Product Comparisons

Side-by-side tables that compare how similar products work: where they trade, how terms are set, how cash moves, and more.

The tables set out how kinds of products differ in structure. They do not recommend any product or provider. The articles linked under each table explain each product in detail and give the sources.

• FRA vs Interest Rate FuturesCompares forward rate agreements (FRAs) and interest rate futures by trading venue, how terms are quoted, size and tenor, settlement, and counterparty credit risk.2 products, 5 points
• Forwards vs FuturesCompares forwards and futures by trading venue, how terms are set, maturity, how gains and losses are settled, and the counterparty relationship.2 products, 5 points
• FX Forwards, FX Swaps, NDFs, and Cross-Currency SwapsCompares FX forwards, FX swaps, NDFs and cross-currency swaps by principal exchange, number of payments, interest during the term, tenor, settlement currency, and typical uses.4 products, 6 points
• Caps and Floors vs SwaptionsCompares caps and floors with swaptions by what the option is on, exercise unit and frequency, what follows exercise, premium and the buyer's loss, and typical uses.2 products, 5 points
• CDS, CDS Indices, and Credit-Linked NotesCompares CDS, CDS indices, and credit-linked notes (CLNs) by what they reference, legal form, upfront funding, cash flows, settlement on a credit event, and counterparty and issuer exposure.3 products, 6 points