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, head of Danske Markets New York


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

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