vaihtorahoituksen
Vaihtorahoitus, known in English as a "haircut" in financial markets, refers to the practice of applying a discount to the value of an asset when it is used as collateral for a loan or as a margin in a transaction. This discount, or haircut, is a percentage reduction from the asset's market value. The purpose of a haircut is to protect the lender or counterparty against potential losses. If the value of the collateralized asset declines, the haircut ensures that the lender still has sufficient security for the loan or transaction.
The size of the haircut typically depends on the perceived risk associated with the asset. More volatile
In essence, a haircut acts as a buffer against market fluctuations. It allows financial institutions to manage