In other words, the shady folks who crushed the global economy with their bizarre Credit Default Swaps that were based on lies and stupidity think that it's better to keep it all a big secret. Why not get ahead of a problem instead of waiting for new regulation? What are they hiding? As with other sleazy actions on Wall Street, they do it because they can get away with it. Especially now that the GOP is coming to town.
The world’s largest clearinghouse for credit-default swaps, ICE Trust, has had second thoughts about registering with regulators, citing concerns over new rules devised to bring transparency to the $600 trillion derivatives market.
ICE Trust, a division of the Intercontinental Exchange, the big derivatives exchange, applied to be a derivatives clearing organization with the Commodity Futures Trading Commission in November. Last week, the company quietly withdrew its application.
In a Thursday letter to the commission, which was released on Tuesday, a lawyer for ICE Trust said the company changed its mind because of “significant changes proposed to” regulations for clearing organizations.
