This book is about over-the-counter derivatives, which is arguably one of the most important modern markets in today's increasingly financialized world. It takes the readers deep into the origin, development, and growth of over-the-counter derivatives in the past one century and a half, with a particular focus on commodity related product innovations and the financial scams involved. Tracing the market boom and bust and shedding light on an alternative aspect of the commodity derivatives market evolution, this important new work is an accessible and comprehensive guide for anyone involved in the derivatives market, including traders, investment managers, banking institutions, and corporate risk management professionals. It is also an essential resource for regulators and finance researchers who are interested in the problems faced by the government in its regulatory efforts with financial innovations.