Future options

If there's no smoke without fire, then the dense clouds currently billowing up on the subject of operational risk derivatives would suggest an almighty conflagration. "There is a huge amount of chatter about op risk derivatives," says Marcelo Cruz, head of op risk at Lehman Brothers in New York, "A lot of people have become interested in more sophisticated hedging alternatives since they advanced on their measurement models and got more comfortable with the outcomes."

As an example, data-sharing

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