Anytime an investment is offered in which a return is projected without active work being required of the investor, a security is likely to have been created. Securities include stocks, mutual funds, bonds and treasury obligations although the latter are exempt from regulation by the securities authorities. Derivatives of such securities including options are likewise likely to be securities. The most common broker offenses include churning (excessive trading of an account of which he has control for the purpose of earning commissions); transactions not suitable for the investor in view of his experience, financial situation or objectives; and unauthorized trading. Currently arbitrated in almost all cases today, securities disputes require experts familiar with the industry and its customs and practices, Securities Exchange Commission and other regulatory rules, and knowledge of a broad range of market mechanisms and improper practices, as well as how to perform damage calculations and present powerfully to a mediator or arbitration panel.