A derivative is a security which “derives” its value fromanother underlying financial instrument， index， or otherinvestment. Derivatives are available based on theperformance of stocks， interest rates， currencyexchange rates， as well as commodities contracts andvarious indexes. Derivatives give the buyer greaterleverage for a lower cost than purchasing the actualunderlying instrument to achieve the same position.For this reason， when used properly， they can serve to “hedge” a portfolio ofsecurities against losses. However， because derivatives have a date of expiration， thelevel of risk is greatly increased in relation to their term. One of the simplest formsof a derivative is a stock option. A stock option gives the holder the right to buy orsell the underlying stock at a fixed price for a specified period of time.

　　衍生工具是一种金融工具，它是从其他原生金融工具如指数衍生出来的。衍生工具的获得建立在证券、利率、汇率、商品合同以及各种指数。衍生工具给购买者一个杠杆效用促成以更低的成本购买实际需要的基础工具。那么如果正确使用衍生工具的话，就可以在投资组合中套期保值。可是衍生工具有一个截至日期，所以风险程度很大程度上取决于它的期限。最简单的衍生工具形式是股票期权。股票期权使得持有者有权在特定时期里以一个固定价格买卖底层股票。

　　financial derivatives

　　【财经】金融衍生性产品， 衍生性金融产品， 衍生性金融工具 （指以基础金融工具 （UnderlyingInstrument） 为前提， 并以基础金融工具为买卖对象， 价格也由基础金融工具的价格变动所决定的金融工具）