A GLOBAL PERSPECTIVE ON RISK
Understand risk.
See the possibilities.
Explore the markets, instruments and infrastructure that connect the world of derivatives.
Independent research & education · Illustrative tools
Understand the exposure.
Rates, equities, currencies and commodities.
Explore asset classes 02 / INFRASTRUCTUREFollow the trade.
From execution to clearing and collateral.
See how it connects 03 / SCENARIOSMake the numbers tangible.
Test simple futures and option payoffs.
Build a scenarioMARKET STRUCTURE
One landscape.
Different ways to
transfer risk.
Derivatives link a financial outcome to an underlying price, rate or index. The instrument, trading venue and clearing arrangement each shape the exposure.
Navigate the landscapeRESEARCH & INTELLIGENCE
Start with the source.
Activity is a flow. Exposure is a stock.
CME reported 29.4 million contracts in Q3 2026 average daily volume. Understand what that measure tells you.
Read the brief MARKET SIZE / HISTORICALNotional is not a loss estimate.
Use BIS definitions to distinguish contract reference amounts from replacement values.
Read the brief CLEARING / METHODOLOGYMargin depends on the portfolio.
A simple scenario is useful. A clearing-house risk calculation requires much more.
Read the briefResearch reviewed 13 November 2026. Historical figures are dated; no live market feed.
THE SCENARIO LAB
Change an assumption.
Understand the effect.
Explore how price moves translate into a linear futures payoff. Then compare the shape of a vanilla option payoff at expiry.
Open the scenario labUser-defined assumptions. Transparent formulas.
Educational examples, not trading recommendations.
Excludes fees, basis risk and funding. Losses can exceed posted margin.
THE CONNECTED ECOSYSTEM
Discover the organisations
behind the infrastructure.
A curated starting point for exchanges, clearing, data and industry standards.