§6t Large swap trader reporting

Summary

Makes it illegal for a person to enter into or hold a swap that the Commission says has a significant price-discovery role for registered entities if, in any 1 day, the person trades an amount at or above a level the Commission sets, and the person has or gets a position at or above that same level. The rule does not apply if the person files the reports the Commission requires and, under the Commission’s rules, keeps books and records of those swaps and of related futures, cash or spot trades, inventories, and buy/sell commitments for the commodity. Those records must show the full details the Commission requires and must be open at all times for inspection by Commission staff. They must also be available to the Securities and Exchange Commission when they relate to swaps, subject to the confidentiality and disclosure rules of section 12. The Commission alone sets the reporting and recordkeeping rules for large swap traders. Trades and positions of any persons the trader directly or indirectly controls are counted. When deciding whether a swap has a significant price-discovery role, the Commission must consider the factors in section 6a(a)(3).