The credit default swap market is viable but stressed, and its opacity continues to be a threat to itself and to the economy. There is broad agreement that greater transparency could be achieved through a dedicated clearing house, but the earliest it will be up and running is late July, and that is too long to wait.

It is time for the regulators to assert themselves and tell market participants to start clearing credit default swaps — or CDS — now. Too many financial institutions look too shaky, and lifting the veil of institutions' exposure could help avert another meltdown.

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