Capital markets infrastructure · Asset framework

Every asset, in its market.

A venue-led map of investable assets and contingent contracts, paired with the latest defensible measures of size, activity and liquidity.

Assets: 42
Market structures: 13
Updated: 24 August 2026

01Public Securities Markets7 assets

De-SPAC shares are not kept as a separate category: once the merger closes, they are ordinary listed operating-company equities.

Senior Listed Operating Companies (NYSE, Nasdaq, TSX, LSE, etc.)

Public equities

productive financial assets

earnings, cash flow, compounding

Size — market cap: $149.2TMay 2026; WFE member exchanges
Activity — value traded: $25.19T in May 2026WFE member exchanges
Liquidity — bid-ask spread: N/Ano single global aggregate

Venture / Junior Exchanges (TSXV, AIM, Cboe Venture, etc.)

Junior equities

productive financial assets

earlier-stage, smaller, higher-risk issuers

Size — market cap: C$141.8B31 Dec 2025; TSXV proxy, TMX
Activity — value traded: N/Ano clean global junior-exchange aggregate publicly available
Liquidity — bid-ask spread: N/Ano global junior-market aggregate

OTC Equity Markets (OTCQX, OTCQB, OTCID, Pink, etc.)

OTC equities

productive financial assets

unlisted, thinner liquidity, variable disclosure

Market breadth: 12,297 securities31 Dec 2025; OTC Markets
Activity — dollar volume: $702B in 2025OTC Markets
Liquidity — bid-ask spread: N/Ano consolidated market-wide spread

Listed Fund Vehicles (NYSE Arca, Nasdaq, Cboe, LSE, etc.)

Exchange-traded funds (ETFs)

pooled investment vehicles

intraday trading, creation/redemption, underlying NAV

Size — AUM: $23.09Tend-Jun 2026; global ETF industry, ETFGI
Investor activity — net inflows: $258.79B in Jun 2026global; ETFGI
Liquidity — bid-ask spread: N/Ano single global aggregate

Traditional closed-end funds (CEFs)

pooled investment vehicles

fixed capital, exchange-traded, premium/discount to NAV

Size — total assets: $266.72Bend-Jun 2026; U.S. traditional CEF proxy, ICI
Primary activity — net issuance: $80M in Q2 2026U.S.; ICI
Liquidity — bid-ask spread: N/Ano consolidated aggregate

Listed Acquisition Vehicles (NYSE, Nasdaq, etc.)

Pre-merger SPAC shares

public acquisition vehicles

cash/trust value, redemption rights, deal optionality

Size — capital in trust: $60.4B across 373 active SPACs5 Aug 2026; SPAC Research
Activity — IPO issuance: $3.67B across 17 IPOs in Jul 2026SPAC Research
Liquidity — bid-ask spread: N/Ano consolidated aggregate

SPAC warrants

derivative securities

leveraged upside to a future deal

Size — warrant market value: N/Ano credible consolidated aggregate
Activity — traded value: N/Ano credible consolidated aggregate
Liquidity — bid-ask spread: N/Asecurity-level only

02Private Markets4 assets

Private Equity / Venture Capital Markets (GP-led funds, direct/co-investments, private-company transactions, secondary markets)

Private equity (PE)

productive private ownership

buyouts, growth equity, operational value creation

Size — AUM: $8.6TDec 2024; global PE excluding VC, Preqin — latest clean global AUM figure found
Activity — deal value: $2.6T in 2025global PE entries; McKinsey
Liquidity — secondary transaction value: $240B in 2025global private-market secondaries; McKinsey/Jefferies; best broad liquidity proxy

Venture capital (VC)

productive private ownership

early-stage growth, innovation, asymmetric outcomes

Size — AUM: $3.1TQ1 2024; global VC, Preqin — latest clean global AUM figure found
Activity — deal value: $224B in Q2 2026global VC; Preqin
Liquidity — exit value: N/AQ2 2026 reached a record, but Preqin’s public release does not disclose the aggregate $ figure

