Cage is a slang term which is used in broker companies to describe the offices of the employees who receive and distribute physical securities. The name comes from the fact that such people hold the said securities in a cage in their office in order to ensure their safety.
Deferment period is a period of time after a loan where the taker of the loan doesn’t have an obligation to pay up the percentage it can also refer to the time when the security cannot be called by the issuer.
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