The financial products atlas
Every product on the street,
explained & priced.
From a plain share of stock to a total return swap — 63 instruments across 11 asset classes, each broken down for beginners, practitioners and quants. Free, independent, no jargon left unexplained.
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Cash Equities
Direct ownership instruments — shares and the funds that wrap them. The simplest claim on a company's future.
Common Stock
A fractional ownership stake in a company — with voting rights, dividend claims and unlimited upside.
Preferred Stock
A hybrid between a bond and a share: fixed dividends, priority over common stock, usually no vote.
Exchange-Traded Fund
A whole portfolio wrapped into one share that trades all day — the cheapest way to buy a market.
ADR / GDR
A foreign share repackaged to trade on your home exchange, in your currency.
REIT
Own a slice of office towers, warehouses or data centres through a share that pays out most of its rent.
Mutual Fund
The original pooled investment: professional management, one price per day, bought at NAV.
Equity Derivatives
Contracts whose value derives from stocks and indices — options, swaps and structured payoffs on equity risk.
Equity Option
The right — not the obligation — to buy or sell a stock at a fixed price. The atom of derivatives.
Equity Index Future
A standardised, exchange-traded promise to buy or sell the market at a set price on a set date.
Equity Forward
The bespoke cousin of the future: a private agreement on tomorrow's stock price, tailored to size and date.
Equity Swap
Trade the return of a stock or index against an interest rate — exposure without ownership.
Total Return Swap
One leg pays everything an asset earns — price moves and income — the other pays funding. Ownership economics without ownership.
Variance Swap
A pure bet on how much a market moves — direction irrelevant. Volatility as a tradable asset.
Dividend Future
Trade the dividends a company or index will actually pay in a given year — stripped from the share price.
Warrant
An option in retail packaging — securitised, listed, and buyable in small size through any broker.
Convertible Bond
A bond with an escape hatch into shares: downside of a bond, upside of a stock — priced in between.
Autocallable
The world's best-selling structured product: fat coupons while markets behave, a cliff if they don't.
CFD
Retail's leveraged mirror of any market: pay or receive the price difference, own nothing.
Fixed Income
Debt instruments that pay interest and return principal — from government bonds to securitised credit.
Government Bond
A loan to a state, and the reference price of money itself — the yardstick every other asset is measured against.
Corporate Bond
Lending to companies for a spread: the extra yield is the price of the chance they don't pay you back.
Zero-Coupon Bond
No coupons, one payment: buy at a discount, collect face value at maturity. The purest interest-rate instrument.
Floating Rate Note
A bond whose coupon resets with the market — interest-rate risk engineered out, credit risk left in.
Inflation-Linked Bond
A bond that grows with the price level — real purchasing power, contractually guaranteed.
Covered Bond
Bank debt with a safety net: backed by the bank AND a ring-fenced pool of mortgages. Zero defaults in two centuries of Pfandbriefe.
Mortgage-Backed Security
Thousands of home loans bundled into a bond — with the homeowners' right to refinance baked into your risk.
Asset-Backed Security
Any cash-flowing asset — car loans, credit cards, royalties — sliced into bonds of graded risk.
Rates Derivatives
The largest derivatives market on earth: instruments that transfer interest-rate risk between counterparties.
Interest Rate Swap
Swap fixed interest for floating: the workhorse of global finance, hundreds of trillions strong.
Overnight Index Swap
A swap against the overnight rate itself — the cleanest read on where central banks are headed.
Forward Rate Agreement
Lock today the interest rate for a loan that starts in the future — one period, one payment, pure simplicity.
Swaption
An option to enter a swap — the instrument through which the market prices interest-rate uncertainty itself.
Cap & Floor
A ceiling or floor on floating interest — insurance against rates going where you can't afford them to.
Bond Future
The exchange-traded proxy for government bonds — and a delivery puzzle that keeps traders honest.
STIR Future
Exchange-traded bets on short-term rates — the deepest, fastest market for central-bank expectations.
