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C.2
Aggregate Summaries of Annual Surveys of Security
Credit Extension, as of June 30, 1980
Data collected by the Federal Reserve Board in annual surveys
of margin account credit extensions by lenders subject to the provisions
of Regulations T and G (covering brokers and other nonbank lenders,
respectively) is summarized in the attached release.
This information
will also be available in the Annual Statistical Digest to be published
later this year.
.---------------------------------~-------~-~~----------
1/
SECURITY CREDIT REPORTED BY LENDERS SUBJECT TO MARGIN REGULATION, JUNE 30, 1980
(In millions of dollars)
NYSE
members
Margin credit:
Subject to
margin requirements:
Margin stock ...... ·..
Convertible bonds •..
Subscription issues.
"Plan lenders" ]_/
Total ..........••
...
Regulation T
Other
brokers and
dealers 2/
Total
Regulation G
Total
!!)
11,417
169
15
18
0
0
11,435
169
15
11,601
18
11' 619
--
--
83
---
--
90
173
11,518
169
15
90
11,792
MARGIN CREDIT BY SOURCE
(In millions of dollars)
Outstanding on
June 30
Brokers
Banks
Others
Total
1973 ..........•.....
6,432
3,139
256
9,827
19 74 ..•.•......•.•..
5,267
3,287
225
8, 779
197 5 .•.•••••••.•••.•
5,608
3,419
206
9,233
19 76 ................
7,360
3,814
183
11,357
19 77 ...•.....•..••.•
9, 726
3,517
136
13,379
19 78 ..••..••........
11,479
y
197
11,676
1979 ........•.......
11,921
1/
170
12,091
1980 ..........•..•••
11,619
1/
173
11,792
y
1/
y
l/ Comparable annual data for bank lending under Regulation U ceased to be collected
ll
1/
~/
after June 1977.
Includes data for firms that are members of the American Stock Exchange but not of
the New York Stock Exchange.
Credit extended to finance purchases through qualified stock option and employee
stock purchase plans.
Includes some credit extended to purchase and carry convertible bonds.
C· 2
DETAILED DEBIT AND CREDIT BALANCES AT BROKERS CARRl'ING tiARGIN
ACCOUNTS, AS OF JUNE 30, 1980 lf
Tohl of
DEBITS
LEDGER BALANCES
(In Eveon Dollara-Centa Omitted)
1. Caah
2.
OD
hand and ln bank• ---·--··-------·---·-----·-·-····---··--·-·--------··-----··--·-···-·--
Socurltl.. bo,.owod
,_,_.....,~:~'-t--"'-':j-7--+....=!7-''--f
6 . 519
3 925
39 6
906
18 3
745
16,286
708
871
--------------·---·-----··--··---------··-------------····-··-·-
.1. lecurltlea aold. dali•ery pendiq (Failed to deUver) - - - - - - - - - - - - · - · - · - - · - - · - - - - - - - - - - - - - ·
4. H&T dablt balance• due from. member tina• of rwtlonal aecuritlaa ezchaac••
allied exchan11 e members In thla
(a) Stock mercln accouate·
(b)
'2/
......
-----------··-t-~ .l!.;:~fc.<.o'99'+--'31"'-'~5,8,_+-_...93..,JO'---I
(Total) 1"-··-··------------r.,n=7~n=r·-7-;:r.-:;;-:.;-r··-;;:;;;;;:;-r,··-;;=-:::;-.=..::..!..:=.:.J.-''-".;;;_..J....:::..:...=~
L'+'+
Z'4
.'f.
-------·------------····-····----1""-'...,_=""'-1-'='-'--+-=-'--f
••
Convertible bond marcln
500
169 325
icjounta 21...... ·-··--·-··-----------t-~"-:;'-~f-';~~-+-;~;:--i
(d) Caah ac:counts
-----··--·--··------··--·---··---
members or allied exchange members
in thia
firnt.
.
1.0.
should
equal 5
377
796
7o
884
919
7b
373
795
Commodhy mar1lna on depoall with banlca, and commodity cuaranty fund• on deposit
920
965
All other deblt balance a ·············-·········-·······-·-···········
~=:c::.:,.+-..c;::-::,-jf-',.::,;:':-~
520 1...062
TOTAL OF ITEMS
(Equals Item 21)..·--···············~~~~~:~.·~~~~=--=~=~=~~~~-~-=---~~~~~~:=-:~-~==~·=·-~:~=-~-~-~-~-IOS_7_2_,_7_3=9..,.
_ _..110
~~
9.
Sum of these
380
1U
······--····-----------------·--------··----····-··---··--···I'''---"1-"'5-"0+-"'-"'-"'-t-=.:....._-;
7. Debit balances in firm lnveatment - d tradlnc accounts
1.
l
••
••
15
066
890
1. 727 288
942
··············--··-----······----··--··---·----·-... - - f-..L.o-Lo'-L+-""'""'-+-~=-; Sd
26')
919 RR1
(c) Subacription account a
3,764
: ::: :::;i:~m::: ::::::t~::·:·~·~:~·:·::-=~=~~~-=~~~~==~:==:==::=::~~-~=~~::=:===:::~~~~:~:~:=:::::=::::::::= 17 , 36 7
-····-·······-·········-·-·-····rzr;ff$
1-9
___
CREDITS
11. Money borrowed-Total (EXCLUDING subordinated borrowlnE aa..,.eported In Item lfi)
A
894
130 In
-··--·-··--·-···-··-·····-..1~.:!:.:1:.;8;...,.;,2::..:0..:1CJI-=-'--'-_:;_;:...:__..J
By eoureeeors~paniee
llAe
(a)
From bmnka and trust
(b)
From bcanka and trust comparliea elsewhere ln the U.S ••....