Private Credit Markets (direct lenders, private debt funds, BDCs, bilateral/club deals)

Private credit

privately originated debt

income, floating-rate exposure, illiquidity/credit premium

Size — market / invested capital: ~$2.1TApr/May 2026; Preqin market reference; $1.8T invested capital across BDC holdings + closed-end direct lending
Activity — direct-lending issuance: $44.76B in the 3 months through May 2026U.S. proxy; PitchBook via Reuters
Liquidity — secondary-market / redemption liquidity: N/Afragmented; fund terms and secondary discounts vary materially

Private Infrastructure Markets (infrastructure funds, direct/co-investments, concessions, project/company transactions, secondaries)

Infrastructure

productive real asset

contracted cash flows, essential services, inflation linkage, long duration

Size — private infrastructure AUM: ~$1.40T2024 proxy; derived from Preqin dry powder of $333.9B at 23.9% of AUM
Activity — deal value: ~$69B in Q2 2026derived from Preqin: 19% below Q1 2026’s $85B
Liquidity — secondary transaction volume: >$15B in 2024Campbell Lutyens estimate via Preqin; best broad liquidity proxy

03Fixed Income Markets (OTC dealer markets; Tradeweb, MarketAxess, Bloomberg, interdealer/dealer-to-client venues)6 assets

Government / Sovereign Bond Markets (primary auctions; OTC/electronic secondary trading)

U.S. Treasuries

sovereign debt securities

benchmark risk-free rates, duration, inflation/fiscal exposure

Size — amount outstanding: $31.5TJul 2026; SIFMA
Activity — ADV: $1.209T/day2026 YTD through Jul; SIFMA
Liquidity — bid-ask spread: N/Ano single market-wide aggregate across Treasury tenors/issues

Other sovereign bonds

sovereign debt securities

rates, inflation, currency and sovereign-credit exposure

Size — amount outstanding: ~$42.8Tend-2025 estimate, ex-U.S.; OECD sovereign bond stock + non-OECD EMDE sovereign bonds less U.S. Treasuries
Activity — secondary trading value: N/Ano credible consolidated global ex-U.S. aggregate
Liquidity — bid-ask spread: N/Avaries materially by country, tenor and issue

Municipal / Sub-sovereign Bond Markets (MSRB/OTC dealer market; electronic venues and broker-dealers)

Municipal bonds

state/local government and public-entity debt

tax-exempt income, public-finance credit, duration

Size — amount outstanding: $4.5T1Q26; SIFMA
Activity — ADV: $14.2B/day2026 YTD through Jul; SIFMA
Liquidity — bid-ask spread: N/Ahighly fragmented; no single market-wide aggregate

Corporate Bond Markets (OTC dealer market; MarketAxess, Tradeweb, Bloomberg, etc.)

Investment-grade (IG) corporate bonds

corporate debt securities

income, duration, lower credit/default risk

Size — market value outstanding: $8.51T31 Jul 2026; iBoxx USD Corporates proxy, S&P Global
Activity — ADV: ~$37.9B/day2Q26 U.S. IG proxy; 56.6% of $66.9B corporate ADV, FINRA/SIFMA
Liquidity — bid-ask spread: N/Ano consolidated market-wide aggregate

High-yield (HY) corporate bonds

below-investment-grade corporate debt

higher income, credit/default risk, spread sensitivity

Size — market value outstanding: $1.51T31 Jul 2026; iBoxx USD High Yield Developed Markets proxy, S&P Global
Activity — ADV: ~$6.8B/day2Q26 U.S. HY proxy; 10.1% of $66.9B corporate ADV, FINRA/SIFMA
Liquidity — bid-ask spread: N/Ano consolidated market-wide aggregate

Securitized Mortgage Markets (TBA/OTC dealer market; Tradeweb, Bloomberg, FINRA-reported trading)

