Waste Management Regulations
In the Washington Post of Saturday, July 11, 2009, in an article headed “Geither Pushes Derivatives Plan” a staff writer, Zachary A. Goldfarb, says that “trading in derivatives -- which are essentially contracts between two investors betting on whether a stock, bond or other security will go up or down in value - has mushroomed into the world's largest market, estimated to be in the tens of trillions of dollars.”
This statement tends to create the impression that derivatives are essentially gambling instruments for ‘investors’ and probably belong more in casinos than in financial institutions. Nothing could be further from the truth.
The Nature of Derivatives
Derivatives instruments have been used for risk management in agriculture for millennia. Forward contracts and options to buy and sell were known to the ancient Greeks and recognised by Roman law.
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