Derivatives are financial instruments whose value is derived from the value of something else. They generally take the form of contracts under which the parties agree to payments between them based upon the value of an underlying asset or other data at a particular point in time. The main types of derivatives are futures, forwards, options and swaps.
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A financial security, such as an option, or future, whose value is derived in part from the value and characteristics of another security, the underlying order.
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