A loan from a bank to a broker prior to the delivery of securities. Upon the delivery of the securities, a day loan becomes a regular broker call loan for which securities serve as collateral.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
A loan that a bank extends to a broker in order to buy securities. The loan is due at the end of the same day it is extended. A day loan exists to provide a broker with funding until an ordinary broker call loan can be made. It is also called a morning loan.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
A one-day loan made by a bank to a broker for the purchase of securities. The loan is used until delivery allows a regular call loan to be arranged.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.