From this document, you will learn about derivatives, their types, and their uses in financial markets. It covers the basics of futures and options, the role of exchanges and over-the-counter (OTC) markets, and the importance of central clearing counterparties (CCPs) in managing risk. The document also discusses the regulatory framework for derivatives in the EU, including MiFID II, MiFIR, and EMIR, and the key challenges for policymakers in this area.