US watchdog calls for tighter CDS controls

Christopher Cox, chairman of the US Securities and Exchange Commission, has called for greater regulation of the credit default swap market.

In a testimony to the US Senate Banking Committee on September 23, Cox said there were "significant" opportunities for manipulation within CDS markets, which he described as being "completely lacking in transparency and completely unregulated".

As the buyer of a credit default swap could potentially profit on the default of the underlying bond without having

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