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A Thumbnail Sketch of Derivative Securities and Their Regulation
Romano, Roberta
Romano, Roberta
Abstract
Derivative securities-financial instruments whose value derives from some other, more fundamental, asset-have gone from obscurity and the arcane to the front pages of newspapers and the forefront of the legislative agenda in a very short time span. This change has occurred because a diverse set of investors, from hedge funds, corporations, and money market mutual funds to non-profit organizations, have posted large losses on derivative investments.