in New York City ... ,.. ......
llAb
(c)
From U.S. aceneiee of lorelcn banks ----····--···-·--··········-··
ltAc
(d)
From other len den (NOT lndudlna membera of national
(b)
ehou14
equal 11
eeeuritiee asebcla.ca•) --·---·-----·-········-·-··-·······-····-·
(J) By non•eaempt aecurltlea or milled collateral ·-··-··-··
Surn of these
6 985
864
807
II A<
1,586
787
060
liBel
786 118•2
140 129
2,357 257
748 1\Bal
1-----==-t--=-=--+_.:._:.::'-f
Sum o( these
Secured by collet•r•l of the finn or of eachana:e m•rnbers
or alHed exchana:e members in the firm
should
(1) Entirely by obll&atione of U.S. Government or
lta aaanclea ·--··-········-····--··----···-···--···-··-········~·(2)
Enllraly by bonds othar than conv•rtlbla bonda and
U.S. Government aecurltloa ·~···-··········-·-·-··-·-·····-·
{3) By non-esempt aacurlUea
(e)
12.
un .. curad bon-owlns
or mt.ed collateral -···-·-···
542
605
996
5,807
518
511
196
288
llDbl
11Bb2
llBbJ
other than aubcwdlnated to
447
937 147
seneral creditor• -·-········-···-----·-··-·--·-·····-·-········-··
securitteo looned ·-·--····-·-··--·-·-·-··········---············.. ---·-·-····-·-··················-····-·····-········-··············-····
13. Securitlea bouaht, delivery pendlna (Failed to rec:elv•)
14.
6,376
equal 11
NET credit bal.ncea dua to mernbar firma of national aacurltlaa eachanEe•·-·-··-·-········-·-·····-······-·······
(a)
S
6 993
688
496
12
··-··-·-·-······-·-····--··-···-·-········-········-········-····-···-··1--'3,.:.8=4'""-j
1_:4:!.>.t31,/_:3-+-7!..><6-"6'-jll
15. Credit balances due to other cuatomera exclusive of exchanae members or allied exchange
member& In this firm, (Total) in
II Be
1---6"'-"94
5-'8"-'-7,.8'-+-2"-"8-"'2'---f 14
lQ, 128 61 4
999
····-·················-·····-··-····-··-·······-········-··········,::··:;;···7"··;;:···:;;··;:;···::;···:;.:··,···:;;··-:;:·:;;···rt···;::··:;;···:;;···:r··:;.···:;;··,:;-·r-·;;=-i'-=--"-':.::C::.:C.L...C..::..C_L:...::_::__JI5
lSo
·-·····-·····-········~···-··-·..·-····--··
,ljb':;J
t>Uti
Free credU balances In ca•h accounh
(b)
Free credit balances in stock and convertible bond margin accounts
1 · 41
f)
S4S
2Qfi
(c)
Credit balances in short account.
-···············•-···············--·····-·-·······
1 QQQ
(d)
Other credit balances .•.....•.. -······-··-··-··············-····-····-··············-······
2 842
422
038
6 70
81__6__
1Sb
15c
I Sd
Sum of thes ..
should
equol 15
16. Credit balances and money borTowed which are s'lbordinated to aenaral creditors under approved agreements .. $
16
17.
NET credit balances in the lnd1vidual Investment and tradina acCOliOII or exchonge members or alhed
11.
531 17
exchange members ln thu1 llfm ..•.........................
.... ··············-·············-·············-·······--··-····-·····················-·1-::--::5:-:'0-3:9+---:0:-;9-:;3-+~7-i
981
Credit balancaa in finn lnveatraent and tradin& accounts ·-···-----··-···-·····--··-········-···-····----··············--l--9"-'-'='8-'1'-'8'+_::::0_,1;.:7_+-~~-j II
If,
NKT balance in capital accounts (exclus1ve of aubordinatad indebtedness as included in Item 16) AND profit
400 19
-···············-~-';3~87::6-78+-~1;-3;9~3-r;';-i:-7--j
856 20
1-:1:-:7:->-6=-::0-:'41--'5:-2::-::3-r~-=--j
IEquoh Item IO) •••.••••....•.•.•••••••••••••••••.••••••••••••••••.••.••••••••.••••••••••••••.••••••••••••••.••...••••••..••••••••.• I;;S~7-2..;.,'=7•3•9..__5_2_0_._062
__.1 ta.
.nd loas accounts AND general .,artners' drawin11 accounll .....••.....••••.......•...........•..••..•••.....•..•.•.••...••.....
~
20.
AJI other credit bal anc • ..... ·····•·· ................•.......•.......•... ····· ···•··············•·•········•····•·••··••·····•··•········•••••••••···········••·•••···
21.
TOTAL OF ITEMS 11·20
22.
(Memorandum) Amount to be repaid for s,.cunt1es sold under Npurchase aareement •···············
umou•OUU-··1•23 '6231 885
054
!
lu
1/ Includes member firms of either NYSE or AMEX. See Federal Reserve Annual Statistic~ Digest for comparable data from previous year.
Conceptually equivalent to credit extended by brokers, as reported monthly in the
Federal Reserve's BullPtin tables on Stock Market Customer Financing.
@FedFRASER