nyuuzyou/wikis huggingface dataset:
Derivatives

Derivatives are financial instruments whose performance is linked to a specific commodity, security, index, financial instrument or the occurrence or magnitude of an event. 
Typically, derivatives are used to transfer risk or negotiate the future sale or delivery of an investment. Derivative instruments come in four basic forms: forward contracts, futures contracts, swaps and options. 
As an example, consider soybean farmers wishing to contract to sell their harvest at a future date to eliminate the risk of a change in prices by that date. Such transactions would take place through a forward or futures market. This market is the "derivatives market," and the prices on this market would be driven by the spot market price of soybeans which is the "underlying." The terms "contracts" or "products" are often applied to denote the specific traded instrument.
There are two types of derivatives markets, exchange-traded derivatives and over-the-counter (OTC) derivatives. OTC derivatives are privately negotiated deals between two parties which do not go through an exchange or other intermediary. Swaps, forward rate agreements, and exotic options are usually traded in this way. The OTC derivatives market is enormous.
Exchange-traded derivatives include futures and options contracts. The exchange acts as an intermediary for both sides and guarantees the trade. The largest derivatives exchanges by number of transactions are the Korea Exchange, Eurex, and CME Group. 
== History ==
In the second half of 2008, the derivatives market shrank for the first time in its history as the global financial crisis curbed trading, the Bank for International Settlements said in a report. The amount of outstanding contracts linked to bonds, currencies, commodities, stocks and interest rates fell 13.4 percent to $592 trillion, the Basel, Switzerland-based bank said. That was the first decline in 10 years of compiling the data. The amount of credit-default swaps protecting investors against losses on bonds and loans fell 27 percent to cover a notional $41.9 trillion of debt.
== Types of Derivatives Products ==
Derivatives products cover all major asset classes. Derivatives are offered in commodities, currencies, interest rates, equities and equity indexes, precious and industrial metals, energy products, real estate, weather products and others.
 
==Derivatives Trading Around the World==
==Derivatives Regulation==
In the United States, futures and options are regulated by the Commodity Futures Trading Commission (CFTC). In the UK, all financial markets, including derivatives, are regulated by the Financial Services Authority (FSA).
==Leverage, Risk and Reward==
==References==
Category:Market Definitions
Derivatives Clearing Organization

A Derivatives Clearing Organization (DCO) is a system or organization that enables parties to a transaction to substitute the credit of the clearing organization for the credit of the parties. It provides for multilateral settlement or netting of obligations or otherwise provides clearing services to mutualize or transfer credit risk from such transactions among participants in the clearing organization. The term Derivatives Clearing Organization was defined under the Commodity Futures Modernization Act of 2000 (CFMA).
==DCOs and the Dodd-Frank Act ==
Among the mandates of the Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act) are several requirements regarding DCOs. These mandates are, according to a summary from the Senate Banking Committee, designed, in part, to "create a sound economic foundation, protect consumers, and prevent another financial crisis." The CFTC has issued several rule proposals related to DCOs, including:
*Financial resource requirements for derivatives clearing organizations and "systemically important" derivatives clearing organizations (SIDCOs);
*The process for mandatory clearing of swaps;
*Core principles, procedures, and definitions; and
*Governance, conflict of interest mitigation, and risk management requirements.
== References ==
Category:Definitions
Derivatives Markets Transparency and Accountability Act of 2009

The Derivatives Markets Transparency and Accountability Act of 2009 (H.R. 977), was passed by the House Agriculture Committee on February 12, 2009. It was designed to amend the Commodity Exchange Act to bring greater transparency and accountability to commodity markets. 
The Act primarily addressed financial derivatives, including authorizing the CFTC to suspend U.S. trading of “naked” credit default swaps under certain circumstances and requiring that most over-the-counter derivatives be cleared through central clearinghouses. It also requires carbon offsets and emission allowances to be traded on a designated contract market under CFTC oversight. 
The Act:
*Prohibits the CFTC from giving a foreign board of trade's U.S-located members access to the CFTC electronic trading system and order matching system unless it meets requirement similar to those imposed on U.S. exchanges. 
*Directs the CFTC to define and classify index traders and swap dealers for data reporting requirements and to set specific reporting requirements for those entities when they trade on designated contract markets, and other regulated trading venues.
== Resources ==
*www.agriculture.house.gov/inside/Legislation
== References ==
Category:Legislation
Derivatives Transaction Execution Facility

