Abstract: The present invention provides a derivative security whose value is determined by whether an underlying instrument will trade above or below a given price at or by a given time. The price of the underlying instrument in the inventive instrument must move a certain amount in a certain direction in a limited amount of time. If it does, that trade yields a fixed amount of money for the acceptor of the contract. If it does not, that acceptor loses the premium he paid for the contract. The inventive derivative securities may have a short-term expiry. The underlying instrument of the inventive derivative may be a stock or other security, or an index or interest rate. The present invention also provides for a system to trade the inventive security that allows any participant to post offers or fill orders from posted offers, with order flow coming from individual investors, institutions, specialists and market makers.

Abstract: A derivative security whose value is determined by whether an underlying instrument will trade above or below a given price at or by a given time. The price of the underlying instrument in the inventive instrument must move a certain amount in a certain direction in a limited amount of time. If it does, that trade yields a fixed amount of money for the acceptor of the contract (510, 545). If it does not, that acceptor loses the premium lie paid for the contract (510, 545).

Abstract: A derivative security whose value is determined by whether an underlying instrument will trade above or below a given price at or by a given time. The price of the underlying instrument in the inventive instrument must move a certain amount in a certain direction in a limited amount of time. If it does, that trade yields a fixed amount of money for the acceptor of the contract (510, 545). If it does not, that acceptor loses the premium lie paid for the contract (510, 545).