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Perhaps there should be a blanket law that limits trading to only methods that are specifically allowed. Any proposed new 'instrument' would have to gain approval before it can be used. This would stop the regulators from always having to play catch-up.
Of course such regulation would have to be international; agreed on and inplemented by all the worlds major economies (at least). After Copenhagen I think it is easy to see the probability of that happening. IMHO this just shows up the problems with national governance of issues with an international scope.
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