Critics have blamed credit-default swaps for contributing to the current market crisis, but a report released Monday by a consortium of global financial regulators said the management of credit-default swaps during the recent credit events has been smooth and orderly, with no major operational disruptions.

The report from the Senior Supervisors Group was based on discussions with major derivatives dealers, buy-side firms and an industry association. The group comprises regulators from the United States, Canada, France, Germany, Japan, Switzerland and the United Kingdom.

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