(Bloomberg View) -- Global regulators are turning their attention to an important piece of unfinished business: ensuring that a bad bet on derivatives can't upset the entire financial system. They've hit on a good solution -- as long as they can prevent it from becoming a threat in itself.

The 2008 financial crisis proved that derivatives had gotten out of control. Some participants were making huge bets -- say, on the likelihood of bond defaults -- without putting up collateral to guarantee payment if the bets went wrong.

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