BANZAI7 NEWS -- A ban on “naked” trading in the $26.4 trillion credit-default swaps market being considered by U.S. lawmakers would have the unintended consequence of making it more difficult to speculate, gamble, and bring the global financial system to its knees traders said.
“It will deprive Wall Street banks of their primary means of hooligan toolery, significantly reduce liquidity in trader bonus pools, and further reduce the opacity” of other wealth diversion techniques that rely on credit swaps, said Tim Nutball, chief strategist at hedge fund adviser Credit Derivatives Research LLC in Swap Nut Farm, California, in an interview yesterday.
“The question of banning or not bannning naked swapping is up for sale,” Barney Frank, a Massachusetts Democrat, said in a Television interview yesterday.
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