The existing rules are designed not to make it transparent or resilient, but to make it more profitable for large institutions like Goldman Sachs and JP Morgan. So intervention is needed to formalize the CDS market and force appropriate collateralization, so that no government has to step in to rescue any counterparty.
当然，CDS市场并不完善。事实上这并非一个真正有组织性的市场，而只是一种不正式的虚拟交易。现行的交易制度在设计之初并非使得这个市场更加透明有效，而是为了使得控制这个市场的大机构获利。因此CDS需要外部介入使得CDS市场更加规范化，并且使其合理的向其他地方延伸发展，从而使得政府不再需要介入市场进行救援。但是监管CDS市场并不意味着取缔它。这样做只会为下一轮泡沫埋下种子。