Derivative (finance)

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v•d•e

A derivative is a financial instrument - or more simply, an agreement between two people or

two parties - that has a value determined by the price of something else (called the
underlying).[1] It is a financial contract with a value linked to the expected future price
movements of the asset it is linked to - such as a share or a currency. There are many kinds of
derivatives, with the most notable being swaps, futures, and options. However, since a
derivative can be placed on any sort of security, the scope of all derivatives possible is nearly
endless. Thus, the real definition of a derivative is an agreement between two parties that is
contingent on a future outcome of the underlying.

Referring to derivatives as stand-alone assets would be a misconception, since a derivative is

incapable of having value of its own. However, some more commonplace derivatives, such as
swaps, futures, and options, (which have a theoretical face value that can be calculated using
formulas, such as Black-Scholes), have been traded on markets before their expiration date as
if they were assets. Amongst the earlier derivatives, rice futures have been traded on the
Dojima Rice Exchange since 1710.[citation needed]

Contents
• 1 Categorization
• 2 Uses
o 2.1 Hedging
o 2.2 Speculation and arbitrage
• 3 Types of derivatives
o 3.1 OTC and exchange-traded
o 3.2 Common derivative contract types
o 3.3 Examples
• 4 Valuation
o 4.1 Market and arbitrage-free prices
o 4.2 Determining the market price
 o 4.3 Determining the arbitrage-free price
• 5 Criticism
o 5.1 Possible large losses
o 5.2 Counter-party risk
o 5.3 Large notional value
o 5.4 Leverage of an economy's debt
• 6 Benefits
• 7 Definitions
• 8 See also

• 9 References

[edit] Categorization
Derivatives are usually broadly categorized by the:

• relationship between the underlying and the derivative (e.g., forward, option, swap)
• type of underlying (e.g., equity derivatives, foreign exchange derivatives, interest rate
derivatives, commodity derivatives or credit derivatives)
• market in which they trade (e.g., exchange-traded or over-the-counter)
• pay-off profile (Some derivatives have non-linear payoff diagrams due to embedded
optionality)

Another arbitrary distinction is between:[2]

• vanilla derivatives (simple and more common) and

• exotic derivatives (more complicated and specialized)

There is no definitive rule for distinguishing one from the other, so the distinction is mostly a
matter of custom.[citation needed]

[edit] Uses
Derivatives are used by investors to

• provide leverage or gearing, such that a small movement in the underlying value can
cause a large difference in the value of the derivative
• speculate and to make a profit if the value of the underlying asset moves the way they
expect (e.g., moves in a given direction, stays in or out of a specified range, reaches a
certain level)
• hedge or mitigate risk in the underlying, by entering into a derivative contract whose
value moves in the opposite direction to their underlying position and cancels part or
all of it out
• obtain exposure to underlying where it is not possible to trade in the underlying (e.g.,
weather derivatives)
• create optionability where the value of the derivative is linked to a specific condition
or event (e.g., the underlying reaching a specific price level)

[edit] Hedging
Hedging is a technique that attempts to reduce risk. In this respect, derivatives can be
considered a form of insurance.

Derivatives allow risk about the price of the underlying asset to be transferred from one party
to another. For example, a wheat farmer and a miller could sign a futures contract to
exchange a specified amount of cash for a specified amount of wheat in the future. Both
parties have reduced a future risk: for the wheat farmer, the uncertainty of the price, and for
the miller, the availability of wheat. However, there is still the risk that no wheat will be
available because of events unspecified by the contract, like the weather, or that one party
will renege on the contract. Although a third party, called a clearing house, insures a futures
contract, not all derivatives are insured against counter-party risk.

From another perspective, the farmer and the miller both reduce a risk and acquire a risk
when they sign the futures contract: The farmer reduces the risk that the price of wheat will
fall below the price specified in the contract and acquires the risk that the price of wheat will
rise above the price specified in the contract (thereby losing additional income that he could
have earned). The miller, on the other hand, acquires the risk that the price of wheat will fall
below the price specified in the contract (thereby paying more in the future than he otherwise
would) and reduces the risk that the price of wheat will rise above the price specified in the
contract. In this sense, one party is the insurer (risk taker) for one type of risk, and the
counter-party is the insurer (risk taker) for another type of risk.