Mortgage-backed securities (MBS)

securitized pools of mortgage cash flows

income, duration, prepayment/convexity risk

Size — agency MBS outstanding: >$9.4Tend-Nov 2025; Urban Institute; latest clean agency-market stock figure found
Activity — agency MBS ADV: $376.8B/day2026 YTD through Jul; SIFMA
Activity — non-agency MBS ADV: $1.87B/day2026 YTD through Jul; SIFMA
Liquidity — bid-ask spread: N/Ano single aggregate; TBA agency MBS is substantially more liquid than specified pools/non-agency MBS

04Money Markets (short-term cash/funding markets, generally ≤1 year; Treasury auctions, banks, dealers, fund platforms, FICC/tri-party/OTC repo)4 assets

Government Money Markets (Treasury auctions; dealer/interdealer secondary markets)

U.S. Treasury bills (T-bills)

short-term sovereign debt

cash management, risk-free yield, ≤1-year maturity

Size — amount outstanding: $6.99T31 Jul 2026; U.S. Treasury/JEC
Activity — primary-dealer interdealer ADV: $50.8B/day2Q26; Federal Reserve Bank of New York proxy
Liquidity — bid-ask spread: N/Atenor/issue-specific; no single aggregate

Bank Money Markets (banks, deposit platforms, institutional dealers)

Certificates of deposit (CDs)

bank time deposits

fixed maturity/yield; negotiable institutional CDs can trade OTC

Size — large time deposits: $2.558T12 Aug 2026; U.S. commercial banks, Federal Reserve H.8 proxy
Activity — secondary turnover: N/Ano consolidated CD trading statistic
Liquidity — secondary-market depth: N/Aretail CDs are generally held to maturity; negotiable CDs are more liquid

Money Market Funds (fund companies, brokers/platforms; transact at NAV)

Money market funds (MMFs)

pooled short-term cash vehicles

T-bills, repo, CDs and other high-quality short-term instruments

Size — net assets: $7.93T19 Aug 2026; U.S. MMFs, ICI
Investor activity — weekly net flow: +$0.9Bweek ended 19 Aug 2026; ICI
Liquidity — daily liquid assets: 74.8% government / 45.9% primeend-Jul 2026; ICI

Secured Funding Markets (FICC, tri-party repo, bilateral/OTC dealer markets)

Repurchase agreements (repo)

collateralized short-term borrowing/lending

cash financing against securities, usually Treasuries

Size — average daily outstanding: $8.1T1Q26; primary-dealer repo + reverse repo, SIFMA/New York Fed
Activity — SOFR-eligible repo volume: $2.922T/day20 Aug 2026; New York Fed
Pricing benchmark — SOFR: 3.63%20 Aug 2026; New York Fed
Liquidity — bid-ask / depth: N/Afragmented across repo segments; no single aggregate

05Open-End Fund Markets (fund companies, transfer agents, distributors/platforms; transact at NAV)1 asset

Mutual funds

pooled investment vehicles

portfolio NAV, subscriptions/redemptions, active or index

Size — net assets: $33.22TJun 2026; U.S. mutual funds, ICI; excludes ETFs
Investor activity — net new cash flow: -$29.74B in Jun 2026U.S.; ICI
Liquidity — dealing frequency: daily NAV for most traditional mutual fundsnot exchange-traded

06Foreign Exchange Markets (OTC interbank/dealer market; EBS, Refinitiv Matching, Bloomberg, bank platforms)1 asset

Spot FX / currencies

monetary assets / exchange rates

relative currency value, macro/rate differentials, hedging

Size — market cap / amount outstanding: N/Acurrencies do not have a meaningful market-cap analogue
Activity — spot turnover: $2.95T/dayApr 2025; final BIS Triennial Survey
Liquidity — bid-ask spread: N/Apair-specific; no single global aggregate

07Derivatives Markets3 assets

Exchange-Traded Derivatives (CME, ICE, Eurex, Cboe, etc.)