A Derivatives Transaction Execution Facility (DTEF) is a specialized trading platform designed for the execution of certain types of derivative contracts. It was established as part of the regulatory framework in the United States to provide a more flexible alternative to traditional designated contract markets for trading specific types of derivatives.
== Overview ==
DTEFs were introduced by the Commodity Futures Modernization Act of 2000 as a new category of trading facility with lighter regulation compared to fully regulated futures exchanges. They were designed to facilitate the trading of derivatives based on excluded commodities or those with a nearly inexhaustible supply.
== Key Features ==
# Limited Product Scope: DTEFs are primarily used for trading derivatives linked to excluded commodities (such as interest rates or exchange rates) or assets with a consistent and deliverable supply.
# No Cash Market Requirement: Unlike traditional exchanges, DTEFs allow for the execution of commodities that have no underlying cash market.
# Restricted Participation: Trading on DTEFs is limited to eligible commercial entities, eligible contract participants, or individuals trading through qualified futures commission merchants.
# Regulatory Oversight: DTEFs are regulated by the Commodity Futures Trading Commission (CFTC) but are subject to fewer regulatory requirements compared to designated contract markets.
== Eligibility for Trading ==
Participation in DTEF trading is restricted to:
* Eligible commercial entities
* Eligible contract participants
* Retail investors trading through futures commission merchants with at least $20 million in adjusted net capital
* Registered commodity trading advisors managing accounts with total assets exceeding $25 million
== Regulatory Framework ==
DTEFs must comply with core principles set by the CFTC, including:
* Establishing rules to deter trading abuses
* Ensuring financial integrity of transactions
* Providing market participants with impartial access
 
== Evolution and Current Status ==
The landscape of derivatives trading has evolved significantly since the introduction of DTEFs. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 introduced Swap Execution Facilities (SEFs), which have largely superseded DTEFs in the trading of many types of swaps.
== Significance ==
While the role of DTEFs has diminished with the introduction of SEFs, they represent an important step in the evolution of derivatives market structure. They demonstrated the regulatory approach of creating tailored trading platforms for specific types of financial instruments, balancing the needs for market efficiency and regulatory oversight.
== References ==
Category:Regulation
Category:Dodd=Frank
Category:SEFs
Derivatives exchange

A derivatives exchange is a marketplace where standardized derivative contracts are traded. These exchanges act as intermediaries for transactions involving derivative instruments such as futures, options, and swaps. Derivatives exchanges facilitate the trading of contracts with standardized terms, expiration dates, and contract sizes.
The primary function of a derivatives exchange is to provide a centralized and regulated platform for buyers and sellers to trade derivative products. These exchanges establish rules, regulations, and procedures to ensure fair and orderly trading. They also act as counterparties to all trades, mitigating counterparty risk by requiring participants to post margin deposits as collateral.
== Key Features of Derivatives Exchanges ==
*Standardized Contracts: Derivatives exchanges offer standardized contracts with predetermined terms, such as the underlying asset, contract size, expiration date, and strike price (for options). This standardization ensures liquidity and facilitates efficient trading.
*Centralized Trading: Derivatives exchanges provide a centralized platform where buyers and sellers can meet and execute trades. This centralization enhances transparency and price discovery.
*Clearing and Settlement: Derivatives exchanges act as central counterparties, guaranteeing the performance of contracts and handling the clearing and settlement processes. This reduces counterparty risk for market participants.
*Margin Requirements: Exchanges require traders to deposit initial and maintenance margins to cover potential losses, ensuring the integrity of the market and mitigating default risk.
*Regulatory Oversight: Derivatives exchanges are subject to regulatory oversight and must comply with rules and regulations set by governing bodies, promoting market integrity and investor protection.
== Major Derivatives Exchanges ==
Some of the largest and most prominent derivatives exchanges globally include:
*CME Group (Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange)
*Intercontinental Exchange (ICE)
*Eurex (operated by Deutsche Börse Group)
*Cboe Global Markets (Cboe)
*Nasdaq
*Korea Exchange (KRX)
*Hong Kong Exchanges and Clearing (HKEX)
*Japan Exchange Group (JPX)
*National Stock Exchange of India
*B3
*Zhengzhou Commodity Exchange
*Dalian Commodity Exchange
*Borsa Istanbul
These exchanges offer trading in a wide range of derivative products, including futures and options on various underlying assets such as commodities, currencies, interest rates, equity indexes, and individual stocks.
== References ==
Category:Types of Exchanges
Category:Derivatives Trading
Derivicom

