Business Insurance

… the actual bonds or loans referenced by the swaps. The change would require institutions selling such contracts to be licensed as insurance companies. However, “naked swaps,” where the buyer or investor does not own the underlying bond, would remain free … the recent stock and credit market volatility has risen, regulators felt obligated to step in. In addition to state insurance departments, other regulators, such as the Federal Reserve, may become involved in the regulation of the CDS market. …

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