of the national debt. To generate income, in 1713 the company was granted a monopoly (the Asiento de Negros) to supply enslaved Africans to the islands in the "South Seas" and South America. When the company was created, Britain was i

Sovereign funds of China are mechanisms through which the Chinese state acts as a market participant with the goals of supporting key domestic economic sectors, advancing strategic interests internationally, and diversifying its foreign exchange reserves.

A sovereign wealth fund (SWF), or sovereign investment fund, is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity funds or hedge funds. Sovereign wealth funds invest globally. Most SWFs are funded by revenues from commodity exports or from foreign exchange reser

A Spahn tax is a type of currency transaction tax that is meant to be used for the purpose of controlling exchange-rate volatility. This idea was proposed by Paul Bernd Spahn in 1995.

Special drawing rights (SDRs, code XDR) are a supplementary foreign exchange reserve asset defined and maintained by the International Monetary Fund (IMF). SDRs are the units of account for the IMF, and not a currency; rather, SDR value is based on a basket of currencies, the specific composition of which is reviewed every five years. SDRs represent a claim to currency held by IMF member

The Special Investment Facilitation Council (SIFC) is a Federal government body and Investment Promotion Agency constituted under the Prime Minister of Pakistan. The SIFC was established on 20 June 2023 with the stated goal of acting as a "'single window' to facilitate investors, establish cooperation among all Government departments, and fast-track project development." The council cons

In finance, speculation is the purchase of an asset (a commodity, goods, or real estate) with the hope that that asset will become more valuable in a brief amount of time.

In economics, a speculative attack is a precipitous selling of untrustworthy assets by previously inactive speculators and the corresponding acquisition of some valuable assets (currencies, gold). The first model of a speculative attack was contained in a 1975 discussion paper on the gold market by Stephen Salant and Dale Henderson at the Federal Reserve Board. Paul Krugman, who visited

The System for Transfer of Financial Messages (Russian: Система передачи финансовых сообщений, romanized: Sistema peredachi finansovykh soobscheniy), abbreviated SPFS (Russian: СПФС), is a Russian equivalent of the SWIFT financial transfer system, developed by the Central Bank of Russia. The system has been in development since 2014, when the United States government threatened to discon

A stablecoin is a type of cryptocurrency that aims to maintain a stable value relative to a specified asset, a pool or basket of assets. The specified asset might refer to fiat currency, commodity, or other cryptocurrencies. Despite the name, stablecoins are not necessarily stable. Stablecoins rely on stabilization tools such as reserve assets or algorithms that match supply and demand

Stagflation is the combination of high inflation, stagnant economic growth, and elevated unemployment. The term stagflation, a portmanteau of "stagnation" and "inflation", was popularized and probably coined by British politician Iain Macleod in the 1960s, during a period of economic distress in the United Kingdom. It gained broader recognition in the 1970s after a series of global econo

The standardized approach for counterparty credit risk (SA-CCR) is the capital requirement framework under Basel III addressing counterparty risk for derivative trades.

Stanley Fischer (Hebrew: סטנלי פישר; October 15, 1943 – May 31, 2025) was an American and Israeli economist who served as the 20th vice chair of the Federal Reserve from 2014 to 2017. Fischer previously served as the 8th governor of the Bank of Israel from 2005 to 2013. Born in Northern Rhodesia (now Zambia), he held dual citizenship in Israel and the United States. He previously served

In finance, statistical arbitrage (Stat Arb or StatArb) is a class of short-term financial trading strategies that employ mean reversion models involving broadly diversified portfolios of securities (hundreds to thousands) held for short periods of time (generally seconds to days). These strategies are supported by substantial mathematical, computational, and trading platforms.

Stellar, or Stellar Lumens (symbol: XLM), is a cryptocurrency protocol which allows transactions between any pair of currencies.

In macroeconomics, sterilization is action taken by a country's central bank to counter the effects on the money supply caused by a balance of payments surplus or deficit.

The sterling area (or sterling bloc, legally scheduled territories) was a group of countries that either adopted or pegged their currencies to the pound sterling.

The Stiglitz Report: Reforming the International Monetary and Financial Systems in the Wake of the Global Crisis is a book documenting the necessary changes and reforms of the international financial institutions during the 2008 financial crisis and the Great Recession. Written by a commission chaired by Nobel laureate economist Joseph Stiglitz, the report frames the crisis as part of a

A stock market, equity market, or share market is the aggregation of buyers and sellers of stocks (also called as shares), which represent ownership claims on businesses; these may include securities listed on a public stock exchange as well as stock that is only traded privately, such as shares of private companies that are sold to investors through equity crowdfunding platforms. Invest

A stock market bubble is a type of economic bubble taking place in stock markets when market participants drive stock prices above their value in relation to some system of stock valuation.

