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The use of derivative financial instruments by corporate finance officers, treasurers and fund managers has led to some well-publicized disasters. The dramatic collapse of Barings has shown just how significant the limitations of bank risk-management systems are, and at the same time raised questions about the adequacy of self regulation in fast derivative markets. In their award-winning essay "The Wild Beast of Derivatives", the authors contributed to the debate on the regulatory implications of derivatives. In this work they expand on their original ideas, placing derivatives in a wider historical and economic context and reflect on the dramatic implications these powerful instruments may have for the conduct of monetary policy and the future of world banking.