A product traded at CME, i.e., the CME S&P 500 Index futures contract. Chicago Mercantile Exchange Glossary

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instrument in‧stru‧ment [ˈɪnstrmənt] noun [countable]
1. also financial instrument FINANCE an investment such as a bond or share:

• the growth of financial instruments such as options and futures

ˈdebt ˌinstrument FINANCE
an instrument such as a bond, by which a promise is made to repay borrowed money to the investor:

• Convertible capital bonds are debt instruments on which interest is paid periodically.

ˈequity ˌinstrument FINANCE
a share or a share option
ˈhedging ˌinstrument FINANCE
an instrument used by investors to balance any risk of losing money with other investments they hold:

• You can protect yourself against future rises in interest rates by a hedging instrument known as a forward rate agreement.

ˈmoney-market ˌinstrument FINANCE
a bond, a certificate of deposit, commercial paper etc rather than shares:

• Treasury bills and other money-market instruments

neˌgotiable ˈinstrument FINANCE
an instrument that can be traded on a financial market:

• Debt instruments in the Euromarkets are negotiable instruments.

2. also statutory instrument LAW an instruction given by a British minister that has the force of a law:

• The Secretary of State may, by order made by statutory instrument, determine the fees payable by any applicant to a licensing board.

3. LAW a formal legal document
ˈtrust ˌinstrument LAW FINANCE
a formal legal document that creates a trust (= arrangement where someone controls another person's money for them ) . It states who will manage the trust, how it is to be managed, and who will gain from it; = trust deed

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instrument UK US (also financial instrument) /ˈɪnstrəmənt/ noun [C]
FINANCE a financial asset that can be bought or sold, such as a bond, share, or other security : »

Fixed-income instruments include bonds, Treasury bills, and notes.


This will still leave sufficient funds in low-risk instruments such as the debt market.


Hedging instruments such as futures contracts are priced in dollars.

a tool, especially one without electrical power, used for performing a particular piece of work: surgical/precision/optical instrument »

The first optical instruments were telescopes.

a piece of equipment used for measuring speed, height, etc. in vehicles, especially aircraft: »

flight instruments

a way of achieving or causing something: »

The main instrument of change was the bank credit card.

LAW a legal document: »

This is a legal instrument and both claims will have to be decided by the English High Court.

See also DEBT INSTRUMENT(Cf. ↑debt instrument), EQUITY INSTRUMENT(Cf. ↑equity instrument), MONEY-MARKET INSTRUMENT(Cf. ↑money-market instrument), NEGOTIABLE INSTRUMENT(Cf. ↑negotiable instrument), STATUTORY INSTRUMENT(Cf. ↑statutory instrument), TRUST INSTRUMENT(Cf. ↑trust instrument)

Financial and business terms. 2012.

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