Exchange-traded products

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Of a financial instrument, meaning that it is, or at any rate can be, traded on a recognised exchange. Most commonly exchange-traded products are:

• Shares - by way of execution these 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.
• Exchange-traded derivatives - 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.