In the Book of Genesis, God created Adam. And one of Adam’s first actions was to name every animal. Whether you understand this story literally or as allegory, the point is the same: it’s a basic human need to name things. Naming things classifies them as not being other things; it allows us to talk about those things, to understand them, and to bring them under their control.

In traditional financial markets, instruments like stocks and bonds, and the counterparties that buy and sell them are