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Unlike stocks, bonds or other assets, derivatives have a peculiar characteristic. Since the value of a futures or options contract is inherently derived by reference to the price of the underlying asset or to a particular event, for every winner on a derivatives contract, there must be a loser. In contrast, investors holding a stock that goes up can all benefit from the increase in the stock's value. However, in order to go long on a derivative (in other words, to bet that its value will go up), there must be someone on the other side of the trade willing to go short (or bet that its value will go down). During the term of the contract, the price of the reference asset may fluctuate significantly. In order to protect against the default of one or other party, when the price moves against one side of the contract, the losing party is usually required to post collateral in order to provide security that they can meet their obligation. The growth of derivatives markets has, therefore, multiplied the demand for high quality assets that can be posted to meet collateral requirements.