# Securites
A legal framework in which counterparties to a contract are given time-varying rights to [income-cashflows](income-cashflows.md) according to a contractual agreement. The legal test for a product being a security is in-part defined by the [Howey Test](howey-test.md).

## Examples

* [Stock](stock.md)
* [Bond](bond.md)
* [Derivative](derivative.md)

## References
1. Coffee Jr, John C., Hillary Sale, and M. Todd Henderson. "Securities regulation: Cases and materials." (2015).