衍生品有两个分类：远期承诺和或有求偿权，两者的区别是，远期承诺是一种义务，到期时需要以约定的价格来交割，而或有求偿权是一种权利而不是义务，根据到期日的价格交易者可以选择是否交割。

  Forward commitment（远期承诺）：

  Class of derivatives that provides the ability to lock in a price to transact in the future at a previously agreed-upon price.

  远期承诺：

  合同双方包含多头和空头，双方约定好了未来某一时点的以特定的价格进行交易的合约，这个合约到期时会执行，执行时按照约定的固定价格执行，这个固定价格就是远期价格。

  远期承诺中包括三种：远期、期货、互换。

  远期合约：场外交易合约，合约双方约定在未来某一时刻按约定的价格买卖约定数量的金融资产。

  期货：是以某种大众产品如棉花、大豆、石油等及金融资产如股票、债券等为标的标准化可交易合约；

  互换：场外交易合约，当事人按照共同商定的条件，在约定的时间内定期交换现金流的金融交易，可分为货币互换、利率互换、股权互换、信用互换等。

  Contingent claim（或有求偿权）：

  Derivatives in which the payoffs occur if a specific event occurs; generally referred to as options.

  或有求偿权：

  是一种可以以特定价格购买或出售标的资产的权利，支付依赖于标的资产的情况。是一种权利而不是义务，如果你背负了一项债务或是签订了类似的合约，你的出借人或是债权人对你的资产可能有的求偿权，这个求偿权依赖于未来的某些事件是否发生，一些特定事件的发生会触发求偿权，比如说债务人的破产。

  期权是最主要的或有求偿权。

  例：In contrast to contingent claims, forward commitments provide the:

  A. right to buy or sell the underlying asset in the future.

  B. obligation to buy or sell the underlying asset in the future.

  C. promise to provide credit protection in the event of default. to contingent claims, forward commitments provide the:

  解析：B is correct. Forward commitments represent an obligation to buy or sell the underlying asset at an agreed upon price at a future date.

  A is incorrect because the right to buy or sell the underlying asset is a characteristic of contingent claims, not forward commitments.

  C is incorrect because a credit default swap provides a promise to provide credit protection to the credit protection buyer in the event of a credit event such as a default or credit downgrade and is classified as a contingent claim.

  根据定义B正确，远期承诺代表了买方及卖方在到期日有义务进行交割的合约；A说明的是或有求偿权的特质，C中会提供信用保护的是信用违约互换。