BUSINESS
05/09/2009 05:12 am ET | Updated May 25, 2011

Credit Default Swaps To Get Rules

April 8 (Bloomberg) -- JPMorgan Chase & Co., Goldman Sachs Group Inc. and the eight other banks that have dominated the credit-default swaps market for a decade are now ceding some power to their clients as regulators push for transparency.

Pacific Investment Management Co., Elliott Management Corp. and three other investment firms will join 10 dealers this week on a committee that will make binding decisions for the first time on how contracts are settled. Such decisions have influenced payouts and, at times, had the potential to almost double the amount investors made or lost.

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