The key derivatives are futures, forwards, forward rate agreements, options and swaps. Table 3.5 summarises the different types of derivatives, and shows how they are related to each other. Recall from Table 2.1 that exchange traded instruments grew from $1.31 trillion in 1988 to $14.3 trillion in 2000. The main organised exchanges are the London International Financial and Futures and Options Exchange (LIFFE), the Chicago Board Options Exchange and the Chicago Mercantile Exchange. Smaller exchanges include France’s Matif and
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