The International Swaps and Derivatives Association’s executive director and CEO, Bob Pickel, has said the organisation supports the efforts of the President’s Working Group towards overseeing and regulating credit default swaps in the US.
Pickel has been an outspoken defender of the CDS market against allegations that it is opaque and harbours dangerous risks. In Congressional testimony, he has argued that the market is soundly based, that its existing regulatory structure is healthy and that it should not be blamed for exacerbating the financial crisis.
However,...