Foreword
A lot has changed since the last edition; we have lost some of the very well-known banks, others have merged and some now even have government partners. A few CEOs have fallen on their swords whilst others have gone from strength to strength.
An undercurrent has developed, that somehow the global financial problems in 2008–09 were all caused by the derivatives markets. Not true; yes, some of the instruments which proved to be so dangerous did have a derivatives component, but some did not. You may recall that old saying, ‘What is more dangerous, the gun or the person shooting it?’
Derivatives can be used as part of risk management and risk mitigation strategies, they don’t have to be speculative, but ultimately it is down to the user ...
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