Despite the seeming ubiquity of OTC derivatives, practioners often find that the products suffer from an unfortunate aspect: complexity. The perceived opacity of derivatives transactions is regrettable because it at best slows and at worst preempts full-scale and intelligent adoption of OTC derivatives. With some guidance, however, the efficacy and elegance of today’s OTC derivatives and their market-standard documents can be revealed to all. In this article, author Norman Menachem Feder seeks to provide that guidance.