Germany's Federal Financial Supervisory Authority (BaFin) on Tuesday night temporarily banned credit default swaps (CDS) that do not serve to hedge against default risk. The regulator also outlawed short sales of eurozone debt securities.
The steps were "justified given the extraordinary volatility in debt securities issued by eurozone countries," the regulator said. In addition, "massive short sales of the affected debt securities and the conclusion of naked credit default risk on eurozone coun
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