Derivatives & Instruments Catalog
A breadth-first catalog of listed and OTC derivatives — the instruments, the payoffs, the pricing models, and the venues where they trade. This is a reference: an agent that needs to know “what is the Cboe ticker for the Russell 2000 mini future” or “what models price rough volatility” should land here first and follow links into family pages or T4 deep dives.
1. Futures and forwards
A future is a standardized exchange-listed forward: an obligation to buy or sell a notional quantity of an underlying on a future date at a price fixed today, with daily mark-to-market through a clearinghouse. Forwards are the OTC bilateral equivalent.
1.1 Equity index futures
| Ticker | Underlying | Exchange | Contract size | Notes |
|---|---|---|---|---|
| ES | S&P 500 | CME | $50 × index | World’s most actively traded futures; ADV ~2,000,000 contracts/day; 4 quarterly + 4 monthly listed |
| MES | S&P 500 micro | CME | $5 × index | 1/10 size of ES; retail-friendly |
| NQ | Nasdaq-100 | CME | $20 × index | Tech-heavy proxy |
| MNQ | Nasdaq-100 micro | CME | $2 × index | |
| RTY | Russell 2000 | CME | $50 × index | Small-cap proxy |
| M2K | Russell 2000 micro | CME | $5 × index | |
| YM | Dow Jones Industrial Average | CBOT-CME | $5 × index | |
| NKD | Nikkei 225 (USD) | CME | $5 × index | |
| NIY | Nikkei 225 (JPY) | SGX | ¥500 × index | Asian gateway listing |
| FDAX | DAX 40 | Eurex | €25 × index | Frankfurt blue-chip |
| FESX | EURO STOXX 50 | Eurex | €10 × index | Eurozone proxy |
| Z | FTSE 100 | ICE Futures Europe | £10 × index | London blue-chip |
| K200 | KOSPI 200 | Korea Exchange | KRW 250,000 × index | One of the most-traded index futures globally by volume |
| NIFTY | Nifty 50 | NSE / SGX (mirror) | ₹/USD per index | Indian benchmark |
Quarterly cycle is the March-June-September-December IMM cycle; ES and MES also list weekly options expiring against the futures.
1.2 Interest rate futures
| Ticker | Underlying | Exchange | Notes |
|---|---|---|---|
| ZT | 2-year US Treasury note | CBOT-CME | $200,000 face value |
| ZF | 5-year US Treasury note | CBOT-CME | $100,000 face |
| ZN | 10-year US Treasury note | CBOT-CME | $100,000 face; deepest fixed-income contract |
| TY | 10-year (synonym) | CBOT-CME | |
| ZB | US Treasury bond (15–25y) | CBOT-CME | $100,000 face |
| UB | Ultra T-bond (>25y) | CBOT-CME | $100,000 face |
| FGBL | Bund (10y German) | Eurex | €100,000 face |
| Bobl | 5y German | Eurex | €100,000 face |
| Schatz | 2y German | Eurex | €100,000 face |
| Long Gilt | 10y UK | ICE Futures Europe | £100,000 face |
| Short Sterling | 3M GBP | ICE Futures Europe | Now SONIA-based since 2022 |
| JGB 10y | Japanese 10y | OSE / TFX | ¥100,000,000 face |
| FF | Fed funds (30-day average) | CBOT-CME | $5,000,000 notional |
| ZQ | SOFR 3M (replacing ED Eurodollar wound down June 2023) | CME | $1,000,000 notional |
SOFR (Secured Overnight Financing Rate) futures replaced Eurodollar (3M LIBOR USD) futures in the LIBOR-to-SOFR transition; the last 3M USD LIBOR setting was 2023-06-30.
1.3 Energy futures
| Ticker | Underlying | Exchange | Size |
|---|---|---|---|
| CL | WTI light sweet crude | NYMEX | 1,000 barrels |
| Brent | Brent crude (ICE) | ICE Futures Europe | 1,000 barrels |
| NG | Henry Hub natural gas | NYMEX | 10,000 MMBtu |
| HO | NY Harbor ULSD (heating oil) | NYMEX | 42,000 gallons |
| RB | RBOB gasoline | NYMEX | 42,000 gallons |
| TTF | Dutch TTF natural gas | ICE Endex | European gas benchmark |
| JKM | LNG Japan/Korea Marker | ICE / Platts | Asian LNG benchmark |
1.4 Metals
| Ticker | Underlying | Exchange | Size |
|---|---|---|---|
| GC | Gold | COMEX (CME) | 100 troy ounces |
| SI | Silver | COMEX | 5,000 troy ounces |
| HG | Copper (US) | COMEX | 25,000 lbs |
| PL | Platinum | NYMEX | 50 troy ounces |
| PA | Palladium | NYMEX | 100 troy ounces |
| LME Copper | Copper (UK) | LME | 25 metric tons; daily prompt dates |
LME (London Metal Exchange) trades Cu, Al, Zn, Pb, Sn, Ni; the March 2022 nickel short squeeze (driven by Tsingshan exposure) saw LME suspend trading and annul trades, drawing FCA + Bank of England review.
