Intermediaries

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id="block-left-second-menu-menu">Intermediaries</h2> <ul class="menu menu--main nav navbar-nav"> <li> <a href="/IndustryOversight/Intermediaries/FCMs/index.htm" data-drupal-link-system-path="node/123551">Futures Commission Merchants (FCMs)</a> </li> <li> <a href="/IndustryOversight/Intermediaries/IBs/index.htm" data-drupal-link-system-path="node/155166">Introducing Brokers (IBs)</a> </li> <li> <a href="/IndustryOversight/Intermediaries/CPOs/index.htm" data-drupal-link-system-path="node/155751">Commodity Pool Operators (CPOs)</a> </li> <li> <a href="/IndustryOversight/Intermediaries/CTAs/index.htm" data-drupal-link-system-path="node/155171">Commodity Trading Advisors (CTAs)</a> </li> <li> <a href="/IndustryOversight/Intermediaries/SDs/index.htm" data-drupal-link-system-path="node/123531">Swap Dealer (SD)</a> </li> <li> <a href="/IndustryOversight/Intermediaries/MajorSwapParticipantMSP/index.htm" data-drupal-link-system-path="node/123601">Major Swap Participant (MSP)</a> </li> </ul> </nav> </div> </aside> <section class="col-sm-7"> <a id="main-content"></a> <div class="region region-content"> <h1 class="page-header"> <span>Intermediaries</span> </h1> <article data-history-node-id="123571" about="/IndustryOversight/Intermediaries/index.htm"> <div> <div class="field field--name-body field--type-text-with-summary field--label-hidden field--item"> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="color: rgb(34, 34, 34); font-family: "Arial","sans-serif"; font-size: 11.5pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-ansi-language: EN; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">An intermediary is a person who acts on behalf of another person in connection with futures, swaps, or options trading. Intermediaries are generally required to register with the Commission and, depending on the nature of their activities, may be subject to various financial, disclosure, reporting, and recordkeeping requirements. Intermediaries defined in the Commodity Exchange Act and Commission regulations include:</span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><b><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);"><a href="/IndustryOversight/Intermediaries/CPOs/index.htm"><span style="color: blue;">Commodity Pool Operator</span></a> (CPO)</span></span></b></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">This term means any person engaged in a business which is of the nature of a commodity pool, investment trust, syndicate, or similar form of enterprise, and who, in connection therewith, solicits, accepts, or receives from others, funds, securities, or property, either directly or through capital contributions, the sale of stock or other forms of securities, or otherwise, for the purpose of trading in commodity interests, including any commodity for future delivery, security futures product, or swap; any agreement, contract or transaction described in section 2(c)(2)(C)(i) or section 2(c)(2)(D)(i) of the Act; any commodity option authorized under section 4c of the Act; any leverage transaction authorized under section 19 of the Act; or any person who is registered with the Commission as a commodity pool operator, but does not include such persons not within the intent of this definition as the Commission may specify by rule or regulation or by order.</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><b><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);"><a href="/IndustryOversight/Intermediaries/CTAs/index.htm"><span style="color: blue;">Commodity Trading Advisor</span></a> (CTA)</span></span></b></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(1) This term means any person who, for compensation or profit, engages in the business of advising others, either directly or through publications, writings or electronic media, as to the value of or the advisability of trading in any contract of sale of a commodity for future delivery, security futures product, or swap; any agreement, contract or transaction described in section 2(c)(2)(C)(i) or section 2(c)(2)(D)(i) of the Act; any commodity option authorized under section 4c of the Act; any leverage transaction authorized under section 19 of the Act; any person registered with the Commission as a commodity trading advisor; or any person, who, for compensation or profit, and as part of a regular business, issues or promulgates analyses or reports concerning any of the foregoing. The term does not include:</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(i) Any bank or trust company or any person acting as an employee thereof;</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(ii) Any news reporter, news columnist, or news editor of the print or electronic media or any lawyer, accountant, or teacher;</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(iii) Any floor broker or futures commission merchant;</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(iv) The publisher or producer of any print or electronic data of general and regular dissemination, including its employees;</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(v) The named fiduciary, or trustee, of any defined benefit plan which is subject to the provisions of the Employee Retirement Income Security Act of 1974, or any fiduciary whose sole business is to advise that plan;</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(vi) Any contract market; and</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(vii) Such other persons not within the intent of this definition as the Commission may specify by rule, regulation or order: Provided, That the furnishing of such services by the foregoing persons is solely incidental to the conduct of their business or profession: Provided further, That the Commission, by rule or regulation, may include within this definition, any person advising as to the value of commodities or issuing reports or analyses concerning commodities, if the Commission determines that such rule or regulation will effectuate the purposes of this provision.</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><b><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);"><a href="/IndustryOversight/Intermediaries/FCMs/index.htm"><span style="color: blue;">Futures Commission Merchant</span></a> (FCM)</span></span></b></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(1) Any individual, association, partnership, corporation, or trust—</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(i) Who is engaged in soliciting or in accepting orders for the purchase or sale of any commodity for future delivery; a security futures product; a swap; any agreement, contract, or transaction described in section 2(c)(2)(C)(i) or section 2(c)(2)(D)(i) of the Act; a commodity option authorized under section 4c of the Act; a leverage transaction authorized under section 19 of the Act; or acting as a counterparty in any agreement, contract or transaction described in section 2(c)(2)(C)(i) or section 2(c)(2)(D)(i) of the Act; and</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(ii) Who, in connection with any of these activities accepts any money, securities, or property (or extends credit in lieu thereof) to margin, guarantee, or secure any trades or contracts that result or may result therefrom; and</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(2) Any person that is registered as a futures commission merchant.