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

Around 120 firms will be classed as swap dealers under the Dodd-Frank Act, US regulators estimate – but hundreds more will be uncertain whether they are caught or not. Answering that question may not be easy, lawyers warn. Peter Madigan reports

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

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