“I don’t think the administration is caught up on the naked CDS issue. I believe they understand the value of having a large and diverse number of market participants, including speculators, to provide liquidity and depth for people who need to hedge.”

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“I don’t think the administration is caught up on the naked CDS issue. I believe they understand the value of having a large and diverse number of market participants, including speculators, to provide liquidity and depth for people who need to hedge.”

—Robert Pickel, executive director and ceo of the International Swaps and Derivatives Association, on the Obama administration’s plan to regulate CDS.

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