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"This is putting the cart before the horse. While the regulations should we welcomed, the issue is who is doing the regulating...It was through loopholes that the credit default swaps market was allowed to operate unregulated since 2000."

--Jamie Cawley, ceo at broker IDX Capital in New York, on the lack of clarity surrounding which U.S. government agency will be authorized by Congress to regulate over-the-counter derivatives.

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