Inflation trading - e.g. Morgan Stanley's inflation-linked bond issue for Republic of Italy. You need to understand the concept of "breakeven inflation" to understand how to price these products. There was a very interesting article in Risk magazine in 2003 describing the "derivatives tail wagging the cash market dog".
Hybrids trading - derivatives formed from two or more asset classes e.g. equity and commodity, or equity and interest rate.
Climate Exchange facilitates trading in environmental financial instruments.
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