Exchange-Traded Derivatives
By: Erik Banks



Exchange-Traded Derivatives provides an overview of the global listed futures and options
markets, and how individual exchanges and products are adapting to a new operating environment
– an environment characterized by rapid, almost continuous, change. The book also serves
as a general reference for products and instruments offered by various global exchanges.1

In Part I – The Changing Marketplace – we focus our attention on the overall marketplace,
discussing the forces that are altering the operating environment and how exchanges must
cope in order to prosper.

In Part II – The Established Exchanges – we describe, in summary form, the major global
exchanges, their origins and structure, the range of products and services they offer, and the
manner in which they employ technology to benefit members and clients.

In Part III – The New Marketplaces – we review emerging exchanges – traditional forums
based in emerging markets as well as those that are purely “electronic” in nature – that are
likely to increase in importance over the coming years.
Depending on one’s specific definition of a “futures exchange,” there were between 70 and
100 such forums operating around the world at the start of the twenty-first century – each one
trying to play a role in the development of local, regional, and global markets. While they
are all important in some way, we limit our focus in this book to 22 of the world’s largest
established exchanges, along with 5 emerging, and 5 electronic, exchanges.