The "Four Inventions" of the Financial Market —— Instrument for Issuing Bills, Swap Trading, Option Trading and Forward Interest Rate Agreement
During the development of financial innovation in the 1960s, in order to avoid financial control, Eurocurrency, Eurobonds, parallel loans and automatic transfer were introduced in the 1970s. In order to avoid interest rate and exchange rate risks, floating interest rate bills, currency forward transactions and financial futures were developed. In the 1980s, the "four great inventions" of the international financial market came into being-bill issuance, swap transaction, option transaction and forward interest rate agreement. Since 1990s, the trend of securitization has been strengthened, international bond markets and derivatives markets have developed rapidly, new technologies have been widely used, and the financial market structure has changed greatly.