Part 1 The cotton trade: History and background: History of the cotton trade from origin to the twentieth century; The cotton trade today. Part 2 The global picture: The cotton environment: Macro issues; Trends in the world cotton market; Cotton agronomy and production; Cotton consumption. Part 3 The physical trade: Cotton as an industrial raw material; Cotton quality; Cotton pricing. Part 4 Derivatives: The New York Board of Trade; Cotton futures and options as hedging tools; Over-the-counter derivatives; Technical trading. Part 5 Administration and management: Cotton controlling; Freight and insurance; Payments and documents; Taxation, accounting, finance and risk management; Contracts and arbitration. Part 6 Appendices: Pricing and risk management glossary; International cotton organizations and associations; Cotton trading organizations; The rise and fall of cotton futures exchanges; The increasing role of cotton exchanges in China; Cotton promotion; The enforceability of arbitration awards; World cotton supply and use; Conversion factors.