Ordering chaos

Learning from crises


Ask anyone to draw up a list of the top 10 financial crises and it's likely that derivatives would feature fairly prominently. Cincinnati-based consumer products giant Procter & Gamble's (P&G) $157 million loss on complex interest rate swaps in 1994, the collapse of hedge fund manager Long-Term Capital Management in 1998, and more recently the multi-billion-dollar failure of hedge fund manager Amaranth Advisors are just some of the instances that have created a perception among many outside the

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