Since the beginning of the Bombay stock exchange, stock markets in India, particularly the Bombay Stock Exchange and National Stock Exchange of India have seen a number of booms as well as crashes.

Stock market data systems communicate market data—information about securities and stock trades—from stock exchanges to stockbrokers and stock traders.

Stock market equivalence is granted by the European Union to those countries whose stock markets are deemed to be 'equivalent' to those of the EU countries. On 3 January 2018, the EU implemented the "Markets in Financial Instruments Directive II" (colloquially known as "MiFID II") which required all European investment firms & traders to trade the shares of a company listed in the EU on

A stock trader or equity trader or share trader, also called a stock investor, is a person or company involved in trading stocks and attempting to profit from the purchase and sale of those securities. Stock traders may be an investor, agent, hedger, arbitrageur, speculator, or stockbroker. Such equity trading in large publicly traded companies may be through a stock exchange. Stock shar

A strategic default is the decision by a borrower to stop making payments (i.e., to default) on a debt, despite having the financial ability to make the payments.

In finance, a stress test is an analysis or simulation designed to determine the ability of a given financial instrument or financial institution to deal with an economic crisis. Instead of doing financial projection on a "best estimate" basis, a company or its regulators may do stress testing where they look at how robust a financial instrument is in certain crashes, a form of scenario

A structured investment vehicle (SIV) is a non-bank financial institution established to earn a credit spread between the longer-term assets held in its portfolio and the shorter-term liabilities it issues. They are simple credit spread lenders, frequently "lending" by investing in securitizations, but also by investing in corporate bonds and funding by issuing commercial paper and medi

In finance, subordinated debt (also known as subordinated loan, subordinated bond, subordinated debenture or junior debt) is debt which ranks after other debts if a company falls into liquidation or bankruptcy.

In finance, subprime lending (also referred to as near-prime, subpar, non-prime, and second-chance lending) is the provision of loans to people who may have difficulty maintaining the repayment schedule.

The American subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010, contributing to the 2008 financial crisis. It led to a severe economic recession, with millions becoming unemployed and many businesses going bankrupt. The U.S. government intervened with a series of measures to stabilize the financial system, including the Troubled Asset Relie

Sukuk (Arabic: صكوك, romanized: ṣukūk; plural of Arabic: صك, romanized: ṣakk, lit. 'legal instrument, deed, cheque') is the Arabic name for financial certificates, also commonly referred to as "sharia compliant" bonds.

A swaption (a portmanteau of "swap" and "option") is an option granting its owner the right but not the obligation to enter into an underlying swap on specified terms at a future date. In practice the term is most commonly used for options on interest rate swaps, where the holder has the right to enter into a fixed-for-floating interest rate swap.

A swing producer or swing supplier is a supplier or a close oligopolistic group of suppliers of any commodity, controlling its global deposits and possessing large spare production capacity. A swing producer is able to increase or decrease commodity supply at minimal additional internal cost, and thus able to influence prices and balance the markets, providing downside protection in the

A syndicated loan is one that is provided by a group of lenders and is structured, arranged, and administered by one or several commercial banks or investment banks known as lead arrangers.

A synthetic CDO is a variation of a collateralized debt obligation (CDO) that generally uses credit default swaps (CDSs) and other derivatives to obtain its investment goals. As such, it is a complex derivative financial security sometimes described as a bet on the performance of other mortgage (or other) products, rather than a real mortgage security. The value and payment stream of a s

In finance, systemic risk is the risk of collapse of an entire financial system or entire market, as opposed to the risk associated with any one individual entity, group or component of a system, that can be contained therein without harming the entire system. It can be defined as "financial system instability, potentially catastrophic, caused or exacerbated by idiosyncratic events or co

A systemically important financial institution (SIFI) is a bank, insurance company, or other financial institution whose failure might trigger a financial crisis. They are colloquially referred to as "too big to fail".

Tabung Harapan Malaysia (Malay for "Malaysia's Hope Fund", Abbr.: THM) is a fund launched by the returned seventh Malaysian Prime Minister of the new Pakatan Harapan (PH) government, Mahathir Mohamad on 30 May 2018. The purpose of the fund is a platform for the people to help the country and to receive the people's donations to strengthen the government's finances. The establishment of t

Tail risk, sometimes called "fat tail risk", is the financial risk of an asset or portfolio of assets moving more than three standard deviations from its current price, above the risk of a normal distribution. Tail risks include low-probability events arising at both ends of a normal distribution curve, also known as tail events. However, as investors are generally more concerned with un

TARGET2 was the real-time gross settlement (RTGS) system for the Eurozone from its phased introduction in 2007-2008 until its replacement with T2 in March 2023. As such, it was one of the Eurosystem's TARGET Services, replacing the original TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer System) RTGS introduced in 1999. Like the other TARGET Services, it was

In Algeria, the most important sources of government revenue have been oil and gas royalties.

