Take CDO as an example: As a guaranteed security for over-the-counter transactions, CDO delayed the onset of the financial crisis - when the ABS and other financial products purchased by people cannot be repaid, CDO can repay it on their behalf. This greatly reduces people's panic, so that people will not rush to sell the securities in their hands; at the same time, it also reduces people's expectations of risks, making people more blind when buying financial products. At the same time, for every ABS, you can do Multiple CDO guarantees will further expand the risk. In this way, when the financial crisis finally breaks out and the CDO cannot repay (the banks and insurance companies that issued the CDO go bankrupt), the impact on the entire society will be far greater than if there were no CDO. Condition.

In general, financial derivatives improve transaction efficiency, such as options and futures, making pricing more flexible; but at the same time, as a financial management tool that can be used for arbitrage, it has a speculative nature, which sometimes makes the situation During the speculation, asset prices seriously deviate from their value, accelerating the generation of bubbles.