Liquid tradable securities (or LTS) is a generic phrase for a wide range of financial instruments. It often differentiates financial instruments that are easily tradable (or tradeable) as opposed to those that require the permission of the company or a signed document that registers the transfer of securities between two market participants. Another way to look at it is the difference between how a person buys a fund (collective investment scheme) and how they buy a bond or share.
Liquid tradable securities come in many forms and with a wide variety of acronyms. These include stocks and bonds as well as exchange-traded funds, exchange traded commodities, exchange-traded notes (including certificates), REITs, as well as most OTC securities. Note that these do not include Swaps or repurchase agreement (repos), which are contractual arrangements and as such are not tradable. This is a wider definition than the definition of transferable securities under MiFID.
