In the context of structured product, a reverse convertible can be linked to an equity index or a basket of indices.

Equity index futures and index options tend to be in liquid markets for close to delivery contracts.

In modern (financial) markets, producers of interest rate swaps or equity derivative products will use financial futures or equity index futures to reduce or remove the risk on the swap.

They allow two parties to agree to swap in the future a pre-defined amount of cash against the amount of dividends paid by the underlying stock, basket or equity index.

Equity indices are generally up, although they are still at half the levels of 2007.