1.5 Agricultural futures
| Ticker | Underlying | Exchange | Size |
|---|---|---|---|
| ZC | Corn | CBOT | 5,000 bushels |
| ZW | Soft red winter wheat | CBOT | 5,000 bushels |
| KE | Hard red winter wheat | KCBT (CME) | 5,000 bushels |
| MWE | Hard red spring wheat | MGEX | 5,000 bushels |
| ZS | Soybeans | CBOT | 5,000 bushels |
| ZM | Soybean meal | CBOT | 100 short tons |
| ZL | Soybean oil | CBOT | 60,000 lbs |
| SB | Sugar #11 | ICE US | 112,000 lbs |
| KC | Coffee C arabica | ICE US | 37,500 lbs |
| CC | Cocoa | ICE US | 10 metric tons |
| CT | Cotton #2 | ICE US | 50,000 lbs |
| LE | Live cattle | CME | 40,000 lbs |
| GF | Feeder cattle | CME | 50,000 lbs |
| HE | Lean hogs | CME | 40,000 lbs |
1.6 Currency futures
| Ticker | Pair | Exchange | Notes |
|---|---|---|---|
| 6E | EUR/USD | CME | €125,000 |
| 6B | GBP/USD | CME | £62,500 |
| 6J | JPY/USD | CME | ¥12,500,000 |
| 6A | AUD/USD | CME | A$100,000 |
| 6C | CAD/USD | CME | C$100,000 |
| 6S | CHF/USD | CME | CHF 125,000 |
| 6M | MXN/USD | CME | MXN 500,000 |
| 6N | NZD/USD | CME | NZ$100,000 |
| BTC | Bitcoin | CME (since 2017) | 35,000–$100,000 |
| ETH | Ether | CME | 50 ETH |
1.7 Volatility futures
| Ticker | Underlying | Exchange | Notes |
|---|---|---|---|
| VX | Cboe Volatility Index (VIX) | Cboe Futures Exchange (CFE) | VIX measures 30-day expected vol of SPX from option prices |
| VVIX | Vol of VIX | Cboe (calculated) | |
| OVX | Oil VIX | Cboe (calculated) | |
| GVZ | Gold VIX | Cboe (calculated) | |
| VStoxx | EURO STOXX 50 vol | Eurex | European VIX analog |
2. Options
An option is the right (not obligation) to buy (call) or sell (put) an underlying at a strike price by an expiry date. American options exercise any time before expiry; European exercise only at expiry; Bermudan exercise on a discrete schedule.
2.1 Exercise style — concrete examples
- SPX (S&P 500 index option, Cboe) — European, cash-settled.
- SPY (SPDR S&P 500 ETF option) — American, physical (deliver shares).
- AAPL (Apple equity option) — American, physical.
- NDX, RUT, DJX, XSP (Mini-SPX, 1/10 SPX) — European, cash-settled.
2.2 Equity-index options (cash-settled European)
SPX, NDX, RUT, DJX. Cboe lists all four; SPX is the flagship and the underlying-of-record for the VIX calculation. XSP is 1/10 the SPX size, retail-friendly, same European cash-settled mechanics.
2.3 Single-stock options
Listed on the 16 US options exchanges (Cboe, C2, Cboe BZX, Cboe EDGX, Nasdaq ISE, Nasdaq GEMX, Nasdaq MRX, Nasdaq PHLX, Nasdaq BX, Nasdaq Options Market, NYSE American, NYSE Arca, MIAX, MIAX Pearl, MIAX Emerald, MEMX Options). All listings are American-style physical-settled except a small handful of quarterly-settled FLEX variants.
2.4 ETF options
By 2024 ADV: SPY > QQQ > IWM > EEM > FXI > USO > GLD. All American-style physical-settled. SPY weekly expirations are the highest-volume options contract in the world by some volume metrics.
