The New York Times has a good article about how the big banks are setting the rules for establishing the clearinghouses that trade derivatives. The article is actually a good example of the potential social costs from markets in which some parties have lots of market power (oligopoly and monopoly) and how they can capture profits by controlling entry to the market and making prices non-transparent.
The article also has a good supporting graphic that shows how the old system for derivatives worked compared to how the new market should work. A good teaching tool. Here it is:
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