                                        25

 ( -  $20,     - $19)  
 ,     -   ( -
 $20)  , ,  $16.   
     ,      
      .    ,
-      -
 ,     -     -
    .

   

  (cash account)        -
 .          
         .   
 (margin account)         (-
  ):    ,     ,
       (   
)5.

       ,  
   (hypothecation agreement),    -
  .       -
  ,  ,    
  ,         
.         -
    ,       ( 
  ).

          
 ,  ,      
,         
,      (street name)6.  ,    
      .  -
,          
,      ( )  ,  
.      ,      -
 7. ,       ,
           
8.

    ,     
  ,        . 
,          ,
  .

2.4.1        

   , ,   ,  -
      .     -
 ,         ,
      9. ,  
         (margin
purchase),     (debit balance) . 