This work offers a comprehensive discussion of financial derivatives and the applicable U.S. laws and regulations, and the U.S. federal income taxation of derivatives. In addition, because many financial derivative transactions are "cross-border," this work includes chapters addressing the taxation of derivatives outside of the U.S. Financial products analyzed (and their regulation) include: futures, options, swaps, caps, straddles, and floors; hybrid and synthetic securities; asset-backed securities; and money market funds. Other topics include OTC derivatives markets, private investment funds, wash sales, mark-to-market rules, and business hedging.