[nefertary]

In short futures are standardised contracts which are tradable on stock exchanges.

[nefertary]

yes, sure. But this is a little bit strange. We must consider subsided loan as a kind of unmarketable loan and, thus, shuold take into consideration lost tax shield on the difference between two rates. But I think that it would be better to consider subsided loan as a separate source of debt rathen then as a loan given at unmarketable rate. So, I think subsided loan is a separate kind of debt with its own rate and tax shield. Isn’t it?

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