The CDS indices involved in the JPMorgan trades are already encompassed under CFTC’s anti-fraud and anti-manipulation regime, and a clearing house clears trades in the CDS indices.
Source: http://blogs.reuters.com/financial-regulatory-forum/2012/05/29/offshore-u-s-oversight-of-derivatives-may-bolster-defenses-against-jpmorgan-type-losses/
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