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The paper that started this has already been mentioned on LtU:
(see http://lambda-the-ultimate.org/classic/messagx3090), but I
thought I would point out that there is now (well, since 2002)
a company dedicated to pushing the concept in the marketplace:
Lexify (obvious URL). Briefly, the idea is that all financial
instruments to date can be described using a set of just 15
combinators. The benefits of such a description are obvious.
Lexify's implementation is written in Caml.
The company seems to have trouble getting traction but that is
not unexpected (the main challenge with financial instruments is pricing, on which this work has no direct bearing) and it
does not detract from the coolness of the product. For one
thing, I know of only one other commercial product written in
ML; for another, although banking is a huge consumer of IT, much
of that is pretty tame. Sophisticated products like this are few.
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DSL for financial contracts