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Chet -- Yes you have hit on a key point that is not widely known. The size of the global derivatives market is hard to pin down, but at least one mathematician, Paul Wilmott, puts it at $1.2 quadrillion. That's a 2012 estimate. It is probably higher now.
Wilmott puts that in perspective, "the world’s annual gross domestic product is between $50 trillion and $60 trillion."
"The size of the derivatives market is a huge threat to the world economy: One of the biggest risks to the world’s financial health is the $1.2 quadrillion derivatives market. It’s complex, it’s unregulated, and it ought to be of concern to world leaders …."
Assessing fees to these transactions and otherwise regulating them makes good sense, but with the power that these global players wield, I don't see that happening anytime soon.