Shell unit seeks to register as swap dealer

Swap dealers are subject to additional Dodd-Frank rules

A Houston-based unit of oil major Shell has applied to register as a swap dealer under the US Dodd-Frank Act, making Shell the second energy company to take such a step, after rival oil giant BP registered in July.

The unit, called Shell Trading Risk Management, applied for swap dealer status on October 17, according to the website of the National Futures Association (NFA), the Chicago-based industry body that handles swap dealer applications. As of October 19, the status of the application was