Silent running: on the trail of the SEC’s missing CDS rules

The mysterious fate of the apocryphal 2013 clearing proposal, and what comes next

As astonishing as it may seem, almost a decade after the financial crisis, the single-name credit-default swap (CDS) market remains largely unregulated in the US.

For a certain class of non-bank counterparty, the product that brought American International Group to its knees – and threatened to capsize the entire US economy by destroying the company’s ability to honour hundreds of billions in insurance commitments – can still be traded without adhering to even the most rudimentary of trading

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here