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But the biggest factor pushing trading away from the public exchanges is the ongoing decline in volatility in stock prices, traders say.
The source remained unknown, but it had apparently set off algorithmic trading strategies, which in turn rippled across everything, pushing trading out of whack and feeding on itself -- until it started to reverse.
The Treasury's draft legislation proposes to fix these problems by standardizing many derivatives and pushing trading into clearinghouses or organized exchanges, where more capital would be required and collateral would have to be posted often.
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The momentum behind globalisation is considerable; but pushing trade barriers lower depends on political will.
Mr. Obama has been cautious in pushing trade, reflecting Democratic Party concerns that trade liberalization has cost American jobs.
It passed the Senate eight months later.Mr Bush's team has not been slack in pushing trade deals.
He is also pushing trade unions and employers to agree on labour-market reforms to boost competitiveness.
And that partly explains why this administration has been mostly interested in pushing taxes, social spending and regulation — not pushing trade expansion, competitiveness and new company formation.
Bob Zoellick, Mr Bush's trade negotiator, has long argued that America can pursue "competitive liberalisation", pushing trade deals at bilateral, regional and global level simultaneously.
But Mr Bush's trade team also believes that freer global trade is best served by "competitive liberalisation": pushing trade deals at the bilateral, regional and global level simultaneously.America is merely the latest fan of a broader global trend.
Pushing trades through a clearinghouse is designed to help spread the risk of default among a wider group of participants instead of between two participants locked into a bilateral over-the-counter contract.
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