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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