If these products that gotto be so large can have that much impact on systemic risk in the U.S. financial system, I think the dealers have to accept that central clearing and some transparency is a price of wanting to be in those businesses.
One last thought: Although the Roach-Frankel duo went on to address currencies and exchange rates, the two never gotto a basic risk factor in the current fragile period: What if the U.S. dollar, under the weight of private and public misallocation of resources, were to collapse?