Table of Contents 1. Introduction; Derivatives Contracts; History of Derivatives; Financial Derivatives; Types of Markets; Kinds of Products; Derivatives and Wager; Scope of the study; 2. Standard Market Documentation; Origin and Development; ISDA Documentation; Architecture of ISDA Documentation; 3. Set-Off and Netting; Set-Off; Classes of Set-Off; Advantages of Set-Off and Netting; Disadvantages of Set-Off and Netting; Netting; Set-Off Netting; Insolvency Set-Off and Netting; Set-Off and Netting Mutuality; Non-Mutual Multilateral Netting and Clearing Houses; Indian Scenario; 4. OTC Derivatives and Central Counterparty; Introduction; Central Clearing for OTC Derivatives; Benefits of CCPs; Challenges with CCPs; Assessment of CCPs; Overview of CCP Risk; 5. Conclusion.