SEC Narrows Probe, Subpoenas CDS Interdealers

Law360, New York (November 24, 2008, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has reportedly narrowed its probe into the possible manipulation of the vastly unregulated $60 trillion credit default swap market by issuing subpoenas to interdealer credit derivative brokers that helped firms trade financial instruments in September.

The subpoenas come on the heels of similar requests made by New York Attorney General Andrew Cuomo in early November seeking to determine whether the smaller firms took part in manipulating or were used to manipulate the market, including whether they spread false information to...
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