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A market in which investors can buy or sell combinations of securities that pay off in all desired states. More generally, a market in which investors have a full range of risk/return choices. Investment opportunities are presented in the form of basic components which the investor can assemble on a customized basis to conform to a personal utility function. One of the important contributions of derivative instruments is to increase investor utility and issuer flexibility by increasing the range of choices and the completeness of markets.
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