2.5 Treasury options (on futures)
TYZ (option on ZN 10y future), ZNZ family, options on ZB, ZT, ZF. Bermudan-equivalent (American on a future deliverable into a basket of notes/bonds via cheapest-to-deliver mechanics).
2.6 FX options
OTC (the bulk of global FX option volume) plus listed on CME (options on the 6E/6B/6J/etc. futures). OTC FX options widely use the Garman-Kohlhagen 1983 model (Black-Scholes adapted for two interest rates).
2.7 Commodity options on futures
Options on CL, NG, GC, HG, ZC, ZS, KC, etc. — same exchange as the underlying future.
2.8 Weekly, daily, and 0DTE
Cboe launched Tuesday/Thursday SPX expirations in 2022 to complement the existing Monday/Wednesday/Friday weeklies, giving SPX a daily-expiring options series. By 2024 the share of SPX option notional traded on zero-days-to-expiration (0DTE) contracts hit ~50% of daily SPX option volume, dominated by short-dated systematic strategies.
2.9 LEAPS
Long-Term Equity Anticipation Securities: options with 1–2.5 years to expiry. Listed on equities (AAPL, MSFT, NVDA, etc.) and SPX/SPY. Used for long-dated directional exposure and as building blocks for stock-replacement strategies.
2.10 Mini options
The Mini-SPX (XSP) is the canonical example. Listed in 2013, 1/10 of full SPX, European cash-settled. Designed to bring SPX-style settlement mechanics to retail account sizes.
3. The Greeks
| Greek | Symbol | Definition | What it measures |
|---|---|---|---|
| Delta | Δ | ∂V/∂S | Sensitivity of option value to underlying price |
| Gamma | Γ | ∂²V/∂S² | Curvature: how fast delta changes |
| Theta | Θ | ∂V/∂t | Time decay |
| Vega | ν | ∂V/∂σ | Sensitivity to implied volatility |
| Rho | ρ | ∂V/∂r | Sensitivity to interest rate |
Higher-order:
- Vanna = ∂²V/(∂S ∂σ) — cross sensitivity to spot and vol; central to vanna-volga FX pricing.
- Vomma (volga) = ∂²V/∂σ² — convexity in vol; large for OTM options.
- Charm = ∂²V/(∂S ∂t) — delta decay.
- Color = ∂²Γ/∂t — gamma decay.
- Speed = ∂³V/∂S³ — third-order spot sensitivity.
4. Volatility surface
The implied vol surface is the map (strike, expiry) → implied vol. Observed features:
- Skew — vol increases as strike falls below ATM (equity index “smirk” driven by crash-risk demand for OTM puts).
- Smile — symmetric U-shape around ATM, common in FX.
- Term structure — vol vs expiry; contango (vol rising in expiry) or backwardation (falling).
Parameterizations and models:
- SVI (Stochastic Volatility Inspired, Gatheral 2004) — 5-parameter arbitrage-free parameterization of a single-expiry vol smile.
- SABR (Stochastic Alpha Beta Rho, Hagan–Kumar–Lesniewski–Woodward 2002) — stochastic-vol model dominant in interest-rate derivatives; closed-form approximations for the implied-vol surface make it standard for caps, floors, and swaptions.
- Heston (Heston 1993) — stochastic vol with CIR-like vol-of-vol process; semi-closed-form via characteristic function and FFT.
- Rough volatility (Gatheral–Jaisson–Rosenbaum 2018) — instantaneous vol modeled as fractional Brownian motion with Hurst exponent H ≈ 0.1; matches the steep ATM-vol term structure of equity indices. Rough Heston and rough Bergomi are the two leading implementations.
5. Swaps
A swap is a contract to exchange cash flows on a notional principal. Almost all are OTC; CDS and IRS have been heavily standardized post-2009 under Dodd-Frank Title VII and EMIR mandatory clearing.
5.1 Interest rate swap (IRS)
Fixed-for-floating: one party pays a fixed coupon, the other a floating reference rate (SOFR, €STR, SONIA, TONA). Notional outstanding globally is estimated at $500 trillion+. Basis swaps exchange one floater for another (SOFR vs Fed Funds Effective; €STR vs EURIBOR fallback; cross-tenor 3M vs 6M).
5.2 Currency swap / cross-currency basis swap (CRS / CCBS)
Exchange principal and interest payments in different currencies. CCBS quotes the basis spread on top of one leg’s risk-free rate; widened dramatically during USD funding stress events (2008, March 2020).
