Abstract:

Innovation process is very intense in the last ten years. The competition between exchanges leads to an extension of offers. Some events or processes like credit default, failure to pay, inflation, rain, and hurricane are standardized through different types of indices and its are traded on exchanges. The main instruments used for standardization of these events or processes are indices calculated by different entities: public authorities, exchanges or advisory/financial companies. Through these innovative products, there are set up interdependences between capital market and insurance market, real estate market or credit market.