The chairman of the Securities and Exchange Commission on Wednesday urged the U.S. Congress to act now to provide oversight of the fast growing $55 trillion credit default swap market, reports Reuters.

The lack of regulation is a growing concern, SEC Chairman Christopher Cox said in opening remarks at an SEC conference to discuss securities disclosure issues.

Credit default swaps are used to protect or insure against the risk that a borrower will default on debt, or to speculate on a borrower's credit quality.

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