Due to the absence of the tax code in Argentina, the tax regulation takes place in accordance with separate laws, which, in turn, are supplemented by provisions of normative acts adopted by the executive authorities. The powers of the executive authority include levying a tax on profits, property and added value throughout the national territory. In Argentina, the tax policy is implemen

Taxes in Iceland are levied by the state and the municipalities. Property rights are strong and Iceland is one of the few countries where they are applied to fishery management. Taxpayers pay various subsidies to each other, similar to European countries that are welfare states, but the spending is less than in most European countries. Despite low tax rates in relation to European welfar

The TED spread is the difference between the interest rates on interbank loans and on short-term U.S. government debt ("T-bills"). TED is an acronym formed from T-Bill and ED, the ticker symbol for the Eurodollar futures contract.

Terra is a blockchain protocol and payment platform used for algorithmic stablecoins. The project was created in 2018 by Terraform Labs, a startup co-founded by Do Kwon and Daniel Shin. It is best known for its Terra algorithmic stablecoin and the associated LUNA reserve asset cryptocurrency.

Tether is a stablecoin—a digital currency whose value aims to maintain a stable value relative to the United States dollar—launched by Tether Limited in 2014. It is represented by its currency codes USD₮ and USDT.

Tether Limited is a financial technology company that issues the Tether stablecoin (USDT), the world’s largest stablecoin by market capitalization. Founded in 2014, Tether pioneered the concept of fiat-backed digital currencies pegged 1:1 to traditional currencies (initially the U.S. dollar). USDT has become a key source of liquidity in the cryptocurrency market, with over $170 billion i

Tezos is an open-source blockchain that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts. The native cryptocurrency for the Tezos blockchain is the tez (ISO 4217: XTZ; sign: ꜩ). The Tezos network achieves consensus using proof-of-stake. Tezos uses an on-chain governance model that enables the protocol to be amended when upgrade proposals receive

The Co-operative Bank p.l.c. is a British retail and commercial bank based in Manchester, England. Established as a bank for co-operators and co-operatives following the principles of the Rochdale Pioneers, the business evolved in the 20th century into a mid-sized British high street bank, operating throughout the UK mainland. Transactions took place at cash desks in Co-op stores until t

The DAO was a digital decentralized autonomous organization and a form of investor-directed venture capital fund. After launching in April 2016 via a token sale, it became one of the largest crowdfunding campaigns in history, but it ceased activity after much of its funds - in the form of US$ exchanged for "Ether-crypto coins" - were taken in a hack in June 2016.

The Foreign Exchange Regulation Act, 1947 (known as FERA) is a law enacted and was officially published by the government of Pakistan and still applicable in Bangladesh, which was East Pakistan before independence, to regulate certain payments, dealings in foreign exchange and securities, and the import and export of currency and bullion.

The Great Debasement (1544–1551) was a currency debasement policy introduced in 1544 England under the order of Henry VIII which saw the amount of precious metal in gold and silver coins reduced and in some cases replaced entirely with cheaper base metals such as copper. Overspending by Henry VIII to pay for his lavish lifestyle and to fund foreign wars with France and Scotland are cited

In economics, the paradox of banknotes or cash paradox is the observation that while the share of cash transactions has fallen over the past few decades due to alternative forms of payment such as credit cards and other electronic payment instruments, the demand for physical currency, measured as the ratio of currency in circulation (CIC) to GDP, has been steadily increasing since the ea

The following article is a broad timeline of the course of events related to artificial intelligence risks in global finance.

A Tobin tax was originally defined as a tax on all spot conversions of one currency into another. It was suggested by James Tobin, an economist who won the Nobel Memorial Prize in Economic Sciences. Tobin's tax was originally intended to penalize short-term financial round-trip excursions into another currency. By the late 1990s, the term Tobin tax was being applied to all forms of shor

"Tone at the top" is a term that originated in the field of accounting and is used to describe an organization's general ethical climate, as established by its board of directors, audit committee, and senior management. Having good tone at the top is believed by business ethics experts to help prevent fraud and other unethical practices. The very same idea is expressed in negative terms

"Too big to fail" (TBTF) is a theory in banking and finance that asserts that certain corporations, particularly financial institutions, are so large and so interconnected with an economy that their failure would be disastrous to the greater economic system, and therefore should be supported by government when they face potential failure. The colloquial term "too big to fail" was popular

Toshiba Corporation (株式会社東芝, Kabushikigaisha Tōshiba; English: ) is a Japanese multinational electronics company headquartered in Saiwai-ku, Kawasaki, Kanagawa Prefecture. Its diversified products and services include power, industrial and social infrastructure systems, elevators and escalators, electronic components, semiconductors, hard disk drives, printers, batteries, lighting, as w

Trade credit insurance, business credit insurance, export credit insurance, or credit insurance is a type of insurance policy and a risk management product offered by private insurance companies and governmental export credit agencies to business entities wishing to protect their accounts receivable from loss due to credit risks such as protracted default, insolvency or bankruptcy. This

The Department of the Treasury, also known as the Treasury, is the national treasury and financial department of the federal government of Australia. The treasury is responsible for executing economic and fiscal policy, market regulation and the delivery of the federal budget with the department overseeing 16 agencies. The Treasury is one of only two departments that have existed contin

Treasury management (or treasury operations) entails management of an enterprise's financial holdings, focusing on the firm's liquidity, and mitigating its financial, operational and reputational risk.

