EU support for naked CDS sets up collision with Parliament

Draft text would allow uncovered CDS but sketches out new reporting regime that could spook hedge funds

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Finance ministers on the European Union's Economic and Financial Affairs Council (Ecofin) yesterday voted to allow the 'naked' buying of sovereign credit default swaps (CDS), putting them on a collision course with members of the European Parliament, who voted in March for restrictions that amount to a blanket ban. Market participants remain worried that the Council's stance – which includes sweeping new reporting rules and would still allow countries to impose temporary bans on naked CDSs –

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