Better yet, outlaw altogether all derivatives that are based on speculation! The financial crisis of 2008 was directly a result of the use of toxic derivatives instruments called CDOs.
JPMorgan to BofA Get Delay on Rule Isolating Derivatives
By Silla Brush - Bloomberg
JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS) and Bank of America Corp. won a delay of Dodd-Frank Act requirements that they wall off some derivatives trades from bank units backed by federal deposit insurance.
Commercial banks including the Wall Street firms may get as long as an additional two years -- until July 2015 -- to comply with the rules, the Office of the Comptroller of the Currency said in a notice yesterday. The so-called pushout provision was included in the 2010 financial-regulation law as a way to limit taxpayer support for risky derivatives trades.
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