Banks track US-facing business to avoid swap dealer tag

Some try to stay below $8 billion threshold while others see it as an opportunity

leif-lindahl-3-web
Leif Lindahl, head of Danske Markets New York

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China Construction Bank, Intesa Sanpaolo and Rabobank are among the world's 30 biggest banks by assets, but may not look to have much else in common. One is a Chinese titan, another is Italy's second-biggest bank and the third is a Dutch co-operative. The hidden connection is that none have registered with the Commodity Futures Trading Commission (CFTC) as a swap dealer – a regulatory category introduced by the US Dodd-Frank Act to ensnare derivatives marke

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