Bang to rights: Regulation in the CDS market

The credit derivatives market is trying desperately to gets its house in order, scrambling to soothe regulators and forestall their more draconian innovations. The sweeping changes to the market unveiled in the recent Big Bang protocol can be seen in this light. Now that they're in place, most in the market think the changes are probably healthy, but this would never have happened without the crisis.

So far, the standardisation of coupons in the North American CDS market has generated the most

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