Hedging also occurs when an individual or institution buys an asset (like a commodity, a
bond that has coupon payments, a stock that pays dividends, and so on) and sells it using a
futures contract. The individual or institution has access to the asset for a specified amount of
time, and then can sell it in the future at a specified price according to the futures contract. Of
course, this allows the individual or institution the benefit of holding the asset while reducing
the risk that the future selling price will deviate unexpectedly from the market's current
assessment of the future value of the asset.

Derivatives traders at the Chicago Board of Trade.

Derivatives serve a legitimate business purpose. For example, a corporation borrows a large
sum of money at a specific interest rate.[3] The rate of interest on the loan resets every six
months. The corporation is concerned that the rate of interest may be much higher in six
months. The corporation could buy a forward rate agreement (FRA). A forward rate
agreement is a contract to pay a fixed rate of interest six months after purchases on a notional
sum of money.[4] If the interest rate after six months is above the contract rate, the seller pays
the difference to the corporation, or FRA buyer. If the rate is lower, the corporation would
pay the difference to the seller. The purchase of the FRA would serve to reduce the
uncertainty concerning the rate increase and stabilize earnings.

[edit] Speculation and arbitrage

Derivatives can be used to acquire risk, rather than to insure or hedge against risk. Thus,
some individuals and institutions will enter into a derivative contract to speculate on the value
of the underlying asset, betting that the party seeking insurance will be wrong about the
future value of the underlying asset. Speculators will want to be able to buy an asset in the
future at a low price according to a derivative contract when the future market price is high,
or to sell an asset in the future at a high price according to a derivative contract when the
future market price is low.

Individuals and institutions may also look for arbitrage opportunities, as when the current
buying price of an asset falls below the price specified in a futures contract to sell the asset.

Speculative trading in derivatives gained a great deal of notoriety in 1995 when Nick Leeson,
a trader at Barings Bank, made poor and unauthorized investments in futures contracts.
Through a combination of poor judgment, lack of oversight by the bank's management and by
regulators, and unfortunate events like the Kobe earthquake, Leeson incurred a $1.3 billion
loss that bankrupted the centuries-old institution.[5]

[edit] Types of derivatives

[edit] OTC and exchange-traded

In broad terms, there are two distinct groups of derivative contracts, which are distinguished
by the way they are traded in the market:

• Over-the-counter (OTC) derivatives are contracts that are traded (and privately
negotiated) directly between two parties, without going through an exchange or other
intermediary. Products such as swaps, forward rate agreements, and exotic options are
almost always traded in this way. The OTC derivative market is the largest market for
derivatives, and is largely unregulated with respect to disclosure of information
between the parties, since the OTC market is made up of banks and other highly
sophisticated parties, such as hedge funds. Reporting of OTC amounts are difficult
because trades can occur in private, without activity being visible on any exchange.
According to the Bank for International Settlements, the total outstanding notional
amount is $684 trillion (as of June 2008).[6] Of this total notional amount, 67% are
interest rate contracts, 8% are credit default swaps (CDS), 9% are foreign exchange
contracts, 2% are commodity contracts, 1% are equity contracts, and 12% are other.
Because OTC derivatives are not traded on an exchange, there is no central counter-
party. Therefore, they are subject to counter-party risk, like an ordinary contract, since
each counter-party relies on the other to perform.