5.3 Credit default swap (CDS)
Buyer pays a periodic premium; on a credit event of the reference (failure to pay, bankruptcy, restructuring under ISDA definitions), seller pays par minus recovery. Standardized contract templates from ISDA Markit; CDX IG and CDX HY are the North American investment-grade and high-yield credit indices; iTraxx Europe and iTraxx Crossover are the European analogs. Major dealers include JPMorgan Chase, Goldman Sachs, Deutsche Bank, Barclays, Citi.
5.4 Inflation swap
Zero-coupon inflation swap: at maturity one party pays [(CPI_T / CPI_0)^(1/T) − 1] vs the other paying a fixed breakeven rate. Year-on-year inflation swaps pay the annual rate. References include US CPI-U NSA, UK RPI, Eurozone HICP ex-tobacco.
5.5 Equity swap / total return swap (TRS)
One leg pays the total return (price + dividends) of an equity or basket, other pays a floating rate. Heavily used for synthetic exposure and shorting; the 2021 Archegos collapse demonstrated the systemic risk of concentrated TRS positions hidden from cash-market disclosure.
5.6 Variance swap
Payoff at maturity = (realized variance − strike variance) × variance notional. Provides pure exposure to realized variance independent of path. Replicated statically from a continuum of European options (Carr-Madan log-contract decomposition).
5.7 Volatility swap
Payoff = (realized vol − strike vol). Square-root of variance, harder to hedge statically; typically priced by approximation from the variance-swap surface plus a vol-of-vol convexity adjustment.
5.8 Dispersion swap
Payoff = (variance of the index) − Σ wᵢ × (variance of component i). Trades the correlation structure of an index; long dispersion ≈ short implied correlation.
5.9 Correlation swap
Direct payoff on average pairwise correlation of a basket.
5.10 Forward starting swap
IRS where the floating leg starts on a future date; building block for caps/floors and swaptions.
5.11 Overnight Index Swap (OIS)
Floating leg = compounded overnight rate (SOFR, €STR, SONIA, TONA). Post-2008, the OIS discount curve replaced LIBOR-flat for risk-free discounting in derivative collateralization.
6. Caps, floors, swaptions
- Cap = strip of caplets, each a European call on the reference rate over an accrual period. Buyer is protected against rising rates.
- Floor = strip of floorlets, each a European put. Buyer is protected against falling rates.
- Collar = long cap + short floor (or vice versa).
- Swaption = option to enter a swap at a future date. Payer swaption = right to pay fixed (i.e., a call on swap rates). Receiver swaption = right to receive fixed. European (single exercise) and Bermudan (discrete exercise schedule) are both standard.
- Cancelable swap = swap + Bermudan receiver/payer swaption embedded so one side can cancel.
7. Exotic options
7.1 Barrier options
- Knock-in (up-and-in, down-and-in) — option activates only if the underlying crosses the barrier.
- Knock-out (up-and-out, down-and-out) — option dies if barrier is hit.
- Reverse barriers — barrier is in-the-money relative to strike.
- American (continuously-monitored) vs discrete (e.g., daily close) monitoring — pricing differs materially; continuous-monitoring closed-form (Merton-Reiner-Rubinstein 1991) understates discrete-barrier prices and needs the Broadie-Glasserman-Kou 1997 correction.
7.2 Asian options
Payoff depends on the average underlying price over a window. Arithmetic-average Asians have no closed-form under Black-Scholes (sum of lognormals is not lognormal) and require Monte Carlo or moment matching; geometric-average Asians have closed-form. Asian-style settlement is common in commodities markets where end-of-month average prices are the convention.
7.3 Lookback options
Payoff depends on the maximum or minimum of the underlying over the option life. Floating-strike (payoff = S_T − min) and fixed-strike variants.
7.4 Cliquet / ratchet options
Series of forward-starting options whose strikes reset at each cliquet date. Locks in periodic gains. Embedded in many capital-protected structured notes.
7.5 Compound options
Option on an option (call on call, call on put, put on call, put on put). Geske 1979 closed-form under Black-Scholes.
7.6 Chooser options
Holder chooses, at a future date, whether the contract becomes a call or a put with given strike and expiry.
7.7 Rainbow / multi-asset options
Payoff depends on multiple underlyings — best-of, worst-of, basket (weighted sum), spread (S₁ − S₂). Worst-of put is a popular building block in auto-callable structured notes.
