The globalization of the financial markets requires a very high level of training for all those linked to the decision-making process in this area. This study covers specific aspects of derivative products and combines them with others related to spot markets. It discusses issues such as the transfer of information between the spot and futures markets, arbitrage between markets, the term structure of interest rates and the creation of new products that help manage portfolios, such as the recently created strip bonds. The works on derivatives included in this volume were selected from among all those presented at the 3rd Financial Economy Days organized by the BBV Foundation in Bilbao in 1998.