Nordic financial services group SEB is now a registered swap dealer for clients and counterparties that fall within US regulation.
As a registered swap dealer, SEB complies with regulatory requirements stipulated in the US Dodd-Frank Act, which aims to reduce risks, increase investor protection and improve transparency when trading derivatives.
“Registering as a swap dealer is yet another step for us to continue enhancing relationships with clients and counterparties,” said Joachim Alpen, head of markets at SEB. “Dodd-Frank is about making markets more transparent and secure through, for example, additional reporting and clearing requirements.
“Becoming a registered swap dealer means we will safeguard our role as the leading Nordic corporate bank for home-market clients as well as for clients around the world trading Nordic derivative products and currencies.”
A swap is a derivative contract, typically used to manage interest rate or foreign currency risk. SEB already has the ability to deal in swap contracts in Europe under European Market Infrastructure Regulation (EMIR). By becoming a registered swap dealer, SEB has now also committed to complying with a number of unique and comprehensive rules in US regulation.
The Dodd-Frank Wall Street Reform and Consumer Protection Act were introduced in response to the financial crisis and G20 commitments to reform financial markets. Among many areas, the Act encompasses sections regulating all aspects of trading in derivative instruments.
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