7.8 Quanto options
Foreign-asset option settled in domestic currency at a fixed FX rate (i.e., FX risk stripped out). E.g., a JPY-quanto Nikkei call pays in USD based on the Nikkei index value with no yen FX exposure.
7.9 Digital / binary options
Cash-or-nothing: pays a fixed cash amount if ITM, zero otherwise. Asset-or-nothing: pays the asset value if ITM, zero otherwise. Vanilla calls/puts decompose into asset-or-nothing minus cash-or-nothing positions.
7.10 One-touch / no-touch
Pays if (one-touch) or only if not (no-touch) the underlying ever touches a barrier during the option life. Popular as packaged FX retail products.
7.11 Range accruals
Coupon accrues for each day the underlying stays within a range. Embedded in many structured notes.
7.12 Auto-callable, target-redemption, kick-out structures
Auto-callable notes pay an above-market coupon and redeem early if the underlying breaches a call barrier on observation dates. TARN (target accrual redemption note) terminates when accumulated coupons hit a target.
8. Structured products
- Capital-protected notes — par-at-maturity + participation in upside through a packaged call.
- Reverse convertibles — above-market coupon with downside conversion if the linked equity falls below a strike at expiry; effectively a short put bundled with a bond.
- Range accrual notes — coupon stream from an embedded range accrual.
- Worst-of auto-callables — coupon tied to the worst performer in a basket; the most popular structured-product format globally by issuance volume.
- Snowball notes — accumulating coupon with auto-call features; became infamous in 2022 China when sharp CSI 500 declines triggered retail-investor knock-ins.
- Variable annuity guarantees — embedded options in life insurance wrappers: GMDB (guaranteed minimum death benefit), GMIB (income), GMAB (accumulation), GMWB (withdrawal). All are long-dated equity puts on insurers’ balance sheets; collectively “GMxB”.
9. Credit derivatives
- Single-name CDS — protection on one reference entity.
- Index CDS — CDX IG, CDX HY, iTraxx Europe, iTraxx Crossover.
- CDS index tranches — equity (0–3%), mezzanine (3–7%, 7–10%), senior (10–15%, 15–30%), super-senior (30–100%). Correlation trading using the Gaussian copula model (Li 2000) was a primary contributor to the 2008 financial crisis: model fragility under simultaneous defaults plus opacity of correlation assumptions.
- CLN — credit-linked note — funded version: investor buys a note whose redemption is tied to default of a reference; embeds a short CDS.
- CDO — collateralized debt obligation — tranched claims on a pool of bonds, loans, or other CDOs. Subprime mortgage CDOs (especially CDOs of ABS) were the epicenter of 2007–2008 losses. Synthetic CDOs package CDS rather than cash bonds.
- N-th to default basket — pays out on the N-th credit event in a basket; correlation-sensitive.
10. Commodity spreads
- Crack spreads — refining margin proxies. Gasoline crack = RBOB − WTI (or 3-2-1 crack = 3 bbl crude → 2 bbl gasoline + 1 bbl heating oil). Heating oil crack = HO − WTI.
- Crush spread — soybean processing margin: soybean oil + soybean meal − soybeans (board crush, in industry terms).
- Spark spread — power generator margin: power price − (heat rate × natural gas price).
- Dark spread — coal generator margin: power − coal × heat rate.
- Calendar spreads — same commodity, different expiries; trades the forward curve’s slope (contango vs backwardation).
11. Crypto derivatives
- CME bitcoin futures (BTC) — listed December 2017; $5 × BTC index; cash-settled against the BRR (Bitcoin Reference Rate, CME-CF).
- CME ether futures (ETH) — listed February 2021; 50 ETH per contract.
- Perpetual futures (perps) — non-expiring futures with a funding-rate mechanism that anchors price to spot. Pioneered by BitMEX 2016; now dominant on Binance, Bybit, OKX, Deribit, Hyperliquid. Aggregate daily perp volume in 2024–25 ran $50–100 billion notional.
- Options — Deribit dominates (>$60 billion open interest by 2024); CME offers mini and micro BTC/ETH options.
- DeFi options protocols — Lyra (Optimism + Arbitrum Layer 2, AMM-based), Dopex, Premia, Aevo (formerly Ribbon Finance after the 2023 merger), Hegic.
