Financial End User

A category of swap market participant that appears in the margin rules for uncleared swaps released by the CFTC and the prudential regulators. In those rules, swap dealers are required to exchange variation margin with all financial end users and to exchange initial margin with financial end users with material swaps exposure. Financial end users include, among others, banks, broker-dealers, investment companies, insurance companies, commodity pools, and ERISA plans.

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