Cox Urges Congress To Regulate Credit Default Swaps

Law360, New York (October 8, 2008, 12:00 AM EDT) -- As the temporary ban on short-selling was set to expire at midnight Wednesday, the chairman of the U.S. Securities and Exchange Commission continued to urge Congress for greater oversight of the $60 trillion unregulated credit default swap market that is partly to blame for the nation's current credit crisis.

At an SEC conference Wednesday to discuss securities disclosure issues for investors, SEC Chairman Christopher Cox pressed Congress to act immediately to ensure that the market for credit default swaps becomes more transparent through regulation. Currently, neither...
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