john hull 的《期权期货与衍生证券》第四版的原装课件。

Extension of the Theoretical Framework　for Pricing Derivatives; Martingales and Measures

Derivatives Markets
Exchange Traded
standard products
trading floor or computer trading
virtually no credit risk
Over-the-Counter
non-standard products
telephone market
some credit risk

john hull的《期权期货与衍生证券》（第五版）的原书课件

Derivatives Markets
Exchange traded
Traditionally exchanges have used the open-outcry system, but increasingly they are switching to electronic trading
Contracts are standard there is virtually no credit risk
Over-the-counter (OTC)
A computer- and telephone-linked network of dealers at financial institutions, corporations, and fund managers
Contracts can be non-standard and there is some small amount of credit risk

Ways Derivatives are Used
Chicago Board Options Exchange
American Stock Exchange
Philadelphia Stock Exchange
Pacific Stock Exchange
European Options Exchange
Australian Options Market
and many more (see list at end of book)