I assumed he was talking about the futures market. The SP500 and Mini-SP500 contracts. The volumes are high -- I don't know if they're in the trillions (dependi

I assumed he was talking about the futures market. The SP500 and Mini-SP500 contracts. The volumes are high -- I don't know if they're in the trillions (depending on how you count them) -- but they're high. That would constitute "synthetic indexing" in the sense you are talking about.