Individual derivatives and repo transactions are hardly nefarious.

Dampening the repo market could be economically useful, because this funding has proven to be unstable Bear Stearns and Lehman Brothers used repo heavily in ways that made them unable to withstand investment reversals elsewhere in their business.

True, someone has to come first. Other financial players take on more risk because derivatives and repo players bankruptcy exemptions put them first.

But little of importance has yet been done to prevent the damage that derivatives and repo bankruptcy priorities could cause in another financial system meltdown.

We should be examining how to make derivatives and repo investors assume the full risk of their decisions when dealing with systemically vital financial institutions.

But the derivatives and repo markets present risks that are poorly understood, difficult to communicate in the media, and hard for politicians to debate and resolve.

If a Tobin tax induced financial institutions to finance themselves with more longer term debt and less overnight repo, it could play a significant stabilizing role.

In the United States, AIG, Bear Stearns, and Lehman Brothers all with large derivatives and or repo investments failed, freezing up credit markets for a scary few weeks.

This is particularly true of the repo markets, which provide the equivalent services for professional investors banks and large corporations that ordinary bank deposits provide for individuals and small firms.

In financial markets, an unexpected collapse in real estate securities and design defects in the derivatives and repo markets combined to damage core financial institutions ability make good on their payment obligations.

Financial firms sell assets, like Treasury bonds or real estate securities, for cash, and promise to buy those assets back (i.e., to repurchase them or, for short, to do a repo ), typically the following day.

But, with the cash coming from short term repos making up much of core financial firms balance sheets, tremors in financial markets could hit them hard, drying up repo financing for a few, as occurred in 2008.

Less visibly, it has acquired many times the current volume in so called repo operations, through which the ECB provides euros to struggling banks in a temporary and reversible exchange for the government bonds on their balance sheets.

The Treasury bills would be assigned a zero risk rating by the authorities and treated as the highest quality collateral for repo operations at the ECB. The banking system has an urgent need for risk free liquid assets.

Many of the largest, most precarious financial institutions now finance themselves via repo they buy a long term security (often government debt) and sell it, promising to buy it back the next day for a slightly higher price.

But the decision not to prohibit indirect purchases, opponents argue, may have been intended to allow the ECB to carry out weekly repo operations, following a practice used by the Banque de France to reduce fluctuations in short term interest rates.

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For example, investors holding derivatives and repo contracts with a weakened financial institution can grab the firm s assets ahead of and at the expense of its regular creditors, possibly sealing its fate, when, with a little extra time, the firm might have survived.

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