The document discusses various currency derivatives used by multinational corporations (MNCs) and speculators. It explains forward contracts, currency futures, and options markets. Forward contracts allow MNCs to lock in exchange rates for future currency needs. Currency futures are standardized contracts traded on exchanges that MNCs can use to hedge currency positions. Options provide the right to buy or sell a currency at a set price and are used for hedging or speculation. The document compares features of different currency derivatives and how MNCs and speculators apply them.