This one day workshop introduces into the benchmark approach, which provides a general framework for financial market modelling. It allows for a unified treatment of derivative pricing, portfolio optimization and risk management. It extends beyond the classical asset pricing theories, with significant differences emerging for longer dated products and risk measures. A new Law of the Minimal Price emerges for derivative pricing. A Diversification Theorem allows forming a proxy for the numeraire portfolio. The richer modelling framework of the benchmark approach allows the derivation of tractable, realistic models for equity indices, exchange rates, equities and the interest rate term structure fully under the real world probability measure. It will be explained how the approach differs from the classical risk neutral approach. Examples on long term and extreme maturity derivatives demonstrate the important fact that a range of contracts can be less expensively priced and hedged in reality than suggested by classical theory.