Abstract: A system for managing an event including selecting a reference item, selecting a specification of the reference item, evaluating the specification against alternatives to the reference item, determining interchangeability between the reference item and alternatives based on evaluating of the specification in relation to the alternatives, where the determining of interchangeability is based on or includes determining at least one of quasi-fungibility and quasi-anti-fungibility. The method further including forming at least one set based on the determined interchangeability and managing the event based on or including at least one of the set and at least one member of the set.

Abstract: A system for creating an underlying instrument for a financial product including selecting a reference item, selecting a specification of the reference item, evaluating the specification against alternatives to the reference item, determining interchangeability between the reference item and alternatives based on the evaluating of the specification in relation to the alternatives, where the determining of interchangeability is based on or includes determining at least one of quasi-fungibility and quasi-anti-fungibility. The method further including forming at least one set based on the determined interchangeability and at least one of determining a financial product and creating a financial product based on or including at least one of the set and at least one member of the set, the at least one of the set and at least one member of the set includes a potential underlying instrument for at least one of determining the financial product and creating the financial product.