• Exchange-traded derivative contracts (ETD) are those derivatives instruments that

are traded via specialized derivatives exchanges or other exchanges. A derivatives
exchange is a market where individuals trade standardized contracts that have been
defined by the exchange.[7] A derivatives exchange acts as an intermediary to all
 related transactions, and takes Initial margin from both sides of the trade to act as a
guarantee. The world's largest[8] derivatives exchanges (by number of transactions) are
the Korea Exchange (which lists KOSPI Index Futures & Options), Eurex (which lists
a wide range of European products such as interest rate & index products), and CME
Group (made up of the 2007 merger of the Chicago Mercantile Exchange and the
Chicago Board of Trade and the 2008 acquisition of the New York Mercantile
Exchange). According to BIS, the combined turnover in the world's derivatives
exchanges totaled USD 344 trillion during Q4 2005. Some types of derivative
instruments also may trade on traditional exchanges. For instance, hybrid instruments
such as convertible bonds and/or convertible preferred may be listed on stock or bond
exchanges. Also, warrants (or "rights") may be listed on equity exchanges.
Performance Rights, Cash xPRTs and various other instruments that essentially
consist of a complex set of options bundled into a simple package are routinely listed
on equity exchanges. Like other derivatives, these publicly traded derivatives provide
investors access to risk/reward and volatility characteristics that, while related to an
underlying commodity, nonetheless are distinctive.

[edit] Common derivative contract types

There are three major classes of derivatives:

1. Futures/Forwards are contracts to buy or sell an asset on or before a future date at a

price specified today. A futures contract differs from a forward contract in that the
futures contract is a standardized contract written by a clearing house that operates an
exchange where the contract can be bought and sold, whereas a forward contract is a
non-standardized contract written by the parties themselves.
2. Options are contracts that give the owner the right, but not the obligation, to buy (in
the case of a call option) or sell (in the case of a put option) an asset. The price at
which the sale takes place is known as the strike price, and is specified at the time the
parties enter into the option. The option contract also specifies a maturity date. In the
case of a European option, the owner has the right to require the sale to take place on
(but not before) the maturity date; in the case of an American option, the owner can
require the sale to take place at any time up to the maturity date. If the owner of the
contract exercises this right, the counter-party has the obligation to carry out the
transaction.
3. Swaps are contracts to exchange cash (flows) on or before a specified future date
based on the underlying value of currencies/exchange rates, bonds/interest rates,
commodities, stocks or other assets.

More complex derivatives can be created by combining the elements of these basic types. For
example, the holder of a swaption has the right, but not the obligation, to enter into a swap on
or before a specified future date.

[edit] Examples

The overall derivatives market has five major classes of underlying asset:

• interest rate derivatives (the largest)

• foreign exchange derivatives
• credit derivatives
 • equity derivatives
• commodity derivatives

Some common examples of these derivatives are:

CONTRACT TYPES
UNDERLYING Exchange- Exchange-
OTC swap OTC forward OTC option
traded futures traded options
Option on
DJIA Index Stock option
DJIA Index Back-to-back
future Warrant
Equity future Equity swap Repurchase
Single-stock Turbo
Single-share agreement
future warrant
option
Option on Interest rate
Eurodollar Eurodollar cap and floor
Interest rate Forward rate
Interest rate future future Swaption
swap agreement
Euribor future Option on Basis swap
Euribor future Bond option
Credit default
Option on swap Repurchase Credit default
Credit Bond future
Bond future Total return agreement option
swap
Foreign Currency Option on Currency Currency Currency
exchange future currency future swap forward option
Iron ore
WTI crude oil Weather Commodity
Commodity forward Gold option
futures derivatives swap
contract

Other examples of underlying exchangeables are:

• Property (mortgage) derivatives

• Economic derivatives that pay off according to economic reports[9] as measured and
reported by national statistical agencies
• Freight derivatives
• Inflation derivatives
• Weather derivatives
• Insurance derivatives[citation needed]
• Emissions derivatives[10]

[edit] Valuation
Total world derivatives from 1998-2007[11] compared to total world wealth in the year 2000[12]

[edit] Market and arbitrage-free prices

Two common measures of value are:

• Market price, i.e. the price at which traders are willing to buy or sell the contract
• Arbitrage-free price, meaning that no risk-free profits can be made by trading in these
contracts; see rational pricing

[edit] Determining the market price

For exchange-traded derivatives, market price is usually transparent (often published in real
time by the exchange, based on all the current bids and offers placed on that particular
contract at any one time). Complications can arise with OTC or floor-traded contracts though,
as trading is handled manually, making it difficult to automatically broadcast prices. In
particular with OTC contracts, there is no central exchange to collate and disseminate prices.

