Derivatives: crisis scapegoats?

Oct 22 - Complex, opaque, shadowy - the largely unregulated world of credit derivatives has come to embody all that needs fixing in the broken financial system.

Concern over banks' exposure to the debt of others through such products as credit default swaps - a type of insurance against bond default - has been a major factor behind the collapse of inter-bank lending.

Now calls are growing to bring the multi-trillion dollar credit derivatives market into the bright sunlight of banking regulation.

Mark Cotton reports.