Major security-based swap participant. An MSBSP is a market participant that is not an SBSD that may be required to register as an MSBSP based on its “substantial position” in any of the major security-based swap categories, its security-based swaps creating counterparty exposure with potentially serious adverse effects on US financial stability, or being a financial entity that is highly leveraged relative to its capital (and not subject to banking capital requirements).

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