Regulators from the U.S., the U.K. and Europe are in talks, trying to coordinate how they would regulate the credit default swap market.

Representatives from the Federal Reserve Bank, the Commodity Futures Trading Commission, the U.K. Financial Services Authority, the German Federal Financial Services Authority, Deutsche Bundesbank, the New York State Banking Department, the Securities and Exchange Commission, the European Central Bank and the Hungarian Financial Services Authority met on Jan. 12 at the Federal Reserve Bank of New York to share information and discussed methods of cooperation within the regulatory community, according to a FRBNY release.

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