A treasury management system (TMS) is a software application which automates the process of managing a company's financial operations. It helps companies to manage their financial activities, such as cash flow, assets and investments, automatically.

United States of America v. Samuel Bankman-Fried was a 2023 federal criminal trial in the United States District Court for the Southern District of New York. Financial entrepreneur Sam Bankman-Fried, commonly known as SBF, was convicted on seven charges of fraud and conspiracy following the collapse of his cryptocurrency exchange FTX in November 2022. After the jury's verdict in November

In international finance, the Triffin dilemma (sometimes the Triffin paradox) is the conflict of economic interests that arises between short-term domestic and long-term international objectives for countries whose currencies serve as global reserve currencies. This dilemma was identified in the 1960s by Belgian-American economist Robert Triffin. He noted that a country whose currency i

The Troika is a term used to refer to the single decision group created by three entities, the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF). It was formed due to the European debt crisis as an ad hoc authority with a mandate to manage the bailouts of Cyprus, Greece, Ireland and Portugal, in the aftermath of their prospective insolven

Tron (stylized in all caps) is a decentralized, proof-of-stake blockchain with smart contract functionality. The cryptocurrency native to the blockchain is known as Tronix (TRX). It was founded in March 2014 by Justin Sun and, since 2017, has been overseen and supervised by the TRON Foundation, a non-profit organization in Singapore, established in the same year. It is open-source softwa

The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by President George W. Bush. It was a component of the government's measures in 2008 to address the subprime mortgage crisis.

Trust Wallet is a multi‑chain, non‑custodial cryptocurrency wallet that allows users to store, send, receive, and manage digital assets across more than 100 blockchain networks. Available as a mobile app for iOS and Android and as a browser extension, the wallet supports decentralized finance (DeFi), NFTs, crypto staking, token swapping, and access to decentralized applications (dApps).

The Turkish economic crisis (Turkish: Türkiye ekonomik krizi) is a financial and economic crisis in Turkey. It is characterized by the Turkish lira (TRY) plunging in value, high inflation, rising borrowing costs, and correspondingly rising loan defaults. The crisis was caused by the Turkish economy's excessive current account deficit and large amounts of private foreign-currency denomina

In economics, twin crises, also called a balance of payments crisis, are simultaneous crises in banking and currency. The term was introduced in the late 1990s by economists Graciela Kaminsky and Carmen Reinhart after several such crises worldwide.

The U.S. Dollar Index (USDX, DXY, DX, or, informally, the "Dixie") is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners' currencies. The Index goes up when the U.S. dollar gains "strength" (value) when compared to other currencies.

The Strategic Bitcoin Reserve is a proposed reserve asset, funded by the United States Department of the Treasury's forfeited bitcoin, announced by United States president Donald Trump in March 2025. The creation of the United States Digital Asset Stockpile for non-bitcoin assets was also announced. Trump has previously stated that he wants the United States to become the "crypto capita

UK Asset Resolution (UKAR) is a British financial services holding company with headquarters in the West Yorkshire village of Crossflatts (near Bradford & Bingley's former headquarters in Bingley). It was established in October 2010 as a bad bank to hold the two run-off elements, Bradford & Bingley (including the Mortgage Express brand) and NRAM plc (previously known as Northern Rock Ass

UK Financial Investments (UKFI) was a limited company set up in November 2008 and mandated by the UK government to manage HM Treasury's shareholdings in Lloyds Banking Group, the Royal Bank of Scotland Group and UK Asset Resolution. UKFI ceased trading in March 2018, and its business and assets were transferred to UK Government Investments.

Under-capitalization refers to any situation where a business cannot acquire the funds they need. An under-capitalized business may be one that cannot afford current operational expenses due to a lack of capital, which can trigger bankruptcy, may be one that is over-exposed to risk, or may be one that is financially sound but does not have the funds required to expand to meet market dema

A unicorn bubble is a theoretical economic bubble that would occur when unicorn startup companies are overvalued by venture capitalists or investors. This can either occur during the private phase of these unicorn companies, or in an initial public offering. A unicorn company is a startup company valued at, or above, $1 billion US dollars.