Equity options

derivative contracts

leverage, hedging, asymmetric payoff

Exposure — open interest: 498M contracts2025 average month-end; OCC U.S. listed equity-options proxy
Activity — ADV: 35.24M contracts/day2026 YTD through Jul; OCC
Liquidity — bid-ask spread: N/Ano market-wide aggregate

Futures

standardized derivative contracts

future price, hedging, leverage

Exposure — open interest: 371.8M contractsend-Mar 2026; FIA global futures-only figure
Activity — volume: 3.18B contracts in Jul 2026FIA global
Liquidity — bid-ask spread: N/Ano global aggregate

OTC Derivatives (banks, dealers, institutional counterparties)

Forwards

customized derivative contracts

future price, bilateral agreement

Exposure — notional outstanding: N/Ano clean global forward-only aggregate across asset classes
Activity — turnover: $1.75T/dayApr 2025; BIS outright FX-forwards proxy
Liquidity — bid-ask spread: N/Ano single global aggregate

08Commodity Markets5 assets

Precious Metals (LBMA, CME, dealers, etc.)

Gold

non-productive scarce physical asset

store of value, monetary demand

Size — above-ground stock value: $31Tend-2025; World Gold Council
Activity — average traded value: $361B/day2025; World Gold Council
Liquidity — bid-ask spread: ~2 bpsaverage intraday spot spread; Feb 2025–Feb 2026, WGC

Silver

scarce physical commodity

monetary demand, industrial use, scarcity

Physical scale — total demand: 1.13B oz in 2025Silver Institute
Activity — major-channel ADV: ~$141B/daythrough 27 Feb 2026; major ETFs + futures + OTC proxy, WGC
Liquidity — bid-ask spread: ~9 bpsaverage intraday spot spread; Feb 2025–Feb 2026, WGC

Industrial Metals (LME, CME, SHFE, etc.)

Copper

consumable industrial commodity

economic activity, infrastructure, electrification

Physical scale — refined consumption: 28.16Mt in 2025ICSG
Exposure — futures open interest: 258K contractsQ2 2026 average daily OI; CME HG Copper proxy
Activity — futures ADV: 25K contracts/dayQ2 2026; CME Micro Copper proxy
Liquidity — bid-ask spread: N/Ano cross-exchange aggregate

Agricultural Commodities (CME/CBOT, ICE, etc.)

Corn

consumable agricultural commodity

food/feed demand, biofuels, harvest supply

Physical scale — world production: 1.299B tonnes2026/27 forecast; Aug 2026 USDA WASDE
Exposure — futures open interest: N/Ano comparable global aggregate
Activity — futures ADV: 441K contracts/dayJul 2026; CME Corn proxy
Liquidity — bid-ask spread: N/Ano global aggregate

Energy Commodities (NYMEX/CME, ICE, etc.)

Oil

consumable energy commodity

global demand, supply discipline, inventories, geopolitics

Physical scale — global liquid-fuels consumption: 104.0M b/d2025; EIA
Exposure — futures open interest: 1.91M contractsWTI; 26 Nov 2025 CME snapshot
Activity — futures ADV: 953K contracts/dayWTI; Jul 2026, CME
Liquidity — bid-ask spread: N/Ano global aggregate

09Digital Asset Markets2 assets

Crypto Exchanges (Coinbase, Binance, Kraken, etc.)

Bitcoin

non-productive scarce digital asset

scarcity, monetary/network value

Size — market cap: ~$1.55T23 Aug 2026 snapshot; Investing.com
Activity — 24h trading volume: ~$30.0B/day23 Aug 2026 snapshot; Investing.com
Liquidity — order-book depth: N/Ano consolidated global order book

NFT Marketplaces (OpenSea, Blur, Magic Eden, etc.)

