What may a financial market include?

A financial market encompasses a wide array of trading activities and instruments. The trading of stocks, bonds, and derivatives is a fundamental aspect of financial markets, where investors buy and sell these securities to raise capital, manage risk, and facilitate financial transactions.

Stocks represent ownership in a company, allowing investors to benefit from its growth. Bonds are loans made to corporations or governments, providing interest income to investors. Derivatives are financial contracts whose value is derived from an underlying asset, enabling investors to hedge risks or speculate on price movements.

This combination of instruments and the trading activity around them are central to the functionality and purpose of financial markets, which aim to efficiently allocate resources and provide liquidity to the economy. The other options, while related to financial activities, do not capture the comprehensive scope of a financial market. Retail sales and e-commerce primarily pertain to commercial transactions unrelated to investment securities. Corporate mergers and acquisitions are specific corporate actions rather than a reflection of a market's broader trading activities. Currency markets, while significant, are merely a subset of the diverse trading activities that occur within financial markets.