</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><b><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);"><a href="/IndustryOversight/Intermediaries/IBs/index.htm"><span style="color: blue;">Introducing Broker</span></a> (IB)</span></span></b></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">This term means:</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(1) Any person who, for compensation or profit, whether direct or indirect:</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(i) Is engaged in soliciting or in accepting orders (other than in a clerical capacity) for the purchase or sale of any commodity for future delivery, security futures product, or swap; any agreement, contract or transaction described in section 2(c)(2)(C)(i) or section 2(c)(2)(D)(i) of the Act; any commodity option transaction authorized under section 4c; or any leverage transaction authorized under section 19; or who is registered with the Commission as an introducing broker; and</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(ii) Does not accept any money, securities, or property (or extend credit in lieu thereof) to margin, guarantee, or secure any trades or contracts that result or may result therefrom.</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(2) The term introducing broker shall not include:</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(i) Any futures commission merchant, floor broker, associated person, or associated person of a swap dealer or major swap participant acting in its capacity as such, regardless of whether that futures commission merchant, floor broker, or associated person is registered or exempt from registration in such capacity;</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(ii) Any commodity trading advisor, which, acting in its capacity as a commodity trading advisor, is not compensated on a per-trade basis or which solely manages discretionary accounts pursuant to a power of attorney, regardless of whether that commodity trading advisor is registered or exempt from registration in such capacity; and</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(iii) Any commodity pool operator which, acting in its capacity as a commodity pool operator, solely operates commodity pools, regardless of whether that commodity pool operator is registered or exempt from registration in such capacity.</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><b><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);"><a href="/IndustryOversight/Intermediaries/MajorSwapParticipantMSP/index.htm"><span style="color: blue;">Major Swap Participant</span></a> (MSP)</span></span></b></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(i) That is not a swap dealer; and</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(ii)(A) That maintains a substantial position in swaps for any of the major swap categories, excluding both positions held for hedging or mitigating commercial risk, and positions maintained by any employee benefit plan (or any contract held by such a plan) as defined in paragraphs (3) and (32) of section 3 of the Employee Retirement Income Security Act of 1974, 29 U.S.C. 1002, for the primary purpose of hedging or mitigating any risk directly associated with the operation of the plan;</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(B) Whose outstanding swaps create substantial counterparty exposure that could have serious adverse effects on the financial stability of the United States banking system or financial markets; or</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(C) That is a financial entity that:</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(1) Is highly leveraged relative to the amount of capital such entity holds and that is not subject to capital requirements established by an appropriate Federal banking agency (as defined in section 1a(2) of the Act, 7 U.S.C. 1a(2)); and</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(2) Maintains a substantial position in outstanding swaps in any major swap category.</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(2) Scope of designation. A person that is a major swap participant shall be deemed to be a major swap participant with respect to each swap it enters into, regardless of the category of the swap or the person's activities in connection with the swap. However, if a person makes an application to limit its designation as a major swap participant to specified categories of swaps, the Commission shall determine whether the person's designation as a major swap participant shall be so limited. If the Commission grants such limited designation, such limited designation major swap participant shall be deemed to be a major swap participant with respect to each swap it enters into in the swap category or categories for which it is so designated, regardless of the person's activities in connection with such category or categories of swaps. A person may make such application to limit its designation at the same time as, or after, the person's initial registration as a major swap participant.</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(3) Timing requirements. A person that is not registered as a major swap participant, but that meets the criteria in this rule to be a major swap participant as a result of its swap activities in a fiscal quarter, will not be deemed to be a major swap participant until the earlier of the date on which it submits a complete application for registration as a major swap participant pursuant to section 4s(a)(2) of the Act, 7 U.S.C. 6s(a)(2), or two months after the end of that quarter.</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(4) Reevaluation period. Notwithstanding paragraph (3) of this definition, if a person that is not registered as a major swap participant meets the criteria in this rule to be a major swap participant in a fiscal quarter, but does not exceed any applicable threshold by more than twenty percent in that quarter:</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(i) That person will not be deemed a major swap participant pursuant to the timing requirements specified in paragraph (3) of this definition; but</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(ii) That person will be deemed a major swap participant pursuant to the timing requirements specified in paragraph (3) of this definition at the end of the next fiscal quarter if the person exceeds any of the applicable daily average thresholds in that next fiscal quarter.