Inside the Secretive Circle That Rules a $14 Trillion Market
- Verdicts affect retirees with investments in bond mutual funds
- Critics say 15-member ISDA committee has conflicts trading CDS
The Secretive Circle That Rules a $14 Trillion Market
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Fifteen of the biggest players in the $14 trillion market for credit insurance are also the referees.
Firms such as JPMorgan Chase & Co. and Goldman Sachs Group Inc. wrote the rules, are the dominant buyers and sellers and, ultimately, help decide winners and losers.