Banks Gear Up for Credit Default Swaps Rule Fight

The last thing banks want to happen: regulation of credit default swaps.

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Timothy Geithner has been setting the American regulatory agenda for systemic market risk for some months now. In mid-May the 47-year-old secretary of the Treasury put forward a conceptual blueprint for regulating over-the-counter trading in the vast global derivatives market, focusing not just on troublesome credit default swaps but also on all derivatives that can be easily standardized, centrally cleared and even moved onto exchanges.

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