As derivatives experts gather in Vienna on Wednesday for the annual meeting of the International Securities and Derivatives Association, a casual observer might deduce that the meeting is a technical event.

In reality, the event marks a critical juncture for the derivatives world. As the credit turmoil has swelled in recent months, it has cast a spotlight on many opaque corners of finance – such as the credit derivatives markets. This has left some politicians and financial officials asking if it is time to impose tighter controls on this previously largely unregulated sphere.