The New York Times for Sunday, has a great piece on the Derivatives market in the US. Its a must read in my opinion as it starts off by disclosing that a Cartel exists for Derivatives. A secret society of Major Bankers meeting at a fixed time to manage risk between the largest banks.
A Secretive Banking Elite Rules Trading in Derivatives
By LOUISE STORY
Published: December 11, 2010
On the third Wednesday of every month, the nine members of an elite Wall Street society gather in Midtown Manhattan. http://www.nytimes.com/2010/12/12/business/12advantage.html