Schapiro commentary: Regulation of swaps is needed

Mary Schapiro, chairman of the Securities and Exchange Commission, argues that legislation pending in the Senate would improve financial regulation, but it would leave gaps that must be closed. Schapiro writes that swaps need regulation. "As we have seen time and again, such swap deals can be rife with conflicts of interest and ripe for abuse so long as they are invisible to regulators and others in the market," Schapiro writes.

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