</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(5) Termination of status. A person that is deemed to be a major swap participant shall continue to be deemed a major swap participant until such time that its swap activities do not exceed any of the daily average thresholds set forth within this rule for four consecutive fiscal quarters after the date on which the person becomes registered as a major swap participant.</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(6) Calculation of status. A person shall not be deemed to be a “major swap participant,” regardless of whether the criteria in paragraph (1) of this definition otherwise would cause the person to be a major swap participant, provided the person meets the conditions set forth in paragraphs (6)(i), (ii) or (iii) of this definition.</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(i) Caps on uncollateralized exposure and notional positions—(A) Maximum potential uncollateralized exposure. The express terms of the person's agreements or arrangements relating to swaps with its counterparties at no time would permit the person to maintain a total uncollateralized exposure of more than $100 million to all such counterparties, including any exposure that may result from thresholds or minimum transfer amounts established by credit support annexes or similar arrangements; and</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(B) Maximum notional amount of swap positions. The person does not maintain swap positions in a notional amount of more than $2 billion in any major category of swaps, or more than $4 billion in the aggregate across all major categories; or</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(ii) Caps on uncollateralized exposure plus monthly calculation—(A) Maximum potential uncollateralized exposure. The express terms of the person's agreements or arrangements relating to swaps with its counterparties at no time would permit the person to maintain a total uncollateralized exposure of more than $200 million to all such counterparties (with regard to swaps and any other instruments by which the person may have exposure to those counterparties), including any exposure that may result from thresholds or minimum transfer amounts established by credit support annexes or similar arrangements; and</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><b><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">Note:  </span></span></b><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">The above Major Swap Participant definition is not the entire legal definition.  Please refer to 17 CFR 1.3 for the entire legal definition of Major Swap Participant.</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><b><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);"><a href="/IndustryOversight/Intermediaries/SDs/index.htm"><span style="color: blue;">Swap Dealer</span></a> (SD)</span></span></b></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(1) In general. The term swap dealer means any person who:</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(i) Holds itself out as a dealer in swaps;</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(ii) Makes a market in swaps;</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(iii) Regularly enters into swaps with counterparties as an ordinary course of business for its own account; or</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(iv) Engages in any activity causing it to be commonly known in the trade as a dealer or market maker in swaps.</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(2) Exception. The term swap dealer does not include a person that enters into swaps for such person's own account, either individually or in a fiduciary capacity, but not as a part of regular business.</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(3) Scope of designation. A person who is a swap dealer shall be deemed to be a swap dealer with respect to each swap it enters into, regardless of the category of the swap or the person's activities in connection with the swap. However, if a person makes an application to limit its designation as a swap dealer to specified categories of swaps or specified activities of the person in connection with swaps, the Commission shall determine whether the person's designation as a swap dealer shall be so limited. If the Commission grants such limited designation, such limited designation swap dealer shall be deemed to be a swap dealer with respect to each swap it enters into in the swap category or categories for which it is so designated, regardless of the person's activities in connection with such category or categories of swaps. A person may make such application to limit the categories of swaps or activities of the person that are subject to its swap dealer designation at the same time as, or after, the person's initial registration as a swap dealer.</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">(4) De minimis exception—(i)(A) In general. Except as provided in paragraph (4)(vi) of this definition, a person that is not currently registered as a swap dealer shall be deemed not to be a swap dealer as a result of its swap dealing activity involving counterparties, so long as the swaps connected with those dealing activities into which the person—or any other entity controlling, controlled by or under common control with the person—enters over the course of the immediately preceding 12 months have an aggregate gross notional amount of no more than $8 billion, and an aggregate gross notional amount of no more than $25 million with regard to swaps in which the counterparty is a “special entity” (as that term is defined in section 4s(h)(2)(C) of the Act, 7 U.S.C. 6s(h)(2)(C), and §23.401(c) of this chapter), except as provided in paragraph (4)(i)(B) of this definition. For purposes of this definition, if the stated notional amount of a swap is leveraged or enhanced by the structure of the swap, the calculation shall be based on the effective notional amount of the swap rather than on the stated notional amount.</span></span></p> <p style="margin-top: 16px; margin-bottom: 16px;"><b><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">Note:  </span></span></b><span lang="EN" style="font-size: 11.5pt;"><span style="color: rgb(34, 34, 34);">The above Swap Dealer definition is not the entire legal definition.  Please refer to 17 CFR 1.3 for the entire legal definition of Swap Dealer.</span></span></p> </div> </div> </article> </div> </section> <div class="visible-xs" role="complementary"> <div class="region region-sidebar-first"> <nav role="navigation" aria-labelledby="block-left-main-menu-menu" id="block-left-main-menu"> <h2 id="block-left-main-menu-menu">Industry Oversight</h2> <ul class="menu menu--main nav navbar-nav"> <li> 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