NFTs

non-productive unique digital assets

scarcity, provenance, collector/utility demand

Size — floor-based market cap: $1.59BAug 2026; CoinGecko tracked collections
Activity — 24h sales volume: $1.60M/dayAug 2026; CoinGecko
Liquidity — time-to-sale / depth: N/Ano credible global aggregate

10Real Estate / Land Markets (private transactions, brokers, auctions)2 assets

Real estate

productive real asset

rent, use value, appreciation; residential, office, industrial, retail, hospitality, etc.

Size — aggregate property value: $393.3Tend-2024; latest Savills global stock estimate
Activity — global investment volume: +18% YoY in H1 2026Savills; public release does not disclose a clean global $ total
Liquidity — time-to-sale: N/Ano globally comparable aggregate

Farmland

productive scarce real asset

crop/rental income, land appreciation, inflation sensitivity

Size — farm real estate assets: $3.77T2026F; U.S. proxy, USDA ERS
Income — average cropland cash rent: $161/acre2025; U.S. average, USDA
Activity — annual transaction value: N/Ano credible centralized U.S. or global aggregate
Liquidity — time-to-sale: N/Alocal/private market; no standardized aggregate

11Collectible Markets (auction houses, specialist marketplaces, dealers, private sales)5 assets

Fine art

non-productive scarce collectible asset

artist, provenance, rarity, cultural/collector demand

Size — collectible stock value: N/Ano credible global mark-to-market stock estimate
Activity — global sales: $59.6B in 2025Art Basel & UBS Art Market Report 2026
Liquidity — time-to-sale / spread: N/Ahighly work-specific; no standardized global aggregate

Fine wine

non-productive scarce collectible asset

scarcity, aging, buyer demand

Size — investable stock value: N/Ano credible current global aggregate
Activity — transaction value: >£50M/quarterLiv-ex Offex member-trade proxy; not the full market
Liquidity — time-to-sale: N/Ano standardized global aggregate

Watches

non-productive scarce collectible / luxury asset

brand, reference, rarity, condition, collector demand

Size — collectible stock value: N/Ano credible global mark-to-market stock estimate
Activity — secondary-market sales: ~$35B in 2026FBCG forecast
Liquidity — marketplace breadth: >560K listed watchesH1 2025; Chrono24 proxy, with >9M monthly users

Classic / collector cars

non-productive scarce collectible real asset

rarity, provenance, condition, cultural desirability

Size — collectible stock value: N/Ano credible global mark-to-market stock estimate
Activity — transaction value: >$1.0B in 2025RM Sotheby’s single-venue global proxy; auctions + private sales
Liquidity — live-auction sell-through: 92%2025; RM Sotheby’s proxy

Rare / collectible cards

non-productive scarce collectible asset

rarity, condition, collector demand

Size — collectible stock value: N/Ano credible global aggregate
Activity — online secondary sales: >$381M in Dec 2025Card Ladder proxy; 5.96M transactions
Liquidity — time-to-sale: N/Ano standardized global aggregate

12Prediction Market Exchanges (Kalshi, Polymarket, etc.)1 asset

Prediction markets / event contracts

contingent contracts

information, hedging, speculation

Exposure — open interest: ~$1.2Bend-Jul 2026; Kalshi + Polymarket + Polymarket US, The Block
Activity — trading volume: $50.59B in Jul 2026same three platforms; The Block; World Cup-driven record
Liquidity — order-book depth: N/Acontract-specific; no consolidated aggregate

13Sportsbooks / Betting Venues (DraftKings, FanDuel, Betfair, etc.)1 asset

Sports betting

wagering / gambling

event outcome, zero-sum payoff

Activity — handle: $166.94B in 2025U.S. state-regulated commercial market; AGA
Operator revenue — GGR: $16.96B in 2025same scope; AGA
Pricing cost — hold: 10.2%GGR ÷ handle; derived from AGA figures