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Generally speaking, a derivative security is a security that involves a
contingent c la im; it is a se cur ity tha t ha s some essential feature, typically
the p r ice, that is derived from some other event. This event is of t en,
though not always, associated with the price of a security or commodity
transaction to take place at a future date. The contingent claim can be
combined with other security features or traded in isolation. The implicit
and explicit embedding of derivative features was common in the types
of securities traded in the 15th to 18th centuries. Examples of such
securities include: claims on the Florentine mons that had a provision for
redemption at 28% of par, though that provision was seldom exercised;
bills o f e xc ha ng e t ha t c omb in ed a l oa n wit h a fo rwar d exchange contract;
and life annuities that featured terms to maturity dependent on specific
life contingency provisions.
In addition to securities with embedded derivative features, the
financial markets of the 15th to 18th c enturies can be credited with
beginning exchange trading in derivative securities that we r e p ur e
contingent claims , tha t is, forward and option contracts.
1
Though the
precise beginnings are difficult to trace, it is likely that active trading in
both forward and option contracts was a common event on the An twe r p
bourse during the 16th century. By the mid-17th century, active trade
in options and forward contracts was definitely an integral activity on the
Amsterdam bourse. Trading in both options and forward contracts was
an essential activity in London's Exchange Alley by the late 17th
century. For want of a better term, the narrow class of pure contingent
claims, the option an d f orwa r d c on tr a ct s, wi ll be r ef er r e d t o a s ‘ pu r e
derivative securities’. This ca t egory excludes fixed income securities
with embedded derivative features such life annuities where the value is
contingent on life risk. The narrow definition also excludes callable or
convertible bonds.
2
Derivative securities trading is not a modern development. The basis
for such trading arises from the essence of commerce. Markets depend
fundamentally on the process of exchange . Thi s proce s s involve s two
steps. F i r st , b u ye r s a nd se ll er s agree on a market clearing price for the
goods involved in the transaction. Second, the exchange is completed,
typically wi th a ca sh payment be ing made in exchange for adequate
physical de livery of the goods involved. In many t r ans a ct ions , t ime can
separate the pricing agreement, the cash settlement or the delivery of
goods. For numerous reasons, such as del ays in transfer or
transportation, many transactions in early markets involved separation
between p r ic in g a nd se tt lemen t o r de l ive ry. Under certain
circumstances, this separation creates contingent claims that are the
source of derivative securities trading
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