Abstract
Since the 1970's, the trade of derivative securities has over expanded and has characterised most of the transactions in the world financial marketplaces. However, derivatives do not constitute a new notion in the financial world, since they first appeared in the 17th century, with the trade of commodities. Hence, cultivators, to hedge risks -that means to protect themselves from variations between the sale price and the delivery price- looked for a solution, a contract that would guarantee them a minimum price, so that they can still make profit. Derivatives securities are instruments whose values are derived from the values of other relates securities. There are various types of derivatives but the two most popular ones are financial options and futures. The former can be defined as a "contract that gives its holder the right to purchase (call option) or sell (put option) a specified asset under specified conditions".
