The purpose of this article is to describe the current status of the legal regime governing the Colombian Derivatives Market. To this end, it explains the current structure of the market, beginning with a brief description of national regulation, national authorities and main market participants, and the types of derivatives regulated. Throughout this description, we shall identify some preliminary failures of domestic derivatives market regulation, namely: 1) Over-comprehensive definition of financial derivatives and its impact on the regulation; 2) Verification of whether clearing and settlement systems provided by securities Law 964 of 2005 have complied with the aim to provide effective management of credit, legal, liquidity, operational and systemic risks; 3) Absence of regulation for clearing houses after the derogation of the Decree 2893 of 2007 and the inexistent replacement regulation; 4) The express mention of ISDA master agreement as standard used by market actors and the potential incompatibility with national laws; 5) Potential issues caused by the definition of “others” basic derivatives included in the Financial and Accounting Circular Number 100 of 1995 issued by the Financial Superintendency of Colombia.