Traditionally, liquid assets such as T-bills, CPs & CDs, were the key functions in many organizations. But with more and more innovations in the financial markets across the globe, the need for better tools is felt. These scientific tools are expected to serve as better alternatives in today's high-tech era. Capital-raising has gone through a see-saw change during the last few years. But, that is only half the story. It would see another phase of extraordinary change during the next few years. That is the other half.

This is an area where Indian capital-market in particular would metamorphose into a different avatar when Interest Rate Risk Management Instruments (IRRMIs*) like Treasury-Bill futures get entrenched in it. Even, some new Exchange Rate risk Management Instruments (ERRMI) would have an impact on the way capital is raised globally by Indian firms. Some innovations belong to the category of indexed instruments; they may be linked to interest-rate, exchange-rate between two specified currencies, inflation rate, price of a specific commodity, a particular stock-price index, and the like.

In this paper, we discuss some exchange Rate linked Instruments (ERLI), Commodity Price Linked Instruments (COPLI), and Stock Index Linked Instruments (SILI); most of these have been in vogue, others are minor extensions of them.

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