The paper traces the intertwined evolution of financial risk management and the financial derivatives markets. Spanning from the late 1960s to the early 1990s, this paper reveals the social, political and organizational factors that underpinned the exponential success of one of today's leading...

Investment is no longer a matter of individual savers directly choosing which shares or bonds to buy. Rather, most of their money flows through a "chain": an often extended sequence of intermediaries. What goes on in that chain is of huge importance: The world's investment managers, who are now...