--Rob McGlinchey
European regulatory authorities will be given powers to summon firms or financial services individuals to provide explanations and supporting documents setting out the purpose and the underlying risks to their credit default swap trading activities, according to a European Commission draft bill for naked short selling obtained by Derivatives Week. The move is to determine whether firms are trading CDS for hedging or so-called speculative purposes, with the latter possibly being subject to financial penalties if regulators deem the respective firm or individual to have broken ....