The original function of derivative instruments is the securing of risks (“hedging”), for example against fluctuating market prices, exchange rates etc., thus representing an important tool for the economy as a whole. In contrast, since the beginning of the nineties of the last century, the financial economy discovered derivatives among others for two functions, by which the speculative character came increasingly to the fore:<br /><ol> <li>as a means of portfolio management, which means taking out (if possible) all risks from one’s own books in order tie up as little equity as possible to keep as much capital as possible available for new transactions.</li> <li>as a commodity independent of the underlying transaction: business partners dealing with derivatives do not bear a risk from an underlying transaction but trade in the hope of rising or falling prices of the derived securities.</li></ol>