Abstract: The present invention relates to a financial instrument, system and method that enables public trading in spot and forward markets of any Index, and in particular to spot and forward markets for the trading of a Price Index on a Recognized Exchange or Exchanges, using the financial instrument as “good delivery”, without having to create and list managed index funds that invest in the underlying security comprising the subject Index. The invention has been developed primarily for use as a means for creating spot and forward markets for trading of a Price Index on a Recognized Exchange and will be described hereinafter with reference to this application. However, it will be appreciated that the invention is not restricted to this particular field of use.