Derivatives – CFA Level 1 Volume 5: 

Earlier courses described markets for financial assets related to equities, fixed income,
currencies, and commodities. These markets are known as cash markets or spot
markets in which specific assets are exchanged at current prices referred to as cash
prices or spot prices. Derivatives involve the future exchange of cash flows whose
value is derived from or based on an underlying value. This course defines
and describes features of derivative instruments and derivative markets.