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:200321220657220043()WuhanUniversityJournal(Philosophy&SocialSciences)Vol.57.No.2Mar.2004.156161,(,430072)[](19552),,,,,;(19742),,,,[],12,2070,,,,,;,;,,,,[];;;[]F830[]A[]167227320(2004)0220156206(DerivativeFinancialInstruments,),,(InternationalSwapsandDerivativesAssociation,ISDA),,()12,;1617;19,,,,,,,,,,,,,,30,,,20701973,,,,,,1972516,(CME),(IMM),,19734,(CBOE)1975(CBOT)2070,()(ThePost-BrittonWoodsEra),,,,;,,,,,20702080,1981,(SolomonBrothersCo.)(IBM)19822080,122080,,,1989,45001990,,56002090,,,,,,,,2090199319,3199412,45,198540%198848201994140007512,:,1995,179900,1994,113000,59%,,,2000,5020,,,,1973,,1982,,,,,,(OTC)2070,(),,70,80,1994,,199346%,33639,1995()199457%2090,,90,,200112,1111150,237980,,,,,,,,,,,,19912002,35212238805,578%21530136876,535%710788645,1147%(CBOT),(LIFFE),(DTB),,,,,,,851()57,,,,,,,,2070,,,,,,,70,,1990,,Q,2080,,,,,,,,,,,2070,,70,,,,,,,,,,,,,1973,,,,,,24,,,,,,,:,(),;()9512,:,30,,,,,,,,,,,,20,GDP10,,,,,,,,,,,,,,,,,,,,,,,,200111,WTO,,,,,,,,WTO,[][1]Jarrow,Robert&StuartTurnbull.DerivativeSecurities[M].South2WesternCollegePublishing,1996.[2]Marshall,JohnF.,VipulK.Bansal.FinancialEngineering[M].AllynandBacon,1992.[3]Walmsley,Julian.TheNewFinancialInstrument[M].JohnWiley&Sons,1998.[4]Marshall,JohnF.FuturesandOptionConstruction[M].SouthwesternPublishingCo,1989.[5]TheU.S.GeneralAccountingOfficeReport.FinancialDerivatives:ActionsNeededtoProtecttheFinancialSystem[R].May1994.061()57[6]Eng,WilliamF.TheTechnicalAnalysisofStocks,Option&Futures[M].ProbusPublishing,1988.()DerivativeFinancialInstruments:Development,Evolution&ReasonsYEYong2gang,HUANGHe(WuhanUniversityBusinessSchool,Wuhan430072,Hubei,China)Biographies:YEYong2gang(19552),male,Professor,WuhanUniversityBusinessSchool,majoringinfinance;HUANGHe(19742),male,Doctoralcandidate,WuhanUniversityBusinessSchool,majoringinfinanceengineering.Abstract:Derivativeinstrumentsarekindsoffinancialinnovativeforms,whichderiveandcomeoutfromprimaryfinancialinstruments,andtheirpricesaredecidedbyprimaryfinancialinstrument.Theappearanceofthederivatives,cantracebacktothe12thcentury,butthefinancialderivativesinthemodernmeaningemergedintheseventiesofthe20thcentury.Afterthis,withglobalizationofeconomyandfinance,derivativesdevelopedrapidlyinthecountriesallovertheworld,andareplayingaveryimportantroleintheglobalfinancialmarkets.Therapiddevelopmentofderivativescanbesumuptothreereasons.Firstofall,financialliberalizationandincreasingoffinancialrisksthatarisefromthiscausederivativestransactiondeveloprapidly;Second,financialactivityglobalizationhaspromotedthedevelopmentofthefinancialtransactions;Third,developmentandinformationrevolutionofscienceandtechnologyoffertheobjectivematerialbaseforthedevelopmentofthefinancialderivativesmarkets.WiththequickeningofeconomicmarketizationandinternationalizedprocessofChina,developingthederivativeinstrumentsandcultivatingfinancialderivativesmarketswouldbeourinevitablechoice.Keywords:derivativeinstruments;internationalfinancialmarket;over2the2countermarket;financialliberalization1612,: