Well, without knowing the details we might have a bit of good news. Credit Swap Clearinghouse to Be Running by Year-End (Bloomberg):

The Fed, Commodity Futures Trading Commission and Securities and Exchange Commission signed memorandum of understanding today that they said will provide consistent oversight of the clearinghouses and the credit-default swap market. The group laid out guidelines they said would provide more public information on potential risks and also lessen the chance of systemic losses.

JP Morgan Chase and Goldman Sachs say they will be up and running by November 30th.

This report underestimates the CDS market by half.

For some background on CDSes link to search results node of CDS posts.