By my definition of "unique securities," a corn futures contract is no different than a...
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Accounting
By my definition of "unique securities," a corn futures contract is no different than a lean hog futures contract. A small cap mutual fund is no different than a large cap mutual fund. And a preferred stock is no different than a convertible preferred stock.
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My advice for those wanting to purchase a closed-end fund is to wait until after it is issued. DO NOT BUY THE IPO. Unless, of course, it is highly recommended by a trusted advisor.
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Conceptually... If properly hedged, the repo dealer can provide risk-free returns to lenders and interest costs for borrowers, without exposing themselves to risk. (Ignoring the risk of technical failure or an apocalypse.)
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