Wall Street looks to be quietly making gains in its attempt to keep regulatory interference to a minimum in a $30 trillion derivatives market at the heart of the financial crisis.

The fact that I haven't even mentioned the name of the market yet speaks to one of the main reasons Wall Street is winning: it is benefitting from the fact that Main Streeters and their representatives in Congress are too bored by the topic to do anything about it.

Credit default swaps, or CDS -- there, I said it -- are a really geeky business. They are essentially promises by one party to pay another, if some third party should fail to pay its debts.

CDS have gotten some mainstream attention, including a 60 Minutes report last year, but masses of people are never going to be calling up the representatives in Congress telling them to ban credit default swaps. AIG ( AIG) bonuses are much easier to get riled up about.

Never mind that the reason people are riled up about AIG bonuses is because AIG had to be bailed out -- because it wrote too many credit default swaps to companies like Goldman Sachs ( GS).

Some regulatory proposals are circulating. House Agriculture Chairman Rep. Collin Peterson (D., Minn.) and his counterpart in the Senate, Tom Harkin (D.,Iowa) have each put forward plans to bring some order and accountability to this market. Wall Street prefers the House version, which of course is less restrictive.

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