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Product design is another huge area where good ideas can quickly turn into duds. If the design doesn't match the customer's vision, they won't trade it. "We wanted to trade lumber futures, but not THAT lumber future."

After design is finished, the product gets sent to the technology team for development. This means adding it to a long list of things developers need to code, scheduled into multi-week sprints. If your product doesn't make it into a sprint it may be weeks before it gets built.

At the same time, a draft of the product gets sent to various regulators for approval. If the product sets any new precedent or links to an easily manipulated market, it can get rejected or delayed. (Think crypto futures approval). Regulators can take weeks+ to bless a launch.

After all the green lights are given & developers have built the product into the larger exchange platform, you can finally open it for trading. If you're lucky, the product will actually match what the customer wanted & they'll still have an interest in trading it.

More often than not, either the customer's strategy will have changed while you were building the product, or the product wasn't built correctly. Either way, it becomes a low/zero volume market with no revenue almost immediately. (sad face)

As you can likely tell from the above, launching a good futures product that works is really hard. The design challenge mixed with competitive pressures forces exchanges to resort to largely copying what their rivals are making.

That's generally how a TradFi exchange launches products. How does FTX do it? Someone tweets at @SBF_FTX, SBF tells the product guy to build it, they build it, they launch it. No politics. No regulatory approval. No lost message in middle management. It's beautiful.