PL> Could someone please tell me the difference if any 
 PL> between these three market areas (or are they 
 PL> one). a. Options
 PL>       b. Futures
 PL>       c. Derivitives

Others have given more complete definitions, but I believe Futures
Derivitives, and Synthetics are just general terms for the same
classes of things.  Obviously there are many different types of
instrument included under those general headings.
 
Options differ from futures contracts in that the final execution
is at the discretion of the options buyer. Contracts must be 
executed, once written. Anyone desiring to cancel a contract must
do so by writing a new contract in the opposite direction, with
the same date. That is, if you've  bought a "long" (buy) contract,
you have to sell a short (sell) contract to cancel it out.
Or vice versa.
 
This assumes you don't actually want to make or take delivery of
the traded commodity.
 
LM.

--- Maximus/2 2.02