Handelspapirer

Handelspapirer is a Danish term commonly used to refer to negotiable securities or tradable financial instruments. They are financial claims that can be bought and sold between investors, representing either ownership rights or claims on future cash flows from an issuer. Modern handelspapirer are typically dematerialized and transferred electronically, though some instruments historically existed as physical certificates.

Types commonly included under the term are equity securities (aktier), which confer ownership in an entity, and debt securities (obligationer and other notes), which promise future interest and principal payments. Other instruments that may fall under the broader concept of handelspapirer include hybrid securities and various short- and medium-term instruments used to raise capital. The common characteristic is transferability: the right to convey the instrument from one holder to another in a market setting.

Key features of handelspapirer include rights to payments (dividends or interest) and to eventual repayment of principal, depending on the instrument. They are issued to raise capital for corporations, governments, and other entities and are typically traded on organized markets or over-the-counter, often through a central securities depository and clearing systems. Settlement practices, standardization, and disclosure requirements are shaped by national law and international standards such as MiFID II and the Prospectus Regulation in the European Union, to which Denmark aligns its securities legislation.

Risks associated with handelspapirer include credit risk of the issuer, market risk from price fluctuations, and liquidity risk if there are few buyers or sellers. Protective frameworks aim to ensure transparency, investor disclosure, and orderly market functioning.