Stock options and futures were integral to nineteenth-century exchanges (Weber 2000a,b), but the 1929 crash and the subsequent Great Depression reignited hostility to "speculation" in derivatives that looked like wagers on price movements. Even in the 1960s, market regulators such as the Securities and Exchange Commission (founded in response to the excesses and abuses of the 1920s) remained deeply suspicious of derivatives.

Donald MacKenzie, An Engine, Not a Camera, loc. 635