document: Web service derivatives Web service development and usage has shifted from simple information processing services to high-value business services that are crucial to productivity and success . In order to deal with an increasing risk of unavailability or failure of mission-critical Web services we argue the need for advanced reservation of services in the form of derivatives . The contribution of this paper is twofold : First we provide an abstract model of a market design that enables the trade of derivatives for mission-critical Web services . Our model satisfies requirements that result from service characteristics such as intangibility and the impossibility to inventor services in order to meet fluctuating demand . It comprehends principles from models of incomplete markets such as the absence of a tradeable underlying and consistent arbitrage-free derivative pricing . Furthermore we provide an architecture for a Web service market that implements our model and describes the strategy space and interaction of market participants in the trading process of service derivatives . We compare the underlying pricing processes to existing derivative models in energy exchanges , discuss eventual shortcomings , and apply Wavelets to analyze actual data and extract long - and short-term trends .
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