The new Basel rules are rightly designed to ensure bank capital and liquidity structures better reflect risks and reduce the systemic exposure for taxpayers.

WSJ: Rock Star Draghi Needs a New Song for Europe

Similar practices also caused massive systemic exposure to credit default swaps (CDS), as traders bet on credit defaults without holding any of the underlying debt obligations.

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First, the bill would exempt swap participants whose derivatives exposure does not create systemic risk (almost any firm can make that claim).

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