The objectives of the paper are as follows: an analysis of possibilities and conditions for development of derivatives on regional commodity exchanges and a proposition of extending derivatives assortment on commodity exchanges through implementation of lookback options in Poland. The paper discusses conditions that are favourable for or may restrain the development of derivatives on regional commodity exchanges. It also presents an example of lookback option pricing on the wheat market.

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... , it describes reasons of differences in the level of development of derivatives on agricultural markets in Europe and the United States.