2013 | OriginalPaper | Chapter
Over-The-Counter Derivatives
Author : David Murphy
Published in: OTC Derivatives: Bilateral Trading & Central Clearing
Publisher: Palgrave Macmillan UK
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A derivative is a contractual relationship between two parties. Each entity makes a financial commitment. For instance, one may pay the other a sum of money in exchange for the right to buy something at a fixed price in the future; or both parties may promise to make a series of payments to the other.