Wall Street to change credit default rules

Just like banks who won't charge you $30 for overdrawing your debit card by .02 now that Uncle Sam is sniffing around.

So the banks are going to change some rules.

And just play the "melt-up" in the market!!!

WSJ
Investors expressed frustration and anger Wednesday after reports that U.S. and European governments were eager to place new curbs on the use of credit-default swaps. But some on Wall Street acknowledged that changes to the arcane trading area are inevitable, with some suggesting remedies that might increase transparency while forestalling greater government intervention...

Yet political consensus for the need to improve oversight of the CDS industry is growing, as the lack of regulation is viewed as having exacerbated declines in stock or bond prices of companies and countries alike.