[edit] Determining the arbitrage-free price

The arbitrage-free price for a derivatives contract is complex, and there are many different
variables to consider. Arbitrage-free pricing is a central topic of financial mathematics. The
stochastic process of the price of the underlying asset is often crucial. A key equation for the
theoretical valuation of options is the Black–Scholes formula, which is based on the
assumption that the cash flows from a European stock option can be replicated by a
continuous buying and selling strategy using only the stock. A simplified version of this
valuation technique is the binomial options model.

[edit] Criticism
Derivatives are often subject to the following criticisms:

[edit] Possible large losses

See also: List of trading losses

The use of derivatives can result in large losses because of the use of leverage, or borrowing.
Derivatives allow investors to earn large returns from small movements in the underlying
asset's price. However, investors could lose large amounts if the price of the underlying
moves against them significantly. There have been several instances of massive losses in
derivative markets, such as:

• The need to recapitalize insurer American International Group (AIG)

with $85 billion of debt provided by the US federal government.[13] An AIG
subsidiary had lost more than $18 billion over the preceding three quarters on
Credit Default Swaps (CDS) it had written.[14] It was reported that the
recapitalization was necessary because further losses were foreseeable over
the next few quarters.
• The loss of $7.2 Billion by Société Générale in January 2008 through
mis-use of futures contracts.
• The loss of US$6.4 billion in the failed fund Amaranth Advisors,
which was long natural gas in September 2006 when the price plummeted.
• The loss of US$4.6 billion in the failed fund Long-Term Capital
Management in 1998.
• The loss of US$1.3 billion equivalent in oil derivatives in 1993 and
1994 by Metallgesellschaft AG.[15]
• The loss of US$1.2 billion equivalent in equity derivatives in 1995 by
Barings Bank.[16]

Members of President Clinton's Working Group on Financial Markets: Larry Summers, Alan
Greenspan, Arthur Levitt, and Robert Rubin, have been criticized for torpedoing an effort to
regulate the derivatives' markets, and thereby helping to bring down the financial markets in
Fall 2008. President George W. Bush has also been criticized because he was President for 8
years preceding the 2008 meltdown and did nothing to regulate derivative trading. Bush has
stated that deregulation was one of the core tenets of his political philosophy.

[edit] Counter-party risk

Some derivatives (especially swaps) expose investors to counter-party risk.

For example, suppose a person wanting a fixed interest rate loan for his business, but finding
that banks only offer variable rates, swaps payments with another business who wants a
variable rate, synthetically creating a fixed rate for the person. However if the second
business goes bankrupt, it can't pay its variable rate and so the first business will lose its fixed
rate and will be paying a variable rate again. If interest rates have increased, it is possible that
the first business may be adversely affected, because it may not be prepared to pay the higher
variable rate.

Different types of derivatives have different levels of counter-party risk. For example,
standardized stock options by law require the party at risk to have a certain amount deposited
with the exchange, showing that they can pay for any losses; banks that help businesses swap
variable for fixed rates on loans may do credit checks on both parties. However, in private
agreements between two companies, for example, there may not be benchmarks for
performing due diligence and risk analysis.
[edit] Large notional value

Derivatives typically have a large notional value. As such, there is the danger that their use
could result in losses that the investor would be unable to compensate for. The possibility that
this could lead to a chain reaction ensuing in an economic crisis, has been pointed out by
famed investor Warren Buffett in Berkshire Hathaway's 2002 annual report. Buffett called
them 'financial weapons of mass destruction.' The problem with derivatives is that they
control an increasingly larger notional amount of assets and this may lead to distortions in the
real capital and equities markets. Investors begin to look at the derivatives markets to make a
decision to buy or sell securities and so what was originally meant to be a market to transfer
risk now becomes a leading indicator. (See Berkshire Hathaway Annual Report for 2002)

