A push by the U.S. Securities and Exchange Commission for more transparency around security-based swap positions might seem, on its face, to be a no-brainer.

After all, the misuse of one type of swap, credit default swaps, was a major contributor to the global financial crisis of 2007-08. And a second type, total return swaps, contributed to the multibillion-dollar collapse of Archegos Capital Management last year.

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