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{{a|brokerage|}}Of a [[financial instrument]], meaning that it is, or at any rate can be, traded on a recognised [[exchange]]. Most commonly exchange-traded | {{a|brokerage|}}Of a [[financial instrument]], meaning that it is, or at any rate can be, traded on a recognised [[exchange]]. Most commonly [[exchange-traded product]]s are: | ||
*[[Shares]] | *'''[[Shares]]''': The [[execution]] of transactions in [[listed]] [[share|shares]] happens on exchange; by way of [[settlement]] flit ephemerally across the [[exchange]] on their way from buyer’s [[broker]] to seller's [[broker]], [[Delivery versus payment|versus payment]] of the cash price but the transaction itself has no particular life outside that lonely journey. | ||
*[[Exchange-traded derivatives]] | *'''[[Exchange-traded derivatives]]''': [[Futures|futures]] and [[options]]. These are trades that have a tenor, and while the execution of a transaction flits ephemerally across the exchange, [[ETDs]] also need to be margined and performed, and that process is called [[clearing]], and is handled by a [[central counterparty clearing house]]. | ||
To be compared with exchange-[[listed]] but not [[exchange-traded]] which is true of many bonds. Here they are “listed” on an [[exchange]], but trading tends to take place in the secondary market, off-exchange. | |||
{{bonds listed}} | |||
{{sa}} | |||
*[[Execution]], [[clearing]] and [[settlement]] | |||
*[[Listed]], [[exchange-traded]] and [[over-the-counter]] transactions. |