The U.S. Commodity Futures Trading Commission (CFTC) has approved State Street as a limited purpose swap dealer (SD) for foreign exchange swaps.
The limited purpose designation is used by the CFTC for instances where an organization is considered an SD for one type, class or category of swap or activities without the person being considered an SD for other types, classes, categories or activities.
The State Street designation is the second time the CFTC approved a limited purpose SD. The first time came in October, when the agency approved agricultural company Cargill and its affiliate Cargill Financial Services for swaps dealt through the Cargill Risk Management Business Unit.
Swap dealers are required to be registered as a result of the Dodd-Frank Act.
CFTC Approves State Street as FX Swap Dealer
The U.S. Commodity Futures Trading Commission (CFTC) has approved State Street as a limited purpose swap dealer (SD) for foreign exchange swaps.