Over the past three decades, the market
for financial derivatives has developed at an amazing speed.
They could be used for hedging and other legitimate
purposes. However, they are also blamed for the current
financial crisis. This book proposes to analyze some
fundamental issues to the nature and root of financial
derivatives. This book would describe derivatives generally
as contracts to trade risk. From this perspective, this book
would use some case laws in the UK and US to explore the
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