Derivatives in the Financial Crisis

What role did derivatives play in triggering the 2008 financial crisis? Specifically, what part did credit default swaps (CDSs) play in spreading risk to the rest of the financial system and causing the failure of major institutions? And, what effect will the regulations implemented after the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act have on future derivatives markets? - See more at: http://www.ncpa.org/pub/the-role-of-derivatives-in-the-financial-crisis#sthash.s8UiJoCh.dpuf