meanwhile at the Commodity Futures Trading Commission...

CFTC Chief Calls for New Credit-Derivatives Rules

"Mr. Gensler's comments, to be made in a speech later Tuesday at a New York conference held by Markit, come as the European Union's executive arm threatened to ban some credit default swaps in a swipe at speculators who made huge bets against the euro amid Greece's debt crisis."

"His speech outlined several options for reining in credit-default swaps. But Mr. Gensler didn't suggest that the U.S. would go as far as banning some speculative uses of the products."

http://online.wsj.com/article/SB10001424052748704784904575112060918501130.html?mod=WSJ_hpp_MIDDLETopStories 

 interesting to note the inception date? 

Begs the Question of just how Effective this Commission is?