Swap dealer. This designation, formerly somewhat loose in meaning, has become a term of art as the CFTC has required many market participants (including many non-US entities active with US counterparties) to register as swap dealers based on particular levels of swap dealing activity. Under the DFA and CFTC rules, an entity may be a swap dealer if it holds itself out as a dealer in swaps, makes a market in swaps, regularly enters into swaps with counterparties in the ordinary course of business for its own account or engages in activity causing itself to be commonly known in the trade as a dealer or market maker in swaps.

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