Abstract Why Correlation Occurs in the Markets Correlation and Causation How Can We Define Correlation? Measuring Correlation Correlation Swaps, Pricing, and Their Risks Quantos, Pricing, and their Risks Differences between Instantaneous and Terminal Volatilities and Correlations Hedging a Portfolio of Correlation Swaps and Quantos Uncollateralised Derivatives and Note Discounting Explanation of the Risk-Neutral Measure What Does Discounting Really Represent? Pricing an Uncollateralised Cash Flow Graph of PV from Different CSAs Senior Unsecured Bonds: Equivalence to Uncollateralised Derivatives Funding a Trading Book A Diversion: St. Petersburg Paradox and Credit Risk Making Money for Whom? Chapter Summary