Introduces and explores financial risk management using derivative instruments, which are contracts whose values derive from prices of underlying assets and goods such as equities, currencies, debt, and commodities. Focuses on the valuation and application of the principal derivative building blocks, which includes fixed-income securities, futures and forward contracts, options, and structured financial products. Covers market structure and how these products are specifically used by corporations and financial institutions to control financial market risks. Explores current global developments and new product innovations. Introduces some state-of-the-art technology, such as large language models, in financial markets.