New York State and the SEC call for Urgent Regulation of Credit Default Swaps

New York State and the SEC call for Urgent Regulation of Credit Default Swaps

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WilmerHale has defended clients in hundreds of class, derivative, shareholder and individual actions alleging securities fraud, breach of fiduciary duty and other corporate misconduct.
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The Securities and Exchange Commission ("SEC") and New York State have both called this week for urgent regulation of the approximately $60 trillion credit default swap ("CDS") market, which is being blamed by some for significantly contributing to the ongoing financial crisis. On Monday, New York Governor Paterson announced that New York will begin to regulate one part of the CDS market starting on January 1, 2009. He urged the federal government quickly to adopt regulations covering the remainder of this market. For more on testimony given before the Senate Committee on Banking, Housing, and Urban Affairs on September 23, 2008, by SEC Chairman Cox, see our recent Email Alert.

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