I want to warn people about another derivatives sub-market, one that gets far less attention than the purportedly $36-trillion market (or whatever the current claimed number is) for credit default swaps. It is something called "shares".
You may not have heard of them, so here is a description:
A share is itself a derivative, composed of several underylings: capital value changes, dividends, an option that it might be taken over upping the price, and a set of entertaining variable tax consequences, since dividends and capital growth/lose are taxes quite differently from each other and for different classes of investor.
Sneaky of capital markets regulators to be trying to trick us into going from safe credit default swaps over to tricky derivatives like shares. Those things sound nasty.