Derivicom, Inc. is a Chicago-based software firm providing derivative analytics tools and services to organizations all over the world. Derivicom's software tools are designed for use by individual investors, insurance companies, investment funds, corporations, and financial institutions. 
The company offers a .NET compliant analytics library, FinOptions API, valuing option price, risk sensitivities and implied volatility on a range of financial derivatives including options, futures, exotics, bond options and interest rate assets. FinOptions XL, its Excel Add-in, uses the company's analytics library to incorporate financial analysis within a customer's spreadsheet.
== History ==
== Products and Services ==
== Key People ==
== References ==
Derivix Corporation

Derivix Corporation is a financial services software company.
 
== History ==
== Products and Services ==
The company provides options pricing and analytics, risk visualization and broker-neutral execution solutions to options traders, sales desks, and hedge funds.
== Key People ==
*Co-Founder and CEO, Jonathan Weedon
*President, Carrick Pierce
*Managing Director, Head of Sales, Charles Shaw
== References ==
Category:Financial Services
Deutsche Bank Securities Inc.

__NOTOC__
Deutsche Bank Securities Inc. is the investment banking and securities arm of Deutsche Bank AG in the United States.
== History ==
== Products and Services ==
== Key People ==
== Registration ==
*DEUTSCHE BANK SECURITIES INC - NFA ID: 0210600
== References ==
Category:Brokerages
Category:Futures Commission Merchants
Category:Exempt Foreign Firm Agents
Category: FIA Regular Members
Deutsche Boerse Photography Foundation

Deutsche Boerse Photography Foundation is a non-profit organisation devoted to collecting, exhibiting and promoting photographic art work. Deutsche Börse has compiled an international collection of contemporary photography comprising more than 1,800 works by around 120 international artists.
== History ==
The foundation was created in 2015 by Deutsche Börse Group when the company started building its collection of contemporary photography starting in 1999. The collection was further expanded and now features works by 126 international artists comprising more than 1800 works.
The collection and a changing exhibition program are open to the public.
Deutsche Boerse, with the Photographers' Gallery in London annually awards the renowned Deutsche Börse Photography Foundation Prize.
The foundation is especially focused on promoting young artists.
The foundation has produced several books featuring works of the collection.
== Key People ==
*Anne-Marie Beckmann, Managing Director and Curator of Art Collection Deutsche Börse
*Sebastian Knoll, Collection presentation
*Alexandra König, Communication and education
*Annekathrin Müller, Exhibitions and projects
== References ==
Category:Deutsche Boerse
Deutsche Börse Digital Exchange

