2020 CFA Level I Exam: Study Session 16. Derivatives - Reading 48. Derivative Markets and Instruments

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	1. Introduction a. define a derivative and distinguish between exchange-traded and over-the-counter derivatives;
	2. Exchange-Traded versus Over-the-Counter Derivatives a. define a derivative and distinguish between exchange-traded and over-the-counter derivatives;
	3. Forward Commitments b. contrast forward commitments with contingent claims; c. define forward contracts, futures contracts, options (calls and puts), swaps, and credit derivatives and compare their basic characteristics;
	4. Contingent Claims b. contrast forward commitments with contingent claims; c. define forward contracts, futures contracts, options (calls and puts), swaps, and credit derivatives and compare their basic characteristics;
	5. Purposes and Criticisms of Derivative Markets d. describe purposes of, and controversies related to, derivative markets;
	6. Arbitrage e. explain arbitrage and the role it plays in determining prices and promoting market efficiency.

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