The article seeks to evaluate the interrelations, in the emerging economies, between the operations with instruments of financial derivatives, the speculation process and the current crisis, It was subdivided in two sections, in addition to this introduction and the final considerations. In the first section, the concepts of hedge, speculation and arbitrage are presented. The potential risks resulting from the “financialized” and speculative structure of the companies in the use of derivatives are explored as well, In the second section, some cases of losses detected by the companies operating in those markets are studied, as well as their macroeconomic impacts and their developments on the emerging economies, more specifically on the exchange rate, the credit squeeze and the risk perception. In the final considerations, the intensification of the process of “financialization” of the companies and the importance of new mechanisms for the regulation and supervision of those markets are pointed out.