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NY Investigators Home In On CDS Brokers

Law360 (November 13, 2008, 12:00 AM EST) -- Narrowing a probe into possible manipulation of the vastly unregulated $60 trillion credit default swap market, New York state officials are reportedly focusing on brokers that help firms trade financial instruments.

New York attorney general Andrew Cuomo recently subpoenaed trading data and other communications from eight so-called interdealer brokers in order to determine whether the smaller firms took part in or were used to manipulate the market, including spreading false information to influence CDS prices during August and September, the Wall Street Journal reported Thursday, citing...
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