Secretive Banking Control Of Derivatives Market

December 11th, 2010
in News, Banking

New York Times -  On the third Wednesday of every month, the nine members of an elite Wall Street society gather in Midtown Manhattan to protect the interests of big banks in the vast market for derivatives, one of the most profitable — and controversial — fields in finance. They also share a common secret: The details of their meetings, even their identities, have been strictly confidential.

In theory, this group exists to safeguard the integrity of the multitrillion-dollar market. In practice, it also defends the dominance of the big banks, giants like JPMorgan Chase, Goldman Sachs and Morgan Stanley


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