US banks and companies transacting less than $8 billion in
swaps will not have to register with the Securities
& Exchange Commission (SEC) or
Commodity Futures Trading Commission (CFTC) as swap dealers
in accordance with rules jointly finalised by the agencies on
April 18. But there remains concern swap dealers will drop out
of the market.
The de minimis exemption threshold of $8 billion for credit
default swaps and commodity-based swaps is scheduled to drop to
$3 billion five years after the rules are implemented. But
regulators are to conduct reports and may propose rules
creating new de minimis levels a little over three years...