Derivatives and Systemic Risk A couple of days ago I posted a video and framework for thinking through systemic risk when the next financial crisis unfolds. (A) Does our updated and modern regulatory frameworks post Dodd-Frank substantially eliminate the risk of Chaos in the markets? OR (B) Is the pace of markets, size of markets, too much for our regulatory and political governance and a crisis could lead to Chaos in the markets. The Big Print or the Great Taking or some version of that? I am not an insider - but I am an informed observer and I have my opinions and biases. Personally, I am not inclined to trust the assurances of regulators and market participants because of what happened in 2008. They let us down and I just don’t trust them. But I don’t want that lack of trust to turn into an ill-informed paradigm about our markets. Later today @JoeCarlasare will host a Spaces with Noel Smith @NoelConvex from Convex Trading and I will ask some questions about my risk concerns in the derivatives markets. My goal is to learn - I have zero expectation to win any arguments.