In financial markets, those who mastered the sophisticated instruments (such as derivatives) that emerged in the era of liberalisation were also able to cash in.

在金融市场上，那些掌握了产生于自由化时代的复杂金融工具(如衍生产品)的人同样也能够大捞一笔。

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Many large banking organizations are sophisticated participants in financial markets, including the markets for derivatives and securitized assets.

许多大型银行都是金融市场的老手，包括衍生性金融产品及证券化资产市场。

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They would also engage in complex derivatives that let clients bet on the direction of financial markets or let them hedge the risk of complicated trading strategies.

他们还搞复合衍生产品，让客户赌金融市场的走向或者对冲复杂化的交易策略的风险。

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Using unique alphanumeric identifiers for financial firms would improve OTC derivatives markets, make it easier for regulators to see aggregated risk, and, once systems were changed over, would simplify record keeping, improve operational efficiency for firms and eliminate a lot of reconciliation work, according to a report the BIS issued from the Committee on Payment and Settlement Systems and the Technical Committee of IOSCO.

FORBES: BIS and IOSCO Dither on Requiring Legal Entity Identifiers (LEI)

Far harder to quantify, and potentially more worrying, is the financial sector's exposure to the equity markets (or other financial markets) through the use of derivatives.

ECONOMIST: The extraordinary edginess of crowds

In theory, the derivatives markets have strengthened the financial system, by allowing risk to be dispersed away from the banks.

ECONOMIST: The credit squeeze