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In finance, a haircut is the difference between the market value of an asset used as loan collateral and the amount of the loan.〔(What Does Haircut Mean? )〕 The amount of the haircut reflects the lender's perceived risk of loss from the asset falling in value or being sold in a fire sale. The lender will, however, still hold a lien for the entire value of the asset. In the event the collateral is sold to repay the loan, the lender will have a higher chance of being made whole. Expressed as a percentage of the collateral's market value, the haircut is the complement of the Loan-to-value ratio (together they equal 100% of the value.) For example, United States Treasury bills, which are seen as fairly safe, might have a haircut of 10%, while for stock options, which are seen as highly risky, the haircut might be as high as 30%. In other words, a $1000 treasury bill will be accepted as collateral for a $900 loan, while a $1000 stock option might only allow a $700 loan. Lower haircuts allow for more leverage. Haircut has an important role on many kinds of trades, for example for Repo or Reverse Repo. In popular media, "haircut" has been used to denote a financial loss on an investment, as in "to take a haircut" (to accept or receive less than is owed.) Especially following the financial crisis of 2008, the term was popular in political debates surrounding the propriety of various government actions in response to the crisis.〔(NY Times Magazine, On Language: Haircut )〕 ==History== Haircuts have been used for almost 200 years in American commercial finance. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Haircut (finance)」の詳細全文を読む スポンサード リンク
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