Derivatives are synthetic financial instruments that are derived from a so-called underlying asset (e.g. shares, interest rates, currencies) (Latin: derivare = to derive). This means that the price development of a derivative (e.g. a share option) depends on the price development of the underlying asset (share). Derivative financial instruments include forward transactions that are traded on an exchange (e.g. EUREX) (so-called futures) or agreed directly between two parties (so-called forwards) as well as options. Options can also be traded on an exchange or between individual counterparties. If derivatives are not traded on an exchange, they are referred to as OTC transactions (over-the-counter).

Options are tradable uncertificated securities. Generally, a distinction is made between call options and put options. They give the buyer of an option the right (but not the obligation) to acquire (call option) or sell (put option) an underlying asset at a certain time at a certain price. The following rights and obligations arise: The buyer receives a right and pays a premium for it. The seller (writer, option writer) enters into an obligation and receives a premium for it.

Call option: can buy securities at the fixed price / must sell securities at the fixed price.

Put option: can sell securities at the fixed price / must buy securities at the fixed price.