Its charge for an equity stake in and derivatives transactions with Long-Term Capital Management was estimated at $685 million.

They disclosed derivatives transactions that could bring him millions if shareholders of his companies were to suffer from falling prices.

But the $24 trillion is based on "notional value," which vastly overstates the economic value of derivatives transactions.

Up to a 90 per cent reduction in derivatives transactions (based on the Swedish experience).

Securities firms were still using London and other foreign offices to book at least securities related derivatives transactions.

Others are unusual, such as requiring that "non-English- speaking customers receive adequate disclosure regarding the terms and risks of derivatives transactions."

I am particularly in favour of the idea of compulsory introduction of counterparty clearing facilities for handling derivatives transactions between market players.

The Wisconsin board moved to contain the loss in the fund by getting out of 10 losing derivatives transactions in the last several days.

The law in Ireland relating to financial derivatives transactions is generally clear and does not provide market participants with too many serious issues.

But when this ability seems doubtful, zombie institutions face runs by uninsured depositors and margin calls from counterparties in derivatives transactions.