Deutsche Börse Digital Exchange (DBDX) is a regulated multilateral trading facility for cryptocurrencies, operated by Deutsche Börse Group. Launched in 2024, it is designed to meet the needs of institutional investors seeking to trade digital assets within a trusted market infrastructure.
== Overview ==
DBDX operates as part of Deutsche Börse Group, a German multinational corporation that provides marketplace organization for the trading of shares and other securities. The digital exchange aims to extend the investable universe for European investors by including cryptocurrencies alongside traditional financial instruments.
== Services ==
The exchange offers a comprehensive solution for cryptocurrency trading, including:
* Trading platform
* Settlement services
* Institutional-grade custody
* Additional crypto-related services
All of these services are provided under the umbrella of Deutsche Börse Group, leveraging the company's extensive experience in financial markets.
== Partnership ==
DBDX operates in partnership with Crypto Finance, a subsidiary of Deutsche Börse Group. This collaboration allows the exchange to offer a one-stop-shop solution for institutional investors interested in cryptocurrency trading.
== First Trade ==
The Deutsche Börse Digital Exchange (DBDX) executed its ffirst crypto spot trades in March 2024 with ICF Bank and Bankhaus Metzler acting as pilot clients, conducting initial transactions of Ether against euros using a Request for Quote (RFQ) system on Deutsche Börse's T7 trading architecture. This launch established DBDX as a regulated ecosystem offering institutional clients a comprehensive solution for trading, settlement, and custody of crypto assets from a single access point. While DBDX operated the trading venue, Crypto Finance provided settlement and custody services. 
== Regulatory Status ==
As a regulated multilateral trading facility, DBDX operates within the established regulatory framework for financial institutions in Europe. This status provides institutional investors with the assurance of compliance and oversight typically associated with traditional financial markets.
== Technology ==
While specific details about the technology powering DBDX are not publicly available, it likely leverages Deutsche Börse Group's extensive experience in operating electronic trading platforms. 
== References ==
Category:Cryptocurrency Exchanges
Category:Deutsche Börse
Category:Financial Services Companies
Category:Digital Assets
Category:Institutional Trading
Category:Regulated Financial Markets
Deutsche Börse Systems

Deutsche Boerse Systems (DBS) is a technology service provider in the financial sector. It is a part of Deutsche Boerse Group.
The company provides a large part of its services to other segments within Deutsche Boerse Group and is responsible for the technical design, implementation, operations and support of the Eurex, Xetra, Scoach, CEF (market data) and Clearstream systems, as well as the global network. In addition, as an operator of other international exchanges and by acting as a sourcing partner, it offers a range of solutions to financial service providers. 
== History ==
Deutsche Boerse Systems has major data centers in Frankfurt and Luxembourg as well as a global presence in Europe, the U.S. and Asia. DBS is headquartered in Frankfurt/Main with an additional major center in Luxembourg. Twenty-four hour operations for critical services and local support for customers in North America are facilitated via Deutsche Boerse Systems Inc., in Chicago.
Additional development and technical support capacities are sourced via Deutsche Boerse Services SRO in Prague, Czech Republic.
== Products and Services ==
== References ==
Category:Deutsche Boerse
Deven Sharma

__NOTOC__ 
Deven Sharma is the former president of the Standard & Poor's Corp., a division of the McGraw-Hill Companies. Sharma resigned on August 22, 2011, effective September 12, 2011. He is replaced by Douglas Peterson.
He was named to the FDIC Advisory Committee on June 3, 2011.
== Background ==
Sharma was thrust into the eye of the storm in August 2011 when Standard & Poor's Corp. downgraded the United States debt from a Triple A to a Double A plus rating. Sharma defended his decision by stating the agency took an objective approach to the downgrade. 
Sharma joined S&P in 2007 as executive vice president of Investment Service and Global Sales. Prior to joining S&P, he was executive vice president, Global Strategy, at The McGraw-Hill Companies for five years.
He joined The McGraw-Hill Companies in January 2002 from global management consulting firm Booz·Allen & Hamilton, where he was a partner. During his 14 years with that firm, he provided guidance to client companies on business strategy and globalization, as well as on branding and sales management. Much of his experience includes work with global corporations in the U.S., Latin America, Europe and parts of Asia. Prior to Booz·Allen, Sharma worked with manufacturing companies, Dresser Industries and Anderson Strathclyde.
== Affiliations and Publishing ==
Sharma has authored several publications on competitive strategy, customer solutions, sales and marketing. He is a board member of 800-Flowers Inc., CRISIL, The US-China Business Council and Asia Society Business Council.
== Education ==
Sharma holds a bachelor's degree from the Birla Institute of Technology in India, a master's degree from the University of Wisconsin and a doctoral degree in Business Management from Ohio State University.
== References ==
Category:Bios - Executives
Category: FDIC Advisory Committee
Devexperts

