Chicago: New Financial Capital of the World? (Derivative time Bombs)

Chicago: New Financial Capital of the World?

Buffet calls derivatives "financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal � time bombs.

All it took was the Chicago Mercantile Exchange joining forces with the Chicago Board of Trade and Bam! -- Chicago, not New York, becomes the largest financial market in the world once the merger is approved.
It's all because of derivatives, a sophisticated and controversial investment product that few people outside financial services even understand.

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