My view--and I would like your comments--if we had the normal reserve and capital requirements that insurance companies have to abide by when they sell an insurance product--and the CDS is an insurance product--and you had those capital requirements in place, and then you had on top of that the margin requirements on exchanges that further add a protection, that would drop the scale of these things back.
Conaway suggests implementing capital and margin requirements for credit default swaps to mitigate risks.
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