Pressure to regulate the $62,000bn credit derivatives market mounted yesterday as the main US market regulator called on Congress to pass laws to supervise the industry.
Christopher Cox, chairman of the Securities and Exchange Commission, told the Senate Banking Committee yesterday that “significant opportunities” for manipulation existed in the market for credit default swaps, which offers a kind of insurance against companies defaulting on their debt.
The credit derivatives sector – which first sprung to life a decade ago – has hitherto been largely unsupervised, since the activity is conducted via private, “over-the-counter” deals between banks, rather than on a central exchange.
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