Carry-over. On the London Stock Exchange carry-over is a term used to signify the aggregate of
the contracts in one or in all stocks continued or carried over to the next settlement. The
carry-over as a whole designates the collective operation by which the speculative position open
for the rise or fall is continued from one settlement to the next. When the position open is for the
rise speculators have to borrow money and pay a contango rate to money lenders; when the
position open is for the fall speculators have to borrow stock from the holders and pay them a
backwardation. It is, however, a comparatively rare occurrence that a stock is so much oversold by
speculators that a backwardation can be exacted from them.