Market set to reject SEC’s anti-fraud CDS rules ... again

Industry groups dislike retread of rules around fraud and manipulation, and want a longer comment period

Going against the flow

Credit default swap (CDS) market participants are warning that US regulatory proposals, designed to combat the potential for fraud and manipulation in single-name CDS, risk instead stifling the market.

The proposed Securities and Exchange Commission rules would shine a light on traders building up large single-name positions, and are designed in part to avoid the so-called manufactured credit events of recent years – where hedge funds engineered payouts on CDS contracts. Similar draft rules

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