Th Ancient Derivatives

1400s                                          Japanese rice futures

1600s                                         Dutch tulip bulb options

1800s                                         Puts and options

The Recent Financial Derivatives Listed Markets

1972                                         Financial currency futures

!973                                          Stock options

1977                                        Treasury bond futures

1981                                         Euro dollar futures

1982                                         Index futures

1983                                        Stock index options

1990                                       Foreign index warrants and leaps

1991                                        Swap futures

1992                                       Insurance futures

1993                                        Flex options

OTC Markets

1981                                     Currency swaps

1982                                     Interest rate swaps

1983                                     Currency and bond options

1987                                    Equity derivatives markets

1988                                     Hybrid derivatives