Hedge Funds Say SEC's Swaps Crackdown Threatens Corporate Bond Market

Also, brokerages' MiFID reprieve is coming to an end; Capitol Account interviews Gensler tomorrow

The credit default swap market has long been considered one of the most sinister and shadowy corners of Wall Street. The complex products played a starring role in the 2008 financial crisis when insurer AIG was forced to take a government bailout after using the instruments to make a disastrous wager on subprime mortgages. And more recently, a handful o…