Select$-$ hat$($~~$)$ asset markets exist for wheat, autos, and real estate, while $-$Select$-$ hat$(**)$ asset markets deal with stocks, bonds, and mortgages. $-$ Select$-$ hat$(**)$ markets are markets where assets are sold for almost immediate delivery, while $-$select$-$ hat$()$ markets are markets in which participants agree today to buy or sell an asset months from now. $$ markets are the markets for intermediate$-$ or long$-$term debt and corporate stocks, while $$ markets are the markets for shortterm, highly liquid debt securities$.q,$ markets are markets in which existing, already outstanding securities are traded among investors, while $$ markets are the markets in which corporations raise new capital. In $$ markets transactions are negotiated directly between two parties, while

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markets are markets where standardized contracts are traded on organized exchanges.

Financial markets have experienced many changes in recent years. Technological advances in computers and telecommunications, along with the globalization of banking and commerce, have led to deregulation, which has $$ competition throughout the world.

An important trend in securities is the increased use of $,$ which are securities whose values stem from the price of some other underlying asset. These securities can be used to reduce risks or to speculate. The purpose of a $$ operation is to reduce risk exposure.