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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 product]]s are: | {{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]]''': 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]], but the transaction itself has no particular life outside that lonely journey. | *'''[[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]]''': [[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]]. | *'''[[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]]. | ||