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June 29, 2023 (NO COMMENTS)
Investors trading credit default swaps (CDS) and their underlying cash instruments will have to tread carefully under a new anti-fraud rule issued by the US Securities and Exchange Commission (SEC), lawyers say. The rule was intended to combat fraud and manipulation in security-based swap markets, which include CDSs, but has faced industry criticism since it was first proposed over a decade ago. It was re-introduced in December 2021, partly to tackle manufactured default scenarios, where funds