UPDATE 1-Ban CDS as instruments of destruction - Soros | Markets | Markets News | Reuters

"CDS are instruments of destruction which ought to be outlawed," Soros told a meeting of the Institute of International Finance, many of whose member banks and financial institutions are active participants in the huge CDS market.Going short on bonds by purchasing a CDS contract carried limited risk but almost unlimited profit potential. By contrast, selling CDSs offered limited profit and practically unlimited risk, Soros said.

UPDATE 1-Ban CDS as instruments of destruction - Soros | Markets | Markets News | Reuters