The club no-one wants to join: swap dealer rules remain unclear

A club no-one wants to join

Gary DeWaal

According to some estimates, there are around 1,500 separate regulatory requirements that apply to swap dealers under the various Dodd-Frank Act rules – ranging from clearing and reporting mandates, to a ban on making political donations to state or government entities if a dealer also trades with them. But it wasn’t until April 18 that US regulators agreed a final definition of the term. Some entities – the big over-the-counter market-makers – long ago accepted they would be caught.

“I think it