Commercial Banks Savings Institutions Mutual Funds Securities Firms Activity in Option Market Pension Funds Insurance Companies Hedge against potential interest rate fluctuations that could negatively affect their portfolios by taking options positions on futures contracts. Serve as brokers between financial market participants that take options positions in options markets. U Take speculative stock index options positions in an attempt to drastically increase their portfolio returns. 0 0 Hedge against potential stock price fluctuations that could negatively affect their portfolios by taking stock index options positions. U O n U 0 Commercial Banks Savings Institutions Mutual Funds Securities Firms Activity in Option Market Pension Funds Insurance Companies Hedge against potential interest rate fluctuations that could negatively affect their portfolios by taking options positions on futures contracts. Serve as brokers between financial market participants that take options positions in options markets. U Take speculative stock index options positions in an attempt to drastically increase their portfolio returns. 0 0 Hedge against potential stock price fluctuations that could negatively affect their portfolios by taking stock index options positions. U O n U 0