12. Pricing models
| Model | Year | Authors | Use |
|---|---|---|---|
| Black-Scholes-Merton | 1973 | Fischer Black, Myron Scholes, Robert Merton | European vanilla under GBM (geometric Brownian motion); Merton + Scholes Nobel 1997 (Black died 1995, ineligible) |
| Binomial / CRR | 1979 | Cox, Ross, Rubinstein | Discrete-time tree, supports American + path-dependent |
| Trinomial | 1986 | Boyle | Adds a middle branch for stability |
| Local volatility | 1994 | Dupire | σ(S,t) deterministic function; fits today’s vol surface exactly |
| Heston | 1993 | Heston | Stochastic vol, CIR-style; characteristic function closed-form |
| SABR | 2002 | Hagan, Kumar, Lesniewski, Woodward | Stochastic α β ρ; closed-form smile approximation; industry standard for rate vol |
| Stochastic Local Vol (SLV) | 2007+ | Henry-Labordère and others | Combines local vol fit with stochastic-vol dynamics |
| Jump diffusion | 1976 | Merton | GBM + Poisson jumps |
| Kou jump | 2002 | Kou | Jumps with double-exponential size distribution |
| Variance gamma | 1990 | Madan, Seneta | Pure Lévy process (no Brownian component) |
| CGMY | 2002 | Carr, Geman, Madan, Yor | Tempered stable Lévy generalization |
| Rough Heston | 2016+ | El Euch, Rosenbaum | Hurst H ≈ 0.1, fractional kernel |
| Rough Bergomi | 2018 | Bayer, Friz, Gatheral | Cited 2018 paper; pure stochastic-vol with fractional driver |
| HJM | 1992 | Heath, Jarrow, Morton | Forward-rate-curve framework |
| LIBOR Market Model / BGM | 1997 | Brace, Gatarek, Musiela | LIBOR forward rates as basic state variables |
| SOFR market model | 2021+ | Various | LMM adapted to backward-looking SOFR |
| Longstaff-Schwartz | 2001 | Longstaff, Schwartz | Regression-based Monte Carlo for American options |
Monte Carlo is the workhorse for high-dimensional and path-dependent problems; PDE methods (Crank-Nicolson, ADI, finite element) dominate low-dimensional models with American exercise.
13. Major derivatives exchanges
| Exchange | Headquarters | Flagship contracts |
|---|---|---|
| CME Group | Chicago | ES, NQ, RTY, ZN, ZB, CL, GC, BTC; merged CME + CBOT (2007) + NYMEX/COMEX (2008); $10+ trillion ADV notional |
| Cboe Global Markets | Chicago | SPX, VIX, equity options; Cboe Volatility Index (Cboe is the trademarked name) is the flagship |
| ICE (Intercontinental Exchange) | Atlanta | Brent crude, sugar #11, cotton, coffee C, NYSE; gilt + €STR futures via ICE Futures Europe |
| Eurex | Frankfurt | Bund, Bobl, Schatz, FESX, FDAX; Asia-linked night session |
| LME (London Metal Exchange) | London | Cu, Al, Zn, Pb, Sn, Ni; the only major exchange still operating an open-outcry ring; 2022 nickel squeeze + trade annulment under FCA + Bank of England review |
| Nasdaq | New York / Stockholm | NDX options; Nasdaq Stockholm derivatives for Nordic equities |
| SGX (Singapore Exchange) | Singapore | Nikkei NIY, Nifty (mirror), iron ore, FX futures; Asian gateway |
| TFX (Tokyo Financial Exchange) | Tokyo | TONA futures, JGB-related |
| OSE (Osaka Exchange) | Osaka | JGB futures, Nikkei 225 futures, TOPIX |
| HKEX | Hong Kong | Hang Seng Index, MSCI Asia derivatives, Stock Connect derivatives |
| SHFE (Shanghai Futures Exchange) | Shanghai | Copper, aluminum, steel rebar, gold, RMB-denominated |
| DCE (Dalian Commodity Exchange) | Dalian | Iron ore (global benchmark), soybean meal, corn |
| CFFEX (China Financial Futures Exchange) | Shanghai | CSI 300 index futures, 10y CGB futures |
| MCX (Multi Commodity Exchange of India) | Mumbai | Indian gold + silver + crude futures |
| Deribit | Amsterdam / Panama | Dominant crypto options venue; acquired by Coinbase in 2025 for $2.9 billion |
Adjacent
- Derivatives & quant finance (T2)
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- Finance T3 index
- Federal statutes catalog (Law T3) — for securities-law statutes referenced above
- Math library — Itô calculus, PDEs, stochastic processes feeding the pricing models