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2015 | OriginalPaper | Chapter
Meet the Products
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Were the financial products that we use today designed? Or did they evolve by natural selection? In today’s complex world of financial products, it’s very much a mixture of both. Structured products, such as FX accumulators, are the way they are very much by design: product developers have sat down together to discuss how to synthesize a product which matches their needs (which usually corresponds to the needs of their clients). In contrast, stand-alone barrier options are better seen as having evolved. This chapter traces that evolution process, via the simpler products of spot, forwards and vanilla options.