Although the financial futures and options markets have only existed since 1972, many current participants have little understanding of their genesis. This work offers an historical perspective that aims to provide important insights into the basic functioning of the markets. Petzel explains how these relatively new market investment products originated, how they are used and how the markets in which they are traded work. Beginning with an overview of the first 15 years of financial futures, Petzel examines both successes and failures, developing a basic hypothesis of what components are necessary for success. The next two chapters present the fundamentals of futures and options, and subsequent chapters address equities market strategies, interest rate strategies and foreign currency futures and options. In the final chapter the author discusses accounting, tax and regulatory issues that affect the development and trading of financial futures and options.