Italian regulator to use CDS data

Interdealer broker GFI has started providing credit default swap (CDS) data to the Commissione Nazionale per le Società e la Borsa, the Italian securities market regulator (Consob)- possibly for market surveillance purposes.

GFI provides Consob with intraday files of all the data on CDS bids, offers and trades that its broking desks collect. While the data does not include trade volumes or individual counterparties, users can get a feel for liquidity by looking at the frequency of trading and the number of bids and offers in the market.

Industry sources believe the regulator sought this information to improve its monitoring of the CDS market. In particular, the regulator may be seeking to take a more active approach

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