CDS: Fitting into the framework

US financial reform could eventually transform the way the credit derivatives market functions, but while regulators iron out the details of the recent Dodd-Frank bill, market participants are focused on their own operational improvements.


The passage of the Dodd-Frank financial reform act on July 21 has catapulted the north American credit derivatives market into a new quantum reality, where the uncertainty principle rules. Although overarching in scope, the legislation is deliberately short on detail, particularly in relation to the workings of the OTC market.

The new joint regulators of that market, the Securities and Exchange Commission and the Commodity Futures Trading Commission, have embarked on a frantic period of rule

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