Malynes, Gerard. 1685. Lex mercatoria or The Ancient Law-Merchant (T. Basset). http://ia700306.us.archive.org/35/items/consuetudovellex00maly/consuetudovellex00maly.pdf
144: "And this bargaining is most proper for such and the like commodities, the price whereof doth quickly rise and fall, and are also commodious when a man's money is not so ready to buy much, and to make a great employment with little money, which happeneth upon some sudden advice many times unexpected, whereupon men are very hot to buy and sell; which is much used in buying of Herring before they are catched, by 'stellegelt,' as they call it, that is by a summe of money agreed upon to be paid, if the partie doth repent himself of the bargaine."
> Also: options (on stocks) were traded in 17th century Amsterdam, so
> derivatives have a longer history even than ag futures.
>
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