Regulators need to work together on CDS transparency

GLOBAL - Credit derivatives did not the cause the present market turmoil, but the lack of transparency of this $2 trillion global market (measured by gross market value) has made it difficult for financial institutions to understand where the final risk and exposure lies, leading to a lack of confidence in the banking system. However, politicians have been keen to blame credit default swaps (CDS) - which account for 10% of all derivatives and are often traded over the counter - for the crisis