Today NSFM launched its Consultation Process to offer recommendations for a series of systemic changes to create smart, effective regulatory oversight of the markets. NSFM Consultation Paper No. 1, by Dr. Janis Sarra of the University of British Columbia Law School, is aimed at reforming the credit default swap (CDS) market. Dr. Sarra provides ten specific regulatory suggestions for stabilizing this market and ameliorating its harmful effects on operating companies and the financial system. Dr. Sarra's regulatory recommendations were discussed last week at a World Bank and International Monetary Fund Joint Task Force on Creditors' Rights and Insolvency of Non-Bank Financial Institutions attended by 95 delegates from 60 countries.