Note that I ain't a great fan of naked shorts, that said, tough regulation on derivatives and attempts to limit the volatility of these instruments without adressing the underlying assets trouble looks more like banning a cure because of its unsatisfactory secondary effects hoping the ban may cure the cancer... which you'll admit has cery little chance to succeed. To start with the very first motive to create theses (CDS) instruments was to attract more investors that would otherwise have turned their attention elsewhere and therefore raise more capital, not fuel "speculation" with sophisticated tools to spoil any "interests" public or private.
Do naked shorts volume on derivatives enough to undermine the underlying assets market, I doubt it, if so regulate, if not, don't waste time, address the underlying assets issues, the fix is by far the best regulation ever of the derivatives markets.
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