[edit] Leverage of an economy's debt

Derivatives massively leverage the debt in an economy, making it ever more difficult for
the underlying real economy to service its debt obligations, thereby curtailing real economic
activity, which can cause a recession or even depression. In the view of Marriner S. Eccles,
U.S. Federal Reserve Chairman from November, 1934 to February, 1948, too high a level of
debt was one of the primary causes of the 1920s-30s Great Depression. (See Berkshire
Hathaway Annual Report for 2002)

[edit] Benefits
The use of derivatives also has its benefits:

• Derivatives facilitate the buying and selling of risk, and many people[who?] consider this
to have a positive impact on the economic system. Although someone loses money
while someone else gains money with a derivative, under normal circumstances,
trading in derivatives should not adversely affect the economic system because it is
not zero sum in utility.
• Former Federal Reserve Board chairman Alan Greenspan commented in 2003 that he
believed that the use of derivatives has softened the impact of the economic downturn
at the beginning of the 21st century.[citation needed]

[edit] Definitions
• Bilateral netting: A legally enforceable arrangement between a bank and a counter-
party that creates a single legal obligation covering all included individual contracts.
This means that a bank’s obligation, in the event of the default or insolvency of one of
the parties, would be the net sum of all positive and negative fair values of contracts
included in the bilateral netting arrangement.
• Credit derivative: A contract that transfers credit risk from a protection buyer to a
credit protection seller. Credit derivative products can take many forms, such as credit
default swaps, credit linked notes and total return swaps.
• Derivative: A financial contract whose value is derived from the performance of
assets, interest rates, currency exchange rates, or indexes. Derivative transactions
include a wide assortment of financial contracts including structured debt obligations
and deposits, swaps, futures, options, caps, floors, collars, forwards and various
combinations thereof.
 • Exchange-traded derivative contracts: Standardized derivative contracts (e.g. futures
contracts and options) that are transacted on an organized futures exchange.
• Gross negative fair value: The sum of the fair values of contracts where the bank
owes money to its counter-parties, without taking into account netting. This represents
the maximum losses the bank’s counter-parties would incur if the bank defaults and
there is no netting of contracts, and no bank collateral was held by the counter-parties.
• Gross positive fair value: The sum total of the fair values of contracts where the bank
is owed money by its counter-parties, without taking into account netting. This
represents the maximum losses a bank could incur if all its counter-parties default and
there is no netting of contracts, and the bank holds no counter-party collateral.
• High-risk mortgage securities: Securities where the price or expected average life is
highly sensitive to interest rate changes, as determined by the FFIEC policy statement
on high-risk mortgage securities.
• Notional amount: The nominal or face amount that is used to calculate payments
made on swaps and other risk management products. This amount generally does not
change hands and is thus referred to as notional.
• Over-the-counter (OTC) derivative contracts: Privately negotiated derivative contracts
that are transacted off organized futures exchanges.
• Structured notes: Non-mortgage-backed debt securities, whose cash flow
characteristics depend on one or more indices and / or have embedded forwards or
options.
• Total risk-based capital: The sum of tier 1 plus tier 2 capital. Tier 1 capital consists of
common shareholders equity, perpetual preferred shareholders equity with non-
cumulative dividends, retained earnings, and minority interests in the equity accounts
of consolidated subsidiaries. Tier 2 capital consists of subordinated debt,
intermediate-term preferred stock, cumulative and long-term preferred stock, and a
portion of a bank’s allowance for loan and lease losses.

[edit] See also

Book:Finance
Books are collections of articles that can be
downloaded or ordered in print.