Inflation Swap
Fix the inflation rate itself: one side pays realised CPI, the other a rate agreed today.
Credit Derivatives
Instruments that isolate and transfer default risk — insurance-like payoffs on whether a borrower survives.
Credit Default Swap
Insurance on a borrower's default — and the market's sharpest real-time gauge of credit fear.
CDS Index
Default protection on 100+ names in one trade — the S&P 500 of credit risk.
Credit-Linked Note
A bond with a CDS hidden inside: earn an enhanced coupon for carrying someone else's default risk.
CLO
Leveraged corporate loans, tranched into everything from AAA paper to private-equity-style equity.
Foreign Exchange
The deepest market in the world: exchanging one currency for another, today or at a date in the future.
FX Spot
Exchanging one currency for another, settled in two days — the deepest market humanity has built.
FX Forward
Lock an exchange rate for a future date — the corporate world's everyday currency hedge.
Non-Deliverable Forward
A forward for currencies you can't take home — settled in dollars against an official fixing.
FX Swap
Borrow one currency against another: the invisible $4-trillion-a-day funding machine of global finance.
Cross-Currency Swap
Swap debt from one currency into another for years at a time — principal, interest and all.
FX Derivatives
Optionality on currency pairs — vanilla calls and puts, barriers and digitals on exchange rates.
FX Option
The right to exchange currencies at a set rate — hedging with the upside left open.
FX Barrier Option
Options with trapdoors: touch a barrier level and they spring to life — or vanish, premium and all.
FX Digital Option
All or nothing: a fixed payout if the rate ends (or trades) beyond a level. Probability, directly priced.
Money Markets
Short-term funding instruments — where banks, corporates and governments borrow for days to a year.
Treasury Bill
Government debt measured in weeks: the closest thing in finance to cash that pays interest.
Repo
Sell a bond today, buy it back tomorrow: the secured loan that finances the entire bond market.
Commercial Paper
Corporate IOUs measured in days — how blue-chip companies borrow between bond issues and bank lines.
Certificate of Deposit
A deposit with a term and a rate — from the savings branch to the trillion-dollar wholesale market.
Commodities
Raw materials as an asset class — energy, metals and agriculture, traded mostly through futures.
Commodity Future
Standardised contracts on oil, gold, wheat and power — where the physical world sets its prices.
Commodity Option
Optionality on oil, gold and grain — almost always struck on the future, not the physical.
Commodity Swap
Fix the price of a flow: months or years of oil, gas or metal, settled in cash against published indices.
Precious Metals Spot
Gold and silver, bought outright — the oldest financial asset, still trading like a currency without a country.
Commodity ETC / ETP
Commodities in a brokerage account: physical metal or futures strips, wrapped as listed securities.
Alternatives & Private Markets
Beyond public markets: private equity, venture, private credit, hedge funds and insurance-linked securities.
Private Equity Fund
Buy whole companies with borrowed money, improve or re-lever them, sell in five years — finance's ownership business.
Venture Capital
Portfolios of long shots: most investments die, one pays for everything — the power law as an asset class.
Private Credit
The shadow banking success story: funds replaced banks as lenders to the buyout world — $2 trillion and counting.
Hedge Fund
Not an asset but a licence: pooled capital free to go long, short, levered and anywhere — strategies as the product.
Catastrophe Bond
Earn double-digit yields for insuring hurricanes — the asset class genuinely uncorrelated with markets.
Digital Assets
Cryptoassets and their derivatives — spot coins, perpetual futures and exchange-traded wrappers.
Crypto Spot
Bearer assets on public ledgers — a new asset class still arguing about what it is.
Perpetual Future
Crypto's native derivative: a future that never expires, tethered to spot by a funding rate.
Crypto Option
Calls and puts on bitcoin and ether — vanilla mechanics, triple-digit volatility.
Crypto ETP / ETF
Crypto without the keys: bitcoin and ether wrapped into ordinary brokerage-account securities.