fungible


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Related to fungible: Fungible things

Fungibility

The state of being interchangeable. For example, money has fungibility because there is no difference between one dollar and another dollar. Likewise, stocks of the same type in the same company and commodities of the same quality are generally fungible. On the other hand, assets like land or baseball cards are not fungible because each unit has unique qualities that add or subtract value.

fungible

Of or relating to assets that are identical in quality and are interchangeable. Commodities, options, and securities are fungible assets. For example, an investor's shares of Xerox left in custody at a brokerage firm are freely mixed with other customers' Xerox shares. Likewise, stock options are freely interchangeable among investors, and wheat stored in a grain elevator is not specifically identified as to its ownership.

Fungible.

When two or more things are inter-changeable, can be substituted for each other, or are of equal value, they are described as fungible.

For example, shares of common stock issued by the same company are fungible at any point in time since they have the same value no matter who owns them.

Forms of money, such as dollar bills or euros, are fungible since each can be exchanged or substituted for another of the same currency.

Similarly, put and call futures contracts on the same commodity that expire on the same date are fungible since a contract to buy -- a call -- can offset, or neutralize, a futures contract to sell -- a put.

On the other hand, multiple classes of the same stock may not be fungible. For example, in some markets citizens of the country are eligible to buy one class of stock and noncitizens a different class. Typically, the shares have different prices and may not be exchanged for each other.

References in periodicals archive ?
The consumer goods [article 544 paragraph (1) of the New Civil Code] are usually fungible goods (food, fuel, etc.
En funcion de la ubicacion de los centros no se aprecian diferencias significativas en el empleo de materiales en esta zona del patio, puesto que en el 40'0% de los rurales y en el mismo porcentaje en los urbanos el mas utilizado es el fungible alternativo y en un 33'33% de los urbanos tambien se usan bastante los no fungibles moviles (Fig.
When it comes to fungibles, nobody beats the home furnishings industry.
Therefore, authenticity is that which is intrinsic to an object, as opposed to that which is fungible (Task Force on the Role of the Artifact, 2001).
A recent World Bank report, Assessing Aid, documents the fungible nature of development assistance.
Thus, in an ABC system, fungible resources (consumed by more than one activity) present almost no challenge to the design of the system.
In particular, Sullivan follows the discursive traces of a historical evolution in which what he calls landscapes of "stewardship" or "custom" (in which land is understood as manifesting social relations and moral obligations) were finally transformed into landscapes of "absolute property" (in which land is understood as a fungible economic object, and an object of economic development and profit).
Gender in humans is socially constructed and therefore fungible.
The dates of all three manufactured celebrations are fungible, with different promoters declaring various days to be the "official" one.
For Radin, nonnatural persons (corporations) have only fungible property because they "have nothing to lose but their wealth" (155).
assistance was converted into pure fungible resources regardless of whether it was earmarked for defense or non-defense purposes.
Sunbelt has a fungible layer of dynamic credit enhancement provided in the form of LOC, sized as the greatest of 1% of the face amount of all CP, 50% of the asset with the largest funded amount, or the amount determined by Vector CP.