Devexperts is a consulting and software development company focusing on the global financial markets industry. The company specializes in custom solutions for the capital markets industry, including multi-asset, multi-market trading platforms development, market data delivery, big data management and analytics.
Its market expertise covers equities, options, FX and derivatives in geographical locations including Chicago, New York, London, Tokyo, Istanbul and Shanghai. 
Devexperts was founded in 2002 and has offices in Germany, the U.S., Singapore, Portugal, Turkey and Bulgaria.
== History ==
== Products and Services ==
The company specializes in the development of financial software and provides custom software to the financial industry. It provides services for brokers, exchanges and wealth management.
Devexperts has three key business areas: 
*Multi-asset, multi-market trading platforms and brokerage automation technology; 
*Large, complex software development projects; 
*Data products and services branded as dxFeed, which is a subsidiary company.
 
Devexperts offers development of web trading terminals running on any back-end, be it a customer’s solution or the DXtrade Enterprise platform. The terminals are tailored to customer’s needs and are white-labeled. 
DXtrade as a SaaS Trading Platform for FX/CFD Brokers is an off-the-shelf trading solution for forex and CFD brokers with robust risk management and back-office applications.
It also provides consulting services for financial institutions in the fields of real-time transaction processing, trading automation, risk management and enterprise-wide “big-data” applications.
The company focuses on equities and derivatives trading platforms, forex/CFD trading platforms, cryptocurrency trading platforms, UX/UI design of the whole platform or a stand-alone component, solutions for exchanges and wealth management solutions.
== Key People ==
*Michael Babushkin - CEO, founder
== References ==
Category:ISVs
Category:Consultants
Dhaka Stock Exchange

The Dhaka Stock Exchange, (DSE) is a market offering listings on securities, as well as settlement and market surveillance services. 
In 2016, the exchange listed more than 330 securities, and posted a notional average turnover of BDT 4.94 billion ($60.6 million), up from BDT 4.22 billion ($51.7 million in 2015).
The exchange is one of two equity markets in Bangladesh, the other being the Chittagong Stock Exchange, which opened in November 1995.
== History ==
The exchange, initially called the East Pakistan Stock Exchange, was first established on July 7, 1953, founded by a group led by M Mehdi Ispahani, J. M. Addision-Scott, Mohamed Hanif, A. C. Jain, A.K. Khan, Abdul Jalil, M. Shabbir Ahmed and Sakhawat Hossain. Officially incorporated in 1954, trading started at the exchange in 1956 in the city of Narayanganj. In 1958, the exchange was moved to Dhaka. 
In May 1964, the name was changed to the Dacca Stock Exchange. In December 1971, trading was suspended by the government under a new state policy and wasn't resumed until August 1976. 
In August 1998, automated trading on the exchange was introduced.
The exchange was demutualized on November 21, 2013 and signed a deal with Nasdaq, to use Nasdaq OMX and FlexTrade Systems, Inc. in March 2014. The new trading system was launched in December 2014.
In June 2017, DSE was granted full membership in the World Federation of Exchanges. Prior to that, it became a WFE correspondent in October 2012, then associate member in March 2015.
== Products and Services ==
The exchange offers listings on 333 securities.
== Key People ==
* Abul Hashem, chairman
* K.A.M. Majedur Rahman, managing director
* A.K.M. Ziaul Hasan Khan, FCA, chief regulatory officer
* Abdul Matin Patwary, FCMA, chief financial officer 
== References ==