Page 160 - PRIAA Glossary

SWAP DATA REPOSITORY (SDR)
Terminology used within the Dodd-Frank Act to designate
a trade repository. SDRs provide a central facility for swap data reporting and recordkeeping. Under the Dodd-Frank Act, all swaps, whether cleared or uncleared, are required to be reported to registered SDRs.
SWAP DEALER
Individuals and entities that are subject to certain reporting and reconciliation requirements under the Commodity Futures Trading Commission (CFTC), among other things. The CFTC defines a “swap dealer” as any person or entity who:
i. holds itself out as a dealer in swaps, ii. makes a market in swaps,
iii. regularly enters into swaps with counterparties as an ordinary course of business for its own account, or
iv. engages in activity causing itself to be commonly known in the trade as a dealer or market maker in swaps.
SWAP DEALER (SD)
Anyone or any organisation that markets swaps to end users. SDs are required to register with the Commodity Futures Trading Commission (CFTC).
SWAP EXECUTION FACILITY (SEF)
A term created by the Dodd-Frank Act to designate a facility, trading system or platform allowing multiple participants to execute over-the-counter (OTC) derivatives transactions with each other. Synonymous with organised trading facility (OTF) in Europe.
SWAPCLEAR (LCH)
A division of LCH.Clearnet that clears over-the-counter (OTC) interest rate swaps and forward rate agreements. SwapClear began business in 1999 and has steadily grown in both volume of business and number of direct clearing members.
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