US committee drafts proposed ban on naked CDSs

Peter Madigan
01 Feb 2009

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The US House of Representatives Committee on Agriculture has published a draft bill seeking to limit the holding of credit default swap (CDS) contracts to market participants owning the bonds of the reference entity in question.

In the draft of the Derivatives Markets Transparency and Accountability Act, the committee proposes a rule that would make it "unlawful for any person to enter into a credit default swap unless the person would experience financial loss if an event that is the subject of

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