A term used to describe an asset that has absolutely no value. Worthless securities can present a problem when trying to declare the loss on a tax return, since in order to take the loss, the securities must be sold first. This may not be possible because a worthless security will often have no bid price in the market. Sometimes, currencies become virtually worthless in the forex market, often due to excessive printing and resulting hyperinflation.
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Securities Investor Protection Corporation (SIPC)
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