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I wouldn't call it a derivative, but it is an undated unit redeemable in air fares. Therefore it embodies credit and it can behave as money. The only obstacle is that it is a named instrument, not a bearer instrument. But if you make them tradeable it becomes closer to being money.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Mon Oct 26th, 2009 at 05:29:05 PM EST
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