[jyl]

SEC now asking Congress for authority to regulate credit default swap market.

A good idea, IMO. When a market gets as large as CDS, and is able to effectively kill companies and/or threaten stability of the financial system, it should be made transparent and regulated.

Earlier, NY Insurance Commissioner declared that some CDS are "insurance" and sellers must be licensed as insurers, I think is an attempt to force regulation of CDS even if logic is questionable.