DAY LOAN
Fund transfer from the bank to an individual broker or firm but it is in a temporary basis. It is made early in the day for the purchase of a security that same day. It serves as the collateral for the day loan and must repaid at the end of the day. Also called a "morning loan". A day loan is a source of very short-term funding. Once the securities have been purchased, the loan becomes a regular broker call loan, and may become due at any time. Brokers must pay a daily interest rate, known as the "call rate", on these loans.
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Substitute
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