[btilly]

For some companies, every single night!

Money chases the sun. At the end of trading in New York you make a swap with a company in Japan that at the end of trading in Japan does the same with London then back to New York. Any money not swapped doesn't make money overnight.

This is called the overnight repo market. But if you don't get your money back in the morning, you've got a problem.

[7373737373]

Is it possible to quantify how much "active" vs "passive" money/capital there is?

[btilly]

I doubt that it is possible to properly quantify how much capital there is, let alone to classify it.

http://www.fintools.com/docs/Warren%20Buffet%20on%20Derivati... is nearly 20 years old, but Warren Buffet's criticism of how we account for the value of derivatives is as true today as it was then.