Sezvo mutengo uchifamba-shanduka nekuda kwekupa uye kudiwa kwezvinhu, vatsoropodzi nevarimi vanoonekwa panzvimbo. Mabhengi, vatengesi vemisika uye arbitrageurs vakatanga kushandura bhizinesi pakati pevatengesi vose vemusika.
Kudyidzana kwepanyama, kana kuti kutengesa mari, kwakapa nzira yekuendesa mberi kutengeserana. Zvakare zvakabvumira vamwe vatengesi vemisika kuti vawane ngozi yekutengeswa kwekugadzirwa kana kushandiswa. Vakabvumirawo vamwe kuti vafungidzire kana kuti vashandise mune ramangwana kutungamirirwa kwematengo. Pamberi pane dhiyabhorosi, kukosha kwavo kwakabva pamutengo wezvakakosha zvekunyama kana zvigadzirwa. Muchikamu chekutanga chekutengeserana, mutengi uye mutengesi mutengesi nemumwe uye mumwe, mumwe nomumwe achifunga nezvekushanda kwehumwe humwe. Kunyange zvakadaro, kushandiswa kwekutengeserana mberi kwakange kusingabvumirwi sezvo zvibvumirano zvaive zvakajeka maererano nehuwandu hwekutengeserana, unhu hwezvinhu zvakasiyana-siyana zvekushandisa uyewo mamwe mazwi. Makakatani kune kambani imwe neimwe pane imwe nyaya-case-case inotarisana nemashoko aya.
Pamberi misika yakaratidza mutengo wekuita mumisika yemitambo.
Sezvo makore akapfuura nekutengeserana kwemisika yakashanduka. Chii chakatevera chaive chirevo chekugadzirwa kwemisika uye ramangwana zvibvumirano . Pfungwa iyi yaiva yekuenzanisa mazwi kuitira kuti zvive nyore nyore kutengesa. Nguva yemaitirano yakatanga kuonekwa pachiitiko muma1730s muJapan.
Iko Dojima Rice Exchange inosangana nezvido zvevaSamamura avo vakagamuchira rizi nekuda kwebasa ravo uye mushure mokutengeswa kwakaipa kwakadikanwa kunoda kuchinja mupunga kuti uwane mari. The Chicago Board of Trade (CBOT) yakaronga kambani yekutanga yemigumisiro yemisika yezviyo muna 1864. Futures zvibvumirano zvave zvigadzirwa zvemashoko anozivikanwa mumisika kune dzimwe nyika.
Nzira yekutanga yakatengeswa zvakare mugore ra332 BC apo Thales weMireto akatenga kodzero yekukohwa maorivhi. Munguva ye tulip mania muna 1636, zvisarudzo zvinoshandiswa kuitira kuti zvigadzirise kufungidzira pakusimudza matura tulip. Kubvira muna 1700 kusvika muna 1733, zvigadzirwa izvi, kuisa uye kushevedza zvingasarudzwa, zvakatanga kutengesa muLondon zvisinei, zvakarambidzwa nekuda kwekufungidzira kwakanyanya kubva muna 1733-1860. Mukupera kwemakore ekuma1800, zvinyorwa zve-over-the-counter zvakatanga kutengeswa muUnited States uye muma1970 zvisarudzo zvemangwana zvakazozivikanwa mune ramangwana rekuchinjana. Zvisarudzo ndezvakarurama asi kwete kusungirwa kana kutengesa (kudana kana kuisa sarudzo) pamutengo wakatarwa (mutengo wematongerwo emitengo) kwechinhu chakatarwa chenguva (zuva rokupera). Zvisarudzo ndeimwe imwe yezinga yemiti yakagadzirwa - munyika yezvinhu; zvose zvakagadzirwa zvinoratidza chiito mumutengo wepasi wezvinhu zvazvinomirira.
Swap inotanga kushandiswa muna 1981 apo IBM neBan World zvakapinda muchibvumirano chekutsinhanisa pamusoro pezvikwereti. A swap is the exchange of a fixed price for a floating price on an instrument below. Mune zvimwe zvinhu, swaps dzakawanda zvine simba rakabatana. Swaps uye swaptions (zvisarudzo pa swaps) zvakabva kune mitsva uye mitsva yakawedzerwa muU.S. kubvira Dodd Frank Wall Street Reform uye Mutemo Kudzivirira Mutemo we 2010.
Exchange Traded Funds ( ETFs ) uye Exchange Traded Notes yakatanga kutengeswa muUnited States inotanga muna 1989. Izvi zvinoshandiswa kutengeserana pamakwikwi ehurumende zvinobvumira vatengesi vemisika kutengesa motokari dzinoratidza mutengo wezvinhu zvakawanda, kusanganisira zvinhu. Nokudaro, zvose ETF uye ETN michero inobva pamitengo yezvinhu zvemuviri pachavo uye inotora.
Kana zvasvika kune zvigadzirwa mune zvezvinhu, funga nezvezvinhu zvinoramba zvichiri kuwanda zvezvinhu zvakasiyana-siyana zvezviridzwa izvi (mberi, ramangwana, zvisarudzo, swaps uye ETF / ETN michina) sepiramidi yemagetsi emakambani akafanana nezvinhu zvepanyama zvakanyanya zvine chokuita zvose izvi zvigadzirwa zvakagadzirirwa kuratidzira mutengo wekutengesa kwezvakabva, izvo zvepanyama.