The FT has reported:
Pressure to regulate the $62,000bn credit derivatives market mounted on Tuesday as the main US market regulator called on Congress to pass laws to supervise the industry.
Christopher Cox, chairman of the Securities and Exchange Commission, told the Senate banking committee that "significant opportunities" for manipulation existed in the market for credit default swaps, which offers a kind of insurance against companies defaulting on their debt.
Some might say it's a bit late to be saying that.
Some of us got there earlier. Why didn't the regulators?
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