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This course covers derivative contracts including futures, forward contracts, option, and swap contracts. The focus of the course is on the use of these instruments by financial institutions. Basic valuation concepts and the use of derivatives for speculative purposes, hedging purposes, and arbitrage are discussed, as are the specifics of the contracts and the markets in which they trade. Financial derivatives such as interest rate, currency, and equity contracts, and some brief discussion of commodity contracts and specialty contracts such as insurance derivatives and credit derivatives are also discussed.