Now the Europe finally “gets it” they have banned naked CDS buying, they are banning ratings, and have decided the market would trade a lot better if all those pesky below par bond trades went away. You can still trade below par it just can’t be reported. As mentioned at least a month ago – sweeping under the rug has been added to kick the can in the arsenal of bazookas the EU can use to “fix” the problem.
Clearly my headline is a joke, but not much crazier than the real ones. The only smart thing was the idea of having rating agencies report any changes at a pre-set time, like any other economic release. I think his idea wasn’t quite that – but close enough for government work.