Derivatives are still out of control

Despite ongoing efforts to step up regulation in the post-crisis global financial market, derivatives-hungry Wall Street is leveraged to the hilt and the problem of ‘too big to fail’ remains unresolved.

The Reserve Bank governor Glenn Stevens has called out in a speech yesterday that efforts to control financial derivatives trading following the 2008 credit crisis have fallen behind.

It was, in fact, a typical piece of central banker understatement: nothing much is happening on that front at all.

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