• Dual currency deposit

• Forward contract
• FX Option

[edit] References
1. ^ McDonald, R.L. (2006) Derivatives markets. Boston: Addison-Wesley
2. ^ Taylor, Francesca. (2007). Mastering Derivatives Markets. Prentice Hall
3. ^ Chisolm, Derivatives Demystified (Wiley 2004)
4. ^ Chisolm, Derivatives Demystified (Wiley 2004) Notional sum means there is no actual
principal.
5. ^ News.BBC.co.uk, "How Leeson broke the bank - BBC Economy"
6. ^ BIS survey: The Bank for International Settlements (BIS) semi-annual OTC derivatives
statistics report, for end of June 2008, shows $683.7 trillion total notional amounts
 outstanding of OTC derivatives with a gross market value of $20 trillion. See also Prior
Period Regular OTC Derivatives Market Statistics.
7. ^ Hull, J.C. (2009). Options, futures, and other derivatives . Upper Saddle River, NJ :
Pearson/Prentice Hall, c2009
8. ^ Futures and Options Week: According to figures published in F&O Week 10 October 2005.
See also FOW Website.
9. ^ "Biz.Yahoo.com". Biz.Yahoo.com. 2010-08-23. http://biz.yahoo.com/c/e.html. Retrieved
2010-08-29.
10. ^ FOW.com, Emissions derivatives, 1 December 2005
11. ^ "Bis.org". Bis.org. 2010-05-07. http://www.bis.org/statistics/derstats.htm. Retrieved 2010-
08-29.
12. ^ "Launch of the WIDER study on The World Distribution of Household Wealth: 5
December 2006". http://www.wider.unu.edu/events/past-events/2006-events/en_GB/05-12-
2006/. Retrieved 9 June 2009.
13. ^ Derivatives Counter-party Risk: Lessons from AIG and the Credit Crisis
14. ^ Kelleher, James B.. ""Buffett's Time Bomb Goes Off on Wall Street" by James B. Kelleher
of Reuters". Reuters.com.
http://www.reuters.com/article/newsOne/idUSN1837154020080918. Retrieved 2010-08-29.
15. ^ Edwards, Franklin (1995), "Derivatives Can Be Hazardous To Your Health: The Case of
Metallgesellschaft", Derivatives Quarterly (Spring 1995): 8-17,
http://www0.gsb.columbia.edu/faculty/fedwards/papers/DerivativesCanBeHazardous.pdf
16. ^ Whaley, Robert (2006). Derivatives: markets, valuation, and risk management. John Wiley
and Sons. p. 506. ISBN 0471786322. http://books.google.com/books?id=Hb7xXy-
wqiYC&printsec=frontcover&source=gbs_ge_summary_r&cad=0#v=onepage&q&f=false.

v•d•e
Derivatives market

Derivative (finance)

Options Credit spread · Debit spread · Exercise ·

Expiration · Moneyness · Open interest ·
Terms
Pin risk · Risk-free rate · Strike price · The
Greeks · Volatility

Bond option · Call · Employee stock

Vanilla optionsoption · Fixed income · FX · Option
styles · Put · Warrants

Asian · Barrier · Binary · Cliquet ·

Compound option · Forward start option ·
Exotic options
Interest rate option · Lookback · Mountain
range · Rainbow option · Swaption

Collar · Fence · Iron butterfly · Iron

Combinationscondor · Straddle · Strangle · Covered
call · Protective put

Options spreadsBackspread · Bear spread · Bull spread ·

Butterfly spread · Calendar spread ·
Diagonal spread · Ratio spread · Vertical
 spread · Intermarket Spread

Binomial · Black · Black–Scholes · Finite

Valuation of optionsdifference · Put–call parity · Simulation ·
Trinomial

Basis swap · Constant maturity swap · Credit default swap ·

Currency swap · Equity swap · Forex swap · Inflation swap ·
Swaps
Interest rate swap · Total return swap · Variance swap ·
Volatility swap · Correlation swap · Conditional variance swap

Backwardation · Commodity futures · Contango · Currency

Forwards and future · Financial future · Forward market · Forward price ·
Futures Forward rate · Interest rate future · Margin · Pricing of
Forwards · Pricing of Futures · Single-stock futures

CLN · Contract for difference · CPPI · Credit derivative · ELN ·

Equity derivative · Foreign exchange derivative · Fund
Other derivatives
derivative · Inflation derivatives · Interest rate derivative ·
PRDC · Real estate derivatives · Real options

Tax policy · Consumer debt · Corporate debt · Government

Market issues
debt · Late 2000s recession
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