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Derivatives, in a financial context, are contracts whose value is derived from an underlying asset or group of assets. This underlying asset can be a stock, bond, commodity, currency, interest rate, or market index. Derivatives do not have intrinsic value; their worth is solely dependent on the price movements of the underlying asset. They are commonly used for hedging, speculation, and arbitrage.

There are several common types of derivatives. Options give the buyer the right, but not the obligation, to buy or sell an underlying asset at a specified price (strike price) on or before a certain date. Futures contracts obligate the buyer to purchase and the seller to sell an asset at a predetermined price and date. Swaps involve the exchange of cash flows between two parties, often based on interest rates or currencies. Contracts for Difference (CFDs) allow traders to speculate on the price movements of underlying assets without owning them.

The primary purpose of derivatives is to manage risk. For instance, a farmer might use futures contracts to lock in a selling price for their crops, protecting them from price declines. Conversely, a company expecting to pay foreign currency in the future might use currency forwards to hedge against unfavorable exchange rate movements. Derivatives can also be used for speculative purposes, where traders aim to profit from anticipated price changes in the underlying asset, often involving higher risk. Arbitrage involves exploiting price discrepancies between a derivative and its underlying asset or between different derivative contracts to make a risk-free profit. The complexity and leverage inherent in many derivative products mean they can also amplify losses if market movements are unfavorable.