U.S., UK, European Regulators May Jointly Oversee Credit Swaps

[Joanne98]

Feb. 19 (Bloomberg) -- U.S., UK, and European regulators may join forces to regulate the $28 trillion credit-default swap market, the Federal Reserve said today.

Regulators including the Fed, the U.K.’s Financial Services Authority, the German Federal Financial Services Authority and the European Central Bank met today to discuss a possible information sharing agreement, the Fed said in the statement on its Web site. The goal would be to apply consistent standards to the market and provide support across jurisdictions, the Fed said.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aoIzVOnqSHgg&refer=home

[Better Believe It]

1. Good. This is absolutely essential

K & R

[lxlxlxl]

2. So the EU already has a clearinghouse for EU based CDS, why not the US

There was this snide comment by Jim Cramer about "The US was in better shape than Europe" on hardball, and it came out of nowhere, and seemed to be a hissy fit about how the EU already set up a clearinghouse for their crap toxic assets, while the US still has its hands in its pants...

http://www.ft.com/cms/s/0/14f6ed04-fe8e-11dd-b19a-000077b07658.html

[notesdev]

3. There's only one clearinghouse we need

it's called 'bankruptcy court', where each and every last one of these insolvent institutions belongs, where a country that still followed its own damn laws would justly hold them accountable to the extent that it is possible.