Securities that have been repurchased by the issuer out of the company's retained earnings and cancelled according to Securities & Exchange Commission (SEC) regulations. They have no market value and no longer represent a share of ownership in the issuing corporation. Taobiz explains Retired Securities Though retired securities have no market value, they often have value to collectors of old stock certificates. Recently, cancelled securities have appeared fraudulently on the international market, leading the SEC to make changes to regulations governing how transfer agents handle cancelled stock certificates.