"The question of transparency in the single-name CDS markets is a misplaced one and the wrong place to look for where the problems lie...The problems lie in the CDO markets, particularly the bespokes, and this regulation effort does nothing to fix that."
--Tim Backshall, chief strategist at Credit Derivatives Research, responding to U.S. Treasury Secretary Timothy Geithner's plans to regulate the over-the-counter market.
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